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The Market Could Explode If China Lifts Its Crypto Ban (5 minute read)
China's stance on cryptocurrencies has a significant impact on the global market, given its status as one of the largest economies. The country's historical relationship with cryptos is complex, marked by bans and restrictions. Recently, there have been signs indicating a potential policy shift, leaving the future of cryptocurrencies in China uncertain. The implications of lifting the crypto ban would reverberate worldwide, making it a crucial development to watch closely. China first imposed restrictions in 2013, forbidding financial institutions from transacting in virtual currencies like Bitcoin.

US Debt Ceiling Deal Blocks 30% Bitcoin Mining Tax (4 minute read)
In a recent agreement between President Joe Biden and House Speaker Kevin McCarthy concerning the U.S. debt ceiling, an intriguing twist emerged. The deal seems to have put a stop to certain taxes proposed by the Biden administration, including the rather creatively named Digital Asset Mining Energy (DAME) excise tax. This tax aimed to slap a hefty 30% charge on cryptocurrency mining companies, with the intention of curbing the environmental and societal impact attributed to crypto mining operations.

Tech

Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether (3 minute read)
Adding to the ever-growing list of decentralized finance (DeFi) protocol hacks in the crypto world, the latest victim is Jimbos Protocol, and the incident didn't go unnoticed. The security experts at PeckShield have reported that on the morning of May 28, Jimbos Protocol, which serves as the liquidity protocol for the Arbitrum system, fell prey to a hack, resulting in a substantial loss of funds. Approximately $7.5 million, equivalent to 4,000 ETH, was pilfered during the attack. The clever hacker exploited a vulnerability related to the absence of slippage control on liquidity conversions. By manipulating the fact that the protocol's liquidity does not require equality within the price range, the attacker executed reverse swap orders, skillfully capitalizing on this loophole to their advantage.

Worldcoin and the Intellectual Decline of Venture Capital (3 minute read)
The company behind the Worldcoin project recently announced raising $115 million in venture capital, marking a nostalgic return to the prestigious, slot-machine-style fundraising often seen in Silicon Valley. However, there appears to be little rational explanation for supporting the project, whether from ethical or financial perspectives. Worldcoin's proposal includes a retinal scanning device called The Orb for online identity verification, coupled with the distribution of their Worldcoin token as a form of "universal basic income" (UBI) offered to early participants in exchange for undergoing the eye scanning process.

Misc

Bali Tells Tourists: Don’t Pay With Crypto (2 minute read)
Bali is taking a firm stance against foreign tourists who attempt to use cryptocurrencies as a form of payment. The local authorities have issued a warning, stating that such individuals will face severe consequences. Governor Wayan Koster emphasized during a tourism development press conference that visitors who violate visa regulations, engage in inappropriate behavior, or make crypto transactions will be dealt with firmly. Penalties may include deportation, criminal charges, or strict sanctions. Indonesian law specifies that all transactions within the country must be settled using the official currency, the rupiah. Those found using alternative currencies can potentially be sentenced to up to one year in prison and fined up to 200 million rupiah ($13,300).

Beijing releases white paper for web3 innovation and development (3 minute read)
In an effort to foster innovation and advancement in the web3 industry, Beijing, the capital city of China, unveiled a white paper this morning. The document, titled "Web3 Innovation and Development White Paper (2023)," highlights the significance of web3 technology as an "inevitable trend for future Internet industry development." The Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, released the white paper during the Zhongguancun Forum. The commission's goal is to establish Beijing as a prominent global hub for digital economy innovation, reflecting their commitment to staying at the forefront of technological progress.

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