Photo credit: Al Drago/Bloomberg

Byteline Rewind: Catch up on some of the biggest crypto stories you missed over the weekend. Bitcoin and meme coins surged after a failed assassination attempt on Trump, whistleblowers called for an SEC probe into OpenAI, and Binance’s tax evasion case in Nigeria is set for an October verdict. Plus, crypto trading volume is projected to hit $108 trillion this year, and South Korea may delay crypto gains taxes until 2028.

Bitcoin, meme coins rally after failed Trump assassination attempt

Bitcoin’s price rose on July 13 on the heels of reports that former United States president Donald Trump was attacked at a Pennsylvania campaign rally.

Bitcoin immediately spiked to $59,796 in less than an hour after news broke that the presumptive Republican nominee for the 2024 US Presidential Elections survived a shooting, per CoinGecko. At the time of writing, the price of the largest crypto by market value continued to go up, exchanging hands at above $62,000, up 12.6% in the past week.

Meanwhile, the value of the MAGA (TRUMP) meme coin surged more than 30%, from $6.31 to $10.36 immediately after the attack. Its total market capitalization jumped from $293 million to $469 million in less than 45 minutes, according to DexScreener data.

Solana-based Tremp (TREMP), another Trump meme coin, also witnessed an uptick, jumping more than 63% in the hour following the news. MAGA Hat (MAGA) briefly rose 21% within the same timeframe.

OpenAI whistleblowers urge SEC to probe AI startup’s NDAs

Whistleblowers from OpenAI, the artificial intelligence (AI) startup behind ChatGPT, have filed a complaint with the US Securities and Exchange Commission (SEC) alleging the use of illegal non-disclosure agreements (NDAs), according to documents obtained by The Washington Post. The whistleblowers claim that these agreements prevented employees from reporting safety and other concerns to federal authorities.

Complainants call for a probe into OpenAI’s past NDAs and a review of the company’s current practices. The whistleblowers argue that these agreements violate SEC rules and could hinder efforts to ensure the responsible development of AI, a technology with significant potential risks.

OpenAI, however, denies any wrongdoing. A spokesperson stated that the company’s “whistleblower policy protects employees’ rights to make protected disclosures” and emphasized their commitment to “rigorous debate” about AI technology. The company claims to have already made changes to remove non-disparagement terms from their departure process.

Read more: Microsoft, Apple drop OpenAI board seats amid regulatory scrutiny

Binance’s Nigeria tax evasion vase set for October verdict

A Nigerian court has reportedly scheduled October 11 for the ruling in a tax evasion trial against Binance Holdings Limited.

The crypto exchange and its directors are facing four counts of tax evasion for failing to register with the Federal Inland Revenue Service (FIRS). Binance, through its lawyer Ayodele Omotilewa, pleaded not guilty to all charges and has called for their dismissal, citing a lack of substance.

This case follows the dismissal of similar tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, in June. However, both executives still face separate money laundering charges, which they deny.

The court’s decision to adjourn the case until October will allow for further review of evidence and preparation by both the defense and the prosecution.

Crypto trading volume to hit $108T in 2024 — CoinWire

A new study by CoinWire predicts that the global crypto trading volume will surpass $108 trillion by the end of 2024, a 90% increase from 2022.

Europe is expected to lead the market, accounting for 37% of global crypto transaction value, with a projected trading volume of $40.5 trillion, a significant increase from $15 trillion in 2022. This growth is attributed to Europe’s robust financial infrastructure, increasing adoption of digital assets, and a progressive regulatory framework, notably the EU’s landmark Markets in Crypto-Assets (MiCA) Regulation.

While the US boasts the highest projected trading volume, surpassing $2 trillion, it trails Europe in terms of global transaction value. Asia follows closely behind Europe, contributing 36% of the global crypto transaction value, and is expected to reach $39.3 trillion in trading volume by the end of 2024. Africa, South America, and North America are also projected to see substantial growth in trading volume.

South Korea mulls delaying crypto tax to 2028

South Korea’s ruling People Power Party has proposed postponing the planned 20% tax on crypto gains until 2028, citing negative investor sentiment and the need to protect investors in a volatile market. The tax, initially set to take effect in 2022, has already been delayed twice to January 2025 due to significant pushback from investors and industry experts.

The proposal is aligned with President Yoon Suk-yeol’s campaign promise to postpone the tax. However, the Ministry of Economy and Finance has yet to decide on the matter and is expected to announce new tax code amendments at the end of July. The delay, if approved, could significantly impact the country's crypto landscape and investor behavior.

Read more: Italy central bank to issue guidelines on EU crypto rules