There have been many predictions about the potential price of BTC in 2024, as Bitcoin halving is expected to happen in about four months, or roughly 120 days. Some experts believe that Bitcoin's price could reach at least $100,000, while others, such as Authur Hayes and Samson Mow, think that the crypto king could reach $1 million.
This week, Bitcoin's price dropped by 4.84% compared to the previous week, but it is still trading at around $41,800. Despite this slight decline, there were several important news stories you will find interesting.
Let's take a closer look at them.
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TOP CRYPTO NEWS RECAP (DECEMBER 10–DECEMBER 16, 2023)
● The Ethereum Community Adopts ERC-3643 as Standard for Compliant Asset Tokenization
● SafeMoon Blockchain Firm Files for Bankruptcy Amid Fraud Allegations
● Ledger Security Breach Impacts Ethereum DApps in $500,000 Hack
● SEC Holds Another Crucial Talks with BlackRock on Bitcoin ETF Approval
● CoinList Settles $1.2M with OFAC Over Crimea Transactions
● OKX DEX Faces $2.7M Hack Due to Leaked Admin Key
The Ethereum Community Adopts ERC-3643 as Standard for Compliant Asset Tokenization
The Ethereum community has adopted ERC-3643 as a standard for compliant tokenization of real-world assets (RWAs). This Ethereum Improvement Proposal (EIP) has been formally reviewed, discussed, and agreed upon. ERC-3643 focuses on securities tokenization, payment systems, and loyalty programs, verifying users' eligibility for tokens via a self-sovereign identity framework. It incorporates two permission layers for enhanced security and compliance.
Asset tokenization is expected to grow to a market worth $10 trillion by 2030, offering benefits such as increased liquidity and faster settlements. Notable companies exploring this technology include JPMorgan, Goldman Sachs, and Societe Generale.
#Safemoon Blockchain Firm Files for Bankruptcy Amid Fraud Allegations
Blockchain firm SafeMoon has filed for Chapter 7 bankruptcy after its founder and two executives were indicted on fraud charges. The trio allegedly used $200 million of clients’ funds for personal gain, leading to a significant impact on the price of the SFM token. The bankruptcy filing has left former employees unpaid and caused frustration among investors, with allegations of being scammed. The token's price has experienced significant fluctuations, and the company had previously suffered a net loss of $8.9 million due to exploitation in March.
#Ledger Security Breach Impacts Ethereum DApps in $500,000 Hack
Several Ethereum-based applications, including Zapper and SushiSwap, faced compromise due to a Ledger security breach, affecting decentralized finance (DeFi) projects. Ledger, the crypto hardware wallet manufacturer, fixed the malicious code, urging users to employ "Clear Sign" transactions.
The breach, termed a "supply chain attack," resulted in a potential loss of over $500,000. Ledger's CEO assured users the incident was isolated, caused by a phishing scam affecting a former employee. While such crypto exploits stain the industry, they also prompt lessons and opportunities for improvement. Tether's swift response further highlighted the community's ability to track and freeze affected addresses.
SEC Holds Another Crucial Talks with #BlackRock on Bitcoin ETF Approval
Another week, another Crypto spot ETF meeting. The United States Securities and Exchange Commission engaged in a third meeting with BlackRock, discussing the proposed rule change for a spot Bitcoin exchange-traded fund (ETF). The regulator is intensifying discussions with major asset managers, including Grayscale, Franklin Templeton, and Fidelity, aiming to address concerns about market manipulation and investor protection.
The SEC plans to make decisions in early January on several spot Bitcoin ETF applications, potentially paving the way for cryptocurrency trading on Wall Street's major exchanges.
#CoinList Settles $1.2M with OFAC Over Crimea Transactions
Cryptocurrency exchange CoinList has agreed to a $1.2-million settlement with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for allegedly facilitating 989 transactions in apparent sanctions violations. OFAC stated that CoinList's screening procedures failed, allowing users to misrepresent themselves as residents of non-embargoed countries while providing Crimea addresses.
While the violations were deemed "non-egregious," CoinList cooperated with authorities. The settlement follows similar actions against crypto firms like Poloniex and Binance, emphasizing heightened scrutiny on sanctions compliance within the industry.
#OKX DEX Faces $2.7M Hack Due to Leaked Admin Key
The OKX decentralized exchange (DEX) fell victim to a $2.7 million hack on December 13, triggered by a leaked private key of the proxy admin owner. The attack exploited vulnerabilities during contract upgrades, prompting the removal of the compromised DEX proxy from the trusted list.
Despite claims of an old abandoned contract being attacked, blockchain security firms confirmed losses, emphasizing that decentralized platforms aren't immune to risks. The incident contributes to a concerning trend, with the crypto industry facing $1.5 billion in losses from hacks, exploits, and scams in 2023.
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