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Table of Contents
News
Global
Legal Experts Unite in Support of Coinbase Amid SEC Clash
- As legal experts refute the SEC’s position, cryptocurrency behemoth Coinbase gains momentum in the legal battle.
- The attorneys requested that the court interpret the term “investment contract” in accordance with the accepted definition.
Chinese Individual Receives 9-Month Prison Sentence for $13K USDT Purchase
- The Fuzhou Mawei People’s Procuratorate has found a man guilty of buying Tether USD for a friend for 94,988 ($13,067) Chinese Yuan.
- Mr. Chen was subsequently given a nine-month prison term deferred for a year and a fine of 5,000 Chinese Yuan.
Monetary Authority of Singapore Introduces Regulatory Framework for Single-Currency Stablecoins
- The rules focus on enhancing the integrity of stablecoins pegged to the Singapore Dollar or major G10 currencies.
- To get “MAS-regulated” status, stablecoins should provide monthly submission of independent attestations of their reserves to the central bank.
Europe’s First Spot Bitcoin ETF Lists on Euronext Amsterdam Exchange
- The London-based asset management company Jacobi said its new investment product would go live on the Euronext Amsterdam stock exchange.
- The asset management company also emphasized the fund’s socially and environmentally responsible attributes.
Uzbekistan Grants Crypto Card Issuance Rights to Two Banks
- The NAPP granted permission to two private banks in Uzbekistan to participate in cryptocurrency regulation’s virtual sandbox.
- The Uzbeki crypto card will link a bank account with access to a cryptocurrency exchange and an automated exchange mechanism.
Dubai Crypto Regulator Imposes $2.7M Fine on 3AC Founders’ OPNX
- The Virtual Assets Regulatory Authority of Dubai penalized crypto bankruptcy claims exchange OPNX and its founders for roughly $2.8 million.
- These actions include additional financial penalties as well as steps to collect the payment and correct the behavior that resulted in the violations.
Platform and Tokens
Zunami Protocol faces exploit; $2.1 Million siphoned
- Zunami Protocol explicitly discouraged any acquisition of zETH and UZD due to the attack on their emission.
- Reportedly, $2.1 million had been siphoned from Zunami’s Curve Pool in a price manipulation-related vulnerability.
PayPal Set to Unveil Exclusive Cryptocurrency Hub
- Soon after introducing the stablecoin PayPal USD, PayPal changed its terms of service to add a feature called Cryptocurrencies Hub.
- For currency conversions between PYUSD and other crypto assets, the Cryptocurrencies Hub will be essential.
Txbit Crypto Exchange Set to Bid Farewell in September
- Txbit crypto exchange will cease operations due to regulatory uncertainty and market challenges.
- Rising compliance costs and product margin pressure were cited as reasons for closure.
Binance Files Protective Court Order Against SEC Amid Ongoing Legal Battle
- The exchange group had alleged that the SEC’s current requests for data are overly broad and unduly taxing.
- Binance’s operating company, BAM Trading, and BAM Management’s protective order include narrowing the scope of the SEC’s inquiries.
Prime Trust Initiates Chapter 11 Bankruptcy Filing
- Following a decrease in customer cash flow, cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection.
- It noted that it expects the motions to call for requests to keep paying employees’ salaries and benefits.
Base project RocketSwap exploited for $865K
- RocketSwap Labs lost $865,000 on August 14 as a result of a severe security incident.
- To recover, RocketSwap quickly implemented an emergency strategy and relaunched a new farm contract.
Shiba Inu State Expands; Shibarium ETH Layer-2 Blockchain Goes Live
- The new L2 blockchain solution is designed to interact with the primary Ethereum Layer 1 blockchain.
- Applications within the Ethereum layer-2 network will leverage BONE, TREAT, SHIB, and LEASH tokens.
Ripple Pushes Back Against SEC’s Interlocutory Appeal Request in Ongoing Lawsuit
- Ripple argues that SEC did not fulfill the requirements of the Howey test
- Ripple contends that the appeal must be centered around a pure question of law
Coinbase Puts a Hold on Tether Trading for Canadian Users
- Coinbase will stop trading USDT, RAI, and DAI on August 31.
- Deposits and withdrawals of these stablecoins by Canadian users will continue after the deadline.
SEC seeks to question defunct Terraform Labs’ co-founder Daniel Shin in South Korea
- The motion allows the SEC to question Daniel Shin, co-founder of Terraform Labs, and gather documents Chai Corporation
- District Judge Jed Rakoff granted the SEC’s request to use a process established by a 1970 treaty for international evidence gathering.
Elon Musk Dumps Bitcoin? Bitcoin Target-$30,000?
- The price of Bitcoin has fallen sharply in recent days, dropping from a high of over $29,620 to around $25,000. This sharp fall has led to concerns about the future of Bitcoin and whether it is a sound investment.
- Some rumors surfaced about Elon Musk‘s company SpaceX selling all of its bitcoin holdings worth a whopping $373 million.
Project Updates
Crypto Scams via Twitter Lists on a Surge
The scam detection system found 95,111 scam lists originating from 87,617 accounts on X over a year period. The “free cryptocurrency giveaway” scam has targeted over 365 victims, culminating in a staggering estimated loss of $870,000.
Coinbase CEO Vows to Revamp ‘Broken UX’ for Onchain Summer NFTs
Coinbase CEO Brian Armstrong recognizes the imperative to enhance the user experience on the Coinbase app, focusing particularly on NFTs. The Base network is currently hosting Onchain Summer, a comprehensive multi-week event catering to the art and gaming communities, featuring numerous companies engaged in minting NFTs.
Shibarium Executive Raises Alarm Over Growing Exploitation Risks
Shibarium has been warned against by Lucie, Shiba Inu’s marketing specialist, who also issued a public advisory. Lucie emphasized that users must be cautious and watchful because some scammers may even use the name Shibarium in their project titles.
End of Mandatory Royalties by OpenSea
The OpenSea Operator Filter, which was a required creative royalty tool, will be discontinued as of August 31st, according to an announcement made by OpenSea on August 18. Up until February 29th, 2024, OpenSea will enforce creator royalties for collections that had the Operator Filter enabled before to August 31st, as well as for all current collections on non-Ethereum blockchains. After that date, the payments will be voluntary.
Podcasts and Interviews
- Superalgos Founder Talks Goals, Crypto Climate, AI
- “Is this the end of fiat currency?” podcast by Robert Kiyosaki
- “Is SOL Money?” with Austin Federa
Job Listings
- ZK Circuits Engineer | Remote | Full Time
Looking for an internship? Don’t worry; we’ve got you covered this week.
- Nethermind Internship Program
2k23 Events
- KZG Ceremony closes (extended) – August 23
- Science of Blockchain Conference (Stanford University) from August 28 to September 30
- Gitcoin Grants 18 ends on August 29
- ETHWarsaw conference & hackathon from August 31 to September 3
- Ethcon Korea hackathon from September 1 to September 3
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!
