Shiba Inu Plans to Launch “.shib” Domain for SHIB Holders; UK Economy Secretary to discuss crypto companies’ access to banks; Montenegro Court Revokes Extradition Approval for Do Kwon
The team behind the Shiba Inu memecoin, known for its dog-themed cryptocurrency, has revealed plans to apply for and obtain a “.shib” Top-Level Domain (TLD) in collaboration with internet domain firm D3. This initiative aims to integrate next-generation domains that facilitate interoperability between traditional Web2 and decentralized Web3.
Unlike current Web3 domains like “.crypto” and “.eth,” which lack native compatibility with mainstream internet tools, the proposed “.shib” domain would operate on the internet’s domain name system (DNS) and be compatible with commonly used applications like web browsers and email.
If approved, holders of the Shiba Inu memecoin will have the opportunity to create email addresses with the “.shib” suffix, ensuring seamless integration with ordinary email applications.
D3 also plans to introduce “name tokens” for SHIB users, enabling the easy transfer of digital assets across various blockchains without the need for lengthy alphanumeric wallet addresses.
Despite the announcement, the price of SHIB experienced minimal movement, falling less than 1% since D3 shared the news.
In a separate development, Shiba Inu’s layer-2 blockchain, the Shibarium network, achieved 1 million users in September. While still in private mode, the Shiba Inu team expressed intentions to make it publicly accessible in the coming months.
UK Economy Secretary to discuss crypto companies’ access to banks
Jeremy Hunt, who serves as the UK Chancellor of the Exchequer, said that Economy Secretary Bim Afolami “would be very happy to discuss issues related to digital assets in the country.”
Speaking at the UK House of Commons session on 19 December, Hunt answered pro-crypto member of Parliament Lisa Cameron’s question about whether the finance minister would be willing to meet to discuss licensed crypto companies’ access to banking services. Hunt stated that Afolami would be ready to talk to the Parliamentary group.
“The UK, and London in particular, has become a global centre of crypto. But we need to regulate to make sure that the market can really move forward as intended.”
Afolami joined the government in November as economic secretary and became responsible for many policies related to digital assets. Before his appointment, the secretary met with Coinbase representatives to discuss the regulatory environment.
The UK authorities have made several advances to regulate stablecoins, authorising authorities to seize cryptocurrencies used in illegal transactions.
Montenegro Court Revokes Extradition Approval for Terraform Labs Co-Founder Do Kwon
The Appeals Court of Montenegro has cancelled the extradition permit for Do Kwon, co-founder of Terraform Labs, to either the United States or South Korea. The decision overturns the previous ruling of the Podgorica High Court, which approved Kwon’s extradition in November 2023. In its decision, the Appeals Court cited a “significant violation of the provisions” of Montenegro’s Criminal Procedure Code.
Kwon, the former CEO of Terraform Labs, was arrested in Montenegro in March 2023 for attempting to use fraudulent travel documents. Both the US and South Korea had requested his extradition, alleging that Kwon was involved in a fraudulent scheme that caused Terraform Labs to lose at least $40 billion in market value. The Appeals Court’s decision sends the case back to the Podgorica Basic Court for retrial.
The panel of the Appellate Court’s latest statement reads:
Violation is reasonably indicated by the appeal of the defendant’s defense attorneys, because the decision does not have reasons for decisive facts, and the reasons given are unclear, which is the reason for its cancellation
Terraform Labs is the company behind the Terra blockchain, known for the Terra stablecoin and related Luna token, which collapsed in May 2022. The US Securities and Exchange Commission has accused Terraform Labs and Kwon of orchestrating a fraudulent scheme that resulted in significant financial losses.
