Wintermute suffers $160 million attack, Kraken CEO leaves, and US bill seeks to ban stablecoin algos: Hodler's Digest, September 18-24

Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.

Top stories this week Kraken's Jesse Powell to step down as CEO and remain chairman of the board

After more than a decade at the helm of crypto exchange Kraken as CEO, Jesse Powell has decided to pass the baton to the company's COO, Dave Ripley. Powell isn't done with Kraken, however. He will become chairman of the organization's board of directors. "It just got more exhausting for me, less fun," Powell said, as quoted by Bloomberg. Ripley joined Kraken as COO in 2016.

South Korean ministry recommends enactment of special metaverse laws

In line with other steps South Korea has made to embrace the digital world, the country wants to create new laws regarding the metaverse, according to plans by the Ministry of Science and ICT. The ministry wants appropriate laws in place for the metaverse, but thinks it's unwise to adapt current regulations to new technologies. In previous news, South Korea has invested $200 million in the development of the metaverse in the country.

New York Judge Orders Tether to Document Support for USDT

A New York court ordered Tether to provide proof that its USDT stablecoin is fully collateralized. The decision is part of a case involving iFinex, the parent company of Tether, which emerged in 2019. The case against iFinex alleges that it used unbacked USDT for manipulation of the crypto market. Two other US authorities requested proof of support on several occasions, iFinex would have provided sufficient documentation.

SEC lawsuit claims jurisdiction because ETH nodes are 'clustered' in the US

As part of a case against crypto YouTuber Ian Balina, the United States Securities and Exchange Commission (SEC) recently asserted certain jurisdictional rights based on the high number of Ethereum nodes residing in the United States. Although crypto is borderless in nature, the SEC in this case is trying to claim that the transactions took place within US borders, which could make certain laws relevant. The claim is part of a larger case against Balina in which the commission alleges failure to properly register for a token sale he facilitated.

China accounts for 84% of all blockchain patent applications, but there's a catch

Information from China's Ministry of Industry and Information Technology indicates that 84% of blockchain patent applications worldwide originate in the country. President Xi Jinping boosted patent activity when in 2019 he expressed the need for China to focus on blockchain technology. However, China has only authorized 19% of blockchain patents submitted.