CoinCodeCap WeekInFocus: April 14, 2024

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

South Korean Party Promises US Bitcoin ETF Access To Garner Votes

• The Democratic Party has promised to lift restrictions on both local and international ETFs holding crypto, including US Bitcoin ETFs
• People Power Party vowed to delay taxes on digital assets’ profits, scheduled to take effect in 2025.

US Treasury Official Proposes Measures for Enhanced Crypto Crime Prevention

• In testimony before the Senate Banking Committee, US Deputy Treasury Secretary Adewale Adeyemo persisted in calling for increased enforcement authority for his organization.
• Secondary sanctions were to be implemented against “foreign digital asset providers” who participated in illegal funding.

ASIC Targets Unlicensed Blockchain Firms, Court Grants $40 Mln Crypto Transfer

• Allegedly,450 investors were persuaded to invest $40 million into these unlicensed ventures. 
• Allegations involve enticing local investors with the promise of fixed-rate returns from blockchain mining packages, without the necessary Australian financial license.

DeFi Protocol Uniswap Receives Wells Notice From SEC

• Uniswap slammed that SEC’s enforcement action is the “latest political effort to target even the best actors building technology on blockchains”.
• Uniswap denies that the tokens it offers for sale are securities.

Platform and Tokens

Hong-Kong based HashKey Obtains Bermuda License, Launches Global Platform

• HashKey Global will soon launch futures trading alongside its current spot trading for 21 digital assets, including BTC, ETH.
• HashKey MD sees an opportunity for HashKey Global to blend Binance’s user experience and product features with Coinbase’s regulatory and safety standards.

Federal Court Trial for Fraud Crypto Trader Avraham Eisenberg

• The trial of Avraham Eisenberg sheds light on the evolving regulatory landscape of DeFi emphasizing the need for legal oversight in the burgeoning sector.
• The trial for  Eisenberg’s alleged $116 million Mango Markets fraud was originally set for December 2023.

Binance Executive Pleads Not Guilty to Charges in Nigeria: Reports

• Tigran Gambaryan has pleaded not guilty to four money laundering counts in Nigeria.
• Judge Emeka Nwite dismissed Gambaryan’s defense and said, citing regional legislation, that he had represented Binance in previous trips to Nigeria.

1inch Unveils Web3 Debit Card in Collaboration with Mastercard and Crypto Life

• The new debit card from DeFi company 1inch Network features a crypto-to-fiat bridging feature. Baanx and Mastercard collaborated to build the new Card. 
• Currently, the cards are only accessible in the economic regions of Europe and the United Kingdom.

Former Ethereum Advisor Sues US Government for $9.6 Billion

• Early Ethereum network advisor Steven Nerayoff filed a lawsuit against the US government alleging false accusations and abuse by federal officials from 2019 to 2023.
• The legal team representing Nerayoffs feels that the harm done to his company’s image and finances is substantial enough to warrant suing the US government.

FTX Founder SBF Appeals Conviction and Sentence

• The former CEO of FTX, Sam Bankman-Fried (SBF), has filed an appeal of his conviction and imprisonment, according to his attorneys.
• The application was made two weeks following SBF’s sentence hearing, where Judge Kaplan also mandated the forfeiture of $11 billion.

Montenegro’s Justice Minister to Rule on Do Kwon’s Extradition

• Do Kwon may not be extradited to the US or South Korea, according to a ruling, which has been forwarded to the country’s minister of justice.
• Montenegrin authorities detained Kwon in March 2023 for trying to exit the nation with forged travel credentials.

Nirvana Hacker Shakeeb Ahmed Sentenced to 3 Years in Prison

• Ahmed was charged in July 2023 with wire fraud and money laundering tied to the hacks
• Attorney Damian Williams stated that Ahmed’s conviction was the first for hacking a smart contract. 

Project Updates

Coinbase Ethereum Layer-2 Base Hits $4 Billion TVL, Outpaces Blast

Base surpassed its closest competitor, Blast, which has a TVL of $2.77 billion. The base is now the third-largest Ethereum Layer 2 network.

KuCoin India Introduces 1% TDS on Crypto Transfers

Starting April 10, 2024, the platform will enforce a 1% Tax Deducted at Source (TDS) on Virtual Digital Assets (VDA) transfers. Indian users can monitor deducted TDS by checking completed orders or requesting the exchange’s full trade report.

dYdX Chain Back Online: Bounces Back from 9-Hour Outage

DYdX Chain Block Production resumes after over 9 hours of downtime. This is the first major outage disruption since the launch of dYdX version 4.

Podcasts and Interviews

• “EP 128 | Patron Saint of Bitcoin” podcast by PDB Podcast
• “Notorious Crypto Bull Is Sure Bitcoin Will Skyrocket” podcast by Scott Melkar
• “Will Bitcoin Replace Gold?” podcast by PDB Podcast

Job Listings

2k24 Events

• ETHGlobal Scaling Ethereum virtual hackathon from April 5 to April 26
• ETHDam (Amsterdam) conference & hackathon from April 12 to April 14
• EY Global Blockchain Summit (London) from April 16 to April 18
• ETH Tallinn hackathon from April 19 to April 21
• ETHDubai conference & hackathon from April 20 to April 21

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!