MoonDAO announces sweepstakes for a second ticket to Space 

MoonDAO announces sweepstakes for a second ticket to Space 

Key Points

  • MoonDAO is offering its second ticket to take another DAO-voted member into Space via Jeff Bezos’s company, Blue Origin.
  • MoonDAO sent the first DAO-voted member into Space in August 2022 and is now back with similar pursuits.

In August 2022, MoonDAO completed an exciting endeavor, sending a DAO-voted member to Space. The DAO is now back for a second leg, where a lucky contestant will be selected for a similar experience.

MoonDAO seeks astronauts to Space via Blue Origin.

The Decentralized Autonomous Organization has announced another sweepstakes round to get a lucky member to join the next flight to Space with Jeff Bezos’s Blue Origin space company. 

According to their Nov. 7 announcement, owning a ticket to Space NFT is not mandatory to enter their sweepstake or win. However, the registration process depends on the DAO’s terms and conditions. 

The announcement explained that the selection process is community-oriented and revamped to improve the onboarding experience while leveraging the MoonDAO App and Marketplace.

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Standard Chartered venture arm eyes setting up a crypto fund in UAE

Standard Chartered venture arm eyes setting up a crypto fund in UAE

Key Points

  • Global banking giant Standard Chartered is eyeing setting up a crypto fund in the United Arab Emirates.
  • The disclosure comes days after the UAE issued guidance on crypto regulation requiring VASPs to be licensed to increase the transparency of financial systems in the country.

Standard Chartered’s SC Ventures seeks to establish a Digital Asset Joint Venture investment company in partnership with Japan’s SBI holdings in the UAE. 

UAE continues working towards becoming a global crypto hub

In a Nov.9 Press release, SC Ventures revealed that the new venture in the UAE would be a joint effort with Japanese Financial Conglomerate SBI Holdings aiming ‘to make strategic and minority investments’ in areas of interest like ‘market infrastructure, DeFi, Tokenization, COnsumer payments’ among others.

The CEO of SC Ventures, Alex Manson, also indicated a strong interest in Risk management, tokenization, and compliance tools as key aims of the new venture. He highlighted the region’s efforts and new role in becoming a fintech hub due to its strengthening infrastructure and talent. 

UAE has been working on attracting more fintech investors and getting a better reputation globally for its financial products. On Nov 8, Fintech Express reported that the country had released a new guidance list for those looking to set up virtual assets services provision systems there. In the list, the country highlights some red flags of common untrustable crypto deals and warnings to service providers who want to continue working in the region.

The country is introducing these measures, eyeing to get out of the FATF’s ‘Grey List’ of countries with questionable financial systems. Thus increasing its chances of incorporation with the mainstream word finance and, thus, a better future. While SC Ventures is set to be the next new thing in the country’s financial landscape, Manson has confirmed that it will not limit itself to the regional market but will “explore the emerging digital asset ecosystem opportunities globally.”

This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.

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UAE Central Bank to take action against unlicensed Digital Asset Service Providers

UAE Central Bank to take action against unlicensed Digital Asset Service Providers

Key Points

  • The United Arab Emirates announced a plan to penalize unlicensed Virtual Asset Service Providers (VASPs).
  • The country’s lawyer, Irina Heaver, explained that the new plan is part of UAE’s efforts to move out of the Financial Action Task Force’s “Grey List.”

The United Arab Emirates has announced new guidance to penalize unlicensed VASPs as part of a plan to have more transparent financial activities in the country.

UAE continues to spearhead crypto regulation in the world

Financial Regulators, alongside the Central Bank of the United Arab Emirates (CBUAE), have published a new joint guidance for digital assets services providers operating within the country aiming to streamline the financial sector by enhancing transparency.

tweet from the CBUAE read:

“The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), in collaboration with UAE supervisors, has issued guidance on combating the use of unlicensed virtual asset service providers, which is prepared by the supervisory subcommittee.”

The National Anti Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) and the CBUAE published a joint list of “Red Flags” for Vasps. The guidance list included unrealistic marketing promises, Operations without a regulatory license, poor communication, and poor or lack of regulatory disclosures, among other indicators of suspicious operations.

In a press release, the governor of the CBUAE and the chairman of the NAMLCFTC, his excellency Khaled Mohamed Balama, said that the new guidance plan comes when the country is working to make virtual assets more accessible. He explained that the digital economy needs to mature and thus will have to get good backing from the government, including “combating all kinds of financial crimes intensifies” to ensure the integrity of the financial system in the country.

It’s not the first time that the UAE has made bold steps to streamline its financial system as it marches towards more transparency and sitting on better books in the world. In March 2022, the UAE was placed on FATF’s Grey list and subjected to increased monitoring due to deficiencies in its Anti-money laundering and CTF regulations. The country vowed to increase its efforts and commitment to work alongside the global watchdog to strengthen its financial monitoring deficiencies.

According to its Lawyer, Irina Heaver, the UAE has enacted significant reforms since 2022, with the current VASP monitoring guidance being one of them. Heaver says they expect to exit the grey list as soon as in the next 2024 FATF review.

This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.

For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.

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Worldcoin to stop paying Orb operators in USDC 

Worldcoin to stop paying Orb operators in USDC 

Key Points

  • Worldcoin has announced that it will ditch USDC usage in favor of its native coin, WLD.
  • The project has also announced changes to the terms behind WLD loans to Market makers.

Worldcoin is set to start paying Orb Operators in WLD, replacing the USDC that had been in use as early as next month. Per an October 22 announcement, Worldcoin confirmed that the Orb Operators are “independent ecosystem participants” but will now be paid in WLD tokens for scanning people’s irises.  

Worldcoin announced new changes to WLD loans and USDC usage

Worldcoin, a project by OpenAI’s Sam Altman, picked pace earlier this year with the launch of the Orbs and a native coin, WLD. The project’s launch was a solution for the growing interest in AI to help identify a human from an AI on the internet.

However, it hasn’t come without resistance from certain jurisdictions, given that important and sensitive biometric data is being collected in the process. The project functions by having Orb Operators who scan users’ irises, which are then paid in USDC. Users also receive airdrops in WLD.

Now, the company has stated that it intends to reverse the payments in USDC to WLD for the Orb operators. It added that the initial use of USDC was just but a “transitional phase” for the project’s pilot phase.

Parallel to that announcement, Worldcoin stated that it would extend the expiration date of 100 million WLD loans due to expire from OCT 24 to December 15. A total of five market-making entities took these loans. The five entities will return it as a reduced amount of 75 million WLD; however, they will still need to return or purchase some or all of the remaining 25 million coins per their agreement.

Keep watching Fintech Express for more updates on this and other crypto-related stories. 

Mixin Network suffers $200M in mainnet asset drain

Mixin Network suffers $200M in mainnet asset drain

  • Mixin Network, a decentralized peer-to-peer network, has lost nearly $200 million in a mainnet hack. 
  • The hack compromised the database of a third-party cloud service provider

Mixin Network has taken to X.com to confirm that its services are down as a hack has compromised its cloud service provider database, resulting in a $200 million loss. It explained that it was hacked on Sept 23, Hong Kong time, but they have contacted Google and SlowMist to work together to secure the protocol.

Mixin Network suspends transactions as investigations are underway

The platform has immediately suspended all deposit and withdrawal services to prevent further draining of funds. The protocol has appointed SlowMist and Google to help with investigations as its team attempts a recovery.

During the time of the attack, the protocol held assets amounting to $141.32 million in its portfolio, according to on-chain data analytics firm PeckShield. The analytics firm outlined the assets held by Mixin Network as follows:

  • Ether: $94.48 million 
  • DAI: $23.55 million
  • Bitcoin: $23.3 million

This event is not a standalone hack. Recently, billionaire Mark Cuban suffered a hack that drained his crypto wallet. Ethereum Co-founder Vitalik Buterin also had his X.com account hacked and used to advertise scam links. 

Crypto hacks and scams have been rampant as the industry is young, and most people do not know how to avoid them. Every year, billions of dollars are lost in scams and attacks, sensitizing the public about the need for more resilience in the markets. Keep watching Fintech Express for more updates on this and other fintech-related developments.