Netflix has begun exploring the opportunities of the Metaverse through Decentraland, a platform built on the Ethereum blockchain. This and more news can be found in this handy daily roundup so you're always up to date with the latest developments in the crypto world.
The alliance between Netflix and Decentraland for “The Gray Man”
📍Netflix will explore the opportunities of the Metaverse through the Decentraland blockchain platform. Netflix’s Latin American division is giving the Metaverse a boost by partnering with Ethereum-based Decentraland to bring the potential of the virtual world to its spy thriller “The Gray Man.”
The entertainment company has created its own virtual world in Decentraland inspired by the plot of the film. In this virtual world, Netflix has created a maze in the style of “The Gray Man” to take its consumers on a new immersive experience, where they can complete missions, earn wearables and more, while the company promotes its film and incentivizes the audience.
The marketing company Media.Monks is also part of the recent alliance signed between Netflix and Decentraland.
Nomad continues to recover some of its stolen funds
📍Another $19 million has returned to the Nomad DeFi protocol. Nomad's white-collar hackers continue to return some of the stolen funds to the blockchain bridge, which lost almost 200 million dollars last week after a vulnerability in its smart contract was exploited.
According to the developers' reports, another $19,2 million has flowed into Nomad's fund recovery address, which was set up by the firm Anchorage Digital.
In total, this blockchain bridge has recovered $36,2 million from 41 addresses. The recovered funds currently represent about 18% of the total funds stolen during the hack.
The CFTC as the main regulator of the crypto industry
📍Three regulatory proposals are being debated in the United States that present the CFTC as the main regulator of cryptocurrencies. The Commodity Futures Trading Commission (CFTC), responsible for overseeing futures and options markets in the United States, has been proposed by Senators Cynthia Lummis and Kirsten Gillibrand as the main regulatory authority for cryptocurrencies in the country.
Also, Senators Debbie Stabenow and John Boozman want to leave oversight and regulation of crypto assets to the CFTC. Representative Glenn Thompson’s bill also notes that the crypto industry should be under the jurisdiction of the CFTC.
However, while these bills are being debated, it is the US Securities and Exchange Commission (SEC) that continues its aggressive stance towards the industry. In an interview with Forbes, a member of Senator Lummis’s task force revealed that the SEC is currently investigating all cryptocurrency exchanges and companies in the country.
Treasury sanctions Tornado Cash
📍Cryptocurrency money mixing platform Tornado Cash has been sanctioned by the Treasury Department. The US Treasury Department has said that cryptocurrency mixing platform Tornado Cash has been used to launder funds since 2019. According to the agency, some $7.000 billion has been laundered using its services. As a result, the Treasury has decided to sanction the platform, requiring compliance with effective controls that address the risks.
In addition to Tornado Cash, the U.S. Treasury singled out the Blender.io platform, saying it will continue to strengthen its sanctions against platforms that allow cybercriminals to obfuscate proceeds from cybercrime, such as hacking and ransomware, and other financial crimes. The Treasury also acknowledged that much of the activity on these platforms occurs legally. However, its sanctions will apply to U.S. individuals and entities generally, who cannot send or receive funds from these addresses without violating sanctions laws.
Before the sanctions imposed According to a post by Bitcoiner Dylan LeClair, who has pointed out how centralized and objectionable the stablecoin is, cryptocurrency company Circle has blacklisted 81 Tornado Cash addresses, freezing the USDC funds available at those addresses.
The founder of the platform, Roman Semenov, also spoke out about the sanctions imposed by the Treasury, recalling that it is “technically impossible to block someone from using the smart contract on the blockchain.”
Research firm Coin Center also has spoken about itIn a post, he said the sanctions imposed by the Treasury Department do not stop the illicit activity of individual cybercriminals, but rather impose sweeping restrictions on all Americans equally.
According to the company, the Treasury has not sanctioned a person, but rather a tool.
Continue reading: Libdogecoin, the new update to connect Dogecoin with the blockchain ecosystem
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