Headlines

▌LayerZero launched a bug bounty program with a maximum prize of 15 million US dollars

LayerZero Labs has partnered with Immunefi to launch a bug bounty program with a maximum bonus of $15 million.

The program's bounty makes it the largest bug bounty program in the Web3 space, surpassing MakerDAO's $10 million bounty.

LayerZero spent about $5 million on audits last year, said LayerZero co-founder and CEO Bryan Pellegrino.

Policies

▌U.S. President Biden: I am confident that a (debt ceiling) agreement will be reached, and I am sure that the United States will not default

U.S. President Joe Biden said that he had had a productive meeting about the debt ceiling yesterday.

“I am confident that there will be a (debt ceiling) deal, that the US will not default. This negotiation is about the rough outline of the budget. The leaders agreed that we will not default.”

▌South Korean Prime Minister Han Deok-soo: Cryptocurrency should be included in the property registration of senior officials

South Korean Prime Minister Han Deok-soo said on the 17th that the members if the Korean National Assembly have not disclosed their cryptocurrency holdings, and that such holdings should be included in the property registration of senior officials.

The Bureau of Congressional Affairs will be asking members whether it owns cryptocurrencies such as bitcoin when declaring assets this year.

According to previous news, the Justice Party of South Korea advocated the investigation of the status of virtual asset holdings of all members of Congress, and submitted the consent form of 6 members of the Congress to provide personal information to the National Rights Committee.

Cryptocurrency

▌Pakistan does not plan to legalize cryptocurrency transactions

Aisha Ghaus, Pakistan's Minister of State for Finance, said it was impossible to legalize cryptocurrency trading, citing its recent removal from the Financial Action Task Force's (FATF) "gray list."

Another reason the country cannot legalize cryptocurrency is that it could be used for terror financing. The FATF's controversial "travel rule" requires countries to collect and share information on cryptocurrency transactions to curb money laundering and other illicit uses.

▌Bloomberg strategist: If the US defaults, the Bitcoin industry will collapse

Bloomberg senior strategist Mike McGlone believes that if the United States defaults, the stock and encryption markets will collapse.

If that happens, risky assets will initially rise but then face the same crash as traditional industries. Bitcoin will bear the brunt of such a collapse.