This Week in the Crypto World

Ethereum Redesign and UTXO Payment Model

Vitalik Buterin, the co-founder of Ethereum, has revealed plans to redesign Ethereum staking and has praised the UTXO (Unspent Transaction Output) payment model. This move signifies a significant development in the Ethereum ecosystem, indicating a potential improvement in its efficiency and security.

Major Developments in Gaming and NFTs

In the gaming and NFT (Non-Fungible Token) world, notable events have taken place. WAX Chief Gaming Officer, Michael Rubinelli, has highlighted a potential overcorrection in the gaming investment landscape. Additionally, Japanese gaming giant Square Enix has initiated a character NFT auction for its game Symbiogenesis. Furthermore, Illuvium, a blockchain gaming platform, has formed a partnership with esports powerhouse Team Liquid, and Magic Eden has launched its Magic Eden Wallet in Beta.

• WAX Chief Gaming Officer, Michael Rubinelli, stated: “We may be witnessing an overcorrection in the gaming investment landscape.”
• Square Enix has begun a character NFT auction for its game Symbiogenesis.
• Illuvium has partnered with esports powerhouse Team Liquid in the blockchain gaming industry.
• Magic Eden has rolled out its Magic Eden Wallet in Beta, with a desktop browser extension to follow.

Developments in Taxation and Legal Matters

Significant discussions regarding taxes and legal matters have occurred this week. Brazilian senators have voted in favor of a bill proposing a fixed tax rate of 15% on crypto profits earned through overseas platforms. The UK taxing authority has urged crypto users to disclose any unpaid taxes to avoid fines. Ukrainian lawmakers are set to debate two crypto tax bills.

• Brazilian senators have voted in favor of a bill proposing a fixed tax rate of 15% on crypto profits earned on overseas platforms.
• The UK taxing authority has requested crypto users to disclose any unpaid taxes or face potential fines.
• Ukrainian lawmakers are scheduled to discuss two crypto tax bills.

Legal Developments and Financial News

Several legal developments and financial news have emerged this week. The US Securities and Exchange Commission (SEC) continues to investigate Binance US, which puts Binance founder Changpeng Zhao under scrutiny. FTX has received court approval to liquidate the $744 million assets of Grayscale Trust. Additionally, crypto lender Genesis and its parent company DCG have reached a settlement in a $620 million lawsuit.

FTX has received court approval to liquidate the assets of Grayscale Trust worth $744 million.

Crypto lender Genesis and its parent company DCG have reached a settlement in a $620 million lawsuit.

Other News and Events

Several other news and events have occurred in the crypto world this week. Apple has terminated its credit-card partnership with Goldman Sachs, signaling its deeper involvement in consumer lending. Upbit, a crypto exchange operator, has experienced an 82% drop in profits in the third quarter. Robinhood has announced plans to launch in the UK in early 2024. SEBA Bank, a crypto-friendly bank, has rebranded to AMINA Bank. Digital asset brokerage Fasset has obtained a VASP (Virtual Asset Service Provider) license from Duba’s VARA.

• Apple has terminated its credit-card partnership with Goldman Sachs.
• Upbit, a crypto exchange operator, has seen an 82% drop in profits in Q3.
• Robinhood plans to launch in the UK in early 2024.
• SEBA Bank has rebranded to AMINA Bank.
• Fasset has received a VASP license from Duba’s VARA.

Noteworthy Criminal Activities

Various criminal activities have taken place in the crypto world recently. Immunefi’s report reveals that $343,038,810 was lost to hacks and fraud in November alone. The US Department of Justice (DOJ) has seized nearly $9 million in USDT (Tether) from a pig butchering scam organization with Tether’s assistance. The unlicensed Hounax exchange has caused 145 victims to lose $19 million in a crypto scam confirmed by Hong Kong authorities. Moreover, a Turkish crypto exchange associated with a Hull City sponsorship, Tumya, has been involved in a fraud scandal. Indian authorities have intensified efforts to bring back the mastermind behind a $240 million scam, and the South Korean police have arrested a group of people suspected of duping 170 individuals by posing as crypto-issuing robot developers.

Immunefi’s report indicates that $343,038,810 was lost to hacks and fraud in November alone.

The US DOJ has seized nearly $9 million in USDT from a pig butchering scam organization with Tether’s support.

Hong Kong authorities have confirmed 145 victims and $19 million lost in a crypto scam involving the unlicensed Hounax exchange.

Tumya, a Turkish crypto exchange associated with a Hull City sponsorship, has been at the center of a fraud scandal.

Indian authorities are making efforts to bring back the mastermind behind a $240 million scam.

South Korean police have arrested a group of people suspected of duping 170 individuals by posing as crypto-issuing robot developers.

Lighthearted Moments

In the midst of all the news and events, there have been some lighthearted moments captured:

• “GM, all!”
• “Have a colamilk day!”
• “We’re not done with SBF just yet.”
• “Look at that waste. (I intend my puns.)”
• “A ton of floor to sleep on and eat on…”
• “Priorities.”
• “Memes good.”
• “The most ‘what am I doing here’ look ever.”
• “Having more luck than brains.”
• “Must do d due diligence.”
• “Sooo, hard?”
• “Why would anybody be so cruel?”
• “Let’s check what the resident analysts are forecasting.”
• “Oopsie.”
• “And discuss.”
• “What say you? You agree with the character choice, and why not?”
• “Let’s check up on Binance.”
• “CZ, a comment?”
• “Get it! Get it!”
• “For the end: truth.”