📊 Regulatory Challenges, Lawsuits and Hacks

🔍Check out the Top 5 Stories in Crypto this Week!

Hello Investors! ☕

In this edition we look at a new coin with connections to AI, a Singapore court decision, the Era Lend attack, Binance in Germany and more.

Safe Trading,

The N+1 Team

📈 The Fed Raises Interest Rates

In macro news, the Feds raised interest rates to a 22-year high at 5.5%. However, Bitcoin remained unphased. Other coins, like Ethereum, did not react to the news either. Overall, the crypto market had little, if any, reaction to the annoucement.

🌍 AI CEO Launches WorldCoin

On July 24th, the WorldCoin project officially launched. The project was created by Sam Altman, the co-founder of Loopt and the current CEO of OpenAI. Worldcoin creates a digital identity by scanning a person’s eye. The company describes the technology as a “global digital passport”. Those who agree to have their eyes scanned received Worldcoin’s cryptocurrency called WLD coins.

⚡ Singapore Court Declares Crypto Assets Property

On July 25 a high court in Singapore ruled in favor of Bitbuy in a trust case. In the ruling, Judge Philip Jeyaretnam decided that a crypto asset is a property capable of being held in a trust. The judge went on to state that a crypto asset is a thing in action, making it enforceable in court. This decision frames crypto assets as legitimate, tangible, stored value.

🚨 $2.7 Million Lost in Attack on Era Lend

On July 25th, Era Lend announced a security breach, which ultimately led to ​​$2.76 million being stolen from its USDC protocol. Era Lend is a lending protocol on the zkSync Layer 2 network. The problem reportedly stemmed from a read-only reentrancy issue connected with the oracle.

🌐 Binance in Germany

On July 26th, Binance withdrew its BaFin application for a crypto license in Germany. The company reportedly intends to reapply with new considerations to reflect the global and regulatory market. This follows a series of setbacks in Europe, including a previous rejection from BaFin on June 29th.

💸 Quantstamp Settles with the SEC

On July 21, the SEC filed charges against Quantstamp for their initial coin offering. Quantstamp is a web3 company whose mission is to secure the decentralized internet. Quantstamp raised over $28 million through sales of their QSP token in 2017. As a result, the SEC claims that Quantstamp conducted “an unregistered initial coin offering (ICO) of crypto asset securities”. The company has since agreed to pay a settlement of $3.4M.

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.