Cracking the whip-o, whacking the crypto. Chinese regulators are banning crypto. Really, they're banning crypto this time. China is serious! What's different about this pronouncement versus past ones? Earlier this year, China outlawed Bitcoin "mining." Now it says all domestic cryptocurrency transactions are to be considered illegal—and any overseas companies that offer crypto-trading services will be breaking the law. The move can be interpreted as part of the Communist Party's tech-wide clampdown, and it is poised to make way for the country's digital yuan. Crypto prices slumped across the board on the news, with Bitcoin dropping as much as 7% from $45,000 to $41,000. The price has since rebounded a bit to $42,650.
I need some SpaceX. After three years together, Elon Musk and Grimes, the musical artist born as Claire Boucher, have split up. The Tesla and SpaceX CEO told the New York Post's Page Six column that the two, who have a 1-year old son named X Æ A-Xii Musk, are "semi-separated but still love each other, see each other frequently and are on great terms." Work got in the way, apparently. Also, Musk says the widespread computer chip shortage plaguing the tech and auto industries is a temporary problem that'll be over by next year.
Come sail Huawei. Detained in Canada for three years, Huawei chief financial officer (and daughter of the company's founder) Meng Wanzhou has now reached a deal with the U.S. Justice Department, the Wall Street Journal reports. The agreement will allow the telecom executive to return to China, as long as she admits to some wrongdoing. Wanzhou has been fighting an extradition request by the U.S. government for allegedly evading sanctions to do business with Iran. China maintained that she was held as a political prisoner.
One more thing... After securing what can primarily be considered a victory in a legal battle over in-app payments, Apple said it will not reinstate Fortnite or any of its foe Epic Games's video games in the App Store—that is, until all courtroom appeals have concluded. The timeline could take as long as five years. Epic CEO Tim Sweeney is none too pleased about the blacklisting: "Apple lied. Apple spent a year telling the world, the court, and the press they’d 'welcome Epic’s return to the App Store if they agree to play by the same rules as everyone else,'" he tweeted Wednesday. "Epic agreed, and now Apple has reneged in another abuse of its monopoly power over a billion users."
FOOD FOR THOUGHT
Will the real Dread Pirate Roberts please stand up? A shady character who goes by the online alias DeSnake claims to be reviving the AlphaBay black market, which the Feds took down in 2017. The guy, who says he was formerly the No. 2 at the previous iteration of AlphaBay, gave a series of interviews to Wired's Andy Greenberg. He says he has adopted an extreme operational security regimen to protect his identity. DeSnake's ambition is to evade law enforcement while fully decentralizing the marketplace, allowing it to run peer-to-peer, making it harder to shutter, he says.
From the article:
"The biggest reason I am returning is to make the AlphaBay name be remembered as more than the marketplace which got busted and the founder made out to have committed suicide," DeSnake writes. Cazes was found dead of an apparent suicide in a Thai jail cell a week after his arrest; like many in the dark web community, DeSnake believes Cazes was murdered in prison. He was driven to rebuild AlphaBay, he says, after reading about an FBI presentation on the circumstances of Cazes' arrest that he deemed disrespectful. "AlphaBay name was put in bad light after the raids. I am here to make amends to that."
IN CASE YOU MISSED IT
A new generation of climate fintech startups by Ambreen Ali
Biden urges eligible Americans to get COVID booster shots ASAP by Lauran Neergaard and Mike Stobbe
The great generational shift within venture capital by Lucinda Shen
‘We want to be in control’: Frustrated carmakers upend industry after chip shortage shatters their faith in suppliers by Christiaan Hetzner
Microsoft and Roku are the latest tech companies to hunt for real estate in New York City by Natalie Wong
How sustainable altcoins aim to challenge Bitcoin’s dominance by Declan Harty
Will Robinhood force crypto trading to go ‘no-fee’? By Robert Hackett and Declan Harty
Remitly CEO on his money-transfer company’s 10-year journey to an IPO by Rey Mashayekhi
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BEFORE YOU GO
"Engineers figured out how to cook 3D-printed chicken with lasers." Yep, that's it. That's the story. Why am I suddenly hungry?
See you all next week.