TL;DR Breakdown US President and Republican leader reach an agreement to evade default. Potential implications for Bitcoin and the American economy. US President Joe Biden and Republican Kevin McCarthy have reportedly reached an “agreement in principle” to raise the federal government’s multi-trillion dollar debt ceiling. This is in response to concerns over a potential default by early June. This development follows a 90-minute phone call between Biden and McCarthy on May 27, as reported by Reuters, citing reliable sources familiar with the negotiations. US President wants to evade default The agreement, confirmed by US President Biden on Twitter, aims to prevent the United States from facing a “catastrophic default.” Biden further stated that the agreement will be presented to the U.S. House and Senate in the coming days, urging both chambers to swiftly pass the deal. Kevin McCarthy also took to Twitter to confirm the existence of the agreement in principle, criticizing US President Biden for allegedly wasting time and refusing to negotiate for months. The exact details of the deal have not been made immediately available, but according to…

TL;DR Breakdown The New Development Bank (NDB) is in talks with Saudi Arabia for potential membership. Membership would enhance NDB’s funding amidst Russia’s sanctions. Saudi’s inclusion could decrease dependence on the U.S. dollar for oil and gas trade, signaling a shift in the global financial order. The Shanghai-based New Development Bank (NDB), often referred to as the “BRICS bank,” is in substantive dialogue with Saudi Arabia about potential membership. If successful, Saudi Arabia would become the ninth member of the influential financial institution. This critical move could solidify the bank’s funding capabilities, particularly as Russia, a founding member, grapples with the impact of global sanctions. Deepening economic ties in the global south This development comes at a moment when the Saudi Kingdom seeks to reinforce its relations with some of the world’s largest developing economies. The NDB was established as an alternative to Western-led Bretton Woods institutions and has already made significant strides in asserting its influence in the global financial system. If Saudi Arabia joins the ranks, it would deepen ties with the world’s second-largest oil producer, a strategic…

TL;DR Breakdown Dogecoin’s transaction activity has soared, hitting over 2 million daily transactions on May 27, 2023, outperforming Bitcoin and Ethereum. The value of new DRC20 tokens, or “Doginals,” is hard to determine due to reliance on OTC trades and a lack of indexed structure. Dogecoin’s hashrate has also surged by over 38%, indicating increased network strength and security Dogecoin has registered an unexpected transaction activity surge, with analysts and investors scrambling for explanations. After introducing DRC20 tokens, the digital currency has been witnessing a stunning leap in its daily transactions, shaking the foundations of the crypto world. On May 27, 2023, this blockchain underdog exceeded all previous records, boasting an astonishing 2 million-plus transactions within 24 hours. This significant rise in activity dwarfs those of crypto giants Bitcoin and Ethereum, 400,000-532,000 and a million transactions, respectively. An event that has certainly turned heads in a sector dominated by more well-established coins. Dubbed “Doginals,” these DRC20 tokens are reminiscent of Bitcoin’s BRC20 tokens and have catalyzed Dogecoin’s transaction growth. Due to a lack of an indexed structure akin to BRC20…

TL;DR Breakdown Following the tentative agreement with the White House on the U.S. debt ceiling, Kevin McCarthy faces the challenge of securing approval for the deal in the House of Representatives. The political balance is delicate, requiring bipartisan support from moderate representatives and senators. However, any compromises risk alienating the far-left and far-right party factions. The deal includes a suspension of the debt ceiling until January 2025 and caps on spending and cuts to government programs. Following the grueling negotiation process that resulted in a tentative agreement with the White House regarding the U.S. debt ceiling, House Speaker Kevin McCarthy now faces a new test: rallying approval for the deal in the House of Representatives. This is a body known for its fractional divisions, where both staunch Republicans and progressive Democrats could potentially reject the agreement. McCarthy, embroiled in this high-stakes fiscal debate, finds himself walking a tightrope. With the imminent risk of a U.S. default on June 5 that could precipitate a deep recession and financial market turmoil, swift action is crucial. McCarthy’s bipartisan balancing act The political landscape…

TL;DR Breakdown The governance control of Tornado Cash is set to be restored to its original token holders, following a proposal from the attacker who initially took over the protocol. The proposal received unanimous support, marking an abrupt end to a governance takeover, which led to the theft of governance tokens. The attacker had manipulated the governance structure to gain control, and in an unexpected move, proposed the restoration of governance back to the original token holders A return to normalcy appears to be on the horizon for the users of Tornado Cash, as a proposal that grants governance authority back to the token holders has been passed. This noteworthy move takes the reins from an attacker who had managed to wrestle control, potentially setting the stage for the protocol’s future recovery and enhanced security. The recent proposal, intriguingly put forth by the attacker, ensures the restoration of control to the token holders, thus enabling the community to regain authority over the protocol’s operations. An unexpected twist in Tornado Cash governance On May 26, the proposal to hand back control…

TL;DR Breakdown Peter Schiff surprised many by announcing his involvement in a project centered around NFT art on the Bitcoin blockchain. The project involves collaborating with Market Price, an artist, to create a collection of digital assets called Ordinals. The Taproot upgrade allows users to inscribe various forms of content on individual satoshis, the smallest unit of Bitcoin. In a recent lighthearted tweet, CZ, the well-known figure in the cryptocurrency industry, expressed his delight at Peter Schiff’s unexpected conversion. Schiff, who has long been a vocal critic of Bitcoin and cryptocurrencies, surprised many by announcing his involvement in a new project centered around NFT art on the Bitcoin blockchain. The project involves collaborating with Market Price, one of Schiff’s favorite artists, to create a collection of digital assets called Ordinals, akin to NFTs. This collection will feature the highly anticipated original painting titled “Golden Triumph,” as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain. Although Schiff maintains that he has yet to embrace the crypto world fully, his venture into NFTs demonstrates a growing recognition…

TL;DR Breakdown A dormant Ethereum wallet from the ICO era recently became active and transferred 8,000 Ether tokens to a new address. The wallet’s owner enjoyed an impressive return on investment, with a 591,900% increase in value since the ICO days. The transferred funds were not sold or sent to an exchange, indicating a consolidation of assets into a single wallet. In a surprising development, a dormant wallet that had purchased 8,000 ether during the Ethereum ICO in 2015 has recently become active and transferred its substantial funds to another address.  The wallet’s awakening was marked by a small test transaction of 1 ether, equivalent to approximately $1,845. Following this preliminary transfer, the remaining 7,999 ether were swiftly moved to a new address. The intriguing aspect of this transaction lies in the sizable amount involved and the staggering return on investment the owner has enjoyed since the ICO days. An Ethereum ICO participant who has been dormant for 8 years woke up today. He transferred all 8000 $ETH($14.7M) to a new address.https://t.co/1griKB9Te9 pic.twitter.com/1bvQh3zsqY — Lookonchain (@lookonchain) May 28, 2023 When…

TL;DR Breakdown Bandit Stealer is new malware targeting web browsers and crypto wallets. It spreads via phishing emails and fake installers, collecting personal and financial data. The rise of such malware underlines a thriving underground info-stealer market, raising cybersecurity concerns. In a world increasingly dependent on digital transactions and cryptocurrencies, a new form of malware called “Bandit Stealer” has reared its head, threatening web browsers and cryptocurrency wallets. Trend Micro, a leading cybersecurity firm, has raised the alarm over this stealthy, info-stealing malware developed using the Go programming language. This language choice suggests potential cross-platform compatibility, expanding the malware’s potential reach in the future. A calculated malware approach Bandit Stealer’s sophisticated programming allows it to function undetected on Windows systems by manipulating a legitimate Windows command-line utility program, “runas.exe.,” according to Trend Micro’s report. This maneuver enables Bandit Stealer to execute itself with administrative access, bypassing built-in security measures. However, Microsoft’s stringent access control mitigations have successfully thwarted unauthorized execution thus far, requiring proper credentials for administrator-level operations. The malware operates with guile and precision. Bandit Stealer initiates a series…

TL;DR Breakdown Biden and McCarthy agree on suspending the $31.4 trillion U.S. debt ceiling. The deal includes a spending cap and added food aid requirements. The bill’s passage requires balancing between Republicans and Democrats. On the cusp of the weekend, the 46th President of the United States, Joe Biden, and Kevin McCarthy, a leading Congressional Republican, brokered an agreement in principle to suspend the towering $31.4 trillion federal government debt ceiling. This critical breakthrough comes after a period of prolonged deadlock, marking a significant step towards averting a potential fiscal crisis. This accord, however, was unveiled against a backdrop of pervasive bitterness reflecting the acrimonious nature of the negotiations and the subsequent challenges that lay ahead for its passage through Congress before the U.S. government exhausts its resources to service its debt in early June. Key terms of the deal “Biden’s phone conversation with McCarthy was what finally catalyzed this agreement,” McCarthy wrote on Twitter, adding that while not perfect, the deal is fitting for the American public. Echoing his sentiment, Biden acknowledged that compromises were inherent to governance, and…

TL;DR Breakdown The U.S. opposes China’s effective ban on Micron Technology’s memory chips, deeming it as economic coercion. U.S. Commerce Secretary Gina Raimondo voiced concerns over China’s actions and reaffirmed the U.S.’s commitment to work with allies on this issue. Raimondo highlighted the $52 billion CHIPS Act, which seeks to strengthen domestic semiconductor production in the country. In the global technology landscape, tensions are rising as the U.S. asserts its disapproval over China’s de facto prohibition on the acquisition of memory chips produced by Micron Technology. The clear message from the United States government is its unequivocal refusal to tolerate what it sees as “economic coercion” aimed at an American corporation. The situation: Micron’s plight and China’s unwelcomed stance On May 21, China’s cyberspace regulator declared that Micron, a leader in the U.S. memory chip manufacturing sector, had not passed its network security review. Consequently, the regulator declared its intention to prevent operators of crucial infrastructure from purchasing from the company. This move, which threatens to curtail Micron’s revenue, provoked a strong response from the government. Commerce Secretary Gina Raimondo…