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
South Korea to View Certain NFTs as Crypto Under New Guidelines
- Under the new regulations, NFTs that are divisible, mass-produced, and can be used as payment will be considered as virtual assets.
- The rules state that NFTs could be treated as a security if they showcase features mentioned in the country’s Capital Markets Act.
SEC Considers ProShare spot Ether ETF Application, Grants Ark exit from 21Shares
- SEC is soliciting public comments on the ETF application for 21 days
- SEC has 45 days to approve, disapprove, or institute additional proceedings to determine the applications’ outcomes.
Singapore Warns Businesses of Ransomware Risks
- Akira, the ransomware that stole $42 million from more than 250 organizations in North America, Europe, and Australia in just a single year, is currently focusing on firms in Singapore.
- The Singaporean government-provided information on recognizing, stopping, and neutralizing Akira attacks.
Australia Targets Online Gambling with Crypto and Credit Card Ban
- In order to prevent its residents from squandering money they don’t have, the Australian government forbade the use of credit cards and crypto for online gambling.
- According to the government, companies that don’t follow the new regulations risk fines of up to roughly 234,750 Australian dollars ($155,000).
Zimbabwe Seeks Input from Crypto Firms on Virtual Asset Regulations
- The Zimbabwean government is now working on laws for the nation’s crypto market and is soliciting feedback from domestic and foreign crypto service providers.
- The goal of the Zimbabwean government is to provide a regulatory framework suited to the nation’s unique requirements and circumstances.
MiCA Regulation Evolves with EBA’s Latest Guidelines
- Under the MiCA regulation, the EBA has published a complete set of technical standards and guidelines that offer regulatory guidance for EMTs and ARTs throughout Europe.
- Six subjects are covered in the topics, ranging from asset buffers and stress testing programs to recovery strategies.
Taiwan Forms Association to Support Self-Regulation of Crypto Firms
- An association centered in Taiwan has welcomed a number of crypto businesses in an effort to create self-regulatory guidelines for the nation’s digital asset market.
- According to the group, it is dedicated to supporting and enabling strict and equitable rules that contribute to the worldwide expansion of the blockchain financial sector.
Australian Securities Exchange Greenlit First Spot Bitcoin ETF in the Country
- The approval comes six months after the U.S. SEC approved 10 Bitcoin ETFs.
- The VanEck Bitcoin ETF, trading under the ticker VBTC, will begin on Thursday, June 20.
Platform and Tokens
ZkSync’s Gemholic Project Accused of $3.5 Million Rug Pull
- Following the upgrade, the Gemholic project withdrew 921 Ether from the contract and transferred it to the Ethereum blockchain.
- N Serec alleged that the Gemholic team executed the theft despite completing the blockchain security firm Solidproof’s KYC process.
Orbit Chain Hacker Moves $48M to Tornado Cash After Lying Dormant
- The Orbit Chain exploiter has moved a total of 12,932 Ether — worth $47.7 million across seven transactions.
- The hacker is currently in possession of about $71 million in digital assets which includes $51.1 million in Ether.
Binance Retracts Crypto License Application in Germany
- Binance has abandoned its application for a licence with the German authority.
- The announcement follows a report that the authority has opted not to award Binance a custody license.
Ripple Collaborates with National Bank of Georgia to Digitize Economy
- By investigating methods to digitize the regional economy with the NBG, a prominent crypto company, Ripple is strengthening its relationship with the Republic of Georgia.
- According to the NBG’s official statement, the main goal of the conversation was to find possible ways to collaborate to digitalize the Georgian economy.
Solana Cracks Down on Validators for Retail Trader Attacks
- Solana expelled validators from its delegation program for conducting sandwich attacks on retail users.
- Solana’s Validator Relations Team confirmed the permanent removals and ongoing enforcement actions.
Thai SEC Cancels Zipmex’s Licenses Over Non-Compliance
- The SEC of Thailand has withdrawn two of the crypto exchange Zipmex’s operational licenses following months of regulatory scrutiny.
- The Finance Minister concluded that the trade was still outside the directives.
Riot Condemns Bitfarms’ ‘Poison Pill’ Plan Amid Hostile Takeover Attempts
- The poison pill plan will dilute shares of any entity acquiring more than 15% of Bitfarms’ stake between June 20 and September 10.
- Riot revealed that it had purchased around six million common shares of Bitfarms in three separate trades
Terraform Labs’ Final $4.47 Billion Settlement To SEC
- Terraform Labs will pay $4.5 billion to settle the SEC’s securities fraud lawsuit.
- The settlement prohibits Terraform Labs and former CEO Do Kwon from trading crypto assets. Do Kwon is still awaiting extradition in Montenegro.
Crypto-Friendly Swiss Bank Shut Down By Regulator
- FINMA claimed that there existed “well-founded concerns that the bank is currently over-indebted,” with “no prospect” of a restructuring.
- FINMA stated that lender “no longer had sufficient capital for its operations as a bank.
Nigerian Agency Drops Tax Evasion Charges Against Binance Executives
- Binance Executives Cleared of Tax Charges in Nigeria.
- Nigeria’s FIRS revised charges to name only Binance, excluding executives. Nigeria pursued money laundering and tax evasion charges against Binance
Project Updates
Arbitrum Foundation to Distribute $215M in ARB tokens to Fuel Gaming Sector
The three-year Gaming Catalyst Program will distribute 225 million Arbitrum (ARB) tokens. L2Beat, Wintermute, Treasure DAO supported the proposal while Blockworks Research and Camelot DAO opposed it.
Lykke Exchange Halts Trading After $22M Security Breach
UK-based crypto exchange Lykke has halted trading after a suspected hack resulted in a loss of over $22 million. The incident was initially reported by on-chain researchers on ‘X’
UwU Lend faces a $3.7 Mln exploit, days after a $20 Mln Exploit
The stolen $3.7 million in assets is now present in the hacker’s wallet address after being converted to ether. Many blockchain analysts have attributed both hacks to the same exploiter.
Eigen Labs Takes Over Rio Network and Opens LRT Code
Rio Network, a restaking platform, has been acquired by Eigen Labs, the firm that created the EigenLayer protocol. Rio’s team has moved to Eigen Labs, where they are focusing especially on creating EigenLayer.
Podcasts and Interviews
- “Brad Garlinghouse New Podcast” podcast by Ripple
- “Crypto Podcast Episode #2” podcast by Culture + Crypto Podcast
- “Bitcoin, Gold & The Death Of The Dollar” podcast by RiskReversal Media
Job Listings
- Discord Moderator | Gnosis
- Quant Developer for DeFi | IMC
- FullStack Engineer | Alchemy
- Head of Protocol Engineering | ChainSafe
- Full-stack Engineer | Stakefish
2k24 Events
- ETHKyiv hackathon & conference from June 21 to June 23
- EthCC (Brussels) conference from July 8 to July 11
- ETHGlobal Brussels hackathon from July 12 to July 14
- EDCON Tokyo conference from July 29 to July 30
- Ethereum Argentina conference & hackathon from August 2 to August 4
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!
