Fantom Foundation Retorts Andre Cronje’s Publicized Exit from Crypto

The Fantom Foundation has issued a statement to address what it termed as “factual inaccuracies” from Rekt regarding the exit of superstar developers Andre Cronje and Anton Nell from the decentralized finance and crypto ecosystem as a whole.


While the foundation affirmed that Cronje would be leaving the space as noted, it is not out of spite, and the developer has stated to confirm this.

“Although I’ve made the decision to move away from crypto and DeFi, the Fantom team has been nothing but honourable throughout my engagement with them. I believe they are on the right technology path, and I have no doubts that they will continue to succeed,” Andre Cronje said in the statement.

According to the Fantom Foundation, the claim that Cronje will be exiting up to 25 projects upon his exit is false and literally not possible, rather, it said many of the projects with affiliations to Cronje will be handed over their core development teams that will take over. 

The statement issued highlighted the role of Cronje as basically an advisor to the Fantom Foundation. It was responsible for setting up the core developers that have helped build the Fantom blockchain. This advisor role appears to be the same for Cronje’s across different protocols.

Andre Cronje has been rumoured to be taking an exit from the DeFi ecosystem for quite some time, and while the rumors get stronger, he has often resurfaced to back a project or two. While the talk about Cronje’s exit appears more pronounced at this time, the Fantom Foundation is confident that the protocol is not dependent on just one individual as it is more or less a product of a confluence of developers.

The foundation said it will be hiring a new set of engineers or staff that will help cushion every effect of the exit of both Cronje and Anton from the team.

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Bank of Israel Issues Draft Regulations Regarding AML for Crypto Firms

The Bank of Israel has issued a new draft guideline to stakeholders in the cryptocurrency ecosystem concerning Anti-Money Laundering (AML) provisions.


According to the press release published by the bank, the new guideline becomes necessitated with the growing number of funds flowing into the traditional banking system through the crypto ecosystem.

According to the new guideline, the Bank of Israel will mandate financial institutions operating in the country to “conduct a risk assessment and set out policy and procedures for the transfer of money that originates in or is destined for virtual currencies, taking a risk-based approach and identifying the virtual currency service provider.”

The apex bank will not give financial institutions the power to refuse any virtual asset service operator who has a license with a recognized regulator in the country, including the Supervisor of the Capital Market, Insurance and Savings Authority, and is subject to the Money Laundering Prohibition Order. The new guideline will give banks the leverage to analyze each crypto startup on case-by-case basis.

Crypto Funds Monitoring to be Activated

The digital currency ecosystem is replete with many bad actors, as digital currencies make it easy to shield transactions from authorities through their cryptographic nature. The new guideline will give banks the power to clarify the origin of any funds involved in a digital currency transaction and their purported destination until they finally enter the crypto ecosystem.

“The Banking Supervision Department is monitoring activity in virtual currencies as well as domestic and international regulation being developed in this field. In view of the increase in customers’ activity volumes in such currencies, and due to the potential for streamlining payments and international transfers, this draft regulation was formulated,” said Yair Avidan, Supervisor of Banks, adding that;

“Activity in virtual currencies comes with high risk in terms of the money laundering prohibition and the prohibition against the financing of terrorism. As such, this draft regulation sets out a number of principles for managing such risks, which will help banking corporation customers who wish to realize the money that originates in virtual currency activity while managing the risks inherent to the banking system as part of such activity.”

The bank said these new guidelines are up for public opinion comments and that it has been sent out to the Advisory Council on Banking Matters. This new guideline cements Israel’s engagement with digital assets, a push that has made the bank accelerate its Central Bank Digital Currency (CBDC) or Digital Shekel research strides.

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Yuga Labs Acquires IP Rights to CryptoPunks and Meebits

Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection, has acquired the Intellectual Property (IP) rights to the CryptoPunks and Meebits collections from LarvaLabs.


As announced by the startup, the unveiled acquisition implies that Yuga Labs now own the CryptoPunks and Meebits brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.

The emergence of LarvaLabs back in 2017 changed the capabilities of the Ethereum blockchain and re-aligned what potentials are inherent in the network, one that has been showcased with increased trading volumes in recent times. The acquisition has been tagged as a fusion of CryptoPunks, which represents the history of NFTs, and Bored Apes, arguably, the collection that pushed the world of digital collectables into the future.

As detailed in the announcement, the deal was brokered organically between Yuga Labs’ Partner Guy Oseary and the LarvaLabs founder Matt Hall and John Watkinson. Despite the acquisition, the CryptoPunks creators will not be joining Yuga Labs; instead, they will continue developing the ecosystem around the two iconic collections.

“Yuga Labs are the innovators of the modern profile picture project and the best in the world at operating these projects. They are the ideal stewards of the CrytoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web,” the LarvaLabs founders said in a statement.

As part of its plans for acquiring the LarvaLabs’ collections, Yuga Labs said it will be “granting CryptoPunks and Meebits holders the same commercial rights that BAYC and MAYC owners enjoy.”

Drawing on its industry network, Yuga Labs will also be pushing forward the brand image of the LarvaLabs collections such that they will be incorporated in various Web3.0 projects moving forward. While it outlined its plans to continually go forth the utility of all the collections under its brand, Yuga Labs said it will be doing so by heading to the needs of its diverse communities.

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