Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Crypto industry fires back after EU vote to block ‘unhosted’ wallets
The cryptocurrency industry has fired back at the European Parliament, the legislative arm of the European Union, voting in favor of stringent crypto regulations relating to ”unhosted” private wallets.
The guidelines would require crypto service providers to verify the identity of every individual using an unhosted wallet that interacts with them, while any transaction greater than 1,000 euros would need to be reported to authorities.
“Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros,” Coinbase CEO Brian Armstrong wrote on Twitter. “Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds.”
Axie Infinity’s Ronin bridge hacked for over $600M
Axie Infinity’s Ronin Bridge was the victim of a hefty hack worth around $612 million earlier this week, with 173,600 Ether and 25.5 million USD Coin being stolen from the platform.
Ronin developers stated that the attacker used hacked private keys to forge fake withdrawals, draining the funds from the Ronin Bridge in just two transactions.
In a statement on Wednesday, the developers stated that they were “working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.”
Terra smash-buys $139M Bitcoin, wallet reaches 31,000 BTC
As part of the Bitcoin buying spree led by Terraform Labs founder Do Kwon, the Terra wallet belonging to…