PayPal and Venmo Add Ethereum Name Service Payments

PayPal and Venmo Add Ethereum Name Service Payments

PayPal and Venmo have introduced Ethereum Name Service (ENS) integration, allowing US users to send crypto by simply entering readable ENS names instead of complicated wallet addresses. This new feature is designed to make transactions more user-friendly and reduce errors associated with inputting long addresses.

ENS, a decentralized system built on Ethereum, maps human-readable names to wallet addresses, making crypto transfers as easy as sending an email. ENS currently has over 2 million names registered onchain, and the partnership with PayPal and Venmo is expected to grow that number further, while the project pushes for more mainstream applications of DeFi within traditional Web2 environments.

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FTX Eyes $14M Deal For Rights to Seized Robinhood Shares

FTX has proposed a $14 million payment to Emergent Fidelity Technologies, co-founded by Sam Bankman-Fried, in exchange for the firm’s claims over $600 million worth of Robinhood shares. These shares were seized by the US Department of Justice and are part of a complex bankruptcy dispute involving multiple parties, including FTX, BlockFi, and Bankman-Fried himself.

The settlement would help FTX advance its restructuring plan, aimed at maximizing creditor recovery while resolving Emergent's Chapter 11 bankruptcy in Antigua. If approved, the agreement would transfer Emergent’s rights to the Robinhood shares to FTX, with the court hearing scheduled for October 22. The shares, initially bought by Emergent in 2022, have been the subject of ongoing legal battles.

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Tron and Tether Join Forces to Combat Onchain Financial Crime

Tron, Tether, and TRM Labs have launched the T3 Financial Crime Unit to tackle illicit transactions involving the native TRC20 USDT on the Tron blockchain, which has been associated with nearly 45% of all illegal crypto activity according to a TRM report. The new unit aims to crack down on fraudulent transactions, and it has already frozen $12 million in USDT linked to scams.

The collaboration highlights the growing efforts to clean up crypto networks, with TRM Labs providing intelligence tools to detect suspicious activity. Tron founder Justin Sun emphasized that blockchain should be used for positive purposes. As USDT continues to dominate stablecoin circulation, with $58.6 billion issued on Tron, the T3 task force aims to reduce the presence of criminal activity.

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Democrat Highlights Risks of Trump Crypto Project in Hearing

Congresswoman and Democrat, Maxine Waters, has raised concerns about World Liberty Financial, a crypto project linked to Donald Trump’s family, during a House hearing on decentralized finance. Waters pointed out that recent hacks of social media accounts belonging to Trump’s relatives were used to promote fraudulent tokens, resulting in $1.8 million in fake token sales.

She argued that the high-profile nature of the project made it a target for scammers and called for stronger protections in the DeFi space. Waters’ remarks come as lawmakers grapple with how to regulate DeFi, which she says is prone to hacks and scams. Trump’s endorsement of the project, which focuses on stablecoins to boost US dollar dominance, could have implications for the crypto sector’s reputation.

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Data of the Day

Ethereum has reached an all-time high in stablecoin volumes, hitting $1.46 trillion in August, more than doubling from $650 billion in January. DAI, a decentralized stablecoin, leads with $960 billion in transactions, though it still trails USDT and USDC when adjusted for potential wash trading. PayPal’s new PYUSD stablecoin has also seen strong growth, increasing from $500 million to $2.4 billion.

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More Breaking News

• The SEC has fined the crypto industry $7.4 billion since 2013, with 2024 seeing a record $4.47 billion fine against Terraform Labs.
• Former Alameda CEO Caroline Ellison will be sentenced on September 24 after pleading guilty to fraud charges related to the FTX collapse.
• tZERO has secured approval from US regulators to custody of digital assets, becoming the second firm to receive such a license.
• The DOGS token set a meme coin record with 17 million users on TON (The Open Network), making it the largest token generation event in meme coin history.
• Japan’s Metaplanet has bought an additional $2 million in Bitcoin, bringing its total holdings to $26 million.
• Polygon Labs and Fabric Cryptography unveiled custom zero-knowledge chips designed to accelerate the development of the AggLayer interoperability layer.

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