550:Turkey’s Crypto Future::Debt Limit Raises Concerns::NoKo Missiles Funded by Crypto And More

Overnighters,

Episode 550:
Turkey’s Crypto Future
Debt Limit Raises Concerns
NoKo Missiles Funded by Crypto
And More

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The TL;DL -

UAE: A Crypto-Friendly Destination-Saqr Ereiqat, co-founder of Crypto Oasis, believes that the UAE is a suitable destination for crypto businesses. He cited the country's proactive regulatory framework, streamlined digital infrastructure, and access to global talent as reasons for this.

Turkey's Crypto Future-The upcoming presidential elections in Turkey could have a significant impact on the country's financial condition and cryptocurrency industry. The two leading candidates, Erdogan and Kilicdaroglu, have opposite views on cryptocurrencies. Erdogan has declared "war" on bitcoin and supports the central bank's digital lira. Kilicdaroglu is a proponent of cryptocurrencies and Web3. If Erdogan is re-elected, it is unlikely that Turkey's cryptocurrency industry will see much growth. However, if Kilicdaroglu is elected, it is possible that Turkey could become a more crypto-friendly country.

NoKo Missles Funded by Crypto-North Korea has been using cryptocurrency theft and cyberattacks to fund its missile program. The White House estimates that 50% of North Korea's missile program is funded by these means. The Lazarus Group, a North Korean hacking group, is believed to be responsible for some of the most high-profile cryptocurrency hacks in recent years. The United Nations has also accused North Korea of using cryptocurrency to finance its nuclear weapons program.

US, Ukraine to Stop Russian Crypto Use-The IRS is collaborating with Ukrainian law enforcement to stop Russians from using cryptocurrencies to bypass sanctions. The US is providing Ukrainian agents with Chainalysis tools for tracking on-chain transactions.

Debt Limit Raises Concerns-The US government is at risk of defaulting on its debt. The Congressional Budget Office (CBO) predicts that the federal budget deficit will be $1.5 trillion in 2023, and that annual deficits will nearly double over the next decade. If the debt limit is not raised, the government may not be able to pay all its obligations. This could have a significant impact on the US economy.

Jump Trading Sued Over TerraUSD-Jump Trading is being sued for allegedly helping Terraform Labs manipulate the price of TerraUSD. The lawsuit alleges that Jump bought millions of UST tokens in 2021 to try and raise the price to $1. Plaintiff Taewoo Kim has accused Jump and its CEO Kanav Kariya of breaking the law and seeking unjust enrichment.

MetaMask Adds PayPal for ETH Purchases-MetaMask, a popular Ethereum wallet, has added PayPal as a payment option for buying Ethereum. This integration is only available to U.S. users and allows for ETH transfers from PayPal to MetaMask, increasing self-custody adoption.

(5/14/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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