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Crypto News Recap: Visa supports USDC

ALBAWABA- In this news recap, Visa has expanded its support for USD Coin (USDC) on the Solana blockchain, strengthening its commitment to digital currencies. Google has updated its cryptocurrency advertising policy, permitting NFT gaming ads while still prohibiting gambling promotions. Ethereum co-founder Vitalik Buterin faced a social media account hack, causing substantial losses for victims. You know the drill, let’s dive in!

Vitalik Buterin’s X Account Hack Leads to $691,000 in Losses for Victims

Vitalik Buterin, co-founder of Ethereum, reportedly had his X (formerly Twitter) account compromised, resulting in victims collectively losing over $691,000 by clicking on a malicious link, as stated by blockchain investigator ZachXBT. Dmitry Buterin, Vitalik’s father, confirmed the hack in a September 9th post on X, noting that Vitalik was working to regain access. 

The now-deleted post, purportedly from Vitalik’s account, falsely celebrated the arrival of “Proto-Danksharding on Ethereum” and shared a malicious link promising a free commemorative nonfungible token (NFT), luring victims to connect their wallets and subsequently losing their funds. Ethereum developer Bok Khoo, also known as Bokky Poobah on X, claimed losses in his CryptoPunk NFT collection due to this incident.

Google Revises Cryptocurrency Advertising Policy, Allowing NFT Gaming Ads While Maintaining Restrictions

In a noteworthy update, Google has revised its cryptocurrency advertising policy, now permitting blockchain-based NFT gaming advertisements, with a key stipulation: they must not promote gambling or gambling services. However, the updated policy maintains the prohibition on ads for games that involve wagering or staking NFTs against other players or for rewards. Additionally, NFT casino games that involve wagering or prizes, including NFTs, cash, or cryptocurrency, will still be prohibited. This policy change marks a shift from Google’s prior ban on all cryptocurrency-related advertising across its platforms, initially implemented in March 2018.

Visa Expands Support for USDC on Solana Blockchain

Global payments giant Visa has extended its support for USD Coin (USDC) payments settled on the Solana blockchain as part of its growing stablecoin offerings. Visa has announced successful live pilots and completed transactions involving USDC with various issuers and acquirers. These initiatives have facilitated the movement of millions of USDC tokens between partners operating on both Ethereum and Solana blockchains for fiat-based payment settlement. 

This development represents the next phase in Visa’s adoption of USDC, progressing from initial pilots with Crypto.com to integrations with prominent merchant payment processors like Worldpay and Nuvei. Incorporating USDC issued on Ethereum and Solana into Visa’s ecosystem, it enables these stablecoins to utilize Visa’s treasury and settlement infrastructure, bridging the gap between traditional finance and Web3. Visa’s Head of Crypto, Cuy Sheffield, emphasized that harnessing stablecoins like USDC and blockchain technologies such as Ethereum and Solana significantly enhances the efficiency of cross-border settlements.

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