August 11, 2024
Weekly: Latest Updates and Insights
Russia Legalizes Cryptocurrency Mining: Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in Russia, introducing new concepts such as digital currency mining, mining pools, and mining infrastructure operators. The law grants mining rights to Russian legal entities and individual entrepreneurs included in a register, while individuals who do not exceed government-set energy consumption limits can mine digital currency without being registered.
Global Markets Plunge Amid Recession Fears and Volatility: Global markets experienced a significant sell-off on August 5, 2024, with the Dow Jones Industrial Average losing over 1,000 points and the crypto market seeing $1.022 billion in liquidations, as investors reacted to a combination of factors including rising unemployment, AI spending concerns, market concentration, and the unwinding of dispersion trades. Experts warn that this crisis is more than just a flash crash and could potentially lead to a global economic downturn, with the Japanese market already plummeting to its lowest levels since the 1987 stock market crash.
White House Engages Crypto Leaders to Address Regulatory Concerns: The Biden administration, through Vice President Kamala Harris’s advisers, has met with leaders from the cryptocurrency sector to discuss the industry’s grievances with the current regulatory approach and explore potential solutions to address their concerns. This engagement reflects the administration’s effort to understand the crypto industry’s perspective and work towards creating a more favorable regulatory environment for digital assets in the United States.
Bank of Japan’s Deputy Governor on Interest Rates Amid Market Instability: Deputy Governor Shinichi Uchida of the Bank of Japan stated that the central bank will not raise interest rates in the face of financial market instability, emphasizing the need to maintain current levels of monetary easing. He highlighted concerns over a global decline in the dollar and stock prices, indicating that the volatility in the yen/dollar exchange rate necessitates careful monitoring and appropriate policy responses.
Ripple Fined $125 Million in SEC Case: A judge has imposed a $125 million fine on Ripple Labs and prohibited the company from future violations of securities laws in a protracted legal battle with the SEC. This ruling underscores the ongoing scrutiny of cryptocurrency firms and their compliance with regulatory frameworks.
FTX and Alameda Settle $12.7 Billion CFTC Case: A New York judge has approved a $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC), resolving allegations of fraud and misappropriation of customer funds. This settlement represents one of the largest penalties ever imposed by the CFTC and underscores the agency’s commitment to protecting consumers in the cryptocurrency space.
Major Ransomware Attack Targets French Museums, Including the Louvre: A ransomware attack struck several prominent French museums, including the Louvre, during the Olympic weekend, compromising the central financial data systems of these institutions. Cybercriminals demanded a ransom in cryptocurrencies and threatened to release sensitive data if the museums did not comply within 48 hours, prompting an investigation by cybercrime authorities.
Brazilian Police Break Up Crypto Laundering Operation Linked to Drug Gang: Brazilian civil police have dismantled a sophisticated cryptocurrency laundering scheme utilized by a drug trafficking organization, leading to multiple arrests and the seizure of significant assets. The operation reportedly involved converting drug proceeds into cryptocurrencies to obscure their origins, highlighting the growing intersection of crime and digital currencies in Brazil.
Bitcoin ETF Options Expected by Q4 2024: Analyst James Seyffart predicts that options for Bitcoin exchange-traded funds (ETFs) could launch in the fourth quarter of 2024, with a critical SEC decision deadline approaching on September 21. However, additional approvals from the OCC and CFTC will be necessary before these options can become available, indicating a complex regulatory path ahead.
OKX Implements Zero Tolerance Policy for Tornado Cash Users: OKX CEO Star Xu has announced a strict zero tolerance policy for accounts interacting with Tornado Cash, stating that any involved accounts will be terminated as part of a new compliance strategy. This move emphasizes the exchange’s commitment to combating crypto-related crime and adhering to regulatory standards.
Fundraising
Binance Labs Invests in Solayer to Enhance Solana’s Restaking Ecosystem: Binance Labs has announced its investment in Solayer, a project aimed at advancing the restaking ecosystem on the Solana blockchain. This partnership is expected to foster innovation and improve the overall functionality of Solana’s staking mechanisms.
VesselFinance Secures $10M in Seed Funding: VesselFinance has successfully closed a $10 million seed funding round to enhance its ZK-powered decentralized exchange. The funds will be utilized to improve liquidity efficiency and develop advanced zero-knowledge proof solutions for DeFi applications.
Andrena Dawn Secures Funding to Boost Solana’s DePIN Initiatives: Andrena Dawn has raised $4 million in funding to support decentralized physical infrastructure networks (DePIN) on the Solana blockchain. This investment aims to enhance the development and implementation of innovative solutions within the DePIN ecosystem.
Cartridge Secures $7.5M Series A Funding for Onchain Game Development: Cartridge, an infrastructure provider for provable onchain games and autonomous worlds, has raised $7.5 million in Series A funding led by BITKRAFT Ventures to accelerate its development efforts. The company plans to use the funds to expand operations and enhance its flagship products, including Controller, a smart contract wallet, and Slot, a managed Rollup-as-a-Service (RaaS) solution for game developers.
Elmnts Officially Announces Pre-Seed Funding: Elmnts has officially secured pre-seed funding, expressing gratitude towards its investors and partners for their support in this venture. The company aims to leverage this funding to drive its innovative projects forward.
Curio Raises $5.7 Million in Seed Funding for Web3 Game Development: Curio, a Web3 game studio, has successfully raised $5.7 million in seed funding to enhance its game development initiatives. The funding will be used to expand its team and accelerate the creation of innovative gaming experiences within the blockchain ecosystem.
Khalani Secures $2.5 Million in Seed Funding for Decentralized Solver Platform: Khalani has raised $2.5 million in a seed funding round led by Ethereal Ventures to develop the world’s first decentralized solver platform aimed at improving the web3 user experience. The funding will support the expansion of Khalani’s innovative solutions across various blockchain ecosystems.
Blockscout Raises $3M Seed Round to Enhance Open-Source Blockchain Data Exploration: Blockscout has secured $3 million in a seed funding round led by 1kx, with participation from Primitive Ventures and Gnosis, to scale its open-source blockchain data exploration platform across all EVM chains. The funding will be used to improve user experience, integrate social elements, and support new projects with customizable Explorer-as-a-Service solutions.
Moonveil Secures $9M in Pre-Series A Funding for Layer 2 Web3 Gaming Ecosystem: Moonveil has successfully extended its Pre-Series A funding to a total of $9 million, aimed at advancing its Layer 2 gaming ecosystem for web3. The funding round, led by Spartan Group and supported by notable investors, will enhance infrastructure development and community engagement as the company prepares to launch its first games, AstrArk and Bushwhack.