Chainalysis: Blockchain technology is a tool for transparency in economic operations

Blockchain technology makes it possible to detect and investigate cryptocurrency fraud cases more accurately, quickly, and transparently than banks. This and more news is in this handy daily summary so that you are always informed with the latest events that occur within the crypto world.

The transparency of blockchain technology

📍‌Chainalysis has recognized the qualities of blockchain to provide transparency and trust in the world of finance. In her report “Crypto Myth Busting Report”, the intelligence company highlighted the characteristics and qualities of the blockchain, debunking several of the myths and erroneous beliefs that have been maintained in recent years about this innovation. 

One of the myths Chainalysis has debunked about blockchain is the lack of transparency in operations that favors malicious actors and crime in general. However, Chainalysis stressed that while there are risks in the world of cryptocurrencies, lack of transparency is not one of them. 

The nature of blockchain technology guarantees a level of economic transparency that does not exist with traditional finance, which has made it possible to track illicit funds and dismantle criminal gangs in different police operations.  

Immutable launches ZK-powered testnet

📍‌Web3 game developer Immutable is launching a testnet powered by ZK technology. Called Immutable zkEVM, the project's developers explained that it is a new network for building the future of digital gaming. 

Immutable zkEVM is built on Zero Knowledge (ZK) technology in partnership with Polygon Network, with whom Immutable signed an agreement in March of this year. The new blockchain is also compatible with the Ethereum Virtual Machine (EVM), allowing developers to migrate their Solidity-based contracts and applications from the Ethereum ecosystem to Immutable’s test environment, as well as take advantage of the benefits offered by ZK technology, such as security and scalability. 

On X (formerly Twitter), Immutable developers commented that Immutable zkEVM is built as the first blockchain of its kind dedicated to the world of Web3 gaming. 

Space X to launch first Dogecoin-funded space mission

📍‌Elon Musk's aerospace company, Space X, has set a date to launch its first space mission related to the cryptocurrency meme. Called DOGE-1, it is the first space mission to be funded entirely by the crypto industry's most capitalized memecoin, Dogecoin (DOGE). 

According to the company, DOGE-1 will take off between November 15 and 20 of this year. 

Although some think that Musk will use this space mission to somehow promote Dogecoin, the truth is that it is a mission to the Moon, which was paid for using the memecoin, for data collection using a camera and sensors. 

However, Tom Ochinero, SpaceX's vice president of commercial sales, had said in 2021 that DOGE-1 would show a new facet for cryptocurrencies. Through DOGE-1, Dogecoin will travel beyond Earth's orbit and lay the groundwork for interplanetary trade, Indian Ochinero. 

Sam Bankman-Fried returns to prison

📍‌Former FTX CEO Sam Bankman-Fried charged with violating probation conditions. New York Judge Lewis Kaplan has revoked the probation of former FTX CEO Sam Bankman-Fried, who must return to prison after the new sentence. 

According to Judge Kaplan, SBF committed numerous irregularities that violated his probation conditions. Among these irregularities, the judge pointed to SBF's conversations with various media outlets such as the New York Times to leak documents, as well as conversations with key witnesses in the FTX case who may have been influenced or intimidated by the former CEO, and the use of VPNs to log in and access the web from unauthorized accounts. 

The new sentence issued by Judge Kaplan is ordered as a preventive measure before the trial that awaits SBF next October, according to Indian Matthew Russell of Inner City Press. 

Continue reading: Bitcoin will have different use cases for different needs, says Michael Saylor

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