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
MAS States Bankrupt FTX not on its Investor Alert List
- Singapore regulators defend their decision to issue a warning to Binance but not to FTX.
- MAS states FTX is not on its investor alert List since FTX’s activities were not directly aimed at users from Singapore.
South Korea’s People Power Party Proposes Delaying Crypto Taxation
- South Korea’s ruling party has proposed to delay taxing crypto gains by 2 more years
- The implementation for crypto gains tax was originally booked for January 2025
Japan Unlocks Crypto and Web3 Investment Opportunities for Local VCs
- By permitting LP entities to purchase and hold crypto assets, Japan hopes to promote strategic domestic investments into Web3 startups.
- Prior to the bill’s passing, venture capital firms in Japan were not allowed to make investments in cryptocurrency assets.
UK Plans to Introduce Stablecoin and Staking Laws Within Six Months: Report
- Within the next six months, the UK hopes to enact new legislation governing stablecoins and cryptocurrency staking.
- UK PM committed to turning the nation into a “global crypto hub,” emphasizing the necessity for cryptocurrency companies to expand, innovate, and invest in the UK.
Japan’s Financial Regulator Tightens Crypto Transaction Oversight
- FSA urged banks to take action if they notice discrepancies between the sender’s name and the account name.
- Banks are expected to consider FSA’s recommendations and decide on measures depending on their circumstances
South Korean Province’s Digital Tax Tracking Nets $4.6M from Crypto Accounts
- Gyeonggi Province recovers $4.6M in unreported taxes in 2023 via a digital system tracking crypto accounts of tax evaders.
- By using resident registration numbers, officials can trace mobile phone numbers, improving their ability to detect memberships on virtual currency exchanges.
Nigeria Imposes Restrictions on Prominent Crypto Exchanges: Report
- Nigeria has restricted access to cryptocurrency exchanges Binance, Kraken, and Coinbase, which is undoubtedly a noteworthy development for the nation.
- The choice was taken in an effort by the government to curtail currency speculation. The value of the Naira in Nigeria has dropped to all-time lows.
Platform and Tokens
FixedFloat Hack: Bitcoin and Ethereum Losses Reach $21 Million
- Due to a serious hack, FixedFloat lost roughly 409 Bitcoins ($21.17M) and 1728 Ethers ($4.85M).
- The exchange went into maintenance mode with only “minor technical problems” mentioned on the website.
Binance Announces Closure of Several Leveraged Token Services
- From February 28, Binance will suspend trading and subscription services for the leveraged tokens including BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN.
- If users don’t redeem their tokens in time, the exchange will convert them into USDT based on their value at delisting.
Ripple CEO Expresses Openness to XRP ETF, Welcomes the Idea
- In a Bloomberg interview, Ripple CEO Brad Garlinghouse stated that the business would “welcome” an ETF built around the XRP token.
- The CEO declined to respond when asked if Ripple is currently communicating with the issuers of ETFs.
US Extradition Order for Terra Founder Do Kwon Issued
- Do Kwon is expected to be extradited to the US to face fraud accusations. Kwon has been detained in Montenegro since March 2023.
- Only two weeks had passed since the Montenegro Appeals Court overturned the extradition ruling before the decision was made.
Lejilex and CFAT Challenges SEC’s Crypto Authority in Legal Dispute
- Lejilex and the CFAT have filed a lawsuit against the SEC, requesting that the court make a ruling regarding the legality of digital assets on the secondary market.
- The lawsuit accuses the SEC of one count, citing the Declaratory Judgement Act and a 2007 case as precedents.
DeFi Platform Blueberry Halts Lending Operations After Security Breach
- Protocol for decentralized finance Blueberry was able to halt its protocol following a last-ditch effort to contain possible harm from an “ongoing exploit.”
- Users who had trouble withdrawing money from Blueberry said that the front end was also down, further escalating the unrest.
Kraken Seeks Dismissal of SEC Lawsuit, Cites Concerns Over Regulatory Overreach
- Kraken has requested to dismiss a lawsuit from the US SEC from November, claiming that the case establishes a “dangerous precedent” for the agency’s authority.
- The agency charged Kraken with having inadequate internal controls, allowing $33 billion in consumer assets to be mixed with company cash.
Axie Infinity Co-Founder’s ETH Wallets Hacked, $8 Million Loss Reported
- PeckShield warned of a “whale wallet” breach on the Ronin Bridge, with the hacker taking 3,248 ETH.
- Axie Infinity co-founder and COO Aleksander Larsen stated that the Ronin network was not compromises
Prosecutors Seek Changpeng Zhao’s Passport Surrender Prior to Sentencing
- CZ has been subject to new travel restrictions, which the US Attorney’s Office has asked a federal judge to grant.
- Zhao is a citizen of the United Arab Emirates, where the judge turned down his plea to visit family prior to his sentence.
Project Updates
FixedFloat Exchange Responds to $26 Million Crypto Hack, Promises Compensation
It was recently discovered that 409 Bitcoins and 1,728 Ethers, valued at over $26 million, were lost in a major attack that affected FixedFloat, a well-known cryptocurrency exchange. Aside from that, the exchange promised to reimburse users for any unpaid bills they may have had as a result of the incident.
Fairshake PAC Receives $4.9 Million Funding from Gemini’s Winklevoss Twins
Super PACs like Fairshake are prohibited from directly contributing funds to political candidates. Fairshake has raised over $85 million to support political leaders who advocate for crypto and blockchain technologies.
BTC Miner Riot Platforms’ Revenue Surged to $280 Million in 2023
In 2023, Riot Platforms saw a 19% uptick in its Bitcoin production compared to 2022. In 2023, Riot’s Bitcoin mining cost, net of self-mined power credits, averaged $7,539 per Bitcoin, showing a 33% decrease from 2022’s $11,225.
Uniswap Protocol Governance Upgrade Proposes Rewarding UNI Token Holders
Uniswap sees a skyrocket in price following the announcement of long-awaited staking rewards. The proposal is set for a snapshot vote on March 1. This proposed upgrade aims to reward UNI token holders for their active participation in governance decisions.
Podcasts and Interviews
- Interview with Kartin Wong, founder of Hyper Oracle
- “Bitcoin, Crypto, How to Make Money Online and Escaping the Matrix” podcast by When Shift Happens
- “Did The Bitcoin Rally Just End” podcast by Crypto Banter
Job Listings
- Technical Writer | Powerloom
- Software Engineer and Staff Software Engineer | MetaMask Staking
- TypeScript Developer | Sourcify
- Protocol Researcher | Netherminds
- Technical Chief Operating Officer | Status
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!
