Pound at Record Low Against the Dollar

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• Pound Hits Record Low
• Interpol Issues Red Notice For Do Kwon
• Coinbase Sued
• Disney To Enter The Crypto Game
• Selected Meme Of The Day

Pound at Record Low Against the Dollar

On Monday morning, Brits woke up to see the national currency fall as low as $1.035, and eventually stabilize at $1.08. The morning hours made history: that was the lowest level ever recorded.

The last time the pound plunged so drastically was back in 1985, when Ronald Reagan was the POTUS, boosted the American economy, and ended up increasing the value of the dollar higher against the British pound.

Today the situation is different. The currency began shaking after the UK chancellor announced a new wave of borrowing to fund £45bn of tax cuts. The biggest tax cuts in 50 years.

Many address the elephant in the room: the UK is in the midst of a currency crisis. The Bank of England is expected to make a statement about the ongoing situation and announce an emergency interest rate hike.

And increased interest rates always mean one thing for crypto. Yet another bloodbath. With Fed's J. Powell sticking firmly to the tight monetary policy to tackle inflation, we've already seen its consequences. And speaking about that… This week promises more airtime for the central figureheads behind the FED and the European Central Bank.

This week they're set to make several speeches. This means more public announcements about how serious they are about fighting inflation by continuing to raise interest rates. This means more death blows for the stock market and for the crypto as well.

This week will hurt. That is sure.

Interpol Issues Red Notice for Do Kwon

Do Kwon, the Terraform Labs co-founder and the main face behind the notorious collapsed Luna and TerraUSD tokens, continues falling from grace. Do Kwon faces charges related to the crypto bloodbath that his failed project created. It's estimated that the failure of tokens that he created resulted in a $60 billion wipeout.

What does 'red notice' mean?

This means that Interpol requested law enforcement worldwide to help locate and then arrest the target. It's no longer only South Korea that's after him.

It was believed that Do Kwon resided in Singapore, where the headquarters of Terraform Labs are located. But on September 17, Singapore law enforcement agencies reported that he was no longer there.

Do Kwon has tweeted recently that no one has any business 'knowing his GPS coordinates' unless they are friends, have plans to meet or are involved in a GPS based web3 game.

Earlier this month, South Korean authorities stated that Do Kwon is obviously on the run. Now, it's official. Do Kwon hasn't tweeted or shared any public statements about the situation.

The story is still breaking, once there are updates, be sure to hear about them from us.

Coinbase Troubles

Veritaseum Capital, a blockchain firm, has accused Coinbase, one of the world's leading crypto exchanges, of unlawfully using their patent to optimize and facilitate their crypto services, such as payments, trading, and staking. Veritaseum suspects that Coinbase may not be the only one guilty of this.

That's the theory. The practice is that in case Coinbase being proven guilty, they face a juicy fine of $350 million in damages.

Coinbase is currently being bombarded with legal trouble. Apart from the alleged patent infringement, the company faces several class action suits. And they themselves are involved in backing individuals who filed a lawsuit against the Treasury Department after the Tornado Cash sanctions.

You could say that Brian Armstrong, the CEO, could go bald after all these sources of stress were added to his life. But he entered the game already prepared for this.

Disney Emerges in The NFT World

Walt Disney Company, the colossal figure of the media world, is looking to hire someone for a symbolic position. A corporate attorney position would help the company explore and utilize the potential of NFTs, DeFi, and the Metaverse.

According to the job posting, landing this position would entail such responsibilities: "Provide day-to-day legal advice to Disney legal and business teams on NFT and cryptocurrency related matters and issues"

This means that Disney has some serious ambitions when it comes to web3. Earlier this month, Disney's CEO Bob Chapek presented what the company is about to do: "We call it next-gen storytelling," he explained while presenting what is about to become the Disney Metaverse. "Disney+ will not just be a movie service platform, but it's going to become an experiential lifestyle platform," he added.

Well, this fact speaks for itself. Scrooge McDuck is about to become a crypto whale. The industry expands, and at the very least, this means good news for global adoption.

Selected Meme of The Day