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Table of Contents
News
Regulations
UK Strengthens Crypto Crime Unit Amid Escalating Crypto Offenses
- The NCA of the UK plans to increase the size of its investigation team for digital assets by adding four senior investigators to its Complex Financial Crime Team.
- The UK has been working on setting up a squad of investigators specializing in illegal crypto activity.
Indian Parliament Approves Legislation Simplifying Data Compliance for Big Tech
- The Digital Personal Data Protection Bill 2023 was approved by India’s lower house in order to make data compliance easier for Big Tech and small enterprises.
- With limited limitations, the bill gives firms legal authorization to export data obtained in India.
Nigerian Bureau De Change Association Urges Binance Ban Amid Growing Concerns
- Binance is still facing increased regulatory pressure as the Federal Government of Nigeria requests to forbid Binance’s operations.
- The ABCON president reportedly observed a shift in the outlook for the Nigerian foreign currency market from optimism to pessimism.
India to Explore Crypto Tokens in Upcoming Native Web Browser
- Indian citizens may be able to digitally sign documents using crypto tokens.
- The contest will have three rounds, with a cap of 18 competitors in the first round and eight competitors after that.
Worldcoin’s Data Handling Under Scrutiny By Argentine Authorities
- AAIP is probing Worldcoin’s collection, storage, and utilization of customer data.
- The Argentine government has pledged to take appropriate actions if any issues are uncovered during the probe.
SEC Postpones Verdict on Ark 21Shares Bitcoin ETF Application
- The US SEC has postponed deciding on the spot Bitcoin ETF that ARK Investment Management has proposed.
- ARK initially submitted a listing application for the ETF in May, allowing the SEC up to 240 days, or until January 2024, to decide.
FundsZ Charged by CFTC for Crypto Fraud and Precious Metals Solicitation
- CFTC Charges Florida, Louisiana, and Arkansas Residents for Crypto Fraud.
- Defendants Allegedly Lured 14,000 Individuals with Fabricated Weekly Returns.
Brazil To Levy Higher Taxes on Crypto Held Overseas
- Gains ranging between 6,000 and 50,000 reais (about $10,000) would be subject to a 15% tax rate.
- The legislation will impose taxes on profits derived from fluctuations in cryptocurrency values compared to Brazil’s official fiat currency.
Platform and Tokens
Judge Drops Tether and Bitfinex Class Action Lawsuit
- US District Court for the Southern District of New York dismisses class-action lawsuit against Tether and Bitfinex.
- Court deems the case meritless, citing plaintiffs’ failure to provide evidence for alleged injury, such as a diminished value of Tether’s USDT stablecoin.
Curve Attacker Initiates the Return Of stolen Funds
- Alchemix, a cryptocurrency platform, has made headlines with the recovery of approximately $13 million in stolen funds.
- The retrieval was made possible after a hacker leveraged vulnerabilities within Curve Finance.
PayPal Unveils US Dollar-Pegged Stablecoin
- The United States-based company PayPal introduced the PayPal USD (PYUSD) cryptocurrency stablecoin.
- PYUSD will be available to users, businesses, and developers and will be issued on the Ethereum Blockchain.
Cypher Protocol Halts Smart Contract Following $1M Exploit
- As contributors try to get in touch with hackers to discuss a refund of funds, the contracts for the protocol are currently frozen.
- Another tweet from Cypher asking the attacker to chat certainly included a discussion of a potential bug bounty.
Kenyan Authorities Conduct Raid on Worldcoin Warehouse in Nairobi
- The Kenyan Worldcoin warehouse was investigated by law enforcement. During the operation, machines with stored data were seized.
- The raid comes after Kenya on August 2 banned Worldcoin’s operations while looking into its adherence to privacy rights of citizens.
Bitstamp is the Latest Crypto Firm to Delist Major Altcoins Amid SEC Scrutiny
- Bitstamp to suspend trading of seven prominent cryptocurrencies – AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL – for customers residing in the U.S., effective August 29th
- SEC has recently classified more than 20 digital assets as securities, including the ones now suspended by Bitstamp
Bitsonic CEO Arrested for Alleged $7.5M User Fund Theft in South Korea
- South Korean authorities reportedly detained Jinwook Shin, the CEO of cryptocurrency exchange Bitsonic.
- Shin is suspected of taking investments and deposits from exchange users.
SEC to Contest Partial Loss in Ongoing Legal Battle Against Ripple Labs
- The US SEC has filed an appeal in response to a court ruling in its action against Ripple Labs.
- The SEC noted that requesting an interlocutory review of the decision was appropriate while the matter was still pending.
Bittrex reaches an agreement with SEC; to pay $24 Mln to settle the dispute
- Bittrex is given a 90-day window after the implementation of its liquidation plan to fulfill its financial obligations to the SEC.
- Bittrex Global will collectively pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties.
Sam Bankman-Fried Jailed as Judge Revokes Bail
- Sam Bankman-Fried reportedly had his bail revoked by a federal judge after allegedly giving material to New York Times reporters to intimidate witnesses.
- Sassoon contended that SBF had allegedly asked witnesses to destroy specific texts and documents.
Project Updates
Public can now access Coinbase’s Base mainnet
- The public gets access to Coinbase’s Base mainnet as of August 10. The on-chain solutions offered by Coinbase are anticipated to use Base as their default network. Developers and users have already transferred over $100 million worth of assets to the Base network before this launch.
Fantom considers using Optimistic Rollup to connect it to Ethereum
- The Fantom Foundation’s co-founder and architect, Andre Cronje, said on August 9 that they are thinking about integrating Optimistic Rollup to link Fantom with the Ethereum network. Fantom would have to pay transaction fees to write these snapshots into the Ethereum network if it adopted Optimistic Rollup and offered a full transaction history on the network, according to Cronje.
DeBank declares the commencement of the DeBank Chain testnet
- DeBank, an organization that uses the OP Stack to power its DeBank Chain, announced the opening of its testnet on August 11th. The mainnet launch date for the project is 2024. In order to reduce gas fees, provide a native experience similar to account abstraction, and guarantee the security of Layer 1 assets, DeBank Chain was created.
Microsoft teams up with Aptos blockchain for AI and web3 integration
- Microsoft provides Aptos with AI technology for onboarding and development initiatives. A collaborative exploration of “innovative solutions” in asset tokenization, digital payments, and central bank digital currencies.
Podcasts and Interviews
- Superalgos Founder Talks Goals, Crypto Climate, AI
- “Why Congress Should Make Clear Crypto Laws” by Unchained Podcast
- Africa’s Crypto Revolution Podcast
Job Listings
- ZK Circuits Engineer | Remote | Full Time
- Wyoming Stable Token Commission | Executive Director
Looking for an internship? Don’t worry; we’ve got you covered this week.
- Nethermind Internship Program
2k23 Events
- ETHToronto hackathon from August 15 to August 16
- ETHWomen hackthon from August 15 to August 16
- Gitcoin Grants 18 from August 15 to August 29
- Ethereum Argentina (Buenos Aires) from August 16 to August 19
- KZG Ceremony closes (extended) – August 23
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!
