Weekly Report (31 Jan – 06 Feb. 22) | What Happened This Week In Crypto

This Report will provide you with some important and quick news of cryptocurrencies that happened around the world.

1) The US Treasury Is Investigating  NFTs For Possible Money Laundering Of High-Value Artworks

According to the Department of the Treasury, the growing use of art as an investment or financial asset may make high-value art exchanges more susceptible to money laundering. The US Department of the Treasury has issued research on the high-value art market, emphasising the potential for criminal money laundering or terrorist funding activities in the nonfungible tokens (NFT) arena…[continue reading]

2) Truckers In Canada Are Turning To Bitcoin After GoFundMe Stopped Accepting $9 Million In Contributions

Following the cancellation of a GoFundMe page for Canadian truckers protesting COVID-19 limitations, a group of Canadians has started fundraising using Bitcoin (BTC). Prior to the ban, the campaign had received more than $9 million in contributions. However, the fundraising site featured a disclaimer stating that it was “Under Review”…[continue reading]

3) An Indian Couple Marries On The Blockchain Using NFT Vows And A Digital Priest

The spouse, Anil Narasipuram, was first encouraged by blockchain weddings occurring in other nations. A young Indian couple employed nonfungible tokens (NFTs) to immortalise their love for one another through the Ethereum (ETH) network…[continue reading]

4) Changpeng Zhao Warns Users Against SMS Phishing Scams

Changpeng Zao, CEO of Binance, has warned consumers about a large SMS phishing scam targeting Binance users. The world’s biggest cryptocurrency trading platform is being used to trick customers into visiting malicious websites and harvesting their information…[continue reading]

5) Cryptocurrency Miners In Texas To Close Operations Due To Upcoming Winter Storm

Major Texas cryptocurrency miners take a proactive stance and shut down 99 per cent of their operations in anticipation of an upcoming Arctic blast. A big winter storm that brings heavy snow, rainfall, and flash floods together with thunderous storms may wreak havoc on state electricity networks…[continue reading]

6) Australian Billionaire Files A Criminal Complaint Against Facebook Regarding Fake Crypto Ads

Forrest says that Facebook violated Australia’s anti-money laundering legislation by failing to prevent the adverts and by “failing to develop controls.” Andrew Forrest is suing Facebook for exploiting his picture in cryptocurrency fraud advertisements on the social media network…[continue reading]

7) The IRS May Not Tax Staking Prizes Until They Are Sold, According To A Recent Court Decision

The Nashville couple’s argument against the IRS contrasted unclaimed and unsold crypto awards to an unsold book by a writer, and they would be compensated with a return of tax paid plus interest. A Nashville couple’s case against the Internal Revenue Service (IRS) for taxes spent on unclaimed and resold Tezos staking prizes has been settled, with the IRS agreeing to grant them a refund…[continue reading]