Congressional Showdown: Gensler's SEC Pressured to Reveal Information on Bankman-Fried Case

The Chair of the Securities and Exchange Commission (SEC), Gary Gensler, faces a potential subpoena if the regulator does not deliver information pertaining to the charges filed against Sam Bankman-Fried. House Financial Services Committee Chair, Patrick McHenry, and Bill Huizenga, who leads the committee's oversight panel, are seeking the staff memorandum that advised the charges, along with additional information about the case against the embattled cryptocurrency entrepreneur, who also faces criminal charges from U.S. prosecutors. In a February 10 inquiry, the Republicans sought further insight into the SEC's civil charges against Bankman-Fried and claimed that their requests have been obstructed ever since. More here.

Bitrue Hack: Inside the $23 Million Crypto Wallet Exploit and Its Aftermath

In a recent tweet, Singapore-based cryptocurrency exchange Bitrue announced that hackers had stolen $23 million from one of its wallets. The exchange did not provide details on how the attack occurred. Bitrue stated, "We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds," and mentioned that the team is currently investigating the situation. The stolen assets, valued at approximately $23 million, consisted of various cryptocurrencies, including ETH, QNT, GALA, SHIB, HOT, and MATIC. The affected wallet held less than 5% of Bitrue's total reserves, and the remaining wallet was not compromised. As a precaution, the exchange has temporarily halted all withdrawals, with plans to resume the service on April 18. Details here.

Digital Assets Expansion: Hashkey Wealth Targets Institutions and Family Offices

Digital asset financial services provider Hashkey Group aims to broaden its reach to professional and accredited investors with the launch of its new wealth management division, Hashkey Wealth. The firm announced on Friday that this service will also cater to institutions and family offices, seeking to capitalize on the "significant demand" for digital assets from such investors. Hashkey referenced a 2022 study conducted by the Boston Consulting Group, which indicated that less than 1% of individual wealth is invested in cryptocurrency, as opposed to approximately 25% in equity. This data implies a considerable potential for growth in cryptocurrency exposure. Read More.

Crypto Lender Amber Group Considers Japan Unit Sale Amid Focus on Institutional Business

Cryptocurrency lender Amber Group is considering various options for its Japan-based unit, including a potential sale, while also planning to apply for a Hong Kong license as the city shifts towards becoming a digital asset hub. Amber's Managing Partner, Annabelle Huang, stated in a Bloomberg Television interview on Friday that the evaluation of their Japan operation is a strategic move to concentrate more on institutional business rather than retail. Huang described Japan as a "very high-quality market," but acknowledged that regulations are stringent. She added that the company does not have any news about a deal at this time. In 2022, Singapore-based Amber Group acquired Japanese cryptocurrency exchange DeCurret Inc. Full report here. 

Chia Network's Unexpected IPO Move: Crypto Startup Eyes Public Listing

Cryptocurrency startup Chia Network Inc. announced on Friday that it has taken a significant step towards a US initial public offering (IPO) by confidentially submitting a draft registration statement to the Securities and Exchange Commission (SEC). In 2021, the company was valued at approximately $500 million, and the announcement mentioned that the size and pricing range for the proposed IPO has not yet been determined. Chia did not respond immediately to a request for comment. Earlier this year, Gene Hoffman was appointed as Chia's CEO and told Bloomberg in January that the startup did not plan to go public in 2023, believing the market would not be "open" to them. More here.

Binance and Brazilian Football Federation Kickoff with Game-Changing NFTs

On the eve of Brazil's professional football season, Binance and the Brazilian Football Federation introduced a non-fungible token (NFT) aimed at increasing fan engagement and drawing in more customers. The complimentary NFT from the world's largest cryptocurrency exchange promises fans "access to technology that will enhance the match experience and grant unique perks," according to a joint statement from Binance and Brazil's federation. The initiative also seems designed to attract new clients, as existing customers can "redeem their NFTs by referring friends to open an account on the exchange." While the United States grapples with policy and regulatory discussions that may limit the expansion of crypto-related businesses and broader consumer growth, Brazil appears to be a more welcoming environment for exchanges like Binance and Coinbase. More here.

Landmark Stablecoin Bill Unveiled: Moratorium and CBDC Study Proposed

The U.S. House Financial Services Committee has released a preliminary draft of a potentially groundbreaking bill concerning stablecoins. The proposed legislation suggests a temporary halt on cryptocurrency-backed stablecoins and calls for an examination of a central bank digital currency (CBDC). This draft marks the first significant crypto-related legislation to progress in 2023, following two major events involving stablecoins in the previous year: terraUSD's (UST) collapse, which was supported by the LUNA token, and the temporary disconnection of the second-largest stablecoin, USD Coin (USDC), from the $1 peg. This draft legislation introduces definitions for payment stablecoin issuers, mirroring terminology used by former Senator Pat Toomey (R-Pa.) in his 2022 stablecoin bill.  Read More

Contentious Arbitrum Improvement Proposal Fails: 700M ARB Tokens at Stake

The contentious Arbitrum Improvement Proposal, which sought to reclaim 700 million ARB governance tokens (AIP 1.05), has been resoundingly defeated. Of the total votes cast, 84.01% (118 million ARB) opposed the proposal, while 14.57% (21 million ARB) supported it. Additionally, 2 million ARB votes abstained from the decision. Following the outcome, the value of Arbitrum's governance token has risen by over 8% in the last 24 hours, with its current trading price hovering around $1.66. Titled "AIP 1.05: Return 700M $ARB to the DAO Treasury [REAL]," the proposal claimed that the unauthorized and premature distribution of 700 million ARB tokens, worth over $1 billion, represented a significant overreach of authority and contradicted the principles of true decentralized governance. Read More.

Former President Trump Earns Up to $1 Million from NFT Sales: Ethics Filings Reveal

Documents from the U.S. Office of Government Ethics reveal that former President Donald Trump has earned between $100,001 and $1 million by selling Trump-branded non-fungible tokens (NFTs). Ethics watchdog group Citizens initially reported the filings for Responsibility and Ethics in Washington (CREW). The collection of 45,000 digital collectibles, which showcase the 45th president's image, was launched in December and sold out within 24 hours. The NFTs' value has surged in recent weeks, coinciding with news of Trump's arraignment in New York. As stated in the Friday filing, Trump serves as "manager, president, secretary, and treasurer" for both CIC Digital LLC and CIC Ventures LLC. Read More

Bitcoin and Ether Surge: Inflation Data and Ethereum's Shapella Upgrade Fuel Growth

In a week filled with moderately positive inflation data and the much-anticipated Shapella upgrade for Ethereum, both Bitcoin, and Ether experienced significant price increases. Recently, Bitcoin (BTC) traded at $30,450, reflecting a 0.4% rise in the past 24 hours and a weekly growth of over 9%, as per CoinDesk data. The leading cryptocurrency by market cap surpassed the $31,000 mark earlier in the day but pulled back during U.S. intraday trading (ET). Ether (ETH) also saw gains, with a 5.4% increase on Friday, trading at $2,105, and a weekly surge of more than 12%. In addition, various altcoins experienced growth on Friday. The Injective Protocol, a decentralized smart contract platform, saw its INJ token appreciate over 28% in the last 24 hours, trading at $8.64. Fetch.ai, an artificial intelligence-oriented crypto protocol, witnessed a 13% increase for its FET token, trading at 40 cents. Furthermore, Layer 2 network Optimism's OP token rose by 7% to reach $2.62.