Issue #125

Regulation

1. Hong Kong provides in-principle approval to 1st batch of Bitcoin and Ethereum spot ETFs

-- Including offerings from China Asset Management, Harvest Global Investments, Bosera Asset Management, and HashKey Capital

-- Beat US to the punch on Ethereum spot ETFs

2. UK plans to finalize crypto regulatory legislation by July

-- Covering stablecoins, staking, exchanges, and custody services

3. Binance(.US) appoints former NY Fed officer to Board of Directors to enhance financial reporting and internal controls

4. Avi Eisenberg found guilty of fraud charges in connection with the hack of Mango Markets

-- Facing up to 20 years in prison

5. IRS releases a draft Form 1099-DA for brokers to report digital asset sales

6. Filecoin Foundation is looking into the reported detentions of Filecoin Liquid Staking (STFIL) team members in China

-- $23M worth of Filecoin tokens were moved to an unknown address

-- The foundation has a lawyer in China working on the case

Infrastructure

1. Bitcoin completes 4th halving

-- Block rewards reduce from 6.25 BTC to 3.125 BTC

2. Runes Protocol launches on Bitcoin

-- Creating a token standard for issuing fungible tokens on Bitcoin with higher efficiency than BRC-20

3. Offchain Labs introduces Arbitrum BOLD, a dispute protocol for optimistic rollups (source)

-- The protocol ensures fixed upper-bound confirmation times and allows a single validator to defend claims against multiple adversaries, improving the efficiency and security of the Arbitrum network

4. OKX launches X Layer, a L2 network powered by the Polygon Chain Development Kit

5. Worldcoin planning to release its own L2 blockchain called World Chain

-- World Chain will favor transactions completed by verified World ID holders

-- A full launch expected in the summer

6. Tether restructures into 4 business divisions

-- Tether Data: focus on P2P platforms and AI

-- Tether Finance: comprised of USDT and a tokenization service

-- Tether Power: Bitcoin mining

-- Tether Edu: a blockchain education initiative

Finance

1. German bank LBBW partners with Bitpanda to offer institutional-grade crypto custody

2. Abra launches Abra Private and Abra Prime for HNW and institutional clients

-- Provides access to borrowing, lending, staking, and yield opportunities for over 75 cryptocurrencies

-- Recently obtained SEC approval as a registered investment advisor

3. Crypto prime broker Hidden Road reportedly on track to raise a $120M Series B

4. Binance seeks to re-enter India by paying $2M penalty

-- As a reminder: the Indian government blocked Binance and other offshore exchanges for non-compliance to local (AML) regulations

5. Aptos collaborates with Microsoft, Brevan Howard, and SK Telecom to allow financial institutions to offer digital asset management services

-- Institutions can build on a Move-based permissioned network and leverage SKT's wallet-as-a-service product

-- Features included: KYC/AML, control over types of transactions allowed, tools to maintain account and transaction privacy, access controls

6. Haun Ventures GP Katie Haun stepping down from Coinbase's board after 7 years to focus on Haun Ventures

7. Korean crypto exchange Upbit halts deposits and withdrawals exceeding 1M Won (~$725)  

-- Impacted by Ten&Ten's termination of its Travel Rule Solution

Consumer

1. Tether expands USDT stablecoin to Telegram's TON blockchain

2. Kraken launches self-custodial mobile wallet

3. Adidas partners with Stepn for a NFT sneaker collection

4. Sky Mavis' Ronin sidechain collaborates with South Korea's Ragnarok to launch "Ragnarok: Monster World" on Ronin in Q3

5. Former FTX CEO Sam Bankman-Fried has agreed to cooperate with investors in their case against celebrities who promoted the platform

-- Celebrities that may be impacted include Shaquille O'Neal, Gisele Bündchen, Tom Brady, and Kevin O'Leary

Security

1. Crypto security alliance SEAL launches SEAL-ISAC

-- A platform enabling the sharing of crypto threat intelligence among stakeholders like exchanges, blockchain projects, and wallet providers

-- Major players like Ethereum Foundation and MetaMask have already joined

2. Trust Wallet alerts iPhone users of a zero-day exploit targeting iMessage

-- Supposedly allows hackers to take over a user's phone without the user having to click anything

-- Trust Wallet did not provide proof to corroborate its claim

3. Pax Dollar (USDP) stablecoin depegged briefly to $1.29 before returning to $1 due to pricing aggregator issues

Research

1. The impact of inscriptions on zkSync's performance (source)

-- Gas fees decreased as transaction volume of inscriptions increased

-- Proof of inscription ownership stored on off-chain indexers run by the inscription creators

2. A decentralized zk-bridge powered by a decentralized proving network (source)

3. Confidential federated computations (source)

-- Leverages TEEs to both ensure confidentiality of server-side computations and provide externally verifiable privacy properties

4. Gossip protocol design is crucial to the security of Nakamoto-style blockchains (source)

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