CoinCodeCap WeekInFocus: August 25, 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

Nigeria’s Tax Authority Proposes Comprehensive Crypto Bill

• The FIRS is asking the National Assembly to approve a completely new law governing crypto in the nation. 
• This regulatory push is a response to the rapidly expanding digital economy and the need for updated legal frameworks to keep pace with technological advancements.

US Considers Including Crypto Transactions in Fiat Reporting Rules

• (FRS) and (FinCEN) are working to amend the definition of “money” within the Bank Secrecy Act to ensure that regulations include digital asset transactions.
• The final notice of proposed rulemaking is expected in September 2025, pending clearance. 

German BaFin Tightens Control on Crypto ATMs

• The government watchdog in Germany, BaFin, said that it had begun a campaign against crypto ATMs and had taken 13 of these automated cash kiosks from 35 sites.
• The government bureau claims that the ATM operators “illegally installed” the devices and neglected to register them following Banking Act Section 32.

Abu Dhabi Introduces Regulations for Fiat-Referenced Tokens

• The financial authority of Abu Dhabi intends to oversee stablecoins, known as fiat-referenced tokens (FRTs), in response to requests from interested parties for their issuance.
• The regulator suggests that issuers of multiple FRTs run and maintain distinct reserve asset pools for each FRT, with independent management of each pool.

ASIC Wins Legal Battle Against Kraken’s Operator Bit Trade

• Federal Court ruled against Bit Trade, Kraken’s operator in Australia, for offering margin trading products without a target market determination
• This legal setback follows similar regulatory scrutiny in the U.S., where Kraken faces charges from the SEC for operating without proper registration.

Platform and Tokens

Mango Markets DAO Proposes SEC Settlement 

• Mango Markets DAO has proposed a settlement with the SEC, including fines, destruction of tokens
• Mango Markets is under investigation by multiple U.S. agencies, including the SEC, DOJ, and CFTC, following the 2022 exploit

Solana ETF Filings Withdrawn Amid SEC Concerns Over Security Status

• SEC raised concerns about Solana’s potential status as a security, leading to the withdrawal of key ETF filings 
• Experts doubt the approval of Solana ETFs under the current administration, with potential reconsideration possibly pushed to 2025.

Judge Rejects SEC’s Attempts to Hinder Tron’s Defence in Ongoing Lawsuit

• The SEC’s letter motion to strike the untimely argument or for leave to file a sur-reply is denied,’ Judge Ramos stated in his order.
• Sun’s defense argues that the SEC is overreaching by attempting to apply U.S. securities laws to activities that primarily occurred outside the United States. 

Nigerian SEC to License Crypto Platforms Amid Market Expansion

• The SEC of Nigeria intends to grant licenses to exchanges that trade crypto.
• Nigeria has become one of the crypto economies with the highest rate of growth in recent years.

US Regulator Slaps Crypto Fund with $150K Fine Over Illegal Bitcoin Loan

• An NFA hearing panel decided that crypto fund lkigai Strategic Partners would pay a $150,000 fine to the NFA in the US for an allegedly illegal Bitcoin loan.
• The ruling states that Kigali and its primary operator consented to pay a $150,000 punishment without acknowledging or refuting the accusations.

Whale Loses $55M in Crypto Phishing Attack

• Malicious actors used a phishing assault to steal $55 million worth of crypto from a crypto holder who signed an unconfirmed transaction.
• After attempting to withdraw the money to a different address, the whale appeared to realize its error.

CluCoin Founder Pleads Guilty to $1.1 Million Wire Fraud Scheme

• Founder of CluCoin admitted to misappropriating over $1.1 million in investor funds intended for the CluCoin project.
• FBI is using NFTs to notify victims of the CluCoin fraud about the restitution process.

CZ Transferred to Field Office Custody Ahead of September Release

• CZ is still due to be released from detention in 38 days, but according to records, CZ has been moved by authorities to an administrative facility in the Greater Los Angeles area.
• The former CEO of Binance was housed at the Federal Correctional Institution Lompoc in central California until recently.

OmegaPro Co-Founder Arrested in Connection to $4 Billion Crypto Scam

• The co-founder of the now-defunct crypto and forex platform OmegaPro, Andreas Szakacs, was detained in Turkey in July.
• Szakacs, a Swedish national who moved to Turkey and changed his identity to Emre Avci, has refuted the accusations.

Feds Bust Pig Butchering Scams: Recover $5M, Ex-Kansas Bank CEO Sentenced

• US authorities declared victory in two cases involving crypto pigs’ butchering. In one, money was found, while in another, the previous head of the bank was put behind bars.
• As money is being quickly transferred to cryptocurrency accounts abroad, US Attorney Michael Easley claimed that Americans are losing their life savings to these schemes.

Project Updates

Coinbase, KuCoin Lead Crypto License Applications in Turkey

As prominent companies like Coinbase and KuCoin fight for business licenses in Turkey, the crypto scene there is undergoing a significant upheaval. As businesses correct regulatory shortcomings or the CMB wraps up its investigations, the list will be updated.

Bitwise Expands into Europe with ETC Group Acquisition

With the acquisition of crypto investment company ETC Group, San Francisco-based asset management firm Bitwise has expanded into the European market. The acquisition brings Bitwise’s total assets under management to over $4.5 billion and adds nine crypto ETPs that are listed in Europe.

WazirX to Resume INR Withdrawals on August 26

WazirX, an Indian crypto exchange, has announced when withdrawals will be allowed again after a hack cost investors $234 million. WazirX cited insufficient token assets “due to the cyberattack” and the loss of a sizable sum of ERC-20 tokens as a consequence of the theft.

Podcasts and Interviews

• “Big Dawg Crypto Podcast Ep. 62” podcast by Big Dawg Crypto Podcast
• “This HUGE MISTAKE Could Cost You Everything in Crypto” podcast by Altcoin Daily
• “Nashville’s Biggest Secrets” podcast by Scott Melker

Job Listings

• Frontend Engineer | Sablier
• Quant Developer for DeFi | IMC
• FullStack Engineer | Alchemy
• Full-stack Engineer | Stakefish

2k24 Events

• ETHAccra hackathon from August 29 to August 31
• Scaffold-ETH 2 extensions hackathon deadline on September 2
• ETHWarsaw conference & hackathon from September 5 to September 8
• NapulETH (Napoli) from September 12 to September 14
• 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!