FameEX Morning Crypto News Recap | August 8, 2023

Bitfarms Initiates Development of 50 MW Bitcoin Mining Facility in Paraguay
Bitfarms Ltd. is currently constructing a 50 MW Bitcoin mining facility in Paraguay, close to its Villarrica operations. The project is scheduled for completion and full operation by the first quarter of 2024.

PayPal Launches PYUSD: A Stablecoin Tied to the US Dollar
PayPal's introduction of its stablecoin is a groundbreaking milestone in the financial industry. Bloomberg's report highlights its potential to expedite the adoption of cryptocurrencies for payment purposes, signaling a significant step towards wider cryptocurrency acceptance.

US Senators Call on Biden Administration to Tackle 'Serious National Security Threats' Involving North Korea and Cryptocurrencies
U.S. senators press Biden administration to counter North Korea's cryptocurrency use, which they see as a significant national security threat. The senators believe North Korea leverages crypto to evade sanctions and strengthen its geopolitical influence, including nuclear weapons and ballistic missiles.

FBI Alert: Beware of Scammers Impersonating NFT Developers in Deceptive Scheme
The FBI has issued a Public Service Announcement to alert the public about criminals pretending to be NFT developers on social media. These impersonators utilize hijacked accounts or similar names to deceive users and redirect them to fake NFT sales pages, resulting in the theft of their funds.

Singapore Red Cross Adopts Crypto Donations
Singapore Red Cross partners with Triple-A, the inaugural crypto payment gateway licensed by the Monetary Authority of Singapore, to accept anonymous cryptocurrency donations. These contributions will be converted to fiat currency and processed via bank transfer within 24 hours.

UK Bolsters Crypto Crime Agency through Ongoing Hiring Initiative
The UK's National Crime Agency (NCA) is expanding its digital assets investigation unit by hiring four senior investigators to combat crypto-related crimes, focusing on high-end crypto fraud and money laundering associated with organized crime groups. The investigators will collaborate with a surveillance team and London police.

Q2 Profits of Crypto-Focused Public Companies Exceed Estimates
Numerous crypto-focused public companies released Q2 earnings reports, displaying significant revenue and profit growth. The improved performance is credited to the crypto market's price surge and a departure from bearish sentiment, signaling a move 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.