WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.
News
Global
IRS Expects Surge in Crypto Tax Crimes Ahead of Tax Filing Deadline
- Guy Ficco stated that the IRS anticipates several Title 26 crypto cases this year
- Ficco stressed that the IRS is seeing cases where people don’t report income from crypto transactions or hide their digital assets’ true value.
Hong Kong Greenlights Spot Bitcoin and Ethereum ETF Application
- In Hong Kong, applications for Exchange Traded Funds (ETFs) specializing in Bitcoin (BTC) and Ethereum (ETH) have been approved.
- Hong Kong’s cryptocurrency trading platform licensing program was formally launched in June 2023, enabling licensed exchanges to provide retail trading services.
Norway Aims to Regulate Crypto Mining via Data Center Laws
- Norway has again revealed its initiative to propose new laws for the country’s data centers.
- Norway Leads European Regulation of Data Centers Amid Concerns Over Cryptocurrency Mining.
UK Government Forges Ahead with Crypto Regulation Plans
- The UK aims to introduce legislation for stablecoins and crypto staking by the summer.
- UK Economic Secretary to The Treasury, Bim Afolami, unveiled the new proposed regulatory framework.
Canada Adopts International Crypto Tax Reporting Standard
- Canada anticipates implementing the global CARF for taxation by 2026, as stated in an addendum to the 2024 annual budget.
- The fact that the CRS did not record transactions that did not pass via conventional financial intermediaries served as the impetus for the formation of the CARF.
Platform and Tokens
Germany’s LBBW Bank Partners With Bitpanda to Offer Crypto Custody Services
- The collaboration, set to launch in the latter half of 2024, aims to provide institutional and corporate clients with secure storage solutions for their crypto holdings.
- The partnership will witness LBBW provided with “Investment-as-a-Service” infrastructure to store and procure cryptocurrencies.
Cryptojacker Faces 50 Years in Prison for $3.5 Million Crypto Scam
- Parks allegedly used fictitious names, corporate affiliations, and email addresses to gain unauthorized access to significant computing processing and storage resources.
- Parks allegedly ran a large-scale illegal “cryptojacking” operation, defrauding two cloud computing providers out of $3.5 million.
VALR Secures Dual Regulatory Licenses from South African FSCA
- VALR Receives Regulatory License as Crypto Asset Service Provider (CASP) in South Africa.
- The FSCA opened CASP license applications in June 2023.
Upbit Enforces Cap on Crypto Transactions Over 1M Won
- Upbit will stop accepting deposits and withdrawals of digital assets worth more than 1 million Korean won ($721).
- Ten&Ten assisted the cryptocurrency exchange in allowing deposits and withdrawals totaling more than one million won.
Avi Eisenberg Faces Jury Deliberations After $110 Million Mango Markets Exploit
- Eisenberg’s defense team argued that his trades were a “successful and legal trading strategy” that exploited loopholes in the Mango Markets platform
- Prosecutors allege Eisenberg inflated the price of MNGO token through self-dealing in futures contracts before borrowing massive amounts of various crypto.
Ex Ethereum Dev Seeks Sentence Reduction in North Korea Aiding Case
- A two-point reduction could bring Griffith’s sentence down to as low as 51 months
- He was found guilty of illegally exporting services to North Korea and bypassing U.S. sanctions against the country.
Binance Executive’s Bail Hearing Postponed Again in Nigeria
- The court has rescheduled the hearing for April 22.
- Gambaryan’s lawyer, Mark Mordi, stated that his client has been held in federal government custody for more than 14 days.
OneCoin Lawyer Granted Bail on Appeal
- Pending his appeal, Mark Scott, a lawyer associated with the OneCoin cryptocurrency scheme recently found guilty of fraud and money laundering, has been granted bail.
- Regarding Scott’s health concerns, some of the court files had been suppressed, which his legal team claimed did not put him at risk of flying.
Project Updates
Ex-NY Fed Chief Appointed to Binance US Board
The board of directors of US-based cryptocurrency exchange Binance US has welcomed a former Federal Reserve Bank of New York top compliance and ethics officer. About two weeks after the independent global exchange Binance said it will be forming a board for the first time, the Binance US board of directors was reorganised.
Binance Plans India Return Following $2M Non-Compliance Fine
Binance will be allowed to re-enter India following a four-month ban, provided it pays a $2 million fine for non-compliance. Prior to its prohibition in January of this year, Binance was purportedly responsible for over 90% of the cryptocurrency trading volume in India.
Hedgey Finance DeFi Platform Suffers $44M Exploit
The token infrastructure platform Hedgey Finance has had two simultaneous hacks that have cost it $44.7 million in lost revenue. The exploit was verified by Hedgey Protocol, which also stated that it actively collaborates with auditors to identify the weakness underlying the possible continuous attack.
Podcasts and Interviews
- “Trading Wizard: The Bitcoin Halving” podcast by Words of Rizdom
- “Matrix Money Podcast” podcast by CryptoCoinMindset
- “Is The Bitcoin Rally Over?” podcast by Scott Melkar
Job Listings
- Mechanism Designer | Nethermind
- Compiler Developer | Certora
- Protocol Engineer | Waku
- Technical Writer | Powerloom
- Software Engineer and Staff Software Engineer | MetaMask Staking
2k24 Events
- ETHGlobal Scaling Ethereum virtual hackathon from April 5 to April 26
- Gitcoin Grants 20 from April 23 to May 7
- ETHBoston hackathon & conference from April 26 to April 28
- ETHGlobal Sydney hackathon from May 5 to May 7
- ETH Bratislava conference & hackathon from May 10 to May 11
As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!