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- Bitcoin, Ethereum, Cosmos and more Week 41 2024
Bitcoin, Ethereum, Cosmos and more Week 41 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
South Korean SEC Advances Bitcoin ETF Discussions
Supreme Court Clears Silk Road Bitcoin Sale
$5.5M Eigen Token Heist Linked to Email Breach
Bison Launches Insured Ethereum Staking Service
TeamKujira Rebrands to RujiraNetwork
Andromeda Partners with Sherlock for Security Audits
World Liberty Financial Plans $300 Million Token Sale
Ripple Co-founder Donates $1M in XRP to Kamala
and much more!
Market & Airdrop Update
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Bitcoin Highlights of the Week
The Financial Services Commission (FSC) of South Korea is taking significant steps toward Bitcoin ETF approval by forming a virtual asset committee. This committee will focus on essential regulatory issues, including the potential approval of spot ETFs and allowing corporate accounts for crypto exchanges.
The initiative aims to address the Kimchi premium, where cryptocurrency prices are elevated in South Korea compared to global markets. By encouraging arbitrage opportunities, the committee seeks to enhance market balance. Furthermore, the FSC is committed to strengthening market oversight to combat manipulation and protect user assets within the evolving crypto landscape.
The HBO documentary Money Electric: The Bitcoin Mystery suggests Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, Bitcoin's creator. Todd swiftly denied these allegations on social media, criticizing the filmmakers for creating a “dangerous narrative.” He expressed concerns for his safety and labeled the film irresponsible journalism.
Despite Todd's history of joking about being Satoshi, skeptics argue the evidence presented is weak. Prominent figures in the Bitcoin community have expressed doubts, reinforcing that while Todd's name adds to the speculation, the true identity of Satoshi remains unresolved, keeping the mystery alive.
The National Bank of Bahrain (NBB) has introduced the first Bitcoin-linked structured investment fund in the GCC, designed exclusively for accredited investors. This innovative fund provides exposure to Bitcoin while ensuring capital protection, allowing investors to benefit from Bitcoin's growth without the risk of losing their principal due to volatility.
Developed in partnership with ARP Digital, this product aims to attract cautious investors seeking to diversify their portfolios. Bahrain's proactive regulatory framework supports this initiative, reinforcing its position as a leading fintech hub and promoting the adoption of digital assets across the region.
The U.S. Supreme Court has allowed the government to proceed with the sale of 69,370 bitcoins seized from the Silk Road marketplace, valued at approximately $4.4 billion. This decision followed the refusal to hear an appeal in the case of Battle Born Investments, effectively upholding a previous ruling that mandates the liquidation of these assets.
As one of the largest government bitcoin sales anticipated, the auction's timing and execution by U.S. Marshals may influence market sentiment. Although the auction may occur off-market, the prospect of sell pressure could still impact the cryptocurrency landscape.
Justin Sun, founder of Tron, has been elected as prime minister of Liberland, a self-proclaimed micronation situated between Croatia and Serbia. Established in 2015, Liberland was the first nation to adopt Bitcoin as its official currency, emphasizing a decentralized governance model.
The recent elections utilized a blockchain-based system, enhancing transparency and eliminating doubts about outcomes. Sun aims to promote libertarian principles, advocating for reduced government spending and lower taxes, positioning Liberland as a beacon for the libertarian movement.
Ethereum Highlights of the Week
Scroll, a Zero-Knowledge Ethereum Layer 2 scaling solution, has unveiled plans to launch its SCR governance token on Binance Launchpad, marking its first step toward decentralization. A total of 1 billion SCR tokens will be issued, with 15% allocated for two community airdrops planned within 18 months.
The token will empower users with governance rights and incentivize external parties to manage the protocol's proving and sequencing systems. Airdrop eligibility ends on October 19, with the first claim window opening on October 22. This initiative aims to enhance user experience and foster community ownership of the Scroll ecosystem.
EigenLayer reported a theft involving $5.5 million worth of its EIGEN tokens, triggered by the compromise of an investor's email thread. The attacker executed an unauthorized transfer of tokens, swiftly converting them to stablecoins and transferring the funds to various exchanges, with some proceeds already frozen.
EigenLayer emphasized that the protocol remains secure and without vulnerabilities. This incident underscores significant security challenges for major protocols, as it involved social engineering rather than a direct flaw in the token contracts. EigenLayer's response will be crucial in maintaining trust amid rising competition and scrutiny in the space.
Bison, a cryptocurrency trading platform owned by Börse Stuttgart, has introduced an insured Ethereum staking service in collaboration with Munich Re and Staking Facilities. Users can stake a minimum of 0.005 Ether to earn weekly rewards, with the insurance covering risks such as slashing events, technical failures, and fraud.
The policy is designed to enhance user confidence in staking by mitigating common risks, thereby encouraging wider participation. All staked assets are managed by Börse Stuttgart Digital Custody, which complies with German regulatory standards. This initiative aligns with efforts to promote decentralization and secure staking practices in the cryptocurrency space.
The FBI successfully generated around $14,500 in profit from an Ethereum token created to combat market manipulation. This initiative was part of a broader investigation by the Department of Justice (DOJ), which recently charged 14 individuals and four crypto firms, including Gotbit, ZM Quant, CLS Global, and MyTrade, with misconduct related to inflating cryptocurrency prices and volumes through wash-trading bots.
The investigation identified approximately 60 manipulated cryptocurrencies, highlighting the FBI's proactive approach to tackling fraud in the crypto space, including a token linked to a fake entity called NexFundAI.
Uniswap has unveiled Unichain, its own layer-2 blockchain network, aimed at providing faster and cheaper transactions while enhancing cross-chain interoperability. Currently in testnet, Unichain is designed to leverage the advantages of layer-2 solutions, offering improved liquidity access and decentralization.
With plans to reduce block times from one second to under 250 milliseconds, the platform promises near-instant transaction experiences. Unichain will operate within Optimism’s Superchain, facilitating liquidity access across various layer-2 networks.
Cosmos Highlights of the Week
Agoric's Orchestration API is now live with the mainnet Upgrade 17, offering developers tools to manage complex cross-chain workflows. This API allows seamless integration of long-lived smart contracts across multiple blockchains, reducing the complexity of multi-chain operations.
With features such as Interchain Accounts (ICA), automated multi-step operations, and async execution, developers can build decentralized applications (dApps) that handle tasks like staking, asset transfers, and liquidity management with minimal manual intervention. These long-lived contracts persist autonomously, adapting as blockchain ecosystems evolve.
Andromeda has partnered with blockchain security firm Sherlock to conduct a comprehensive audit of its Staking and Vesting Andromeda Digital Objects (ADOs), strengthening security across the Andromeda Operating System (aOS). The Staking ADO allows for customizable staking solutions, while the Vesting ADO ensures secure token distributions.
With Sherlock’s audit complete, developers can confidently integrate these ADOs, knowing they’ve undergone rigorous testing. This partnership highlights Andromeda’s commitment to building a secure, developer-friendly ecosystem and marks a significant step toward future security upgrades for the aOS platform.
Native, a zero trust Bitcoin platform, has partnered with Secret Network to advance decentralized confidential computing (DeCC) in multi-chain DeFi for Bitcoin. This collaboration allows developers to build DeFi applications that natively operate across multiple chains while ensuring user privacy.
Native's technology empowers developers with programmability over Bitcoin, and Secret Network's encrypted smart contracts safeguard sensitive data. Together, they set a new standard for secure, privacy-focused DeFi, enabling confidential and decentralized operations on Bitcoin and other blockchains.
Japan’s largest telecom company, NTT Digital, has officially joined Injective as a validator, marking a significant step in its expansion into Web3. As a Fortune 500 company, NTT’s partnership with Injective highlights its commitment to embracing blockchain technology.
This collaboration not only strengthens Injective’s network but also signifies NTT Digital’s strategic move to explore Web3 opportunities through Injective’s blockchain ecosystem.
TeamKujira has officially rebranded its Twitter handle to @RujiraNetwork, signaling the next step in its development. The newly announced RUJI token merge combines protocols from Kujira and Thorchain's app layer, creating a shared token, RUJI. Key protocols like Kujira, Fuzion, The Wink Team, and Unstake are merging under this brand.
RUJI token holders will benefit from 50% of the fees generated by these protocols, with resources pooled to strengthen the DeFi ecosystem. The merge also offers access to Thorchain's liquidity, aiming to solve previous challenges in liquidity and debt within the Kujira network.
Other Highlights of the Week
World Liberty Financial, a DeFi project linked to Donald Trump and his sons, is preparing for a token sale next week aimed at raising $300 million at a $1.5 billion valuation. The initial sale will distribute 20% of the total token supply, with 63% allocated for public sales and 17% for user rewards.
The governance token, WLFI, will be non-transferable for the first year but will enable voting on platform decisions. Future plans include launching a DeFi lending platform on Ethereum Layer 2, creating a stablecoin credit card, and fractionalizing real-world assets for regulatory compliance.
Ripple co-founder Chris Larsen donated $1 million in XRP to the Future Forward PAC supporting Vice President Kamala Harris' presidential campaign. According to Federal Election Commission filings, the donation of 1,754,815.29 XRP, valued at $1 million, was made on August 14 and marked the first crypto contribution to Harris' campaign.
Future Forward PAC uses Coinbase Commerce to convert crypto donations into USDC, reducing volatility. The PAC has raised over $200 million, with notable contributions from Michael Bloomberg and Reid Hoffman, as the November 2024 election approaches. Crypto regulation remains a key election issue.
The UN Office on Drugs and Crime reports that organized crime groups in Southeast Asia are increasingly using cryptocurrencies for large-scale fraud, money laundering, and scams, with losses estimated between $18 billion and $37 billion in 2023. The report highlights the role of underregulated online gambling platforms and unauthorized virtual asset services, enabling criminals to move funds with minimal oversight.
Additionally, the emergence of generative AI has facilitated the creation of deepfakes, further enhancing fraud capabilities. The UNODC calls for urgent regulatory measures to address these growing threats and protect vulnerable populations from exploitation.
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