Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. WazirX Restores Funds: Nearly a month after a $234 million hack, WazirX has restored investor balances in its Safe Multisig wallet, but users remain frustrated due to the unclear timeline for withdrawals.

2. BitConnect Kidnapping Incident: Indian authorities have arrested Shailesh Babulal Bhatt, accused of kidnapping two BitConnect employees to recover $125 million in cryptocurrency losses.

3. Crypto License Applications Influx in Turkey: Turkey's cryptocurrency sector is seeing a surge in business license applications following new regulatory updates. Major players like Coinbase and KuCoin are among the 76 companies applying under Turkey's new regulatory frameworks.

4. Former BAYC Creative Joins Meta: Jeff Nicholas, the former creative director of Bored Ape Yacht Club (BAYC), has joined Meta’s Reality Labs as an executive producer.

5. 💡Feature of the Day - AI ‘Should Have Crypto Wallets’: Coinbase CEO Brian Armstrong has suggested that large language models (LLMs), like those behind AI systems such as ChatGPT, should have crypto wallets.

   
   All this and more in today’s headlines!

📰 News Highlights:

WazirX Restores Funds [Source][Source][Source]

Nearly a month after a significant hack led to the loss of $234 million in investor funds, WazirX has restored balances in its Safe Multisig wallet. However, users remain frustrated as the timeline for withdrawals remains unclear.

The Indian cryptocurrency exchange is addressing the aftermath of the July 18 attack, which impacted over 45% of total investor funds. Despite the restoration of balances, WazirX's ongoing legal analysis and reliance on external partners have delayed the withdrawal process, leaving investors anxious about accessing their funds.

WazirX has confirmed that trades made after the hacking incident have been reversed, and users can now see their funds in their accounts.

However, the lack of transparency and a clear withdrawal timeline continues to fuel concerns about the exchange's reliability and security.

BitConnect Kidnapping Incident [Source][Source][Source][Source]

Indian authorities have arrested a man accused of kidnapping two employees connected to BitConnect, the notorious Ponzi scheme, in an attempt to recover his losses.

Shailesh Babulal Bhatt, who lost a substantial amount of money investing in BitConnect Coin, allegedly abducted the employees to extort $125 million in cryptocurrency.

The incident underscores the lingering impact of the BitConnect scandal, which collapsed in 2018, leaving investors worldwide defrauded of billions.

The Enforcement Directorate (ED) of India, which arrested Bhatt on August 13, revealed that he had paid his accomplices $34 million to assist in the kidnapping and extortion.

The ED has already recovered assets worth $52 million as part of its ongoing investigation. BitConnect, which launched in 2016, was shut down by authorities in 2018, but the repercussions continue to reverberate through the crypto community.

Crypto License Applications Influx in Turkey [Source]

Turkey’s cryptocurrency landscape is undergoing significant changes as major players like Coinbase and KuCoin apply for business licenses under new regulatory frameworks.

The Turkish Capital Markets Board (CMB) recently updated the list of applicants, which now includes 76 companies. This surge in applications follows regulatory updates that mark a critical juncture for the country’s burgeoning crypto sector, positioning Turkey as a central hub for global cryptocurrency activities.

Despite the influx of applications, the CMB has clarified that inclusion in the "List of Those in Operation" does not equate to official authorization.

Companies must still obtain formal approval from the board, contingent upon the enactment of secondary legislation.

The wave of applications comes on the heels of the “Law on Amendments to the Capital Markets Law,” which took effect on July 2.

Former BAYC Creative Joins Meta [Source][Source]

Jeff Nicholas, the former creative director for Yuga Labs’ Bored Ape Yacht Club (BAYC), has joined Meta’s Reality Labs as an executive producer, focusing on mixed reality entertainment experiences.

Nicholas announced his new role on X (formerly Twitter) and LinkedIn, where he expressed excitement about diving back into virtual reality with the Meta team.

At Meta, Nicholas will serve as a key creative executive, leading complex development projects in social and interactive content, including music, comedy, sports, and film/TV-related experiences.

This marks Nicholas' first stint with a Big Tech company, bringing his expertise from the NFT world to one of the industry's most influential players.

💡 Feature of the Day: 

AI ‘Should Have Crypto Wallets’ [Source][Source]

Coinbase CEO Brian Armstrong has sparked conversation in the tech world by suggesting that large language models (LLMs), the technology behind AI systems like ChatGPT, should have crypto wallets.

Armstrong's comments come as Coinbase launches a $15,000 AI accelerator grant program aimed at projects combining AI with cryptocurrency wallets.

This concept was demonstrated by Coinbase engineering lead Yuga Cohler, who showcased an "AI Wallets" feature where an AI system rewards users for completing tasks with cryptocurrency payments.

The scenario echoes platforms like Amazon’s Mechanical Turk, but with the added capability of decentralized, automated transactions.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com