Below are the top crypto news highlights for the week.

Monday, 13th November, 2023

Topic: Raft Hack Caused the DeFi Exchange to Lose $3.3Million in Ether (ETH)

Key Takeaways

  • Raft is a DeFi lending platform that issues the R stablecoin, backed by liquid staking ether (ETH) variants, including stETH from Lido.
  • Only 7 ETH remained in the attackers’ possession after 1,570 ETH were transmitted to a burn address, effectively wiping off most of the stolen goods. 
  • In the immediate aftermath, the stablecoin saw a sharp decrease of up to 50% from its declared $1 value, but according to Coinmarketcap data, it eventually recovered to about 70 cents.

Tuesday, 14th November, 2023

Topic: A 2023 Bipartisan Bill Introduced in the House Against Chinese-Linked Blockchain Technology

Key Takeaways

  • A bipartisan bill introduced in the U.S. House last week seeks to limit the federal government’s acquisition and application of blockchain technologies
  • On November 8, Representatives Zach Nunn (R-Iowa) and Abigail Spanberger (D-Va.) presented the bill, emphasizing that it would address cybersecurity issues related to Chinese government-affiliated technology companies.
  • Spanberger emphasized how important the law is to provide a wall between the federal government and blockchain technology that the Chinese Communist Party owns.

Top Weekly Crypto News Highlights

Wednesday, 15th November, 2023

Topic: The 2022 Controversial India Crypto Tax Policy Was a Failed Exercise

Key Takeaways

  • In 2022, the government of India imposed a 1% tax deducted at source (TDS) on cryptocurrency transactions.
  • Since the July 2022 introduction of the TDS tax, there has been a notable decline in trading on Indian exchanges such as CoinDCX, WazirX, and CoinSwitch. 
  • According to the Esya Centre, an Indian think tank, the Indian government’s controversial crypto tax policy was a failed exercise.

Thursday, 16th November, 2023

Topic: PayPal Announces That Blockchain is the New and Solid Foundation Of Finance

Key Takeaway

  • PayPal announces that blockchain is the new foundation of finance and reaffirms its dedication to “payment innovation.”
  • In “Pay How You Want,” a blog post, PayPal asserts that blockchain is the new payment rail changing how people deal.
  • PayPal emphasizes the importance of blockchain in the significant revolution of the global payment system while also noting that some people reject it as a passing trend.