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Summary of Past Week Articles January 2, 2023

The Chinese government will unveil its version of an NFT marketplace:

The Chinese government has revealed its intention to build its version of a government-backed non-fungible token (NFT) marketplace.

However, blockchain will not be used to power Beijing’s platform. Additionally, the government wants to replace bitcoin as the marketplace’s currency with cash.

Last month, the Hangzhou Internet Court declared that virtual items like NFTs could be legally recognized as property. According to the China Daily, Beijing will now create the China Digital Asset Trading Platform (literal translation).

According to the government statement, the platform will go live on January 1. For Beijing, it will become an official secondary market for digital assets that adhere to national norms.

In the past, China has effectively prohibited cryptocurrency trading.

Today, Alibaba and Tencent have already established their own crypto-free NFT solutions.

However, the China Digital Asset Trading Platform will be Beijing’s first foray into the market. The state-owned China Technology Exchange will control the portal, which oversees intellectual property rights and IT-related issues.

This Metaverse Crypto Could More Than Double By 2023 – Here’s Why:

The RobotEra metaverse aspires to compete with giants such as Decentraland and The Sandbox by combining a variety of chances for developing one’s planets with robots with an incentive structure for gamers that is sure to keep them interested

In TARO, winning games earn you rewards. The RobotEra team intends to launch a series of games within the metaverse to provide more value and differentiate themselves from other metaverses.

As a result, holders of TARO tokens will be able to vote on future improvements and modifications made to the RobotEra metaverse as part of the RobotEra DAO – each member can make their voice heard and vote on ideas using their TARO tokens.

Take part in the TARO presale right now, which has been growing in strength over the last few weeks, having now successfully raised $640k – this is all the more impressive given that we are currently in the depths of a bear market and liquidity has dried up for most projects that are now trying to raise capital. 

To join the RobotEra presale, visit their website, where the TARO token can now be purchased using either ETH or stablecoins. The token is selling for $0.02, but this will grow to $0.025 during the next round of development.

Michael Saylor maintains his Bitcoin investment with a $42.8 million purchase through MicroStrategy:

Michael Saylor, the creator and former CEO of software firm MicroStrategy, continues to be positive on bitcoin (BTC) with his recent investment of around $42.8 million in the top cryptocurrency

In a recent filing with the Securities and Exchange Commission (SEC), the company disclosed a cash purchase of approximately 2,395 bitcoins at an average price of $17,871 per bitcoin, including fees and expenditures.

According to the filing, the company has also liquidated some of its crypto assets in the last week to reduce its tax burden.

Following the abovementioned transactions, MicroStrategy and its subsidiaries increased their bitcoin holdings by 2,500 from approximately 130,000 bitcoins on October 31, 2022. 

MicroStrategy’s creator has positioned himself as a bitcoin bull in recent years, using his platform to promote crypto and encourage fellow businesses to invest in crypto.

Last October, the business owner said that BTC is the only currency with the potential to reconcile all interests to focus on peaceful engagement, logical action, and the construction industry.

A South Korean hacker stole $6.7 million from the crypto wallets of a deceased CEO:

A South Korean hacker stole $6.7 million from the deceased CEO of a company empire that comprised the cryptocurrency exchanges Korbit and Bitstamp.

According to Yonhap, a branch of the District Court in Eastern Seoul convicted an anonymous 39-year-old man to six years in prison for hacking the wallets of NXC founder Kim Jeong-Ju.

Kim, 54, passed away earlier this year. Kim’s business empire included the South Korean gaming conglomerate Nexon, publicly traded on the Tokyo Stock Exchange.

According to the court, the hacker cloned Kim’s SIM cards after his death. He also cloned SIM to access Kim’s Korbit wallets, stealing BTC, ETH, and altcoins on more than 27 instances.

The court ordered the hacker to repay $6.7 million to three applicants, assumed to be Kim’s estate members. However, in their observation, they also learned that the hacker collaborated with “gangland” associates.

Kim, who had been depressed, died unexpectedly while on vacation in Hawaii in February.

He was South Korea’s third-richest individual at the time of his death, with an estimated net worth of roughly $10.7 billion.

Authorities in the United States are cracking down on alleged cryptocurrency fraud involving Mango Markets and Avraham Eisenberg:

In the United States, a man has been charged with crimes for reportedly trying to steal around $110 million by exploiting Mango Markets, a decentralized cryptocurrency market.

The suspect is charged with commodities deception and manipulation. According to Reuters, a lawsuit filed by an FBI agent accuses Avraham Eisenberg of market manipulation using Mango’s native token, MNGO, which allowed him to withdraw approximately $110 million in crypto from the system.

According to US Attorney Damian Williams, the man was apprehended on December 26 in Puerto Rico. Eisenberg used two accounts in October to buy and sell futures based on the relative values of MNGO and USD Coin (USDC). 

Eisenberg artificially raised MNGO’s price by engaging on both sides of the deal. According to the complaint, this allowed him to borrow and withdraw $110 million in various cryptos.

The exchange quickly sparked negotiations with Eisenberg, paving the path for a $67 million settlement. But, unfortunately, members of Mango DAO and Mango Markets did not get the rest of the bitcoin that had been seized, which amounted to around $40 million worth of multiple cryptocurrencies.

Eisenberg has accepted responsibility for the trade but stated that he did not commit a crime in his judgment. However, according to the criminal enforcement official, Eisenberg’s posts on Twitter Account-1 reveal that he was aware of the regulations against market manipulation.

Binance CEO CZ Explains the Sources of Recent Exchange FUD – This is what he said:

Binance CEO Changpeng “CZ” Zhao recently took to Twitter to express his thoughts on what he believes are the causes of the recent fear, uncertainty, and doubt (FUD) surrounding the crypto exchange.

CZ presented nine plausible reasons for the current FUD in a lengthy Twitter discussion on Saturday, all of which are external factors. The crypto billionaire mentioned the exchange’s increased competition and lobbying.

He explicitly alluded that disgraced FTX founder Sam Bankman-Fried secretly supported the crypto publication The Block. However, he pointed out that established financial institutions can insulate themselves against crypto disruption by lobbying against it.

He stated that he believes allowing banks to adopt blockchain is the best way to protect them. However, according to the crypto CEO, some people may despise all cryptocurrency exchanges if the site they used or enjoyed fails.

As previously reported, Binance saw more than $3 billion in net withdrawals 24 hours earlier this month, as reports about claimed platform issues spread like wildfire.

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