Crypto Mirrors

📌 SEC Relaxes Crypto Reporting Rules for Banks and Brokerages ➡️ The US Securities and Exchange Commission (SEC) has opened the door to a more lenient approach on crypto reporting. On July 11, the regulatory body announced exemptions that would spare banks and brokerages from including customers' digital asset holdings in their financial statements. 🔍 Depth Details into SEC Crypto Report Overturn According to Bloomberg, the SEC is now offering guidance that could exempt certain crypto arrangements from being classified as liabilities on balance sheets. This development is especially significant for major banks, who have been engaging with the SEC since 2023. 🛡 Conditional Approval and Safeguarding Customer Assets To enjoy this newfound flexibility, financial institutions must demonstrate their ability to effectively manage the risks associated with digital assets. In other words, they need to prove they can keep customer assets safe even in the event of bankruptcy. ⏳ Controversy Surrounding SAB 121 and Congressional Pressure The SEC's move comes two years after the introduction of SAB 121, a regulation aimed at enhancing transparency in the crypto space. However, critics argued that it went too far and stifled innovation. Congress also got involved, with an attempt to overturn SAB 121 falling short. ✅ A Potential Shift in Approach? With sustained pressure from lawmakers favoring a more flexible regulatory framework, some are wondering if the SEC's new exemptions signal a willingness to adapt. It remains to be seen how this will impact the evolving cryptocurrency market.

📈 Crypto Bribery Cases Surge in Russia: Bitcoin Takes Center Stage 🚨 Rising Trend: Corruption in Russia is taking a digital twist, with a surge in crypto bribery cases, according to legal experts. 💰 Untraceable Transfers: Marina Odintsova, head of the Kirov branch of the Association of Lawyers of Russia, highlights that cryptocurrency is the go-to choice for bribe givers and takers due to its unregulated nature and difficulty to trace. ➡️ Landmark Trial: The spotlight falls on a high-profile case involving two army investigators who allegedly demanded thousands of Bitcoin from hackers to halt an investigation. This case marks a significant turning point in the battle against digital corruption. 🤝 Third-Party Involvement: Odintsova reveals that crypto bribes are not limited to high-profile cases, as everyday corruption also sees the involvement of relatives, friends, and acquaintances acting as intermediaries for these illicit transactions. 💼 Cash and Property Still in Play: While crypto takes center stage, traditional methods like cash bribes and offering valuable property remain popular avenues for those seeking to buy influence. ⚡️ Digital Ruble Marches On: Amidst this backdrop, the Russian Central Bank continues its push for a digital future with plans to launch the second phase of its own central bank digital currency (CBDC) project in September.

🔥 Jump Crypto Ignites $1M Bug Bounty Blaze for Solana's Firedancer Validator Client 🚀 Blockchain infrastructure trailblazer Jump Crypto is turning up the heat with a bug bounty program that could see Solana developers pocket up to $1 million. The target? The eagerly anticipated "Firedancer" independent validator client. 🔒 In a recent blog post, Jump Crypto announced that the bug bounty bonanza, powered by Immunefi, will span 42 days, from July 10 to August 21, 2024. ⚡️ Set to supercharge the Solana network, Firedancer will be a key player in transaction processing and block construction within the booming $60 billion ecosystem. 🏎 With its implementation in C and C++, this speed demon is poised to outperform Google's "QUIC" protocol when it comes to handling network surges. 👨‍💻 Leading the charge on Firedancer v0.1 is Cantelope Peel, an enigmatic engineer from Jump Crypto. Peel has been hard at work testing Solana's consensus algorithms and fork choice mechanics, making sure everything runs like clockwork. 📈 Anatoly Yakovenko, co-founder and CEO of Solana Labs, has been vocal about Firedancer's potential to turbocharge the network's speed and scalability. 📌 Think you've got what it takes to spot vulnerabilities? To join the hunt for bugs in Firedancer v0.1, aspiring bug hunters must complete the registration process and provide their know-your-client details. ⏰ Promptness is key! Immunefi pledges to investigate and address any discovered bugs within 24 hours on weekdays during the program.

🔒 Bittensor's $8 Million Nightmare: Malicious Package Unveiled as Culprit 🚨 Bittensor, the decentralized AI network, was struck by a major blow on July 2, with a staggering $8 million worth of TAO tokens vanishing into thin air. 🔍 In their postmortem report on July 3, the OpenTensor Foundation (OTF) didn't mince words – they pinpointed a malicious package lurking within the PyPi Package Manager as the sneaky saboteur behind this digital heist. 🟠 The wolf in sheep's clothing came disguised as a legitimate Bittensor library, but its true intentions were far from noble. This devious code had one mission: to snatch unencrypted cold key details and whisk them away to an attacker-controlled server. ⏰ The assault commenced at 7:06 P.M. UTC, with funds swiftly siphoned from compromised wallets. By 7:25 P.M., OTF's alarms were blaring, prompting an emergency response dubbed the "war room." 🔥 Acting fast, validators were barricaded behind a firewall by 7:41 P.M., slamming the brakes on transactions and ushering in "safe mode" for a meticulous analysis of the situation. ✅ If you downloaded PyPi Package Manager version 6.12.2 between May 22 and May 29 and engaged in certain operations like staking or wallet transfers – you might have been caught in this digital dragnet. 🛡 OTF didn't waste time; they purged the malevolent package from PyPi's repository and combed through GitHub for any other lurking threats. So far, so good – but vigilance remains high as they scrutinize every line of code.

🌍 Cardano Foundation Leads the Way in Sustainable Crypto with MiCA Compliance 📊 In a groundbreaking move, the Cardano Foundation has partnered with the CCRI to release a comprehensive set of sustainability indicators. This exciting development aligns with the EU's MiCA regulations, marking a significant step towards transparency and regulatory compliance in the crypto world. ➡️ Today, on July 2nd, the CCRI unveiled an extensive report on Cardano, meticulously following MiCA's guidelines. The report delves into environmental impact, as demanded by MiCA's Article 6(1) and Article 66(5), shedding light on both token issuers and crypto service providers. ⚡️ Thanks to its collaboration with CCRI, the Cardano Foundation has been able to ensure rigorous blockchain monitoring and data collection. The report highlights Cardano's commitment to sustainability through its adoption of an energy-efficient consensus protocol. 💡 Unlike energy-hungry Bitcoin, Cardano operates with a significantly lower electricity consumption. As of May 2024, the network's annualized electricity usage stands at an impressive 704.91 MWh, showcasing its dedication to being eco-friendly. 🌱 The CCRI report goes beyond just electricity consumption, also examining the carbon footprint of Cardano and marginal power demand per transaction per second. These metrics align with ESMA's draft regulatory technical standards under MiCA, ensuring compliance across the board. 🟢 ESMA's second consultation package on MiCA outlines ten essential indicators for climate and environment-related impacts. By adhering to these standards, CCRI guarantees not only transparency but also a forward-thinking approach to meet regulatory requirements.

🚀 Adsgram Launches: A New Era for Telegram Mini-Apps Monetization! 💰 Developers Rejoice: The TON Foundation's latest brainchild, Adsgram, is here to revolutionize revenue generation for Telegram mini-apps. Say goodbye to monetization woes! 📈 A Niche Focus: Unlike its predecessor, this platform is all about the little guys. Developers can now integrate ads seamlessly into their creations and earn Toncoin (TON) in the process. 🌐 Impressions Galore: With a staggering 8 million daily impressions and counting, Adsgram is already making waves. It's not just about numbers; it's about reaching users from Nigeria to Germany. 💼 Ad Variety & Insights: From snappy video ads to eye-catching banners, Adsgram offers a smorgasbord of formats. Plus, developers get access to vital performance data for fine-tuning their strategies. 💡 Game-Changing Potential: Vadim Sterlin, co-founder of Adsgram and Fantongamebot extraordinaire, knows the struggle firsthand. He believes this platform is a game-changer for Telegram's GameFi scene. 🔒 Security Concerns Addressed: Amid growing concerns about security in the TON ecosystem, Adsgram's launch brings a breath of fresh air. It's not just about profits; it's about protecting developers too.

🔄 Hiddup Rebrands Amid $41 Million Investigations: NGS Crypto's Troubles Deepen 🔍 ASIC's Gaze on NGS Crypto Australian crypto firm NGS Crypto has hit a rocky patch, with the Australian Securities and Investments Commission (ASIC) launching an investigation into its operations. The ASIC alleges that NGS encouraged Aussies to invest in digital assets without the necessary licenses, leading to a whopping debt of AUD 61 million. 👌 From NGS to Hiddup: A Name Game In the midst of this legal storm, NGS Crypto decided to rebrand itself as Hiddup. The name change wasn't just for kicks; it was due to a trademark tussle with NGS Super, a superannuation fund. Talk about adding insult to injury! ⛔️ Regulators Freeze Assets, Seek Compliance ASIC isn't playing around – they've frozen Hiddup's funds and assets, leaving directors Mark Ten Caten, Brett Mendham, and Ryan Browns in a financial bind. The regulators are seeking court orders to halt Hiddup's operations until they toe the regulatory line. 📉 Crypto Down Under: A Wild Ride Australia's love affair with crypto is no secret, but it comes with risks. With over a million Aussies dabbling in digital currencies, the largely unregulated market has seen its fair share of ups and downs. Recent collapses like FTX have rattled investor confidence, prompting calls for stricter oversight. 📌 Crypto Education and Regulation While crypto investments are on the rise, many Australians may not fully grasp the rollercoaster nature of these assets. The ASIC Chair has emphasized the need for better regulation to protect investors from their own ignorance. The government's 'token mapping' exercise is a step towards bringing order to this wild west.

🇮🇹 Italy's Crypto Crackdown: Stricter Rules and Fines on the Horizon 🔍 Italy is taking a firm stance on the crypto market, with plans to tighten regulations and crack down on illicit activities. The government is set to introduce new measures, including hefty fines, to ensure a level playing field. 💰 Big Bucks for Bad Behavior: Market manipulation and insider trading won't be taken lightly. Offenders could face penalties ranging from €5,000 to a staggering €5 million. That's no small change! 🌐 Global Concerns: It's not just Italy keeping an eye on crypto. Central banks and international organizations have raised concerns about its intrinsic value (or lack thereof) and its potential impact on the wider financial system. ➡️ Central Bank Sentry: Italy's central bank and market regulator will be the gatekeepers of this new regime, as they take up the mantle of overseeing crypto activities. Their mission? To safeguard financial stability in the digital age. 📌 Vatican Ventures into the Metaverse: In a surprising twist, the Vatican Library is embracing the world of web3 by launching an NFT program. Donors who support the library's manuscript collections could get their hands on exclusive digital treasures. 🎁 From Silver to Gold: Supporters who spread the word about the Vatican Library's NFT project may be rewarded with access to stunning high-resolution images of ancient manuscripts. A virtual tour of this historic institution could be just a click away!

🚀 Japanese Crypto Firms Rally for Tax Reform: A Battle for Fairness 🟢 Japanese crypto firms are not backing down! They're like samurais, fighting for tax reform in the land of the rising sun. The Japan Blockchain Association (JBA) is leading the charge, with bitFlyer Holdings CEO Yuzo Kano at the helm. 💼 Currently, crypto traders in Japan face a hefty burden, as their profits are treated as "other income" and taxed up to a staggering 55%. That's like a ninja stealthily snatching your hard-earned digital gold! 🌍 In comparison, the global average capital gains tax rate is a more reasonable 20%. It's time for Japan to level the playing field and join the international crypto tax party. 📈 But it's not just about reducing taxes; it's about creating a fairer system. Kano and his JBA comrades want to introduce a flat 20% tax rate and even eliminate income tax on crypto-to-crypto trades. It's like a katana strike against complexity! 💡 The JBA has other reform targets too. They're aiming to let traders carry forward losses and loosen the government's grip on leverage ratios. It's all about fostering innovation and growth in this dynamic digital landscape. 🎉 As the JBA celebrates its 10th anniversary this September, they can proudly say they've already made progress. Last year, they convinced Tokyo to scrap taxes on unrealized "paper" gains for businesses – a victory worth shouting "banzai!" for!

🔍 UwU Lend Strikes Back: $5M Bounty for the Elusive Attacker! 💰 UwU Lend, a prominent DeFi protocol, is not taking its recent exploits lightly. In a bold move, they're offering a staggering $5 million bounty in Ether to unmask the attacker responsible for their woes. ⏳ The clock was ticking as UwU Lend set a deadline for the hacker to return the loot by June 12, but alas, it came and went without restitution. 🤝 Initially, UwU Lend had hoped for an 80% return from the first attack. However, the audacious attacker had other plans and struck again on June 13, pilfering even more from UwU's pools. 💸 With a total haul of $24 million now missing, UwU Lend is fighting back with this substantial bounty. The most recent heist snatched $3.7 million from various pools, leaving investors reeling. 💎 This second attack follows closely on the heels of a previous exploit that drained a hefty $20.3 million through clever price manipulation. 🔒 Blockchain sleuths at Cyvers have traced both attacks back to the same wallet address: "0x841…21f47." A digital fingerprint that could lead to justice! 📢 In an on-chain message to the hacker, UwU Lend made their intentions clear: "Time's up! Five million big ones to whoever reveals your identity." 💪 UwU Lend is committed to making things right and has already repaid over $9.7 million to victims of the initial attack. They mean business!