The Ledger: Money returned, Meta discontinues crypto wallet and lenders struggle

The week began on a rather bad news with $10m stolen in a hack. Yet, the story has a silver lining, as the hacker had agreed to return the bulk of the amount having successfully negotiated with CremaFinance.

The amount was finally returned on Thursday, with the company saying that the hacker had “charged” a $1.6m fee for his work and good will.

Meanwhile, cryptocurrency lender Vauld had to suspend all withdrawals. The cryptocurrency market crash has forced a second cryptocurrency lender after Celsius Network to seek this desperate measure as a way to counteract investor panic and ensure that it retains liquidity.

Naturally, this decision did not sit well with customers. And speaking of hackers, some nefarious parties have been able to actually hijack the British Army’s socials and briefly turn them into a promotional front for a cryptocurrency scam.

Many countries and central banks around the world have expressed concern about the way the cryptocurrency market has turned out, but as of right now, the Central African Republic seems committed to cryptocurrencies as a way of payment. Even the private sector has been vacillating when it comes to cryptocurrencies.

Meta, formerly known as Facebook, has discontinued its Novi wallet. As mentioned earlier, cryptocurrency lenders have been struggling this week. Vauld, which became the latest to suspend withdrawals, may have a way out. Dropping Novi, won’t stop Meta from pursuing its ambitions in the NFT space which remains ever important to the company, as confirmed in an update this week

Nexo, a rival cryptocurrency lender which is surprisingly healthy given everything that has happened, revealed plans to buy out the embattled competitor. Yet, Vauld is not biting.

The Bank of England has called for a tighter control over the sector, but getting there would be hard. Still, the worst impacted lender was Voyager, which went bankrupt.

For any regulation to succeed, there will need to be harmonization of laws between participating parties. This is the message the European Central Bank sent to member states. The Bank of England would possibly have to participate as well for this to work.

Trimming the costs given the current cryptocurrency market has become a standard practice. Bitstamp will now charge consumers who have been inactive for a while and have balances under $200 with an inactivity fee.

Meanwhile, Binance announced an ambitious plan to sort out trading without charging any fees on its BTC transactions.

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Written by Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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