Global Crypto News by Killerwhale
Welcome to the Global Crypto News hub! Articles by Killerwhale go over the news you may have missed that involves crypto, but had a real world effect. Sit back, relax, and enjoy! News is gathered throughout the week and posted every Saturday!
Empowering Democracy in Guatemala: The Role of Blockchain
While cryptocurrency often grabs the headlines, blockchain technology tends to linger in the background, silently powering essential functionalities.
Blockchain applications are rapidly expanding across the globe, encompassing asset tokenization, secure ticketing, supply chain monitoring, and even the management of title deeds. What's intriguing is the underlying concept—a vast, decentralized ledger that is transparent, open, secure, and accessible to all.
This unique set of attributes is capturing the attention of not only industrial investors but also legal authorities and governments. In the heart of Guatemala's capital, we delve deeper into this remarkably pragmatic concept and its unexpected, yet logical alignment with the principles of democracy.
To avoid the numerous examples of fraud in the past during official elections, Guatemala's Supreme Electoral Tribunal (TSE) decided to use blockchain mechanisms to timestamp and count ballots.
The organization used OpenTimestamps, a concept created by developer Peter Todd, to accomplish its goals. The concept is to utilize the hash function to apply a time stamp on an event, and then use the Bitcoin blockchain as a simple decentralized digital register to anchor this information by connecting it to a certain block, creating an unalterable record of that information.
Although this strategy doesn't totally vouch for the veracity of the data recorded on the blockchain—we can't guarantee that a sheet has been filled out correctly—it allows Guatemalans and third parties to independently verify the election process. This approach enhances transparency into the election's operations with a view to fair and regulated democratic systems.
By harnessing blockchain in this way, Guatemala is taking an innovative approach not only to recognizing problems of fraud and corruption, but also to taking concrete steps to resolve them. This significant step toward increasing the integrity of its electoral process and fostering greater trust among its citizens is encouraging. It can lead other Latin American countries which have faced challenges to openly discuss and exchange best practices in blockchain implementation for democratic processes. These countries can collectively work toward strengthening their electoral systems and bolstering confidence in their governments.
Milady maker at the heart of a legal battle
A developer within the Remilia ecosystem allegedly absconded with approximately $1 million in fees intended for the project. This rogue developer also targeted and compromised the Twitter accounts of Milady and Remilio Baby, the two official NFT collection from Remilia Corporation.
Famous co-founder Charlotte Fang has sued three members of the project for embezzling $1 million in fees generated by Remilia, the entity behind the collection, and attempting to take over social networks.
Charles reiterated that Remilia's reserves remained unaffected, and assets remained secure. The co-founder expressed unwavering determination to pursue those responsible through legal means, highlighting the harm done to their team and the community that had faith in their vision. Fang wrote;
“Needless to say those who threatened the blessed kingdom of Remilia for mere financial gain will face a dramatic and just retribution without sympathy…This was violence not simply on my team, but on my world and my people…For such viciousness, I can give no quarter—the individuals involved have been terminated from Remilia Corporation, and will now be dealt with through the heavy hand of the law.”
This legal action within the remilia corporation does not stop here.
As a matter of fact, John Duff, Henry Smith and Maxwell Roux, as well as another person involved in the project, Bruno Nispel, have in turn filed a complaint against Krishna Okhandiar aka Charlotte Fang, accusing the latest of embezzling funds - to the tune of several million dollars - and trying to take total control of Milady Maker.
Since this affair, however, the value of remilia collective tokens has fallen, with a floor price down nearly 50% over 30 days for its two official collections.
Also, not mitigating the situation, CT influencer Zhu su, being the most famous personality with a Milady profile photo, was arrested this week in Singapore.
On the contrary, none official assets within the Remilia ecosystem, with driven community such as $mog, $spx or Kawamii Teens are facing a significant rise these past week. We can expect a perpetual collapse of the now damaged Remilia ecosystem, but we mustn't forget Milady's incredible pump following the fud due to dark business on their community.
Su Zhu, co-founder of Three Arrows Capital, was apprehended in the airport of Singapore and given a four-month prison term.
Su Zhu, co-founder of the cryptocurrency fund Three Arrows Capital, was arrested on Friday in Singapore while trying to leave the country.
Three Arrows, a Singapore-based company that at its peak was managing $4 billion, filed for bankruptcy in New York last summer when the cryptocurrency markets collapsed. A sizable portion of the industry was brought down with the fund when it failed. The crisis that followed depleted the money of millions of amateur investors and forced other businesses into bankruptcy.
The hedge fund’s prior insolvency forced major crypto players to rearrange their operations and limit customer withdrawals amid a crypto sell-off that seemed to catch plenty of mega firms off guard at the time, after the collapse of the Terra/LUNA project.
Zhu and his associate, Davies, had been evading requests from their own liquidators as well as lenders and creditors they owed money to for months after 3AC failed in June 2022. But in November, the pair unexpectedly reappeared on Twitter minutes following the failure of FTX, a far larger crypto organization. The loss of FTX appeared to give Zhu and Davies more confidence since they began blaming the failed cryptocurrency exchange for hastening their own demise without any solid proof.
Zhu’s arrest marks the latest in a string of moves that has put a significant number of crypto’s most celebrated figures behind bars.