DeFi and Cryptocurrency Landscape Update

The landscape of DeFi and cryptocurrency is continuously evolving, emphasizing the importance of staying informed about the latest trends and developments. A weekly recap serves as a valuable resource, offering a concise yet comprehensive overview of significant news within the DeFi and crypto space to keep individuals informed and up-to-date with current occurrences.

WazirX's Breach Disclosure to FIU and Collaboration with Exchanges Post $235M Breach

Indian cryptocurrency exchange, WazirX, encountered a security breach on July 18, 2024, resulting in a $235 million loss from one of its multisig wallets. In response, WazirX took prompt actions by filing a police complaint, notifying the Financial Intelligence Unit (FIU) and CERT-In, and initiating legal proceedings. WazirX's collaborative efforts with over 500 exchanges to block identified addresses, along with engagement with forensic experts and law enforcement, aim to recover the stolen funds and prevent future breaches.

Donald Trump's Participation at Bitcoin 2024 Conference Amidst Attack Survivial

Former President Donald Trump's confirmation to deliver a keynote speech at the Bitcoin 2024 Conference in Nashville, Tennessee, from July 25-27 is noteworthy, especially following an assassination attempt on July 13 in Pennsylvania. Despite the attack, David Bailey, CEO of Bitcoin Magazine, affirmed Trump's attendance, bringing assurance to the event after uncertainties arose post the rally incident in Butler, Pennsylvania.

Galaxy Digital's Acquisition of Ethereum Staking Assets Valued at $1 Billion

Galaxy Digital Holdings Ltd. (TSX: GLXY) recently acquired majority assets of CryptoManufaktur LLC (CMF), significantly enhancing its Ethereum staking capabilities. The strategic move includes the integration of CMF's engineering team, led by founder Thorsten Behrens, into Galaxy's blockchain infrastructure division. Through this acquisition, Galaxy aims to fortify its staking and validator services catering to investors, protocols, and digital asset platforms.

South Korea's Implementation of New Crypto Legislation under the Virtual Asset User Protection Act (VAUPA)

On July 19, 2024, South Korea implemented the Virtual Asset User Protection Act (VAUPA) to regulate the cryptocurrency market and bolster user security. The country's stature in the global crypto domain was accentuated earlier in 2024 when the Korean won surpassed the US dollar as the primary fiat currency for crypto transactions. The new legislation strives for a harmonious blend of investor safeguarding and fostering innovation across the cryptocurrency sector.

SEC's Green Light for Grayscale and ProShares Ethereum ETFs Listing on NYSE Arca

Regulatory approval from the Securities and Exchange Commission (SEC) has paved the way for the listing of the Grayscale Ethereum Mini Trust and the ProShares Ethereum ETF on the NYSE Arca platform. The decision follows a Form 19b-4 submission, enabling NYSE Arca to commence trading activities related to these funds. As final feedback on the ETFs' S-1 filings awaits processing, Grayscale is gearing up to transform its Grayscale Ethereum Trust (ETHE) into an ETF, debuting the Mini Trust with 10% of ETHE's total assets.