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Do Kwon, the founder of Terraform Labs, has once again appealed the Montenegro High Court's decision to uphold extradition requests from the U.S. and South Korea. Kwon, facing criminal charges related to the collapse of Terra, had previously won an appeal in November, overturning the court's decision. However, on December 29, the court ruled in favor of the extradition requests. Kwon's lawyer, Goran Rodic, alleges that the court's decision violates legal provisions and international treaties and suggests political pressure. Kwon has been detained in Montenegro and faces legal challenges in multiple jurisdictions. (Source: Bitcoinist)

Circle, the stablecoin company, has successfully upgraded its USDC stablecoin to version 2.2. This upgrade introduces several improvements, including enhanced gas efficiency, support for account abstraction and smart contract wallets, and increased resilience in dealing with forks. The changes aim to reduce transaction costs for various USDC operations, with estimated savings ranging from 3-7%. Additionally, the upgrade allows USDC to be managed by smart contract wallets, supporting initiatives for account abstraction. Circle CEO Jeremy Allaire highlighted the successful completion of the upgrade, emphasizing the seamless process for a protocol that has handled trillions in transactions.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in an interview that crypto should be classified as an asset class rather than money. She dismissed concerns about bitcoin displacing the U.S. dollar, emphasizing the U.S. economy's size and the depth of its capital markets as key factors in maintaining the dollar's dominance. Georgieva explained that when discussing crypto, it's essential to differentiate between money and assets. She views crypto as an asset class, describing it as "more like a money management fund." Despite the recent approval of U.S. spot bitcoin exchange-traded funds (ETFs), she believes the U.S. dollar's role as the dominant currency is secure for the foreseeable future. (Source: Bitcoin.com)

South Korean financial authorities are contemplating the introduction of targeted regulatory measures for cryptocurrency mixers to address concerns over their misuse in money laundering by criminal organizations. The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission is leading the examination of potential regulatory frameworks. Cryptocurrency mixers, originally designed for privacy protection, have increasingly been exploited for illicit financial activities. The absence of specific sanctions against mixers in South Korea has raised the risk of their use in money laundering, prompting proposed regulations that could restrict virtual asset service providers from engaging in mixer-based transactions. (Source: Coinslate)

OKX's subsidiary in Dubai has received a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) for exchange services. While the license has been granted, OKX emphasized that it remains "non-operational" until it fulfills the regulator's requirements. The company aims to complete the necessary steps and anticipates becoming operational in a few months. Once active, OKX Middle East will offer regulated VASP services, including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs for both retail and institutional users. Dubai's ruler approved a virtual assets law in March 2022, providing a legal framework for crypto in the region. (Source: Cointelegraph)

A developer from the Web3 rollup protocol Cartesi, highlights the significant barrier of legal and regulatory uncertainty in Africa's Web3 sector. According to the developer, the absence of clear regulations creates fear and concern among potential users and investors. Despite Africa's potential for Web3 adoption, he emphasizes the need for crypto literacy and infrastructure upgrades to overcome barriers and facilitate rapid modernization. Africa has seen a surge in blockchain financing, with Kenya, Nigeria, and South Africa leading the way, but challenges such as lack of education and access to information persist. They believes that addressing these issues will be crucial for successful Web3 integration in Africa. (Source: Cointurk)

The legal battle between OpenAI and The New York Times over the use of copyrighted material in training AI models, specifically ChatGPT, could have far-reaching consequences for the AI industry. The lawsuit challenges the practice of training AI systems on copyrighted material, with The New York Times arguing that it poses a threat to its business model. If the courts rule in favor of OpenAI, declaring it as fair use, it could impact the broader U.S. legal system. On the other hand, a decision favoring The New York Times could restrict the ability to monetize AI models trained on copyrighted material, affecting generative products like ChatGPT and potentially making them illegal to bring to market. The case highlights the legal and ethical challenges surrounding the use of copyrighted material in AI training and the need for clear regulations in the evolving AI landscape. (Source: Cointelegraph)

Ukrainian authorities, in collaboration with Europol, have successfully apprehended a 29-year-old individual accused of orchestrating a sophisticated cryptojacking operation. The suspect allegedly compromised over 1,500 cloud accounts, creating more than one million virtual computers for extensive cryptocurrency mining activities. The illegal mining operation, amounting to over $2 million, involved the unauthorized transfer of funds using TON cryptocurrency wallets. This arrest highlights the effectiveness of international cooperation in combating cryptocurrency-related cybercrime, underscoring the global concern over the increasing sophistication of such criminal activities. This incident comes amid a backdrop of growing crypto heists and emphasizes the need for enhanced cybersecurity measures and regulatory oversight. (Source: Cryptopolitan)