NFTs banned in Minecraft, SEC lists 9 tokens as securities and other news

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A week in review: July 17–23

We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news:

#1. Mojang Studios bans Minecraft NFT integrations

Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. "To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications," the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it "definitely won't" institute a similar ban.
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#2. SEC listing 9 tokens as securities in insider trading case 'could have broad implications' — CFTC

The U.S. Securities and Exchange Commission (SEC) has listed nine crypto assets as securities as part of the insider trading case against former Coinbase product manager Ishan Wahi. The SEC named Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO. These were just nine of a total of 25 different assets that were allegedly used for insider trading.
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#3. 3AC founders reveal ties to Terra founder, blame overconfidence for collapse

After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project's extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.
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#4. Prediction of the week. Bitcoin may hit $120K in 2023, says trader as BTC price gains 25% in a week

The price of BTC could be heading to $120,000 next year, according to a Bitcoin trader who goes by TechDev on Twitter. They flagged the True Strength Index (TSI) for BTC as evidence, a metric that uses several base calculations to determine how overbought or oversold the asset is at a particular price. According to TechDev, the asset's price decline since November has remained on trend, and if historical patterns repeat themselves, BTC could pump to a peak of between $80,000 and $120,000 next year.
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#5. FUD of the week. FBI issues public warning over fake crypto apps

This week, the U.S. Federal Bureau of Investigation issued a public warning over fake crypto apps. The FBI estimates that the apps have duped investors out of a whopping $42.7 million so far. Cybercriminals are said to have created the apps using the same logos and branding as legitimate crypto firms to scam investors. The FBI stated that 244 people had already fallen victim to these fake apps.
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#6. FUD of the week. Skybridge announces suspension of withdrawals from one of its crypto-exposed funds

Taking a cue from firms such as Celsius and Voyager, SkyBridge Capital has suspended withdrawals from its crypto-exposed Legion Strategies fund. Founder Anthony Scaramucci stated the decision was made to "temporarily suspend until we can raise capital inside the fund." He stated that there was "definitely no fear of any liquidation whatsoever."
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