Cryptocurrency

The Sandbox

Basic Attention Token

Worldcoin

Kannagi Finance

<p class="is-style-lead">This week, government agencies intensified their enforcement actions against fraudulent crypto activities, responding to a rise in hacking incidents, scams, and fraud.&nbsp;</p> 
<p>One notable case involved the hacking of CoinsPaid. Alongside these developments, regulatory initiatives remained in focus, with the passage of a pro-crypto bill in the US Congress garnering attention.</p> 
<p>Crypto institutional adoption continued to show steady momentum. However, the launch of Worldcoin prompted discussions around privacy.</p> 
<h2 class="wp-block-heading" id="crypto-hacks-scams-and-fraudulent-schemes">Crypto hacks, scams, and fraudulent schemes</h2> 
<p>Blockchain security firm PeckShield reported on July 24 that the launch of Worldcoin, the cryptocurrency backed by OpenAI’s CEO, was&nbsp;<a href="https://crypto.news/fake-worldcoin-tokens-spread-just-after-launch/" rel="noopener noreferrer nofollow">affected</a>&nbsp;by the deployment of fake tokens on Ethereum.</p> 
<p>Two fake Worldcoin tokens were detected, and one displayed a suspicious 100% price drop, raising concerns about a potential rug pull scam.</p> 
<p> You might also like: <a href="https://crypto.news/zksync-eras-kannagi-finance-rug-pulls-and-steal-2-13m/" rel="noopener noreferrer nofollow"> zkSync Era’s Kannagi Finance rug pulls and steal $2.13m </a> </p> 
<p>Additionally, after Twitter changed its iconic bluebird emblem to an “X” symbol, numerous “X” coins were&nbsp;<a href="https://crypto.news/from-blue-bird-to-x-twitters-rebranding-sparks-crypto-frenzy/" rel="noopener noreferrer nofollow">launched</a>&nbsp;on various decentralized exchanges (DEXs).&nbsp;</p> 
<p>While some of these coins experienced significant growth, with one surging by 1,200% in a single day, many were not proven fraudulent.&nbsp;</p> 
<p>Nevertheless, this situation underscores the risks of bad actors capitalizing on trending themes to lure unsuspecting investors. As such, caution is strongly advised when dealing with such tokens.</p> 
<h2 class="wp-block-heading" id="millions-lost-by-coinspaid-and-era-lend">Millions lost by CoinsPaid and Era Lend</h2> 
<p>CoinsPaid, a crypto payment provider based in Estonia, was&nbsp;<a href="https://crypto.news/breaking-coinspaid-targeted-in-37-3-million-hack/" rel="noopener noreferrer nofollow">hacked</a>, reportedly by Lazarus Group, on July 22, resulting in a loss of $37.3 million.&nbsp;</p> 
<p>The company has fortified its systems to prevent further damage and is currently investigating the extent of the hack.&nbsp;</p> 
<p>On July 25, Era Lend suffered a significant exploit resulting in estimated losses of $3.4 million, raising concerns about the security of decentralized finance platforms.&nbsp;</p> 
<p>CertiK&nbsp;<a href="https://crypto.news/defi-platform-era-lend-exploited-on-zksync-losses-3-4m-in-assets/" rel="noopener noreferrer nofollow">issued</a>&nbsp;an urgent Skynet Alert following the attack.</p> 
<h2 class="wp-block-heading" id="increased-enforcement">Increased enforcement</h2> 
<p>The US government has been cracking down on crypto-related scams.&nbsp;</p> 
<p>This week, the Commodity Futures Trading Commission (CFTC)&nbsp;<a href="https://crypto.news/cftc-sues-tennessee-real-estate-couple-over-alleged-blessings-of-god-thru-crypto-fraud/" rel="noopener noreferrer nofollow">filed</a>&nbsp;legal action against Michael and Amanda Griffis, EXIT Realty Screamin’ Eagle owners, accusing them of running a fraudulent cryptocurrency scheme.&nbsp;</p> 
<p>The couple allegedly scammed over 100 people, earning over $6 million through their crypto commodity pool, “Blessings of God Thru Crypto.”&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/basic-attention-token-to-implement-kyc-free-on-chain-payouts/" rel="noopener noreferrer nofollow"> Basic Attention Token to implement KYC-free on-chain payouts </a> </p> 
<p>In a Bloomberg interview this week, the SEC chair, Gary Gensler,&nbsp;<a href="https://crypto.news/us-sec-chair-says-crypto-riddled-with-fraud-and-non-compliance/" rel="noopener noreferrer nofollow">expressed</a>&nbsp;concerns about fraud and non-compliance, warning investors of the risks associated with crypto investments.&nbsp;</p> 
<p>He raised concerns about whether crypto exchanges comply with regulatory standards, especially compared to traditional exchanges like NYSE and NASDAQ.</p> 
<h2 class="wp-block-heading" id="south-korea-and-uk-step-up-efforts">South Korea and UK step up efforts</h2> 
<p>South Korea has&nbsp;<a href="https://crypto.news/south-korea-launches-crypto-crimes-investigation-unit/" rel="noopener noreferrer nofollow">created</a>&nbsp;a Joint Investigation Centre for Cryptocurrency Crimes to combat illicit activities in the digital asset sector.&nbsp;</p> 
<p>The unit comprises around 30 experts from various fields, including law, finance, taxation, and customs. It aims to protect investors from exploitation due to inadequate legal protections for virtual assets.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/wall-street-banks-embrace-elizabeth-warrens-call-for-stricter-crypto-regulation/" rel="noopener noreferrer nofollow"> Wall Street supports senator’s push for strict crypto regulation </a> </p> 
<p>The team is committed to fighting illicit trading, tax evasion, criminal profit accumulation, and money laundering schemes until comprehensive legislation and oversight measures are implemented.&nbsp;</p> 
<p>Similarly, the National Crime Agency (NCA) of the UK is&nbsp;<a href="https://crypto.news/uk-hiring-investigators-to-tackle-crypto-fraudsters/" rel="noopener noreferrer nofollow">hiring</a>&nbsp;Digital Assets Cryptocurrency Financial Investigations Managers to combat crimes related to cryptocurrencies.&nbsp;</p> 
<p>These managers will work with law enforcement agencies to dismantle organized crypto crime syndicates that target unsuspecting investors, ensuring public safety and national security.</p> 
<h2 class="wp-block-heading" id="sustained-adoption-among-private-and-public-institutions">Sustained adoption among private and public institutions</h2> 
<p>Despite increasing hacks and fraudulent schemes this week, there were significant developments in crypto adoption.</p> 
<p>The government of Palau&nbsp;<a href="https://crypto.news/palau-to-pilot-usd-backed-stablecoin-psc-on-xrp-ledger/" rel="noopener noreferrer nofollow">partnered</a>&nbsp;with Ripple to launch Palau Stablecoin (PSC), a USD-backed stablecoin on the XRP Ledger, with potential use cases in the country.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/1inch-plunges-34-days-after-ripple-sec-ruling/" rel="noopener noreferrer nofollow"> 1INCH plunges 34% days after Ripple-SEC ruling </a> </p> 
<p>This week also saw Amazon make a big announcement during the AWS Web3/Blockchain Summit,&nbsp;<a href="https://crypto.news/amazon-expands-service-for-developers-to-easily-build-web3-apps/" rel="noopener noreferrer nofollow">revealing</a>&nbsp;its plans to enhance Amazon Managed Blockchain (AMB) services to support web3 application development.&nbsp;</p> 
<p>The expansion includes AMB Access, which allows developers to interact with public blockchains like Bitcoin using standard remote procedure calls (RPCs) without specialized infrastructure.</p> 
<h2 class="wp-block-heading" id="the-british-museum-and-hkma-foray-into-blockchain">The British Museum and HKMA foray into blockchain</h2> 
<p>The British Museum has&nbsp;<a href="https://crypto.news/british-museum-the-sandbox-collaboration/" rel="noopener noreferrer nofollow">teamed</a>&nbsp;up with The Sandbox and LaCollection to create digital collectibles inspired by the museum’s collection.&nbsp;</p> 
<p>This move is part of the museum’s foray into the digital realm.&nbsp;</p> 
<p>Meanwhile, Fubon Bank&nbsp;<a href="https://crypto.news/fubon-bank-partners-with-ripple-for-e-hkd-pilot-program/" rel="noopener noreferrer nofollow">joined hands</a>&nbsp;with Ripple for the e-HKD pilot program to explore innovative real estate tokenization solutions.&nbsp;</p> 
<p>The trial phase will see Fubon Bank digitize Hong Kong dollars at a 1-to-1 ratio using Ripple’s technology and CBDC platform to extend digital HKD loans to clients.&nbsp;</p> 
<p>It’s important to note that this pilot program doesn’t involve issuing real Hong Kong dollars.</p> 
<h2 class="wp-block-heading" id="us-congress-pushes-for-crypto-regulations">US Congress pushes for crypto regulations</h2> 
<p>Reports on July 26&nbsp;<a href="https://crypto.news/us-congress-reviews-bills-aims-to-establish-crypto-framework/" rel="noopener noreferrer nofollow">show</a>&nbsp;that the US Congress is working on bills to establish regulatory clarity for the cryptocurrency industry.&nbsp;</p> 
<p>Proposed bills aim to categorize crypto assets and provide oversight for stablecoins.&nbsp;</p> 
<p>The Financial Innovation and Technology for the 21st Century Act was&nbsp;<a href="https://crypto.news/us-house-agriculture-committee-passes-pro-crypto-bill/" rel="noopener noreferrer nofollow">approved</a>&nbsp;by the House Committee on Agriculture, seeking to establish a regulatory framework and define jurisdiction for regulatory bodies, especially for the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).</p> 
<h2 class="wp-block-heading" id="davidson-is-against-cbdcs">Davidson is against CBDCs</h2> 
<p>On July 23, US Congressman Warren Davidson&nbsp;<a href="https://crypto.news/us-%d1%81ongressman-proposes-to-ban-cbdc/" rel="noopener noreferrer nofollow">raised</a>&nbsp;concerns about central bank digital currencies (CBDCs), calling for their prohibition and criminalization due to potential issues with authority and control.&nbsp;</p> 
<p>He compared CBDCs to the “financial equivalent of the death star” and worried about the potential for corruption.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/ftx-and-genesis-reach-settlement-in-bankruptcy-case/" rel="noopener noreferrer nofollow"> FTX and Genesis reach settlement in bankruptcy case </a> </p> 
<p>Davidson urged congressional action to outlaw CBDCs and impose penalties on any attempts to develop or implement them.</p> 
<h2 class="wp-block-heading" id="worldcoin-triggers-privacy-concerns">Worldcoin triggers privacy concerns</h2> 
<p>OpenAI CEO Sam Altman’s Worldcoin&nbsp;<a href="https://crypto.news/openai-ceos-worldcoin-set-to-launch-on-july-24/" rel="noopener noreferrer nofollow">launched</a>&nbsp;on July 24, with some crypto exchanges announcing intentions to list the token.&nbsp;</p> 
<p>However, the broader crypto community, including Vitalik Buterin,&nbsp;<a href="https://crypto.news/vitalik-buterin-reflects-on-worldcoins-proof-of-humanity/" rel="noopener noreferrer nofollow">questioned</a>&nbsp;the project’s proof-of-humanity system, citing privacy, security, accessibility, centralization, and potential facilitation of illicit activities.&nbsp;</p> 
<p>Some also&nbsp;<a href="https://crypto.news/crypto-twitter-marks-worldcoin-as-evil-project/" rel="noopener noreferrer nofollow">criticized</a>&nbsp;the project for insider allocation and associated security risks.</p> 
<h2 class="wp-block-heading" id="french-and-british-authorities-concerned">French and British authorities concerned&nbsp;</h2> 
<p>On July 29, France’s data privacy regulator, the CNIL, said it was&nbsp;<a href="https://crypto.news/worldcoin-wld-could-face-regulatory-inquiries-in-uk/" rel="noopener noreferrer nofollow">investigating</a>&nbsp;the Worldcoin (WLD) project for data collection and biometric data handling concerns.&nbsp;</p> 
<p>The CNIL is cooperating with German authorities. At the same time, Britain’s data regulator has also&nbsp;<a href="https://crypto.news/worldcoin-wld-could-face-regulatory-inquiries-in-uk/" rel="noopener noreferrer nofollow">announced</a>&nbsp;its intent to investigate the project.</p> 
<p> Read more: <a href="https://crypto.news/eus-mica-rules-could-prohibit-mev-activities-on-ethereum/" rel="noopener noreferrer nofollow"> EU’s MiCA rules could prohibit MEV activities on Ethereum </a> </p>

Scams surge, crypto regulation in US, Worldcoin’s privacy concerns | Weekly recap

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