Episode Details

24th April: Crypto & Coffee at 8

🥶 Is Defi Dead? 💥 US Debt Ceiling & Hyperbitcoinization💣🚨 MICA regulation to take effect in 2024. Trust Wallet Security Vulnerability

🚨 On Thursday, MEPs approved with 529 votes in favour to 29 against and 14 abstentions, the first piece of European Union legislation for tracing transfers of crypto-assets like bitcoins and electronic money tokens. making it the first major jurisdiction in the world to introduce a comprehensive crypto law. The rules to take effect in 2024

💡 Some highlights are below

- Uniform legal framework for crypto-assets markets in the EU

- Operations with crypto-assets will be traced in the same way as traditional money transfers

- Enhanced consumer protection and safeguards against market manipulation and financial crime

🎙️ Check out Blockchain DXB crypto & coffee at 8 podcasts where we cover all the details. We also discuss if Defi is dead. The TVL (Total value locked) is looking absolutely horrendous & the volume in stable coins is terrible as well.

🔍 Trust Wallet, a popular crypto wallet, identified and resolved a major WebAssembly (WASM) vulnerability within its core wallet software library. $170,000 was lost due to the vulnerability, Trust Wallet added that it would issue refunds and has created a reimbursement system to support affected users.

🚨 The issue impacted wallet addresses on Ethereum and other blockchains generated through the Trust Wallet browser extension between Nov. 14 and Nov. 23, 2022. Article by The Block here https://lnkd.in/dpmZ8YP6 Official blog here https://lnkd.in/dyexvFiM Also the project said on Twitter. “Most at-risk funds are secured.” here https://lnkd.in/dNP4x2rf

💥 The top congressional Republican Kevin McCarthy said Sunday he will hold a vote this week on raising the US debt ceiling and curbing spending, as he accused President Joe Biden of ducking negotiations ahead of a looming default.

❗ How will this impact the price of Bitcoin & Crypto❓

💥 Bloomberg’s article states that House moderates float US Debt-limit extension until December. A Bipartisan group proposed a backup plan to set aside the US debt ceiling limit through year-end in case Joe Biden and house speaker Kevin McCarthy fail to reach a deal on a long-term solution https://lnkd.in/drTvzHxT

⚡ Could Hyperbitcoinization be a reality?

⚡ We feel external Geo-political situations directly or indirectly linked to the USA could trigger such an effect.

⚡ What are the dangers of Hyperbitcoinization?

🚨 Two UAE/Middle East news: See slides)

⚡ Farm To Plate announces blockchain-based food supply chain solution for the UAE

⚡ The Saudi Food and Drug Authority (SFDA) has empowered consumers by enabling them to track the sources of food and beverages through