Apple blocks Coinbase wallet’s for allowing NFT sales

 Apple has reportedly blocked Coinbase Wallet app update of its iOS version until they disable the feature of sending NFTs. According to Coinbase Wallet, Apple claims that in order for them to be able to earn 30% of the gas fee, the gas fees needed to send NFTs must be paid through their In-App Purchase system.

Solana co-founder predicted Apple’s move

A recent tweet by Degen news reveals that Solana Foundation’s head of communications, Austin Federa, claims co-founder Anatoly Yakovenko had predicted this major move by Apple. Federa in his words says: “Yakovenko had seen this coming shortly after Coinbase revealed that Apple had blocked its app users from sending NFTs since it wants the 30% fees.”

Mr. Federa in response to Coinbase wallet’s recent hold up claims it wouldn’t be a surprise if Google also did the same thing tomorrow while calling for developers to consider an alternative around these bumps.

Coinbase says move puts NFT investors at a disadvantage

Coinbase has openly opposed and criticized Apple’s move. The startup gave the following statement: 

“This isn’t possible, as anyone who is familiar with NFTs and blockchains knows. Even if we wanted to comply, Apple’s exclusive In-App Purchase system does not support crypto.”

The majority of those affected by this policy change are iPhone users who own NFTs. If you have an NFT in your iPhone wallet, Apple has just made it far more difficult to move it to other wallets or give it as a gift to loved ones.

Apple reportedly blocks NFT-supporting apps 

Applications that store or show NFTs are allegedly in violation of the App Store’s terms of service, according to Apple.

Apple says that apps may list, mint, and transfer data as well as allow users to view their own NFTs (Non-Fungible Tokens). NFT ownership, however, shouldn’t enable users to access additional app functionality. Additionally, users of these apps may browse other collections, but no external links, buttons, or calls to action for NFT purchases should be displayed. Users can only buy NFTs using Apple’s in-app purchasing platform.

Apple also forbids apps from using additional mechanisms, like QR codes or cryptocurrency, to grant users exclusive access.

It stated that “apps may not employ their own mechanisms, such as licensing keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc., to unlock content or functionality.

Industry experts made the point that these changes would significantly affect how web3-dependent apps (including games) operate within the Apple ecosystem. They may have used NFTs up until now to avoid paying Apple’s App Store fees while still acting as a token or key to access functionality for customers, but that will no longer be permitted.

Apple will be stringent that apps adhere to rules 

Apple claims that programs that enable access to NFTs through mechanisms other than in-app purchases are in violation of the App Store’s rules 

Apple requires apps to use its in-app purchase system in order to be featured in the App Store, and it takes a 30% commission from downloads, in-app purchases, and subscriptions. After having their most well-known game, Fortnite, removed from the App Store for violating the 30% rule by accepting direct in-game payments, Epic Games filed a lawsuit against Apple for engaging in monopolistic acts. On September 10, Federal Judge Yvonne Gonzalez Rogers issued her decision, which was entirely favorable to Apple.

There’s also speculation of Apple mandating any cryptocurrency apps that provide NFTs (paid digital content) either make the items available to customers of the App Store as in-app purchases or do away with the functionality entirely.

Coinbase wallet and other crypto wallets would need to avoid an NFT sale feature from their iOS apps to be allowed on the Apple store.

Cryptocurrency exchanges crackdown

Apple is also cracking down on cryptocurrency exchanges with the new app store rules.  They require the crypto exchanges to have “enough licenses and authorization to provide a cryptocurrency exchange” in all regions they operate in. Apple now has the authority to ban a cryptocurrency exchange from a particular country’s Software Store if it believes the app to be against local laws.

Telegram to Build a Decentralized Crypto Exchange to Prevent Another FTX Crash, Says CEO

 CEO Durov believes Telegram’s potential decentralized exchange could be a great solution for cryptocurrency investors.

Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to the spectacular collapse.

The Pussian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.

The Main Problem is the ‘Excessive Centralization’

Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the colossal investor losses.

According to Durov, such adverse events will be eliminated if blockchain-based projects go “back to their roots – decentralization.” 

“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he claimed.

Durov urged developers to establish “fast and easy-to-use decentralized applications for the masses.” He said it took him a small team and only five weeks to build Fragment – a fully decentralized blockchain platform based on The Open Network (TON). Fragment has been quite successful, selling around $50,000 worth of usernames in less than 30 days, he added. 

The Pussian assured that Telegram’s next step is to introduce a variety of decentralized tools, such as non-custodial wallets and decentralized exchange for “millions of people.” 

“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he stated.

Telegram’s Brainchild

The Open Network (previously called Telegram Open Network) was designed by the Durov brothers (the creators of the messaging application). The idea of the project was to offer fast blockchain transactions, minimal fees, and cause a minor impact on the environment. 

Nonetheless, the launch in 2018 was not that smooth. CEO Durov had to cope with numerous scammers and fake accounts on Twitter until the US SEC approved the ICO sale. 

The watchdog temporarily restricted the distribution of GRAM tokens (digital assets based on the TON blockchain platform) in October 2019. The Commission argued that the initial buyers of the coin could resale their stash and thus distribute unregistered securities.

The confrontation led to a court case in which Telegram lost and withdrew its participation from the TON network. The messaging app also started a refunding process, repaying early investors $770 million and placing 5-year bonds worth $1 billion to cover its debts. 

The TON platform has its native token called Toncoin. Its market capitalization is over $2 billion, while its current price hovers around $1.80

Canadian state suspends crypto mining activities for 18 months

 As per local media sources, the Canadian state of Manitoba has placed an embargo on new cryptocurrency mining operations for the next 18 months because of concerns that such enterprises will overload the local grid.

Manitoba fear miner’s load will adversely affect local residents

The fear that the miners‘ load would adversely affect residents has prompted several states to halt or delay the approval of new cryptocurrency mining companies. Manitoba attracts customers that require a great deal of electricity, such as those engaged in the electricity extraction of bitcoins, because it has the second-lowest power prices in Canada, behind only Quebec.

The Regional Finance Minister also raised the PCG’s worry that blockchain enterprises might not be very good at adding to the labor force. He explained that it is possible to operate with a small workforce while consuming hundreds of megawatts of electricity.

According to Friesen, “Manitoba Hydro cannot make unilateral decisions regarding who to hook up.” The government is reportedly assessing the extent to which cryptocurrencies have had an economic impact and whether or not a regulatory framework is necessary to allow additional grid connections.

Hydro-Québec, a provincial utility, requested a moratorium on blockchain-related energy allocations from the province’s electrical distribution authority earlier this month. A partial moratorium against PoW mining was recently implemented in the American state of New York, leading to a similar response from Manitoba.

Reports from CTV News and CBC state that Manitoba Hydro minister and MinisterMinister Of finance Cameron Friesen said on Monday. “We can not just say, ‘Well, anybody can take whatever [electricity] they like to take, and then we’ll build dams. 

For the next 18 months, the government will prohibit any new crypto-mining facilities from accessing the grid. The 37 operational mines, however, will remain unaffected.

Manitoba has the second-cheapest energy rates in Canada, behind only Quebec; this has attracted many miners to the province. The Minister has stated that an estimated 17 miners have solicited grid connection, with a combined energy requirement of 371 MW. The Keeyask power plant has been running at total capacity since earlier this year, and 371 MW represents nearly half of its ability.

To finance the construction of the Bipole and Keeyask III transmission line, Manitoba Hydro has taken on a total of CAD 3.7 billion ($2.75 billion) in loans during the past 15 years, double the company’s debt from the previous period. According to Manitoba Hydro, over 40% of customer utility payments are applied toward debt service.

Manitoba hydro paying off debt

Manitoba Hydro is also paying off debt from the latest development projects. The utility’s debt tripled in 15 years as a result of two megaprojects that went $3.7 billion over budget: the Keeyask generating plant and the Bipole III transmission line.

The Vice Chairman of the Canadian Blockchain Alliance, a trade association, has stated that working on the servers is a highly lucrative career option. From Calgary, Jade Alberts said, “Somebody is going to have to repair them, check on them, and make sure they’re running.”

Bitcoin Rises Briefly as Fed Chair Promises More Rate Hikes

 The Federal Reserve may have to keep rate hikes going for longer than previously expected. 

Jerome Powell – Chairman of the Federal Reserve – recently spoke about the future of macroeconomic policy and U.S. inflation at the Brooking Institution.

As is typical, Bitcoin’s price was affected by his comments, rising by 1% just as his speech began. 

As of 18:13 UDT on Wednesday, Bitcoin traded for $16,780.

The price then shot up to $16,850 at 18:30, when he began to speak. By 18:40, the leading crypto asset traded for $16,960.

Over the past 3 months, the Federal Reserve has raised its benchmark interest rate in intervals of 75 basis points at a time. The current rate, according to Federal Reserve data, is 3.83%. 

Before the speech, Powell was expected to reinforce his message supporting continued interest rate hikes, which would slow to 50 basis points starting in December. On Wednesday, his message was even more hawkish:

“We anticipate that ongoing increases will be appropriate,” he stated. “It seems to me likely that the ultimate level of rates will need to be somewhat higher than thought at the time of the September meeting, and the summer of economic projections.”

Powell noted that the path forward for inflation remains “highly uncertain,” and that there would be “more ground to cover” in this regard. 

CPI inflation clocked in at 7.7% as of October, beating economists’ expectations at the time.

FTX Hacker Transfers $4.1 Million in Bitcoin to OKX

The FTX hacker appears to have moved some of the stolen bridged assets to OKX. 

On-chain sleuth ZackXBT has tracked down some of the mixed Bitcoin funds stolen by the mysterious FTX hacker this month. 

The analyst found that $4.1 million worth of Bitcoin (255 BTC) has ended up on OKX, a cryptocurrency exchange. 

As explained on Twitter, the hacker initially deposited the stolen funds to CoinMixer – an anonymous Bitcoin mixing service designed to make on-chain Bitcoin transfers harder to track. 

The first CoinMixer deposit was made on November 20th after the attacker used Ren Bridge to move assets from Ethereum’s blockchain to Bitcoin’s. As of Tuesday, there is $7 million in ETH remaining on the address. 

After examining the deposits, ZackXBT said that the hacker had likely transferred those funds to OKX, after withdrawing from the mixer. 

“So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX,” he said.

 The analyst further elaborated that 50% of funds were “peeled off” post CoinMixer withdrawal, as another 50% were sent to OKX. 

The FTX hacker drained over $400 million in funds from the exchange just hours after it declared bankruptcy on November 11th. It has since commenced numerous swaps and bridge transfers obscuring the trail of the funds. 

At one point, the exploiter’s address became the 35th largest holder of ETH, though the attacker’s identity remains unknown. 

Bahamian regulators claimed earlier this month that they were the ones behind the hack, having directed the transfer of funds to its own wallet for “safekeeping.” However, some suspect that this could be an inside job.  

WBTC Depegs From BTC: The Fear Is Real

 Bitcoin-backed Wrapped Bitcoin (WBTC) tokens have been trading at a discount compared to their Bitcoin backing ever since the fall of major crypto exchange FTX.

Market data provided by Done shows that Wrapped Bitcoin has been consistently trading at a discount compared to the value of the underlying Bitcoin ever since the fall of major crypto exchange FTX. WBTC’s price broke under the full value of a Bitcoin on Nov. 12 and its value compared to Bitcoin has seen a sharp increase in volatility ever since.

WBTC has reached its peak discount compared to Bitcoin on Nov. 26, when it was worth nearly 1% less than Bitcoin despite its supposed one-to-one BTC backing. As of press time, WBTC is trading at a 0.19% discount compared to the underlying Bitcoin.

One possible reason for this discount is that the fall of FTX generated a significant — and healthy — degree of distrust towards custodial solutions that resulted in a significant increase in the WBTC selling pressure. This idea is further backed by Messari data showing an 8.82% decrease in WBTC supply from 238,000 on Nov. 12 down to 217,000 as of press time.

Looking at more data shows that the role of FTX’s bankruptcy — which also brought down its sister investment firm Alameda Research down with it — is much more direct than just causing panic. Dune data shows that Alameda research is both the top WBTC minter and burner, meaning that the bankrupt institution created more and destroyed more Wrapped Bitcoin than any other entity.

Alameda Research minted 101,746 WBTC and burned 29,435 WBTC to withdraw the underlying BTC — exercising negative market pressure on both WBTC and Bitcoin. Furthermore, Alameda Research also has 72,310 WBTC to burn and — consequently — Bitcoin to sell while trying to recover assets to pay off its creditors.

Mitsubishi Logistics creates blockchain tracker for delivery

Mitsubishi Logistics has harnessed the power of blockchain to allow its clients to track their shipments to ensure that outsourced pharmaceutical shipments are kept in proper conditions throughout. 

Mitsubishi launches ML Chain System to streamline pharmaceutical drugs distribution

Mitsubishi has developed the ML Chain blockchain system to help streamline the transport of drugs.  Through this technology, its clients can even view the temperature of shipments when they change hands and other crucial details.

The new ML Chain can track shipments from pharmaceutical manufacturing plants and logistics centers to distributors. Takeda Pharmaceutical is already utilizing it in Japan for some of its goods.

The motors company has seen that via blockchain technology can help in the transmission of tamper-proof data globally and decided to leverage it. Its new distributed ledger technology foreshadows more applications of blockchain technology to expect in the near future.

More to the story

In the future, Mitsubishi Logistics also wants to broaden ML Chain to include shipments across international borders and delivery from wholesalers to pharmacies and hospitals. It considers the platform a precaution against counterfeit medications and a way to assist with quality control and inventory management.

In addition, the Mitsubishi group firm will think about utilizing ML Chain to aid in developing new, secure direct-to-consumer distribution channels. It will assess data gathered via the platform to enhance supply chains.

To ensure that medications are transported safely and effectively, authorities worldwide call for stronger regulations. 2018 saw the adoption of GDP guidelines by the Japanese government. With the introduction of COVID-19, there is a greater need than ever for the safe carriage of medications and vaccines.

Mitsubishi Logistics finished a medical product distribution facility in the city of Ibaraki, which is close to Osaka, by the end of October. The company announced this month that it would develop its GDP-compliant service architecture for delivering medicinal items at room temperature. It will enhance the number of places served by expanding its fleet of delivery vehicles.

According to the Yano Research Institute, the market for logistics outsourcing services for the industries producing pharmaceuticals and medical equipment reached 110 billion yen ($778 million) in fiscal 2020, an increase of 3.8% from the previous year. There is an increasing trend to choose distributors based on their quality-control systems as the number of pharmaceuticals supplied and the rate of outsourcing to distribution firms increase.