WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.
News
Global
IRS Revises Draft Crypto Reporting Form for US Taxpayers
- The IRS of the United States has revised its draft form, which requires taxpayers to disclose transactions involving digital assets beginning in 2026.
- The draft eliminated the areas where taxpayers might provide transaction IDs and wallet addresses.
Kyrgyz Republic Unveils Digital Som Legislation, CBDC Launch by 2027
- A draft law for establishing a Kyrgyz CBDC has been made available by the NBKR.
- Although the technology supplier for the digital SOMA platform has not yet been revealed, the platform operator will be designated by legal revisions regarding the national bank.
Hong Kong Sets 18-Month Deadline to Revamp Digital Asset Regulations
- As part of its goal to establish itself as a global center for financial technology, Hong Kong plans to strengthen its legislation regarding digital assets within the next 18 months.
- By the end of 2024, Hong Kong is anticipated to launch stablecoins, a class of cryptocurrency linked to dependable assets such as fiat money.
ASX Faces Lawsuit Over Misleading Statements on Abandoned Blockchain Project
- The nation’s top stock exchange is being sued by the ASIC on the grounds that it made “misleading and deceptive” representations.
- It finally decided on a distributed ledger technology (DLT)-based solution about two years later.
Iran’s $24 Bounty For Crack Down on Illegal Cryptocurrency Mining
- Iran’s extreme heatwave and outdated electricity infrastructure have led to severe power shortages.
- Power outages have prompted the government to crack down on illegal cryptocurrency mining.
Nigeria Freezes $38 Million in Crypto Amid Protests Against Rising Cost of Living
- The Nigerian government has frozen approximately $38 million in cryptocurrency linked to ongoing protests against rising living costs.
- The Economic and Financial Crimes Commission (EFCC) claims the funds are connected to individuals under investigation for money laundering.
Platform and Tokens
Canto Blockchain Suffers 2 day Outage, Token Spikes After Fall
- CANTO token price initially dropped by 21% following the outage but began to recover over the weekend, with a reported increase of over 30% on August 12.
- Canto stated that an upgrade to address the consensus issue will be carried out on Monday, August 12 UTC 12:00.
Venezuela Shuts Binance and X Amid Presidential Election Dispute
- In the midst of protests over contested presidential election results, the government of Venezuela has restricted access to X (formerly Twitter), Binance, and other online services.
- Users of Binance were reassured by the company that their money is secure, and it added that it was actively monitoring the situation to respond as quickly and effectively as possible.
SEC Charges Novatech and Its Founders With Fraud
- The US SEC formally charged Novatech, its founders, Cynthia and Eddy Petion, and promoters who advertised the platform with fraud.
- The SEC complaint also implicated several Novatech promoters, including John Garofano, Dapilinu Dunbar, Martin Zizi, James Corbett, Corrie Sampson, and Marsha Hadley.
Bankrupt 3AC Seeks $1.3 Billion Claim from Terraform Labs
- The claim alleges that Terraform Labs artificially inflated the prices of its TerraUSD (UST) and Terra Luna (LUNA) tokens.
- 3AC alleges that the actions by Terraform misled the hedge fund into making substantial investments in these tokens.
Bitfarms Interim CEO Departs as Board Undergoes Restructuring
- Nicolas Bonta, the CEO and acting president of Bitfarms, a Canadian crypto mining company, will resign from the board.
- Bitfarms stated in its second-quarter 2024 reports that it mined 614 Bitcoin, worth $37 million and that its stock increased by almost 22%.
Binance Reaches $1.7M Settlement with Brazilian Securities Commission
- Brazilian Securities and Exchange Commission noted that Binance offered derivatives trading services in the country without receiving the corresponding license.
- CVM had initially rejected Binance’s 2023 proposal to pay $365,000 to end the probe.
Crackdown on $14.4M Holograph Hack: Several Arrests Made
- Concerning the June 13 Holograph hack, multiple people have been taken into custody.
- A highly skilled assault was carried out on the Holograph protocol, a blockchain tokenization platform that is a part of the Omnichain ecosystem, in the hack.
Chinese Man Abducted in Malaysia: Kidnappers Demand $1M in USDT
- Six Malaysian nationals, including four people and a married couple, were accused of kidnapping a Chinese national and holding him ransom in Tether’s USDT stablecoin.
- The charge sheet claims that the Chinese man was wrongfully detained for a ransom of $1,007,696 USDT, as reported by the Malay Mail, a local media outlet.
North Korean IT Workers Exposed in $1.3M Crypto Heist
- ZachXBT uncovered a North Korean operation where IT workers posing as crypto developers stole $1.3 million
- These developers generate up to $500,000 monthly, using laundering techniques to obscure stolen funds
Crypto Mixer Founder Challenges ‘Unwarranted’ 30-Year Prison Sentence
- Roman Sterlingov was found guilty of money laundering charges, but his attorneys have appealed against a “lengthy” sentence.
- Based on sentences in similar cases, the founder of Bitcoin Fog’s attorneys argued that the government’s recommendations were “unwarranted.”
Project Updates
Euler Conducts 29 Audits Amid v2 Launch, Spends $4 Million for Security
Euler DAO invested over $4 million in security measures to ensure the robustness of Euler v2. The audit process involved 29 separate audits conducted by 12 leading cybersecurity firms. Euler also conducted a $1.2 million public bug bounty program, which found no critical bugs
Texas Blockchain Council Backs Ted Cruz for US Senate Run
The TBC, a group that advocates for crypto and blockchain technology, declared that it had endorsed incumbent Ted Cruz for reelection to the US Senate. Following his announcement that he would not seek reelection, US President Joe Biden may have impacted Texas politics.
WazirX Recovers Balances After Hack, Withdrawal Resumption Pending
The WazirX has restored investor balances over a month after a significant attack caused the loss of $234 million in client funds Safe Multisig wallet. The company claims that continuous legal analysis is needed to implement these solutions, and it is now seeking confirmation from partners who can help resolve these concerns.
Podcasts and Interviews
- “Become More Profitable with This ONE Trading Hack” podcast by Words of Rizdom
- “The Future of Bitcoin” podcast by CEOCast
- “BitBoy Ben Armstrong SURPRISING XRP” podcast by Thinking Crypto
Job Listings
2k24 Events
- ETHGlobal ETHOnline virtual hackathon from August 23 to September 13
- ETHTokyo hackathon & conference from August 23 to August 26
- ETHAccra hackathon from August 29 to August 31
- ETHWarsaw conference & hackathon from September 5 to September 8
- ETHSafari (Kenya) from September 9 to September 15
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!
