CoinCodeCap WeekInFocus: January 28, 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.



US Virginia Senate Bill Proposes Favorable Rules for Crypto Mining

  • Bill prohibits industrial zones from imposing stricter noise ordinances on crypto-mining activities.
  • Under incentives, individuals can exclude up to $200 per transaction from their net capital gains for tax purposes, provided the gains are derived from crypto used for purchase.

B. Riley Financial Faces SEC Scrutiny Over Securities Fraud

  • B. Riley Financial faces SEC scrutiny for transactions tied to securities fraud.
  • Despite denials, questions arise about B. Riley’s involvement in bitcoin mining investments and past management buyouts.

SEC Reveals X Account Hack Caused by ‘SIM Swapping’

  • SEC’s cell phone number associated with the account was compromised in an apparent SIM swap attack. 
  • SEC disclosed that six months prior to the attack, a staff member had removed multifactor authentication due to account access issues.

BIS Unveils Ambitious 2024 Roadmap with CBDCs and Tokenization Projects

  • The BIS Innovation Hub will introduce a blockchain-based tokenization project and move forward with the second phase of its CBDC privacy testing.
  • Head of the BIS Innovation Hub said that tokenization is another important topic and that Promissa is the first of “more initiatives” in this field.

Regulatory Watchdog FSB Advocates for Crypto Oversight in 2024 Agenda

  • FSB’s 2024 agenda includes establishing international standards, ensuring consistent global implementation, and maintaining ongoing monitoring.
  • FSB is looking at assessing the financial stability implications of existing and planned projects with respect to asset tokenization.

Platform and Tokens

Terraform Labs Files for Chapter 11 Bankruptcy Protection in US

  • As per the filing, the firm had between $100 to $500 million in estimated assets as well as liabilities.
  • Unsecured creditors include TQ Ventures, Standard Crypto among others.

Coinbase Challenges US GAO’s Crypto Sanctions Stance: CLO Takes a Stand

  • Paul Grewal took a harsh stance against the US GAO for its latest study on the usage of cryptocurrencies to circumvent sanctions.
  • According to the GAO report, foreign governments under US sanctions have used cryptocurrencies like Bitcoin on multiple occasions to get around the restrictions.

FTX Sells Nearly $1 Billion in GBTC Shares

  • FTX’s bankruptcy estate has sold a substantial 22 million shares, valued at nearly $1 billion, from GBTC.
  • Spot bitcoin ETFs finally started trading on January 11 after receiving approval from the U.S. SEC.

Binance and SEC Lawyers Clash: Intense Arguments Over Crypto as Security

  • Following an argument over whether or not particular tokens qualified as securities, attorneys for Binance requested that the court dismiss the case.
  • The weather caused a delay in the hearing, which was initially scheduled for January 19.

Over $600K lost in MailerLite Crypto Email phishing attack

  • Hackers targeted crypto-related accounts connected to the mailing service, gaining access to 117 accounts.
  • MailerLite attributed it to a social engineering attack on a customer support employee.

CZ Attempting to Pledge Entire Binance Stake to Exit the US in January

  • In an attempt to gain permission to temporarily return to the UAE, former Binance CEO CZ attempted to pledge his multibillion-dollar interest in Binance US.
  • In a closed-door meeting on December 29, according to court records, Judge Richard Jones rejected the request.

Lawyer Involved in OneCoin Scam Sentenced to 10 Years

  • Scott has been convicted on charges of conspiracy to commit bank fraud and conspiracy to commit money laundering.
  • Prosecutors urged for a minimum sentence of 17 years for Scott.

Algorand CEO’s Hacked Account Compromised

  • The Algorand Foundation requested that its users abstain from clicking links and replying to direct messages after revealing that its CEO’s account had been hijacked.
  • The attacker responded to the message with a parody of how Justin Sun, the founder of Tron, will take Algorand to new heights.

Estonia Government Approves Extradition of Hashflare Founders

  • The co-founders of HashFlare, Ivan Turogin and Sergei Potapenko, are once again scheduled to be extradited from Estonia to the United States.
  • Following a thorough investigation by US and Estonian law enforcement, Turogin and Potapenko were taken into custody in Estonia in November 2022.

Project Updates

Trezor Reveals Impact of Phishing Attack: 66K Users Exposed to Security Breach

Trezor announced that it had discovered a security vulnerability that resulted in the exposure of over 66,000 customers’ contact details. The firm claimed to have notified all 66,000 contacts about the problem via email.

Abra Settles Lawsuit, Investors Can Access $13M in Frozen Crypto

Around 12,000 investors can now reclaim their crypto from interest-bearing accounts, totalling around $13.6 million in value last year. Abra is required to initiate withdrawals and fulfil other stipulations outlined in the agreement within the next 30 days.

Mt. Gox Affirms Creditors’ Bitcoin Addresses for Repayment

Mt. Gox, is reportedly on the verge of initiating repayments to creditors. Emails confirm identity verification for accounts designated for Bitcoin and Bitcoin Cash repayments. 

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • “David Schwartz Talks Ripple XRP Ledger” podcast by Thinking Crypto
  • “The Orange Pill with Dave Smith” podcast by What Bitcoin Did

Job Listings

2k24 Events

  • ETH Cinco de Mayo hackathon (Cholula, Puebla) from February 2 to February 4
  • Ethereum Lima Day on February 3
  • ETHDenver BUIDLWeek & hackathon from February 25 to March 3
  • ETHLatam (San Pedro Sula, Honduras) from March 13 to March 14
  • ETHGlobal London from March 15 to March 17

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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