Weekly Recap: Cardano’s Vasil Upgrade Enters the Last Stage

Ukraine May Become the Next Web3 Hub - Vitalik Buterin

During his visit to Kyiv, the Ukrainian capital, Ethereum founder Vitalik Buterin shared his thoughts on the future of the nation’s crypto sector. According to Buterin, the east European nation is likely to become the next Web3 hub. Buterin seems to believe Ethereum’s Merge alongside Ukraine’s thriving Ethereum communities will push the nation to become a crypto hub.

“Ukraine has both the capabilities and the determination for this,” he said.

Notably, the blockchain platform completed the shift to Proof-of-Stake on September 15 after years of planning. Before this, Buterin was present for the Kyiv Tech Summit Web3 hackathon held at UNIT.City from September 6-9.

Charity blockchain fund Unchain Ukraine, Ukraine DAO, metaverse project Atlantis World, and Web3 community organized the 3-day event. The goal of the hackathon was to develop software offerings to aid Ukraine during its conflict with Russia.

Ex Coinbase Product Manager’s Brother Pleads Guilty to Insider Trading Charges

In a US District Court hearing on Monday September 12, Nikhil Wahi pled guilty to a wire fraud conspiracy charge. Nikhil is the brother of ex-Coinbase product manager Ishan Wahi who notably pleaded not guilty.

US authorities took the brothers into custody in late July. This came after the Department of Justice slammed them with allegations of a wire fraud and insider trading scheme. Ishan reportedly shared confidential data regarding new digital asset listings on the exchange platform Coinbase.

After Coinbase announced the new listings, the assets saw their prices skyrocket as per usual. The defendants were able to net gains scaling $1.5 million according to the prosecutors.

Nikhil has pleaded guilty to the charges he is facing and is now awaiting sentencing in December. Circulating reports claim he could see up to 20 years of jail time.

Starbucks Brings Polygon Onboard For Web3 Venture

Leading beverage company Starbucks is partnering with Polygon as it takes its first steps into the Web3 space.

According to the announcement the company is setting up a loyalty rewards program that incorporates non-fungible tokens. Dubbed Starbucks Odyssey, the program allows customers to purchase and earn tokenized collectible stamps.

Members can participate in various activities like interactive games and challenges centered around their knowledge of coffee and Starbucks. Through this, they can earn NFT stamps with individual point values that can grant them access to new benefits and “immersive coffee experiences.” Some perks include a virtual espresso martini-making class, unique merchandise and artist collaborations, as well invitations to exclusive events.

As part of their commitment to sustainability, Starbucks is working with Polygon which employs a PoS consensus mechanism. Polygon co-founder Sandeep Naiwal noted that the partnership made sense given their joint focus on “diversity, accessibility, and sustainability”.

South Korean Prosecutors Issue Arrest Warrant to TFL CEO Do Kwon

According to local reports, South Korean prosecutors have issued an arrest warrant for Terra founder Kwon Do-hyeong. Last week Wednesday, two investigation teams with 5 prosecutors issued the warrants. Seoul Southern District Prosecutors' Office's Financial and Securities Crime Unit 1 Team and Financial Investigation Division 2 were involved.

The officials issued warrants to CEO Do Kwon and other key Terraform Labs officials. These include Nicholas Platias, a founding member of the stablecoin ecosystem, and Han Mo, an employee.

Notably, all of the firm’s officials including Do Kwon are reportedly residing in Singapore at the moment. The charges the prosecutors have leveled against them are all violations of the Capital Markets Act. After reviewing the Terra tokens recently the prosecutors seem to have classified them as securities.

White House Unveils First Crypto Regulatory Framework

On Friday, September 16, the White House published the US’ first-ever regulatory framework for the digital asset sector. The document covered various aspects of the crypto space the Biden administration intends to zero in on. According to a White House statement, multiple agencies have come together to monitor the growth of the industry.

These entities have 7 core goals which include consumer protection, tackling crypto-focused crime as well as possible plans for a CBDC launch. They will also promote access to financial services while fostering financial stability and supporting innovation. The US government aims to maintain the country’s position as a leader in the global financial sector.

NEC Director Brian Deese and National Security Advisor Jake Sullivan released a joint statement regarding the new framework.

“Together, we are laying the groundwork for a thoughtful, comprehensive approach to mitigating digital assets’ acute risks and—where proven—harnessing their benefits,” it read.

Cardano Kicks Off the Last Phase of the Vasil Hard Fork

In a video update on Sunday, Input Output CEO Charles Hoskinson announced that Cardano’s Vasil hard fork has entered the final stage. Hoskinson explained that a hard fork combinator request had been submitted and successfully accepted. He noted that the hard fork combinator is the mechanism of change in the Cardano ecosystem.

As node version 135.3 is now installed on all of the network’s stake pool operators, Cardano is set to move forward with Vasil. According to the IOG founder, an automated process that will upgrade the network into the Vasil era has already commenced. The Vasil hard fork is aimed at improving the Cardano blockchain’s network capacity and lowering the platform’s transaction costs.

“We’re all gonna sit back and watch the Vasil rocket take off. It’s in the air right now…There’s no going back now. It’s been initiated” Hoskinson said.

The update is now set to take place on September 22, mere days after the completion of Ethereum’s Merge.