CoinCodeCap WeekInFocus: March 10, 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.



    Hong Kong SFC Flags Fake Crypto Exchange Websites in Blacklist

    • Major local cryptocurrency exchanges have been impersonated by phony websites, which the SFC has detected and prohibited.
    • The relevant websites have been blocked by the Hong Kong Police Force upon request from the SFC.

    Taiwan’s Upcoming Digital Currency Laws Expected in September

    • The FSC has revealed that in September 2024, a new draft of digital asset legislation for Taiwan will be proposed.
    • The committee will also draft legislation to guard against the dangers posed by digital assets to the stability of the established financial system.

    UK Authorities Empowered to Confiscate Crypto Assets in New Legislation

    • UK law enforcement gains authority to freeze crypto assets without convictions.
    • This move is aimed at addressing the growing concerns surrounding the illicit use of cryptocurrencies.

    Arizona Senate Considers Bitcoin ETFs for State Retirement Systems

    • Under the proposed bill, ASRS and PSPRS would be required to submit a detailed report, highlighting everything from the risks to the potential benefits of Bitcoin ETF’s
    • The Bitcoin retirement resolutions was first introduced and read by the Senate on January 30, 2024.

    New York Attorney General’s Lawsuit Against DCG Dismissed

    • The NYAG has filed motions to dismiss the $3B fraud lawsuit against DCG and its CEO. They contend that the accusations made against them are “baseless innuendo.”
    • Genesis had previously consented to a separate settlement. DCG has also submitted an objection to the settlement in the interim.

    Wyoming Passes Law Granting Legal Framework to DAOs

    • The bill passed with bipartisan support in the House in a 50-10 vote.
    • The law details DUNA formation requirements, delineates smart contract roles.

    Platform and Tokens

    Binance CEO Summoned by Nigerian Committee Over Financial Crime Concerns

    • Regarding allegations of money laundering and terrorism funding, Richard Teng has been contacted by the Nigerian House of Representatives Committee on Financial Crimes.
    • The governor of the CBN expressed worries about Binance, citing the business’s involvement in “suspicious flows” of funds in 2023.

    Fantom Gets Default Judgment Against Multichain in $122 Mln Exploit Case

    • The court will evaluate the damages owed to Fantom and require Multichain to repay them.
    • Fantom stated that the High Court of Singapore issued a default judgment ruling in its favor regarding the legal action against the cross-chain protocol Multichain.

    Deutsche Börse Unveils Spot Cryptocurrency Trading Platform

    • Targeting institutional investors, the German securities market Deutsche Börse has formally introduced its own cryptocurrency trading platform.
    • A multilateral trading facility, or trading system, that facilitates the exchange of financial instruments between several parties will come after RfQ trading.

    Cryptoqueen’s Brother Spared Further Jail Time in $4 Billion OneCoin Scam Case

    • US District Judge Edgardo Ramos in Manhattan sentenced Ignatov to the 34 months he had already spent behind bars.
    • Ignatov will spend the next two years under court supervision and is required to forfeit $118,000 of the proceeds he gained while involved with OneCoin. 

    Terra Founder Do Kwon Triumphs in Appeal Against US Extradition

    • The ongoing story of Do Kwon is that a Montenegrin court has once again overturned an earlier ruling that called for the executive’s extradition to the US.
    • After Kwon was detained in Montenegro, the lengthy extradition procedure saw numerous events, the most recent of which was the overruling by the Appellate Court.

    WOOFi Exchange Suffers $8 Million Loss in Flash Loan Exploit on Arbitrum

    • WOOFi introduces 10% whitehat bounty program post $8.5m Arbitrum contract exploit.
    • WOOFi aims to resume operations within two weeks and proceed with the planned release of the v3 version

    BlockFi Secures $874.5 Million Settlement with FTX and Alameda Research

    • Under the in-principle settlement, BlockFi will receive $874.5 million in claims against FTX & Alameda Research.
    • $874.5 million comprises a claim of $185.2 million against, which reflects the value of BlockFi customer assets held on the exchange, and an additional claim of $689.3 million.

    US Appeals Do Kwon’s Extradition to South Korea

    • The recent verdict by the Montenegrin high court, which ordered the extradition of Do Kwon from Terraform Labs to South Korea, will be challenged by US authorities.
    • In March 2023, the US and South Korea submitted requests for Kwon’s extradition, but they have been at odds over who gets to eat first ever since.

    Project Updates

    Binance to Halt Nigerian Naira Transactions by March 8

    With the announcement of the complete termination of all services in the local fiat currency, the Nigerian naira, Binance is leaving the Nigerian market. Binance will instantly stop accepting NGN deposits since they won’t be supported after 2:00 PM UTC on March 5.

    Bitcoin Mining Giant Hut 8 Shutters Operations Amid Escalating Energy Expenses

    The Canadian bitcoin miner Hut 8 is leaving its Drumheller, Alberta, location owing to power outages and rising energy expenses. As of now, all of the company’s Bitcoin miners will be moving to its Medicine Hat, Alberta, Canada, location.

    Crypto Investment Fraud Hits $3.94 Billion in 2023: FBI Report

    In 2023, US crypto investment scam losses reached $3.94 billion, up 53% from $2.57 billion in 2022. $3.94 billion lost in crypto-related fraud made up 86% of all investment fraud losses in the US in 2023.

    Podcasts and Interviews

    • Interview with Kartin Wong, founder of Hyper Oracle
    • “Millionaire Crypto Trader Shares Market Blueprint For 2024” podcast by Words of Rizdom
    • “Why You NEED At Least 0.1 Bitcoin” podcast by Crypto Nutshell

    Job Listings

    2k24 Events

    • ETHLatam (San Pedro Sula, Honduras) from March 13 to March 14
    • ETHGlobal London from March 15 to March 17
    • ETH Canal conference & hackathon from March 19 to March 21
    • ETHTaipei conference & hackathon from March 21 to March 24
    • ETHSamba (Rio) from March 22 to March 24

    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!



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