The Weekly Wrap 06

Binance collaborates with Cambodia to develop a regulatory framework, while OpenSea suffers from email data breach.

The lowdown this week...

  • The EU Parliament makes significant strides towards crypto regulation
  • Binance partners with the Securities and Exchange Regulator of Cambodia
  • Crypto queen "Ruja Ignatova" is the latest addition to FBI's 10 most wanted list
  • OpenSea witnesses a data breach after an employee shares confidential data

What's Brewing?

The European Parliament is working towards crypto regulation

The European Union has come to an agreement on creating tangible regulation rules for crypto assets. The drive to implement this happened after hours of negotiations with the European Commission and lawmakers. According to Reuters, the Markets in Crypto-Assets' (MiCA) purpose is to hold more people accountable in the crypto market. This includes issuers of stablecoins, exchanges and tokens pegged to existing assets.

“Today, we put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors,”

Stefan Berger, Lawmaker

The new rules will monitor transactions with stablecoins such as Tether and USDC in order to maintain ample reserves needed to meet redemption requests, in the event of mass withdrawals. Transactions will be restricted if the limits soar more than thousands of euros over the threshold. Additionally, MiCA will be involved in environmental issues surrounding crypto mining - requiring firms to disclose their energy consumption and their direct impact on the environment. This is the very first step at creating a comprehensive regulation for digital assets in the European Union, and a handful of industry insiders are viewing this as a positive outcome. The rules are set to be enforced in 2024, and will possibly put the EU in first place for crypto adoption - after the United States and Britain.

Order in the Court!

Ruja Ignatova makes her way to the FBI's 10 Most Wanted List

Dr. Ruja Ignatova is the founder and face of the cryptocurrency OneCoin. OneCoin was dubbed as the "Bitcoin killer," and was supposed to revolutionize the way people view cryptocurrencies. In 2017, Dr. Ruja was scheduled to present at a crypto meeting in Lisbon - but she never showed up. That was the moment when the world experienced the the worst Ponzi scheme in crypto history. OneCoin was well known for their over-the-top marketing tactics, and extravagant event productions. Due to the luxurious image of OneCoin and the users it attracted, it is estimated that the scheme made off with up to 19.4 billion dollars!

Ruja Ignatova Bitcoin Bulgaria OneCoin cryptocurrency crypto
Where in the world is Ruja Ignatova?

Ignatova recently landed on the FBI's 10 most wanted list, which offered up to $100,000 for information leading to her arrest. The last place she was seen was Athens, Greece back in 2017. She was also dubbed as one of Europe's "most wanted fugitives," but her name is not officially on the list. The search for the OneCoin founder is still in progress, with the fraud under investigation to recover the remainder of the stolen assets.

Talk of The Town

OpenSea reports a massive email data breach estimated at $13 billion

One staff member at Customer.io, a contractor of OpenSea - used their employee access to download and share email addresses of OpenSea's users. An unauthorized third-party was used to share the information, which means that all the users who made an account with OpenSea could potentially be impacted. The suspect was stripped of their title and suspended, pending the final results of the investigation.

OpenSea discussed on their page how users can protect themselves from phishing attacks. They suggested practicing safe email protocols, and warned that fraudulent individuals might reach out to users using an email address that appears seemingly related to their company such as "opensea.org" or a similar domain. OpenSea's top priority is protecting the privacy of their users, but cyberattacks have grown exponentially nonetheless. Their marketplace has suffered greatly and reimbursed $1.8 million in losses thus far - with plans to increase educational awareness of possible cyber attacks.

Crypto Rising

Binance teams up with Cambodia to build a local regulatory framework

Binance, the world's largest cryptocurrency platform - announced that they'll be working in collaboration with the Securities and Exchange Regulator of Cambodia (SERC). The SERC plans to implement comprehensive rules on the domestic digital asset sector, while still supporting the ambitions of crypto firms. In a recent announcement, Binance announced their top 3 focal points for the collaboration. First, Binance aims to impart technical knowledge and experience with the SERC pertaining to digital asset operations. Next, they plan to support Cambodia's legal framework for bolstering and regulating digital asset businesses in the country. Finally, Binance aims to conduct extensive training on digital assets in the region.

cryptocurrency Cambodia Binance Bitcoin stablecoins stablecoin
Binance and Cambodia team up to promote crypto knowledge.

Binance's vision is to add impactful knowledge of the digital asset market while adding value to the Cambodian securities industry. Through imparting technical expertise in cryptocurrency operations in Cambodia, they plan to enrich the minds of citizens on the value of cryptocurrencies. Cambodia has the potential to be a leading market, according to Binance - and the implementation of digital asset innovation is gaining traction.

Food for thought:

  • Did Dr. Ruja Ignatova adopt a different name and where could she be?
  • What are some ways you can protect yourself from cyber attacks?  
  • Which European countries are paving the way for crypto?
  • Which countries would you like to see Binance teaming up with?
  • Are you hesitant to buy NFTs due to the breach?

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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