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Welcome to Blockhead's Daily Digest, your go-to source for the latest and most exciting news in the world of cryptocurrency. Our mission is to provide our subscribers with accurate, insightful, and timely coverage of the rapidly evolving crypto space.
By now, you've likely seen a range of amusing AI creations. From generative art to impersonated voices to deep fakes, the boundaries of AI continue to expand. Perhaps going one step too far, an AI image of an explosion near the Pentagon sent shockwaves through Twitter and consequently the markets.
Prime example of the dangers in the pay-to-verify system: This account, which tweeted a (very likely AI-generated) photo of a (fake) story about an explosion at the Pentagon, looks at first glance like a legit Bloomberg news feed. pic.twitter.com/SThErCln0p
— Andy Campbell (@AndyBCampbell) May 22, 2023
The image circulated on Twitter on Monday and was shared by verified accounts which appeared to be linked to official channels, including an account called "Bloomberg Feed."
Elon Musk's Twitter revamp allows anyone to purchase a verified account blue tick.
US markets briefly slumped as the image made its rounds but recovered quickly once the photo was revealed to be a hoax. Bitcoin also dropped down to $26,500 before rebounding.
Elsewhere in the crypto industry:
- The Securities and Exchange Commission (SEC) of the Philippines has warned Gemini Trust Company for offering unregistered Gemini Derivatives, which violates the country's Securities Regulation Code. Gemini Trust's recent expansion into several countries, including the Philippines, has raised additional allegations of violating public solicitation regulations. Individuals representing Gemini Trust could face prosecution or penalties up to ₱5 million (US$90,000) or 21 years of imprisonment as the company deals with regulatory complexities globally.
- RockX, which provides institutional-grade staking solutions throughout Asia, is broadening its staking product suite with the launch of a new ETH native staking solution. The company previously launched a liquid staking product, Bedrock, and a Wwhite label product designed for companies seeking to establish crypto businesses. “Institutional-grade solutions are crucial now more than ever, as the lack of regulatory clarity in the United States drives crypto companies to emerging, alternative crypto hubs like Asia, granting the region an opportunity to capture the market,” RockX said.
- Cryptocurrency exchange BitMEX has announced the launch of BitMEX Hong Kong, a dedicated service operating under the transitional arrangement to prepare for the Hong Kong Virtual Asset Service Provider (VASP) regime. The move comes in response to the changing regulatory environment in Hong Kong and the company's support for establishing appropriate standards for digital assets.
- Ripple has launched a “frictionless end-to-end solution” for central banks, governments, and financial institutions to issue their own central bank digital currency. The Ripple CBDC Platform allows user to seamlessly mint, manage, transact and redeem CBDCs and stablecoins. “As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations," said James Wallis, VP of Central Bank Engagements & CBDCs.
- The IRS Criminal Investigation (IRS-CI) is launching a pilot program to boost global cooperation in tackling tax and financial crimes involving cryptocurrencies, DeFi, peer-to-peer payments and coin mixing services. Four cyber attachés will be stationed in four continents, including Singapore. Cuong Ly, a special agent with expertise in investigating financially motivated cybercrimes and darknet marketplaces, will serve as the cyber attaché based in the city-state.
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