🛡 New South Korea Rule Ensures Customer Refunds in Crypto Exchange Bankruptcies

🔒 Safety Nets for Users, Confidence Boost for Investors
South Korea is taking a major step towards protecting crypto investors. The government has given the green light to a new decree that aims to instill confidence in the digital asset market and safeguard user funds.

📌 Reputable Custodians and Transparent Processes
Starting July 19, Virtual Asset Service Providers (VASPs) will be required to keep customer deposits separate from their own funds, placing them in trustworthy financial institutions. In case of bankruptcy or closure, a custodian bank will step in, ensuring a transparent process of returning deposits.

❄️ Cold Storage: A Fortress for Digital Assets
To fortify security, VASPs must now store at least 80% of users' digital assets in offline cold storage. This move aims to minimize the risk of hacking or loss, offering investors greater peace of mind.

🟢 Cracking Down on Manipulation and Fraud
The new rules don't just protect; they also mean business when it comes to fraudulent activities. Manipulating the system for personal gain can now lead to criminal charges and hefty fines. South Korea is sending a clear message: cheats will face the consequences.

🔒 Deposits and Withdrawals Under Watchful Eyes
In certain circumstances, VASPs can temporarily restrict user deposits and withdrawals. This measure grants them the authority to maintain market stability and tackle potential threats head-on.

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🚀 South Korean Experts: AI to the Rescue Against Crypto Pump and Dumps!

🔍 South Korean experts are sounding the alarm on the persistent threat of crypto pump and dumps, emphasizing the need for a tech-savvy approach to protect investors.

🎙 At a seminar on "The Present and Future of Cryptoasset Regulation," hosted by lawmaker Kim Seong-won, concerns were raised about the upcoming Virtual Asset User Protection Act, deemed insufficient in tackling this issue.

⚡️ To combat these manipulative schemes, some experts are urging the government and industry to embrace AI-powered tools. Professor Chae Sang-mi highlighted the vulnerability of crypto markets to such orchestrated price swings.

❓ So, what exactly are these pump and dump schemes? They involve coordinated efforts to hype up lesser-known tokens, often through spreading rumors and fake news online. The result? Quick profits for the schemers, but losses for unsuspecting buyers.

🤖 Enter AI solutions! Chae revealed that researchers have been developing abnormal transaction detection systems that can automatically spot these schemes as they unfold on social media platforms like Twitter [X].

📈 But it doesn't stop there. These smart tools can also identify trends, like a surge in USDT purchases linked to Bitcoin price hikes, and even detect suspicious bot activity during pump events.

💡 Chae's team is taking it a step further with a predictive model powered by machine learning and AI. It's clear that relying solely on policies won't cut it in this digital realm; robust market surveillance is the name of the game!

🚀 HashKey Launches Community Airdrop for HSK Token via Tap-to-Earn Telegram Game

🎉 HashKey, the Asia-based crypto firm, is making waves with its latest announcement. They're airdropping 10 million HSK tokens and inviting users to join in on the fun through a mini tap-to-earn game on Telegram.

➡️ DejenDog Telegram Bot is the star of the show, offering engaging tasks and rewards for participants. By completing designated tasks, users can claim their share of HSK tokens, with opportunities to boost their allocation significantly.

🔗 Inviting friends and subscribing to a telegram channel can multiply your base allocation by 3x or even 5x! Connecting a wallet and passing the eligibility check? That's a chance for up to a whopping 100x base allocation.

🐾 But it's not just about the tokens. By tapping on the adorable Husky-themed dog character, players can earn HIT points that unlock more HSK or grant access to exciting decentralized applications (DApps) on HashKey Chain.

🎁 To make things even more thrilling, lucky participants might stumble upon a "Golden Doggy Bag" blind box, containing not only HSK but also tokens from HashKey's ecosystem partners.

🕹 Telegram-based games have been all the rage lately, with users flocking to titles like Notcoin and Hamster Kombat. These games offer a simple yet addictive way to earn in-game currency and get in on token airdrops.

💼 With detailed plans for the upcoming release of the HSK token, including its listing and utility details, HashKey Group is leaving no stone unturned. They're aiming high with an ERC-20 token and a total supply of one billion units.

🔥 But that's not all – HashKey has a burn mechanism in place, using 20% of profits to buy and burn HSK tokens, reducing the supply and potentially increasing their value.

🔒 A Total of $688M Lost: Web3 Security Breaches on the Rise

💥 Phishing and Private Key Compromises Take Center Stage
In the fast-paced world of blockchain, security breaches are a constant concern. According to CertiK's latest Web3 Report, Q2 of 2024 saw a staggering $688 million lost across 184 on-chain security incidents. That's a significant jump of 37% compared to the previous quarter.

🟠 Phishing attacks proved to be the most lucrative for cybercriminals, accounting for a whopping $433.7 million loss in 67 incidents. Meanwhile, private key compromises contributed to a hefty $170.1 million hit.

🛡 Ethereum Takes the Hardest Hit
When it comes to blockchain breaches, Ethereum bore the brunt with a staggering 83 hacks and scams, resulting in losses of nearly $15.5 million. It seems no platform is immune to these threats.

🌐 Notable Incidents: DMM Bitcoin and BtcTurk
Among the top ten losses in Q2, phishing attacks reigned supreme. The infamous Japanese exchange DMM Bitcoin suffered a colossal blow, losing an eye-watering $305 million. Meanwhile, BtcTurk's misfortune translated into a significant loss of $54 million worth of Avalanche tokens.

🔓 Code Vulnerabilities and Exit Scams Add to Woes
It's not just phishing that poses a risk; code vulnerabilities led to losses of around $37.37 million, while access control failures resulted in significant damage at $7.51 million. Additionally, exit scams left investors reeling with losses totaling $10.31 million.

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🚀 Crypto Continues to Soar: Venezuelans Remit $461 Million in 2023!

🔒 Despite a recent crackdown on crypto in Venezuela, it seems the love for digital currencies is unstoppable. In fact, data from reputable sources like Bloomberg and Chainalysis reveals that $461 million worth of coins were sent as remittances last year.

📈 The popularity of crypto as a remittance tool has been steadily climbing, with an estimated 9% of all money sent to Venezuela taking the form of tokens like Bitcoin. That's a significant chunk!

🔔 It's not just about the numbers; it's about the people too. With over 7.7 million Venezuelans leaving their homeland in the past decade, there's been an undeniable exodus to cities like New York and Chicago.

💰 These remittances are no small change either, constituting at least 6% of Venezuela's GDP. That's a boost for an economy in need!

📈 Peer-to-peer platforms have become the go-to for many Venezuelans, offering a way to exchange cryptocurrencies at market rates and bypassing those pesky exchange controls.

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‼️ DekaBank's Digital Bond Revolutionizes ECB Trials with No Intermediaries!

👌 In a groundbreaking move, DekaBank has taken the European Central Bank's Distributed Ledger Technology (DLT) settlement trials to new heights. On July 11, they issued a digital bond directly to Melzer Bank, bypassing the need for a central securities depository.

🌐 Thanks to Germany's forward-thinking electronic securities legislation and the Bundesbank's trigger solution, this transaction was a seamless delivery versus payment settlement. It's a testament to how digital innovation can streamline financial processes.

🔒 While traditional intermediaries may be left out, there's still room for regulatory oversight. Germany's eWpG legislation mandates the involvement of a BaFin-regulated crypto registrar, ensuring security holders are accounted for in this blockchain-based issuance.

📝 DekaBank, leading the way as the first licensed crypto registrar, took on the crucial role of managing the registry for this digital bond. This means an up-to-date and accurate list of bondholders is maintained, boosting transparency and trust.

💡 "Blockchain-based securities transactions can be faster and more transparent," highlights DekaBank's Head of Treasury Silvio Lenk. The ECB's commitment to offering solutions paves the way for further market development – and DekaBank is eager to be at the forefront.

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🚀 Russia Crypto Mining Bill Finally Set for Parliament

🟥 Progress at Long Last?
After months of anticipation, Russia's State Duma committee has given the green light to a bill that could legalize Bitcoin and altcoin mining. The lower house of parliament is expected to vote on this historic legislation on July 23.

⚡️ Aksakov's Influence
Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, is one of the key figures behind this bill. With his support, it seems likely that Russia's crypto mining industry may finally see some much-needed regulation.

➡️ Lobbying Pays Off
The industrial crypto mining sector in Russia has been tirelessly advocating for legalization. This bill could be the result of their persistent efforts, offering a chance for miners to operate within a clear legal framework and attract potential investors.

➡️ From Grey Zone to Clarity
Currently, mining in Russia exists in a legal "grey zone." The proposed bill aims to change that by introducing regulatory powers for both the government and the Central Bank. It also suggests a central register for mining entities while exempting smaller-scale miners who stay within energy consumption limits.

💼 AML Measures and Addressing Concerns
In line with global trends, the bill emphasizes anti-money laundering protocols. Miners would need to report their activities and provide information about stored crypto addresses. Additionally, the government could impose mining bans in specific regions, addressing concerns raised by the Ministry of Energy and power companies.

⚡️ Jade City Sets Sights on 2024 Launch, Revolutionizing Precious Commodities

💎 Jade City, the trailblazing real-world asset (RWA) platform, is gearing up for a game-changing debut in late 2024. With an ambitious vision to transform the way we access and trade precious commodities, this venture is one to watch.

➡️ Divided into two dynamic divisions, Jade Vault and Jade City, this brainchild of CEO William Ralston Saul is already making waves in the realm of digital finance and precious minerals. The future looks bright for this innovative endeavor.

💰 While Jade Vault has already secured a staggering $2.1 million to ignite a dazzling jade mine in Kazakhstan, Jade City is hot on its heels with plans to raise $1.8 million in private funding. With a total capital infusion of $2.4 million, the jade business is poised for success.

🌍 Founded by James Bowater and helmed by Ralston Saul, Jade City and its Vault counterpart are attracting attention from heavyweights like Consensus Capital, known for backing Casper Labs. The allure lies not only in the potential profits but also in the ethically sourced nature of this venture.

⚡️ Jade's cultural significance cannot be overstated, particularly in China where it symbolizes purity, integrity, and social standing. For millennia, this gem has outshone gold with its rarity and exquisite craftsmanship that transforms raw jade into treasured artifacts.

🟢 As the world embraces the trend of commodity tokenization, Jade City stands at the forefront. This cutting-edge approach democratizes investment opportunities by creating digital tokens on a blockchain that represent ownership of real-world assets.

📈 With McKinsey & Company projecting a staggering $2 trillion market for tokenized assets by 2030, the allure of fractional ownership in commodities like jade becomes undeniable. This not only breaks down barriers but also injects liquidity, transparency, and security into the market.

🚀 Trump's Bitcoin Bonanza: $844,600 for a Fundraiser Seat!

💰 Donald Trump is back in the spotlight, and this time he's eyeing the crypto community for some serious fundraising. The former President is set to host an exclusive event at the Bitcoin Conference 2024 in Nashville, and the price tag for a seat at the table? A whopping $844,600!

🤝 With a star-studded lineup that includes J.D. Vance, Vivek Ramaswamy, and even Tulsi Gabbard, this isn't your average political gathering. Attendance is strictly limited to a select group of 100 to 150 donors, ensuring an intimate affair.

🎙 But it's not just about rubbing shoulders with political heavyweights. Trump's appearance at the conference itself is generating buzz, as he plans to use the stage to reveal his latest stance on crypto. And if his previous comments are any indication, we can expect a pro-Bitcoin message.

💡 In fact, Trump has been quite vocal about his support for Bitcoin, even going so far as to call it our "last line of defense" against a central bank digital currency. He sees it as a way to maintain our economic independence and keep countries like China and Russia in check.

🇺🇸 It's not just Trump either – the Republican Party as a whole seems to be warming up to cryptocurrencies. Wyoming Senator Cynthia Lummis recently made waves by suggesting that holding Bitcoin could actually strengthen the U.S. dollar.

📌 So, whether you're a die-hard Trump supporter or just curious about where politics and crypto collide, this fundraiser promises to be an event worth watching – and maybe even worth shelling out some serious satoshis for!

🟢 Bithumb Rolls Back Planned Fee Increase, Reaffirms Commitment to Customer Benefits

📉 Bithumb, the leading virtual asset platform, has decided to withdraw its proposed 4% annual increase in deposit usage fees. This comes as a result of a thorough review process to ensure compliance with the Virtual Asset User Protection Act.

📈 As a result, users can breathe a sigh of relief as the deposit usage fee will remain at the current rate of 2.2% per year.

🙏 Bithumb acknowledges any confusion caused by this change and promises to keep users informed about any future adjustments.

⚡️ South Korea's new cryptocurrency law, VAUPA, has set off a late-night scramble among virtual asset exchanges to offer higher deposit rates. It all started with Upbit's announcement of a 1.3% interest rate, quickly countered by Bithumb's claim of being the highest at 2%.

⏰ In this fast-paced race, rates changed rapidly with Upbit and Bithumb upping the ante by fractions of a percentage point. Korbit joined in with an impressive 2.5% rate.

🟥 These exchanges are vying for market share by enticing customers with significantly higher deposit interest rates compared to traditional securities firms' meager 1%.

⚠️ WazirX Hack Update: Founder Reveals Details On Fund Recovery, Withdrawals 👀

WazirX founder Nischal Shetty has unveiled preliminary details on the stolen crypto funds lost in the $230 million hack on July 18. Additionally, he also provided an update on reinstating withdrawals.

👉 Read more

🔍 WazirX Investigation: Liminal; A Potential Catastrophic Cause

💰 A staggering $235 million hack on July 18 shook the cryptocurrency world, putting WazirX under the microscope. But their preliminary findings bring a glimmer of hope.

🔒 No evidence points to compromised signer machines within WazirX's infrastructure, but the finger of suspicion is pointing towards their MPC wallet provider, Liminal.

🔍 WazirX's team has been leaving no stone unturned, meticulously combing through their system for any signs of infiltration. So far, they've come up empty-handed.

🚨 The investigation shines a spotlight on Liminal's security protocols, revealing critical failures that allowed the malicious transaction to slip through undetected.

🔗 The breach seems to have originated from Liminal's side, with no suspicious activity detected on WazirX's hardware wallets. It appears that Liminal's interface was manipulated, leading to this colossal breach.

📌 In this high-stakes game of crypto security, it's crucial to identify the weak links and fortify them against potential attacks. Stay vigilant!

🚀 Elon Musk Sees Potential in Bitcoin After Trump's Pro-Crypto Speech at Bitcoin 2024

🤝 Elon Musk, the tech titan behind Tesla and SpaceX, has taken notice of Bitcoin's soaring potential, thanks to none other than former President Donald Trump. In a recent appearance on the X Takeover podcast, Musk revealed his thoughts on the world's most famous cryptocurrency.

🔍 "I'm not here to shill crypto," Musk clarified, adding that any online endorsements attributed to him should be taken with a grain of salt. However, he did admit that there is merit in Bitcoin and even hinted at a soft spot for the meme-inspired Dogecoin.

📣 Meanwhile, Trump's keynote speech at the Bitcoin 2024 conference was nothing short of a crypto rally. The ex-president made it clear that if he were to return to the White House, he would shake up the regulatory landscape by giving SEC Chair Gary Gensler the boot.

💼 "Day one, Gensler is out!" Trump declared, vowing to put an end to what he called an "anti-crypto crusade." Instead, he promised a fresh approach with regulations crafted by those who genuinely understand and appreciate the crypto industry.

⚡️ Morpho Labs Raises $50M In Latest Funding Round Led By Ribbit Capital

💰 Morpho Labs, the trailblazing financial infrastructure platform, has just secured a whopping $50 million in its latest funding round. And leading the charge is none other than Ribbit Capital, the renowned fintech investment firm.

🌐 With a mission to democratize finance and bolster decentralization, Morpho Labs is on a mission to transform the financial landscape into a public good.

🤝 Joining Ribbit Capital in this funding extravaganza are some heavy hitters in the investment world, including a16z crypto, Coinbase Ventures, Pantera, and more than 40 other notable backers.

📈 Since its inception two years ago, Morpho Labs has come a long way. Starting with its groundbreaking product, Morpho Optimizer, which supercharged interest rates for users on Aave and Compound.

🌐 But it didn't stop there. Inspired by the layered protocols of the early Internet, Morpho Labs has evolved into an independent financial infrastructure. At its core is Morpho Blue, a permissionless lending protocol that's already seen over $1.7 billion in deposits on Ethereum alone.

💡 The positive news doesn't end there. Crunchbase data reveals that Q1 2024 saw a resurgence in venture capital funding for web3 startups. A nearly $1.9 billion injection across 346 deals signals a shift towards long-term investors with faith in the web3 revolution.

✅ So bid farewell to the "tourist investors" of yesteryear; this new wave of funding offers a glimmer of optimism for the crypto sector as it continues to push boundaries and redefine finance as we know it.

⤵️ Russian Senate Gives Green Light to Crypto Mining Law – What's the Catch for BTC Miners?

➡️ The Russian Senate has given its seal of approval to a groundbreaking draft law on crypto mining, paving the way for it to become official legislation pending President Vladimir Putin's signature.

🤔 While some Russian Bitcoin (BTC) miners are celebrating this news, others are raising eyebrows and questioning the implications.

🟢 The Federation Council, also known as the Russian Senate, not only passed the mining bill but also approved another bill related to cryptocurrency settlements in experimental foreign trade.

➡️ The mining law will grant permission to both industrial mining companies and individual miners (aka "sole proprietors") to engage in crypto mining, as long as they register with a national database.

💡 This development brings a sigh of relief for small-scale miners operating from home, who can now mine tokens within government-set energy consumption limits.

🚫 However, the government reserves the right to impose restrictions on mining activities in regions facing energy shortages.

🔴 It is anticipated that President Putin will sign off on these laws, bundled with numerous other legal changes, early this week.

⌛️ According to reports, the law is expected to come into effect on September 1, 2024, giving stakeholders time to prepare for compliance.

👌 For years, miners have been navigating through a maze of uncertainty. Their calls for legalization have finally gained traction due to intense lobbying efforts and recent power supply challenges in key mining areas.

➡️ Putin himself acknowledged the need for regulation, citing concerns over uncontrolled electricity consumption and its impact on regional power grids.

🟠 Responding swiftly, the State Duma expedited the bill's progress with multiple readings on a single day (July 30), signaling a new era for the Russian crypto mining industry.