Episode Details

12th July: Crypto & Coffee at 8 🎙️

🚨 Coinbase VS and SEC this week Multichain hack: Insider job? Bitcoin Exodus 85,000 BTC withdrawn Crypto ATM crackdown in UK

💰 Coinbase and the U.S. Securities and Exchange Commission will meet in court this Thursday, at 10:00 a.m. ET (for a pre-motion hearing) the hearing may give us a sense of how the judge is looking at the case in its earliest stages.

🏦 CoinDesk has a great breakdown on this here https://tinyurl.com/yv95dnj2 Coinbase also argued that the allegations shouldn’t even apply to its operations. The SEC was not swayed by this argument. In its response to the answer, the SEC said “Coinbase attempts to construct its own test for what constitutes an investment contract.”

🎙️Check out Blockchain DXB’s Crypto & Coffee at 8 podcasts where we give a detailed breakdown on this!

💥 Multichain attacker:

- Cointelegraph has reported that A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.” Article here https://tinyurl.com/mue95y3y

📊 According to a recent report by Chainalysis, the attack is suspected to be an inside job since Multichain has recently experienced some notable issues unrelated to its protocol design, prompting public suspicions that insiders may have carried out this recent exploit. https://tinyurl.com/2su7tx7e

💥 #btc Exodus

- Bitcoin.com has reported that over 855,000 BTC withdrawn From Exchanges Since July 2020. According to current data, about 2,086,034 bitcoins were held on exchanges as of July 11, 2023. This figure is 154,160 bitcoins less than the number held on centralized trading platforms 72 days earlier, on April 30. The number of bitcoins on exchanges has significantly dropped since July 31, 2020, when nearly 3 million bitcoins were held in exchange reserves. https://tinyurl.com/3w5pyh5v

🚨 Centralized crypto exchanges are facing the Bitcoin drain, which is definitely a good thing & DEX vs CEX dominance is currently at 11.62%.

🏧 Financial Conduct Authority is proceeding with efforts to shut down all

Bitcoin ATMs “illegally operating” in the country. After more inspections in

the past couple of months, the watchdog vowed to continue to take action

against operators of unregistered crypto teller machines. The inspections have been carried out by South West Regional Organized Crime Unit, Bedfordshire Police, Hertfordshire Police and Crime Commissioner, and the Metropolitan Police