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🚨 New Video Alert!! 🚨
Another week has flown by, and it’s time for another recap.
Last week wasn’t super eventful at first glance, but when you look beneath the surface you see that a lot happened. The catch is that all these factors cancelled each other out.
For example, we have the jobs numbers which provided a mixed picture on the macro front. We also had a few crypto factors confuse crypto traders, like Blackrock refiling for its Bitcoin ETF while Gemini sues Digital Currency Group.
In the middle of this mess, money seems to have started moving from BTC and ETH into altcoins for the first time in a while. The impressive rallies we’ve seen among some layer 1s may not last, however. Be sure to stick around until the end to see where they’re headed next.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (09/07/23)
Here are some of today’s most important headlines:
1️⃣ Tether Freezes $2.5 Million Of USDT Transferred from Multichain 🥶
Following Circle’s footsteps, stablecoin issuer Tether has also reportedly frozen $2.5 million worth of USDT tied to a likely exploit of the cross-chain bridge platform Multichain. Multichain has stated that it is still investigating the incident.
https://www.theblock.co/post/238517/tether-freezes-2-5-million-of-usdt-transferred-from-multichain
2️⃣ Coinbase Knew It May Have Been Violating the Law Prior to the SEC's Lawsuit, Regulator Claims 🔎
In a recent court filing, the U.S. Securities and Exchange Commission (SEC) argued that crypto exchange Coinbase had knowledge of the probability that federal securities laws would apply to its operations as it had openly informed its shareholders about the possibility of assets traded on its platform being classified as securities.
The filing reads,
“Since becoming a public company, Coinbase has repeatedly informed its shareholders of the risk that the crypto assets traded on its platform could be deemed securities and therefore that its conduct could violate the federal securities laws […] These actions clearly show that Coinbase understood that the securities laws could apply to its conduct and knew which rules to consider in evaluating the legality of its conduct, but nevertheless made the calculated decision to take on this risk in the name of growing its business.”
https://www.coindesk.com/policy/2023/07/07/coinbase-knew-it-was-violating-the-law-prior-to-the-secs-lawsuit-regulator-claims
3️⃣ AI Can Now Move Bitcoin with New Lightning Labs Tools 🤖
Lightning Network developer Lightning Labs has announced a new set of developer tools that can integrate Bitcoin with AI applications and Large Language Models (LLMs) like ChatGPT. Olaoluwa Osuntokun and Michael Levin, the two engineers who built the tools, have stated that the tools allow AI applications to hold, send, and receive Bitcoin payments–both on-chain and on the Lightning Network.
https://decrypt.co/147785/ai-can-now-move-bitcoin-with-new-lightning-labs-tools
4️⃣ Multichain Attack Triggers Twitter Phishing Scheme for FTM Distribution ❗️
Hackers are reportedly leveraging the Multichain attack to target users with fraudulent messages on Twitter promising them Fantom token airdrops. The messages contained phishing links and the accounts were modelled to look similar to the one controlled by the Fantom Foundation, the nonprofit organisation responsible for the Fantom network.
The scammer’s tweets read,
“Due to the Multichain hack, Fantom Foundation is issuing an emergency FTM distribution to all users. All users who have interacted with the FTM chain are eligible to claim.”
https://cointelegraph.com/news/multichain-attack-triggers-twitter-phishing-scheme-ftm-distribution
🚨 New Video Alert!! 🚨
As you can imagine, the central banks have a completely different vision for the future of the financial system than us crypto folks. Let’s just say that our imagination barely scratches the surface of the financial dystopia they’re dreaming up.
This financial dystopia was put on full display in a recent report by the Bank for International Settlements or BIS, the so called bank for central banks. Like last year’s report, it included a third section which bashes crypto while promoting CBDCs.
This time however the report included a new concept, and that’s tokenisation – literally digitizing all of your assets and putting them on a global blockchain that’s controlled by the government and central bank. I know it sounds insane, but it’s what they want.
See for yourself…
🚨Rally Report🚨
BONE SHIBASWAP
The price of BONE has rallied by 19% in the past 24 hours.
WHY?!
🎉 In a recent blog post, Shiba Inu lead Shytoshi Kusama revealed that the much-awaited Layer 2 blockchain Shibarium may be launched at the Blockchain Futurist Conference set to be held in Toronto in August this year.
🔎 The layer 2 network will utilise BONE as a gas token.
If you want to buy or trade BONE, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
🚨 New Video Alert!! 🚨
It’s been a while since we’ve covered Ethereum – more than 5 months to be exact. That’s a long time for the second largest crypto project, and it’s safe to say that there have been a lot of updates. Today, I bring you the highlights.
As I’m sure all of you have heard, Ethereum’s Shapella upgrade was a great success, and ETH’s price pumped in response. It seems to have pumped enough for a few Ethereum insiders to sell, including some of ETH’s early investors.
This bearish signal stands in stark contrast to the institutional adoption and interest that Ethereum has been seeing around the world. Whether it’s the Bank of China or Societe Generale, it seems institutions are itching to adopt ETH.
What does all of this mean?
You’ll have to watch until the end to find out!
📣📣 COIN BUREAU NEWSFLASH! – (06/07/23)
Here are some of today’s most important headlines:
1️⃣ CFTC Investigators Conclude Crypto Lender Celsius, Ex-CEO Broke Rules 🧐
According to a Bloomberg report, Investigators at the Commodity Futures Trading Commission (CFTC) have concluded that bankrupt crypto lender Celsius Network and its former chief executive officer Alex Mashinsky broke several United States regulations by misleading investors before the company’s implosion in 2022. The report also states that the agency could file a case against Celsius and Mashinsky by the end of this month if a majority of the CFTC’s commissioners agree.
https://www.bloomberg.com/news/articles/2023-07-05/cftc-probe-concludes-crypto-lender-celsius-ex-ceo-mashinsky-broke-rules
2️⃣ Israeli Lawmakers Support Exempting Foreigners from Crypto Capital Gains Tax 💰
A bill granting exemption and other tax benefits for digital asset holders in Israel has reportedly passed through a preliminary reading in the country’s parliament. If passed into law, the bill would exempt foreign residents from capital gains taxes on the sale of digital currencies and also reduce tax on crypto options (similar to stock options) for employees to about 25% from 50%.
The bill reportedly has the coalition government’s support led by Prime Minister Benjamin Netanyahu. Dan Illouz, a lawmaker in Netanyahu's Likud party, stated,
"Up until now, workers in the crypto industry had to pay double the tax on their options compared to workers in the traditional high-tech industry. Moreover, foreign investors in the blockchain industry were not entitled to the same benefits as those entitled to investors in the traditional high-tech industry. This law amendment aims to balance the situation and eliminate the discrimination in taxation."
https://www.coindesk.com/policy/2023/07/05/israeli-lawmakers-support-axing-crypto-capital-gains-tax-for-foreigners
3️⃣ Ethereum Scaler Starknet Launches Testnet for Latest 'Quantum Leap' Upgrade ❗️
StarkWare, the company behind the Ethereum layer-2 network Starknet, has reportedly rolled out the testnet for the network’s "Quantum Leap" upgrade that is scheduled for mainnet launch on July 13th. According to Eli Ben-Sasson, the president and co-founder of StarkWare, the upgrade promises a significant increase in Ethereum’s throughput "on a level never achieved” before. Specifically, StarkWare claims that the network will be able to handle “triple figures” in transactions per second once it’s deployed.
https://decrypt.co/147347/ethereum-scaler-starknet-launches-testnet-latest-quantum-leap-upgrade
4️⃣ Saxo Bank Ordered to Liquidate Its Crypto Holdings by Danish Regulator ⚖️
According to reports, Denmark’s financial regulator- the Danish Financial Supervisory Authority (DFSA) has officially ordered the Danish bank ‘Saxo’ to dispose of its own holdings in crypto.
The regulator cited the unregulated status of proprietary trading of crypto assets by banks as the reason for the order and stated,
“Saxo Bank's trading with crypto assets for its own account has been done to hedge risks associated with the offering of other financial products. However, this does not change the fact that the activity itself is not allowed for Danish financial institutions."
https://www.theblock.co/post/237806/saxo-bank-crypto-danish-regulator
5️⃣ Twitter Receives Money Transmitter Licenses in Three US States 🚀
Twitter Payments LLC, the payments subsidiary of Elon Musk’s Twitter social network, has reportedly received regulatory approval via the grant of money transmitter licenses from three U.S. states- Michigan, New Hampshire and Missouri.
While the privileges granted by money transmitter licenses differ from state to state, they generally allow a company to send, receive, and transfer funds for and among customers, both nationally and internationally. They also permit currency exchange and the issuance of prepaid cards.
📣📣 COIN BUREAU NEWSFLASH! – (05/07/23)
Here are some of today’s most important headlines:
1️⃣ Binance Australia Offices Searched by Regulator as Part of Derivatives Probe 🔎
According to a Bloomberg report, Australia’s financial markets regulator- the Australian Securities and Investments Commission (ASIC), conducted searches at Binance Australia locations on Tuesday. The investigation was reportedly part of an ongoing probe of the crypto exchange’s now-defunct local derivatives business.
https://www.bloomberg.com/news/articles/2023-07-05/binance-australia-offices-searched-by-regulator-as-part-of-derivatives-probe
2️⃣ Crypto-Friendly DBS Bank Launches Digital Yuan Payment Tool 🚀
Crypto-friendly DBS Bank is reportedly cooperating with mainland China to launch a merchant collection platform that allows businesses to automate the settlement of e-CNY into their bank deposit accounts. This will allow corporate clients of DBS Bank China to collect payments from their customers in e-CNY. A catering company in Shenzhen was reportedly the first to complete an e-CNY transaction using the platform.
DBS Bank China CEO Ginger Cheng stated,
“By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, this will help position their business for a digital future where consumers in China use e-CNY for their daily activities."
https://cointelegraph.com/news/crypto-friendly-dbs-bank-launches-digital-yuan-payment-tool
3️⃣ UK Lords Pass Bill to Help Seize and Freeze Crypto Used for Crime 🇬🇧
In a meeting of the U.K. Parliament’s House of Lords on July 4, lawmakers conducted a third reading of the U.K.'s Economic Crime and Corporate Transparency Bill and passed it. The members of the House of Lords reportedly did not propose any changes related to crypto enforcement in the bill’s most recent reading. This brings the bill one step closer to being entered into the statute book. The bill seeks to allow law-enforcement agencies to seize and freeze crypto used for crime.
https://www.coindesk.com/policy/2023/07/04/uk-lords-pass-bill-to-help-seize-and-freeze-crypto-used-for-crime
4️⃣ New Bitcoin Standard BRC-69 Removes Data Limit for Ordinals ❗️
On Monday, Bitcoin Ordinals launchpad platform Luminex proposed the BRC-69 token standard. The new standard will reportedly simplify the creation of Recursive Ordinals collections, reducing inscription costs and streamlining the on-chain pre-reveal process.
The Luminex team stated,
“The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions.”
Self-proclaimed NFT historian and Ordinals collector, Leonidas tweeted,
“Bitcoin is essentially getting an internal internet where every file can request data from the other files on Bitcoin. It's unclear yet exactly how people will use this but it is undoubtedly an important moment in the history of Bitcoin.”
https://decrypt.co/147270/new-bitcoin-standard-brc-69-removes-data-limit-ordinals
5️⃣ Hong Kong Urged to Issue Stablecoin to Compete with Tether And USDC 🇭🇰
Prominent Web3 stakeholders in Hong Kong have reportedly co-authored a new policy proposal that encourages the Hong Kong government to issue its own stablecoin ‘HKDG’ in order to compete with existing stablecoins such as USDT and USDC.
The English translation of the report states,
“Issuing a stablecoin pegged to the Hong Kong dollar not only helps to solidify Hong Kong’s leadership in the blockchain sector but also propels the progress of the digital Hong Kong dollar, enhancing transaction efficiency, reducing transaction costs, improving current payment systems, and further strengthening Hong Kong’s fintech capabilities.”
https://www.theblock.co/post/237728/hong-kong-stablecoin-usdt-usdc
Crypto exchange Huobi has reportedly fixed a data breach that had put users’ assets at risk since June 2021. According to a white hat hacker Aaron Philips, the breach had the potential for attackers to “carry out the largest crypto theft in history” as it involved the exposure of credentials granting write privileges to all of Huobi's AWS S3 buckets.
This meant that, in addition to user data and internal documents being exposed, anyone with access to the credentials could have modified content on Huobi's domains, including huobi.com and hbfile.net. Huobi reportedly deleted the compromised account and secured its cloud storage on June 20. Phillips also stated that he found no evidence the breach was used to carry out an attack.
https://www.theblock.co/post/237460/huobi-data-breach
📣📣 COIN BUREAU NEWSFLASH! – (03/07/23)
Here are some of today’s most important headlines:
1️⃣ Belarus Wants to Ban P2P Cryptocurrency Transactions ❌
The Belarusian Ministry of Foreign Affairs is reportedly working on legal amendments prohibiting peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin. The ministry cited the high cybercrime rate in Belarus as the reason behind the move and stated that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organisers or participants in criminal schemes.”
The regulator stated,
“The MFA is working on legislative innovations that prohibit crypto exchange transactions between individuals. For transparency and control, citizens will be allowed to conduct such financial transactions only through the HTP exchanges.”
https://cointelegraph.com/news/belarus-wants-to-ban-p2p-cryptocurrency-transactions
2️⃣ Attacker Pockets $10 Million From Poly Network Security Attack: Beosin 🔎
According to the latest data aggregated by security firm Beosin, the Poly Network attacker has managed to swap out over $10 million worth of ETH on the Ethereum and Binance Smart Chain networks.
Security analysts at Beosin and Dedaub also suggested that the attack on Poly Network may have occurred due to a compromise or theft of private keys used in the platform’s main smart contract, rather than from a specific vulnerability within the contract’s logic. Specifically, they stated that the private keys for three out of the four admin wallets may have been compromised. The Poly Network team is yet to respond to this claim.
https://www.theblock.co/post/237452/attacker-pockets-10-million-from-poly-network-security-attack-beosin
3️⃣ AzukiDAO Proposes to Recover 20,000 ETH From Azuki Founder ‘Zagabond’ 🧐
A group of Azuki NFT holders have reportedly created a new decentralised autonomous organisation called the AzukiDAO. The first proposal posted on the DAO forum seeks to claw back 20,000 ETH from Zagabond, the founder of the blue-chip NFT project Azuki.
The post reads,
“We have provided support to Azuki during its highs and lows. We have contributed to building a sub-community and promoting the brand in various ways. Despite our efforts, we have only been given a similar profile picture to that of the original Azuki holders, and nothing more. The team is blatantly scamming us with empathy checks and promises.”
The proposal also outlines hiring a lawyer to take legal action against Zagabond for allegedly “rugging” multiple projects and proposes allocating any funds retrieved back to the DAO to “promote the growth of the entire Azuki community.” Thus far, the group has 74 members, with a majority of them voting yes on the proposal. However, it remains to be seen if the proposal will have any effect on Chiru Labs.
https://cointelegraph.com/news/azukidao-proposal-eth-refund-from-founder-zagabond
4️⃣ South Korea Passes Crypto Bill for User Protection 🚀
On Friday, South Korea's National Assembly passed the Virtual Asset User Protection Act. This bill will reportedly give the Financial Services Commission authority to oversee and inspect service providers and marks the country's first step towards building a legal framework for virtual assets. The legislation, which will take effect next year, defines digital assets and sets out penalties for unfair transactions. It also mandates service providers to segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions.
https://www.coindesk.com/policy/2023/07/03/south-korea-passes-crypto-bill-for-user-protection
📣📣 COIN BUREAU NEWSFLASH! – (02/07/23)
Here are some of today’s most important headlines:
1️⃣ Hong Kong Is 'Embracing' Web3 with New Task Force 🚀
Hong Kong has reportedly established a task force made up of a diverse group of industry and government officials dedicated to promoting and supervising the progress of Web3 in the region. The task force, which is led by Hong Kong’s financial secretary, Paul Chan, will operate for two years to further its mission.
Chan stated,
“Hong Kong is an international financial centre and a metropolis attaching importance to innovation and technology, embracing the megatrend of Web3 development.” Adding, “With the Task Force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub."
https://decrypt.co/147003/hong-kong-is-embracing-web3-with-new-task-force
2️⃣ Bittrex Challenges SEC’s Authority in Crypto Lawsuit, Seeks Dismissal ⚖️
According to recent court filings, crypto exchange Bittrex has submitted a motion to dismiss the lawsuit filed by the United States Securities and Exchange Commission (SEC). Specifically, Bittrex argued that the SEC did not have the authority to regulate cryptocurrencies as securities unless explicitly granted by Congress. Notably, Bittrex aligned its arguments closely with those made by Coinbase in its case against the SEC.
https://cointelegraph.com/news/bittrex-challenges-sec-authority-crypto-lawsuit-seeks-dismissal
3️⃣ Poly Network Attacker Issues “Worthless” Billions in SHIB, BNB, BUSD in Latest Crypto Hack ❗️
Earlier today, hackers reportedly issued tokens worth billions of dollars after exploiting a smart contract function in cross-chain protocol PolyNetwork’s bridge tool. Specifically, the attacker minted 24 billion BUSD and BNB on the Metis blockchain, 999 trillion SHIB on the Heco blockchain, and millions of other tokens on various other networks, such as Avalanche and Polygon.
This cumulatively brings the total value of minted tokens held by the attackers’ wallet to over $42 billion. However, a lack of liquidity for certain tokens due to quick action taken by the PolyNetwork developers ensure the attackers are unable to monetise the gigantic token stash that was minted.
https://www.coindesk.com/tech/2023/07/02/polynetwork-attacker-issues-worthless-billions-in-shib-bnb-busd-in-latest-crypto-hack
4️⃣ Vitalik Buterin Declares He Is Not Staking All of His ETH, Merely A ‘Small Portion’ 🧐
In a recent Bankless podcast, Ethereum co-founder Vitalik Buterin revealed that he does not stake all of his ETH due to multisignature wallets being “complicated in a bunch of ways.”
Specifically, Buterin stated,
“Because if you stake your ETH, the keys that access it have to be public on a subsystem that is online. For safety, it has to be a Multisig. Multisig for staking is still fairly difficult to set up; it gets complicated in a bunch of ways.”
Crypto Twitter has been buzzing with discussion on the revelation, with Cardano founder Charles Hoskinson cheekily drawing a comparison between the rival blockchains by stating that he stakes all his ADA as “that's how it's supposed to be for a properly designed Proof of Stake protocol”.
https://cointelegraph.com/news/vitalik-buterin-declares-not-staking-all-eth-a-small-portion
📣📣 COIN BUREAU NEWSFLASH! – (10/07/23)
Here are some of today’s most important headlines:
1️⃣ RFK Jr. Touted Bitcoin But Said He Wasn’t an Investor. Financial Records Show Otherwise 🧐
According to a financial disclosure obtained by CNBC, Democratic presidential candidate Robert F. Kennedy Jr’s family holds between $100,001 and $250,000 worth of Bitcoin in a brokerage account as of June 30.
Notably, Kennedy had previously stated that he did not own any Bitcoin during a keynote address at Bitcoin 2023. Kennedy’s campaign manager, Democratic Rep. Dennis Kucinich, reportedly stated to CNBC that a conflict of interest does not exist, and the purchase took place after Kennedy’s positive remarks regarding Bitcoin in Miami.
https://www.cnbc.com/2023/07/07/rfk-jr-bitcoin-investment-raises-ethics-concerns.html
2️⃣ DeFi Protocol Arcadia Finance Hacked on Ethereum and Optimism for $455K ❌
According to blockchain investigator PeckShield, noncustodial DeFi protocol Arcadia Finance has been drained of approximately $455,000 in assets after attackers exploited a code vulnerability. The code reportedly lacked a validation mechanism to cross-check unverified inputs. This loophole allowed the hacker to drain funds worth roughly $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults.
https://cointelegraph.com/news/arcadia-finance-hacked-on-ethereum-and-optimism-for-455k
3️⃣ Ethereum Inventor Vitalik Buterin Has Advice for Bitcoiners 🔎
On a Twitter Spaces hosted this week, Ethereum founder Vitalik Buterin stated that he believes the Bitcoin network needs scalable solutions like the zero-knowledge (ZK) rollups to become more than just a payments network. Buterin cited the example of Optimism and Arbitrum as two successful examples of “rollups” that could be looked as case studies for Bitcoin.
https://decrypt.co/147842/ethereum-inventor-vitalik-buterin-bitcoin-advice
4️⃣ Revoke Adds New Feature After Users Complain of Fake Approvals Scam ❗️
Approval management platform Revoke has reportedly added a new feature aimed at mitigating a new crypto scam, which involves baiting crypto users into revoking “fake approvals” that drain them with excessively high transaction fees. The move reportedly comes as a result of the platform receiving multiple reports of people seeing unknown approvals in their transaction history. The scammers had been using what are known as “gas tokens” to trick victims into believing they have suspicious transaction approvals.
https://cointelegraph.com/news/revoke-issues-fix-after-users-complain-approvals-scam
🚨 New Video Alert!! 🚨
Not sure if you’ve heard, but there was a big central banking summit in Portugal last week.
It was hosted by the European Central Bank, but it included personnel from all the major central banks, including the Federal Reserve, Bank of Japan, and Bank of England.
One discussion panel featured the heads of all four central banks, and it was easily the most intense panel we’ve ever watched. That’s because the moderator left no man (or woman) alive. She asked cutting questions and got equally cutting answers.
Obviously, we couldn’t resist summarising what was said. By the end of the video you’ll understand that the Bank of Japan plays a very important role in keeping everything together, and they could soon pull the rug out from their Western counterparts.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (08/07/23)
Here are some of today’s most important headlines:
1️⃣ Over $765K Worth of NFTs Stolen After SIM Swap Attack on Gutter Cat Gang ❗️
Hackers have reportedly stolen more than $765,000 worth of NFTs after users interacted with phishing links of fake limited edition Gutter Cat Gang NFT sneaker airdrops posted on the project’s official Twitter account. The security breach was highlighted by Gutter Cat Gang co-founder Gutter Mitch and several NFT community members at around 8:00 pm UTC on July 7.
According to crypto sleuth ZachXBT, the attackers gained access to the Twitter account of the Gutter Cat Gang NFT project and its co-founder Gutter Ric by executing a SIM swap attack. ZachXBT questioned the team’s security practices and asserted that they devise a compensation plan for victims as the compromise was due to the team’s “gross negligence.”
https://cointelegraph.com/news/over-765k-worth-of-nfts-stolen-after-sim-swap-attack-on-guttercatgang
2️⃣ Polygon Labs Promotes Boiron to CEO; President Wyatt to Depart 🔎
Polygon Labs, the company behind the Polygon blockchain, has reportedly promoted its chief legal officer Marc Boiron to CEO. Notably, the appointment comes just one and a half years after the Polygon Foundation declared that it could no longer have C-suite positions because of the decentralised nature of the project.
Boiron’s promotion is one among a list of other structural changes within the firm, including President Ryan Wyatt’s departure from his role and subsequent transition into an advisory role at the firm and Rebecca Rettig, Polygon’s chief policy officer, promotion to chief legal officer upon Boiron’s departure.
https://www.coindesk.com/tech/2023/07/07/polygon-labs-promotes-boiron-to-ceo-president-wyatt-to-depart
3️⃣ $63 Million In USDC Frozen by Circle Following Multichain Breach 🥶
According to security firm PeckShield, USDC issuer Circle has frozen $63 million in USDC and blacklisted three wallet addresses that received a significant outflow of funds from the cross-chain bridge platform Multichain. The move comes after the protocol was suspected to have suffered a potential security breach when over $126 million worth of crypto assets were mysteriously transferred from Multichain’s bridge deployments on Fantom, Moonriver and Dogechain to various third-party wallets.
https://www.theblock.co/post/238459/63-million-in-usdc-frozen-by-circle-following-multichain-breach
4️⃣ Bank of International Settlements Plans to Protect CBDCs From DeFi Cyber Attacks 🧐
Yesterday, the Bank of International Settlements (BIS) published a framework for defending central bank digital currencies (CBDCs) that utilise DLT and smart contracts technology against cybersecurity threats.
The report states,
"The large-value attacks on DLT protocols and smart contracts in the DeFi space underscore the potential operational and reputational risks. Recent examples of smart contract hacks, which have led to the loss of a significant amount of value in DeFi, serve as an example of the potential security risks CBDC systems could face."
https://www.theblock.co/post/238319/bank-of-international-settlements-plans-to-protect-cbdcs-from-defi-cyber-attacks
5️⃣ ZachXBT’s Research Cited in Canadian NFT Rug Pull Class-Action Lawsuit ⚖️
Blockchain sleuth ZachXBT’s investigative work on the $3.1 million rug pull by Boneheads NFT team has reportedly been cited in a class-action lawsuit against the project in Canada. The lawsuit accuses the Bonehead team of breach of contract with investors by failing to deliver on the project’s roadmap, misappropriating funds, conducting fraudulent misrepresentation and negligent misrepresentation, among other things.
https://cointelegraph.com/news/zachxbt-s-research-cited-in-canadian-nft-rug-pull-class-action-lawsuit
Currently, it remains unclear exactly what Twitter Payments will offer users when it eventually rolls out. However, some speculate it will play a part in Elon Musk’s vision to build an app that will be the “WeChat for the West,” — an all-in-one platform that allows users to do pretty much everything they want, including making payments.
https://cointelegraph.com/news/twitter-receives-money-transmitter-licenses-three-us-states
🚨Rally Report🚨
BITCOIN CASH
The price of BCH has rallied by 7% in the past 24 hours.
WHY?!
🎉 Likely a sign of returning investor confidence after the coin’s recent steady price decline to $250.
📈 Overall, the price of BCH has had a spectacular performance over the past couple of months, especially in June.
If you want to buy or trade BCH, we have an exclusive $40K Bonus, a 20% trading fee discount & a $15k trading competition on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
🚨 New Video Alert!! 🚨
Who is the most powerful man in the world? Some would say that it's the president of the US. Other's would say that it's the chair of the federal reserve.
Well, the real answer is the person who controls the most capital and in today's market, that is Larry Fink. He is the CEO of the World's Largest Asset Manager with almost $10 Trillion in Assets Under Management.
The reason that Larry is so powerful is because of the connections that he and BlackRock have with numerous global business and state leaders.
He has also been one of the strongest proponents of ESG investing mandate - a moniker that has earned him the ire of many.
However, what's the real Larry? What's his background and how did BlackRock become such a massive juggernaut?
That's all covered in the video today. Enjoy!
🚨Rally Report🚨
ZILLIQA
The price of ZIL has rallied by 9% in the past 24 hours.
WHY?!
🎉 The Zilliqa network is currently undergoing a major upgrade with v9.2
🔎 The upgrade is expected to bring enhanced performance and EVM compatibility. It also introduces an improved interface with advanced search and trace capabilities, as well as expanded development platform support.
If you want to buy or trade ZIL, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
🚨 New Video Alert!! 🚨
If there is one thing that is clear, the last 3 weeks have been some of the most surprising of this "bear market". That's because in the midst of the SEC's war against the crypto industry, we have had a flurry of institutional activity.
This was all kicked off by BlackRock's application for a spot Bitcoin ETF. In the wake of that move, we have seen at least 5 other applications one of which was from Fidelity, the third largest asset manager.
Not only that but we have seen banks and other TradFi giants launch their own exchanges, offer crypto trading and apply for custodian licenses.
Could this be the catalyst that drives us into the new bull market? Or is it all hype? What impact could it have on Bitcoin's price?
That's all answered in our video today.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (04/07/23)
Here are some of today’s most important headlines:
1️⃣ Kyle Davies to Donate Future OPNX Earnings to 3AC Creditors for ‘Karma’ 🤡
In a recent Twitter space, Three Arrows Capital (3AC) co-founder Kyle Davies pledged to donate a portion of “future earnings” from his newest crypto venture Open Exchange (OPNX) to 3AC creditors. He stated that it would be “good karma” and described the proposed payback scheme as a “shadow recovery process,” independent of the official liquidation process currently managed by global consulting firm Teneo.
A spokesperson for Teneo reportedly stated,
"The founders of Three Arrows have willfully ignored multiple requests to assist with this process after initiating the liquidation themselves, and the court records paint a clear picture of the ways in which they have hindered creditor recoveries. Instead of promising creditors future earnings from a nascent venture, we would recommend that the founders engage in the court-ordered activities already underway."
https://cointelegraph.com/news/kyle-davies-donate-future-opnx-earnings-3ac-creditors
2️⃣ Billionaire Winklevoss Outlines ‘Final Offer’ in Genesis Crypto Bankruptcy 🤔
In an open letter published Monday on Twitter, Cameron Winklevoss- the co-founder of the crypto exchange Gemini tweeted what he described as a “best and final offer” for digital-asset lender Genesis Global Holdco’s bankruptcy restructuring.
Winklevoss outlined a plan that calls for $1.465 billion of payments and loans denominated in dollars, bitcoin and ether. Specifically, the figure consists of a $275 million forbearance payment, a $355 million debt tranche due in two years and an $835 million debt tranche due in five years. The deadline to agree to the deal is 4 p.m. on July 6.
https://www.bloomberg.com/news/articles/2023-07-04/billionaire-winklevoss-outlines-final-offer-in-genesis-crypto-bankruptcy
3️⃣ Credit Suisse and Swiss Football Association to Release Women's Football NFT Collection ⚽️
As part of its efforts to support women's football in Switzerland, investment bank Credit Suisse has partnered with the Swiss Football Association to launch an Ethereum-based NFT collection featuring 756 digital portraits of the members of the Swiss Women’s National Team. The NFT collection will be on sale from July 11 to August 31 exclusively via Credit Suisse's CSX app.
Sandra Caviezel, head of partnerships and sponsorship at Credit Suisse, stated,
“These funds will on the one hand provide direct support to the women's national team and on the other hand will be used for girls' football projects and are thus earmarked for the promotion of young talent.”
https://www.coindesk.com/web3/2023/07/03/credit-suisse-and-swiss-football-association-to-release-womens-football-nft-collection
4️⃣ Angry Azuki Elementals Holders Unite to Demand $39 Million Refund, Lose Thousands More in Subsequent Hack 😶
Members of the AzukiDAO have reportedly lost 35 ETH after two hackers exploited a flaw in the DAO’s claiming contract. Notably, the group was formed last week by 74 “diamond hand” Azuki holders in response to the controversial launch of Azuki Elementals. It sought to claw back 20,000 ETH to Elementals minters by filing a lawsuit against Azuki founder Zagabond.
The funds stolen by the hackers were part of the DAO’s treasury to be used to fund the lawsuit. However, it appears the attack hasn’t dampened the spirit of the DAO as they’ve reportedly resolved the contract’s vulnerability and are currently consulting with a team of lawyers from Legal DAO to determine how best to pursue legal action against Zagabond.
https://decrypt.co/147115/angry-azuki-elementals-holders-unite-to-demand-39-million-refund-lose-thousands-more-in-subsequent-hack
5️⃣ Huobi Fixes Data Breach That Leaked Contact Details For 4,960 Users ❗️
Hey Guys,
It’s time for another weekly crypto review.
Last week has felt kind of slow, and this is true if you’re just looking at the price action. Beneath the surface however, there’s lots of stuff brewing. Some bullish, some bearish, some both.
Institutional interest in crypto is clearly skyrocketing, but this is happening against a backdrop of regulatory scrutiny that doesn’t seem to be going away. The biggest players continue to be targeted, namely crypto exchanges.
Finally, we take a look at some of the best performers from last week and the list will surprise you.
Enjoy!
🚨Rally Report🚨
COMPOUND
The price of COMP has rallied by 15% in the past 24 hours.
WHY?!
🎉 Part of a larger rally seen recently in DeFi tokens.
🚀 Investors seem to be speculating about a possible bull run for DeFi tokens as part of the “DeFi Summer” narrative as institutional interest in crypto seems to be picking back up.
If you want to buy or trade COMP, we have an exclusive $40K Bonus, a 20% trading fee discount & a $15k trading competition on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
Have you ever wondered where digital ID, CBDCs, smart cities, and other dystopian ideas are coming from? No, it’s not the World Economic Forum – it’s an even bigger organisation. Believe it or not, it seems to be the United Nations.
This is because of the Sustainable Development Goals or SDGs which are supposed to be met in basically every country by 2030. This is why you see that date everywhere, and also why you need to pay attention to what the UN is doing.
Recently, the UN released a report about a ‘Global Digital Compact’ that’s expected to be signed by just about every country in the next year and a half. What it prescribes is a tad terrifying, and this is just one of the many SDG agendas the UN is working on.
This is one you don’t want to miss!