CoinCodeCap: Weekly Crypto Update – July 21, 2024 – CoinAero

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News

Global

Hong Kong SFC Issues Alerts Against Seven Unlicensed Crypto Trading Platforms

• SFC had added Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT,  Bstorest to its alert list
• All these exchanges allegedly duped investors into believing they were registered with the SFC.

South Korea’s Ruling Party Proposes Delay on Crypto Gains Tax Till 2028

• If the proposal is approved, the taxation of crypto gains will be pushed back by three years, from the beginning of 2025 to 2028.
• Bill arguing that imposing an income tax on an asset with higher risks than stocks could lead to investors leaving the market.

Trump Teases New NFT, Says US should Get On Crypto Before China

• Trump plans to launch a fourth NFT collection, with previous collections of 45,000 digital cards selling out within a day.
• Donald Trump champions the crypto industry for America’s competitive edge.

Hong Kong to Regulate Stablecoin Issuers with New Licensing Regime

• The consultation saw 108 submissions from industry participants and professional institutions. 
• Most submission respondents agreed that a regulatory regime is necessary for FRS issuers.

CBOE Sets Launch Date for Ethereum ETF

• The Chicago Board Options Exchange will list five spot Ethereum ETFs for trading on July 23 “pending regulatory effectiveness,” the CBOE stated.
• There may be a shortage of Ether due to increased demand from institutions wishing to add it to their exchange-traded funds.

South Korea’s Virtual Asset User Protection Act Comes Into Effect

• Under the new law, exchanges must now keep at least 80% of user crypto deposits in cold storage, separate from their own funds.
• The Financial Supervisory Service (FSS) stated that this is South Korea’s first all-encompassing regulation for the virtual asset sector. 

Platform and Tokens

Lazarus Shifts Millions from $305M DMM Bitcoin Heist

• An online marketplace in Cambodia has reportedly seen over $35M in money laundering by the hackers responsible for the $305M crypto exchange DMM Bitcoin theft in May.
• Elliptic reports that the market has exchanged $11 billion worth of crypto as a result of hacking, pig butchering schemes, and other abuses.

Tornado Cash Developer Alexey Pertsev Denied Bail Ahead of Appeal

• While his attorneys get ready to file an appeal against allegations of money laundering, Alexey Pertsev, the creator of the crypto mixer Tornado Cash, has been refused bail.
• Pertsev’s request for computer access violated the court’s safety policy, but the court added that his protracted detention would not hinder his capacity to prepare his defense.

Filipino Artists’ Accounts Hacked to Promote XRP Scam

• A number of Filipino musicians are currently endorsing an XRP fraud on their YouTube accounts, which were compromised.
• According to a revelation by the local media outlet Bitpinas, the YouTube accounts of artist Rico Blanco, boyband SB19, and local band Ben&Ben were all compromised.

Coinbase Targets Gensler’s Emails as SEC Chair in Narrowed Subpoena

• In an attempt to subpoena US SEC Chair Gary Gensler, Coinbase has changed strategy and is now only requesting his personal correspondence while he is the Chair.
• Judge Falia, however, expressed her strong opinions over the excessive “burden of inquiry into Mr. Gensler’s statements” before to his appointment as chair.

FTX Settles with CFTC for $12.7 Billion

• FTX has agreed to a $12.7 billion settlement with the CFTC, including $4 billion in disgorgement fees
• The settlement also includes $8.7 billion in restitution fees, pending court approval.

EU Stripe Clients Can Now Purchase Crypto

• Local consumers can now purchase crypto with credit or debit cards due to Stripe’s expansion of its crypto integration into the European market.
• According to Stripe’s chief crypto officer, John Egan, the expansion enables crypto businesses to assist European customers in “buying crypto quickly and easily.”

WazirX Falls Victim To a $234.9 Million Cyber Attack

• Indian Crypto Exchange WazirX witnessed a cyber attack resulting in loss of over $230 Million.
• Security Breach has mainly affected Safe Multisig Wallet on ethereum network.

Binance Approved to Invest Customer Assets in US Treasury Bills

• A US court authorized Binance to transfer client cash into US Treasury Bills on July 19.
• Paul Ryan also mentioned the use of stablecoins to ease the debt issue and maintain the US dollar’s strength in international trade.

Bitforex Resumes Withdrawals Post Police Investigation

• Following a police investigation into its team members, Bitforex announced that its users would be able to withdraw funds for the first time in five months.
• Bitforex states that while customers won’t be able to purchase or sell tokens, they will be able to remove their assets from the site “soon.”

Project Updates

Li[.]Fi Protocol Loses $10M in Cyber Attack

In an incident on July 16, over $10 million worth of cryptocurrency was taken from Li.Fi, an API for Solana bridge and Ethereum Virtual Machine. On July 16, Li.Fi issued a warning to its community via an X post, advising users not to utilize Li.Fi-powered applications until further notice.

Trip.com Ceases Operations of Trekki NFT Project

Users can continue to claim and use coupons until July 1, 2025. The team will maintain the official Trekki website, discount page, and coupon redemption functions for a while.

Rho Markets Exploited for $7.6 Million in USD Coin and USDT

The breach occurred after a malicious actor gained access to the protocol’s blockchain oracle. Rho Market had paused the platform following the exploit.

WazirX Announces Bounty Program After $234 Million Hack

WazirX has filed a police complaint and reported the incident to the Financial Intelligence Unit and CERT-In. The exchange is preparing a bounty program to help them freeze/recover the stolen assets.

Podcasts and Interviews

• “ALTCOINS ARE POPPING FAST” podcast by Ivan on Tech
• “Is The Bull Market OVER?” podcast by Jesse Eckel
• “Micheal Saylor REVEALS What’s Next for Bitcoin” podcast by Simply Bitcoin

Job Listings

• Discord Moderator | Gnosis
• Quant Developer for DeFi | IMC
• FullStack Engineer | Alchemy
• Head of Protocol Engineering | ChainSafe
• Full-stack Engineer | Stakefish

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!

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