TL;DR Breakdown FTX has outlined a potential route for one particular class of claimants to relaunch the FTX platform. The exchange plans to restart the crypto exchange for international customers; hence, it won’t be accessible in the U.S. FTX’ 2.0 reboot’ has been in the works since May 2023. Description FTX, the now-discontinued cryptocurrency exchange, has released its plan to categorize its creditors into distinct groups based on their claims. Additionally, the exchange has outlined a potential route for one particular class of claimants to relaunch the FTX platform, involving external investors, subject to the consent of the concerned group. FTX  to restart trading for … Read more FTX, the now-discontinued cryptocurrency exchange, has released its plan to categorize its creditors into distinct groups based on their claims. Additionally, the exchange has outlined a potential route for one particular class of claimants to relaunch the FTX platform, involving external investors, subject to the consent of the concerned group. FTX  to restart trading for international customers The latest filing has detailed the division of claimants into multiple categories. The initial group…

TL;DR Breakdown U.S. Judge Rakoff denied Terraform Labs’ dismissal request against SEC’s fraud allegations. Judge Rakoff rejected the seller’s identity relevance in crypto sales, differing from the Ripple Labs case. Despite Terraform Labs citing the Ripple Labs decision and the major questions doctrine, these arguments were dismissed, allowing the SEC’s case to continue. Description In the most recent developments in the ongoing case between Terraform Labs and the United States Securities and Exchange Commission (SEC), a U.S. federal judge decided on Monday that the crypto firm and its founder, Do Kwon, will continue to face fraud allegations. Terraform Labs and Do Kwon, creators of two cryptocurrencies that had significant … Read more In the most recent developments in the ongoing case between Terraform Labs and the United States Securities and Exchange Commission (SEC), a U.S. federal judge decided on Monday that the crypto firm and its founder, Do Kwon, will continue to face fraud allegations. Terraform Labs and Do Kwon, creators of two cryptocurrencies that had significant impacts on the global crypto market last year, had their motion to dismiss…

TL;DR Breakdown Australia’s Bendigo Bank has blocked “high-risk” crypto payments to protect customers from scams. The decision aligns with the bank’s commitment to a safe banking environment— Bendigo Bank will continue to support regulated crypto businesses that comply with Australian laws. The move follows a surge in crypto scams in Australia as the country’s consumer commission reported Australians lost over $70 million to crypto scams in 2020, a 600% increase from the previous year. Description Bendigo Bank, one of Australia’s largest banks, announced it would block certain high-risk crypto-related transactions to protect its customers from falling victim to scams and frauds. The bank has identified several crypto platforms and merchants involved in fraudulent activities or has received many customer complaints. These include crypto exchanges, wallets, mining services, gambling sites, and … Read more Bendigo Bank, one of Australia’s largest banks, announced it would block certain high-risk crypto-related transactions to protect its customers from falling victim to scams and frauds. The bank has identified several crypto platforms and merchants involved in fraudulent activities or has received many customer complaints. These include…

TL;DR Breakdown China is aggressively expanding into legacy semiconductor production. US and European officials are alarmed, seeing economic and security risks. Strategies, including domestic chip production, are being considered to counterbalance China’s influence. Description China’s strategic expansion into the production of legacy semiconductors is sending shockwaves across US and European governing bodies. In response to the broad controls imposed by the Biden administration on advanced chips, China is pumping billions into the production of older-generation chips that still serve as vital components in modern technology. These chips play a … Read more China’s strategic expansion into the production of legacy semiconductors is sending shockwaves across US and European governing bodies. In response to the broad controls imposed by the Biden administration on advanced chips, China is pumping billions into the production of older-generation chips that still serve as vital components in modern technology. These chips play a pivotal role in everything from smartphones and electric vehicles to essential military equipment. The unsettling growth in China’s control over these legacy chips has raised alarm, sparking serious debates on how to contain…

TL;DR Breakdown Crypto companies in Hong Kong are facing hurdles related to obtaining corporate bank accounts. Collaborative efforts for a sustainable crypto ecosystem. Description Hong Kong’s ambition to establish itself as a thriving crypto hub is facing hurdles as licensed crypto companies encounter difficulties in obtaining corporate bank accounts. Despite the local government’s push for the territory to embrace the cryptocurrency industry, limited staffing at the Securities and Futures Commission and hesitancy from banks have led to these obstacles. … Read more Hong Kong’s ambition to establish itself as a thriving crypto hub is facing hurdles as licensed crypto companies encounter difficulties in obtaining corporate bank accounts. Despite the local government’s push for the territory to embrace the cryptocurrency industry, limited staffing at the Securities and Futures Commission and hesitancy from banks have led to these obstacles. Hong Kong crypto companies lament the issue The director of commercial and customer services at HSBC-owned Hang Seng Bank highlighted the issue, explaining that while licensed crypto companies are eligible to open bank accounts, they are often only offered “simple” accounts. The report…

TL;DR Breakdown Argentina plans to use Chinese yuan to settle part of a payment to the IMF. Bolivia’s Central Bank is also conducting international transactions with the currency. These actions reflect a growing trend in Latin America’s alignment with Chinese financial strategies. Description As the world’s economic landscape shifts, Latin American countries like Argentina and Bolivia are increasingly turning to the Chinese yuan for international transactions. This growing preference for the yuan reflects the evolving dynamics of global economics and a strategic alignment with Chinese financial mechanisms. Argentina’s reliance on the yuan for IMF payments Argentina’s complicated financial … Read more As the world’s economic landscape shifts, Latin American countries like Argentina and Bolivia are increasingly turning to the Chinese yuan for international transactions. This growing preference for the yuan reflects the evolving dynamics of global economics and a strategic alignment with Chinese financial mechanisms. Argentina’s reliance on the yuan for IMF payments Argentina’s complicated financial history has led it once again to lean on the Chinese yuan. The South American nation plans to settle part of a $3.4 billion…

TL;DR Breakdown Curve Finance has confirmed the list of affected pools following the recent hack that it suffered. Assessing the impact and strengthening security for the future. Description Curve Finance, a popular decentralized exchange (DEX), recently faced a significant security breach that affected multiple Ethereum pools and an Arbitrum-based liquidity pool. The incident occurred over the weekend, leading to the theft of millions of dollars. As the situation unfolded, blockchain security firm PeckShield updated the stolen amount to an alarming $52 million. Curve … Read more Curve Finance, a popular decentralized exchange (DEX), recently faced a significant security breach that affected multiple Ethereum pools and an Arbitrum-based liquidity pool. The incident occurred over the weekend, leading to the theft of millions of dollars. As the situation unfolded, blockchain security firm PeckShield updated the stolen amount to an alarming $52 million. Curve Finance’s DEX allows users to swap like-assets, such as Ethereum for Staked Ethereum or Tether’s USDT for Circle’s USDC. Curve Finance reveals updated information about the hack The platform serves as a valuable arbitrage tool for traders seeking to…

TL;DR Breakdown The Bavarian State Office for Data Protection Supervision (BayLDA) has initiated an investigation into the human identity verification project known as Worldcoin, citing concerns over the handling of biometric data. The project’s data collection methods also came under criticism from the French National Commission on Informatics and Liberty, who questioned their legality and ethics.  Description The Bavarian State Office for Data Protection Supervision (BayLDA) has initiated an investigation into the human identity verification project known as Worldcoin, citing concerns over the handling of biometric data. According to a report from Reuters on July 31, this investigation was launched in November 2022. Worldcoin’s primary objective was to differentiate real individuals from … Read more The Bavarian State Office for Data Protection Supervision (BayLDA) has initiated an investigation into the human identity verification project known as Worldcoin, citing concerns over the handling of biometric data. According to a report from Reuters on July 31, this investigation was launched in November 2022. Worldcoin’s primary objective was to differentiate real individuals from bots by utilizing retinal scans for identity verification, and the…

TL;DR Breakdown The Bank of Korea has recently revealed the location where the pilot test of its CBDC will take place. Leveraging local currency schemes for seamless integration. Description The Bank of Korea recently revealed its plans to pilot its central bank digital currency (CBDC) in three regions, bypassing the country’s capital, Seoul. The selected regions for the “private target CBDC test bed” are Jeju, Busan, and Incheon, which will serve as experimental grounds for the new digital currency. The primary objective of the … Read more The Bank of Korea recently revealed its plans to pilot its central bank digital currency (CBDC) in three regions, bypassing the country’s capital, Seoul. The selected regions for the “private target CBDC test bed” are Jeju, Busan, and Incheon, which will serve as experimental grounds for the new digital currency. The primary objective of the pilot program is to explore the practicality and feasibility of using CBDCs in real-world scenarios. The Bank of Korea plans full implementation in one region The Bank of Korea aims to eventually choose one of these regions for…

TL;DR Breakdown Bald Token, a new cryptocurrency, experienced a significant price drop of 90% shortly after its launch. The developer of Bald Token is accused of pulling liquidity from the market, leading to a sharp decline in the token’s value. Despite the developer’s denial of any wrongdoing, the incident has raised concerns about the integrity of the project and the potential risks associated with investing in new cryptocurrencies. Description The BALD token, a new meme coin on Coinbase‘s Base network, experienced a dramatic price drop of 85%, leading to allegations of an exit scam. The token, which was launched by a pseudonymous developer known as “Bald,” saw an impressive 289,000% increase within the first 14 hours of trading. However, the euphoria was short-lived as … Read more The BALD token, a new meme coin on Coinbase‘s Base network, experienced a dramatic price drop of 85%, leading to allegations of an exit scam. The token, which was launched by a pseudonymous developer known as “Bald,” saw an impressive 289,000% increase within the first 14 hours of trading. However, the euphoria was…