NFT GUIDE

🤝 24 Crypto Firms Unite to Set Standards in Taiwan's Digital Asset Industry

🚀 In a major move towards self-regulation, 24 cryptocurrency companies have joined forces to establish the Taiwan Virtual Asset Service Provider (VASP) Association. Led by BitoPro's CEO Titan Cheng and XREX's CRO Winston Hsiao, this consortium aims to shape the future of Taiwan's digital asset landscape.

🌐 With a strong focus on global growth and fostering trust, the association is committed to developing robust and equitable regulations. By collaborating with the government, Ministry of Justice, and law enforcement agencies, they also plan to tackle fraud head-on.

💡 XREX, one of the association's members, is determined to contribute its expertise and technology. Their goal? To create a joint defense platform and establish international transfer rules that align with Taiwan's unique requirements. This includes cutting-edge tracking tech for combating money laundering and fraud.

🔒 The formation of this association comes as Taiwan's Justice Ministry proposes stricter Anti-Money Laundering (AML) regulations for virtual asset service providers. Noncompliance could now lead to hefty fines or even two years behind bars.

🔖 Meanwhile, the Financial Supervisory Commission (FSC) is gearing up to introduce new digital asset regulations in September. Hsiho Huang from the FSC believes that this association will be a game-changer, ensuring safety, transparency, stability, and consumer protection in the industry.

🚀 Nexus Raises $25M to Revolutionize Internet Security with Zero-Knowledge Cryptography

💰 Nexus, the trailblazer in zero-knowledge cryptography, has just secured a whopping $25 million in Series A funding. This investment, co-led by Lightspeed Venture Partners and Pantera Capital, propels Nexus's total funding to an impressive $27.2 million.

🌐 With a mission to bring truth and security to the digital realm, Nexus is pioneering verifiable computation. "This is a fundamental step for humanity," declares CEO Daniel Marin, comparing it to the game-changing advents of the Internet, cloud computing, and AI.

👨‍💻 The funds will not only bolster Nexus's market efforts but also fuel the expansion of its engineering team. The goal? To make zero-knowledge proofs accessible to all developers and drive down their cost significantly.

🌟 Nexus's innovative approach has caught the attention of big players in the industry, including Dragonfly Capital and Blockchain Builders Fund, who were early backers with seed funding of $2.2 million in 2022.

⚡️ Scaling up is on Nexus's agenda, aiming for speeds that reach an astounding 1 trillion Hertz. By leveraging zero-knowledge cryptography, they're enhancing speed, security, and usability for developers while preserving privacy.

🔒 As AI advances and privacy becomes paramount, verifiable computing is no longer a luxury but a necessity. Nexus's cutting-edge cryptographic techniques are poised to make a significant impact across sectors like AI, cybersecurity, cloud computing, and privacy-enhancing technologies.

✅ CoinGecko Users Targeted by 23,000 Phishing Emails After Email Provider Breach

♾ Cryptocurrency data aggregator CoinGecko has confirmed a data breach of its third-party email platform GetResponse, exposing over 23,000 users to phishing emails. This came following yesterday’s reports of a new wave of crypto airdrop scams, suspected to affect CoinGecko.

📌 On June 7th, CoinGecko released an announcement confirming that GetResponse suffered a data breach on June 5th. It allowed attackers to export the contact information of over 1.9 million users. CoinGecko confirmed a compromised employee email as the cause of the data breach. They said:

💬 “An attacker had compromised a GetResponse employee’s account, leading to a breach. We received confirmation from the GetResponse team on 6 June 2024, at 11:58 AM UTC, that a data breach had occurred.”

🔴 The compromised data includes users’ names, email addresses, IP addresses, and email open locations. Metadata such as sign-up dates and subscription plans were also exposed. CoinGecko user accounts and passwords remain secure and uncompromised. Despite CoinGecko’s primary email domain remaining uncompromised, the attacker was still able to send 23,723 phishing emails. CoinGecko confirmed:

💬 “The attacker exported 1,916,596 contacts from CoinGecko’s GetResponse account and sent phishing emails to 23,723 emails from another GetResponse client’s account (aljassociates).” Phishing is a scam where attackers deceive people into revealing sensitive information, like crypto wallet private keys. Other phishing attacks, known as address poisoning scams, aim to trick investors into willingly sending funds to a fraudulent address that looks similar to addresses they previously interacted with.

➡️ In response, CoinGecko provided steps on how users can protect themselves from potential scams. They encourage users to avoid unfamiliar or misleading domains, clicking on links, downloading attachments from unsolicited sources, and token airdrop offerings.

🚨 South Korean Police Crack Down on Fake Crypto Mining Scamsters

💥 In a major operation, South Korean police have busted a gang of fake crypto miners who lured investors with promises of big profits from mining Cardano (ADA) and other tokens.

🔍 The raid in Incheon led to the arrest of 13 individuals, with seven held on charges of organized crime. The rest were released on bail.

💻 The evidence seized included phones, laptops, and even stacks of cash, all pointing to an elaborate scheme that conned victims out of a staggering $518,000.

🟢 The masterminds behind this operation set up a call center using a darkweb database, targeting crypto enthusiasts with enticing offers and the allure of VIP treatment.

📉 The scammers even went as far as creating fake wallets for popular cryptocurrencies like Ethereum (ETH) and Solana, further deceiving their victims.

🏃‍♂️ When the heat was on, the culprits tried to cover their tracks by shutting down their operations and going off the grid, but the long arm of the law caught up with them.

🔒 This incident serves as a stark reminder to stay vigilant in the crypto world, where opportunities for profit can sometimes attract unscrupulous actors.

🚀 RFK Jr.'s Crypto Commitment Grows: 21 Bitcoins for His Kids and Praise for El Salvador

💰 After a monumental legal victory against Monsanto, RFK Jr. isn't just celebrating with a hefty bank account. He's investing in the future by purchasing 21 bitcoins for his children, showing his belief in the power of digital currency.

🟢 As an esteemed lawyer and long-time supporter of crypto, RFK Jr.'s dedication to the cause is evident. His fight against Monsanto's Roundup, which proved its link to cancer, wasn't just about justice – it was about creating a better world for his kids.

🌍 Looking beyond his personal investments, RFK Jr. has a vision for crypto on a global scale. Inspired by El Salvador's groundbreaking move to embrace bitcoin as legal tender, he sees the need for a unique American approach that fosters innovation while ensuring consumer protection.

🔴 While praising the recently approved FIT21 Act as a promising step forward, RFK Jr. believes that drawing inspiration from countries like Singapore and Switzerland is key to shaping effective regulations in the United States. These nations have become beacons of progress in the digital asset space.

➡️ With his legal triumph and newfound crypto passion, RFK Jr. is proving that he's not just another politician – he's a champion of change, fighting for both justice and financial freedom in the digital age.

➡️ Hashdex Withdraws Application for Spot Ether ETF, SEC Filings Show

🔎 Speculation Surrounds Hashdex's Surprising Move
Investors and industry observers are left wondering as Hashdex officially pulls the plug on its Nasdaq Ethereum ETF application. With the SEC greenlighting similar products, the sudden withdrawal raises eyebrows.

📊 A Unique Strategy to Tackle Manipulation Concerns
The proposed ETH ETF aimed to blend spot Ether holdings with futures contracts, a clever approach to mitigate market manipulation risks. By tracking the Nasdaq Ether Reference Price, Hashdex sought to address regulatory worries.

⏸ Unveiling the Reasons Behind the Curtain
While the exact motives for this strategic retreat remain undisclosed, it's plausible that evolving regulations and internal considerations within Hashdex played a part in this unexpected twist.

⌛️ Timing Is Everything in a Competitive Market
Hashdex's decision comes hot on the heels of major players like VanEck and BlackRock securing approval for their Ether ETFs. This underscores both the fierce competition and regulatory hurdles in this rapidly evolving landscape.

🔄 A Departure from Bitcoin Success Story
Unlike its triumph with spot Bitcoin ETFs earlier this year, Hashdex now faces a different outcome. The spotlight has shifted to Ethereum, presenting new challenges and opportunities in the crypto investment realm.

📝 S-1 Registration: The Final Hurdle Before Trading Begins
While approval is a step forward, issuers must still navigate the S-1 registration process before trading can commence. Analysts speculate that this could take weeks, adding another layer of uncertainty.

🔥 FTX Estate's Bold Move: Auctioning Discounted SOL Tokens to Settle Debts

💰 In a bid to repay creditors and former clients, the FTX estate has made a strategic move by auctioning off its remaining heavily discounted Solana (SOL) tokens.

🤝 Pantera Capital and Figure Markets emerged as the lucky buyers, snagging these digital assets at a fraction of their market value.

💸 The deal, worth a whopping $2.6 billion, saw the tokens change hands at just $102 per token, while the current market price stands at a robust $168.

⏳ To ensure stability in the market, a four-year vesting schedule has been put in place for these tokens, preventing any sudden shocks.

📈 Despite some criticism from creditors like Sunil Kavuri, who argued for direct returns instead of discounted sales, the FTX estate has managed to recover an impressive $7.3 billion in assets so far.

🔍 Concerns over asset handling led to an independent investigation into Sullivan & Cromwell's role, but they were ultimately cleared of any wrongdoing.

⚡️ While SOL's price dipped slightly after the announcement, this alternative layer-1 network continues its upward trajectory since November 2023, hitting a recent high of $210.

🚫 US House Votes to Block Federal Reserve's Digital Dollar Plans

💰 The US House has made a decisive move, voting to block the Federal Reserve from pursuing its plans for a digital dollar. With a vote of 216 to 192, the legislation known as the CBDC Anti-Surveillance State Act has gained traction.

🔒 Concerns over potential government control have been raised by Republicans, who fear that a digital dollar could become a "surveillance tool". This sentiment is shared by former President Trump, who has vowed to halt its creation if re-elected.

➡️ The American Bankers Association has thrown its weight behind the bill, urging House leaders to support it. However, this victory for crypto regulation comes with a caveat – it still needs to navigate the Senate and face scrutiny from critics like Senator Elizabeth Warren.

📉 While the crypto industry celebrates the passage of the FIT21 Act, which grants more authority to regulatory bodies in the digital asset space, challenges lie ahead. President Biden's concerns about consumer protections may require further revisions before it becomes law.

🟢 The battle over digital currencies continues, with both sides weighing in on privacy and control. Stay tuned for more twists and turns in this evolving financial landscape.

📌 Fourth-Gen Coins: The New Frontier in Stablecoin Market

🟥 Exchanges and Beyond: The Current Use Case

Stablecoins have become the go-to choice for many investors, primarily for asset purchases on exchanges. But their utility doesn't stop there; these coins are also making waves in the remittance and payments sectors.

✅ From USDT to DAI: The Evolution Unveiled

Bithumb, a leading exchange, sheds light on the four generations of stablecoins. It all started with the first-gen like USDT, backed by fiat reserves. Transparency concerns were raised initially, but now regular reports reveal holdings, including Bitcoin and US Treasury bonds.

📊 Market Cap Leaders: The Power Trio

According to CoinMarketCap, the top three stablecoins dominate the market. These stalwarts provide stability by matching their circulating supply with real-world assets, giving investors a sense of security.

⚡️ Balancing Act: Volatility vs. Decentralization

While second-gen coins like DAI bring decentralized value from crypto reserves, they face the challenge of price volatility. To tackle this, collateral reserves expand to include US Treasury bonds and other tangible assets.

📉 Scaling Up: Challenges on the Road to Stability

As we move into third-gen territory, algorithmic stablecoins step up. With no fiat or crypto backing, these coins rely on smart algorithms to maintain price stability. Scalability shines in favorable conditions but falters without collateral support.

🟠 The Future Beckons: Navigating Uncharted Waters

As we venture into uncharted waters with fourth-gen coins, the stablecoin market faces fresh challenges. Will these new entrants strike a balance between innovation and stability? Only time will tell as the quest for the perfect stablecoin continues.

🛡 Oklahoma Leads the Way: Residents' Digital Assets Now Protected!

🔒 Self-Custody Freedom Secured
Oklahoma residents can now breathe a sigh of relief as their right to self-custody digital assets is enshrined in law. No more worries about third-party interference!

👌 Bipartisan Support Shines
Governor Kevin Stitt, flanked by four Republican champions, including Senators Bill Coleman and Dana Prieto, has signed the game-changing OKHB3594 into law.

💼 Mining & Noise Ordinances
From November 1, 2024, crypto mining enthusiasts can rejoice! Home-based or industrial, as long as you play by the noise rules, it's all systems go.

💰 License-Free Mining Zone
Calling all miners! The bill exempts you from the hassle of obtaining a money transmitter license. Your digital asset mining dreams just got a whole lot easier.

⚡️ Fair Energy Rates for All
No more playing favorites with electricity bills! The legislation ensures that digital asset mining businesses receive fair treatment when it comes to energy costs.

📌 Crypto as Cash? Tax-Free!
Cryptocurrency enthusiasts can now spend their digital riches without fear of extra taxes. Oklahoma embraces innovation and levels the playing field for transactions.

📣French Regulator Warns Investors For Using ByBit Despite Ban

⏳The Autorité des Marchés Financiers (AMF), France’s local financial commission, has reminded investors in a warning note published Thursday, to refrain from trading crypto platform, ByBit.

🟠ByBit, which is one of the largest crypto exchanges globally, scored significant growth in the recent past. The exchange hit 20 million registered users after 5 years of operation in 2023.

🛡However, the exchange has been under scrutiny in France for its lack of non-compliance with current regulations. As a result, the French regulator blacklisted the platform in 20 May 2022.

➡️“ByBit is not authorized to provide its digital asset services in France,” the notice read.

🖱“In this regard, the AMF is urging French retail investors who have invested on this platform to take all necessary measures to avoid being unable to access their assets.”

🟢Further, AMF stressed that ByBit did not receive a digital asset service provider (DASP) license in France. The regulator has the right to take legal action to block the platform’s website, it added.

🎮 Polygon Backed Game ‘Guild of Guardians’ Launches on Google Play and Apple

🌍 The highly anticipated play-to-earn game, Guild of Guardians, has finally arrived on mobile devices worldwide, making its debut on both Google Play and the Apple app store.

💰 With the ability to earn GOG tokens, players can now delve into the immersive Guild of Guardians universe while also reaping real-world rewards. It's a win-win situation for gamers looking to convert their in-game achievements into cold hard cash.

📣 Immutable Games, the brains behind this gaming sensation, is ecstatic to announce that they've already amassed an impressive 1 million pre-registered users. To celebrate this milestone, they're treating fans to a visually stunning cinematic launch trailer and an exclusive peek behind the scenes.

🤝 Thanks to the generous support of the Inevitable Games Fund, which includes heavyweights like Polygon Labs and King River Capital, Guild of Guardians joins a prestigious lineup alongside Pixelmon, Metalcore, and My Pet Hooligan.

⏳ This groundbreaking web3 game didn't come together overnight. It's been years in the making, with every detail meticulously crafted to transport players into the enchanting realm of Elderym. As darkness looms, it's up to you and your team of Guardians to save the day!

✅ Stand With Crypto Launches PAC To Back Pro-Crypto Politicians Ahead of November Elections

✔️ Pushing for Pro-Digital Asset Candidates
Digital asset advocacy group Stand With Crypto is taking its support for the crypto community to the next level. They have recently launched their own political action committee (PAC) with a clear mission: to endorse and support candidates who champion the rights of crypto enthusiasts. This move comes as the November 2024 elections draw near.

🌐 A Diverse Lineup of Hopefuls
Stand With Crypto's PAC is wasting no time in assembling a formidable team. Among those receiving their backing are Eddy Morales (D-OR), Shomari Figures (D-AL), Troy Downing (R-MT), Jim Justice (R-WV), and Jim Banks (R-IN). These candidates from across the political spectrum share a common thread: they understand the importance of digital assets in our rapidly evolving world.

📈 Crypto's Growing Influence
Recent data from the Digital Currency Group has revealed that crypto is on voters' minds, with one in five swing state voters considering it a significant issue. Stand With Crypto's PAC is tapping into this sentiment, throwing its weight behind two prominent figures in the 2024 U.S. presidential race: Donald Trump and Robert Kennedy. Both have shown pro-crypto leanings, with Trump even embracing digital asset donations for his campaign.

🛡 Taking a Stand Against Biden
While some politicians embrace crypto, others are more cautious. President Joe Biden, in particular, has faced criticism from Stand With Crypto's PAC, earning an 'F' rating for his stance on digital assets. Biden's recent veto of H.J. Res. 109, which aimed to challenge the SEC's approach to crypto regulation, has only intensified this clash of ideologies.

🚫 US House Proposes Bill to Ban Cryptocurrency Mixers for Two Years

💡 US Lawmakers Look to Ban Crypto Mixers
Cryptocurrency mixers, often used for illicit activities, are in the crosshairs of Democratic representatives. Led by Sean Casten, they aim to crack down on these tools that obscure financial trails and hinder law enforcement efforts.

🔒 Promoting Transparency and Disrupting Illicit Funds
The proposed legislation seeks to prohibit financial institutions from accepting mixer-processed funds, with penalties of up to $100,000 for violations. It also calls for a comprehensive report on mixer transactions during the ban period.

⚡️ Political Challenges and Innovation Concerns
While Democrats push for tighter regulations, Republicans express worries about stifling innovation. The bill's fate in the Republican-majority House remains uncertain, highlighting the need for balanced oversight.

🌐 Stablecoins and Offshore Concerns
Lawmakers are not only targeting mixers but also raising questions about offshore-issued stablecoins like Tether. The focus is on transparency and regulatory oversight in this growing sector of the cryptocurrency ecosystem.

🚨 Swifter Justice Needed for Crypto Offenders, Says South Korean Prosecution Chief

💨 The wheels of justice are turning too slowly in South Korea's crypto world, according to Lee Jeong-ryeol, the head of the Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit. In an interview with Hanguk Kyungjae, he emphasized the need for faster trials and sentencing.

📌 Lee believes that the current pace of regulation and punishment for crypto crimes is lagging behind, leaving the virtual assets market feeling like a "lawless zone." He argues that these offenses should be treated no differently from traditional financial fraud.

🔍 With a team of around 30 professionals from various government agencies, Lee's unit is South Korea's first and only dedicated crypto investigation organization. Since its launch in July 2023, they've been tackling a range of cases, including a notorious art-themed altcoin scandal and illegal OTC trade networks worth nearly half a billion dollars.

💎 Lee stresses the importance of an integrated government response to combat these fast-evolving financial crimes. He believes that by swiftly resolving cases, they can not only restore trust in the market but also help victims recover their funds.

🏁 In this race against time, it seems that South Korea's crypto crackdown is gaining momentum.