Lucknow(CoinChapter.com): Looking for the latest updates in the world of cryptocurrency? Here’s a rundown of today’s events influencing Bitcoin prices, blockchain developments, DeFi, NFTs, Web3, and crypto regulations.
Worldcoin plans to let governments and businesses use its iris-scanning technology for user onboarding. MicroStrategy returned to profitability with $4.4 billion in BTC holdings. Additionally, a judge approved Terraform Labs’ request to subpoena FTX and FTX US in the SEC fraud allegations case.
Worldcoin Aims to Expand Its ID System Usage for Governments and Businesses
Worldcoin is reportedly working on a plan to enable governments and businesses to leverage its iris-scanning and identity-verifying technology to attract more users.
Ricardo Macieira, the general manager for Europe at Tools For Humanity, the organization behind the Worldcoin project, emphasized their goal of “building the biggest financial and identity community.”
According to a Reuters report, Macieira said:
“The idea is that as we build this infrastructure and that we allow other third parties to use the technology.”
Furthermore, Worldcoin is exploring the possibility of allowing companies to adopt its digital identity system. This move could potentially eliminate the need for gathering personal data.
Judge Allows Terraform Labs to Subpoena FTX Amidst Fraud Allegations
In a legal development, a U.S. bankruptcy judge named John Dorsey granted Terraform Labs the authority to issue subpoenas to FTX Trading and FTX US. This move aims to assist the company in defending against fraud allegations raised by the U.S. Securities and Exchange Commission.
Lawyers representing the FTX debtors have agreed to the court order without objections. Terraform Labs is seeking digital wallet records from entities connected to FTX. The investigation aims to determine if the exchange was involved in a coordinated attack on the now-defunct Terra Luna ecosystem.
Subsequently, the collapse of the TerraUSD stablecoin in May 2022 initiated the crypto bear market.
This market downturn ultimately led to FTX’s collapse in November. As a result, authorities sentenced Terra co-founder Do Kwon to a four-month term in Montenegro after finding him guilty of traveling with fake documents.
MicroStrategy Records Profitability with Nearly 153K Bitcoin Holdings
In Q2 2023, MicroStrategy, one of the largest corporate holders of Bitcoin in the United States, successfully returned to profitability, fueled by Bitcoin’s price surge. The company disclosed that it now possesses $4.4 billion worth of cryptocurrency.
During the second quarter, MicroStrategy reported a net income of $22.2 million. This showcases a significant turnaround from the $1.1 billion net loss recorded in Q2 2022.
MicroStrategy CFO Andrew Kang said, “Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021.”
During the quarter, the firm incurred digital asset impairment losses amounting to $24.1 million. This contrasts with its $917.8 million figure in Q2 2022.
In an Aug. 1 filing with the Securities and Exchange Commission, MicroStrategy revealed plans for a $750 million raise through a stock sale. The company hinted at the possibility of using the proceeds to acquire additional Bitcoin.
