A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchanges following cyberattacks

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Three additional Ethereum addresses have been added to Tether’s blacklist. These addresses hold more than $150 million in Tether (USDT).

Tether can blacklist any accounts that it believes are involved in any kind of illegal activities or crimes, such as laundering money or other reasons since it’s a centralized company.

Nov. 28, 2017, was the first time an address was banned by Tether. Since then, 563 addresses have been blacklisted, of which the share of 2021 was more than half of all, at 312, suggesting more malicious activities in the crypto space last year.

The addresses that had committed cybercrimes or were involved in law enforcement investigations were blacklisted by Tether, and Tether has not issued a statement to explain this. [Tether froze $35 million in USDT](https://cointelegraph.com/news/freeze-pause-reboot-projects-react-differently-to-200m-kucoin-hack) to stop the attackers from transferring the money after an attack on Kucoin in September 2020.

Arcane Asset's chief investment officer, Eric Wall, has cited "precautionary considerations" for a potential Tether freeze in 2020 as a possible explanation for the blacklisting.

Terra's algorithmic stablecoin, TerraUSD, is being adopted more due to its concerns about the lack of decentralization (UST). It has a market value of $10.6 billion, making it the fourth-largest stablecoin. In comparison with USDT, which has a market capitalization of $78.5 billion, the decentralized rival still has a market capitalization of only $5.7 billion.

In response to these blacklistings by Tether and having quoted Coindesk’s tweet regarding Tether blacklistings, founder of Terra, Do Kwon, said that blacklisting is not an option in UST addresses.

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Source: [Do Kwon Twitter](https://twitter.com/stablekwon/status/1481788992538349568)




$150 million in USDT was frozen by Tether

The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that.

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According to Nasir Hayat Magoon, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistani people own a total worth of $20 billion in crypto assets. 

This data comes from the chamber's research paper and Mr. Magoon asked the government to adopt a cryptocurrency policy, reminding him that India has placed certain regulations in this sector, the newspaper says.

In October, Pakistan has seen massive growth in the adoption of digital currencies over the previous year says the report by Chainalysis. [Pakistan was rated third in the 2021 Chainalysis Global Crypto Adoption Index](https://cointelegraph.com/news/crypto-transactions-surge-706-in-asia-as-institutional-adoption-grows-chainalysis), after Vietnam and India. The on-chain retail value transferred, the on-chain crypto value transmitted, and the peer-to-peer exchange trade volume are the three metrics are which the ranking is based.


Sindh Province's top judicial authority in Pakistan recommended the federal government on October 20, 2021, to establish a framework for cryptocurrency regulation. Government agencies including the Ministry of Information Technology and Law (MITL) were instructed by the Sindh High Court (SHC) to work with regulators like the Securities and Exchange Commission of Pakistan (SECP) and the central bank to develop crypto laws within three months.

The SECP has been discussing crypto legislation since November 2020. It has been revealed that Pakistan's SBP is considering a central bank digital currency in addition to regulating cryptocurrencies, according to its governor Reza Baqir.


Pakistanis have $20 billion in crypto assets

Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams.

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Blockchain platform Polkadot has officially launched its first parachains with the goal of boosting blockchain interoperability.

Development of the parachains took 5 years according to the [announcement ](https://www.prnewswire.com/news-releases/polkadot-launches-parachains-301447552.html)and these parachains were given to Acala, Parallel Finance teams, Moonbeam, and, Astar and Clover.


Polkadot's Relay Chain will allow the auction winners to lease slots for up to 96 weeks at a time, due to the fact that different blockchains will be operating in parallel inside the Polkadot ecosystem at the same time. Initiated by Gavin Wood, inventor of Polkadot and co-founder of Ethereum, the Relay Chain assists in the coordination of consensus and communication amongst parachains, which include:

> **“And as the ecosystem grows, especially with the nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”**


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Source: [Polkadot Twitter](https://twitter.com/Polkadot/status/1472133012447973376)


Polkadot (DOT), which has been in existence for a little more than five years, is now ranked among the top ten digital currencies in the market cap. According to the ecosystem, it plans to increase its current slot allotment from five to one hundred parachain slots, which will correspond to the maximum capacity of the Relay Chain.

Having said that, the announcement also reads; 

> **“not all of these slots will be allocated via parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads,”**

Wood also says:

> **“The parachain model was created with the belief that the future of Web 3.0 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.”**

Iota has announced the launching of a decentralized layer-one smart contract network dubbed Assembly in an effort to advance smart contract developments in DeFi and NFTs.

Using the existing Iota architecture, Assembly acts as a self-sustaining, symbiotic bridge. Dominik Schiener, a co-founder and chairman of the Iota Foundation, explained the details in a statement:

> **“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability, and token infrastructure provided by the Assembly network.”**

With many parachain deployments, Polkadot anticipates disrupting Web 3.0.

Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. 

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After months of waiting, Reddit declared its intentions to make the company public on Tuesday. To this end, to go public, the firm submitted a secret S-1 to the Securities and Exchange Commission in the United States.

To prevent trade secrets from being disclosed before an IPO date is determined, it cannot give any specifics regarding shares or pricing until after the quiet period has ended, according to SEC laws. Long-running speculations regarding Reddit's ambitions for a public offering were verified by the SEC filing.

Reddit secured $700 million in new capital in August, valuing the company at more than $10 billion. Reddit recently announced that it earned $100 million in ad revenue in the second quarter of 2021, a 200 percent increase over the previous year.

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Source: [Reddit Twitter](https://twitter.com/Reddit/status/1471306584475111426)


In a filing with the Securities and Exchange Commission, Reddit claimed that **“The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”**

Ad-backed social media networks like Facebook now known as Meta, and Twitter compete with Reddit. Reddit CEO Steve Huffman claims that the business has grown up in the shadow of Facebook, and Google and that every dollar earned is a battle. Reddit, on the other hand, has already created its own cryptocurrency in the shape of RCPs, or Reddit Community Points.

Reddit has 364 million weekly users and more than 100,000 active subreddits as of August. Reddit is a frequent forum for infamous meme stock like r/Wallstreetbets, which has had a huge effect on stock and crypto markets this year with its retail trading and pumping methods, as well as a forum where veteran traders assemble to share their skills.


Reddit will go public

Animoca Brands has partnered with Cube Entertainment, a Korean musical company, to create a "K-pop metaverse."

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Nonfungible tokens (NFT) are no longer strange to crypto fans and they continue to reshape the established entertainment businesses. Now Animoca Brands is teaming up with Cube Entertainment, a South Korean record label, talent agency, and music production company, to create a "K-pop music metaverse."

Considering the fact that Cube Entertainment is a record label, talent agency, and music production company, you may guess the type of NFTs to be created. In this partnership, multimedia NFTs will be created honoring prominent actors and K-pop singers on Cube's roster. The NFTs will contain photographs of artists and album covers, as well as digital sound sources like a full-length album.

 Animoca Brands seems to be extremely excited about this partnership as the co-founder of Animoca Brands, Yat Siu expressed his zeal for this partnership with Cube to “make the open metaverse a reality.” The cooperation, according to Animoca, would enable "true digital property rights and other blockchain benefits" both for Cube's roster artists and their followers.

Cube CEO Ahn Woo-Hyung said that the partnership would be **“an important beginning for leading the global digital culture market and advancing the digital content industry.”** BtoB, Pentagon, (G)I-DLE, and Lightsum are just some of the artists Cube represents.
NFTs, according to Siu, allow for a new type of ownership that was previously unimaginable, one that he likened to the Renaissance in early modern Europe during July 2020.



K-pop NFT metaverse is Animoca Brands’s new plan

Animoca Brands has partnered with Cube Entertainment, a Korean musical company, to create a "K-pop metaverse."