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Crypto Flipsider News – September 22nd – Biden Administration Sanctions Exchange, Gensler Compares Stablecoins to Poker Chips, PayPal’s Super App, Vee Finance Suffers $35 Million Hack, and AMC Takes Poll on DOGE Payment

Read in the Digest

  • Biden Administration Sanctions Exchange, Gensler Compares Stablecoins to Poker Chips
  • PayPal’s Super App is Here, Kraken Adds Support for Apple, Google Pay
  • Avalanche’s Vee Finance Suffers $35 Million Hack
  • Entertainment Industry: AMC Takes Poll on DOGE Payment and Snoop Dogg NFT Whale

Biden Administration Sanctions Exchange, Gensler Compares Stablecoins to Poker Chips

As regulatory concerns over the crypto industry grow, the Biden administration has taken a tough stance towards cryptocurrencies. On Tuesday, September 21, his administration sanctioned a crypto exchange to cut off revenue to ransomware groups.

The crypto exchange, Suex, was accused by regulators of doing business with hackers behind eight types of ransomware. As a result of the sanction, the Securities and Exchange Commission (SEC) Chair, Gary Gensler, opined that there is little long-term viability for cryptocurrencies. Gensler went further to compare stablecoins pegged to the USD to ‘poker chips.’

In his opinion, people could get hurt from long-term association with cryptocurrencies. Gensler, who was once hailed as pro-crypto, has called for tougher regulation of the crypto industry.

Flipsider:

Why You Should Care

With the toughening crypto regulations, the impact on the sanctioned exchange may be severe. The outlook of the SEC on cryptos could potentially affect how cryptos are used.

PayPal’s Super App is Here, Kraken Adds Support for Apple, Google Pay

As the race for full crypto integration intensifies among fintechs, PayPal has teased a “Super App.” However, users do not have to wait much longer, as the first official version of that app has been introduced.

PayPal’s super app combines traditional financial tools, including “direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more.” In addition, PayPal has announced a partnership with Synchrony Bank to bring a new high-yield savings account, PayPal Savings.

As more platforms warm up to the crypto industry, Kraken has upgraded its app, adding Apple Pay and Google Pay support. Kraken users can now buy cryptocurrencies on its app using Apple and Google Pay.

With the upgrade, users’ existing Apple Pay or Google Pay accounts are connected to the app for faster payments.

Flipsider:

  • Regardless of the new integrations, the stock prices of Kraken and PayPal are down by 1.18% and 0.17%, respectively

Why You Should Care

Integrating payment methods like Apple Pay and Google Pay will make crypto more accessible to everyone. As a result, purchasing and transacting with cryptos is becoming easier for everyday use.

Avalanche’s Vee Finance Suffers $35 Million Hack

Decentralized Finance, DeFi, seeks to recreate traditional financial systems, such as banks and exchanges, allowing anyone with an internet connection to access any global currency, get loans, and earn yields on deposits.

Unfortunately, as their popularity increases, so have the number of breaches on DeFi platforms. The latest victim is Vee Finance, a decentralized lending protocol on Avalanche. On September 21, Vee Finance announced that a $35 million hack had hit the platform.

According to the announcement, the cyber thief made away with 8,804 ETH and 214 BTC from its trade contract address. The team is currently working with developers to identify the bugs in the protocol.

Flipsider:

  • To prevent further losses, Vee Finance suspended contracts, deposit and borrow functions, with no other funds being stolen

Why You Should Care

There is an alarming rate of DeFi hacks, especially in the early fundraising stage. For DeFi to become a mainstay, work has to be done to secure DeFi projects from cybercriminals.

Entertainment Industry: AMC Takes Poll on DOGE Payment and Snoop Dogg NFT Whale

The CEO of AMC Entertainment, Adam Aron, had previously emphasized that the company wants to participate in the “new burgeoning cryptocurrency economy.”

Adam Aron has created a poll, asking the public whether the world’s largest theatre chain should add popular meme crypto, Dogecoin, to the list of supported cryptos. AMC entertainment already supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

In an interesting twist, American rapper Snoop Dogg has claimed that he is the Ethereum NFT whale, Cozomo de’ Medici, a pseudonymous crypto Twitter user who collects NFTs.

The rapper Tweeted that he is Cozomo de’ Medici, the NFT collector with over $17 million in digital collectables. Snoop Dogg has already been involved in the NFT space after launching his own branded collectables in May.

Flipsider:

  • The Biden administration is looking to combat ransomware with a crackdown on cryptocurrency payments, a move that has already been criticized

Why You Should Care

With the help of the growing NFT mania, cryptocurrencies are beginning to find more use cases in the entertainment industry. This is a good step in the direction of becoming a mainstay asset.

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