Web3🌖Updates: HTX Hack, Celsius-SEC Clash, Binance's Stablecoins, and BitBoy's Arrest

Hello and welcome to an eventful Tuesday in the world of Web3! We've got a lineup of intriguing headlines for you today. Join us as we dive into these stories, uncovering the latest insights and updates in the ever-evolving realm of Web3 technology and digital assets. Let's get started!

1. HTX Faces $7.9M Hack, Urges Return

HTX, formerly Huobi, lost $7.9M in ETH to a hacker shortly after rebranding. HTX advisor Justin Sun confirmed the incident, stating they've covered the loss and resolved related issues. Blockchain investigators detected the hack in advance, noting a suspicious transaction. Despite the relatively small sum compared to total assets, HTX is determined to recover the funds, threatening legal action if not returned within a week. They've offered a $400,000 reward for the hacker's cooperation and even suggested hiring them as a security advisor. Binance CEO pledged support in tracking the hacker's funds. This incident follows CoinEX's $54M loss to North Korean hackers earlier this month.

HTX Loses $7.9 Million To Hacker, Asks For Money Back - Decrypt

According to founder and advisor Justin Sun, if the funds are returned, HTX is offering the hacker a 5% bug bounty—and a job.

DecryptAndrew Throuvalas

2. SEC Questions Celsius' Coinbase Choice for Refunds

The United States Securities and Exchange Commission (SEC) is contesting Celsius' proposal to engage Coinbase in distributing crypto assets to creditors, citing a lack of transparency. The SEC believes that the agreement goes beyond the typical responsibilities of a distribution agent and emphasizes that essential details about Coinbase's role remain unclear. The regulator also notes an undisclosed agreement between Celsius and Coinbase, which has not been made accessible to the SEC staff. This development is amid Coinbase's own legal battle with the SEC, where it claims that it operated as an unregistered broker since 2019. Coinbase contends that it combined the roles of a broker, exchange, and clearing agency, typically separate in traditional markets. Paul Grewel, Coinbase's chief legal officer, expressed confusion over the SEC's objection and affirmed Coinbase's intent to challenge it in court. In a separate filing, it was revealed that the majority of Celsius creditors support the bankruptcy plan, indicating strong backing for the proposed course of action.

Coinbase Role in Crypto Firm Celsius’s Bankruptcy Plan Questioned by SEC

The US Securities and Exchange Commission said it has concerns about Coinbase Global Inc.’s proposed involvement in Celsius Network’s plan to emerge from bankruptcy.

BloombergOlga Kharif

3. Binance Set to Launch Stablecoins in 2024

Binance is set to launch stablecoins pegged to major currencies (dollar, euro, and yen) in 2024, a move facilitated through a partnership with Mitsubishi UFJ Financial Group. Following Japan's enactment of a stablecoin bill in June 2023, which designated stablecoins as "digital money" linked to legal tender, registered companies are now eligible to issue them. Japan's largest bank, MUFG, has been in discussions about creating stablecoins tied to foreign currencies for global usage. The Vice President of Products at MUFG, Tatsuya Saito, anticipates Japan's stablecoin market could reach up to 5 trillion yen (around $34 billion). Binance, as part of its issuance plan, will need to obtain a license in Japan as an electronic settlement method transaction business provider. Other companies, like Circle, are also exploring the potential of issuing stablecoins in Japan, recognizing it as a promising market for yen-linked stablecoins due to its history of cross-border trade and global commerce.

Japan: Binance to Launch Dollar, Yen, Euro Stablecoins in 2024

Binance is looking to launch stablecoins denominated in three major currencies, i.e. the dollar, euro, and yen, in 2024. In a…

Watcher GuruLavina Daryanani

4. BitBoy's On-air Arrest for Lambo Dispute

Crypto influencer Ben “BitBoy” Armstrong faced arrest during a livestream at his ex-business partner's house. Armstrong, alleging his Lamborghini was with Carlos Diaz, engaged in a heated exchange. Police arrived, asking for weapons. Armstrong, now identified as Benjamin Charles Armstrong, was taken into custody. Diaz later confirmed the incident. Blockchain analyst "ZachXBT" commented on Armstrong's notorious reputation. The "BitBoy Crypto" brand faced turmoil as Armstrong, the public face, parted ways due to substance abuse and financial issues. Lawsuits followed, causing a stir in the crypto community. Armstrong even solicited donations for legal expenses. This incident adds another chapter to the ongoing controversy surrounding the influential figure in the crypto space.

Ben ‘BitBoy’ Armstrong arrested on livestream over Lambo dispute

Crypto influencer Ben Armstrong has been arrested in Gwinnett County, Georgia, following a Lamborghini-fueled rant outside of the house of a former associate.

CointelegraphMartin Young

As we wrap up this eventful Tuesday, it's clear that the Web3 landscape is as dynamic as ever. From security challenges to regulatory scrutiny and innovative ventures, the space continues to evolve. The emergence of stablecoins and unexpected turns like BitBoy's livestream arrest add layers of intrigue. Stay tuned for more updates, as we keep you at the forefront of Web3 developments. Remember, the world of cryptocurrencies never sleeps, and there's always something new on the horizon. Until next time, stay informed, stay secure, and stay engaged in this exciting journey through the Web3 universe!

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