Leaked photos show Block’s new hardware wallet, crypto companies are flocking to Singapore, and who’s posting from Satoshi Nakamoto’s X account? This week we bring you these stories and more in cryptocurrency.
Block’s BitKey Wallet Revealed
A new image of BitKey has emerged, sparking anticipation for the product’s upcoming beta release. Bitkey is a Bitcoin hardware wallet being developed by Jack Dorsey’s Block and features a unique hexagonal design with an integrated fingerprint sensor for added security. Block refrained from commenting on shipping status, but announced in June that beta testers could apply to receive one of the devices for free.
Start your SBF and FTX trial
Crypto is back in mainstream headlines as the Sam Bankman-Fried trial begins. His attorney, Mark Cohen, argued that SBF acted in good faith and without intent to defraud or steal. But cryptocurrency industry leaders hope Bankman-Fried’s conviction provides further evidence that it was his actions, and not the technology at the heart of cryptocurrency assets like Bitcoin, that caused the situation.
Ripple has been granted a cryptocurrency services license.
The Monetary Authority of Singapore has granted Ripple a full crypto services license. Highlighting the practicality of cryptocurrency solutions for businesses and financial institutions, Ripple’s announcement said the decision is an important step toward broader adoption of digital assets. Ripple scored another victory, this time in the US, when District Judge Analisa Torres rejected the SEC’s appeal against the company.
Coinbase Obtains Payment Institution License
Coinbase also announced this week that it has obtained a major payments institution license in Singapore. In a statement, Coinbase said Singapore is an “important market” for its business and that the license will allow the company to expand its digital payment token services to both individuals and institutions in Singapore.
The meta battle over cryptocurrency fraud
Facebook parent company Meta has issued a subpoena to Australian billionaire Andrew Forrest in a legal battle over cryptocurrency advertising fraud. Meta’s lawyers handed over 20 categories of documents after Forrest’s legal team accused Meta of withholding relevant documents in legal proceedings facing allegations it had improperly handled fraudulent ads containing images of billionaires and other high-profile Australians. I demanded it.
JPMorgan: Centralization of Ethereum has increased.
Investment bank JP Morgan said Ethereum has become more centralized since the merger. Ethereum’s increasing centralization is linked to the growing popularity of staking because it concentrates control in a few hands. Some prefer decentralized staking platforms like Lido, but the growing popularity of liquid staking comes with the risk of recollateralization, which involves using the same token as collateral for multiple loans across various DeFi protocols.
DeFi Social Media Platform Hacked
Popular decentralized social media platform Friend.Tech has once again been targeted by hackers. This lone fraudster stole $385,000 worth of Ether in less than 24 hours through a series of SIM swap attacks. While 234 ETH was stolen in this incident, the same hackers stole 109 ETH in a previous attack.
Satoshi Nakamoto is back as X.
@satoshi’s The previous Twitter account was reportedly run by user Andy Rowe, who recently posted a post discussing Bitcoin and the Bitcoin white paper. The cryptocurrency community has called on Elon Musk to remove accounts that violate the platform’s terms by using misleading and deceptive identities.
This is what happened in the cryptocurrency market this week. I will see you next week.