CoinCodeCap WeekInFocus: March 24, 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.

News

Global

New York Jury Convicts Promoters in IcomTech Crypto Ponzi Scheme Trial

  • Two former promoters of the purported crypto mining and trading company IcomTech were found guilty of a wire fraud conspiracy by a New York jury.
  • Carmona, Brend, and others assured investors in ItomTech that the company’s cryptocurrency mining and trading would yield daily returns.

IMF Urges Pakistan to Tax Crypto Profits for $3B Bailout Fund

  • IMF-recommended tax rate adjustments aim to tax capital gains on real estate assets annually, regardless of sale or retention by owners.
  • Reports indicate that IMF’s recommendations may be incorporated into the upcoming bailout package under the Extended Fund Facility.

Nigerian Court Directs Binance to Disclose User Data

  • Nigerian court has ordered Binance to provide comprehensive data of all its Nigerian users.
  • Binance’s privacy terms reveals that it could share users’ data with officials for legal reasons.

UK Regulator to Intensify Crackdown on Crypto Market Abuse

  • The FCA of the UK will strengthen its capacity to combat market abuse in the crypto space and support the implementation of a reasonable market abuse policy.
  • In addition to enhancing its capacity to monitor the market, the financial regulator announced that it will develop a policy against market manipulation in crypto.

Australian Regulator Developing Outcome-Based Crypto Policies

  • The ASIC will concentrate on the intended regulatory results as it approaches developing and implementing several regulatory reforms for the crypto industry.
  • The ASIC seeks to promote trust in crypto and decentralized financial systems through enhanced oversight and balancing the trilemma variables.

Estonia Enacts New Regulations for Cryptocurrency Service Providers

  • The law introduces stricter operational and reporting standards, with potential fines reaching €5 million.
  • The bill aligns Estonia with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

US SEC Delays Grayscale Ether Futures Trust ETF Decision Again

  • SEC announced an extension of the deadline from March 31 to May 30 to determine whether to approve the Grayscale Ethereum Futures Trust ETF.
  • SEC stated that it requires more time to consider the proposed rule change before making a decision.

Platform and Tokens

Binance Enlists Prime Brokers in Identifying U.S. Nationals

  • Binance Tightens KYC for Prime Brokers to Block U.S. Nationals.
  • Court documents from November revealed significant U.S. customer involvement in fueling Binance’s growth.

Genesis Settles SEC Case with $21M Penalty

  • Genesis Global Capital has entered a final court judgment to settle accusations about the Gemini Earn financing program, including paying a $21M civil penalty.
  • Under the terms of the settlement, the SEC will only be paid a share of the penalty after other bankruptcy payments, including claims from retail investors, have been made.

Trezor Faces Suspected SIM Swap Attack on X Account

  • As per reports, the hacker stole an estimated $8,100 from Trezor’s Zapper account.
  • Trezor’s compromised account promoted a fake “TRZR” token presale on Solana, prompting users to send funds to a malicious wallet address.

Apple Co-Founder Secures Legal Victory Against YouTube in Bitcoin Scam Battle

  • The Judges found that Google and YouTube, by providing verification badges to hijacked channels, materially contributed to the scams often promoted through hacked popular YouTube channels
  • The Apple co-founder and 17 others sued YouTube and its parent company, Google, in 2020 over viral doctored videos promoting a fake scam

Celsius Pursues $2 Billion Clawback to Repay Creditors

  • The clawback is set to impact 2% of Celsius customers who, just before its bankruptcy filing, collectively withdrew 40% of the firm’s assets.
  • A committee-appointed administrator is now contacting customers who withdrew over $100,000 before Celsius’s July 2022 bankruptcy.

Montenegrin Court Upholds Decision for Do Kwon’s Extradition to South Korea

  • Do Kwon, a co-founder of Terraform Labs, filed an appeal that would have prevented his extradition to South Korea, but a Montenegrin court denied it.
  • Montenegrin authorities detained Kwon in March 2023 for using forged travel documents.

FTX Set to Sell $1B Anthropic Stake to Settle Bankruptcy Debts

  • Reportedly, the shares are being shopped through a special-purpose vehicle.
  • FTX, which invested $500 million in Anthropic in 2021, currently holds a 7.84% stake in the firm.

Montenegrin Supreme Court Postpones Do Kwon Extradition

  • Do Kwon cannot be extradited to his home country of South Korea just yet, so the Supreme Court of Montenegro can consider the prosecutors’ request.
  • Do Kwon will be released by Montenegro’s authorities until local courts determine whether to extradite him to South Korea or the United States.

Project Updates

Former Binance CEO Hints New Project Amidst Legal Troubles

CZ has alluded to a project with “no new tokens.” He is scheduled to appear in court again on April 30 to face a judge for punishment in relation to his guilty plea. CZ left his position as CEO of Binance as part of a plea deal with US authorities.

Dolomite’s Old Smart Contract Breach Causes $1.8 Million Loss

The development team advised users to revoke approvals linked to the Ethereum Dolomite address starting with 0xe2466. Reportedly, the attacker exploited a function named “callFunction” that allows a user to make any arbitrary calls. 

OKX Ceases Operations in India, Urges Users to Withdraw Funds by April 30

About three months after nine foreign crypto exchanges received compliance letters from the FIU of India, OKX is shutting down its operations in India. Within two weeks of receiving the information, the FIU asked the Ministry of Electronics and Information Technology to prohibit the websites of the notified crypto exchanges.

Podcasts and Interviews

  • “Talking about Bitcoin” podcast by CapitalClubCommunity
  • “Bitcoin Going To $0 or $1 Million” podcast by Tom Bilyeu
  • “Why Bitcoin & Alts Will Continue To Skyrocket” podcast by Scott Melkar

Job Listings

2k24 Events

  • ETHTaipei conference & hackathon from March 21 to March 24
  • ETHSamba (Rio) from March 22 to March 24
  • Ethaly (Savelletri di Fasano, Italy) from March 24 to March 29
  • ETH Bucharest conference & hackathon from March 27 to March 30
  • ETH Seoul hackathon from March 29 to March 31

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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