CoinCodeCap WeekInFocus: August 11, 2024

News

Global

Australian Federal Police to Investigate 2,000 Exploited Crypto Wallets

• Following a wave of crypto phishing scams that have affected at least 2,000 Australian-owned crypto wallets, the AFP claims to be looking into losses from these schemes.
• Operation Spincaster uses training, resources, and knowledge to combat these permission phishing schemes.

New Bill Seeks to Expand US Secret Service Powers Over Crypto Crimes

• The bill aims to expand the Secret Service’s authority to probe crypto transactions carried out by unlicensed money transmitters and potential frauds targeting U.S. financial institutions
• The bill grants the Secret Service enhanced investigative powers to address crimes involving digital assets, including financial institution fraud, structured transactions, and unlicensed money-transmitting enterprises.

US looks at implementing a Bitcoin tax-free Digital Economic Zone

• The proposal suggests the creation of a pegged Bitcoin system on a layer-2 solution, ensuring efficient and secure transactions within the DEZ.
• The proposal outlines a phased approach to implementing the DEZ, beginning with a presidential executive directive to authorize the use of the Exchange Stabilization Fund.

Thailand’s SEC Unveils Digital Asset Regulatory Sandbox

• Eligible services for the sandbox include digital asset exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers.
• Service providers must meet criteria like capital adequacy, strong operational systems, and a robust management structure in order to qualify.

SEC Settles Fraud Case with Ideanomics Over Financial Misreporting

• The company had projected $300 million in revenue for 2017, but ultimately reported just $144 million. 
• As part of the settlement, Zheng Wu will pay over $3.3 million in fines and disgorgement and is banned from holding any managerial or director roles in public companies for ten years.

Platform and Tokens

Crypto Community Outraged as ZKX Protocol Ceases Operations Abruptly

• ZKX Protocol Abruptly Ceases Operations, Shocking Crypto Community.
• Amber Group and Hashkey Capital Criticize ZKX for Lack of Transparency.

Crypto Funds Witness $528 Million in Net Outflows Last Week: CoinShares

• The crypto sell-off is owing to fears of a U.S. recession, geopolitical uncertainty, and broader market liquidations. 
• US saw the largest outflows, with $531 million, followed by Germany and Hong Kong with $12 million and $27 million, respectively.

Coinbase vs. SEC: Legal Battle Intensifies Over Subpoena Requests

• Coinbase is pressing the SEC for expansive access to internal communications, including those of Chair Gary Gensler
• SEC has strongly opposed these subpoena requests, describing them as excessively broad and invasive.

Hacker behind Rain exchange launder ETH worth $ 3 Mln through Tornado Cash 

• As per PeckShield, the hacker transferred 1,155 ETH, valued at approximately $2.9 million.
• Rain was exploited on April 29, with losses standing at approximately $14.8 million.

Coinbase-CFTC Spat Continues: Proposed Ban on Prediction Markets

• Coinbase argues that the CFTC’s proposed ban on prediction markets overreaches the commission’s statutory jurisdiction.
• Coinbase also challenged the CFTC’s broad definition of “gaming.”

Solana Network Patches Critical Vulnerability, Prevents Outage

• Laine noted that the vulnerability, if exploited, could have led to network disruption. 
• Once 70% of the network was patched, the vulnerability was finally disclosed to the public.

Bitrace Issues Warning on New QR Code Crypto Scam

• The blockchain analysis company Bitrace said on social media that if you scan the incorrect QR code, it might empty your wallet. 
• The fraudster then requests the user to participate in a “small repayment test,” which supposedly entails scanning a QR code to refund the USDT.

Gemini Urges CFTC to Reconsider Ban on Event Contracts

• The proposal aims to prohibit contracts that speculate on events such as political contests, gaming, war, assassination, and terrorism.
• Cameron Winklevoss argues that the rule unfairly favors traditional financial markets and stifles innovation.

Project Updates

Nexera Suffers Major Hack,  Loses $1.8 Million

Nexera has suffered a $1.8 million hack, prompting an investigation and halting of smart contracts. The attacker, linked to previous exploits, is liquidating stolen NXRA tokens for Ether and transferring funds to the BNB chain.

CoinDCX launches Rs 50 Cr Crypto Investors Protection Fund Amid WazirX Heist

The fund will not cover losses resulting from individual user errors, like password leaks. CoinDCX will be adding 2% of their brokerage income to this fund every month.

WazirX to Restore User Balances After July Hack, Reverse Trades

Exchange stated all trades conducted after withdrawals were halted on July 18 will be reversed. The restoration process will take place over the next few days, with affected users receiving email notifications about the impacted trades.

Podcasts and Interviews

• “Best Crypto Coins In 2024 | Edul Patel” podcast by Raj Shamani
• “Crypto Millionaire Tips: From Bitcoin To Lifestyle” podcast by Maria Andersen Crypto
• “Tether’s Backing & Pear w/ Paolo Ardoino & Mathias Buus” podcast by Preston Pysh

Job Listings

2k24 Events

• Ethereum Uruguay hackathon & conference from August 15 to August 17
• ETHGlobal ETHOnline virtual hackathon from August 23 to September 13
• ETHTokyo hackathon & conference from August 23 to August 26
• ETHAccra hackathon from August 29 to August 31
• ETHWarsaw conference & hackathon from September 5 to September 8

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!