• MuchBetter, an electronic payment system, suspended services due to money laundering investigations of its card issuer.
• European customers reported unsuccessful attempts at cashing out funds, including through crypto withdrawals.
• Sanctions from the US Treasury Department on all MIR cards in 2022 punished Russia for invading neighboring Ukraine.
MuchBetter Halts Service
The award-winning crypto payment app MuchBetter suddenly stopped most provided services, enraging many European customers who are now unable to cash out their funds. This disruption of service includes: transfers to and from merchants worldwide, top-ups for EEA customers as well as suspending cards, fobs and wearables.
Investigations on Card Issuer
The Central Bank of Lithuania has suspended Payrnet UAB services as the registered company is suspected of „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.“ Furthermore, UAB MIR Lithuania served Payrnet UAB as an intermediary for card payment services which have also been targeted with similar violations by the US Treasury Department.
MIR Cards Under Sanction
The wave of sanctions imposed by the US Treasury Department on all MIR cards in 2022 has made them virtually unusable outside countries facing major financial crises such as Venezuela, Belarus and Kyrgyzstan. Despite being translated as “Peace” and “World” in Russian, these cards are no longer welcomed in any other country.
European customers have voiced their discontent online after consecutive unsuccessful attempts at cashing out their funds with reversals occurring even when requesting a wire transfer or crypto withdrawal to Bitcoin (BTC), Litecoin (LTC) or XRP (XRP). As a result, users‘ money remains trapped on balance without any possible way of using it.
MuchBetter’s sudden halt of service has caused outrage among its European customers who are now unable to use their funds due to multiple investigations targeting its card issuer with sanctions imposed by the US Treasury Department on all MIR cards further restricting usage across Europe.
• Shiba Inu’s (SHIB) Main Developer, Shytoshi Kusama, has clarified the rumors about a new token named Paw (PAW), which is being developed by a member of the SHIB Defence Breed.
• Kusama shared a donation link to support victims of the Kahramanmaras earthquake in Turkey and Syria.
• The launch date for Shibarium remains uncertain, as even Kusama cannot predict it.
Shiba Inu’s Main Developer Clears Up New Token Rumors
Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), has officially distanced himself from the new copycat token Paw (PAW). This was due to its potential as a pump-and-dump scheme, which was identified by members of the SHIB Army on Twitter and Discord. Hence, he ended his tweet with a cautionary message: „Be careful #Shibarmy, many wolves in Shib’s clothing.“
Kusama Calls Whales to Help Turkey
In response to the devastating Kahramanmaras earthquake that affected Turkey and Syria, Shytoshi Kusama sent out a call for donations. He shared details regarding crypto donations that support BEP20, Avalanche, and ERC-20 tokens on Ethereum (ETH). Unfortunately no whales answered his initial call but he later shared another donation link that accepts SHIB transfers.
Is Shibarium Dropping Today?
With Valentine’s Day being speculated as its release date, many community members are still waiting for Layer-2 solution for Shiba Inu called Shibarium. Although nothing has been confirmed yet, SHIB Sunshine reminded everyone to remain patient. Even Kusama himself cannot predict exactly when it will be released.
Cautionary Message Against Pump-and-Dump Schemes
Kusama’s cautionary message against pump-and-dump schemes serves as an important reminder to always do your own research before investing in any crypto projects or tokens. This is especially true when there are malicious actors out there looking to take advantage of unsuspecting investors who lack knowledge about cryptocurrency trading or investing principles.
Supporting Victims of Natural Disasters
The tragedy in Turkey and Syria serves as an example of how powerful natural disasters can be and how much help those affected by them need from us all. Therefore it is heartwarming to see someone like Kusama taking action and spreading awareness about donating cryptocurrency towards helping those affected by such catastrophes worldwide.
• DAM Finance has launched its decentralized, multi-chain liquidity infrastructure on Ethereum and Polkadot parachain Moonbeam.
• The new infrastructure will allow any user to mint d2o stablecoin on Ethereum and teleport it to the Moonbeam network.
• This launch is an important step toward a multichain future and could help solve liquidity issues for smaller blockchain networks.
DAM Finance Launches Multi-Chain Liquidity Infrastructure
DAM Finance has announced the launch of its decentralized, multi-chain liquidity infrastructure on Ethereum and Polkadot parachain Moonbeam. By allowing users to mint d2o stablecoin on Ethereum and teleport it to the Moonbeam network, this launch could be an important step toward a multichain future as well as helping solve liquidity issues for smaller blockchain networks.
Polkadot Unlocks More Liquidity
Thanks to DAM’s decentralized dReservoir, users will have a new way to access native stablecoin liquidity on Polkadot. Furthermore, this protocol allows users to move liquidity through its stablecoin without the traditional bridge risk plaguing multichain solutions. This unlocks more liquidity for all involved parties which can lead to more stable crypto prices, better investment opportunities, and lower trading costs.
Liquidity Fragmentation Plaguing Smaller Networks
So far, fragmentation of Web3 liquidity has been an ongoing issue with 80% currently residing on Ethereum alone. This stifles innovation as projects need adequate capital flow in order to grow or even survive in the competitive crypto market – making bridges essential between different blockchains. However, bridges are notoriously susceptible to hacking which is why DAM’s protocol provides a secure alternative where users can move value between chains at scale safely and securely with their omnichain stablecoin d2o.
On the Flipside AI Technology Could Contribute Too
AI technology could also contribute towards unlocking liquidity problems by providing solutions at DeFi protocol level as well as bridging between various blockchains through advanced algorithms that are capable of understanding data from multiple sources simultaneously.
Why You Should Care
Liquidity is key for any successful crypto markets – without it investments cannot take place nor can projects exist without adequate capital flow when competing against other projects in the same sector or industry space. Therefore having access to multiple sources of liquid assets is not only beneficial but crucial if one wishes for their project or investment portfolio to succeed in today’s increasingly competitive environment.