Zimbabwe to launch gold-backed digital currency, KuCoin to reimburse Twitter hack victims

KuCoin's official Twitter account was compromised ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.17T (-0.40%) 24 Hour Volume $37.03B (+23.23%) Notable Movers[(STX) $0.74]( (+1.96%) Notable Movers (DeFi)[(FXS) $8.22]( (+2.48%) Bitcoin Dominance 45.79%[(+0.00%)]( Bitcoin Price[(BTC) $27,353.15 (-0.83%)]( Ethereum Price[(ETH) $1,849.82 (-0.81%)]( Cardano Price[(ADA) $0.3895 (+0.18%)]( Today’s Top Stories Zimbabwe’s Central Bank To Introduce Gold-backed Digital Currency The Reserve Bank of Zimbabwe plans to launch a gold-backed digital currency as legal tender to stabilize its local currency and counter depreciation against the U.S. dollar. This initiative enables Zimbabweans to exchange small amounts of local currency for digital gold tokens, mitigating currency volatility. For over a decade, Zimbabwe has struggled with rampant inflation — reaching 108.7% last October — resorting to the U.S. dollar and reintroducing its own currency at various points. Crypto adoption has increased in African countries due to economic challenges, and the Middle East and North Africa region is the fastest-growing region for crypto adoption, according to Chainalysis. KuCoin’s Twitter Account Hacked Early Monday Morning KuCoin's official Twitter account was compromised on April 24, at 12am (UTC+2), for 45 minutes. This led to users losing funds in a fake giveaway event. The exchange has promised to reimburse the losses — a total of 22 transactions were identified — and is working on improving its security measures. This comes on the back of a growing number of hacks, where attackers target crypto exchanges and other Web3 platforms, such as NFT projects, to promote scams and exploit users, posing a challenge for the industry. Trust Wallet To Reimburse Users Affected by $170,000 Exploit Crypto wallet Trust Wallet disclosed a security vulnerability, identified in their bug bounty program, leading to a loss of nearly $170,000 for some users. The issue has been patched, and Trust Wallet will refund affected users and offer gas fee assistance. The vulnerability affected wallet addresses generated between November 14 and 23, 2022 through the Trust Wallet browser extension. Users with vulnerable addresses have been urged to create a new wallet and transfer their funds. The company stressed that security is their “top priority” and has advised developers using the Wallet Core library in 2022 to implement the latest version. South Korean Court Rules LUNA as not a Security A South Korean district court has dismissed charges of security violations against former Terraform Labs CEO and co-founder Hyun-seong Shin, ruling that LUNA, the native token of the Terra ecosystem, is not a security under Korea's Capital Markets Act. The court rejected the prosecution's requests for property confiscation and arrest warrants, making the Terra-LUNA case about fraud and breach of trust rather than Capital Markets Act violations. This ruling contrasts with the US SEC's stance, which has charged Terraform Labs founder Do Kwon with securities law violations. Bored Ape Yacht Club’s Yuga Labs Wins Copyright Case A California court granted Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) NFT collection, a partial summary judgment against Ryder Ripps and Jeremy Cahen, responsible for the RR/BAYC NFT collection. The RR/BAYC NFT collection featured apes in similar poses, and was marketed in the same fashion as BAYC. The court ruled Yuga Labs owns valid and enforceable BAYC trademarks, and the defendants' use of these marks resulted in consumer confusion and did not qualify as fair use or artistic expression. The judge also disagreed with the argument that NFTs are not protected under the Lanham Act, stating that as virtual goods, they still qualify as goods due to their unique properties. [Last Week on Crypto Twitter: Down We Go Again]( Last Week on Crypto Twitter: Down We Go Again Markets dumped but Crypto Twitter never fails to deliver — check out what went down on CT the past week. [Read More]( [Satoshi Files: David Kleiman]( Satoshi Files: David Kleiman David Kleiman was a cybersecurity expert and forensic analyst who was associated with Craig Wright. [Read More]( [Rate Hikes and the Fed – How Do They Affect Crypto Markets?]( Rate Hikes and the Fed – How Do They Affect Crypto Markets? The relationship between the Fed and financial markets is complex. Learn how changes in the monetary policy affect the markets. [Read More]( Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Brought to you with❤️ from CMC Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2023 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States