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sec sues crypto exchange binance. Is this the lawsuit we have been waiting for or is the SEC going beyond their power
Bitcoin, the decentralized digital currency that has captured the attention of the world, is facing increasing regulatory scrutiny from governments and financial regulators globally. In this blog post, we delve into the current state of Bitcoin regulation in America, China, and Europe and examine the potential changes that could occur in 2023. Stay ahead of the curve and learn about the future of the crypto industry as it evolves and adapts to new regulations.
Nearly a month after the biggest exploit in decentralized finance history, the Sky Mavis team has released an updated post-mortem audit on the massive $600 million hack on the Ronin Bridge.
The roadmap explains the team’s plan to redesign the sidechain, boost security protocols, and launch a bug bounty program. Also, the report gives further insight into how the alleged North Korean cybercriminal group Lazarus deployed the attack and compromised the protocol.
The first-ever Bitcoin x Gold exchange-traded product was launched by a collaboration between ETP issuer 21 Shares and ByteTree, an asset management heavyweight. Dubbed BOLD, the fund will debut on the Swiss exchange SIX. BOLD is split with an 18.5% BTC and an 81.5% Gold sharing formula. An algorithm that leverages 360-day historical volatility data will rebalance the fund on a monthly basis.
Fidelity expands its offerings with a Crypto retirement product. American employers can designate a portion from their 401K retirement accounts to Bitcoin. Fidelity will implement a 20% allocation cap for this option. The retirement plan faces stiff opposition from the U.S. Labor Department. However, Fidelity insists the department does not have jurisdiction over the matter and a major institution has already agreed to the initiative.
Bitcoin becomes an acceptable means of payment for the first time in the continent of Africa. Legislators from the Central African Republic recently approved the bill to legalize crypto in the country. The country joins El Salvador in a shortlist of countries with Bitcoin as legal tender.
It’s possible that the CAR could draw scrutiny from international financial bodies and sovereign governments from adopting Bitcoin on a national level. Organizations like the European Union and IMF have been critical regarding widespread crypto adoption in recent times.
Popular decentralized Ethereum-powered exchange Uniswap disclosed measures geared towards curbing illicit activities and suspicious wallet addresses. A partnership with on-chain data and security outfit TRM Labs will facilitate Uniswap’s latest decision to block addresses with shady transactions.
Also, Uniswap Labs has delisted a plethora of tokens due to concerns regarding regulatory clarity. These tokens supposedly shared similarities with securities and infringed on established policies. Notably, the ban from Uniswap only applies to the front end of the platform.
About $5.8 million from the funds stolen in the Ronin bridge hack have been frozen on Binance, says Changpeng Zhao. The exchange supposedly spotted the suspicious activity across several accounts and linked the funds to the alleged North Korean hacker group Lazarus.
The exploit remains one of the biggest in DeFi history with over $600 million in cryptocurrencies stolen. Ronin has since resumed activities on the bridge and continues to attempt recovery of the funds in collaboration with law enforcement and industry stakeholders like exchanges.
Nothing should be considered investment or financial advice. Enjoy the ride!
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