Dubai Crypto & Coffee at 8 ☕ 🚨 Dubai: 10th Oct 🚨 👀 Gitcoin $460K error 💰Coinbase 2nd Largest ETH staker 🔴Binance, OKX + MoonPay comply with new rules in UK ❗Ukraine AI regulation❗

10th Oct: Crypto & Coffee at 8

👀 Gitcoin $460K error 💰Coinbase 2nd Largest ETH staker 🔴Binance, OKX + MoonPay comply with new rules in UK ❗Ukraine AI regulation❗

👀 Crypto developer platform Gitcoin has lost approximately $460,000 worth of Gitcoin (GTC) tokens due to an accidental transfer to an unrecoverable contract address. The funds were meant for a merchandise, memes, and marketing budget proposal but ended up in a GTC token contract instead. These funds are now trapped with no way to retrieve them, as reported on October 6 by project lead Coach Jonathan on the Gitcoin governance forum. More info on this here https://lnkd.in/dBMkMRBq

💲 A total of 521,440 GTC tokens were lost in the snafu. The coin was trading at just below $0.90 at the time, making the dollar loss an estimated $461,000.

🚨 Wu reports that a study conducted by Dragonfly data scientist hildobby, using data from Dune analytics, shows that Coinbase currently holds 3.873 million staked ETH, making up 14.1% of the total staked ETH. Coinbase’s significant presence in the ETH staking arena is second only to the liquid staking platform, Lido DAO, which controls a remarkable one-third of all staked ETH.

🚨 Binance and Kraken Digital Asset Exchange have a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking pool comes third with a 4.9% market dominance.

💡 Binance, OKX, and MoonPay, have made announcements regarding their efforts to adhere to the United Kingdom’s recently introduced regulations on financial promotions.
Official anncoument via Binance here https://lnkd.in/dcNf83j9
Official announcement via OKX here https://lnkd.in/dg-mq6Td
In summary
- Binance will limit U.K. retail users to compliant services like trading, Binance Pay, and NFTs from Oct. 8.
- They will stop offering non-compliant products such as gift cards and referral bonuses.
- These changes affect U.K. retail users but not exempt groups like institutional investors.
- OKX reduced token offerings and added clear risk warnings on its platform.
- They’ve launched a U.K. social media account for compliant updates.
- MoonPay is also adapting to comply with the new FinProm rules, facing global challenges.

🔆 Ukraine’s Ministry of Digital Transformation presented its regulatory roadmap for artificial intelligence (AI) on Oct. 7 Info here https://lnkd.in/dP9Kxcje Cointelegraph states the aim of the regulation is to help local companies prepare for adopting a law analogous to the European Union’s AI Act. It also seeks to educate citizens on protecting themselves from AI risks. Article here https://lnkd.in/dMEMmX2t

🎙️ Check out Blockchain DXB’s Crypto & Coffee at 8 we share our opinion on this. Also, see slides 1 & 2 for a global snapshot of the crypto market
 

🟠 Two UAE news (See slides)
⚡ Dubai Regulator Blocks the Sale and Distribution of Islamic Coin
⚡ Abu Dhabi’s IHC to acquire 10% stake in crypto firm Phoenix Group

For slides click here: https://tinyurl.com/yc76s5kc

Link here: https://bit.ly/3f46zC5

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