Reviewing the Week in Decentralized Finance

As the space of DeFi and cryptocurrencies progresses swiftly, it is crucial to remain apprised of the most recent advances and patterns. Our weekly summary offers a concise yet thorough glimpse into the significant news and trends within the DeFi and cryptocurrency domain, aiding in staying knowledgeable and abreast of the recent occurrences.

WazirX Incident Report to FIU, Communication with 500+ Exchanges Post $235M Breach

On July 18, 2024, WazirX, an Indian cryptocurrency exchange, encountered a security breach that led to a $235 million loss from one of its multisig wallets. WazirX has lodged a police report, informed the Financial Intelligence Unit (FIU) and CERT-In, and initiated further legal measures. Collaborating with over 500 exchanges to block the identified addresses and working alongside forensic specialists and law enforcement to regain the stolen funds and prevent future breaches.

Donald Trump Confirms Live Speech at Bitcoin 2024 Following Survival from Attack

Former President Donald Trump is scheduled to present the keynote address at the Bitcoin 2024 Conference in Nashville, Tennessee, from July 25-27, despite surviving an assassination attempt on July 13 in Pennsylvania. David Bailey, CEO of Bitcoin Magazine, affirmed Trump's participation, which was in doubt following the attack during a rally in Butler, Pennsylvania.

Galaxy Digital's Acquisition of $1B in Ethereum Staking Assets by Michael Novogratz

Galaxy Digital Holdings Ltd. (TSX: GLXY) has procured nearly all assets of CryptoManufaktur LLC (CMF), bolstering its Ethereum staking capabilities. CMF's three-member engineering team, led by founder Thorsten Behrens, will join Galaxy's blockchain infrastructure unit. This move is intended to enhance Galaxy's staking and validator services for investors, protocols, and digital asset platforms.

Implementation of South Korea's New Crypto Legislation: What is Known

On July 19, 2024, South Korea's Virtual Asset User Protection Act (VAUPA) was enacted to oversee the cryptocurrency market and advance user security. With the Korean won surpassing the US dollar as the primary fiat currency for crypto trading in early 2024, the nation, a significant player in the global crypto landscape, introduced the new law to strike a balance between safeguarding investors and fostering innovation in the crypto sector.

SEC Sanctions Grayscale and ProShares Ethereum ETFs for NYSE Arca Listing

The SEC has granted approval for the Grayscale Ethereum Mini Trust and the ProShares Ethereum ETF to be listed on the NYSE Arca platform. This approval comes subsequent to a Form 19b-4 submission, enabling NYSE Arca to commence trading these funds. Nonetheless, conclusive remarks on the ETFs' S-1 filings are still pending. Grayscale intends to convert its Grayscale Ethereum Trust (ETHE) into an ETF, launching the Mini Trust with 10% of ETHE’s assets.