Video streaming platform Twitch was hacked, exposing sensitive data of its streamers and users. MGA Entertainment will launch an NFT marketplace to tokenize LOL Surprise dolls and the SEC confirms it will not ban cryptocurrencies. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
NFT and DeFi Markets
📍MGA Entertainment is jumping on the NFT bandwagon and will create a crypto collectibles marketplace for the popular LOL Surprise doll. MGA Entertainment, the American company that makes the LOL Surprise dolls, the best-selling in the United States for several consecutive years, brings its dolls to the blockchain. The toy and entertainment products company reported that it will launch an NFT market together with Ioconic where its consumers will be able to mint NFT and create crypto-collectibles of your favorite LOL dolls and products.
MGA has sold more than $25.000 billion worth of its products worldwide.
Cybersecurity
📍The Twitch streaming platform was hacked, exposing sensitive data of thousands of streamers. According to reports, around 125 gigabytes (GB) of data were extracted from the video streaming platform Twitch after a hacker managed to breach the platform. Among the extracted data were the names and payment information of streamers and users, as well as passwords for accounts and even the platform's source code.
The Twitch hacker(s) also exposed the earnings of the platform's most popular streamers. Experts recommend that users of this platform immediately change their access keys and cancel their subscriptions. Once again, the need to use decentralized networks that lack a single point of failure is evident. The Twitch hack occurs just 2 days after a new Facebook hack, which exposed the data of 1.500 billion users on the dark web.
📍Chainalysis strengthens its fight against ransomware with the acquisition of Excygent. The forensic analysis firm in blockchainChainalysis announced the acquisition of cybersecurity and research company Excygent, to strengthen its surveillance tools in the cryptocurrency industry, with a special focus on ransomware. In the publicationChainalysis notes that Excygent will bring its expertise in cryptocurrency and cybercrime investigations to bolster its blockchain data analytics tools and optimize its analytics and investigation services to government agencies.
Rules and Regulations
📍Gary Gensler says the SEC will not ban cryptocurrencies. The SEC chairman said during a The hearing before the US House of Representatives Committee on Financial Services that the regulator will not ban Bitcoin or cryptocurrencies. However, Gensler noted that, in any case, the power to impose or not a ban on cryptocurrencies in the country corresponds to Congress and that the regulations will come in favor of the security of investors and consumers.
Gensler's statements come just days after Jerome Powell, chairman of the Federal Reserve, also confirmed that the FED has no plans to ban the crypto industry in the country.
📍Uruguay will regulate cryptocurrencies to help its financial system. The Central Bank of Uruguay stated that will advance in the regulation of cryptocurrencies to help the efficiency of its current financial and payment system. The central entity recognizes that digital assets can contribute to the development and efficiency of the country, as long as they have regulations that help minimize potential risks. Therefore, the bank is preparing a new regulatory framework for the crypto industry, which will be ready by the end of this year.
📍Venture capital firm A16z has submitted a proposal to regulate cryptocurrencies and DeFi in the United States. In response to the request opened by the United States Banking Committee in August, Andreessen Horowitz, known as A16z, filed a regulatory proposal for the cryptocurrency industry and the decentralized finance ecosystem in the country. A16z said that on the threshold of Web3, it was important to have regulations that guaranteed innovation and favored the United States in its role as a global technological leader.
In its proposal, A16z aims to regulate the decentralized ecosystem, focusing on the DAO, which he called “the cornerstone of a new way of managing and coordinating human activity.” A16z says that adequate regulation will allow regulators to keep up with financial and technological innovation and ensure investor protection. The issue of taxes is contemplated in the proposal, emphasizing that tax environments must adapt to new technologies, which their current design already applies to centralized operations that the decentralized environment could not fulfill.
Continue reading: US Bank breaks into cryptocurrencies with Bitcoin custody service
