551:DOJ Targets Crypto Crimes::G-7 Backs Global Crypto Regulations::South Korea Raids Exchanges

Overnighters,

Episode 551:
DOJ Targets Crypto Crimes
G-7 Backs Global Crypto Regulations
South Korea Raids Crypto Exchanges
And More

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The TL;DL -

Eth Dev Stripped of Export Privileges-Ethereum developer Virgil Griffith has been hit with a 10-year export ban by the US Department of Commerce. Currently serving a 5-year prison sentence for violations of the International Emergency Economic Powers Act (IEEPA), Griffith is accused of providing unauthorized services to North Korea and circumventing US sanctions. This ban restricts his participation in international trade and business. The situation could cast a shadow over the crypto markets due to Griffith's prominence in the Ethereum community and its spotlight on potential regulatory risks tied to cryptocurrencies.

DOJ Targets Crypto Crimes-The United States Department of Justice (DOJ), under the leadership of its crypto tsar, Eun Young Choi, is intensifying its efforts against DeFi hackers and exploiters. The focus is mainly on thefts and hacks involving DeFi, with chain bridges being a key area of concern. This crackdown could potentially shake the crypto markets by undermining trust and confidence in DeFi platforms, leading to a more cautious investor sentiment and heightened regulatory scrutiny.

G-7 Backs Global Crypto Regulations-The G-7 has expressed its commitment to implementing upcoming regulations for crypto assets and central bank digital currencies, as proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) respectively.

CBDC Alert(Zimbabwe)-The Reserve Bank of Zimbabwe has made a significant move by selling $39 million worth of gold-backed digital tokens. This sale is aimed at stabilizing the country's economy and combating the depreciation of the local currency against the US dollar. The impact of this move on the crypto markets remains uncertain.

CBDC Alert(South Korea)-Samsung Electronics has entered into a partnership with South Korea's central bank, the Bank of Korea (BOK), to research offline payments using central bank digital currency (CBDC). This collaboration aims to investigate the offline functionalities of the CBDC issued by the BOK. This could potentially influence the crypto markets and guide the development and adoption of CBDCs.

South Korea Raids Exchanges-South Korean authorities are conducting investigations into local cryptocurrency exchanges in connection with the digital assets of lawmaker Kim Nam-kuk. Following allegations of dubious crypto transactions, Kim stepped down from his political party, vowing to disclose the truth behind the accusations. In the wake of these events, local regulators are ramping up their scrutiny of crypto activities, with the Bank of Korea obtaining the power to probe into crypto businesses and legislators considering new crypto regulations.

(5/15/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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