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Table of Contents
News
Global
Crypto Advocacy Group Coin Center Proposes Tax Reforms for Digital Assets
- In a letter, Coin Center outlined a set of key suggestions that could significantly shape the regulatory landscape for crypto within the US.
- Coin Center advocated for refining the definition of a broker provided by the IRS.
Dubai issues full license to crypto custodian Komainu
- Komainu, a crypto custodian, receives Dubai VARA’s approval to provide custody services to clients via Komainu Connect Platform in the city.
- This endorsement establishes Komainu as a regional pioneer in obtaining a full Virtual Asset Service Provider (VASP) license.
South Korean city seizes crypto from tax evaders
- Cheongju city authorities aim to confiscate cryptocurrency from individuals owing at least $750 in crypto taxes.
- This step is prompted by the utilization of cryptocurrency as a method to obscure wealth within the borders of South Korea.
Australia Explores CBDC for Payments and Tokenization; Implementation Could Take Some Years
- Australia’s central bank has finished testing a central bank digital currency (CBDC) and found it helpful in four key areas, including facilitating complex payments and asset tokenization.
- Programmability was also noted as a benefit CBDC might provide since it could boost productivity and lower risk in various intricate corporate operations.
US Treasury Unveils Proposed Crypto Tax Reporting Rules; brokers redefined
- Under the proposed rules, crypto brokers would be treated similarly to brokers for traditional investments like stocks and bonds.
- Per the proposed legislation, brokers would be defined to encompass platforms, payment processors and certain hosted wallets.
Platform and Tokens
Gryphon Digital Aims for Dismissal in $500K Bitcoin Spoof Lawsuit
- In April, Sphere 3D (ANY) initiated legal action against Gryphon Digital Mining, alleging that a spoofing attack resulted in the loss of $500,000 worth of BTC.
- Gryphon argues Sphere’s alleged inadequate security measures inadvertently paved the way for a malicious actor to compromise the company’s systems.
NFT platform Recur Shuts down, Cites Challenging Crypto Winter
- The company pointed to unforeseen challenges and shifts in the business landscape that have made it increasingly difficult for them to maintain the level of service they have always strived for.
- Recur intends to transfer all NFT media and related metadata to the InterPlanetary File System by November 22, 2023.
Bitget Implements KYC Requirements to Align with Global Regulatory Trends
- In order to comply with international regulatory standards, Bitget is revising its Know Your Customer (KYC) requirements for consumers.
- Users who have not completed the KYC verification process can only make withdrawals, cancel orders, redeem subscriptions, and close positions going forward.
Yuga Labs Pulls Away from OpenSea Amid Royalty Fee Policy
- Yuga Labs plans to discontinue support for OpenSea once Operator Filter, the platform’s on-chain tool for enforcing royalties, is removed.
- It’s uncertain whether Yuga Labs’ NFTs will continue to function in any way on OpenSea.
Terra Money Website Frozen to Thwart Phishing Scams
- To shield consumers from continuous phishing schemes on the network, Layer-1 blockchain Terra has momentarily shut down its website.
- Before the foundation releases an official “all-clear” announcement from this account, Terra urged all users to refrain from visiting any websites with the abovementioned domain.
Ex-OpenSea Executive Sentenced to 3 Months in Prison and $50K Fine for Insider Trading
- The former OpenSea product manager was given a three-month prison term for money laundering and wire fraud connected to insider trading.
- Nathaniel Chastain would have to turn himself in on November 2; however, his attorneys intended to file an appeal and ask for bail.
Ex-Corrections Officer Charged by SEC in Crypto Scam Targeting First Responders
- DeSalvo faces charges including two counts each of wire fraud, securities fraud, and money laundering.
- DeSalvo in 2021 made false assertions that the coin had obtained approval from the Securities and Exchange Commission.
FTX Requests Galaxy Digital to Oversee Recovered Crypto Holdings
- The remaining cryptocurrency holdings of the defunct cryptocurrency exchange FTX are expected to be managed by Mike Novogratz’s Galaxy Digital.
- To help the company maximize the value of its token portfolio, FTX plans to keep Galaxy Digital on as a registered investment adviser.
Balancer Issues Warning: $2.8M Still at Risk Despite Vulnerability Alert
- Decentralized financial protocol and automated market maker for Ethereum In light of the August 22 vulnerability finding, Balancer issued a warning of $2.8 million
- The assets on Balancer’s deployment on Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom, and zkEVM are among the at-risk ones.
Project Updates
Base Unveils a Superchain Decentralisation Blueprint That Includes Fault Tolerance
Base launched its decentralised superchain strategy on August 25. The strategy aims to secure the network’s resistance to censorship through the deployment of fault-proof techniques and a variety of client applications. In order to move Base towards total decentralization, Coinbase will work with OP Labs and Optimism Collective. The Base team also actively participates in OP Stack, starts the OP chain-building process, and develops the superchain ecosystem. Additionally, they want to help create a superchain security council to strengthen the network’s decentralization and security.
OpenSea Pro Launches Platform Fee of 0.5% for All Listings link
OpenSea Pro tweeted on August 22 that, as a result of changes to creator fees, a platform fee of 0.5% would be applied beginning on August 31 to all listings on OpenSea and sales generated on OpenSea Pro. To prevent market manipulation and to preserve the highest level of transaction data accuracy, this change is deemed necessary.
New NFT Series “EigenWorlds” by EigenLayer Announced with Free Minting
The free minting of EigenLayer’s new NFT series “EigenWorlds” has begun. Although anyone can create these NFTs, there are three different levels dependent on how the wallet is used: Base Layer (no contact with the EigenLayer ecosystem), Collector (holding Zora NFTs), and Restaker (re-staking within EigenLayer). The 30th of August is the NFT minting deadline.
Podcasts and Interviews
- Superalgos Founder Talks Goals, Crypto Climate, AI
- “Exposing the Next Big Crisis” podcast by Savvy Finance
- “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
- 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
- ETHAccra hackathon from September 7 to September 9
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!
