CoinCodeCap WeekInFocus: February 11, 2024

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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.



Spanish Treasury Empowers Crypto Seizure to Settle Tax Debts

  • The goal of the Spanish Ministry of Finance’s expansion of its oversight over crypto monitoring is to provide it with the authority to seize digital assets to pay off tax obligations.
  • The goal is to compel banks and other electronic money providers to disclose every card transaction.

Federal Reserve Winds Up Investigation into FTX’s Farmington State Bank

  • Federal Reserve Board announces termination of enforcement actions with FTX-linked Farmington State Bank
  • Farmington State Bank has halted its banking operations in response to the Federal Reserve’s action.

South Korea Introduces Tough Digital Assets Act with Life Imprisonment

  • The South Korean Financial Services Commission will implement the Virtual Asset User Protection Act starting July 19. 
  • Criminals making over $3.8 million in illegal crypto profits face life sentences in South Korea.

South Korea Investigates OKX for Alleged Unregistered Services

  • FIU officials in South Korea are reportedly investigating OKX in response to allegations that the company operated as an unauthorized crypto exchange.
  • The exchange allegedly promoted its services on Telegram by leveraging South Korean influencers.

Abu Dhabi Financial Center Collaborates with Solana for DLT Project Expansion

  • In order to further the development of Distributed Ledger Technology (DLT), Abu Dhabi Global Market (ADGM) and the Solana Foundation have inked a partnership agreement.
  • ADGM, an international financial hub, follows English law and has its own legal system. It was established in 2015, and in 2018, it unveiled cryptocurrency legislation.

London Authorities Shut Down 43 Crypto Phishing Websites in Operation

  • The NFIB, a UK police unit entrusted with researching, reviewing, and gathering intelligence on fraud, has blocked 43 web domains linked to fraudulent operations. 
  • In order to report cybercrimes, victims should use the NFIB’s official channels and hotline, according to the organization.

New York’s Fraud Case Against Digital Currency Group Grows to $3B

  • The Attorney General of New York has broadened the scope of her civil fraud case against DCG, alleging the company is accountable for $3 billion in investor losses.
  • According to the attorney general, up to 230,000 people may have lost up to $3 billion, prompting the lawsuit to be expanded in the New York Supreme Court.

Platform and Tokens

Judge Rules Ryder Ripps to pay Yuga Labs $9 million

  • The revised penalty now stands at $9 million, with almost $7 million allocated to attorneys’ fees.
  • As part of the resolution, the artists must surrender NFTs and transfer any infringing intellectual property.

Bankrupt Crypto Lender Genesis Seeks Nod to Sell $1.6B in Trust Assets

  • The insolvent crypto lending company Genesis has asked the US Bankruptcy Court to authorize selling its about $1.6 billion shares in the GBTC.
  • According to Genesis, optimizing the amount of money available to pay creditors is the goal.

South Korean Authorities Arrest Haru Invest Executives for Embezzlement Charges

  • The problematic crypto yield platform Haru Invest has had multiple executives detained by South Korean prosecutors.
  • The prosecution claims that between March 2020 and June 2023, executives at Haru Invest reinvested most of the coins that clients had deposited.

Ripple to Provide Additional Financial Information Amid SEC Lawsuit

  • Ripple has been ordered by SEC to provide information into the firm’s crypto sales.
  • U.S. district judge has ruled in favour of the SEC’s motion.

Crypto Exchange Bitsonic Executives Reportedly Sentenced for $7.5M Theft

  • The head of Bitsonic’s technical department received a one-year sentence for stealing customer deposits worth $7.5M, while the CEO was given a seven-year prison term.
  • On a charge of using a computer to impede a business, Bitsonic’s vice president of technology, identified only as Mr. A, received a one-year jail sentence.

TradeStation Crypto Resolves SEC Charges on Asset Lending Allegations

  • Due to TradeStation Crypto’s failure to register an interest-bearing lending product, the trading platform reached a settlement with the US SEC and a task force of state regulators.
  • TradeStation maintained total control over the utilization of the assets to produce income and pay investors interest.

Court Rules Against Crypto Exchange Block Earner, ASIC Wins Case

  • The ruling found Block Earner’s Earner product to be a managed investment scheme, thereby requiring licensing and registration under the law. 
  • Block Earner had contended that it operated as a “digital currency exchange” and was subject only to the light-touch AUSTRAC registration process.

Hong Kong SFC Sound Alarm Over Suspected Crypto Fraud Linked to MEXC

  • SFC revealed that MEXC had lured victims into joining social media or messaging platforms under the pretext of offering free financial advice.
  • SFC has added MEXC to the Suspicious Virtual Asset Trading Platforms Alert List.

Project Updates

Solana Network Experiences Downtime: Validators Working to Restore Service

System issue reports state that the Solana network came to a sudden stop, preventing the network validators from processing transactions or advancing blocks. The Solana blockchain typically produces blocks in 400 milliseconds, but users on social media began to note that it had been more than 25 minutes since the last block.

MicroStrategy Boosts BTC Holdings, Now Holds 190,000 BTC Worth $8.1 Billion

The company reported a net income of $89.1 million, a significant turnaround from the $249.7 million loss recorded in the previous year. The company announced that it had added 850 BTC to its holdings in January, bringing its total Bitcoin stash to 190,000 BTC.

Crypto Exchange Bakkt Might Run Out of Cash Soon

Bakkt has announced plans to sell up to $150 million of securities. Bakkt filed an amendment to its quarterly report with the SEC with a warning that it may “not be able to continue as a going concern.”

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • “How To Make Money In Crypto” podcast by FreshandFit
  • “LUKE BELMAR Exposes Crypto and How to 50X Your Portfolio” podcast by Layah Heilpern

Job Listings

2k24 Events

  • ETHDenver BUIDLWeek & hackathon from February 23 to March 3
  • ETHLatam (San Pedro Sula, Honduras) from March 13 to March 14
  • ETHGlobal London from March 15 to March 17
  • ETH Canal conference & hackathon from March 19 to March 21
  • ETHTaipei conference & hackathon from March 21 to March 24

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!

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