An overview of current news in the crypto space

Bit Team
4 min readOct 30, 2023

In our digest, we took a look at some important crypto industry news over the past week:

  1. Turkey plans to create its own cryptosystem in 2024
  2. Mastercard plans to partner with MetaMask and Ledger to develop crypto wallets
  3. Ledger unveils controversial cryptocurrency wallet ‘cid-phrase’ recovery feature
  4. LastPass hack: $4.4 million lost in a day

Now for more details. Reading time: 6 minutes.

  1. Turkey plans to establish its own cryptosystem in 2024, as part of the President’s 2024 program. According to Article 400.5 published in the Official Gazette of the Republic of Turkey, studies are planned to identify crypto-assets that may be subject to taxation. Cryptocurrencies will also be given a legal definition. However, the document does not provide details on future regulations. Last year, Turkey became the second most searched country for cryptocurrency-related searches and the use of cryptocurrency in the country increased elevenfold. The Central Bank of the Republic of Turkey also conducted the first test of the digital currency and the government has expressed support for the digital lira project. This move by Turkey aims to regulate and control the growing cryptocurrency market, creating a framework for transparency and accountability in the sector.
  2. Mastercard announced plans to cooperate with leading crypto wallet makers MetaMask and Ledger. The payment system intends to establish a partnership in the European and UK markets in order to increase active users and offer them new opportunities. Under this partnership, Mastercard cardholders will be able to use their cards to make cryptocurrency payments and transfers of digital assets that are stored in a linked crypto wallet account. The company is also developing a global model for the use of stablecoins in the settlement process and aims to combine Web2 and Web3 technologies. Mastercard recently expanded its Engage program to launch cards supporting digital assets and announced partnerships with Ripple and Consensys to develop a central bank digital currency (CBDC). The collaboration with MetaMask and Ledger is expected to bring new opportunities and benefits for both users and Mastercard itself.
  3. Cryptocurrency wallet Ledger has officially unveiled a controversial cryptocurrency wallet cid-phrase recovery feature. Ledger Nano X hardware wallet owners can now recover their wallet by transferring parts of the cid-phrase to third-party holders. The feature is an encryption, duplication and separation of users’ private keys into three parts, which are stored by three different parties: Ledger, the firm Coincover and an independent backup provider. Ledger’s CEO, Pascal Gauthier, notes that too many people have lost their digital assets due to the loss of a secret recovery passphrase. The goal of this feature is to eliminate that risk and encourage mass adoption of digital products. However, the new feature has sparked a negative reaction in the crypto industry, with concerns about security, privacy, and possible backdoors. All of this has created controversy and divided opinions in the community. Ledger Nano X owners can utilize this feature for an additional fee to ensure the safety of their cid-phrases.
  4. A hacker breach of popular password manager LastPass resulted in the loss of $4.4 million worth of cryptocurrency from the accounts of more than 25 people in a single day. This is the aftermath of a data breach that occurred in December 2022. One of the researchers, known by the nickname ZachXBT, tracked the movement of funds from the compromised addresses. Most of those affected are long-term LastPass users who had stored their keys and cid phrases on the service. The loss of financial assets emphasizes the importance of migrating cryptoassets from LastPass to a secure location. The LastPass hack was just one of many incidents in the crypto industry, in which approximately $889.3 million was stolen during the third quarter of 2023. Users are advised to take timely action to secure their assets and avoid similar incidents.
  5. The number of “buy bitcoin” search queries has increased globally, especially in the UK, following the cryptocurrency’s recent surge. According to research by Cryptogambling.tv, the number of requests to buy bitcoin in the UK has increased by 826% in the last 7 days. Around the world, there has also been an increase in interest. In the US, users are increasingly looking to buy bitcoins, with the query “how to buy BTC on Fidelity” increasing by over 3100%. Globally, users are asking questions about when is the best time to buy bitcoin, and queries about the launch of the BlackRock Bitcoin ETF have also become popular. All of this comes amid the possible launch of a spot bitcoin ETF and increased interest in digital assets from traditional financial institutions. In light of the rising bitcoin price and possible inflation, the interest in ETFs has had little impact on the price of the cryptocurrency. Well, dear readers, you know that on Bit.team you can always buy Bitcoin on both SPOT exchanges and p2p exchanges.

Thank you for being with us. Crypto-industry news on Bit.team — always up to date.

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