CoinCodeCap WeekInFocus: September 17, 2023

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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.



Thai Authorities Arrest Five Suspects in $27M Crypto Scam Affecting 3,200 Victims

  • Five foreign nationals have been detained in Thailand in connection with a fraudulent crypto investment platform that defrauded investors of over $27 million.
  • Investment schemes continue to cause the most financial damage of all frauds registered in the nation, according to a CCIB spokesperson.

US SEC Chief Gensler’s Unwavering Crypto Enforcement Stance in Senate Hearing

  • Gary Gensler intends to inform Congress of this on September 12 and is adamant that his organization should be in charge of crypto. 
  • Gensler continued his recurring theme by claiming that almost all crypto assets pass the Howey test.

Singapore Imposes 9-Year Trading Ban on Three Arrows Founders

  • Singapore’s central bank has given Kyle Davies and Zhu Su nine-year restriction orders due to alleged violations of the nation’s securities regulations.
  • In its decision to bar the two, MAS stated that after conducting more investigations into the insolvent 3AC and its co-founders, it discovered other securities law infractions.

EU votes for DAC8 Targeting Enhanced Crypto Tax Reporting

  • DAC adheres to the Crypto-Asset Reporting Framework (CARF).
  • DAC8 got overwhelming support in the form of 535 members voting in favour.

Platform and Tokens

Coinbase India to not discontinue services, issues clarification

  • Email notice urging users to remove funds was aimed at those breaching the exchange’s standards. 
  • Coinbase has put a stop to Indian users signing up to its exchange since June.

DeFi Advocacy Group Rallies Against Patent Troll Threat to Protocols

  • An advocacy group for DeFi has asked the USPTO to examine a patent held by a business it claims is a “patent troll.”
  • It launched a lawsuit in October against the DeFi protocols MakerDAO and Compound Finance after finding no buyers.

FTX Unveils FTX 2.0 Relaunch Strategy: Engages with 75 Potential Bidders 

  • FTX Group is reportedly poised for a potential comeback.
  • An October 16 Deadline for the Selection of Stalking-Horse Bid in FTX 2.0 Relaunch Efforts has been set.

CoinEx suspects being Hacked for More Than $27 Million 

  • CoinEx is facing concerns of a possible hack due to substantial outflows from their hot wallets.
  • Etherscan data reveals that a cryptocurrency address received nearly 5,000 ether from a known CoinEx hot wallet at 9:20 am Eastern Time.

Lazarus Group from North Korea Linked to $55M CoinEx Hack

  • The North Korean hacking group Lazarus was responsible for the attack on the crypto exchange CoinEx.
  • Security professionals feared the exchange had been compromised immediately, with initial estimates at around $27 million.

Binance US deems SEC’s requests ‘unreasonable’ in ongoing legal tussle

  • Binance argues that the SEC has failed to present any evidence supporting its allegations that customer assets have been misappropriated.
  • Binance has called the SEC’s requests as “unreasonable” and “unduly burdensome.”

Remitano Exchange Hacked for $2.7M with $1.4M Frozen by Tether

  • The cryptocurrency exchange Remitano reported significant withdrawals under unusual circumstances; the exchange may have been hacked.
  • Tether then froze the address to stop the attacker from withdrawing USDT, preventing the transfer of $1.4 million of the drained crypto.

Celsius and Core Scientific Agree to $45M Settlement in Ongoing Litigation

  • An agreement between Celsius Network and Core Scientific has been revealed to end a lengthy legal dispute.
  • The dispute between the two companies essentially began in October 2022, when Core Scientific claimed Celsius had not paid its debts.

Gemini hits out at DCG, Genesis Bankruptcy Plan, calls it ‘Misleading’

  • Gemini accused DCG of gaslighting Genesis creditors through “contrived, misleading, and inaccurate assertions” in the bankruptcy plan.
  • Lawyers allege that DCG was attempting to “bait the Gemini Lenders into accepting a deal”

Project Updates

Magic Solana’s compressed NFTs are incorporated by Eden into the market

Magic Eden, a nonfungible token (NFT) exchange, has announced that it would offer Solana’s compressed NFTs (cNFTs), a more affordable and scalable option to purchasing digital collectibles. The development of mass-produced collections across a variety of industries, including gaming, music, events, and the metaverse, is suitable for this kind of NFT, according to Magic Eden.

Binance Announces the Launch of opBNB Mainnet

The opBNB mainnet officially launched on September 13th, according to Binance. Based on the Optimism OP Stack, opBNB is a Layer 2 solution that is compatible with the Ethereum Virtual Machine (EVM). More than 150 dApps have been installed since the testnet’s June 19 release, handling more than 35 million on-chain transactions.

Launch of Google Cloud Oracle on LayerZero

Google Cloud Oracle has been released on LayerZero, according to a September 12 announcement from LayerZero. All LayerZero applications can now use the Google Cloud oracle, a dedicated validator, which will be set up as the default on September 19th.

PolkaWorld Halts Operations Amidst Governance Concerns

As per PolkaWorld, many organizations are being rejected by the treasury and are leaving the ecosystem. The organization expressed concerns about the treasury management within OpenGov,

Podcasts and Interviews

  • Interview with Ruud Feltkamp, founder of Cryptohopper
  • “Invest for CASHFLOW vs Capital Gains” podcast by The Rich Dad Channel
  • “Surveillance Finance 101” podcast by BankLess

Job Listings

Looking for an internship? Don’t worry; we’ve got you covered this week.

2k23 Events

  • ETHSafari from September 18 to September 24
  • Pragma from September 21 to September 24
  • ETHGlobal New York from September 21 to September 24
  • ETHMilan Conference from October 5 to October 6
  • ETHOnline/ETHGlobal virtual from October 6 to October 27

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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