WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.
Table of Contents
News
Global
China Partners with Conflux Network for Belt and Road Blockchain Initiative
- The “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” seeks to provide a public blockchain for cross-border applications.
- According to the Chinese government’s policy, crypto will not be available on blockchain.
U.S. Government Transfers $2B Bitcoin from Silk Road to Coinbase: Report
- A wallet associated with the U.S. government transferred 30,175 BTC to a wallet reportedly linked to Coinbase.
- The government’s last confirmed sale was in March 2023, when it sold 9,861 coins for $216 million.
Argentine Government Enacts Registration Rules for Crypto Companies
- The government has started implementing the rules that cryptocurrency exchanges must meet to operate lawfully in Argentina.
- Unregistered virtual asset service providers “will not be able to operate” in the nation, according to CNV President Roberto Silva.
Philippines SEC Accuses eToro of Unauthorized Securities Offerings
- The online trading platform eToro has received a warning from the Philippines’ SEC, stating that it is not permitted to offer or sell securities in the nation.
- The regulators cautioned the public against participating in “unregistered online investment platforms and their representatives.”
US CFPB Highlights Risks in Virtual Worlds’ Crypto Economy
- In its research, the CFPB specifically addressed gaming around crypto, warning against fraud and lowering consumer protections in virtual and video game environments.
- The agency stressed the importance of crypto-asset virtual worlds despite their lesser popularity compared to famous gaming platforms like Roblox or Fortnite.
US Cboe Seeks SEC Approval to Integrate Mutual Funds with ETFs
- Cboe Global Markets has requested that the US SEC approve a rule modification enabling issuers to merge mutual funds with ETFs.
- If the SEC grants Cboe’s request, the quantity of “ETFs and ETF assets could soar,” according to Todd Sohn, an ETF analyst at Strategas LLC, who spoke with Reuters.
Platform and Tokens
Telegram Bot Solareum Shuts Down Following $520K Exploit
- Solareum, a Solana-based Telegram trading bot, announced it is permanently closing due to inadequate funding and a recent security issue.
- A security flaw in the trading bot occurred at the end of March, which allowed wallet drainers to take advantage of the weakness.
Legal Troubles Mount for Sphere 3D as Gryphon Moves to Halt $10M
- Sphere 3D and Gryphon Digital Mining entered into a fresh legal battle in which the former aims to prevent the distribution of $10M from a recent settlement.
- The miner requests this in a pre-motion letter filed in the United States District Court for the Southern District of New York.
Binance and Detained US Executive Faces Additional Charges in Nigeria
- While chief executive Tigran Gambaryan, based in the United States, is still arrested in Nigeria, troubled international crypto exchange Binance is having further problems.
- Platforms like Binance should be prohibited in the nation, according to the presidential advisor on information and strategy, Bayo Onanuga.
Binance NFT Marketplaces Ends Bitcoin Ordinals Support
- Binance advised users to withdraw their Bitcoin Ordinals from the marketplace before May 18th.
- Binance added that airdrops, benefits, or utilities linked to Bitcoin Ordinals will no longer be supported from April 10th.
Paraguay Mulls Temporary Crypto Mining Ban Over Power Strain Concerns
- The ban would last approximately six months or until the National Electricity Administration (ANDE) ensures sufficient energy supply for crypto miners without impacting other users of Paraguay’s electrical system.
- The proposed legislation aims to ban the creation, storage, and trading of virtual assets, including crypto, and the setup of crypto mining farms in Paraguay.
Ripple Unveils Plans for USD-Pegged Stablecoin
- Ripple is set to launch a stablecoin pegged directly to the US dollar.
- Ripple plans to launch localized versions of its stablecoin tailored for European and Asian markets.
Montenegro’s SC Transferred Do Kwon’s Extradition Case to Lower Court
- Do Kwon was ordered to be extradited to the US or South Korea, but the Supreme Court of Montenegro overturned the ruling.
- Though he has been held in Montenegro since his March 2023 arrest for using forged travel credentials, he is facing criminal proceedings in both nations.
Major Hong Kong Bank Opens Doors to Stablecoin Issuers
- The announcement made by Hong Kong’s ZA Bank that it will provide specific banking services for stablecoin producers is expected to hasten the local adoption of Web3.
- Stablecoins often require the issuer to have an equivalent quantity of fiat money, like dollars, as fiat reserves in order for them to retain their value.
Terraform Labs and Do Kwon Found Liable in U.S. Civil Fraud Trial
- The Manhattan jury delivered the verdict in federal court after a two-week trial.
- Kwon was not in Manhattan for his civil trial as he is still in Montenegro.
Project Updates
Tether Boosts Bitcoin Reserves to $5.3 Billion with New Purchase
As per Arkham Intelligence data, the acquisition involved on-chain transactions from Bitfinex’s hot wallet on March 31, 2024. Tether now holds 75,354 Bitcoin, purchased at an average price of $30,305.
Vitalik Buterin Unveils Ethereum’s ‘Purge’ Expansion Plans
Vitalik Buterin introduces Ethereum’s “Purge” phase, targeting protocol simplification and node resource load reduction. Purge significantly cuts storage needs for node operators.
VanEck’s Nick van Eck to Launch Stablecoin AUSD with $12M Funding
AUSD to be fully backed by cash, U.S. Treasury bills, and overnight repo agreements. Dragonfly led the $12M seed funding for Agora, with Robot Ventures, Wintermute, Breed, and General Catalyst joining as investors.
Podcasts and Interviews
- “Trading the Next Crypto Bull Market” podcast by 1000x Podcast
- “Su Zhu on Billion Dollar Trades & The Crypto Supercycle” podcast by LukeMartin
- “Bitcoin Will Hit $1,000,000” podcast by Scott Melkar
Job Listings
- Mechanism Designer | Nethermind
- Compiler Developer | Certora
- Protocol Engineer | Waku
- Technical Writer | Powerloom
- Software Engineer and Staff Software Engineer | MetaMask Staking
2k24 Events
- ETHGlobal Scaling Ethereum virtual hackathon from April 5 to April 26
- ETHDam (Amsterdam) conference & hackathon from April 12 to April 14
- EY Global Blockchain Summit (London) from April 16 to April 18
- ETH Tallinn hackathon from April 19 to April 21
- ETHDubai conference & hackathon from April 20 to April 21
As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!
