CoinCodeCap WeekInFocus: March 3, 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

Spain’s Financial Regulator Warns Investors Over Unlicensed Crypto Firms

  • CNMV stated that the listed companies are not authorized to offer investment services or other CNMV-supervised activities.
  • Crypto firms including Bitbinx, Crytomerge, and CryptoMaxiTrade are in the list.

FSB to Standardize Global Incident Reporting for Institutions Dealing with Crypto

  • In a letter to G20 finance ministers and central bankers, FSB chair Klaas Knot stated that the outlook for global financial stability is still difficult. 
  • Last year, the G20 adopted a policy on a worldwide regulatory and supervisory framework for digital assets.

Hong Kong Plans Regulatory Sandbox for Stablecoin Issuance

  • Hong Kong aims to introduce a regulatory sandbox to test stablecoin issuance in a controlled environment.
  • The initiative aims to test stablecoin issuance processes, business models, investor protection mechanisms, and risk management systems.

IRS Employs Private-Sector Crypto Experts for Tax Season Preparation

  • The US IRS has hired two new private-sector specialists in cryptocurrency taxation to concentrate on digital assets.
  • The IRS intends to enhance compliance in developing areas, such as digital assets, by utilizing funds from the IRA.

US House Committee Votes to Scrap SEC’s Crypto Custody Bulletin

  • Members from both political parties in the HSFC supported the resolution, while 20 members opposed it.
  • Rep. Mike Flood (R-Neb.), stated that banks consider custodial assets, including securities, as “off-balance sheet” items.

EIA Abandons Emergency Bitcoin Miner Survey After Legal Clash

  • Federal government scraps emergency Bitcoin mining survey amid legal pressure from industry players.
  • EIA has agreed to destroy the data it has collected so far to put an end to all lawsuit.

Indonesia Looks to Reconsider Dual Crypto Taxation Policy

  • Bappebti is looking to reassess the government-imposed VAT of 0.11% on each crypto transaction in the country.
  • As per local media reports, Indonesia garnered around $2.49 million in cryptocurrency taxes in January.

Hungary Drafts Law Permitting Banks to Provide Crypto Services

  • Hungary is pushing a bill allowing banks, investment firms, and asset managers to provide services in Bitcoin and other cryptocurrencies.
  • Such legislative moves are part of a larger trend toward acknowledging the significance of digital currencies in the financial system.

Platform and Tokens

MicroStrategy’s X Account Hacked in ETH Token Phishing Scam, Over $440k Drained

  • Clicking the link redirects users to a fake MicroStrategy webpage, where they’re prompted to connect a wallet and claim the fake MSTR airdrop.
  • As per blockchain analyst ZachXBT, losses from the scam have surpassed $440,000.

FTX Resolves Dispute: European Arm Sold for $33M

  • Insolvent cryptocurrency exchange FTX has returned to its previous owners after settling a dispute over its European division.
  • Robin Matzke and Patrick Gruhn, the startup’s founders, retaliated by demanding $256.6 million from FTX, disputing the accusations.

Blast Network’s Layer 2 Project Suffers 500 ETH Rug Pull

  • The rug pull on Blast’s Layer 2 project “RiskOnBlast” led to the vanishing of $1.3 million in crypto.
  • Rug Pull affected over 750 wallets, stolen funds were subsequently tracked to various exchanges.

Former FTX CEO Sam Bankman Fried Requests For 6.5 Year Jail Term in Memo

  • Bankman-Fried faces a litany of charges, including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy.
  • His legal team argues that a 100-year sentence would be harsh, given that customers are expected to be fully repaid through the FTX bankruptcy estate.

Extradition of Do Kwon Unlikely Before End of March, Lawyers Says

  • Do Kwon may not be extradited to the US in time for the company’s trial before the SEC of that nation, his attorneys have stated.
  • According to Patton, Do Kwon is unlikely to be present or able to attend the trial, which is set to start on March 25, 2024.

Gemini to Repay $1.1 Billion to Earn Users, Faces $37 Million Penalty

  • If approved by the bankruptcy court, Gemini notes that it expects Earn users to receive 100% of their crypto assets back.
  • NYDFS noted that Genesis defaulted on $1 billion in loans from Earn users.

Former Blockchain Global Director Bound to Australia Amid Proceedings

  • Amidst an investigation into his involvement in Blockchain Global’s demise, the company’s former director has been temporarily prohibited from leaving the nation.
  • Guo was not there when the order was made at the hearing; thus, he was unable to react right away. Guo is scheduled to appear in court again on March 12.

Craig Wright Confronted in Court Over Alleged Forged Email

  • Craig Wright was charged today with fabricating evidence to bolster his claim that he is Satoshi Nakamoto in the highly contentious COPA vs. Wright trial.
  • These emails are crucial in supporting or refuting Wright’s long-standing claim that Satoshi Nakamoto is who he claims to be.

State Attorneys General Challenge SEC’s Lawsuit Against Kraken

  • AGs emphasized that crypto should not automatically be classified as securities and urged the court to apply consistent standards to crypto assets.
  • The state AGs argued that the SEC’s legal action against Kraken could potentially harm consumers and interfere with state laws. 

Project Updates

KyberSwap Hacker Shifts $2.5 Million in Stolen Funds from Arbitrum to Ethereum Network

One million dollars in stablecoins, specifically $826,500 worth of Dai stablecoin, were transferred to another wallet. PeckShield has detected activity from the hacker’s wallet, with transfers of 798.8 Ether, valued at nearly $2.5 million, moving from Arbitrum to the Ethereum network.

Tornado Cash Security Breach: Malicious Code Endangers User Deposits

Tornado Cash faces potential risks to its deposits and deposit data. A proposal suggests reverting to a previous version of the protocol’s IPFS deployment.

Hacker Behind Bitfinex Heist Testifies in Trial

Hacker Ilya Lichtenstein served as a government witness in the trial against the purported operator of Bitcoin Fog. Lichtenstein’s testimony reveals insights into the operation of the notorious Bitcoin Fog.

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • “Bitcoin Breaks $1 Trillion Market Cap” podcast by Scott Melkar
  • “The Coming Bitcoin Surge” podcast by Peter H Diamandis

Job Listings

2k24 Events

  • ETH Salvador on March 9
  • 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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