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Summary of Past Week Articles December 12, 2022

Employees of Crypto Firm Koinly Reveal Shocking Details About Surprising Company Layoffs – Executives Kept in the Dark?:

Koinly, a crypto tax reporting tool, has laid off 14% of its crew, blaming the deepening bear market. However, several employees claim that the layoffs affected more people and were carried out in an unprofessional manner with poor communication.

Robin Singh, the company’s founder, and CEO, indicated that the job losses are in response to the ongoing market downturn, which the catastrophic collapse of the FTX exchange has exacerbated.

There are also allegations that, while the corporation just fired a more significant number of employees, there has been a high staff turnover rate for several weeks, if not months, prior. At the same time, the company claimed to have fired 16 individuals. However, insiders say the actual number was far higher and affected a diverse range of employees, including management and those who had been with the company for less than three months.

Some line supervisors were also sacked, according to the sources.

There are also allegations leveled against CEO Robin Singh.

The company also claimed that the Sydney office would remain open. However, the London location will close in April 2023. the company decided to close the UK office following a vote in which our UK staff showed a preference for remote work, whereas the Sydney team preferred the office.

In addition, about the layoffs, Koinly questioned the numbers reported by the sources, indicating that just three contractors had had their contracts terminated, with only one terminating due to the releases.

Starbucks Introduces the Web3 Loyalty Program, Inviting Customers on a “Odyssey” of Rewards and Benefits:

Starbucks, the Seattle-based global coffeehouse operator, is expanding its exposure to Web3 and non-fungible tokens (NFTs) with the beta launch of Starbucks Odyssey. It is a new loyalty program made available to a few waitlist members, including consumers and employees in the United States.

The network added 763 net new locations in the fourth quarter of 2022, bringing the total number of stores to 35,711 internationally.

According to the release, the program is an extension of Starbucks Rewards powered by Web3 technology, unlocking access to exciting new rewards and experiences for members.

After completing a Journey, members will receive a collectible Journey Stamp (a Polygon-based NFT) and additional Points towards their overall Point total. Additionally, users will have access to the Starbucks Odyssey market provided by Nifty Gateway shortly after the program’s beta launch. They can buy or sell Starbucks Odyssey digital collectible Stamps among members over the Polygon blockchain.

According to the statement, early next year, users will be able to acquire unique, one-of-a-kind Limited Edition Stamps (NFTs) through the Starbucks Odyssey market.

Japan and South Korea want to police stablecoins:

The top Japanese financial regulator has indicated that “algorithmic stablecoins” will be regulated.

In addition, the South Korean central bank seeks the authority to regulate fiat-pegged tokens.

The Japanese Financial Services Agency (FSA) provided presentation materials this week for a lecture by Tomoko Amaya, the agency’s Vice Minister for International Affairs.

According to a press statement from the FSA, the papers were presented last month during a crypto-themed summit of the Official Monetary and Financial Institutions Forum.

However, Amaya concluded by repeating past Financial Stability Board requests to guarantee that global stablecoins do not use algorithms to stabilize their value.

Amaya affirmed the FSA’s intention to enable trust banks to offer custody services for all tokens, including digital money-type stablecoins.

Is Stablecoin Regulation Coming to South Korea as Well? Across the sea to the west, the Bank of Korea (BOK), South Korea’s central bank, has declared that it wants the authority to regulate stablecoins.

In a new research paper, the BOK indicated that it should regulate stablecoins that employ fiat KRW pegs.

Binance CEO Warns Users About New Cryptocurrency Industry Hack:

Changpeng ‘CZ’ Zhao, CEO of prominent cryptocurrency exchange Binance, took to Twitter to warn of the latest hack type targeting the crypto verse. The threat actor carried out this one with broad knowledge of the cryptocurrency business.

However, after winning the target’s trust, DEV-0139 transmitted a weaponized Excel file titled ‘OKX Binance & Huobi VIP fee comparision.xls,’ which featured multiple tables comparing cost structures between exchanges.

A malicious macro in the file is used in this hack to obfuscate certain relevant routines and get some data. Furthermore, the team uncovered another file that employs a similar technique. Still, instead of a malicious Excel file, it is sent in an MSI (Microsoft Software Installer) package for a CryptoDashboardV2 application dated June 2022.

This could imply that other linked campaigns are also being undertaken by the same threat actor, employing the same methodologies, the report added.

According to the research, DEV-0139 has a broad knowledge of cryptocurrency, and both large and small businesses may become targets.

They say that the threat actor’s techniques can be mitigated by following the security recommendations.

Whether represented by firms or individuals, the crypto business has become a popular target for many attacks.

r represented by firms or individuals, has become a popular target for many forms of attacks.

WeMade, a South Korean gaming company, has won its legal battle against WEMIX’s delisting:

WeMade, a South Korean gaming company, has lost its legal battle against the country’s largest crypto exchanges, which have opted to delist its WEMIX coin (WEMIX).

WEMIX was issued an “investment warning” by the Digital Asset Exchange Association in October (DAXA).

Following the verdict, the value of WEMIX dropped by about 50% on Upbit in the morning (KST) of December 8.

According to CoinGecko data, $189 million of WEMIX has been traded on Upbit in the last 24 hours.

However, exchanges have raised concerns regarding the supply of tokens.

WeMade has apologized for what it claims were clerical mistakes.

However, DAXA appears to have been unimpressed with this explanation and ultimately decided to delist the token. Angry Investors Protest WEMIX Delisting on Seoul Streets. The delisting move has led to the outbreak of angry public protests.

Complaints urging DAXA to “withdraw” its delisting decision have piqued regulators’ interest.

A Ukrainian tailor’s shop serves as a front for an illegal cryptocurrency mining farm:

A tailor’s shop in Kovel, Ukraine, is a cover for an illicit cryptocurrency mining enterprise.

Its masterminds linked their rigs to the local power grid and stole electricity to power their operations.

The incident occurred in Kovel, a city in northeastern Ukraine’s Volyn Oblast.

This association permitted crypto farm operators to consume unmetered electricity.

A city court ordered the shop’s owner, Alla Dieneka, to pay almost $11,500 in damages to Volenoblenergo, the city’s energy provider.

They then connected the shop’s electrical units to the grid, bypassing the store’s meter. According to the evidence presented in court, 51 people may have been complicit in the crime internet-connected computer equipment and other technical kits that turned electricity into cryptocurrency were installed in parts of the shop.

Alla Dieneka, the shop owner is said to have pled guilty to the accusations, and while she has the right to appeal the conviction, she is unlikely to do so.

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