{"id":9442,"date":"2022-03-19T21:19:00","date_gmt":"2022-03-19T21:19:00","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/pow-avoids-eu-ban-two-defi-protocols-suffer-a-combined-11m-hack-and-bayc-does-an-apecoin-airdrop-hodlers-digest-march-13-19\/"},"modified":"2022-03-19T21:19:12","modified_gmt":"2022-03-19T21:19:12","slug":"pow-avoids-eu-ban-two-defi-protocols-suffer-a-combined-11m-hack-and-bayc-does-an-apecoin-airdrop-hodlers-digest-march-13-19","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/pow-avoids-eu-ban-two-defi-protocols-suffer-a-combined-11m-hack-and-bayc-does-an-apecoin-airdrop-hodlers-digest-march-13-19\/","title":{"rendered":"PoW avoids EU ban, two DeFi protocols suffer a combined $11M hack and BAYC does an ApeCoin airdrop: Hodler\u2019s Digest, March 13-19"},"content":{"rendered":"
Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n\nTop Stories This Week<\/b><\/h2>\n\n
Ukraine\u2019s president signs law establishing regulatory framework for crypto<\/b>
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Crypto regulation has received approval from Ukrainian president Volodymyr Zelenskyy. The bill, titled \u201cOn Virtual Assets,\u201d was signed by the president, opening the door to government oversight of the domestic cryptocurrency industry.<\/p>\n
Ukraine\u2019s Ministry of Digital Transformation said: \u201cThe signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.\u201d<\/p>\n
Among other details, the bill specifies that Ukraine\u2019s National Securities and Stock Market Commission will govern the industry on multiple levels, such as digital asset-related licensing.<\/p>\n
\nA significant European Union (EU) regulatory bill known as Markets in Crypto Assets (MiCA) has moved forward, leaving behind wording that essentially would have barred proof-of-work (PoW) crypto assets in the region.\u00a0\u00a0<\/span><\/p>\n An extensive bill pertaining to crypto regulation in the EU, MiCA had two drafts up for debate \u2014 one version that would essentially ban PoW mining and related cryptocurrencies, and another that hosted more favorable language concerning the technology. Long story short, the European Parliament\u2019s Committee on Economic and Monetary Affairs voted for the option that did not ban PoW. The bill will now proceed through further approval processes.<\/span><\/p>\n\n It was a busy week for cryptocurrency exchanges, which earned regulatory approvals in multiple jurisdictions. Binance secured licensing in Dubai and Bahrain. FTX also received a Dubai license.<\/span><\/p>\n Thanks to the Virtual Asset Service Provider (VASP) license it secured in the region, Binance can now establish an office in Dubai, among other rights newly afforded by the license. Additionally, Binance received a virtual asset exchange (VAX) license in Dubai. <\/span>FTX also unveiled that it received Dubai\u2019s VAX<\/span> this week.<\/span><\/p>\n\n Owners of Bored Ape Yacht Club (BAYC) NFTs stand to receive a considerable sum of ApeCoin (APE) \u2014 a new governance and utility token for the project. APE is an ERC-20 token.\u00a0\u00a0<\/span><\/p>\n If they do so within 90 days of March 17 (12:30 pm UTC time), BAYC owners can claim 10,000 APE, which totaled $72,000 in value at the time of Cointelegraph\u2019s coverage in the article linked above. FTX, Gemini and other exchanges plan on listing APE.\u00a0\u00a0 <\/span><\/p>\n Trading volume and pricing for BAYC NFTs saw turbulence surrounding the APE token news. Among <\/span>other reported details<\/span>, the token will have a supply of 1 billion.<\/span><\/p>\n\n Avery Ching and Mo Shaikh, two former Meta crypto division leads, are building a layer-1 blockchain with some of its roots based on Move \u2014 the Diem project\u2019s programming language. Known as Aptos, the project led by Ching and Shaikh recently announced securing $200 million worth of funding, with names such as Coinbase Ventures and Andreessen Horowitz contributing. Aptos aims for its mainnet to go live in the latter half of 2022.\u00a0<\/span><\/p>\n Publicized earlier in 2022<\/span>, Facebook-turned-Meta\u2019s stablecoin Diem essentially saw an end to its journey, with Silvergate Capital Corporation buying the project\u2019s nuts and bolts (intellectual property, etc.) from Meta. <\/span><\/p>\n\n At the end of the week, Bitcoin (<\/span>BTC<\/span>) is at <\/span>$41,727<\/b>, Ether (<\/span>ETH<\/span>) at <\/span>$2,936<\/b> and <\/span>XRP<\/span> at <\/span>$0.79<\/b>. The total market cap is at <\/span>$1.87<\/b> trillion, <\/span>according<\/span> to CoinMarketCap.<\/span><\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are ApeCoin <\/span>(APE)<\/b> at 1,338.31%, Aave <\/span>(AAVE)<\/b> at 38.53% and THORChain <\/span>(RUNE)<\/b> at 37.67%.\u00a0<\/span><\/p>\n The top three altcoin losers of the week are Anchor Protocol (ANC)<\/b> at -19.20%, Stacks (STX)<\/b> at -9.20% and Kadena (KDA)<\/b> at -9.18%.<\/span><\/p>\n For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span>. <\/span><\/p>\n \u201cIf you are an avid crypto trader like me, I am sure that the thought of who will inherit your crypto has come to mind.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n Jeetu Kataria<\/b>, CEO of Digital Financial Exchange (DIFX)<\/b><\/p>\n \u201cOrange pill your neighbor, your favorite shop, bar, cinema, start sharing your sats. It\u2019s easy for them to learn from a known face like yours. Be that little pebble that you throw in the lake, and it will create ripples that coming generations will benefit.\u201d<\/span><\/p>\n<\/blockquote>\n Paco de la India<\/b>, Bitcoiner and runner<\/b><\/p>\n \u201cOur hope is that when the government does this study [as established by the executive order], [\u2026] the conclusion they will reach is we will not compete against China \u2014 an authoritarian dictatorship \u2014 by also acting like an authoritarian dictatorship. Instead we will empower our private sector to come up with competitive solutions.\u201d<\/span><\/p>\n<\/blockquote>\n Jake Chervinsky<\/b>, head of policy for the Blockchain Association, regarding a United States central bank digital currency<\/b><\/p>\n \u201cThe creator is where the power begins, and that\u2019s where the power should stay.\u201d<\/span><\/p>\n<\/blockquote>\n Darryl McDaniels<\/b>, founding member of Run-DMC<\/b><\/p>\n \u201cMy office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler\u2019s information reporting \u2018requests\u2019 to the crypto community are overburdensome, don\u2019t feel particularly\u2026 voluntary\u2026 and are stifling innovation.\u201d<\/span><\/p>\n<\/blockquote>\n Tom Emmer<\/b>, United States congressman<\/b><\/p>\n \u201cThere is no doubt that blockchain gaming is a revolutionary concept, but at the moment, I don\u2019t think it will be enough to support me financially by itself. [\u2026] I think I will have enough courage to leave my job to pursue blockchain gaming once the P2E ecosystem has become mature and sustainable.\u201d<\/span><\/p>\n<\/blockquote>\n Jesus Dawal Jr.<\/b>, Filipino gamer<\/b><\/p>\n \u201cWith proper research and understanding, regulators will find a much easier time regulating DeFi and preventing malicious behaviors compared to the legacy financial infrastructure.\u201d<\/span><\/p>\n<\/blockquote>\n Eric Chen<\/b>, co-founder and CEO of Injective Labs<\/b><\/p>\n \u201cYou should never define any technology by its worst uses. [\u2026] There\u2019s more to crypto than ransomware, just like there\u2019s more to money than money laundering.\u201d<\/span><\/p>\n<\/blockquote>\n Ritchie Torres<\/b>, United States representative<\/b><\/p>\n This past week, crypto\u2019s largest asset, Bitcoin, traded both below $38,000 and above $41,000 inside the seven-day period, according to <\/span>Cointelegraph\u2019s BTC price index<\/span>.\u00a0<\/span><\/p>\n Based on global conditions, Bloomberg Intelligence\u2019s Mike McGlone and former BitMEX brass Arthur Hayes both see Bitcoin ultimately coming out on top.\u00a0<\/span><\/p>\n McGlone sees the current landscape as one that may help BTC along. \u201cFacing the #FederalReserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in #Bitcoin\u2019s maturation,\u201d McGlone tweeted.\u00a0<\/span><\/p>\n Meanwhile, Hayes sees Bitcoin taking on a value of more than $1 million per coin based on the events currently unfolding, although he noted a decade-long time horizon with BTC suffering downward price action first.<\/span><\/p>\n Blockchain analytics outfit Elliptic has come across a crypto wallet that could be of particular interest that could potentially be connected to prominent sanctioned Russians. The wallet\u2019s contents total millions of dollars in value, although further specifics were not given.\u00a0<\/span><\/p>\n \u201cIt\u2019s not proving out realistic that oligarchs can completely bypass sanctions by moving all their wealth into crypto,\u201d Tom Robinson, Elliptic\u2019s co-founder, told Bloomberg. \u201cCrypto is highly traceable. Crypto can and will be used for sanctions evasion, but it\u2019s not the silver bullet.\u201d<\/span><\/p>\n Millions of crypto addresses have been traced to crime associated with Russia, with hundreds of digital asset services facilitating anonymous crypto swapping via the Russian ruble, based on Elliptic\u2019s sleuthing. <\/span><\/p>\n India\u2019s central bank, the Reserve Bank of India (RBI), expressed a desire to ban crypto assets, as per a statement published this week. The RBI fears that crypto adoption could undermine the usage and dominance of the rupee, India\u2019s national currency, and cause other issues.\u00a0<\/span><\/p>\n \u201cHistorically, private currencies have resulted in instability and therefore, have evolved into fiat currencies over centuries,\u201d the RBI said in the statement. \u201cThe retrograde step back to private currencies cannot be taken simply because technology allows it [\u2026] without considering the dislocation it causes to society\u2019s legal, social and economic fabric of society.\u201d<\/span><\/p>\n Decentralized finance (DeFi) solutions Hundred Finance and Agave were exploited for $11 million by an attacker who managed to exploit a wrapped Ether (WETH) contract function on Gnosis Chain, a stable payments platform. Put simply, the attacker was able to drain more funds by continually borrowing against the same collateral they were posting.\u00a0<\/span><\/p>\n The $11 million sum was stolen via a number of different crypto assets, including the aforementioned wETH, but also wrapped BTC (WBTC), Chainlink (LINK) and USD Coin (USDC). Agave and Hundred Finance both halted their protocols in tandem amid the investigation.<\/span><\/p>\n If you\u2019ve never been angry about JPEGs you don\u2019t need to be angry about JPEGs people can own.<\/span><\/p>\n African crypto experts and entrepreneurs explain why the CFA franc is an uncomfortable currency and why Bitcoin is making waves as a replacement.<\/span><\/p>\n Policymakers in Moscow are scrambling to rethink their approach to digital currency as one of several means of protecting the increasingly isolated economy.<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Coming every Saturday, Hodler\u2019s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link. Top Stories This Week Ukraine\u2019s president signs law establishing regulatory framework for crypto Crypto […]<\/p>\n","protected":false},"author":1,"featured_media":9443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-9442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\nIt\u2019s official: Binance secures a license to operate in Dubai<\/b>
<\/h4>\nApeCoin announcement surges BAYC floor price to near-ATH before correction<\/b><\/h4>\n
Diem team members raise $200M to launch blockchain derived from it<\/b><\/h4>\n
Winners and Losers<\/b><\/h2>\n
Most Memorable Quotations<\/b><\/h2>\n
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Prediction of the Week\u00a0<\/b><\/h2>\n
Bitcoin faces new \u2018milestone\u2019 in 2022 as new forecast predicts BTC price \u2018in the millions\u2019<\/b><\/h4>\n
FUD of the Week\u00a0<\/b><\/h2>\n
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Blockchain forensics firm finds millions in sanctioned crypto wallet<\/b><\/h4>\n
RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think<\/b>
<\/h4>\n\u2018<\/span>Unlucky:\u2019<\/span> Agave and Hundred Finance DeFi protocols exploited for $11M<\/b><\/h4>\n
Best Cointelegraph Features<\/b><\/h2>\n
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You don\u2019t need to be angry about NFTs<\/b><\/h3>\n
\u2018We don\u2019t like our money\u2019: The story of the CFA and Bitcoin in Africa<\/b><\/h3>\n
Russia\u2019s central bank goes to war: Is cryptocurrency a friend or foe?<\/b><\/h3>\n