CoinCodeCap WeekInFocus: July 28, 2024

News

Global

Hong Kong Unveils Asia’s First Inverse Bitcoin ETF

• The CSOP Bitcoin Future Daily (-1x) Inverse Product (7376[.]HK), Asia’s first Bitcoin futures inverse product, will debut in Hong Kong on July 23.
• The CSOP Bitcoin Futures Daily (-1x) Inverse Product aims to provide investment returns that closely mirror the S&P Bitcoin Futures Index’s inverse daily performance.

US Spot Ethereum ETFs Trading Officially Begins Today

• Spot Ether Exchange Traded Funds (ETFs) were authorized to start trading in the US on July 23.
• The SEC approved their 19b-4 applications on May 23, allowing spot Ether ETFs to be listed and traded on exchanges.

No ‘Crypto’ Mention In Indian Budget 2024-25

• Indian Budget 2024 Disappoints Crypto Community with No Tax Relief
• Finance Minister Nirmala Sitharaman did not provide any updates on crypto regulations and taxes. 30% tax on gains and 1% TDS on transactions unchanged.

India Intensifies Crackdown on Darknet Drug Deals Using Crypto Tracking

• The NCB of India is keeping a close eye on crypto transactions made on the darknet as part of its continuous efforts to stop drug trafficking in the nation.
• NCB is now offering a number of training courses in crypto, darknet, and digital forensics.

Senator Roger Marshall Withdraws Support for Crypto AML Bill

• Bill targets illicit uses of crypto assets for money laundering and terrorist financing.
• Crypto organizations claim the bill exaggerates crypto’s role in funding illicit activities and could harm the U.S. crypto industry. 

SEC Green Lights Grayscale’s Bitcoin Mini Trust ETF

• Grayscale Bitcoin Mini Trust charges management fees of 15 basis points, compared to the 1.5% annual fee for the older Grayscale Bitcoin Trust (GBTC). 
• GBTC will transfer a portion of its Bitcoin holdings to the Mini Trust, providing current GBTC shareholders with new shares in the Mini Trust.

Platform and Tokens

Crypto Exchange HKX Exits Hong Kong Market

• The Hong Kong SFC has received license applications from increasing exchanges, including the crypto exchange HKX.
• In Hong Kong, 13 crypto exchanges or trading platforms had withdrawn their license applications as of July 22.

Gate.io to Cease Services for Japanese Customers

• Gate[.]io, a crypto exchange, has started to stop serving Japanese consumers, claiming “compliance requests” from the nation’s financial authority. 
• The Cayman Islands-based exchange will stop accepting new accounts from any Japanese consumers as of July 22.

Marathon Digital Faces $138 Million Fine for Breach of NDA

• Marathon reportedly breached their agreement with Ho by executing his strategy without paying him for the proprietary information he provided.
• The case was jointly handled by Affeld and Gregg Zucker from Foundation Law Group LLP.

Coinbase Pushes to Obtain Gensler’s Emails

• In the midst of its ongoing legal struggle with the US securities regulator, Coinbase has filed a demand to compel the agency to reveal Gary Gensler’s private communications.
• The updated July 23 motion now requests, among other things, Gensler’s private correspondence from 2021 throughout his tenure as Chair of the SEC.

MonoSwap Hacked: Users Warned to Halt Deposits

• The decentralized exchange and staking platform MonoSwap stated on July 24 that it had been the victim of a malicious breach.
• Scammers allegedly downloaded malicious malware onto the developer’s machine during the call, giving them access to all of the platform’s contracts and wallets.

Coinbase’s UK Arm Fined $4.5 Million for Breaching Anti-Money Laundering Agreement

• The penalty is due to CBPL breaching an agreement made in October 2020, which was designed to prevent onboarding high-risk customers.
• The FCA found that CBPL onboarded and served 13,416 high-risk customers. 

BitFlyer Acquires FTX Japan, Unveils Crypto ETFs Launch Plans

• After acquiring FTX Japan, BitfFlyer Holdings intends to provide possible ETFs based on cryptocurrencies.
• According to BitFlyer Holdings CEO Yuzo Kano’s July 26 X post, the new company intends to offer crypto custody solutions for institutional investors.

Michigan Pension Fund Announces $6.6M Bitcoin ETF Investment

• The State of Michigan Retirement System disclosed holdings in an Exchange Traded Fund (ETF) that tracks spot prices in Bitcoin and is provided by ARK 21Shares.
• At the time of filing, the shares had an estimated value of $6.6 million, which represents a negligible portion of the fund’s billion-dollar worth of assets.

Project Updates

WazirX Hacker Transfers $57 Million ETH to New Crypto Addresses

On-chain data shows that 16,350 ETH, valued at over $57 million, was moved in a recent attempt to funnel the stolen assets. As per Peckshield, over $54 million was sent to address “0x58d.”

Ferrari Rolls Out Crypto Payments in Europe Following US Success

After a successful introduction in the US, the Italian luxury sports car manufacturer Ferrari is getting ready to bring its crypto payment system to Europe. Following the successful introduction of the crypto payment system in the US in October 2023, Ferrari is making its way into the European market.

Grayscale ETH Trust ETF Sees Major Outflows, hits $1.5B

The historical cumulative net outflow for spot Ether ETFs has reached $341 million. On July 25 alone, Grayscale’s ETHE experienced net outflows totaling approximately $346 million.

Podcasts and Interviews

• “Crypto: Scams, Bitcoin, Investment, Government Tax, & Future” podcast by Raj Shamani
• “US DOLLAR IS COLLAPSING!” podcast by The Iced Coffee Hour
• “Crypto Will Die In America” podcast by Discover Crypto

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!