On Thursday, September 22nd, the long-awaited Vasil Cardano update will take place and is aimed to change the model of scripts work, as well as increase the scaling of the network. The BeInCrypto editorial team tried to understand what this update is and what to do to prepare for it.
The Vasil Cardano update, named after Charles Hoskinson’s now-deceased friend, ADA Ambassador Vasil Dabov, was due back in June. Vasil is considered the most important update for the Cardano network since the Alonzo upgrade last September, as the fork is expected to change the way Plutus programming language-based scripts work within the Cardano blockchain.
Although Vasil is expected to make significant changes to Cardano, members of the cryptocurrency community should hardly expect an alternative cryptocurrency if the upgrade fails.
Ordinary users, however, should be aware that with the upgrade, their funds may be unavailable for a while if they are stored on centralized cryptocurrency exchanges. Input Output Hong Kong spokesman Daniel Ribar tweeted this earlier. How long ADA balances on exchanges could be frozen, however, is unclear.
Users who store ADA in non-deposit wallets should make sure to keep their mnemonic phrase or private key safe.
What Cardano ADA Vasil hard fork will bring
The update, as Cardano creator Charles Hoskinson assures us, will significantly improve the scaling of the network. It will facilitate the development of decentralized finance (DeFi) and other Cardano-based applications. Vasil is also expected to help reduce fees, but how effective the fork will be is still unclear.
We previously reported that Grayscale will sell ETHWtokens at the first opportunity.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
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