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Weekly crypto update: Nigerian startup shutdown, Binance’s 23rd BNB burn, Arizona blockchain tax bill vetoed, Bitrue hack



Cryptocurrency market is rapidly evolving with constant changes and updates. In this weekly update, we will cover some of the most significant events that occurred in the world of cryptocurrency this week.

Shutdown of Nigerian Crypto Payments Startup, Lazerpay

Laserpay, a Nigerian led DeFi company, announced on April 13, 2023, that it was shutting down its operations due to its inability to raise funds. The company’s decision to shut down was necessary, according to the statement released by the founder and CEO, Emmanuel Njoku. The startup had in November, 2022 announced layoffs, after its lead investor pulled out. The company has recommended that merchants use the bank or crypto payout options and withdraw their funds from the platform before April 30, 2023.

Binance’s 23rd BNB Burn

Binance, one of the world’s largest cryptocurrency exchanges, completed its 23rd BNB burn recently, including the auto burn and Pioneer burn program. The total BNB burn was about 2,020,132.25 BNB, with an approximate value in USD of $676,744,304. The Pioneer Burn program also permanently removes an amount of BNB from circulation equal to provable lost funds by eligible BNB chain users.

Arizona Blockchain Tax Bill Vetoed

Governor Katie Hobbs of Arizona vetoed legislation that would have largely stopped local authorities from imposing taxes on individuals and businesses running blockchain nodes. The legislation aimed to reduce or eliminate regulation and taxation of node operators at the state level. However, the governor’s decision to veto the bill means that cities and towns can impose taxes or fees on persons or entities running a node on blockchain technology.

Bitrue Suffers Hack

Bitrue, a cryptocurrency exchange, suffered a hot wallet exploit that allowed attackers to withdraw various cryptocurrency assets worth nearly $23 million. The firm had to temporarily suspend all withdrawals due to a brief exploit of its hot wallet. Bitrue expects to reopen withdrawals on April 18, 2023, after conducting additional security checks.

Amazon’s Bedrock AI Servers

In other news, Amazon announced the launch of its Bedrock AI servers to take on Google and Open AI. Bedrock will allow Amazon Web Services (AWS) users to build out generative AI from foundation models (FMS). FMS such as GPT-4 is an example of such a model with Chat DPT being a generative AI application built on top of it. Bedrock is a serverless experience where users can privately customize FMS with their data.

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