Cryptocurrencies To Watch

Author: Abigail Michelle

  • South Korea Imposes $830K Fine on Worldcoin for Alleged Data Protection Violations

    South Korea Imposes $830K Fine on Worldcoin for Alleged Data Protection Violations

    South Korea’s privacy watchdog Personal Information Protection Commission (PIPC) has ordered the cryptocurrency project, Worldcoin Foundation, and its operating firm, Tools For Humanity Corporation (TFH), to pay 1.1 billion Korean won ($830,000) for alleged non-compliance with data protection laws.

    During its 16th plenary session on Wednesday, September 25th, the PIPC issued penalties and corrective actions to the two firms for infringing on the country’s data protection laws.

    As reported, the PIPC started probing Worldcoin in February, earlier this year, after receiving complaints about unauthorized biometric data collection in exchange for the firm’s digital tokens, Worldcoin.

    After confirming their human identity, users are issued a ‘World ID’ allowing them to set up an online wallet to manage their tokens.

    Worldcoin Faces Data Protection Violations

    Following the investigation, the PIPC discovered that Worldcoin collected iris information from about 30,000 Korean users out of the 93,463 that downloaded the World App and charged the firm with several violations.

    First, the body charged Worldcoin for collecting iris images and information from users without proper consent and notification of the purpose, retention, and use period. Secondly, the crypto project transferred the personal data collected overseas to countries like Germany without properly notifying users.

    Furthermore, Worldcoin and Tools for Humanity failed to implement sufficient age verification measures for minors under 14 and also did not provide a clear process for requesting deletion or suspension of iris code data.

    Therefore, the PIPC charged Worldcoin Foundation and TFH 725 million won ($545,000) and 379 million won ($285,133) respectively, for violating Korea’s Personal Information Protection Act, on sensitive data processing and international transfer.

    Worldcoin and Tools For Humans Corrective Measures

    While the PIPC did not ban sensitive data collection in South Korea, it outlined corrective actions for the company and its development team to ensure compliance.

    The commission ordered the Worldcoin Foundation to obtain separate consent for collecting sensitive data, use the data collected only for intended purposes, and also provide effective deletion functions.

    Meanwhile, the PIPC mandated Tools for Humanity to introduce age verification procedures within the World App and inform users of overseas data transfers.

    In a similar development, South Korean prosecutors raided Bithumb and Upbit crypto exchanges following an investigation.

  • Metaplanet’s Stock Has Gained 400%+ Since Adopting Bitcoin

    Metaplanet’s Stock Has Gained 400%+ Since Adopting Bitcoin

    Japanese technology firm Metaplanet has seen a remarkable 400%+ increase in stock value in the last five months since it adopted a Bitcoin-focused investment strategy.

    In April, MetaPlanet made a strategic decision to add bitcoin (BTC) to its corporate treasury and has since continued to accumulate and grow its crypto holdings. The company’s series of BTC purchases yielded a substantial 443.2% increase in its stock value.

    Source: X.com

    Asia’s MicroStrategy?

    Metaplanet has gained the nickname “Asia’s MicroStrategy” for its continuous Bitcoin buying sprees following in the footsteps of business intelligence software company, MicroStrategy.

    Led by its founder, Michael Saylor, MicroStrategy became the first publicly traded company to added bitcoin to its primary treasury reserve.

    Since then, the business intelligence company has continued to expand its treasury holdings through the strategic accumulation of the leading crypto asset.

    As of September 13, 2024, MicroStrategy had a total of 244,800 BTC worth about $15 billion in its portfolio.

    The company aims to preserve its leadership position in corporate Bitcoin ownership, with plans to further increase its holdings through strategic acquisitions. Recently, MicroStrategy proposed the issuance of $875 million in convertible notes for Bitcoin purchases and other purposes.

    Furthermore, the company’s stock is up over 1,000% since it adopted Bitcoin.

    Metaplanet’s Series of Bitcoin Purchases

    After Metaplanet made a strategic move to add Bitcoin to its corporate treasury reserve with an inaugural purchase worth about 1 billion yen ($659 million) earlier in April, the firm has continued to mirror MicroStrategy’s strategic leadership in corporate crypto adoption.

    MetaPlanet’s crypto investment was particularly noteworthy as the firm transitioned from a hospitality-centric company, formerly known as Red Planet, to a pioneering Web3 firm.

    In July, the firm increased its total holdings to 161.3 BTC after purchasing $1.2 million worth of bitcoin.

    In a subsequent move, Metaplanet expanded its total Bitcoin holdings by 57.103 units, valued at approximately $3.4 million, following a ¥1 billion (over $6.8 million) loan acquisition from  MMXX Ventures Limited to facilitate further Bitcoin acquisitions.

    Its recent purchase of 38.4 BTC worth about $2.1 million at the time of purchase, increased its total Bitcoin holdings to over 398 BTC.

  • Tonga Relief Fund Receives Thousands of Dollars in Bitcoin Donations

    Tonga Relief Fund Receives Thousands of Dollars in Bitcoin Donations

    The Tonga relief fund, which was set up due to the devastating volcanic eruption that affected the country, has received hundreds of bitcoin donations. The bitcoin wallet with an accompanying link where people can donate fiat to help with relief operations was created by the bitcoin supporter and former Tongan lawmaker Lord Fusitu’a. 

    Currently, at the time of writing, the wallet has about 0.35711495 BTC units after 259 transactions with the current price of bitcoin at $41,713. In the first three days, the wallet was opened, more than $40,000 worth of bitcoins were donated through 250 separate donations.

    Tonga, a Polynesian country with more than 170 South Pacific islands and home to about 100,000 people, experienced a tragedy when the Hunga-Tonga-Hunga-Ha’apai volcano, which is located about 30 kilometers (20 miles) southeast of Tonga’s Fonuafo’ou island, erupted on Saturday.

    Although the overall damage that the volcanic eruption caused is not yet known, the government of Tonga recorded about three casualties. The casualties included 50-year-old British national Angela Glover, a 49-year-old man from Nomuka Island, and 65-year-old women from Mango island. The first individual, Glover, died after a tsunami caused by the eruption hit their coastal home in the low-lying Veitongo area of the country. 

    Apart from the casualties, the ash cloud that covered the country prevented incoming flights to the country. Tall waves covering up the roads and properties caused the citizens to flee to higher ground to escape. The people of Tonga were also separated from the rest of the world due to the eruption cutting off an undersea cable that provided communication with the outside world. 

    Due to contamination of the air and water, help was needed from aid organizations. Currently, the United Nations Development Program (UNDP) is currently working with other UN agencies and partners to support Tonga with their immediate focus on communications, logistics, water, and sanitation. 

    Tonga, led by Lord Fusitu’a, is taking steps into the crypto space. Like El Salvador, the country plans to make cryptocurrency an official form of currency in Tonga and adopt bitcoin as legal tender.

  • Intel Corporation to Launch First Bitcoin-Mining Chip

    Intel Corporation to Launch First Bitcoin-Mining Chip

    Intel Corporation, a chip-producing company, has decided to hop into the crypto wagon by producing Bitcoin mining chips. Worth about  $220 billion, the company is one of the world’s largest semiconductor chip manufacturers by revenue.

    The unveiling of the company’s new Bitcoin mining chip will reportedly occur at the International Solid-State Circuits Conference (ISSCC), a yearly gathering sponsored by the IEEE Solid-State Circuits Society where inventive and intelligent individuals in the chip industry converge to present advances in solid-state circuits and systems-on-a-chip.

    In this year’s turn of the conference, Intel has prepared a presentation under the ‘Highlighted Chip Releases’ category to discuss its new “Bonanza Mine” processor. The Bitcoin mining chip, according to Intel, is described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” 

    Intel initially started showing interest in mining hardware in 2018 when it obtained a patent for a specialized processing system that uses an optimized SHA-256 datapath (a cryptographic algorithm) for high-performance Bitcoin mining. 

    Although the company started showing interest way back in 2018, Intel revealed its preparation for the creation of the new Bitcoin mining chip only last year. After the company’s Systems and Graphics Architect, Senior Vice President, and GM Raja Koduri appeared on a popular live stream hosted by Dr. Lupo, information that the company was working on specialized hardware for crypto mining was revealed.

    With speculation going around on whether Intel will release the Bonanza Mine chip as a product for the public or confine it to a research project, it is certain that further information will be provided by the company during the upcoming ISSCC conference to be held on Wednesday, February 23.

    The conviction is based on the fact that Intel has already scheduled to talk about the new chip under the “Highlighted Chip Releases” category during the conference, further proof that Bonanza Mine chips will most likely be released to customers in the near future.

    When that happens, Intel could start competing with other companies like Bitmain, that are focused on producing specialized ASICs for Bitcoin mining.

    With the increase in companies producing Bitcoin mining chips to accelerate the mining of Bitcoin, the number of bitcoin transactions will also increase. In a recent development, the number of transactions conducted on the Bitcoin network surpassed that of popular payment company, PayPal.

  • BitMEX Group to Acquire One of Germany’s Oldest Banks To Solidify its Footprint in EU

    BitMEX Group to Acquire One of Germany’s Oldest Banks To Solidify its Footprint in EU

    BXM Operations AG, a company related to the BitMEX crypto exchange, through an official blog post has recently announced its plans to buy one of the oldest banks in Germany, Bankhaus von der Heydt.

    The bank, which is located in Munich, Germany, has been in operation since 1754. 

    The two companies are making arrangements to ensure the success of the partnership deal, which is expected to be completed in mid-2022.  BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, have signed a purchase agreement. 

    However, the conclusion of the deal depends on the approval from the Federal Financial Supervisory Authority (BaFin), the German financial services regulatory authority. 

    BXM Operations AG was founded by Alexander Höptner and Stephan Lutz, who are currently the CEO and CFO of the company respectively.

    According to the company, the purpose of the partnership is to ensure that regulated and approved crypto products are made available in Germany, Austria, and Switzerland, to advance to its goal of becoming a leading crypto player and service provider in the European market.

    The two parties involved after revealing their intentions to merge also included that at the end of the transaction, Bankhaus von der Heydt will be operating as an independent business unit where the founders of BXM Operations AG, who are both German business veterans, will join its supervisory board.

    With regards to some details of the transactions, the companies agreed to keep them away from the public ear. The amount at which BitMEX Group purchased the bank was not disclosed along with other financial details of the transaction. 

    Commenting on the intending partnership, Alexander Höptner said: “Through combining the regulated digital assets expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a regulated crypto products powerhouse in the heart of Europe.” 

    Recognizing the potential in digital assets, BitMEX Group had earlier launched BitMEX Link in Europe, an innovative brokerage service based in Switzerland that facilitates trading in digital assets. Now they plan to merge with the German bank to increase crypto expansion in the EU.

    To benefit from the crypto space as well, Alexander Pankin, the Deputy Minister for the Russian Federation, revealed that Russia might likely adopt digital assets over the U.S. dollar in its foreign reserves.