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Ethereum Shanghai Upgrade Goes Live; US Court Summons Justin Sun Over SEC Charges | Cointime Weekly Apr.9 – Apr.15

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Ethereum Shanghai Upgrade Goes Live, Unlocking $34B Staked ETH

Ethereum's years-long transition to proof of stake is now complete, as the withdrawal of staked ETH becomes possible with the successful implementation of the Shanghai upgrade.

With participants having deposited over $34.56 billion worth of ETH with the network, the funds and rewards generated by them were not accessible to users until this upgrade. 

U.S. Court Summons Justin Sun Over SEC Charges

A U.S. district court has summoned former TRON CEO Justin Sun over charges previously filed by the U.S. SEC, according to a court document filed April 12.

Crypto Miner Bitdeer Went Public on Nasdaq via SPAC Deal

Bitdeer Technologies, a Singapore-based cryptocurrency mining firm founded by Chinese crypto tycoon Jihan Wu, went public on Nasdaq on April 14 via a SPAC merger with Blue Safari Group Acquisition.

Twitter Will Be Added to Dogecoin Ponzi Scheme Litigation

Twitter may be added as a defendant in a class action lawsuit alleging that dogecoin is a Ponzi scheme being manipulated by Elon Musk, according to a lawyer in the case. 

Weekly Hack: Gdac, Bittrue, Terraport, Yearn Finance Exploit

Bitrue, a Singapore-based cryptocurrency exchange, has been exploited for roughly $24.4 million in tokens.

South Korean cryptocurrency exchange Gdac has reported a hack that resulted in the loss of nearly $13 million on April 9. 

Data from Terra Finder suggests that almost $4 million worth of Terra Classic (LUNC), TerraClassicUSD (USTC), and TERRA has been drained.

There was a $10 million exploit involving the DeFi protocols Aave V1 and Yearn Finance. 

Global regulations

Japanese Government Mulls Promoting NFTs in Sport

The Japanese government may consider adopting non-fungible tokens (NFTs) in the sports industry, with the ruling Liberal Democratic Party Web3 "Digital Society Promotion" team set to publish a white paper on the matter. 

China's Douyin Displays Bitcoin Prices in Search Results

This move could be seen as a signal that Beijing is warming up to crypto and loosening its control over the digital asset ecosystem, especially given the tight control over social media within China.

G-7 Will Focus on Helping Developing Nations Introduce CBDCs

The Group of Seven (G-7) nations have announced their intention to prioritize assistance to developing countries in introducing their own central bank digital currencies (CBDCs).

CFTC Defines Bitcoin, Ethereum, and USDC as Commodities

The CFTC has filed a civil enforcement action against former Deutsche Bank investment banker Rashawn Russell for digital asset trading fund fraud and misappropriation of investor assets.

London Stock Exchange To Launch Bitcoin Futures And Options Trading

The London Stock Exchange Group (LSE) has partnered with Global Futures and Options (GFO-X) to launch the UK's first regulated Bitcoin futures and options trading, with the launch expected in Q4 2023.

Crypto weekly price action

Fundraising and investment

Bitget Launches $100M Web3 Fund to Support Crypto Projects in Asia

Bitget, a top crypto derivatives and copy trading platform, launched its Bitget Web3 Fund during the Hong Kong Blockchain Week, with an initial investment of $100 million. 

Mysten Labs Buys Back Stake From FTX for $96 Million

Mysten Labs, creator of the Layer 1 blockchain Sui, has repurchased an equity stake bought by FTX less than a year ago.

EOS Network Lands $60M Investment and Partnership From DWF Labs

DWF Labs, a digital asset market maker and investment firm, has announced an investment deal with the EOS Network Foundation (ENF) worth over $60 million. 

Layer-1 Blockchain Sei Labs Announces $50 Million Investment From Bitget and Foresight Ventures

Sei Labs, a blockchain start-up, is building a new layer-1 blockchain for trading, which is set to launch later this year. The company has raised $50m for its ecosystem fund, bringing its valuation to $800m. 

Information Protocol RSS3 Raises $10M via Token Sale to DWF Labs

Information protocol RSS3 has raised $10M via a token sale to DWF Labs, a prolific investor in Web3. RSS3 aims to bridge blockchain technology and AI, search engines, and social media. The protocol has previously received investment from Coinbase, Dragonfly, and Balaji Srinivasan.

Viral Quotes

“Bitcoin is a gambling token, and it doesn’t have any intrinsic value. But that doesn’t stop people from wanting to play the roulette wheel.”

 – Warren Buffett, Chairman of Berkshire Hathaway

"Having no regulatory clarity is the worst. Having bad restrictive regulations are better than that. And then having unclear ones and then chasing people by enforcement is really, really bad."

 – Changpeng Zhao, Binance CEO

"What used to take days before, from ideation and conception, can now take just a matter of seconds. AI will accelerate and empower even more creators."

– Sebastian Borget, Co-founder of The Sandbox 

“As crime runs rampant in our cities & voters demand ‘defund the police.’ I am crying. America is dying.”

– Robert Kiyosaki, Rich Dad Poor Dad author

Bitcoin Bitcoin $64,938.47
+0.77%
Justin Sun SEC Changpeng Zhao Binance Bitcoin DWF Labs
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