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Crypto Giants Are In Trouble; String of Crypto Exploits and Hacks | Cointime Weekly Jan.22 – Jan.28

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Crypto Giants Are In Trouble

Celsius May Issue Bankruptcy Token to Pay Creditors

Celsius is planning to reinvent itself as a new, publicly traded “recovery corporation” in order to exit the bankruptcy process.

WazirX Says Binance Lied About Ownership

Binance told WazirX to publish a pre-written “clarificatory statement” retracting WazirX co-founder Nischal Shetty’s previous statements that Binance owned WazirX. Schetty refused to retract his prior statements that Binance had purchased the Indian exchange.

Coinbase Slammed With $3.6M Fine in Netherlands

Coinbase broke regulatory protocols by failing to complete the required registration status before offering services in the country.

Nifty Gateway Co-Founders Stepping Down

Duncan and Griffin Cock Foster, twin brothers and co-founders of Gemini-owned NFT platform Nifty Gateway, are stepping down from their positions and leaving Gemini amid troubles at the company.

String of Crypto Exploits and Hacks

Azuki Attacker Drains Over $750K in 30 Minutes

In less than 30 minutes, over $750,000 worth of USDC, 11 NFTs, and over 3.9 ETH were stolen through malicious links feigning as a “land mint” for the popular Azuki NFT project.

Robinhood Social Media Accounts Breached

Hacker took the Twitter account behind crypto and stock trading platform Robinhood to push users to buy scam token.

Moonbirds Creator Lost $1M in a Wallet Exploit

The founder of the NFT project Moonbirds, Kevin Rose, lost at least $1 million in a wallet exploit. The Block identified the hacker's address, which appears to have taken around 40 of Rose's NFTs.

Global regulations

El Salvador’s Volcano Token To Go Live This Year

El Salvador is closer to realizing its dream of creating the Bitcoin City. Bitfinex will issue the country’s long-awaited “volcano” tokens this year in 2023.

Russia Mulls Gold-backed Stablecoin

The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran.

EU Vote for More Restrictive Capital Requirements on Banks

According to a draft law, banks would be required to hold a “risk-weighted exposure amount” of up to 1,250% of capital based on exposure to crypto.

Indonesia Could See Crypto Classed as Securities

A new Indonesian law could end up changing the country’s unique classification of crypto assets as commodities like gold or coal.

New York Introduces Crypto Payments Bill for Fines, Taxes

A new bill would allow state agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees, and other payments charged by the state.

Crypto weekly price action

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Research and technology

An Incomplete Guide to Stealth Addresses

Ethereum (ETH) co-founder Vitalik Buterin released a blog post to provide a high-level overview of upcoming landmark development in Ethereum (ETH) privacy, i.e., "Stealth addresses."

Understanding Token Standards

This article covers the BEP-2 vs. BEP-20 vs. ERC-20 comparison. It defines what each standard is, the top tokens in each standard, and concludes by answering the question, which one should you use?

Developer’s Guide to Secure Ethereum Smart Contracts

We'll cover smart contract security best practices, fail-safe protections, and smart contract analysis tools for hardening smart contract security.

DappRadar X BGA Games Report – 2022 Overview

Despite the significant crypto market downturn of 2022, gaming remains a driving force for the dapp industry, accounting for almost 50% of on-chain activity tracked by DappRadar.

Fundraising and investment

Bitstop Founders Acquire Genesis Coin

Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide announced today that they have been acquired by early Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo. 

Crypto Infrastructure Firm Blockstream Raises $125M

Blockstream will use the proceeds from the new capital to expand its mining facilities to meet strong demand for large-scale hosting services。

OpenWeb Acquired Jeeng for $100M

OpenWeb, the community engagement platform serving over 1,000 leading publishers, has acquired the proprietary audience management platform Jeeng.

QuickNode Raises $60M Series B Round

QuickNode announced the closing of a $60 million Series B funding round led by 10T Holdings, LLC and with participation from Tiger Global, 776, Protocol Labs, and QED, among others.

Mega Matrix Corp. Raises $10 Million

In the past 3 months, the company raised over $10 million in total to develop its new business model in digital assets staking.

Viral Quotes

“You've got people that are engaging in overt pump-and-dump scams and getting away with it because the SEC is asleep at the wheel. Some seem to get a free pass, and others seem to get their business models killed.”

—  Rep. Warren Davidson

“Still, I don’t think it is time to get too excited yet. We are only in the first month of the year and we know that corrections will come and that the biggest rallies often come in bear markets”

—  Scott Melker, suggesting crypto asset could still plunge lower

“ Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today’s monetary and payment systems.”

—  Bank of America global research team

“The digital euro would never be programmable money. Central banks issue money, not vouchers.”

—  Fabio Panetta, executive board member of European Central Bank

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  • U.S. Congressman Mike Flood: Looking forward to working with the next SEC Chairman to revoke the anti-crypto banking policy SAB 121

     US House of Representatives will investigate Representative Mike Flood's recent statement: "Despite widespread opposition, SAB 121 is still operating as a regulation, even though it has never gone through the normal Administrative Procedure Act process." Flood said, "I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler resigns on his own or President Trump fulfills his promise to dismiss Gensler, the new government has an excellent opportunity to usher in a new era after Gensler's departure." He added, "It's not surprising that Gensler opposed the digital asset regulatory framework passed by the House on a bipartisan basis earlier this year. 71 Democrats and House Republicans passed this common-sense framework together. Although the Democratic-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and may provide information for the work of the unified Republican government when the next Congress begins in January next year."

  • Indian billionaire Adani summoned by US SEC to explain position on bribery case

    Indian billionaire Gautam Adani and his nephew, Sahil Adani, have been subpoenaed by the US Securities and Exchange Commission (SEC) to explain allegations of paying over $250 million in bribes to win solar power contracts. According to the Press Trust of India (PTI), the subpoena has been delivered to the Adani family's residence in Ahmedabad, a city in western India, and they have been given 21 days to respond. The notice, issued on November 21 by the Eastern District Court of New York, states that if the Adani family fails to respond on time, a default judgment will be made against them.

  • U.S. Congressman: SEC Commissioner Hester Peirce may become the new acting chairman of the SEC

    US Congressman French Hill revealed at the North American Blockchain Summit (NABS) that Republican SEC Commissioner Hester Peirce is "likely" to become the new acting chair of the US Securities and Exchange Commission (SEC). He noted that current chair Gary Gensler will step down on January 20, 2025, and the Republican Party will take over the SEC, with Peirce expected to succeed him.

  • Tether spokesperson: The relationship with Cantor is purely business, and the claim that Lutnick influenced regulatory actions is pure nonsense

     a spokesperson for Tether stated: "The relationship between Tether and Cantor Fitzgerald is purely a business relationship based on managing reserves. Claims that Howard Lutnick's joining the transition team in some way implies an influence on regulatory actions are baseless."

  • Bitwise CEO warns that ETHW is not suitable for all investors and has high risks and high volatility

    Hunter Horsley, CEO of Bitwise, posted on X platform that he was happy to see capital inflows into Bitwise's Ethereum exchange-traded fund ETHW, iShares, and Fidelity this Friday. He reminded that ETHW is not a registered investment company under the U.S. Investment Company Act of 1940 and therefore is not protected by the law. ETHW is not suitable for all investors due to its high risk and volatility.

  • Musk said he liked the "WOULD" meme, and the related tokens rose 400 times in a short period of time

    Musk posted a picture on his social media platform saying he likes the "WOULD" meme. As a result, the meme coin with the same name briefly surged. According to GMGN data, the meme coin with the same name created 123 days ago surged over 400 times in a short period of time, with a current market value of 4.5 million US dollars. Reminder to users: Meme coins have no practical use cases, prices are highly volatile, and investment should be cautious.

  • Victory Securities: Funding Rates halved and fell, Bitcoin's short-term direction is not one-sided

    Zhou Lele, the Vice Chief Operating Officer of Victory Securities, analyzed that the macro and high-level negative impact risks in the cryptocurrency market have passed. The risks are now more focused on expected realization, such as the American entrepreneur Musk and the American "Efficiency Department" (DOGE) led by Ramaswamy. After media reports, the increase in Dogecoin ($DOGE) was only 5.7%, while Dogecoin rose by 83% in the week when the US election results were announced. Last week, the net inflow of off-exchange Bitcoin ETF was US$1.67 billion, and the holdings of exchange contracts and CME contracts remained high, but the funding rates halved and fell back, indicating that the direction of Bitcoin in the short term is not one-sided, and bears are also accumulating strength.

  • ECB board member Villeroy: Falling inflation allows ECB to cut interest rates

     ECB board member Villeroy de Galhau said in an interview that the decline in inflation allows the ECB to lower interest rates. In addition, the slow pace of price increases compared to average wages is also a factor in the rate cut. Villeroy de Galhau emphasized that the ECB's interest rate policy decision is independent of the Fed. Evidence shows that the ECB began to lower interest rates in early June, while the Fed lowered interest rates three months later. With the decline in inflation, we will be able to continue to lower interest rates. Currently, the market generally expects the ECB to cut interest rates by 25 basis points at the next meeting in December, but weaker data increases the possibility of a 50 basis point cut.

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    Coinbase Takes Aim at CFTC's Definition of 'Gaming' in Proposed Prediction Market Rules

    Coinbase argues the definition is vague, and urges the CFTC to make determinations on a contract-by-contract basis rather than broad categorization

    Coinbase Takes Aim at CFTC's Definition of 'Gaming' in Proposed Prediction Market Rules

  • Cointime July 7th News Express

    1, Ethereum L2 TVL rebounds slightly to above $39 billion

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