FameEX Morning Crypto News Recap | August 8, 2023

Bitfarms Commences Construction of 50 MW Bitcoin Mining Farm in Paraguay
Bitfarms Ltd. is underway with the construction of a 50 MW Bitcoin mining facility in Paraguay, near its existing operations in Villarrica. The project is set to be completed and operational by Q1 2024.

PayPal, the Payments Giant, Introduces PYUSD: A Stablecoin Tied to the US Dollar
PayPal's groundbreaking move of introducing its stablecoin marks a significant milestone for the financial industry. As reported by Bloomberg, this launch has the potential to speed up the adoption of cryptocurrencies as a means of payment.

US Senators Urge Biden Administration to Address 'Serious National Security Threats' Tied to North Korea and Cryptocurrencies
U.S. senators are urging the Biden administration to take action against North Korea's use of cryptocurrency as a means to bypass sanctions and advance its geopolitical influence through nuclear weapons and ballistic missiles. They view this as a significant national security threat.

FBI Warns of Scammers Impersonating NFT Developers in Deceptive Scheme
The FBI has released a Public Service Announcement cautioning the public about criminals posing as NFT developers on social media. Impersonators use hijacked accounts or similar names to deceive users, leading them to fraudulent NFT sales pages and stealing their funds.

Singapore Red Cross Embraces Cryptocurrency Donations
Singapore Red Cross has teamed up with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to accept anonymous cryptocurrency donations. The donations will be converted into fiat currency and settled via bank transfer within one business day.

UK Expands Crypto Crime Agency with Ongoing Hiring Spree
The UK's National Crime Agency (NCA) aims to enhance its digital assets investigation unit by recruiting four senior investigators to tackle crypto-related crimes, including high-end crypto fraud and money laundering orchestrated by organized crime groups. The investigators will collaborate with a surveillance team and London police.

Public Companies Focused on Crypto Report Q2 Profits Surpassing Estimates
Various crypto-focused public companies have recently published their quarterly earnings reports, showing a surge in revenue and profits. The improved performance is attributed to the crypto market's price upswing and a shift away from bearish sentiment, moving beyond the previous crypto winter.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.