Decentralized Diaries for the Week of 7/9/24

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Legislative efforts swung back and forth, with the industry having some losses. Expectations of a win on Capitol Hill are in the air. The legal issues remained, with a (seeming) end to the (previous) contagion.

The headlines:

  • North Carolina’s Governor Cooper vetoed the (famous) anti-CBDC bill;
  • Congress may have a run-in with the White House;
  • The FTX continued drama;
  • Crypto trading via Robinhood is available everywhere (except in New York);
  • Plus, how many Americans (really) trust their loved ones with their wallet details? The answer will surprise you! (read on to find out);
  • And much more!

As always, these are your decentralized diaries!

Note: We dedicate much of our reporting to emerging threats and scams to prevent crypto users from falling victim to those that continue to harm the industry. Consequently, we will continue to provide news and insights to protect our readers.


Bitcoin Fell to $57k

The bears had a field day, with Bitcoin prices sliding to a $53,919.34 low from a $63,777.23 high. Bitcoin prices are (currently) at $57,136.22 (as of 7/8/23).

The altcoins are swimming in the same pond. Ethereum (ETH) is at $3,034.73, Solana (SOL) at $141.02, Avalanche (AVAX) at $26.81, Polkadot (DOT) at $6.09 and Chainlink (LINK) at $13.30.

North Carolina’s Governor Vetoed the Anti-CBDC Bill

North Carolina Governor Roy Cooper (D) stopped the progress of House Bill 690, citing premature considerations. According to a July 5 statement, Cooper called the legislation “vague and reactionary” and suggested that the Capitol focus on cybersecurity funding measures.

North Carolina’s legislature requires a three-fifths majority to overturn the veto.

Congress May Override President Biden’s SAB 121 Veto

Similarly, at the Federal level, members of Congress are set to vote to overturn President Biden’s veto of its bill that seeks to review the SAB 121 crypto custody rule. According to the Capitol’s weekly schedule, voting could occur on (either) July 9 or 10.

However, the measure requires a majority vote from both houses of Congress.

Celsius Continued its Recovery Efforts

Shuttered crypto exchange Celsius pushed to recover funds from users who withdrew their holdings before its crash. According to a July 1 press release, the Celsius Litigation Administrator filed a complaint with the United States Bankruptcy Court for the Southern District of New York against users who have over $100,000 of Withdrawal Preference Exposure (“WPE”) and may have (consequently) failed to settle their preference liability.

The administrator seeks legal action against users who were preferential beneficiaries of withdrawals made before the bankruptcy proceedings from April 14 and July 13, 2022.

Northern Data Revealed US IPO Plans

Europe’s most significant Bitcoin miner, Northern Data, is (reportedly) planning a US IPO for two American-based business units. A July 1 Bloomberg report states Northern Data may pursue an H1 2025 listing on the Nasdaq.

Peak Mining, Northern Data’s Bitcoin mining subsidiary, could be listed separately.

Robinhood Expanded its Footprint

Boutique trading platform Robinhood pulled all the stops by introducing crypto trading in Hawaii, Puerto Rico, and the US Virgin Islands. Consequently, crypto trading via Robinhood is available across America, except in New York, for regulatory reasons.

Robinhood may deploy its licenses secured via its recent Bitstamp acquisition to make a play for the crypto futures market in Europe and the United States.

Silvergate Will Pay $63 Million in Settlements

Crypto-friendly failed FI Silvergate will pay $63 million in fines to State and Federal authorities. According to SEC Enforcement Director Gurbir Grewal, Silvergate did not detect $9 billion (approximately) in transfers between FTX and its subsidiaries.

Additionally, several executives owe the authorities. They include CEO Alan Lane  ($1 million) and COO Kathleen Fraher ($250,000).

Leaked Emails Implicated SBFs’ Family Members

The FTX saga continued with (alleged) implications of impropriety by the family members of Sam Bankman-Fried. According to a July 5 Wall Street Journal report, leaked emails (allegedly) suggest that SBF’s father, Joe Bankman, his mother, Barbara Fried, and his brother, Gabriel Bankman-Fried, were involved.

Joe Bankman was (allegedly) involved in political donations. Barbara Fried was involved with the Mind the Gap Super PAC, while Gabriel  (reportedly) made several progressive donations, including pandemic efforts.

All-About Cookies:63% of Americans Withhold Their Crypto Tokens From Loved Ones

According to data from a July 12 survey from online security firm All About Cookies, 63% of Americans do not have a “digital will.” Out of 1,000 respondents, only 37% shared their crypto wallet holdings’ passwords (and access credentials) with family members and loved ones.

TRM: Crypto Theft Hit $1.38 Billion H1 2024

The bad guys continued to hit the crypto space. That’s what data from blockchain analytics firm TRM suggests.

According to TRM, crypto theft activities by hackers reached $1.38 billion. The amount increased twofold from 2023. Private key and seed phrase theft led the pack.

Jack Dorsey Made a Bold Prediction

Former Twitter CEO Jack Dorsey maintained his (bullish) Bitcoin stances with several confident predictions. According to a July 2 Forbes report, Dorsey prophesied at an event in Italy that Bitcoin could replace the greenback in the coming years.

Dorsey suggested that the dollar and the Yuan (currently) control the value of money.

Scammers Steal $1.7 Million From a Victim

A victim claimed to have lost $1.7 million after alleging that a scammer called and impersonated a Coinbase representative. According to a post on the X social media platform, the victim (partially) revealed their seed phrase before the theft occurred.