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

As an experienced financial analyst with a strong background in cryptocurrencies, I find this week’s news both intriguing and significant. The announcement of Michael Saylor’s new decentralized identity platform Orange Protocol built on the Bitcoin network is a game-changer for organizations seeking secure and immutable identity solutions. This development aligns with my belief that Bitcoin’s robust security makes it an ideal foundation for various applications beyond just digital currency.

Last week saw significant developments in the crypto sphere. Michael Saylor’s MicroStrategy unveiled a new decentralized identity platform for Bitcoin named Orange Protocol. Concurrently, the Aave V4 proposal is undergoing evaluation in its initial assessment phase. Let’s delve deeper into these intriguing announcements.

Bitcoin

Michael Saylor, founder of MicroStrategy, and Cezary Raczko, the company’s EVP of Engineering, have unveiled Orange Protocol – a new decentralized identity system based on the Bitcoin network. This innovative platform enables organizations to handle and control decentralized identity apps using Bitcoin’s blockchain for enhanced security and immutability.

Ethereum

During a Financial Committee hearing, Senator McHenry alleged that SEC Chair Gary Gensler provided false information to Congress about the categorization of Ethereum in relation to the ongoing lawsuit brought forth by Consensys.

I, as a researcher, can share that Franklin Templeton, a renowned asset management firm, has taken the significant step of making its Ether exchange-traded fund (ETF), which is backed by spot Ether, available on the Depository Trust and Clearing Corporation (DTCC) website. This listing represents an important milestone in bringing more institutional investors into the cryptocurrency market.

DeFi

Beginning May 1, Aave put forth a governance proposition inviting community insights on the proposed advancements. This proposition outlines a roadmap for the evolution of the protocol within the next five years, with version V4 serving as the current blueprint.

Business

Tether, the organization responsible for the USDT stablecoin, has revealed plans to invest $200 million to secure a substantial ownership share in the innovative brain-computer interface company, Blackrock Neurotech.

The creators of zkSNACKs, known for their popular open-source Bitcoin wallet, Wasabi, have chosen to restrict access to their services for individuals with US affiliations, whether they are residents or not living in the country.

Security

A 24-year-old Ukrainian man, who is part of the REvil ransomware group, was recently given a sentence of more than 13 years in prison for his role in a 2021 cyberattack that affected businesses around the world.

Tether collaborates with Chainalysis to set up an extensive monitoring system for USDT transactions on alternate markets, enhancing both security and regulatory compliance.

From August 2020 to October 2023, investigator ZachXBT uncovered a meticulous scheme orchestrated by North Korea’s Lazarus Group, involving the laundering of more than $200 million in stolen cryptocurrency. They employed coin mixers and peer-to-peer exchanges as part of their clandestine operations.

Regulation

Terraform Labs and its founder, Do Kwon, are challenging the Securities and Exchange Commission’s (SEC) proposed $5.3 billion penalty, arguing that it’s excessive. This comes in response to accusations of fraudulent activities and unregistered token sales. Instead, their legal representatives have suggested a more reasonable fine of $1 million.

In a Seattle courtroom, Changpeng Zhao, the creator of Binance – the globe’s most significant cryptocurrency trading platform – was given a prison term of four months.

Russia intends to impose a complete restriction on cryptocurrencies such as Bitcoin in response to increasing geopolitical pressures and debilitating sanctions, with the aim of strengthening the ruble.

2024-05-05 14:51