‘Most Significant Legal Action’ Against Crypto in US, Hodlnaut Halts Withdrawals, Zipmex Releases Ethereum & Bitcoin + More News

by Zack Edelman
7 ways to make with crypto

 'Most Significant Legal Action' Against Crypto in US, Hodlnaut Halts Withdrawals, Zipmex Releases Ethereum & Bitcoin + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. 

Regulation news

  • The US Department of the Treasury’s Office of Foreign Assets Control added Ethereum (ETH)-powered crypto mixing service Tornado Cash to its Specially Designated Nationals list, effectively banning Americans from using this mixer. The Department claims that the mixer “has been used to launder more than USD 7bn worth of virtual currency since its creation in 2019.” According to crypto-focused attorney Collins Belton, “this is arguably the most significant legal action that has occurred in crypto and could have absolutely gargantuan ripple effects for everything from dev liability to first amendment implications of code publication.”

  • The United Arab Emirates (UAE) Ministry of Economy and the Ministry of Justice, in partnership with the UAE Financial Intelligence Unit (FIU), announced that all real estate agents, brokers, and law firms are obliged to file reports to the FIU for transactions of freehold real estate properties in the UAE that include virtual asset-related payments and/or payments where the fund(s) used in the transaction were derived from a virtual asset. 

Investments news

  • Crypto platform Hodlnaut said it will be halting withdrawals, token swaps, and deposits with immediate effect “due to recent market conditions.”  “We work to find the best way to protect our users’ long-term interests,” they said, promising to “provide details and timelines as soon as we can.” Their next update is estimated on Friday, August 19.
  • Troubled crypto exchange Zipmex will release ETH on August 11 and BTC on August 16, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product, Reuters reported, citing a spokesperson for the company. 
  • Mike Novogratz-led Galaxy Digital Holdings said it recorded a net comprehensive loss of USD 554.7m in the second quarter this year, compared with a USD 183m loss in the prior year period. However, the company claims that its partners’ capital was USD 1.8bn at the end of the quarter, up 23%, while the company also maintained “a strong liquidity position” of USD 1.5bn as of June 30, 2022. (
7 ways to make money in crypto

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