CoinCodeCap WeekInFocus: May 19, 2024

News

Global

IMF Urges Nigeria to Tighten Regulations on Crypto Platforms

• IMF suggests that crypto platforms should be subject to the same registration and licensing requirements as traditional financial institutions. 
• IMF has advised the CBN to develop a transparent foreign exchange (FX) intervention strategy to manage currency volatility.

El Salvador Unveils Real-Time Bitcoin Treasury Tracking Platform Online

• El Salvador introduces a proof-of-reserve website to track its Bitcoin holdings. Websites offer real-time data using on-chain information.
• The nation currently holds 5,748 BTC valued at around $360 million, with Bitcoin trading above $62,700.

UK Shuts Down Crypto Firm for Providing Poor Advice to Clients

• Authorities in the UK have officially closed a crypto academy, alleging its founder used it to “recklessly persuade” people to participate in risky ventures.
• Several clients lost all of their money due to deceptive claims made by the company’s lone shareholder and director.

Oklahoma Passes Crypto Bill that Protects Right to self-custody Digital Assets

• The bill bans Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. 
• The bill states that no money transmitter license is needed for engaging in digital asset mining, operating nodes, or participating in blockchain staking.

Swiss Authority to Implement Global Crypto Reporting Framework

• Switzerland’s authority has invited public comment on embracing international standards to “ensure equal treatment” for crypto tax reporting as regular assets.
• Switzerland’s current schedule for accession to the AEOI is January 1, 2026.

Indian SEBI Urges Local Regulators to Oversee Crypto Trading

• The SEBI of India has recommended that multiple regulators oversee crypto trading in the nation, according to documents obtained by Reuters. 
• Government representatives sent the files to a committee entrusted with policy advice from the nation’s finance ministry.

Nigerian Court Denies Bail to Binance Exec in Money Laundering Case

• A Nigerian court has reportedly denied bail to Tigran Gambaryan, a Binance executive held in Nigeria since February.
• Gambaryan, however, also filed a lawsuit against the Nigerian government, alleging that it had violated his fundamental human rights.

Platform and Tokens

Chinese Police Bust $310M Crypto Trading Scheme, Six Arrested

• The Panshi City Public Security Bureau in Jilin Province, China, effectively shut down an illicit underground virtual currency money exchange organization.
• The authorities followed up on leads and discovered that the two people’s bank accounts had significant transaction flows.

$71 Million WBTC Hacker Returns the Entirety of Funds Back to Victim

• On May 8, the hacker started spreading the funds across over 400 crypto wallets, which eventually ended up in over 150 separate wallets
• The scammer began returning the stolen funds on May 9 and completed it on May 11.

Falcon Labs Settles with CFTC Over Unregistered Futures Trading Charges

• FalconX settled with CFTC for $1.8M due to failure to register as a futures commission merchant. 
• FalconX is required to halt the provision of access to crypto derivatives trading platforms for US-based customers.

Uniswap CEO Urges US President to Reconsider Crypto Policies

• The creator and CEO of Uniswap urged the US President to consider voters’ opinions regarding cryptocurrency when they cast their ballots in November.
• Adams claimed that the US President had committed a “miscalculation” by allowing the SEC to “wage total war” on crypto.

Derivatives Exchange dYdX CEO Antonio Juliano Steps Down

• After leading the crypto derivatives platform for seven years, the CEO of the decentralized exchange dYdX is leaving the position.
• While suggesting his “next step,” Juliano did not mention his future professional objectives.

Tornado Cash Developer Alexey Pertsev Convicted of Money Laundering

• The conviction of crypto mixing protocol creator Tornado Cash’s creator for money laundering might have serious ramifications for others who create open-source software.
• According to an earlier indictment, Pertsev ought to have known that some of the transactions on the platform he co-developed had illegal origins.

US DOJ Arrested Brothers in $25M Ethereum Exploit Case

• Due to their manipulation of Ethereum blockchain transactions for their personal gain, two brothers are facing wire fraud charges.
• Maintaining the security and integrity of blockchain protocols is essential to averting future occurrences of this kind of thing as the industry expands.

French Regulator Warns Investors: Bybit Operated ‘Illegally’

• The French securities regulator, the AMF, has again cautioned crypto investors that Bybit is blocked nationwide.
• The watchdog issued a warning, stating that it was able to stop Bybit’s website from offering its services “illegally in France.”

Crypto Influencer Thomas John Sfraga Pleads Guilty to Wire Fraud in $1.3 Million Scam

• DOJ alleged that he lured investors with misleading claims such as promising the victims returns on their investments as high as 60% within three months
• DOJ stated that a majority of the victims were allegedly Sfraga’s friends and neighbours, whose trust he betrayed to “swindle more than $1.3 million of their hard-earned savings.”

Project Updates

Runes Protocol Activity Declines After Initial Surge

Fees collected by Runes fell drastically from $135 million in the first week to surpassing $1 million twice in the past two weeks. Runes protocol experienced the fewest number of new mints and interactions between new wallets on May 10.

Rain Crypto Exchange Faces $14.1 Million Security Breach

Bahrain-based Crypto exchange Rain suffered a $14.8 million exploit. The stolen funds were split into wallets holding 137.9 BTC and 1,881 ETH, which have remained dormant since April 29

Ex-CFTC Chair Chris Giancarlo Appointed to Paxos Board

The former chief of the US CFTC, J. Christopher Giancarlo, has joined the board of directors of the crypto company Paxos. Giancarlo was the CFTC chair from 2017 to 2019 after serving as a commissioner from 2013 to 2017.

Podcasts and Interviews

• “3 MAJOR EVENTS FOR CRYPTO” podcast by Crypto India
• “This Bitcoin Cycle Will Be Massive” podcast by Scott Melker
• “Truth About SEC’s Approach to Crypto” podcast by Thinking Crypto

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!