PayPal Enters the Crypto Conversation with New Stablecoin; Worldcoin Faces More Scrutiny

A new claim filed against FTX and a World Coin warehouse is raided by police. You're watching Coindesk Daily. I'm your host, Jenna taking a look at the markets. Bitcoin is primarily trading in the range of 29,000 to $30,000 since July 24. That's below the 30 to $32,000 range of the preceding four weeks. The cryptocurrency's price hasn't risen more than 4% in a single day since June 21st. Paypal is stepping into the crypto market with its own US dollar pegged stable coin. The stable coin will be known as paypal US C and is pegged to the US dollar and issued by Paxis Trust. The Ethereum based token will soon be available to paypal users in the US and is the first time a major financial company is issuing its own stable coin. Four, a $67.3 million claim has been filed against FTX by Sino Global Capital. On behalf of Sino Liquid Value Fund, the fund was rolled out in conjunction with Sam Bank Fried and aimed to raise $200 million. Bank Fried was listed as an indirect investor on Sec filings from 2022 along with Alameda Research. As of this year, the fund is no longer registered with the SEC but remains active with the Cayman Islands Monetary Authority Sino Global tweeted that the FDX estate is selling investment fund LP stakes at auction and the filing will not reduce the pool of money available to creditors. And local news organizations report that police in Kenya raided the Nairobi Warehouse of World Coin over the weekend, confiscating documents and machines. This comes after Kenya's Ministry of the Interior suspended the project's operations in the country amid a number of legitimate regulatory concerns and quote around the project World Coin was co-founded by Sam Altman, who is also the CEO of Open A I the company behind chat GP T that's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.