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CryptocurrencyCrypto Weekly Roundup: MicroStrategy Building on Bitcoin, Aave V4, & More

Crypto Weekly Roundup: MicroStrategy Building on Bitcoin, Aave V4, & More

It was an eventful week for crypto, with the announcement of the new decentralized Bitcoin-based identity platform Orange Protocol from Michael Saylor’s MicroStrategy. Furthermore, the Aave V4 proposal is currently in its temperature check phase. Let’s find out more. 

Bitcoin 

MicroStrategy founder Michael Saylor and Cezary Raczko, EVP of Engineering, have announced the Orange Protocol, a decentralized identity platform built on the Bitcoin network. The platform will allow organizations to use and manage decentralized identity applications via the Bitcoin blockchain by leveraging its robust security and immutability.

Ethereum

Senator McHenry has accused SEC Chairman Gary Gensler of misleading Congress regarding the classification of Ethereum during a Financial Committee hearing on the lawsuit filed by Consensys. 

Asset management firm Franklin Templeton has listed its spot Ether exchange-traded fund (ETF) on the Depository Trust and Clearing Corporation (DTCC) website.

DeFi

On May 1, Aave introduced a governance proposal to solicit community feedback on the planned upgrades. The proposal aims to evolve the protocol over a five-year plan, with the latest version, V4, at its forefront. 

Business

Tether, the entity behind the USDT stablecoin, has announced a $200 million strategic investment to acquire a majority stake in the brain-computer interface company Blackrock Neurotech. 

zkSNACKs, the developer behind the renowned open-source Bitcoin wallet, Wasabi Wallet, has decided to block users from the United States from accessing its services. This decision extends to both U.S. residents and citizens residing abroad. 

Security 

A 24-year-old Ukrainian member of the REvil ransomware gang has been sentenced to over 13 years in prison for his involvement in a 2021 global ransomware attack that targeted businesses worldwide.

Tether partners with Chainalysis to implement a comprehensive surveillance system that monitors USDT transactions on secondary markets to improve security and compliance.

Crypto sleuth ZachXBT conducted an investigation spanning from August 2020 to October 2023, revealing that North Korea’s Lazarus Group laundered over $200 million in stolen cryptocurrency using coin mixers and peer-to-peer exchanges.

Regulation

Terraform Labs and its founder, Do Kwon, are contesting the SEC’s proposed $5.3 billion fine, labeling it unjustified, following allegations of fraud and unregistered token sales. Their legal team is proposing a $1 million fine instead. 

A Seattle court sentenced Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, to four months in prison. 

Russia is preparing to enforce a total ban on the circulation of crypto assets like Bitcoin as it looks to reinforce the ruble amid rising geopolitical tensions and crippling sanctions. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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