TL;DR Breakdown Singapore, Hong Kong, Taiwan: New crypto regulations & investigations. South & North Korea: Data breaches & $200M theft by hackers. China, Dubai, Kazakhstan: Fraud cases, fines, & mining shutdowns. Description Last week was undoubtedly eventful in Asia’s crypto sphere, with groundbreaking developments and massive shifts taking place across various countries. With Singapore emerging as a hub for money laundering investigations and Hong Kong setting the stage for a potential Web 3.0 evolution, there’s much to unpack. Here’s a closer look. Singapore’s Legal and Regulatory Developments … Read more Last week was undoubtedly eventful in Asia’s crypto sphere, with groundbreaking developments and massive shifts taking place across various countries. With Singapore emerging as a hub for money laundering investigations and Hong Kong setting the stage for a potential Web 3.0 evolution, there’s much to unpack. Here’s a closer look. Singapore’s Legal and Regulatory Developments Singapore’s law enforcement and financial authorities had their hands full last week. Notably, on August 16th, police arrested ten individuals, all foreigners holding Chinese passports, on charges of fraud, money laundering, and online gambling. Assets…

TL;DR Breakdown North Korean hackers stole over $200 million in crypto in 2023, part of $2 billion looted in five years, mainly targeting DeFi protocols. Hackers have evolved laundering techniques, using complex methods like chain-hopping to evade sanctions. Description Hackers linked to North Korea have stolen over $200 million in cryptocurrency so far in 2023, accounting for 20% of all stolen crypto this year, according to a report by blockchain intelligence firm TRM Labs. The theft is part of over $2 billion looted by cybercriminals in the last five years, with 30 different crypto-project … Read more Hackers linked to North Korea have stolen over $200 million in cryptocurrency so far in 2023, accounting for 20% of all stolen crypto this year, according to a report by blockchain intelligence firm TRM Labs. Source: TRM Labs The theft is part of over $2 billion looted by cybercriminals in the last five years, with 30 different crypto-project attacks. Also, the majority of these exploits have focused on decentralized finance (DeFi), particularly targeting cross-chain bridges. Last year was the most successful year for…

TL;DR Breakdown Shiba Inu’s Layer-2 blockchain, Shibarium, successfully restarts after a pause following its launch due to high user demand. Collaboration with the Alchemy team scales Shibarium’s operations by 1,500%, showcasing innovation within the Shiba Inu ecosystem. “SHIB Paper” released, and Shibarium resumes operations privately, with plans for public reopening in progress. Description Shiba Inu’s Layer-2 blockchain, Shibarium, has successfully restarted after a pause shortly following its launch due to a massive influx of users. The leader of Shiba Inu, known as Shytoshi Kusama, provided updates on the revival of Shibarium, revealing significant progress in scaling efforts.  The recent restart of the Layer-2 solution was described as “temporary … Read more Shiba Inu’s Layer-2 blockchain, Shibarium, has successfully restarted after a pause shortly following its launch due to a massive influx of users. The leader of Shiba Inu, known as Shytoshi Kusama, provided updates on the revival of Shibarium, revealing significant progress in scaling efforts.  https://t.co/qGcX6FbyWq — Shytoshi Kusama™ (@ShytoshiKusama) August 19, 2023 The recent restart of the Layer-2 solution was described as “temporary testing,” and the team is now…

TL;DR Breakdown The central bank of China reduced a significant interest rate in an attempt to stimulate the falling economy. At the same time, economists are becoming increasingly optimistic about the outlook for the US economy until 2024. Description China’s central bank reduced a significant interest rate to stimulate an economy grappling with a worsening decline in the real estate market and sluggish consumer spending. Recent data revealed that housing prices in China experienced a consecutive monthly decrease in July. Additionally, industrial production and retail sales figures fell short of expectations. Following a substantial … Read more China’s central bank reduced a significant interest rate to stimulate an economy grappling with a worsening decline in the real estate market and sluggish consumer spending. Recent data revealed that housing prices in China experienced a consecutive monthly decrease in July. Additionally, industrial production and retail sales figures fell short of expectations. Following a substantial rate reduction on Tuesday, the People’s Bank of China intensified its endeavors later in the week to support the struggling yuan currency. Global economy outlook At the same…

TL;DR Breakdown Cryptocurrency exchange Gemini responds to SEC lawsuit by filing a reply brief, seeking the dismissal of allegations regarding unregistered securities in its Gemini Earn service. Gemini’s defense questions SEC’s failure to provide key details about alleged securities, emphasizing adherence to legal principles and the Securities Act’s plain language. Description Cryptocurrency exchange Gemini has filed a reply brief in the U.S. District Court for the Southern District of New York, seeking to dismiss a lawsuit brought against it by the United States Securities and Exchange Commission (SEC). The lawsuit alleges that Gemini’s service, known as Gemini Earn, breached securities regulations by offering unregistered securities. Gemini’s … Read more Cryptocurrency exchange Gemini has filed a reply brief in the U.S. District Court for the Southern District of New York, seeking to dismiss a lawsuit brought against it by the United States Securities and Exchange Commission (SEC). The lawsuit alleges that Gemini’s service, known as Gemini Earn, breached securities regulations by offering unregistered securities. Gemini’s forceful defense Gemini’s legal team, represented by JFB LEGAL, PLLC, and SHEARMAN & STERLING LLP, mounted…

TL;DR Breakdown Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the interlocutory appeal was a big mistake for the SEC. Ripple maintains that despite the SEC’s ability to appeal, the primary legal case should advance concurrently with the appeal process, Ripple CTO says. Description Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the Ripple interlocutory appeal was a big mistake for the SEC. Beuke went on to say that Judge Torres’s ruling did not mean that sales over exchanges could not be investment contracts; hence the SEC misunderstood the filing. Meanwhile, a pro-XRP attorney, … Read more Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the Ripple interlocutory appeal was a big mistake for the SEC. Beuke went on to say that Judge Torres’s ruling did not mean that sales over exchanges could not be investment contracts; hence the SEC misunderstood the filing. Meanwhile, a pro-XRP attorney, John E Deaton, mentioned that Beuke had done an excellent job in his outline. SEC’s mistake in the…

TL;DR Breakdown Cardano’s latest Hydra v0.12.0 upgrade offers enhanced node synchronization, new API endpoints, and improved on-chain performance, aiming to attract Web 3.0 developers and researchers. Following the release of the Hydra upgrade, ADA’s price has seen a 1.51% increase, hinting at a possible positive price trajectory influenced by the platform’s continuous innovations. Description The cryptocurrency landscape is ever-evolving, with innovations and upgrades being the order of the day. One such significant development is Cardano‘s recent unveiling of its upgraded Hydra scaling solution. This move could be the spark that ignites a bullish run for ADA’s price. Cardano, a leading name in the blockchain sphere, has announced a pivotal … Read more The cryptocurrency landscape is ever-evolving, with innovations and upgrades being the order of the day. One such significant development is Cardano‘s recent unveiling of its upgraded Hydra scaling solution. This move could be the spark that ignites a bullish run for ADA’s price. Cardano, a leading name in the blockchain sphere, has announced a pivotal upgrade to its Hydra scaling solution. A prominent Cardano developer, Sebastian Nagel, relayed…

TL;DR Breakdown BNB’s price dipped below the liquidation threshold, leading the BNB core team to liquidate $30 million in USDT debt, seizing $33 million of BNB collateral. Despite the recent liquidation, the position’s health remains at risk, with potential further liquidations if BNB’s price drops to around $210.8. Description The decentralized finance (DeFi) world is again on edge, grappling with the repercussions of a significant liquidation event. The Binance Smart Chain’s (BSC) Venus Protocol is the latest platform to take unprecedented steps to mitigate systemic risks. This comes in the wake of a series of events that have shaken the DeFi community’s confidence. Contents … Read more The decentralized finance (DeFi) world is again on edge, grappling with the repercussions of a significant liquidation event. The Binance Smart Chain’s (BSC) Venus Protocol is the latest platform to take unprecedented steps to mitigate systemic risks. This comes in the wake of a series of events that have shaken the DeFi community’s confidence. Contents hide 1 A Quarter-Billion Dollar Position and a Notorious Hack 2 BNB Core Team Steps In Averting a…

TL;DR Breakdown Checkout.com terminated its contract with Binance, citing concerns over regulatory actions and the crypto giant’s compliance controls. The once-flourishing partnership between the two companies faced challenges, emphasizing the volatile nature of the crypto sector and the importance of robust security measures. Description London-based payment processor Checkout.com has terminated its contract with Binance, one of the world’s largest cryptocurrency exchanges, over money laundering and compliance concerns. Checkout.com, a prominent credit card processing company headquartered in London, has abruptly ended its business relationship with Binance, the crypto behemoth. This decision came to light through a series of letters between … Read more London-based payment processor Checkout.com has terminated its contract with Binance, one of the world’s largest cryptocurrency exchanges, over money laundering and compliance concerns. Checkout.com, a prominent credit card processing company headquartered in London, has abruptly ended its business relationship with Binance, the crypto behemoth. This decision came to light through a series of letters between the two companies.  Contents hide 1 A Sudden Split with Binance 2 The Rise and Fall of a Lucrative Partnership 3 Reevaluating Crypto…

TL;DR Breakdown China is poised to implement substantial reductions to its fundamental lending rates this year. The prevailing consensus among economists surveyed is that the one-year Loan Prime Rate (LPR) will experience a reduction of 15 basis points. Description China is poised to implement substantial reductions to its fundamental lending rates this year. This move comes in response to increasing demands on policymakers and banks to counteract a declining growth trend and stimulate weakened demand within the globe’s second-largest economy.  The upcoming monthly assembly on Monday by the People’s Bank of China is expected … Read more China is poised to implement substantial reductions to its fundamental lending rates this year. This move comes in response to increasing demands on policymakers and banks to counteract a declining growth trend and stimulate weakened demand within the globe’s second-largest economy.  The upcoming monthly assembly on Monday by the People’s Bank of China is expected to unveil decreases in one-year and five-year loan prime rates. These adjustments significantly impact the borrowing expenses for households and businesses. Notably, this follows the unexpected reduction of…