This Week in Crypto 2/6/23

This Week in Crypto 2/6/23

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Welcome to This Week in Crypto, where we cover the top trending headlines in the cryptocurrency industry. The world of crypto news moves fast, and we’re here to bring it to you for your weekly digest. This week, we’re looking at the launch of a decentralized social network, the most crypto-ready city, and FTX’s continued effort to reclaim funds. Enjoy this week’s top stories!

Decentralized Social Network Damus Goes Live on App Store
Damus, a decentralized social network endorsed by former Twitter CEO Jack Dorsey, has been approved on the Apple App Store. The app uses end-to-end encryption for private messaging and also has built-in payments through the Bitcoin Lightning network. Instead of using traditional servers to run the network, Damus uses decentralized relays and user’s public keys to create a network. Getting the app live on the app store wasn’t without issue, however. Apple denied Damus three times in its attempts to be listed on the App Store. By Feb. 1st, it had broken into the top 10 free social networking apps. Apps like Damus illustrate how the decentralized nature of cryptocurrencies can be practically applied to other industries, like social networking. Are you going to join Damus?

London Ranks First as Most Crypto-Ready City, According to Report
report from crypto tax service Recap analyzed many cities across the world and found that London, England is the top-rated crypto hub. The study took into account eight factors to determine a city’s crypto-readiness: quality of life, crypto events, crypto jobs, crypto companies, R&D spend, crypto ATMs, capital gains tax, and crypto ownership. With over 2,000 crypto-related events and over 800 crypto companies, London placed first, and Dubai and New York City placed second and third, respectively. The list is sure to change over the next few years as governments adapt to fit crypto into their economic landscapes. Only time will tell if London will keep the top spot!

FTX Requests $93 million in Political Donations to be Returned
FTX intends to recover over $93 million in political donations made to multiple political campaigns over the course of the last year, as part of its bankruptcy proceedings. The bankrupt exchange is reportedly sending letters to past beneficiaries of donations, requesting that they return funds by the end of February. Sam Bankman-Fried, the former CEO of FTX, was the Democratic Party’s second-largest individual donor, having donated almost $40 million. Bankman-Fried has also mentioned that he’s made significant donations to the Republican Party as well. According to FTX’s attorney, the exchange has recovered around $5 billion in cash and liquid cryptocurrencies as part of its attempt to make its customers whole.

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