CoinCodeCap WeekInFocus: July 14, 2024

News

Global

Taiwan Central Bank Takes Cautious Approach to CBDC Launch

• Yang Chin-long stated that the central bank is more concerned with steady growth than rapid advancement and that the creation of a CBDC is not a competition.
• Yang presented the central bank’s ideas for a digital New Taiwan dollar to the Legislative Yuan’s Finance Committee on Wednesday, June 10, after releasing a report on June 7.

US Senate Endorses Blockchain for National Security Testing

• The US Senate Committee on Armed Services has instructed to investigate possible blockchain applications for supply chain management and other national security uses.
• The committee report instructed Austin to submit a briefing by April 1, 2025, in order to forward this endeavor.

Bank of Italy to Unveil Crypto Guidelines in ‘Coming Days’

• The Governor of the Bank of Italy stated that the central bank will make recommendations “in the coming days” regarding how to implement new EU crypto legislation.
• The Bank of Italy, he pointed out, has discovered that only EMTs are entirely capable of carrying out the payment function while “preserving the public’s trust.”

Nigerian Court Sets Trial Date for Binance Over Tax Evasion Charges

• Justice Emeka Nwite has scheduled October 11 to rule on the trial of Binance for alleged tax evasion.
• Binance’s lawyer, Ayodele Omotilewa, appeared in court on July 12, entering a not-guilty plea to all four charges before Judge Emeka Nwite.

German Government Sells Off Final Bitcoin Holdings

• Based on data from Arkham Intelligence, Germany’s government sold out the last of its Bitcoin holdings on July 12.
• Sycamore claims that it is impossible to predict how the creditors of Mt. Gox will behave since there are too many variables involved.

Platform and Tokens

Taiwan Mobile Obtains VASP License, Enters Crypto Market

• Local media stated that the nation’s FSC has granted a VASP license to Taiwan Mobile, the nation’s second-largest telecommunications carrier.
• It was licensed under Taiwan Mobile’s brand, Fusheng Digital. Lin Zhichen serves as the CEO of both businesses.

Paxful Co-Founder Faces 5 Years in Jail for AML Failure

• Artur Schaback pleaded guilty on Monday to conspiring to fail to run an efficient AML program at the crypto exchange.
• The petition claimed that Paxful advertised to users that it was a platform that did not require KYC and/or that permitted purchases without identification.

Cyprus Issues Alert to Combat Crypto Terror Financing

• As per ICPAC, the amount of money in transactions does not matter when it comes to identifying potential threats.
• ICPAC urged charitable organizations to scrutinize donations, especially those linked to conflict zones or jurisdictions under sanctions.

Jump Trading Subsidiary Seeks $264 Million from FTX 

• Tai Ho Shan, a Jump Trading subsidiary, is suing the FTX bankruptcy estate for $264 million
• Tai Ho Shan claims that Alameda Research failed to deliver 800 million Serum (SRM) tokens.

BitMEX Admits Guilt in Bank Secrecy Act Violation

• The US Department of Justice said today that BitMEX entered a guilty plea to operate without “any meaningful” AML program in violation of the BSA.
• The requirement’s impact on US-based users was known to the founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, as illegal under federal law.

Terraform Labs Announces Sale of 4 Companies in Wind-Down

• In order to wind down operations as part of a $4.5 billion arrangement with the US securities regulator, bankrupt crypto company Terraform Labs is trying to sell four of its businesses.
• The Warp protocol and Station Wallet are still being actively developed; the most recent versions were released in February and March, respectively.

SEC Declines Enforcement Action Against Paxos

• The US SEC plans not to pursue enforcement action against Paxos, the stablecoin issuer, and to complete its inquiry into the company.
• Paxos received an SEC Wells notice in February 2023 alleging that the platform had broken federal securities laws and that BUSD was an unregistered security.

Suspicious Justin Sun BTC Transaction was Revealed

• Even while Justin Sun’s achievements are still recorded, a number of recent trades that CryptoQuant Founder Ki Young Ju discovered could damage his reputation.
• Similar transactions associated with Sun are not unusual, but the problem lies in the HTX liquidity, which is only $24 million.

Project Updates

Hut 8 Expands Crypto Mining with New Power Deal in West Texas

Hut 8, a Bitcoin miner, has come to an agreement to boost its capacity for mining in Texas. Hut 8 claims that it can now acquire some of North America’s lowest locational wholesale power rates.

CoinStats Hacker Moves $959,000 in ETH to Tornado Cash

2 wallets linked to the CoinStats exploit in June have transferred 311 ETH, worth about $959,000, to Tornado Cash. Reportedly,  one wallet moved 211 ETH while another transferred 100 ETH to the crypto mixer.

Binance Nears Final Stage of Stake Sale in Gopax

The South Korean cloud service provider Megazone and Binance are allegedly nearing a deal for Binance to sell most of its ownership in Gopax. Since the business announced the acquisition in early 2023, there have been several reports about its intentions to cut its position in the South Korean exchange.

Podcasts and Interviews

• “Cardano Will Flip Bitcoin” podcast by Altcoin Daily
• “Solana ETFs Will Have a Big Impact on the Crypto Market” podcast by Thinking Crypto
• “Andrew Tate’s FIRST Crypto Podcast” podcast by Daily Billionaire

Job Listings

2k24 Events

• EDCON Tokyo conference from July 29 to July 30
• Ethereum Argentina conference & hackathon from August 2 to August 4
• Science of Blockchain Conference (New York) from August 7 to August 9
• Ethereum Uruguay hackathon & conference from August 15 to August 17
• ETHGlobal ETHOnline virtual hackathon from August 23 to September 13

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!