WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week (30 July to 5 August). 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
Australia’s Bendigo Bank Blocks High-Risk Crypto Payments
- In June, Commonwealth Bank stated that it would decline or temporarily hold certain payments to cryptocurrency exchanges, citing the risk of scammers.
- Bendigo states the move aimed to prevent fraudulent payments and reinforce protections for the bank’s customers.
IRS Announces Taxation on Crypto Staking Rewards
- IRS has issued a new judgment requiring cryptocurrency investors to declare crypto staking rewards as gross income.
- Gross revenue covers earnings that are received in any way, including cash, goods, services, and now staking incentives.
India Proposes Roadmap for Global Crypto Framework
- India endorsed the Financial Stability Board’s recommendations for the global crypto framework, released in July.
- The document agrees with the recommendations made by the FSB, FATF, and IMF.
Hong Kong’s SFC Grants First Crypto Retail Trading License To Hashkey
- The Type 1 license allows HashKey Exchange to operate as a virtual asset trading platform, subject to Hong Kong’s securities laws.
- The company also acknowledged its commitment to comply with the Guidelines for Virtual Asset Trading Platform Operators.
FDIC Targets Closed Crypto Firm Unbanked for Alleged Misleading Claims
- The FDIC accuses Unbanked of falsely implying that financial products, including crypto, are insured by the agency and has made it clear that it will pursue companies making such claims.
- The agency provided a 15-day deadline for Unbanked to confirm in writing that it has complied with the order and cease making misleading statements in the future.
Oman Regulators Seek Input on Proposed Virtual Asset Framework
- Oman is getting closer to implementing its virtual asset rules; the body in charge of the financial markets is now looking for feedback from the general public.
- Industry stakeholders may respond to 26 questions in the consultation paper with their thoughts.
Platform and Tokens
DeFi Protocol Curve Finance Hit by $47M Exploit
- Several secure pools employing Vyper on Curve Finance were taken advantage of, resulting in roughly $47 million in losses.
- A white hat hacker recovered about 2,879 Ether, valued at approximately $5.4 million, from an exploiter and returned it to Curve Finance on the same day.
DEX LeetSwap Suspends Transactions As Exploit Concerns Spike
- LeetSwap stated that it is collaborating with on-chain security experts to attempt to recover the locked liquidity and identify the source of the exploit.
- The team noticed unusual activity, indicating that pool liquidity might have been tampered. Consequently, the exchange took swift action and temporarily suspended trading to prevent further losses.
GameStop Withdraws Support For Crypto Wallet, Cites Regulatory Uncertainty
- GameStop will remove its iOS and Chrome Extension wallets from the market on November 1, 2023, leaving customers with access until October 1.
- The decision comes just one year after the company introduced the service to its customers.
Australian Regulator ASIC Charges eToro Exchange for Misconduct
- ASIC stated that eToro’s target market screening test was overly lenient and of little use in excluding customers for whom CFDs were inappropriate.
- ASIC claims that between October 2021 and June 2023, nearly 20,000 of eToro’s clients suffered losses from trading CFDs.
BlockFi’s Chapter 11 Plan Gains Conditional Court Approval
- BlockFi has announced that the US Bankruptcy Court has provisionally authorized its disclosure statement.
- Clients claiming $3,000 or less will be included in the convenience claim class and will get a one-time cash payment from the BlockFi estate equivalent to 50% of their claim.
SEC Freezes DEBT Box Assets Amid Allegations of $50M Fraud
- Digital Licensing Inc. has had its assets temporarily frozen by the US SEC after it was charged with running a $50 million fraudulent crypto scheme.
- For marketing unregistered securities offerings, the SEC filed charges against 18 individuals.
Revolut To stop offering crypto trading services
- Revolut Halts Cryptocurrency Services in the US Amid Regulatory Uncertainties
- From Oct. 3, US clients will be unable to buy, sell, or hold any cryptocurrencies on Revolut.
Coinbase Files Motion to Dismiss SEC Lawsuit
- Coinbase requests dismissal of SEC case, claiming regulatory overreach.
- Crypto exchange asserts SEC lawsuit surpasses jurisdictional boundaries.
Ethereum Mainnet Celebrates 8th Anniversary
- On July 30, eight years after its debut, the Ethereum mainnet celebrated its eighth birthday. On July 30, 2015, the official launch of the Ethereum mainnet resulted in the creation of a Genesis block with a block reward of 5 ETH.
Binance Labs Announces Top Four Projects from the MVB Program
- The top four projects from the previous quarter’s Most Valuable Builder (MVB) program were revealed by Binance Labs on August 4th. These projects are AltLayer, an Ethereum scalability initiative; KiloEx, a user-friendly decentralized exchange (DEX); Kinza, a DeFi lending protocol; and Sleepless AI, a blockchain-based AI virtual companion game.
opBNB Mainnet Scheduled for Mid-August 2023 Launch
- The opBNB mainnet is slated to start in the middle of August 2023, according to the status update posted on the BNB Chain L2 network on August 2nd. By the end of August or the start of September, it will be initially accessible to infrastructure providers before being made available to the general public. There will be thorough testing encompassing areas like usability, performance, transaction fees, and security before the mainnet is officially launched.
Sei Announces Mainnet is Ready
- With validator nodes spread across 12 nations and three continents, the Atlantic-2 testnet is the blockchain that completes validation the fastest, according to a statement by Sei on August 4. The mainnet is now ready to go.
Podcasts and Interviews
- Superalgos Founder Talks Goals, Crypto Climate, and AI.
- Rich Dad Radio Show – “What’s the Future of Crypto?” with Robert Kiyosaki.
- “Smart Contracts Made Easy” podcast by Bad Media.
Looking for an internship? Don’t worry; we’ve got you covered this week.
- Nethermind Internship Program
- ETHMunich hackathon from August 11 to August 13
- ETHToronto hackathon from August 15 to August 16
- ETHWomen hackthon from August 15 to August 16
- Gitcoin Grants 18 from August 15 to August 29
- Ethereum Argentina (Buenos Aires) from August 16 to August 19
As we wrap up this 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!