CoinCodeCap WeekInFocus: March 31, 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

EU Approves Ban on Anonymous Crypto Transactions

  • The European Union Parliament has implemented a ban on unidentified self-custody crypto wallets.
  • Ban specifically targets anonymous cash transactions exceeding €3,000.

Philippines Regulators to Block Crypto Exchange Binance

  • Binance will not be accessible to local users in the Philippines due to financial regulators’ worries over the company’s unauthorized operations.
  • The SEC states that the prohibition will go into effect in three months to give investors time to sell any shares they may have acquired through Binance.

London Stock Exchange Set to Launch Crypto ETNs in May 2024

  • The London Stock Exchange (LSE) will introduce exchange-traded notes (ETNs) tracking the performance of Bitcoin and Ether on May 28.
  • An anti-money laundering licensed custodian in the United States, the United Kingdom, or the European Union must hold the underlying assets in cold storage.

South Korean Authorities Arrested $4.1M Crypto Scam Duo

  • Two con artists who fooled an elderly citizen out of 5.5 billion won ($4.1 million) by promising lucrative crypto investments have been apprehended by South Korean authorities.
  • The victim was allegedly promised large profits on cryptocurrency investments between September 2022 and December 2022.

Indonesia Set to Launch Regulatory Sandbox for Crypto Assets

  • Local financial services providers must be part of the regulatory sandbox or allow space for testing future innovations, such as crypto asset products.
  • Regulatory sandboxes are often instruments companies use to test and try out novel, cutting-edge goods or services for a brief time.

Platform and Tokens

RippleX Reveals Technical Glitch Affecting AMM Pools on XRP Ledger

  • RippleX advises users against depositing funds into impacted AMM pools.
  • Ripple stated that it is dedicated to quickly resolving the issue and has enlisted community members to assist in troubleshooting.

Binance Executive Escapes Detention Amid Nigerian Tax Evasion Charges

  • A Binance executive under custody in Nigeria was able to leave town using a fake passport, according to people with knowledge of the case.
  • The men reportedly had access to cell phones during their incarceration, among other privileges.

US SEC to Seek $2 Billion Penalties in Ripple Case

  • SEC had requested a judge to impose fines totaling $2 billion against Ripple as part of filing under seal until March 26th. 
  • Ripple’s chief legal officer indicated that the company intends to submit an answer in April .

DeFi fund, Beba File Lawsuit to Protect Airdrop from SEC’s Legal Actions

  • The lawsuit argues that Beba’s distribution of its BEBA crypto token to customers for free does not violate U.S. securities laws.
  • They criticized the SEC’s targeting of airdrops, as unregistered securities transactions.

FTX Founder SBF Faces 25-Year Prison Sentence

  • Sam Bankman-Fried, the founder of FTX, was found guilty in November and was formally sentenced to 25 years in jail on Thursday.
  • One of the most contentious episodes in the history of the digital asset market will probably always be the fall of FTX.

Binance Executive Files Human Rights Violation Suit Against Nigerian Authorities

  • Binance has filed a lawsuit against the National Security Adviser and the EFCC due to prolonged detention.
  • Detained Binance executive has accused  Economic Financial Crimes Commission of infringing his fundamental human rights.

UK Judge Freezes Craig Wright’s Assets Amid Bitcoin Inventor Controversy

  • Judge James Mellor issued a global freezing order on £6 million of Craig Wright’s assets.
  • In a lawsuit filed by COPA, Mellor determined  Wright was not Satoshi Nakamoto.

Abra Settles with Fifth State Amidst Transition of US Operations

  • By settling with the Oregon Division of Financial Regulation, Abra will refund Oregon customers’ funds on the site and stop selling unregistered securities in the state. 
  • Abra was forced to notify every account holder in the state to take their cryptocurrency holdings off the platform.

Commissioner warns against CFTC Overreach on SEC’s authority in KuCoin case

  • Pham voiced criticism against this legal action, suggesting that it might blur the boundaries between the regulatory purviews of CFTC and SEC.
  • Pham pointed out that the lawsuit confuses fund shares, usually considered securities by the SEC, with trading activities overseen by the CFTC.

Project Updates

Polygon (MATIC) Endures 12-Hour Network Outage

Polygon’s zkEVM faced substantial downtime exceeding 12 hours because of a glitch in the protocol sequencer. Extended outage sparked worries regarding the network’s dependability and scalability.

ParaSwap Returns Crypto Assets Following Smart Contract Bug Discovery

ParaSwap found a smart contract vulnerability last week, but white hat hackers intervened in time to prevent major asset loss. The team also reached out to identified hacker addresses via on-chain messaging, urging the return of stolen user funds.

Hacker Returns $62.8M Ether Stolen from Crypto Game Munchables

The Munchables hacker changed his mind after nearly eight hours and returned $62.8M worth of Ether that had been taken in an exploit without requesting a ransom. The hack was caused by the Munchables team employing a North Korean engineer who went by the handle “Werewolves0943.”

Podcasts and Interviews

  • “Michael Saylor: Bitcoin’s ‘Gold Rush’ Has Started” podcast by Natalie Brunell
  • “Bitcoin Is Going To $1 Million!” podcast by Anthony Pompliano
  • “Bullish Predictions For 2024 With Tom Dunleavy” podcast by Scott Melkar
  • “Future of Bitcoin w/ Michael Saylor” podcast by Peter H Diamandis

Job Listings

2k24 Events

  • ETHGlobal Scaling Ethereum virtual hackathon from April 5 to April 26
  • EthereumZuri.ch conference from April 5 to April 7
  • ETHDam (Amsterdam) conference & hackathon from April 12 to April 14
  • EY Global Blockchain Summit (London) from April 16 to April 18
  • ETH Tallinn hackathon from April 19 to April 21

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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