CoinCodeCap WeekInFocus: September 1, 2024

News

Global

Thai Authorities Raid Illegal Bitcoin Mine Causing Power Outages

• After many locals complained about ongoing power shortages, Thai officials seized an illegal Bitcoin mining business in Ratchaburi, a hamlet west of Bangkok. 
• After locals noticed mysterious power outages starting in mid-July, an investigation was launched.

France to Address Pavel Durov’s Detention in Upcoming Statement

• Following his arrest in Paris for alleged offenses relating to the Telegram messaging app in Europe, the French authorities have prolonged Pavel Durov’s custody.
• After the postponement, an announcement regarding Durov’s detention is allegedly expected from French authorities on Monday.

Argentina to Introduce Ethereum and Blockchain Education to Students

• Under this, high schools in Buenos Aires will offer blockchain internships to students, starting August 27.
• ETH Kipu and the Ministry of Education will offer an online Solidity course aimed at training 500 students aged 18 and above.

New Zealand Adopts OECD Crypto Reporting Framework in Latest Tax Bill

• The OECD crypto reporting system is set to be implemented with a new proposal from the Minister of Revenue in New Zealand. 
• If the data gathered by the Inland Revenue relates to reportable users in other countries, it will be distributed to the appropriate tax authorities globally.

Nigeria’s SEC Grants Provisional Approval to Quidax and Busha

• SEC stated that additional firms will be granted Approval-in-Principle as they meet the necessary regulatory requirements
• The SEC has also admitted four other companies into its Regulatory Incubation (RI) Program.

Singapore Dominates Global Crypto Adoption Rankings

• Singapore is leading the world in the adoption of crypto, closely followed by Hong Kong and the United Arab Emirates.
• The researchers gathered data for 28 nations with investor migration schemes between July and August of 2024.

Hong Kong Extends Deadline for Crypto License Applications

• Despite the fact that the May 31 deadline has passed, HKDAEx has been awarded a fresh digital asset exchange license by the Hong Kong SFC.
• If the SFC determines that the application is lacking or that there are unresolved basic flaws, it may return it.

Platform and Tokens

Abra Reaches Settlement with SEC Over Unregistered Securities Violations

• Abra has reached a settlement agreement with the US SEC in response to accusations that it failed to register the offers and sales of its loan product.
• The lending platform was charged by the SEC for operating as an unregistered investment business and failing to register Abra Earn’s offers and sales.

Rhodium Bitcoin Mining Firm Declares Bankruptcy in Texas Court

• Rhodium Enterprises disclosed up to $100M in liabilities when it filed for voluntary bankruptcy under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas.
• The document states that the company’s total assets are estimated to be between $100 million and $500 million, while its debts fall between $50 million and $100 million.

Pressure Mounts for Binance Exec’s Release After 6 Months in Nigerian Custody

• Requests for the release of Tigran Gambaryan from Nigerian authorities are growing among industry insiders and onlookers.
• The CEO asserted that “baseless allegations” about the crypto exchange by the police supported Gambaryan’s detention.

CoinSwitch Takes Legal Action Against WazirX Over Stuck Funds

• CoinSwitch is taking legal action against WazirX after being unable to recover ₹810 million ($9.65 million) stuck on the platform.
• WazirX lost $230 million in a hack and attempted to distribute the losses across users’ wallets.

BlackRock Expands Crypto Reach with New Ether ETF Launch in Brazil

• BlackRock is growing its selection of crypto products abroad. The business debuted its Ethereum ETF on Brazil’s stock exchange B3 by use of a depositary receipt.
• Management fees will be determined annually at 0.25% to match US rates.

Cboe Submits Revised Application to List BTC, Ether ETF Options

• Reportedly, the exchange seeks to list options linked to ETH and BTC ETFs issued by asset managers, like Fidelity, 21Shares among others.
• The proposed rule change would classify these spot cryptocurrency ETFs similarly to commodities-based ETFs.

Chinese Feixiaohao Executives Arrested Amid Ongoing Police Probe

• The extended detention of Feixiaohao’s team members suggests that the authorities may be treating the case as more serious than initially anticipated
• In November 2021, the platform was linked to the promotion of the Squid Game token, which turned out to be a scam.

Judge Throws Out Lawsuit Against Elon Musk Dogecoin

• The lawsuit accusing Elon Musk and Tesla, his electric car firm, of manipulating Dogecoin’s price and inflicting $258 billion in damages has been dismissed.
• Disgruntled Dogecoin investors sued Musk and Tesla in June 2022, claiming an astounding $258 billion in damages.

Ethereum Dad Vitalik Buterin Denies ETH Selling Rumours

• Vitalik Buterin transferred over $2 million worth of Ethereum to support Web3 projects. 
• Buterin emphasized that his ETH sales since 2018 have been solely for advancing the Ethereum ecosystem and philanthropic causes.

Brazil Halts X Operations After Elon Musk Defies Local Representative Order

• Social media site X, formerly known as Twitter, was suspended in Brazil by a Supreme Court ruling after Elon Musk declined to designate a lawyer for the company.
• Moraes had been looking into X for permitting and disseminating false information against Jair Bolsonaro, the former president of Brazil.

Project Updates

OpenSea Hit With SEC Wells Notice

Leading NFT platform OpenSea received a Wells Notice from the SEC, signaling potential enforcement action. OpenSea’s CEO pledged $5 million to help NFT creators and developers with legal fees.

2 Outages In 2 Days: What next for Telegram’s TON Blockchain?

Toncoin Blockchain Faces Second Major Outage Due to DOGS Token Minting Frenzy. Developers quickly restored the network and urged validators to update nodes.

Crypto Hacks Surge in 2024, Total Losses Top $1.2 Billion

The first eight months of 2024 saw more than 150 incidents of hacks and rug pulls. In August, hackers made away with around $15 million across five separate incidents.

Podcasts and Interviews

• “Bitcoin, Lobbying, & Political Reality” podcast by Walker – THE Bitcoin Podcast
• “Expert Tips, Market Analysis, and Strategies” podcast by Inner Racer
• “The US Government Needs Bitcoin” podcast by What Bitcoin Did

Job Listings

2k24 Events

• Scaffold-ETH 2 extensions hackathon deadline on September 2
• ETHWarsaw conference & hackathon from September 5 to September 8
• NapulETH (Napoli) from September 12 to September 14
• ETHSafari (Kenya) from September 9 to September 15
• Ethereum México from September 13 to September 14

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!