Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Coinbase Removes Support for Native Bitcoin Payments: Coinbase Commerce discontinues support for native Bitcoin payments, citing challenges in updating its EVM payment protocol for Bitcoin.

2. Worldcoin's WLD Token Skyrockets: Worldcoin's native token, WLD, surges over 140% in seven days, coinciding with surpassing 1 million daily active users on its crypto wallet application, "World App."

3. FixedFloat Confirms $26M Exploit in Bitcoin and Ether: Decentralized crypto exchange FixedFloat confirms a sophisticated exploit resulting in the loss of at least $26 million worth of Bitcoin and Ether.

4. Australian Police Officer Accused of Stealing 81 Bitcoin During Raid: An Australian federal police officer is accused of embezzling 81.62 Bitcoin, valued at approximately $4.2 million, during a drug raid.
   
   All this and more in today’s headlines!

📰 News Highlights:

💳 Coinbase Removes Support for Native Bitcoin Payments [Source][Source]

Coinbase Commerce, a platform facilitating crypto payments for merchants, has made the decision to discontinue support for native Bitcoin and similar UTXO coins. This move, announced by Coinbase's head of product Lauren Dowling, cites challenges in delivering updates to its EVM payment protocol for Bitcoin.

The new iteration of Coinbase Commerce enhances on-chain payment details and automatically converts payments to USDC, a stablecoin, for merchants. However, this transition necessitates users to have a Coinbase account to utilize Bitcoin for payments.

Despite criticism from some quarters concerning this decision and its potential impact on Bitcoin adoption, Coinbase CEO Brian Armstrong emphasizes ongoing efforts to integrate the Lightning Network into Coinbase, potentially opening doors for Lightning-based commerce payments in the future.

📈 Worldcoin's WLD Token Skyrockets [Source][Source]

Worldcoin's native token, WLD, has experienced a remarkable surge of over 140% in just seven days, coinciding with the achievement of a significant milestone: surpassing 1 million daily active users on its crypto wallet application, "World App."

Founded by OpenAI CEO Sam Altman and Alex Blania, Worldcoin aims to introduce a privacy-preserving digital identity verification system and promote Universal Basic Income (UBI) by distributing its WLD token to individuals verifying their identities.

Regardless of facing regulatory scrutiny, particularly regarding privacy concerns related to its iris-scanning technology, Worldcoin's token has seen substantial gains in value amidst a broader crypto market rally.

💰 FixedFloat Confirms $26M Exploit in Bitcoin and Ether [Source][Source][Source]

Decentralized crypto exchange FixedFloat has been targeted in a sophisticated exploit, resulting in the loss of at least $26 million worth of Bitcoin and Ether. 

The exchange, initially citing "minor technical problems," later confirmed the security breach after reports surfaced on social media.

The exploit underscores the ongoing challenges faced by crypto projects in ensuring on-chain security and highlights the need for robust cybersecurity measures to safeguard user funds.

👮‍♂️ Australian Police Officer Accused of Stealing 81 Bitcoin During Raid [Source]

An Australian federal police officer stands accused of embezzling 81.62 Bitcoin, valued at approximately $4.2 million, during a drug raid. The officer allegedly transferred the Bitcoin from a seized hardware wallet to his own possession, prompting an investigation by the National Anti-Corruption Commission (NACC).

The investigation also underscores the importance of robust regulatory frameworks and oversight mechanisms to address potential abuses of power and misconduct within law enforcement agencies.

Transparency, accountability, and adherence to ethical standards are essential for upholding public trust and confidence in law enforcement institutions.

💡 Feature of the Day: 

🚨 VanEck Agrees to SEC Fine [Source][Source][Source]

VanEck, an investment adviser, has agreed to pay a $1.75 million fine to settle SEC charges related to the marketing of its social media-focused exchange-traded fund (ETF). 

The SEC found that VanEck failed to disclose the involvement of a prominent social media personality in promoting the ETF, resulting in a hidden arrangement that tied the influencer's compensation to the fund's growth.

Today’s Sponsor:

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😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com