By Christopher Hamman
As we all prepare to kick back for summer, things seemed pretty sunny in the cryptospace (for the most part).
Then again, if hacking events increase, things could change.
Cryptocurrency exchange, Bitfinex found itself refuting allegations made by a global media watchdog.
Dash, a Bitcoin fork, went down for thirteen hours, and the global securities top gun issued its first policy document for digital asset regulation.
Plus, Governor Ron de Santis (R) joined the list of presidential candidates who are “pro-crypto” (2024 will be very interesting).
These are your decentralized diaries!
Bitcoin Rebounds From 26k, a Bull Rally is Possible
Bitcoin prices staged a remarkable comeback from a $26,295.51 low following the debt ceiling drama’s resolution. Prices reached a $28,225.73 high. As of 5/29/23, Bitcoin is at $27,644.43.
The “head-and-shoulder” pattern suggests a return to its former bullish trend, pending corresponding fundamentals.
The Altcoins are also upbeat, with Ethereum (ETH) prices at $1,884.86, Avalanche (AVAX) at $14.43, Solana (SOL) at $20.33, and Polkadot (DOT) at $5.45.
TRM Labs-Crypto Hacks Down in Q1 2023
According to a recently released report by blockchain intelligence firm TRM Labs, crypto hacks were down by 70% (about $400 million) in the year’s first quarter year-on-year, but that doesn’t mean things couldn’t change in Q2.
Per the report, the average hacking amount also fell (Q1 2023-$10.5 million from around $30 million in Q1-2022).
The report warned that the situation may not last, with major hacks possibly tipping the scales (the ten biggest events took 75% of the total monies stolen in 2022).
Kraken Passed SOC 2 Auditor Examinations for Custody and Funding Services
Cryptocurrency exchanger Kraken revealed it passed the American Institute of Certified Public Accountants (AICPA) SOC 2, Type I compliance standard, which covers internal controls, custody, and funding services.
An independent auditor conducted the process.
Bitfinex Refuted Media Watchdog Security Allegations
Leading cryptocurrency exchange, Bitfinex refuted allegations by the Organized Crime and Reporting Project (OCCRP), which were published online.
The OCCRP alleged in its report that 119,000 Bitcoins got stolen in 2016 from Bitfinex following security lapses.
Per OCCRP, two out of three wallet security keys were located on the same device.
On its part, Bitfinex refuted the findings as “factually incorrect”, noting ongoing investigations by authorities into the incident.
The OCCRP is a network of investigative journalists who cover corruption and crime.
FTX CEO Charged $1,040 in Fees for “Reboot” Review
Court filings revealed that FTX CEO John J. Ray III charged $1,040 as compensation to analyze and review plans for a resurrection of the bankrupt cryptocurrency exchange.
Proposed “reboots” face several legal hurdles, including refund payments and other liabilities.
Solana Unveiled a ChatGPT Plugin
Solana Labs, the firm behind the smart contract-enabled blockchain Solana, revealed a ChatGPT plugin for users to interact directly with blockchain data.
The plugin is available on the GitHub developer ecosystem and allows for queries, including NFT and token operations.
Dash Blockchain Went Offline During Hardfork Deployment
The Dash blockchain stopped processing transactions during the deployment of its v19 hardfork.
The upgrade rolled back 13 hours later, and developers shifted the v19 deployment to June 14.
The v18 also faced similar issues.
The Dash altcoin forked from Bitcoin in 2014.
Coinbase Launched “Wallet-as-a-Service”
Cryptocurrency exchange Coinbase introduced its “Wallet-as-a-Service”, which allows users to create cloud-based wallets without needing the memorization of 24-word recovery phrases. The “W-a-a-S” got launched on the Ethereum mainnet.
WaaS wallets use Multi-Party Computing (MPC) solutions to “shard” or split key phrases securely.
In related news, the cryptocurrency exchange revealed the roadmap to the final iteration of “Base”, its Ethereum Layer-2 solution.
U.S Attorney’s Office Sought the Forfeiture of Tokens in Binance-Linked Wallets
The U.S. Attorney’s Office, District of Massachusetts, announced it had filed for forfeiture of digital assets alleged to be proceeds of criminal activities from wallets hosted with the cryptocurrency exchange Binance.
The attorney alleged that the assets got converted from funds gained through a business email compromise (BEC) fraudulent scheme aimed at a Massachusetts-based business.
In related news, the Treasury’s Office of Foreign Assets Control (OFAC) blacklisted wallets allegedly owned by a North Korean individual hosted at Binance.
The cryptocurrency exchange indicated it had cooperated with the regulator.
The IOSCO Released Digital Asset Policy Document
As part of moves that could see global digital asset regulation, the International Organization of Securities Commissions (IOSCO) published a policy paper that broadly defined standards,
The paper outlined six areas of recommendation-Retail access and distribution, market manipulation, insider trading and fraud, custody, and client asset protection, operational and technological risks, and conflicts of interest per activities and functions.
The organization released a crypto-asset roadmap document in July 2022.
The IOSCO is the global regulatory umbrella organization for securities regulators.
Florida’s Governor Announced Support for the Cryptospace in Presidential Bid
Ron de Santis (R), Florida’s Governor, reiterated his support for Bitcoin as he threw his hat in the ring for the 2024 presidential contest.
The Governor announced the bid via a Twitter spaces event moderated by venture capitalist David Sacks.
The Governor hit back at the Biden administration, hinting at Bitcoin’s “death” if President Biden got elected.
He also placed cryptocurrencies in the civil liberties space and vowed to oppose efforts by Congress to prohibit activities in the cryptospace.
PUBLISHER’S NOTE:
We are proud to announce that Digital Wealth News, in conjunction with the American Crypto Academy, has partnered with the University of Wyoming Center for Blockchain & Digital Innovation to offer a 12-module course on blockchain for Wyoming’s high school juniors, seniors & community college studentes beginning with the Fall 2023 school year. The modules will also be available for a nominal licensing fee to other schools throughout the US. Contact DWN’s publisher Cindy Taylor at cindy (at) dwealth (dot) news if you would like details on sponsoring this initiative or how you can help bring these modules to students in your community.
CLICK HERE FOR MORE INFO ON THIS DIRECTIVE
