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January 25,2024

Judge Rules That Justin Trudeau Violated Local Rights And Freedoms

Canadian Prime Minister Justin Trudeau was recently deemed to have violated the local Charter of Rights and Freedoms by a judge who ruled against his use of the Emergencies Act in 2022 to quell the infamous truck drivers COVID-19 protests and Bitcoin fundraising.

The Context

In February 2022, a multitude protested mandates mandating full vaccination for truck drivers crossing the Canada-US border. Blockades on crucial roads paralyzed Ottawa, prompting a state of emergency declaration by the mayor. Trudeau then invoked the 1988 Emergencies Act to ban gatherings and cease crowdfunding efforts.

Despite a previous public inquiry in February affirming the alleged appropriateness of the government in invoking the Act, pressure by the Canadian Civil Liberties Association and the Canadian Constitution Foundation prompted a judicial review. Earlier this week, a federal court concluded that Trudeau and his cabinet were indeed unjustified in their response.

Escalating Tensions

Canadian truckers, enjoying widespread support, faced disrupted crowdfunding attempts on GoFundMe. Consequently, the Freedom Convoy 2022 shifted to the Bitcoin-powered platform Tallycoin, raising at least $540,000, including a 1 BTC donation by Kraken Chief Jesse Powell. The initiative, named Honk Honk Hodl, emphasized resistance exhibited by Bitcoin to censorship in contrast to traditional financial structures.

The pivotal ruling by Justice Richard Mosley has become ammunition for the various political opponents of Trudeau, particularly as Canada approaches its upcoming elections next year, where the Conservatives are polling significantly ahead of the Liberal party. While Mosley acknowledged having more information than the government did when invoking the act, Deputy Prime Minister Chrystia Freeland announced that the government intends to appeal the decision.

January 25,2024

Trezor On High Alert After Users Receive Unauthorized Emails

Trezor, the popular hardware wallet provider, recently verified that the source of a series of harmful emails sent to users in the past 12 hours was an unauthorized use of its third-party email provider. The company detected an unauthorized email posing as Trezor, originating through a third-party email service they employ. The deceptive email, sent by noreply trezor.io, prompts users to update their network to avoid fund loss, providing a harmful link that leads to a webpage asking for their seed phrase.

A Seed Of Evil

While Trezor has not confirmed any fund losses via the phishing attempt, it successfully deactivated the malicious link, ensuring user funds are secure unless the recovery seed was entered. For those who entered their seed phrase though, Trezor advises an immediate fund transfer to a new wallet. The investigation also revealed an unauthorized person accessed the email database of newsletter subscribers, utilizing the third-party email service employed by Trezor to send the deceptive emails.

Notably, various experts believe that a recent cybersecurity incident involving MailerLite on January 23rd, 2024, resulting in phishing emails with branded domains, including those of Cointelegraph, WalletConnect, and Token Terminal, may indeed be connected to this attack.

Damage Control

Although it remains unclear whether Trezor uses the same email domain provider, losses exceeding $3.3 million have occurred due to these phishing attacks. Some speculate the recent assault might be linked to the security breach of the Trezor support portal on January 17th, 2024, exposing contact details of nearly 66,000 users.

On January 24th, digital asset lawyer Joe Carlasare described the phishing email as a sophisticated scam after personally receiving it. Trezor had cautioned users about a phishing attack last year, and in May, cybersecurity firm Kaspersky observed a fake hardware wallet impersonating Trezor in the market, attempting to steal funds through a manipulated microcontroller, taking control of user private keys.

January 24,2024

Advanced Malware Attack Targets Macbook Users And Popular Crypto Wallets

Kaspersky Lab recently uncovered a sophisticated malware attack on Macbook users in the crypto realm. Cybercriminals repackaged cracked applications into the prevalent PKG files which are present on Macbook devices, distributing them through pirated software channels. Users unknowingly triggered the infection process, granting administrative privileges by inputting a password into a seemingly harmless application named Activator.

The Context

The malware, after examining the system, communicated with a command-and-control server, concealing its activities within DNS server traffic. It executed arbitrary commands received as Base64-encoded Python scripts, extracting sensitive information by the compromised system. Despite the C2 server being unresponsive during analysis, ongoing script updates indicated ongoing development by the malware operators.

It is worth mentioning that the infected sample established communication with a C2 server by generating a unique Uniform Resource Locator (URL) through a combination of hardcoded words and a random third-level domain name. This method allowed the malware to hide its activities within normal DNS server traffic, ensuring the payload download.

Malware Is To Blame

Notably, the malware targeted popular crypto wallets like Exodus and Bitcoin-Qt, replacing them with infected versions to steal wallet information. Kaspersky highlighted the persistent threat of distributing cracked applications to compromise numerous computers, exploiting trust during software installation. The innovative techniques utilized by the malware, like storing the Python script in a TXT record within a DNS server, were also underscored.

Additionally, the malware featured functionalities specifically targeting the aforementioned popular crypto wallet applications and when these applications were identified on the infected system, the malware sought to replace them with infected versions sourced via a distinct host. These compromised crypto wallets included mechanisms to pilfer wallet unlock passwords and secret recovery phrases through unsuspecting users.

January 24,2024

SEC Commissioner Believes Court Case Is Not Necessary For Spot Ether ETF Approval

US SEC Commissioner Hester Peirce opines that obtaining approval for spot Ether ETFs will not necessitate a legal battle. In response to a recent inquiry about whether the SEC will defer spot Bitcoin ETF approvals until a court case progresses through the legal system, Peirce emphasized that such an approach is not part of their approval process.

According to Peirce, the SEC should apply standard considerations to these products, similar to how they evaluate other comparable products. She emphasizes that the approval process should not rely on a court determining the arbitrariness and capriciousness of their approach. This statement follows the recent SEC approval of nearly a dozen spot BTC ETFs, which, while not entirely unexpected, raised uncertainties about the fate of spot Ether ETFs.

Criticizing The SEC

Entities like BlackRock, Ark 21Shares, and Grayscale have expressed interest in spot Ether ETFs. Grayscale, mirroring its strategy with the spot Bitcoin ETF, seeks to convert its Ethereum Trust into an ETF. However, SEC Chair Gary Gensler, in his comments on spot Bitcoin ETF approvals, expressed reservations about further approvals, emphasizing that the recent decision pertains specifically to ETPs holding one non-security commodity, namely Bitcoin.

Senator Warren has criticized the approval by the SEC pertaining to the Bitcoin ETFs, stating that the Commission is wrong on the law. The stance taken by Gensler indicates a cautious approach to approving listing standards for crypto asset securities.

Peirce Supports Crypto

Contrary to Gensler, Peirce believes that the SEC missed numerous opportunities over the past decade to approve these products. She argues that if the agency had applied the standards used for other commodity-based ETPs, these products could have been approved years ago. Peirce asserts that the reluctance shown by the regulatory agency persisted until a court intervention forced them to reconsider.

Known for her outspoken views on the stringent crypto approach adopted by both Gensler and the SEC in general, Peirce previously called out the enforcement-focused regulation strategy of the agency, stating that there appears to be a lack of coherence in many of the cases brought forward.

January 23,2024

Bitcoin Stumbles Around Despite ETF Approval

The cryptocurrency market continues to witness a general downward trend, with Bitcoin falling below the $40,000 threshold, which it had been resisting for several days. Currently, Bitcoin is trading at just above the $40K mark, but experts believe this will not last long.

The Main Reason

Taking an overview, there has been an approximately 5% decrease in BTC price over a 24 hour period. The trend extends to altcoins as well, with many experiencing declines at rates comparable to Bitcoin. The main reason behind this decline is linked to the outflows by the Grayscale GBTC product, leading to substantial BTC sales.

Recent developments reveal that the FTX bankruptcy management has sold around $1 billion worth of BTC since GBTC transitioned into a spot ETF. Following the sell-off, the GBTC product now holds 563,000 BTC, compared to the previous 613,000 BTC when it functioned as a spot ETF.

Institutional Manipulation

In terms of liquidations, the recent downturns have resulted in a total of $65 million in liquidation in the cryptocurrency market within a very short amount of time. Out of this, $63 million represents liquidations in long positions, while $2 million pertains to short positions.

Breaking down the long position liquidations, $25 million occurred in Bitcoin, $12 million in Ethereum, and $4 million in Solana. Many believe that this is primarily because of BlackRock manipulating the price so they can buy more BTC for cheaper. Some have even said that there is little to no reason for a correction of this size at this time, as not a single catalyst can be named other than institutional manipulation.

January 23,2024

Meta Needs To Provide Clarity Soon According To Maxine Waters

Meta Platforms Inc is under investigation by US lawmakers regarding its five outstanding trademark applications related to cryptocurrencies. On January 22nd, Maxine Waters, a member of the US House Financial Services Committee, wrote a letter to Meta CEO Mark Zuckerberg and COO Javier Olivan expressing concerns about the open cryptocurrency and blockchain-oriented trademark applications filed by the company in March 2022.

Renewed Interest

Waters raised apprehensions about the implications of these applications, referencing ongoing interest by Meta in expanding its presence in the digital asset sector. This contradicts the initial statement that Meta made to the Democratic Financial Services Committee in October 2023, where it claimed to have no active digital asset projects.

Moreover, thanks to its initial filings on March 18th, 2022, the application submissions by Meta appear to represent a continued intention to expand the involvement of the company in the digital assets ecosystem.

Clarity Is Needed

Waters posed questions about the plans that Meta has for a crypto-supporting payments platform and how its technology facilitates various aspects of cryptocurrencies within its platforms, including the Metaverse. Despite the abandonment of earlier plans for a stablecoin, Diem, and a digital wallet, Novi, due to legislative challenges, the new trademark applications indicate renewed interest by Meta in services related to crypto and blockchain assets trading, exchange, payments, transfers, wallets, and associated hardware and software infrastructure.

Meta is required to respond to the first Notice of Allowance (NOA) issued in August 2023 by February 15th and the most recent NOA issued in January by July 16th. Waters has requested Meta to provide details of its responses to these NOAs, along with its plans for Web3, cryptocurrency, or digital wallet initiatives, including any intentions to launch a cryptocurrency payments platform.

January 23,2024

Crypto Fundraising January 16 - 22

On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 16th-22nd January, 2024. We are thrilled to see such tremendous support from all involved. Well done! 


0xScope raised $8M. With the new capital, 0xScope aims to create an inclusive, open-source ecosystem that enables seamless uploading, validation, processing and downloading of Web2 and Web3 data.

Canza Finance raised $5.75M. This funding round empowers Canza Finance to further develop innovative tools and services, dedicated to easing the expense of conducting business across the African continent.

Fetcch raised $1.5M. Fetcch provides infrastructure for digital payments and rewards platforms for the Web3 payments ecosystem with a focus on cross-chain payments.

Safary 🦁 raised $ 2.4M. This funding will be leveraged to add firepower to Safary's team and accelerate the development of Safary's marketing attribution platform, which enables Web3 teams to analyze their marketing CAC, channel ROI, and customer LTV.

Army of Fortune Metaverse raised $3M. A primary motivator for this funding round was to execute full throttle on their roadmap initiatives to be the go-to mobile gaming ecosystem in Web3.

WOO Network raised $9M. WOO Network is a crypto exchange that provides traders with a range of products aimed at improving the trading process. Its current services cover both CeFi and DeFi trading needs.

Kiln raised $39M. Kiln plans to use the capital to fund its global expansion plans, including growing its APAC division following the opening of its regional headquarters in Singapore in Q1.

zbyte raised $5M. The platform enables the Web3 ecosystem by removing the complexity for developers and enterprises to develop decentralized applications.

Flowdesk raised $80M. The funds raised will be used to consolidate their position as a leading market-making service provider and expand their OTC offering.

DeBox raised $2M. DeBox operates as a Web3 social platform that leverages blockchain DID technology. It enhances social information authenticity and offers decentralized social features, such as token-based chat and DAO integration, to Web3 communities.

Root Protocol (NFT3) is pleased to announce the successful closure of $10M in funding across two seed rounds, bringing the total valuation of the project to $100M.


Follow CryptoWeekly to stay updated with all the latest news about future Web3 Funding Rounds.

January 22,2024

Stablecoin Giant Falls As Terraform Labs Files For Bankruptcy

In a surprising twist of events, the TerraUSD (UST) stablecoin project and its creator, Terraform Labs, are currently contending with Chapter 11 bankruptcy in the United States. The upheaval commenced with the catastrophic detachment of UST in May 2022, sending shockwaves throughout the cryptocurrency market and causing the disappearance of billions of dollars for investors.

Uncertainty Looms

As the bankruptcy proceedings unfold, the once optimistic financial standing of Terraform Labs now presents a harsh reality. The approximated assets and liabilities fall within the range of $100 million to $500 million, a significant departure compared to the lofty ambitions the company once pursued.

Adding complexity to the situation, a multitude of creditors, estimated between 100 and 200, including influential entities like TQ Ventures and Standard Crypto, now confront an uncertain future in the aftermath.

The Fight Continues

Various legal challenges loom for Terraform Labs, with battles in both Singapore and the United States adding to the complexities. The most formidable challenge comes via the US Securities and Exchange Commission (SEC), armed with a $40 billion fraud lawsuit that casts a long shadow over the company's future.

A recent US court ruling complicates matters further, classifying Luna and Mirror (MIR) tokens as securities, adding a layer of intricacy to an already unclear situation. The repercussions of the UST crash and the bankruptcy of Terraform Labs resonate through the cryptocurrency sphere. Analysts in the industry anticipate that the bankruptcy could have lasting implications for the stablecoin market. Regulatory scrutiny is expected to heighten, potentially resulting in stricter controls and increased investor skepticism.

January 22,2024

Solana Reaches New Stablecoin Volume Record In January

Solana, a network that has gained attention for its rising network activity and developer retention rates, is emerging as a notable hub for stablecoins. Outperforming competitors such as Ethereum, Cardano, and Polygon across various metrics, Solana aims to distinguish itself with its latest accomplishment, a record-breaking volume of stablecoin transfers.

Success In Stablecoins

The stablecoin transfer volume on Solana has followed an impressive trajectory, reaching a new peak in January by exceeding $300 billion, according to blockchain analytics platform Artemis. This figure represents a substantial increase regarding the $297 billion mark in December 2023 and a remarkable surge of 2,500% compared to the $12 billion volume recorded in January 2023.

This outstanding growth has elevated the market share of Solana to 32%, a significant rise compared to its 1% share just a year ago, almost matching the 33% market share of Ethereum. In contrast, Ethereum has reported a stablecoin transfer volume of $317 billion this month.

Still A Ways To Go

The recent success shown by Solana in the stablecoin sector can be attributed to substantial USDC transfers and the introduction of the new Paxos stablecoin, USDP. Additionally, the platform has witnessed a substantial increase in DeFi activity, reflected in its Total Value Locked (TVL) reaching $1.36 billion, the highest since September 2022, as reported by DeFiLama.

However, despite Solana trying to distance itself regarding FTX, the now-defunct exchange still holds millions in SOL tokens, most of which will enter the market in 2025. Moreover, the recent rise exhibited by Solana has reignited discussions about it potentially replacing Ethereum itself. Still, Anatoly Yakovenko of Solana promptly rejected this label and advocated for co-existence.

January 21,2024

BTC Bounces Around As Oil Markets Face Disruption

Bitcoin (BTC) experienced a drop to a new monthly low below $40,500 but rebounded above $42,000 later. Meanwhile, various altcoins, except for LINK which surged by about 5%, showed minimal movement. The total crypto market cap fell by about $10 billion overnight but remains slightly above $1.6 trillion on CMC

Volatility Continues

BTC had a volatile week, initially surpassing $49,000 with the introduction of multiple spot BTC ETFs to the US markets, but later plummeting by over $7,000 in a sell the news event. After reaching $43,000 over the weekend, Bitcoin faced another decline, dropping below $41,000 and briefly hitting $40,400, a level not seen in over a month. Despite a brief recovery to over $42,000, negative sentiment persisted, bringing BTC back to $41,500.

Chainlink (LINK) stands out among major alts with a 5% increase, trading above $16. Cardano and Uniswap also saw gains, while Avalanche, Solana, and MATIC experienced losses, according to CoinGecko.

Other Markets

Federal Reserve Chairman Jerome Powell and colleagues face pressure for interest-rate cuts amid concerns about a potential moderation in US economic growth in Q4. Investors anticipate a 2% increase in GDP, following a 4.9% third-quarter advance. Despite debates on monetary policy, traders are focused on a market testing earnings-valuation boundaries, setting new records.

Elsewhere, the oil market is bracing for a weeks-long shipping disruption in the southern Red Sea, where Houthi militants have been attacking merchant vessels for months in response to the war in Gaza.

Charters of tankers carrying crude and fuels, which can be booked up to a month in advance for some vessels, show that an increasing number of vessels are being hired for routes that avoid the danger zone, according to shipowners, brokers, and traders.

January 20,2024

Ghost Kicks Off The New Year By Launching GSTVPN

Ghost, a pioneering force in blockchain-driven privacy solutions, proudly unveils its latest creation, GSTVPN. This is a revolutionary Virtual Private Network (VPN) service developed in collaboration with Specter Systems. GSTVPN aims to reshape the realm of online security by placing a premium on unmatched user privacy and digital liberty.

Since its establishment on June 20th, 2020, Ghost has emerged as a trailblazer in the realm of privacy-focused blockchains, revolutionizing the decentralized Proof of Stake (PoS) ecosystem. As a leader in blockchain privacy technology, the introduction of GSTVPN further solidifies its mission to provide innovative, user-centric privacy solutions.

Anonymous And Private

In an era where online censorship is on the rise, GSTVPN emerges as a robust VPN service committed to safeguarding individual privacy and ensuring unrestricted access to information. GSTVPN effectively circumvents website restrictions, concealing IP addresses, and facilitating access to blocked content. This dedication to unimpeded access aligns with the principles of free information exchange and digital freedom.

A distinctive strength of GSTVPN lies in its unwavering commitment to privacy. It encrypts data traffic between users and servers, offering protection against surveillance and enabling confident communication and information sharing without third-party monitoring, including by governments. This encryption ensures a completely anonymous browsing experience, setting GSTVPN apart compared to conventional VPN services. Notably, GSTVPN requires no personal information during signup, ensuring absolute privacy for users.

Secure And Accessible 

Recognizing the growing demand of the ever-evolving digital landscape for multi-device connectivity, GSTVPN supports up to 10 simultaneous connections per service. Whether on a phone, tablet, or laptop, Ghost wants users to know that their privacy remains consistently safeguarded.

Additionally, in adherence to the fundamental commitment to absolute privacy, GSTVPN strictly follows a no-logs policy. Users can thus engage in online activities without fear of tracking, storage, or sharing, providing peace of mind and genuine digital freedom.

Finally, GSTVPN boasts top-tier encryption and security measures, shielding user data when it comes to any and all potential threats. The service grants unrestricted access to global content, breaking down barriers to information and communication. Subscribers can seamlessly switch between over 50 global server locations at any time.

Jake Waters, Project Director of Ghost, emphasizes that GSTVPN goes beyond a simple VPN service, as its overarching goal is to significantly enhance the essence of privacy and security in the digital space.

Interested users can now download and subscribe to GSTVPN at gstvpn.com and the Google Play store. For more information and regular updates, please visit ghostprivacy.net.

January 19,2024

Legal Battle Between Coinbase And The SEC Heats Up

The recent legal dispute between the SEC and numerous cryptocurrency exchanges took a different direction in a recent hearing where United States Judge Katherine Polk Failla questioned the regulator. She expressed dissatisfaction with the assertions made by the agency against Coinbase, and cryptocurrency advocate Bill Morgan sees this as an indication that cryptocurrencies will eventually be recognized as non-securities in the U.S.

Clarity Is Needed

During the hearing, Judge Failla asked the SEC to offer clearer definitions for terms such as securities and staking, while criticizing Coinbase. As reported by Fox Business journalist Eleanor Terrett, the SEC contended that Coinbase is establishing a new version of the Howey Test.

The SEC lawyer cautioned Coinbase about reinterpreting the Howey Test, stating that the Congress of 1934 would be surprised that today there would be such an easy workaround to the carefully constructed regulatory structure they created in 1934 with regard to the market.

The Plot Thickens

Coinbase rejected the allegations made by the SEC, asserting that they had not reinterpreted the Howey Test. The SEC legal team, on the other hand, claimed that the agency is stretching the Howey Test to fit the circumstances.

In a previous post, Terrett highlighted the resilience shown by Judge Failla concerning rulings by Judge Jed Rakoff and Judge Analisa Torres on LBRY and XRP, respectively, for crucial insights. Reflecting on the determination made by Judge Torres regarding XRP as a non-security and the current state of the Coinbase lawsuit, Morgan remarked it is now commonly agreed that the tokens themselves are not securities.