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China flips on a crypto dime 🇨🇳 and more top stories from this week!
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Top snapping stories for the week! 🐊
Ben Armstrong chases strong arms 💪🏽
Photo by ilya gorborukov on Unsplash
China flips on a crypto dime 🇨🇳
China has taken a major step towards recognising cryptocurrency legally. The People's Bank of China (PBoC), has announced that it now recognises cryptocurrency as a legal asset - allowing financial institutions to conduct research on blockchain technology. This is a huge change from the PBoC's previous stance, where they chose to ban all cryptocurrency trading and mining back in 2021!
This announcement comes two weeks after Xiao Yi, a former senior official, was handed a life sentence for bribery and abuse of power surrounding underground bitcoin mining operations.
”Big four” gaming coin’s $15B tumble 🎮
The gaming crypto market has taken a hit in recent years, with the combined value of the "big four" coins - The Sandbox (SAND), Axie Infinity (AXS), Enjin Coin (ENJ), and Decentraland (MANA) - falling by 15 billion dollars!
Security concerns have been a major issue in the gaming crypto market. In some cases, hackers have stolen millions of dollars worth of crypto from gaming platforms. This has led to concerns about the safety of investing in gaming cryptos.
Meta and Apple are looking to help the gaming crypto market rebound. Believing that the potential benefits of the technology outweigh the risks. They are also working with gaming platforms to improve security measures.
Streamer auto-MATIC-ally broke 📉
A Brazilian cryptocurrency streamer lost $50,000 worth of Polygon (MATIC) tokens after accidentally revealing his private key during a live stream on YouTube. He later claimed that one of his viewers accessed his MetaMask wallet using the private key and stole his entire stash of 86,000 MATIC.
The streamer was attempting to access his passwords for the blockchain games platform Gala Games through a text file on his computer when he inadvertently revealed the seed phrase for his MetaMask wallet, which contained the MATIC tokens. The incident highlighted the risks associated with self-custody of cryptocurrency assets.
Ben Armstrong chases strong arms 💪🏽
After being fired from his own company and accused of financial impropriety, Ben Armstrong is denying the allegations, calling them "false and defamatory." He has also said that he is planning to sue Hit Network for wrongful termination.
Ben confessed to abusing diet pills and steroids. He claimed the misuse caused his erratic behaviour. Adding to the revelations, Ben also admitted to infidelity with his wife by his side, in his shocking apology video. Will Ben’s dedication to right his wrongs hold true? Check out our short video about it!
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