Wisly Cryptocurrency Industry News — 20 January 2022
With the New Year in full swing and everybody getting back into the grind after the festive season, it’s been a fascinating start to 2022 with some tantalising developments that are sure to tickle the taste buds of crypto enthusiasts across the globe. Tonga accepts Bitcoin donations after devastating tsunami; Singapore bans public crypto advertising; Walmart plans to create its own cryptocurrency; and Kim Kardashian and Floyd Mayweather sued by investors over crypto scam.
Tonga accepts Bitcoin donations after devastating tsunami
In the wake of the massive volcanic eruption of the Hunga Tonga-Hunga-Ha’apai volcano that caused a devastating tsunami in Tongatapu — the main island of Tonga — the pacific island nation has announced that it will accept Bitcoin donations to help with the relief efforts in the aftermath.
With volcanic ash spewing kilometres into the air and waves reaching heights of up to 1.2 meters — covering roads and properties — there are immediate concerns from aid organisations over air and water contamination.
Amidst an overwhelming surge of sympathy from crypto holders around the globe, one Twitter user — Onair Blair — appealed to former Tongan lawmaker and Bitcoin supporter — Lord Fusitu’a — to set up a crypto wallet address where BTC users could donate Bitcoin for relief operations.
Lord Fusitu’a replied to the tweet with a BTC wallet address and a link where concerned people could donate fiat currencies to help the country deal with the aftermath. To date, over $4,600 worth of Bitcoin has been donated.
In further efforts to raise funds, Lord Fusitu’a highlighted plans to use geothermal energy from the volcanoes to power Bitcoin mining operations that would help boost the country’s finances. He said that the country’s 21 volcanoes could each produce 95,000 megawatts and generate $2,000 worth of Bitcoin daily — an amount that would be donated to the affected families.
Wisly will keep you up to date on the very latest with this story.
Singapore bans public crypto advertising
The Monetary Authority of Singapore (MAS) has issued a fresh set of guidelines for digital payment token (DPT) providers in the country — banning them from crypto-related marketing in all public areas.
The guidelines warned the general public about the high risks of crypto investments. They stopped DPT companies from advertising their products and services in public areas — including public transport, public transport venues, public websites, social media platforms, and print and broadcast media.
The new guidelines are effective immediately and apply to all registered crypto services providers and those companies in the transitional period. The MAS statement read, “MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”
In addition, the updated guidelines prohibit crypto services providers in the country from opening automated teller machines (ATMs) in public areas. All is not lost, however, as DPT companies can still advertise or promote their services on their own websites or mobile apps.
This decision comes after a surge of crypto advertising at public places in the country amidst growing popularity amongst crypto enthusiasts. Regulators believe that advertising crypto hides the inherent risks associated with such investments while promoting attractive profits to entice investors.
Wisly will keep you in the loop with the latest developments on this.
Walmart plans to create its own cryptocurrency
US retail giant, Walmart, has announced exciting plans to create its very own cryptocurrency together with a collection of non-fungible tokens (NFTs). In a move that started in December, Walmart filed several new trademarks that showed its intention to move into the metaverse and offer virtual goods — such as sporting goods, toys, home décor, electronics, and personal care products.
In a separate filing, Walmart stated that it would offer its users a digital currency alongside its collection of NFTs. While details of their cryptocurrency have been scarce, the retail giant mentioned that they were “continuously exploring how emerging technologies would shape future shopping experiences.” They added that “we are testing new ideas all the time.”
While no release date has been mentioned, there has been talk that a lot of behind-the-scenes planning is taking place about how they are going to structure their cryptocurrency. These are truly exciting times, and Wisly will keep you updated on the latest with this story.
Kim Kardashian and Floyd Mayweather sued by investors over crypto scam
Reality TV star — Kim Kardashian — and boxing champion — Floyd Mayweather Jr. — are some of the high profile celebrities being sued by investors over promoting an alleged “pump and dump” crypto scheme that cost investors millions of dollars.
In a class-action lawsuit that was filed in a California court, it was heard that EthereumMax executives colluded with Kardashian and Mayweather to enrich themselves through a series of false and misleading claims in public with the intention of duping investors.
The claims state that both Kardashian and Mayweather used their fame to promote tokens sold by EthereumMax — EMAX — which in turn boosted its price by as much as 1,370%. This was done with the intention of collecting profits at the expense of followers and investors.
Kardashian promoted EMAX to her 250 million Instagram followers in what was described as “the single biggest audience reach in history for a financial product” by the UK’s Financial Conduct Authority. For his part, Mayweather wore EMAX branding on his boxing shorts during his fight with Logan Paul — an event drawing an audience of tens of millions.
Soon after these public endorsements of EMAX, the token lost 98% of its value — leaving investors around the globe fuming at such deception. EthereumMax vehemently denied any wrongdoing and released a statement that said, “The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project. We dispute the allegations and look forward to the truth coming out.”
Kardashian and Mayweather are yet to respond to allegations amidst what could prove to be an extremely costly experience for the flamboyant pair. As always, Wisly will keep you informed of the latest developments on this story.