Thursday, 1 February 2024

Market Summary

Market Summary 1 February 2024

Bitcoin Price: US$42,580.00 (-0.84%)
Ethereum Price: US$ 2,283.14 (-2.56%)

China is planning a significant amendment to its Anti-Money Laundering (AML) regulations, extending them to cover cryptocurrency-related transactions. The revision is expected to be signed into law by 2025 and aims to address the lack of clear definitions for digital assets in existing Chinese laws, particularly in the context of money laundering. The move comes as the Chinese government seeks to strengthen oversight of the crypto industry, considering the increased risks of money laundering associated with technological advancements and decentralised cryptocurrencies. In a separate development, Ethereum’s Dencun upgrade is progressing smoothly, with successful activation on the Sepolia testnet, showcasing various Ethereum Improvement Proposals (EIPs) that aim to enhance layer-2 scaling and reduce transaction costs. Meanwhile, BNB Chain outlines plans for 2024, focusing on optimising performance, introducing opBNB Connect for scalability, and targeting specific decentralised applications (DApps) such as DeFi, gaming, and AI for mass adoption. The BNB Chain ecosystem aims to increase active validators, improve infrastructure, and launch BNB Greenfield 2.0, emphasising applications identified as catalysts for broader blockchain adoption.

Quantstamp, a decentralised finance (DeFi) security startup, has reported that DeFi attacks in January resulted in total losses of $38.9 million across five smart contract protocols. Notable incidents include Radiant Capital facing $4.5 million in losses due to a flash loan attack, Gamma Strategies experiencing a $6.1 million loss from a flash loan attack on the same day as the Radiant attack, Wise Lending suffering a loss of at least $460,000 in a flash loan attack, Socket facing a security breach with hackers stealing nearly 2,000 ETH, and Goledo Finance experiencing a security breach involving a flash loan attack resulting in the theft of $1.7 million. In another development, the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong has launched an investigation into Worldcoin’s local operations, citing “serious risks to personal data privacy” related to its iris-scanning identity verification project. Meanwhile, the bankrupt cryptocurrency exchange FTX clarified that its restructuring plans focus on fully repaying customers and creditors without a plan to restart the exchange, known as FTX 2.0.

The United States Department of Defense (DoD) has initiated a bounty program offering $24,000 in rewards for finding real-world examples of legal bias in artificial intelligence (AI) models, specifically targeting the Department of Defense context. Participants will be tasked with identifying situations where large language models may present bias against protected groups. The contest will use Meta’s open-source LLama-2 70B model, and submissions will be judged based on the realism of the scenario, relevance to the protected class, supporting evidence, concise description, and the number of prompts needed to replicate the bias. The top three submissions will share the prize, while each approved participant will receive $250. This is the first of two “bias bounties” the Pentagon plans to run. In other news, an Ethereum developer argues that staking Ether from home should be the “gold standard for staking,” promoting it as a tool for creating “atomic generational wealth.” The developer, known as Superphiz, believes that families operating home validators could secure the network for over a hundred years, contributing to Ethereum’s decentralisation and long-term value.


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