Nexo has demonstrated its strong commitment to data security by renewing its SOC 2 Type 2 audit and achieving a new SOC 3 Type 2 assessment with no exceptions. The company expanded the audit’s scope to include additional Trust Service Criteria, focusing on Confidentiality. These achievements underscore Nexo’s dedication to protecting sensitive user information, making data protection a core aspect of its mission.
The audits were conducted by A-LIGN, an independent auditor with 20 years of experience in security compliance. The SOC 2 and SOC 3 reports confirmed Nexo’s flawless compliance with the stringent Trust Service Criteria of Security and Confidentiality. This was a continuation of the company’s efforts from the previous year, demonstrating its ongoing commitment to safeguarding customer data.
SOC 2, a standard set by the American Institute of Certified Public Accountants (AICPA), evaluates an organization’s internal controls for security and privacy. For a detailed understanding of SOC 2 and SOC 3’s implications for client data security, Nexo has provided information on its blog.
Milan Velev, Chief Information Security Officer at Nexo, expressed pride in the company’s achievements: “Completing the gold standard in client data protection for the second consecutive year brings me great pride and a profound sense of responsibility. It is crucial for Nexo customers to have compliance peace of mind, knowing that we diligently adhere to security regulations and remain committed to annual SOC audits. These assessments provide further confidence that Nexo is their partner in the digital assets sector.”
Nexo’s commitment to operational integrity is further evidenced by its adherence to the CCSS Level 3 Cryptocurrency Security Standard for asset storage, along with ISO 27001, ISO 27017, and ISO 27018 certifications, granted by RINA, and the CSA Security, Trust & Assurance Registry (STAR) Level 1 Certification.
On July 18, Bitcoin continued its efforts to reclaim the $65,000 mark, a critical level for analysts.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action showed consolidation during the Asian trading session and Wall Street open.
After reaching $66,000 the previous day, BTC/USD tested the resilience of its recent gains, as the short-term holder (STH) realized price came into focus.
Cointelegraph noted that this bull market trendline, just above $64,000 as of July 18, had previously been lost as support for the first time in nearly a year.
Popular trader and analyst Rekt Capital highlighted the significance of the current zone for BTC/USD, emphasizing the need for firm support confirmation.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he noted on X, sharing an explanatory chart.
He added that Bitcoin would require a retest similar to a previous instance (blue circle) to confirm a break back into the $65,000-$71,500 region.
READ MORE: Confidential Computing Poised to Unlock $1 Trillion in Crypto Capital with Privacy Tech Advancements
He warned that BTC/USD “risks rejection” if the $65,000 area remains unconquered on daily timeframes.
Trader and analyst Scott Melker, known as the “Wolf Of All Streets,” pointed to positive low-timeframe relative strength index (RSI) signals for clues on the market’s next direction.
“Bearish divergence cancelled. Nice,” he commented on X. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Crypto trader and educator XForceGlobal employed Elliott Wave analysis and expressed confidence in an upward continuation following consolidation.
“Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” they stated in updated chart commentary.
Adding to the bullish sentiment, a proprietary trading indicator from DecenTrader, Predator, produced its first green “bullish” signal on three-day timeframes since early February.
This indicator uses various inputs to generate “green” and “red” signals across multiple timeframes. “Predator has spoken,” DecenTrader remarked on X.
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ApeCoin DAO, the decentralized autonomous organization behind ApeCoin, is evaluating a proposal to launch a Bored Ape Yacht Club (BAYC)-themed hotel in Bangkok.
The proposal, submitted by the pseudonymous DAO member DeSmart on July 19, suggests renovating an existing hotel in downtown Bangkok.
The renovation would include several BAYC-themed rooms, an ApeCoin-themed bar, and a swimming pool. DeSmart is requesting $356,000 in ApeCoin tokens to fund the project.
Beyond aesthetics, the proposal aims to offer benefits to ApeCoin holders, such as 50 free nights of accommodation, capped at one night per holder.
DeSmart believes this would enhance the “visibility and utility of ApeCoin” and generate “actual revenue” for the ApeCoin DAO.
According to the proposal, 50% of the revenue from the APE-themed rooms will go back to the ApeCoin DAO for one year after their completion.
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To qualify for a free night, an ApeCoin member must prove their membership in the ApeCoin forum, have a balance of more than 1 APE, and post a promotional tweet featuring “pictures of the themed room and any positive experiences or feelings they want to share” to receive a cashback payment for their stay.
Another significant aspect of the proposed hotel is its acceptance of ApeCoin as payment, aiming to demonstrate “ApeCoin’s applicability in the real world and [encourage] circulation and usage.”
In May, DeSmart reported that they had conducted onsite inspections and reached an “intention of cooperation” with a hotel in Khlong San, Bangkok.
“They are very interested in and supportive of our ideas and proposals and will fully cooperate with our team in implementing this project,” DeSmart stated on the ApeCoin forum.
The proposal has garnered significant support among DAO members, with 90% voting in favor and 10% against as of publication. Voting concludes on August 1.
The rooftop bar and the pool are among the most expensive proposed developments, costing a combined total of 100,000 APE tokens, equivalent to $87,000 at current prices.
Previously, on April 3, the ApeCoin community unanimously approved a proposal to register “.APE” as a new top-level domain with the Internet Corporation for Assigned Names and Numbers (ICANN).
Currently, ApeCoin is trading at $0.85, down over 96.8% from its all-time high of $26.70, reached roughly two months after its launch in March 2022.
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Rho Markets, a liquidity layer and lending protocol on Scroll, has suffered a significant breach, losing over $7.6 million in USD Coin and USDT.
This incident is another major setback for the cryptocurrency industry.
The breach occurred when a malicious actor gained access to the protocol’s blockchain oracle, according to a July 19 post on X by blockchain security firm Cyvers.
Cyvers reported, “@RhoMarketsHQ has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform! Root cause of this incident seems to be an oracle access control by a malicious actor!”
READ MORE: German Government’s Rapid Bitcoin Sales Impact Market, Price Recovers After Supply Depletion
This attack follows closely on the heels of a hack on Indian cryptocurrency exchange WazirX, which lost $230 million worth of cryptocurrency, making it the second-largest crypto heist of 2024.
This week has proven particularly profitable for cryptocurrency hackers, marking the second most lucrative week for stolen funds in 2024.
On July 18, WazirX was hacked for over $230 million, with the attacker converting $149 million worth of Shiba Inu tokens and other altcoins into Ether.
Just two days prior, on July 16, the Li.Fi protocol was exploited, resulting in over $10 million worth of cryptocurrency being drained through a smart contract exploit. This incident has since been contained.
Further compounding the week’s challenges, players of the viral Telegram-based game Hamster Kombat were targeted by phishing attacks and fake cryptocurrency airdrops, designed to steal user credentials, according to cybersecurity firm Kaspersky.
Crypto hacks remain a significant issue in the decentralized finance space, impeding the broader adoption of cryptocurrencies.
Over the past 13 years, nearly $19 billion worth of digital assets have been stolen in 785 reported hacks and exploits since the first known crypto hack on June 19, 2011.
In February 2024, PlayDapp experienced a $290 million security breach, the largest single crypto heist in the past two years.
Additionally, 2024 may surpass 2023 in terms of stolen funds, with $542.7 million worth of cryptocurrency stolen in the first quarter alone, representing a 42% increase compared to the same period in 2023.
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The International Association for Trusted Blockchain Applications (INATBA) released a report revealing that European Union blockchain projects have moved past the hype phase, now focusing on practical applications across various industries and the public sector.
The report highlights significant public infrastructure initiatives, including the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF), both crucial in shaping Europe’s digital future.
Projects enhancing transparency and efficiency in EU supply chain management are now concentrating on Supply Chain and Digital Product Passports (DPP).
On July 12, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions for DPPs.
Industry experts also propose blockchain-based ZK-proofs as solutions for the EU’s proposed digital IDs.
INATBA’s findings suggest that the next decade will be “pivotal” for blockchain in enhancing security, automation, governance, and efficiency.
It advises public institutions and corporations to “invest robustly” to remain competitive and sustainable.
Over the past 30 years, the industrial sector has witnessed rapid technical innovation, including advancements in connected data exchange, cloud computing,
READ MORE: Metaplanet Buys $1.2M in Bitcoin Amid Rally, Shares Soar 25%
Internet of Things, and now blockchain and AI. These developments facilitate the digital execution and planning of industrial services but also pose challenges for legacy systems and potential AI threats.
In the last five years, industrial priorities have shifted towards resilience and adaptability.
The report emphasizes that blockchain must be considered a “fundamental” element in this context.
It states, “Innovation is no longer optional but essential for navigating future challenges, requiring continuous pursuit of excellence.”
However, the report also acknowledges challenges accompanying innovation. Short-term challenges include the efficient organization and management of industrial processes and resources leveraging blockchain and AI.
Europe remains one of the most proactive regions globally in addressing emerging technologies such as AI, blockchain, and cryptocurrencies, issuing regulations for these industries to ensure they are effectively managed and integrated into the economy.
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Asset management firm BlackRock has announced a fee of 0.25% for its spot Ethereum exchange-traded fund (ETF) ahead of its potential launch next week.
BlackRock’s S-1 registration statement, filed on July 17, outlines that the fee will accrue daily at an annualized rate of 0.25% of the fund’s net asset value.
This fee is payable at least every three months in US dollars, in-kind, or a combination of both.
The firm also mentioned it might waive all or part of the fee for certain periods and plans to do so upon the fund’s launch.
BlackRock’s spot Ether ETF will initially trade at a 0.12% fee until either 12 months pass or the fund accumulates $2.5 billion in net assets, whichever occurs first.
This approach mirrors the fee structure of the iShares Bitcoin Trust.
Other firms have also detailed their proposed fees and waiver periods in their S-1 registration forms. Franklin Templeton’s spot Ether ETF will charge the lowest fee at 0.19%.
The Bitwise Ethereum ETF and VanEck Ethereum ETFs are set at 0.20%, while the 21Shares Core Ethereum ETF’s fee is 0.21%.
Both Fidelity and Invesco Galaxy will offer a 0.25% fee, similar to BlackRock.
However, several firms, including Bitwise, Fidelity, Franklin Templeton, 21Shares, and VanEck, have proposed waiving their fees initially.
VanEck will waive its fee for the first 12 months or until the fund reaches $1.5 billion in net assets. Bitwise will waive its fee for the first six months or $0.5 billion in net assets.
Franklin Templeton has set a waiver until January 31, 2025, or $10 billion in net assets.
Fidelity’s fees will be waived until January 1, 2025, after which they will increase to 0.25%.
Meanwhile, Grayscale will maintain a fee of 2.5% for its spot Ether ETF but will offer a more competitive fee of 0.25% for its newly approved Grayscale Ethereum Mini Trust.
Grayscale plans to use 10% of its spot Ethereum ETF to establish the Ethereum Mini Trust, providing $1 billion in seed funding.
Reports indicate that BlackRock, Franklin Templeton, and VanEck have already received preliminary approval from the United States securities regulator.
Bloomberg ETF analyst Eric Balchunas expects the S-1s to be signed off next Monday, allowing the spot Ether ETFs to start trading on Tuesday, July 23.
Bitwise’s chief investment officer, Matt Hougan, speculated that the spot Ether ETFs could attract up to $15 billion in inflows within the first 18 months of trading, similar to the spot Bitcoin ETFs’ performance since their launch six months ago.
If approved, the spot Ether ETFs will be listed on the Nasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.
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Ethereum‘s price may decline after the initial excitement surrounding spot Ethereum exchange-traded funds (ETF) fades, especially if its supply continues to grow at the current rate, according to an analyst.
“If the supply of ETH keeps increasing by ~60k/month like it has been since April, then by Dec the supply will be back to what it was at the merge,” noted crypto trader and Into The Cryptoverse founder Benjamin Cowen in a July 19 X post.
This refers to the period when Ethereum transitioned to its proof-of-stake consensus model in September 2022.
Post-Merge, Ethereum became deflationary, reducing its supply by approximately 455,000 ETH by April 2024.
However, since then, the supply has increased by about 150,000 ETH. Cowen suggests that if this trend continues, Ethereum’s supply might revert to pre-Merge levels.
“If the supply of ETH keeps increasing at 60,000 ETH per month, then we will see the supply revert to what it was back at the merge,” Cowen reiterated.
He also highlighted, “If it follows 2016, then ETH/BTC final capitulation will not start until September 2024, which would be enough time for the novelty of the spot ETF relative to BTC to potentially wear off.”
Cowen predicts Ether’s price might drop within the next “3-6 months,” despite his belief that in 1.5 years, the price will “likely be higher” than its current value.
READ MORE: Worldcoin Faces Allegations of Price Manipulation Amid Token Unlock Delay
At the time of publication, Ether is trading at $3,507, according to CoinMarketCap.
Onchain analyst Leon Waidmann recently highlighted a “supply crisis” for Ethereum, pointing out that exchange balances have dropped to 10.2% while 39.3% of ETH is locked in smart contracts.
“Most investors don’t realize how tight the ETH supply side is,” Waidmann noted in a July 16 X post.
Meanwhile, the Chicago Board Options Exchange (CBOE) announced on July 19 that five spot Ethereum ETFs would begin trading on July 23, pending regulatory approval.
These include the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
On May 23, the United States Securities and Exchange Commission (SEC) approved rule changes allowing the listing of several spot Ether ETFs.
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According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.
This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated.
The report, which focuses on the period through June 30 but includes more recent data, added, “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
Another bullish signal identified by ARK is investors’ sustained appetite for BTC exchange-traded funds (ETFs).
The report highlighted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs.
By June 30, the drop in BTC’s spot price had overshot the 30-day percent change in BTC ETF flows by 17.3%.
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July saw billions of dollars of net inflows into BTC ETFs, with about $1.35 billion entering the funds in the week ending July 15, according to CoinShares.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo.
Despite these positive signals, there are risks to BTC’s continued strong performance from global economic data.
ARK noted that corporate profits are steadily falling as pricing power diminishes, indicating economic weakness.
Bitcoin prices also face potential challenges from the defunct cryptocurrency exchange Mt. Gox’s repayment of approximately $9 billion in BTC to creditors.
However, unlike Germany’s abrupt sell-off, industry analysts believe that creditors may opt to hold onto their BTC, which could soften any potential negative impact on the broader market.
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Creditors of the hacked cryptocurrency exchange Mt. Gox are not rushing to sell their Bitcoin payouts, according to a Reddit community vote.
A recent poll on the Mt. Gox Insolvency subreddit revealed that most Mt. Gox creditors plan to retain their Bitcoin payouts.
These payouts are being received nearly 11 years after the Mt. Gox hack.
Mt. Gox Insolvency is a subreddit for those affected by the 2014 collapse of Mt. Gox and participating in the official insolvency process in Tokyo through the Japanese court system.
According to the poll, which closed on July 13, approximately 260 creditors (56% of 467 participants) plan to hold onto their Bitcoin.
This decision aligns with the Bitcoiner strategy known as hodl, where investors hold onto BTC despite price fluctuations.
Conversely, 88 respondents (about 20%) indicated they would sell 100% of their BTC payouts. Around 14% said they would sell up to 25% of their BTC, while about 6% planned to sell up to 50%.
While the poll may reflect investor sentiment on the subreddit, it doesn’t paint the full picture.
Discrepancies in payout amounts and the fact that only a fraction of creditors participated in the vote are significant factors.
“This is all good fun, but doesn’t mean anything,” one Redditor commented, highlighting the variance in BTC holdings among creditors.
Another poster added, “You cannot take the results of this survey and calculate the percentage of Bitcoin that will be sold and be anywhere near accurate unless you get lucky.”
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Despite these limitations, some believe the polls are useful.
“The polls about receiving fiat from the trustee changed every week with the increased disbursement and showed how many creditors were compensated,” a Mt. Gox creditor told Cointelegraph.
Mt. Gox was once the world’s largest Bitcoin exchange, handling approximately 70% of all BTC transactions before its collapse in 2014.
The exchange lost 850,000 BTC (4% of all issued Bitcoin) in a security breach. Over the years, the Mt. Gox trustee has recovered about 141,000 BTC to repay creditors.
As of July 17, more than 36% of the owed BTC had been distributed. Over 13,000 creditors received repayments in Bitcoin and Bitcoin Cash as of July 16.
According to Mt. Gox Balance Bot, the trustee’s current balance is 47,228 BTC, worth about $3 billion. Since May 30, 94,457 BTC has been moved from these addresses.
Django Bits, the creator of Mt. Gox Balance Bot, noted that recent transactions to Kraken might require adjustments to the bot.
“Last week, the trustee sent a big chunk, but it turned out that most of it was sent to a change address,” he told Cointelegraph.
“I did not yet have time to check the movements but I might need to adjust the bot again,” he added.
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South Korea’s ruling People’s Power Party has proposed delaying the country’s tax on crypto trading profits.
On July 12, the party submitted the proposal, highlighting a negative sentiment towards crypto assets. The proposal stated that rapidly imposing taxes on virtual assets is “not advisable at this time.”
The party argued that crypto assets have higher risks compared to stocks, and imposing income tax could drive investors away from the market.
Originally, the tax on cryptocurrency gains was set to begin on Jan. 1, 2025. However, if the proposal is approved, the implementation will be postponed until Jan. 1, 2028.
As part of its campaign before South Korea’s general elections in April, the People’s Power Party promised to delay the crypto gains tax by two years.
On Feb. 19, the party emphasized the need to establish a comprehensive crypto framework before diving into taxation.
They stressed that crypto should only be taxed once a solid framework is in place.
A party representative pointed out that, unlike the stock exchange, there are no mandated entities to oversee crypto transactions.
Therefore, the party believes that spending two years to develop such a system is necessary.
The Korea Economic Daily reported that the plan to tax crypto gains was initially set to be implemented in 2021.
However, due to backlash from crypto industry leaders and stakeholders, the government delayed the tax implementation to 2023, and later to Jan. 1, 2025, to address investor concerns.
If the new proposal is accepted, the crypto gains tax will be delayed by nearly seven years from its original schedule.
Currently, South Korean investors must pay a 20% capital gains tax if their annual gains exceed 2.5 million won (approximately $1,800).
This threshold is much lower than that for stocks, where only gains exceeding 50 million won (about $36,000) are subject to taxation.
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