Crypto Roundup: China Tightens AML, Gaming Meets Crypto, Bitwise Expands, ParaSwap Tackles MEV

Our Canary bird brings today’s developments in the crypto world. China has taken a significant step by including virtual asset transactions in its Anti-Money Laundering laws. Meanwhile, the gaming world is merging with crypto as Hamster Kombat launches a new payment card. Bitwise is expanding its reach by acquiring ETC Group, and ParaSwap is aiming to protect users from MEV attacks with its new protocol.

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Meme of the Day

Market Movements - 20 Aug 2024

The crypto market witnessed upwards movement on Tuesday. Bitcoin rose by +3.85% to $60,709.37, and Ethereum was up by +2.36% to $2,647.56. BNB increased by +6.52% to $568.96, while Solana surged by +2.11% to $146.07.

Among altcoins, Tron was up by +11.99% to $0.152, and Toncoin rose by +0.13% to $6.82. Cardano increased by +4.35% to $0.345, and Avalanche was in green by +6.72% to $22.07.

Movers and Shakers

In the last 24 hours, the top gainers included Brett (+23.31%), Aave (+15.95%), and dogwifhat (+15.91%). The top losers included dYdX (-2.73%), Litecoin (-1.28%), and MANTRA (-0.80%).

Project Updates

1. DeFi platform Drift has launched a prediction market on the Solana blockchain called BET, which allows users to speculate on real-world events and crypto prices while earning yield on their positions.

   Read more here

2. Bybit has launched a new program called "Bybit P2P Shield" to combat fraud on its P2P trading platform. This initiative offers financial compensation to eligible users who experience fraudulent activity during their P2P transactions.

   Read more here

3. Solana exchange Jupiter has warned of a malicious Chrome extension called "Bull Checker" that steals users' crypto by manipulating transactions. This extension targets unsuspecting DeFi users looking to trade Solana meme coins.

   Read more here

4. Base has launched Basenames – subdomains for users on their platform. These subnames will utilize the ENS infrastructure and be auctioned off via a Dutch auction to ensure fair distribution.

   Read more here

5. Solana-based DEX, Mango Markets, is undergoing a DAO vote on a proposed settlement agreement with the SEC. The proposal addresses potential securities violations and outlines a framework for compliance. The terms include a financial penalty, token destruction, and exchange delisting.

   Read more here

Hall of Fame, Hall of Shame

Ex-Bank CEO Sentenced for Crypto Fraud

Ex-CEO Shan Hanes of a Kansas bank received a 24+ year sentence for embezzling $47M in a crypto "pig butchering" scam. The stolen funds were used to purchase crypto, ultimately causing the bank to fail.

Read more here

Brothers Face Trial for Crypto Theft

Two brothers have been accused of exploiting Ethereum's blockchain to steal $25M will face trial in October 2025. Prosecutors alleged that they used a sophisticated MEV bot to manipulate transactions within seconds.

Read more here

What moved in the Crypto World Today

China Expands AML Laws to Include Crypto

China has expanded its Anti-Money Laundering (AML) framework to explicitly encompass virtual asset transactions. This significant revision, the first since 2007, aims to address the growing use of digital currencies for illicit activities.

Read more here

Hamster Kombat Launches Crypto Card

Gaming company Hamster Kombat has teamed up with cryptocurrency platform Crypto.com to launch a co-branded metal card. This card provides in-game benefits for Hamster Kombat players while functioning as a standard credit card for real-world purchases.

Read more here

Bitwise Acquires ETC Group for Expansion

Bitwise, a digital asset manager, has acquired ETC Group, a London-based issuer of physical Bitcoin exchange-traded products (ETPs). This move will strengthen Bitwise's European presence and adds $1 billion in assets under management.

Read more here

ParaSwap Launches MEV Protection Protocol

ParaSwap has introduced an intent-based trading protocol to mitigate the impact of Maximal Extractable Value (MEV) attacks. By allowing users to define their trading intentions rather than exposing raw transactions, the protocol aims to protect users from financial losses and improve the overall fairness and efficiency of the DeFi ecosystem.

Read more here

Funding Announcements

Our Canary tweets of the latest funding news:

1. Gamified Web3 engagement platform, SatsRush raised $1M in a pre-sale funding round from FundLand Capital, Oddiyana Ventures, Triple Gem Capital, and others.

   Read more here

2. AI and GPU solutions startup, AIshare raised $600k in a Pre-seed funding round from Coin Nest Investments, The Crypto Launchpad, Dubai Blockchain Lab, and others.

   Read more here

3. AI-driven DePin rollapp, Rivalz Network raised $9M in a funding round led by Delphi Ventures, D1 Ventures, Gate Labs, Magnus Capital, and Cogitent Ventures.

   Read more here

4. Company focused on developing advanced crypto algorithm hardware, Fabric Cryptography raised $33M in a Series A funding round led by Blockchain Capital and 1kx.

   Read more here

5. Decentralized money market platform, Gummi raised $2M in a Seed funding round led by Arrington Capital.

   Read more here

6. Web3 gaming platform, Soulbound raised $4M in a funding round from iAngels Capital, Animoca Brands, Big Brain Holdings, NGC Ventures, Panon, and others.

   Read more here

Whale Movements

1. Whale 0x1d1 withdrew 13,717 AAVE ($1.73M) from Binance. Txn details here

2. New wallet 3LdyB withdrew 131.1 BTC ($7.92M) from Binance. Txn details here

3. Whale 0xbe6 withdrew another 347.456 WBTC ($17.76M) from Binance. More detail here

Today’s Token Unlocks

Avalanche (AVAX) - $210.00M
Worldcoin (WLD) - $7.85M
Metaplex (MPLX) - $5.84M

Coinversation Street

Our Canary brings some of the trending and informative tweets from the crypto world:

@game_for_one shares some concerns about the current market:

@0xshakib_eth shares some DeAI projects:

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