The Unchained Web #200

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Monthly Bitcoin production drops as miners fight rising hashrate

Bitcoin miners faced production challenges in January as rising network difficulty impacted operations. Major miners like Hut 8, Mara, and Bitfarms reported decreased monthly Bitcoin production compared to December 2024, with drops of up to 27%. Only Riot Platforms bucked the trend with a 2.1% increase thanks to its new Texas facility. The difficulty increase of 27.8% since the April 2024 halving has pushed miners to upgrade equipment and optimize operations to maintain profitability. For more, click here.

US wants to bring stablecoins onshore, Trump's crypto czar says

The Trump administration is advancing plans to regulate and bring stablecoin innovation onshore, according to crypto czar David Sacks. With stablecoins representing a $227 billion market dominated by US dollar-pegged tokens, the administration sees an opportunity to extend dollar dominance digitally while potentially creating trillions in new demand for US Treasuries. The initiative focuses on supporting "lawful and legitimate" dollar-backed stablecoins while prohibiting central bank digital currencies. For more, click here.

El Salvador buys 12 Bitcoin in a day, bringing reserve to 6,068 BTC

El Salvador continues expanding its Bitcoin holdings despite recent agreements with the IMF, purchasing 12 BTC in a single day. The latest acquisitions, made at an average price of around $100,000 per Bitcoin, bring the country's total holdings to 6,068 BTC valued at over $554 million. While El Salvador recently agreed to make some changes to its Bitcoin laws under an IMF deal, the Bitcoin Office maintains the country's commitment to "stacking sats" will intensify in 2025. For more, click here.

Chinese national charged with stealing Google AI trade secrets

A former Google software engineer, Linwei Ding, faces serious charges for allegedly stealing over 1,000 confidential files related to AI technology. The stolen information included proprietary data about Google's hardware infrastructure and AI supercomputing systems. Prosecutors claim Ding secretly established connections with Chinese tech companies and founded his own AI company in China while employed at Google. If convicted on all counts, he could face up to 175 years in prison and $36.75 million in fines. For more, click here.

Blackrock Plans to Launch a Bitcoin ETP in Europe: Bloomberg

The world's largest asset manager, BlackRock, is preparing to expand its crypto offerings with a Bitcoin exchange-traded product in Europe. Following the success of its US-based iShares Bitcoin ETF, which has accumulated nearly $60 billion in assets, the new Swiss-based fund could begin marketing this month. This move represents BlackRock's first crypto-linked ETP outside America and could significantly impact the competitive landscape of European crypto investment products. For more, click here.

Alchemy Pay acquires Korea Electronic Financial Business registration

Cryptocurrency payment provider Alchemy Pay has strengthened its presence in South Korea by acquiring an Electronic Financial Business registration through investment in EZPG Co. This strategic move allows the company to process crypto transactions and integrate with popular local payment methods like KakaoPay and Naver Pay. The expansion comes as South Korea emerges as Asia's largest crypto market, with transactions valued at $130 billion between July 2023 and June 2024. For more, click here.

FDIC releases 790 pages of crypto-related letters in regulatory pivot

The Federal Deposit Insurance Corporation has released 790 pages of correspondence revealing its historically resistant approach to banks offering crypto services. FDIC Acting Chairman Travis Hill announced a reevaluation of their supervisory approach, marking a significant shift in stance. The documents, released following Coinbase's Freedom of Information Act requests, show that bank requests for crypto-related activities were consistently met with resistance and delays. This release comes amid investigations into "Operation Chokepoint 2.0" and concerns about document preservation. For more, click here.

Who is Andean Medjedovic, the alleged $48M KyberSwap hacker?

Federal prosecutors have charged Andean Medjedovic in connection with $65 million in DeFi protocol hacks. A mathematics prodigy who graduated high school at 14 and completed his master's degree by 18, Medjedovic allegedly exploited KyberSwap and Indexed Finance using sophisticated trading manipulations. Currently at large, he faces multiple charges including wire fraud and computer hacking, with his activities traced across Europe and South America after fleeing Canadian authorities in 2021. For more, click here.

Blocksquare launches EU-compliant real estate tokenization framework

Blockchain-based real estate platform Blocksquare has introduced a groundbreaking property tokenization framework in Luxembourg. The system enables property owners to tokenize economic rights while integrating with land registries through notarized agreements. This development comes as the real-world asset tokenization industry reaches an all-time high of $17.1 billion, with the framework leveraging the EU's Markets in Crypto-Assets Regulation to streamline real estate investment for retail investors. For more, click here.

0G Foundation launches $88M fund for AI-powered DeFi agents

The 0G Foundation has announced an $88.88 million ecosystem fund to accelerate the development of AI-powered decentralized finance applications and autonomous agents. Backed by major Web3 investment firms including Hack VC and Delphi Ventures, the fund aims to support projects creating practical solutions in areas such as climate change, healthcare, and education. The initiative comes as AI agents emerge as a potential leading crypto investment narrative for 2025. For more, click here.

Reservoir, NFT infrastructure provider for Coinbase and MetaMask, raises $14M

NFT infrastructure provider Reservoir has secured $14 million in Series A funding led by Union Square Ventures, with participation from Variant, Archetype, and Square Peg Capital. The company, which provides infrastructure for major platforms like Coinbase and MetaMask, plans to use the funding to expand its tools for indexing token data and interacting with decentralized exchanges. This development comes as the NFT market shows signs of recovery, with sales reaching $877 million in December despite overall market volatility. For more, click here.

Ondo Finance brings stocks and bonds onchain with new platform

Real-world asset tokenization platform Ondo Finance has launched Ondo Global Markets, a new platform aimed at bringing US securities onchain. The initiative will enable the creation of transferable tokens connected to over 1,000 securities listed on NYSE and Nasdaq, including stocks from companies like Apple and Tesla. Each token will be backed 1:1 by the underlying security, offering 24/7 trading accessibility from anywhere in the world. For more, click here.

South Korean elders need Bitcoin, Ether ETFs, finance industry chief says

The Financial Investment Association of South Korea's chief has committed to pushing for cryptocurrency ETF approvals in 2025, citing growing interest from investors over 50. This comes as South Korea experiences a 450% increase in new crypto exchange registrations, with nearly half of applications coming from individuals aged 40 and above. The nation has become one of the world's most active cryptocurrency markets, with its currency surpassing the US dollar in crypto trading volume in early 2024. For more, click here.

US senator introduces bill that could criminalize downloading DeepSeek AI

Senator Josh Hawley has introduced legislation that would prohibit the import and export of AI technology between the US and China, potentially criminalizing the download of AI chatbots like DeepSeek. The bill proposes severe penalties including fines up to $1 million for individuals and $100 million for companies, along with potential jail terms of up to 20 years. The legislation has sparked debate in the tech community, with critics arguing it could harm open-source development and Western progress in AI. For more, click here.

Crypto-stealing malware found in Android, iOS app-making kits: Kaspersky

Cybersecurity firm Kaspersky Labs has discovered malicious software called SparkCat in app development kits targeting both Google Play Store and Apple App Store. The malware scans users' photos for crypto wallet recovery phrases using optical character recognition technology, potentially enabling theft of cryptocurrency funds. With an estimated 242,000 downloads since March, the malware has primarily affected users in Europe and Asia, appearing in both legitimate and fake apps across multiple platforms. For more, click here.

SEC is scaling back its crypto enforcement unit

The Securities and Exchange Commission is reportedly reducing its 50-staff crypto enforcement unit, with lawyers being reassigned to other departments. This scaling back comes amid larger leadership changes at the agency following President Trump's inauguration, including the departure of chief enforcement officer Gubir Grewal and deputy director Sanjay Wadhwa. The shift suggests a potential softening in the SEC's approach to crypto regulation. For more, click here.

Republicans announce formation of bicameral crypto working group

Republican leadership has announced a new working group comprising members from four key congressional committees to focus on crypto regulatory framework and stablecoin legislation. The group, separate from President Trump's executive order-mandated working group, will include representatives from the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee. The initiative aims to maintain US leadership in financial technology and digital assets. For more, click here.

Tether Pushes Forward with AI Development Despite Sector Setbacks

Tether CEO Paolo Ardoino has unveiled three AI applications under development: an AI translator, voice assistant, and Bitcoin wallet assistant. These apps will operate locally on devices to ensure privacy and self-custodial control. Tether is also preparing to launch an open-source AI SDK platform built on Bare, Holepunch's JavaScript runtime. This AI initiative comes as Tether reports $13 billion in net yearly profits and maintains its position as the dominant stablecoin with a $140.5 billion market cap. For more, click here.

FDIC Releases Trove of 'Operation Chokepoint 2.0' Crypto Documents

The FDIC has unexpectedly released 790 pages of documents revealing its regulatory approach to banks' crypto activities. The release coincides with Senate hearings on "debanking" and shows how the agency consistently discouraged banks from engaging with crypto firms. While the FDIC claimed banks weren't prohibited from serving any customer type, industry advocates argue the correspondence proves the existence of a systematic debanking campaign targeting crypto companies. For more, click here.

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