Israel Freezes Crypto Accounts Linked to Hamas

Cango, Inc., a Shanghai-headquartered Bitcoin mining business which is publicly listed on the New York Stock Exchange (NYSE: CANG), provided a mining operations update on Aug. 5, disclosing a significant increase in its crypto production.Photo by Dmytro Demidko on Unsplash45% increase in outputThe update outlined that in June, the firm mined 450 BTC, while holding 3,879.2 BTC, with a deployed hashrate of 32 EH/s. The figures for July show a considerable uptick, with 650.5 BTC having been mined. That Bitcoin was retained, bringing the firm’s overall Bitcoin treasury holding to 4,529.7 BTC, with a deployed hashrate of 50 EH/s. Cango CEO Paul Yu outlined that the firm had added 18 EH/s in hashpower towards the end of June. This additional capacity accounted for the increased output experienced for the month of July, representing a 45% increase month-on-month. Yu stated: “This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production.” The Cango CEO added that a new and experienced management team is now in place, and with that, Cango is focusing on working towards transitioning to “a more diversified and resilient portfolio of mining sites and energy infrastructure." Cango isn’t the only company in the Bitcoin mining sector to up its production. Cipher Mining, an American miner with facilities in Texas, also published an update, indicating that it produced 214 BTC in July with a hashrate of around 20.4 EH/s, up 21.43% month-on-month. Cipher outlined that Black Pearl Phase I, the initial 150 MW tranche of its Black Pearl facility, came on stream last month, accounting for the increased output. Unlike Cango, Cipher sold 52 BTC as part of what it described as “its regular treasury management process.” In this respect, Cango bucked a trend in comparison with its industry peers. CryptoQuant reported that miners became significant sellers of Bitcoin in July, depositing 16,000 BTC to exchanges as of July 18.Ranked by BitcoinTreasuries.net in order of Bitcoin held, Cango now holds 18th place among corporations holding BTC.Originally an automotive transaction service platform operating within the Chinese market, Cango announced a new departure last November, with the signing of agreements to buy $400 million in crypto mining equipment from a number of vendors, including Bitmain. With crypto mining a banned activity in China, the company has deployed its mining operations at various locations across North America, South America, the Middle East and East Africa. By January, the company was being referred to as a “Bitcoin mining powerhouse.” At that time, the company’s Communications Director, Juliet Ye, told CoinDesk that the firm’s entry into the Bitcoin mining sector had surprised people, given that “nobody has ever heard of Cango before.” By April, Cango had sold its legacy auto-financing business for $352 million to a firm linked to Bitmain affiliate, Antalpha, allowing it to focus exclusively on mining. The company’s stock has surged 180% over the course of the last 12 months. Ye said that the Chinese firm’s pivot to Bitcoin mining has created a buzz around the company that had been absent previously.

Vauld Implements Key Leadership Changes Amid Bankruptcy ProceedingsFailed Singaporean cryptocurrency lender Vauld has unveiled a comprehensive overhaul of its board structure.Photo by Yibei Geng on UnsplashOngoing restructuringThe platform, which faced financial turmoil leading to its declaration of bankruptcy last year, is introducing fresh leadership to spearhead its restructuring efforts. The move involves the appointment of a new CEO, a creditor representative, and a scheme manager.The current CEO and Co-Founder of Vauld, Darshan Bathija, announced the proposed changes via a post on X (formerly Twitter) on Thursday. He emphasized that the new appointees would take charge of orchestrating a much-needed bailout.The challenges faced by the company through its ongoing bankruptcy proceedings have prompted Vauld to secure court approval for this new organizational scheme. In his social media post, Bathija stated:“Vauld (Defi Payments Pte Ltd) got its scheme of arrangement passed in Singapore courts. As part of the scheme, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager.” Additionally, Bathija noted that the exchange’s customers are actively updating their Know Your Customer (KYC) details.This announcement comes almost a year after Vauld came under scrutiny due to a money laundering investigation. The cloud of suspicion surrounding the firm at the time led to the freezing of assets worth $46.4 million from its domestic operations by Indian authorities.Nexo acquisition failureIn February of this year, the Singapore High Court granted Vauld an extension until March 24 to formulate a comprehensive strategy for repaying its creditors. The extension became crucial after a potential acquisition deal with Nexo fell through. However, despite this reprieve, the exchange was unable to secure a further extension, fueling discussions within the community about the challenge of meeting creditor obligations within a relatively short time frame.In a step to facilitate the resolution of outstanding amounts, the court established a committee of creditors (CoC). This move was prompted by allegations from a faction of creditors that Vauld was impeding communication and implementing unwarranted corrective measures. Notably, the exchange owes more than $2.2 million to these creditors.Vauld has contracted the services of risk and financial advisory firm Kroll as part of the restructuring efforts. In an isolated instance of good fortune, it appears that Vauld creditors are unaffected by a data breach which occurred recently at Kroll, while creditors of the Genesis, FTX, and BlockFi crypto bankruptcy processes have had their data compromised.Charting a path forwardBathija conveyed that more updates regarding the platform’s path forward would follow soon. Vauld’s financial instability can be attributed to several factors, chief among them being the ripple effect of Terra’s downfall. Further complications arose due to economic issues tied to the Celsius Network and Three Arrows Capital (3AC) defaulting on their loans. These cumulative challenges led to Vauld’s operational suspension.Despite this failure and similar issues relative to crypto lender Hodlnaut and 3AC, which were also based in the city state, Singapore continues as a jurisdiction that effectively balances regulatory control with the drive to foster innovation. Its central bank and financial regulator, the Monetary Authority of Singapore (MAS), recently unveiled a comprehensive framework for stablecoins.

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.