By Shikha Singh
By Shikha Singh South Korea Cuts Out Bitcoin Strategic Reserve Considerations
South Korea’s central bank, the Bank of Korea (BOK), has taken a cautious stance on including bitcoin in its foreign exchange reserves, per a Korea Economic Daily report. In response to a question posed by a member of the National Assembly’s Strategy and Finance Committee, the BOK made it clear on Sunday that it has not entertained the notion of embracing BTC. The BOK further pointed out that bitcoin fails to meet the International Monetary Fund’s (IMF) foreign exchange reserve management standards. The IMF emphasizes the importance of prudently managing liquidity, market, and credit risks — criteria that bitcoin, with its erratic nature, does not satisfy.
OKX Suspends DEX Aggregator To Stop ‘Further Misuse’ By Lazarus
Crypto exchange OKX has temporarily paused its decentralized exchange aggregator to prevent “further misuse” by North Korean hacking collective Lazarus Group. The OKX helpdesk confirmed that the DEX aggregator was temporarily suspended for an “internal review and upgrade” but did not provide a timeline. It added that crypto wallet services will remain available to all customers, but it will “pause new wallet creation in select markets during this time.” On March 11, Bloomberg reported that European Union financial watchdogs were investigating the firm’s DEX aggregator, called OKX Web3, and its wallet services for their alleged role in laundering funds from the Bybit hack.
CAKE Price Soars 15% As PancakeSwap Overtakes Uniswap By Daily Trading Volume
PancakeSwap saw its native token (CAKE) surge 15% as the platform became the most active decentralized exchange by daily trading volume. Data from analytics platform DefiLlama shows that PancakeSwap recorded $1.639 billion in 24-hour trading volume on Monday, Mar. 17, overtaking Uniswap (UNI) and Raydium (RAY), which saw $1.021 billion and $334.98 million, respectively. The surge in trading volume apparently comes after Binance founder Changpeng Zhao reignited interest in memecoins, indirectly promoting BNB Chain-based memecoin MUBARAK on his social media profiles.
Wemix Denies Cover-Up Amid Delayed $6.2mn Bridge Hack Announcement
Wemix Foundation CEO Kim Seok-hwan said they had no intention of concealing a hack on its bridge, which led to over $6 million in losses. In a press conference, Kim reportedly said there was no attempt to cover up the incident, even though the audience pointed out the announcement was delayed. On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks. The company only made an official announcement four days after the attack. According to Kim, the announcement was delayed due to the possibility of further attacks and to avoid causing panic in the market because of the stolen assets.
Aave Founder Confirms New Token Will Not Be Created
Aave Labs founder, Stani Kulechov, clarified that no new token would be created for Aave’s proposed Horizon product, which aims to integrate real-world assets (RWAs) into decentralized finance. The initial proposal suggested a 15% Aave DAO allocation with revenue-sharing if a new token was created, sparking concerns over potential dilution of the AAVE token’s value and governance role. The opposition, including Aave Chan Initiative’s Marc Zeller, led to Kulechov’s clarification on X that the Aave DAO would respect the consensus to avoid introducing additional tokens. The community expressed relief, supporting the decision to protect AAVE’s value. The future of Horizon’s deployment is uncertain without the token plan.
Bank of Russia to Allow Select Investors to Trade Crypto
Russia’s central bank, under President Vladimir Putin’s directive, has proposed allowing a limited group of local investors to trade cryptocurrencies in an experimental three-year regime. Only investors with at least 100 million rubles, which is $1.1 million in securities or deposits, or those with an annual income exceeding 50 million rubles, amounting to $570,000, would be eligible. The initiative aims to improve market transparency, provide opportunities for experienced investors, and set clear regulatory standards for financial institutions adopting crypto. However, the central bank still does not recognize cryptocurrencies as a means of payment and proposes banning crypto transactions outside the experimental regime with penalties for violations. This move follows reports that Russia is using crypto to bypass Western sanctions amid the ongoing conflict in Ukraine.
Oman’s Financial Services Regulatory Warns Against Unlicensed Crypto Exchanges
The Oman Financial Services Authority (FSA) has issued a warning against dealing with unlicensed digital asset exchanges, commodity investment platforms, and crowdfunding platforms, highlighting the risks of losing money and involvement in illegal activities like money laundering. These platforms often lure investors with promises of quick returns or fake success stories. The FSA emphasized the importance of verifying the legitimacy of platforms through its website and app. Additionally, the FSA canceled the licenses of two entities, Sharek Investment and New Sphere, for failing to operate as required. While cryptocurrency is legal in Oman, it remains unregulated, and the government has yet to implement a regulatory framework despite prior announcements.
Binance Unveils Anti-Slippage Feature for BNB Chain Users
Binance Co-Founder He Yi announced on March 17, 2023, that the Anti-Slippage feature has been fully deployed on the BNB Chain. This new feature allows users to receive reimbursements for significant slippage within 24 hours, improving trade accuracy and user trust. It aims to address price discrepancies during large trades, enhancing market stability and confidence. While some users have expressed enthusiasm, others are awaiting more details. Binance’s move could set a trend for other exchanges to adopt similar measures, promoting greater transparency and reliability in decentralized trading platforms.
North Korea Surpasses El Salvador & Bhutan in BTC Holdings Following $1.4 bn Bybit hack: Arkham
North Korea, through its Lazarus Group, has become one of the largest nation-state holders of Bitcoin, surpassing Bhutan and El Salvador. As of now, Lazarus holds 13,518 BTC, worth approximately $1.13 billion. This increase in holdings follows a significant hack on the Bybit exchange in February 2023, where Lazarus exploited $1.4 billion in crypto, converting a large portion into Bitcoin. North Korea also holds around $30 million in other cryptocurrencies. Despite the rise in North Korea’s crypto holdings, the U.S. remains the largest Bitcoin holder with 198,109 BTC. North Korea has been using cyberattacks and cryptocurrency thefts to fund its weapons programs.
Kentucky Passes Bill Protecting Bitcoin Self-Custody and Mining
Kentucky lawmakers have passed a bill that strengthens Bitcoin self-custody rights, protects crypto mining operations, and solidifies the state’s pro-crypto stance. The bill, which is awaiting the governor’s signature, ensures individuals can manage their digital assets without interference and protects Bitcoin miners from restrictive zoning regulations. It also removes certain licensing requirements for small-scale miners and exempts mining and staking from securities and money transmitter regulations. Additionally, the bill supports using digital assets for payments without extra taxes or fees.
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