Crypto Market Overview August 9th | Dex-Trade

Crypto Market Overview August 9th | Dex-Trade

Do Kwon Breaks Silence on Twitter and Angers Crypto Community

Do Kwon, the founder of the infamous Terraform Labs, decided to break his silence on social media and tweeted about his belief that the crypto world needs censorship-resistant decentralized money: “Decentralized networks need decentralized money – obvious today more than ever, Obviously, crypto-community, which was negatively disposed towards the businessman, including the numerous victims of the Terraform’s collapse, immediately began to condemn him. Even though Kwon prudently closed comments on his tweet, social media users simply quoted him in their angry remarks.Kwon's tweet was a reaction to the decision of Circle, the issuer of the USDC stablecoin, to block all Ethereum addresses associated with the Tornado Cash crypto mixer, resulting in the freezing of more than $75,000. Notably, this move followed U.S. sanctions on the mixer. It’s not a secret that the crypto community has been extremely negative about sanctions against Tornado Cash, and some privacy advocates in the crypto space have even questioned censorship resistance in the stablecoin environment. Recall that Kwon's attempts to decentralize money were unsuccessful, and market experts are convinced that he was deceiving users. The businessman and Terraform Labs are still under investigation in South Korea and the US, despite having already faced several class-action lawsuits.


Thailand Launches CBDC Testing and Tightens Crypto Regulations

The Central Bank of Thailand announced plans to launch a pilot version of its own cryptocurrency (CBDC) before the end of this year in limited areas of the country, which will involve 10,000 "beta testers," the selection conditions for which are not specified. Against this background, the Central Bank of the country has already announced its intention to tighten regulatory supervision over cryptocurrency platforms and the circulation of digital money. Moreover, these plans involve the expansion of the bank’s powers, since s2018 crypto-assets in Thailand have been regulated exclusively by the Securities and Exchange Commission. Obviously, the Commission will support and promote the initiative to further revise the crypto regulatory rules, but, apparently, the Central Bank will become part of a single regulatory body. At least this was hinted at by the country's finance minister Arkhom Termpittayapaisith: “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services. So the framework is not clear enough to regulate the industry.” The move follows the suspension of withdrawals from Thailand's licensed cryptocurrency exchange Zipmex. Later, the marketplace even began to freeze transactions and demanded a temporary moratorium on transactions with user funds in order to raise more funds and avoid lawsuits. Looks like they want to keep their cake and eat it too…


Coca-Cola Launches NFT Collection at Polygon

In honor of International Friendship Day, Coca-Cola has unveiled its new NFT collection on the Polygon blockchain, dedicated to the people who helped the brand on its journey through the metaverse. Artwork this time was inspired literally by "gas bubbles" in a bottle. The company sent out collectibles to people who had already purchased tokens from previous Coca-Cola collections. The company's press release states that the aim of the new collection is to strengthen the bond within the brand's community. It’s reported that the owners of new tokens will be able to exchange them, and only in this way will NFTs be fully open, and their uniqueness will be fully manifested. The art works feature a wide range of animations and color schemes, and are designed by digital symbol designer Tafi. At the moment, collectible NFTs, like exhibits from previous collections, do not include additional features for their owners, but the press release says that as the community grows, they "will gain access to rewards and perks, including Coke Studio-powered experiences, gaming events, and early access to Coca-Cola Creations limited-edition product launches."