👀 Chinese City goes all in on Digital Yuan

Welcome back to the Coinsauce’s crypto roundup 🗞️, your one-stop-shop for everything crypto and finance! From breaking news to interesting developments, and even some hilarious memes, we've got you covered in our compact, spam-free newsletter 😅 So without any further delays, let’s get you in loop with the hottest crypto news and updates from the past 24 hours!

Today, in Coinsauce’s Crypto Report 👇️ 

1. Wipeout! - Canadian Pension Fund that lost $95 million in FTX writes-off it’s investment 🤦 

2. Cashless in Changshu: Chinese authorities push hard for mass adoption of the digital yuan 👀 

3. The Luna saga continues - South Korean Court dismisses security violation charges against former CEO 🙈 

Canadian Teacher's Fund writes off $95M in crypto losses 😪 

Ontario Teachers’ Pension Plan (OTPP) reportedly lost $95 million, thanks to the FTX crypto exchange going bust and is now writing off those losses for good 🙈 Oof! Although it was just a small chunk (0.05%) of the fund's total assets under management, the fund has still come under scrutiny for its move, given the charges FTX executives now face ❗️ 

With crypto no longer on the table, Nick Jansa, the OTPP’s investment lead for Europe & MENA said that real-estate opportunities in Europe could be next on the fund’s radar.

Seems like the fund has learnt its lesson the hard way. Maybe one day they'll take a second shot at crypto (Hopefully with better due diligence this time around 😂) and hit the jackpot!

Bye Bye Cash, Hello Surveillance 🕵️‍♂️

The Chinese 🇨🇳 city of Changshu wants to pull of a world’s first – by becoming the first city to pay its employees entirely in the digital yuan (CBDC) ☠️ 

That's right, all public officials and state-owned enterprise employees will be receiving their hard-earned cash in the form of CBDCs starting next month 📅 With a population of around 1.5 million people, that's a whole lot of digital dough.

While the digital yuan is already accepted in millions of stores and online outlets, it also means the government will have complete control over everyone's money Talk about a major invasion of privacy 🤬 

So, while this move may seem innovative and cutting-edge, let's not forget the potential consequences of giving the government complete surveillance over our finances 💳 Let's hope this doesn't set a precedent for other governments to follow suit 👀

South Korean Court brings a twist to the Terra-Luna tale ❗️ 

The hammer has come down on Terraform Labs and its former CEO in South Korea. But it's not what you think... 😅

The charges of security violations against Hyun-seong Shin were dismissed by a district court, which ruled that the LUNA token is not a security under Korea's Capital Markets Act 🚫

The prosecution's request for the confiscation of Shin's properties was also rejected, with the court stating there's no evidence of any crime or assets derived from it 🤦 

The prosecution is still trying to make a case for securities violations and has even appealed to the Supreme Court.

Meanwhile, across the pond in the U.S, the SEC has already pressed charges on violations of securities law against Terraform Labs and co-founder Do Kwon. If anything, this serves as a classic example of why it is so difficult to regulate crypto. Different jurisdictions have different views when it comes to classifying digital assets, and the regulators just can’t seem to catch up 🏃 

Another case of "same asset, different day" in the crypto world!

Meme of the day

A meme, or reality? We’ll let you decide 😄 

That's all for now, folks 📰 We hope you enjoyed this edition of Coinsauce's crypto newsletter and found it informative . Keep a close eye on the markets 🕵️‍♀️ and always remember to DYOR before investing! We'll be back tomorrow with more crypto news and stories! Till then, stay curious and enjoy the ride 🚀 

Disclaimer: This newsletter is for educational purposes only and does not constitute financial advice or an offer to buy or sell assets. You must exercise caution and conduct your research before making any financial decisions.