CoinCodeCap WeekInFocus: May 12, 2024

News

Global

South Korea Excludes Crypto from Donations in Updated New Law

• The bill will allow donations in local government-issued, KRW-pegged stablecoins, and blockchain-issued gift vouchers.
• From July, donors can use methods such as department store gift vouchers, stocks, and Naver’s loyalty points for charitable contributions.

Nigeria Considers Ban on Naira-Based Peer-to-Peer Crypto Trading

• Nigeria’s government is preparing to enact new laws to outlaw P2P crypto exchanges using the country’s naira.
• The new rules are intended to keep the local currency safe from manipulation by delisting the naira from P2P exchanges.

President Biden Vows to Veto Resolution on SEC Crypto Policy

• The office of US President Joe Biden has informed legislators and the general public that his administration intends to veto crypto policy.
• The Democratic and Republican heads of the House Financial Services Committee discussed the resolution on the House floor.

Tether Hits Slams Deutsche Bank Study on Stablecoins, Dubs it Vague

• The study noted that Tether’s alleged history of misleading claims on reserve holdings could potentially blow up levered trades. 
• Tether hit out arguing that the report lacked clarity and relied on vague assertions.

SEC Pushes Against Coinbase’s Appeal Bid in Legal Showdown

• SEC denies Coinbase’s appeal on applying traditional securities rules to crypto.
• The legal battle focuses on whether cryptocurrencies satisfy the Howey Test, leading to SEC’s lawsuit against Coinbase for listing tokens

Platform and Tokens

Bitfinex CTO Refutes Data Breach Claims, Calls it ‘Fake’

• Bitfinex CTO noted that only 5k of 22.5k of the email addresses supposedly obtained from Bitfinex’s servers matched legitimate users.
• Ardoino clarified that Bitfinex does not store plaintext passwords or 2FA secrets.

Vodafone Eyes Crypto Wallet Integration with SIM Cards

• Vodafone plans to combine crypto wallets with SIM cards to introduce blockchain technology to smartphone consumers.
• In order to provide Vodafone’s clients with generative AI capabilities, the business and Microsoft engaged in a 10-year strategic agreement.

US SEC to Sue Robinhood’s Crypto Business: Wells Notice Issued

• Robinhood’s cryptocurrency business is about to face legal action from the US SEC.
• The agency has filed numerous lawsuits against various cryptocurrency sites as a result of that strategy.

Binance CEO Urges Nigeria to Release Detained Executive

• Binance CEO condemned the Nigerian government for its actions, stating that the country has “set a dangerous new precedent for all companies worldwide” 
• Gambaryan will face trial on May 17 on charges such as tax evasion, currency speculation, and money laundering.

Former Digitex CEO Pleads Guilty to Bank Secrecy Act Violation

• The founder and former CEO of Digitex Futures Exchange entered a guilty plea in federal court for the company’s inability to implement an anti-money laundering program.
• After a data breach at Digitex in 2020, Todd declared that there would be “no KYC identity verification” requirements of any type.

Exodus Pushes Back NYSE Debut Amid SEC Scrutiny

• SEC postpones listing of Exodus Movement, Inc.’s stock, citing review of registration statement.
• Exodus will maintain trading on OTCQX while exploring options for future listing.

Binance to Face FRA Surveillance for the Next 3 Years

• FRA has been hired by the US DOJ to ensure that cryptocurrency exchange Binance complies with regulations over the next three years.
• FRA would be able to furnish the DOJ with regular updates on the company’s operations by gaining access to internal records, facilities, and workers.

Binance Hit with $4.4M Fine by Canadian Regulator

• Binance will pay FINTRAC an administrative monetary penalty of $4.4M for neglecting to register and report significant transactions involving digital assets.
• The regulator claims that Binance did not file for foreign money services or register or disclose transactions using digital currency over $10,000.

Project Updates

2023 Kronos Research Hacker Transfers Funds to Tornado Cash

The movement of funds began with the transfer of 1,314 Ether to a new wallet address starting with 0x8F5e4. Hacker conducted 10 transactions of 100 ETH each from the final wallet, directing the funds to Tornado Cash.

Gnus AI Discord Server Hack Results in $1.27M Losses

On May 5, a token-minting exploit caused the artificial intelligence network Gnus AI to lose over $1.27 million in value. Following that, 100 million fictitious GNUS tokens were created, linked to Ethereum, and offered for sale.

LocalMonero Exchange Shuts Down Amid Declining Crypto Privacy Services

Monero, the platform for peer-to-peer privacy coin trading, has immediately shut down its services, joining the recent wave of closures and arrests. The company used the phrase “a combination of internal and external factors” to explain why it was closing, although it did not specify.

BlockFi Shuts Down Web Platform, Teams Up with Coinbase for Fund Distribution

BlockFi is wrapping up its operations and announcing the closure of its online platform in May. Coinbase and BlockFi have teamed up to withdraw money. The plan administrator will still use Coinbase for future payout rounds, which may involve recovered cash from FTX.

Podcasts and Interviews

• “Dave Ramsey About Bitcoin, Dividends, and Real Estate” podcast by Andrei Jikh
• “When Will Crypto Explode In The USA?” podcast by Scott Melker
• “The Defi Movement Unleashed” podcast by Wealthion

Job Listings

2k24 Events

• DappCon (Berlin) from May 21 to May 23
• ETHBerlin hackathon from May 24 to May 26
• ETHDublin hackathon & conference from May 31 to June 2
• ETHPrague conference & hackathon from May 31 to June 2
• ETH Belgrade hackathon & conference from May 31 to June 5

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!