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All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
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Crypto Traders Cleared: South Korean Prosecutors Stumble in 'Kimchi Premium' Crackdown 🔍
🛡 Prosecutors Foiled: In a setback for South Korean authorities, 14 suspects have been cleared of any wrongdoing in the alleged $3.2 billion illegal remittance case involving crypto, fiat, and goods.
➡️ Mixed Verdict: While two individuals faced minor charges, with one receiving a 12-month jail term and the other six months, the majority of the group walked free as the Seoul Central District Court acquitted them.
🟢 Chasing Billions: Prosecutors are on a mission to track down crypto traders who they believe have exploited exchange prices to the tune of an eye-popping $6.5 billion.
🔴 Precedent vs. Law: The District Court's decision was based on its view that the prosecution relied too heavily on previous court rulings rather than concrete legislation.
➡️ Appeal on the Horizon: Unhappy with the outcome, prosecutors are not giving up just yet. They have already filed an appeal and are pinning their hopes on a more favorable ruling from the High Court.
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Crypto Risks in Focus: Yellen's Call for Legislation 📣
💼 U.S. Treasury Secretary Janet Yellen, at the helm of the Financial Stability Oversight Council, sounded the alarm on cryptocurrency risks and urged lawmakers to take action.
📉 Market Instability Concerns: Yellen highlighted the volatility and breakneck growth of crypto assets, pointing to recent market turbulence as a wake-up call.
🔒 Regulation Is Key: The Treasury Secretary stressed the need for a robust regulatory framework, with a particular focus on stablecoins and ensuring platforms play by the financial rulebook.
➡️ Enforcement & Legislation: Yellen made it clear that existing rules must be enforced, while also urging Congress to pass laws that specifically address stablecoins and non-security crypto-assets.
🌐 Beyond Crypto: Yellen didn't stop at digital assets, discussing wider economic recovery efforts and keeping an eye on other potential risks like real estate vulnerabilities and global tensions.
Hong Kong's Next Move: Regulating OTC Crypto Platforms 🚀
🔍 Hong Kong is taking a proactive stance on over-the-counter (OTC) crypto trading platforms. In an effort to protect investors, the government is set to release a consultation on a regulatory framework for these venues.
⚠️ Secretary for Financial Services and the Treasury, Christopher Hui, highlighted the risks associated with OTC platforms, including their susceptibility to fraudulent activities. The aim is to prevent a repeat of last year's incidents involving unlicensed virtual asset (VA) trading platforms.
📌 Since June 2023, Hong Kong has had a licensing system in place for VA exchanges. So far, two platforms have obtained licenses under this regime: HashKey and OSL. But now, it's time to address the OTC sector.
⏳ Existing virtual asset service providers in Hong Kong have been given a grace period until February 29 to apply for licenses, ensuring a smooth transition into the regulated landscape.
Estonia Fights Back: Extradition of Crypto Fraudsters to the U.S. Back on Track ‼️
📣 In a stunning turn of events, Estonia has given the green light to extradite Sergei Potapenko and Ivan Turõgin, the masterminds behind a jaw-dropping $575 million Ponzi scheme involving crypto ventures Hashflare and Polybius Bank.
➡️ The Tallinn Circuit Court's previous objections were swiftly overturned as Estonian Minister of Justice Kent Lalle reassured that the accused would face "humane" and "lawful" conditions in American custody.
🟢 This decision is a testament to Estonia's commitment to upholding the rule of law, ensuring that the rights of its citizens are not disproportionately affected.
➡️ It's been over a year since Potapenko and Turõgin were apprehended, but the shockwaves from their alleged misdeeds continue to reverberate across borders.
🔔 U.S. Attorney Nick Brown aptly described the scale of their alleged scam as nothing short of mind-boggling, with funds funneled into extravagant properties, luxury cars, and secret virtual wallets worldwide.
➡️ As justice takes its course, this latest development serves as a reminder that even in the complex world of cryptocurrencies, fraudsters can't escape the long arm of the law.
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❗️❗️ $MEMEMINT is about to explode: crucial level flipped 🔥
A very important S/R flip here for $MEMEMINT - the last time it happened it did 2x from $0.0038 to $0.007 in 5 hours.
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Moonwell’s Bold $2.3M Plan to Counter Frax Hack Debt Sparks Controversy ⚠️
🔴 Moonwell, a decentralized finance (DeFi) borrowing and lending protocol, is facing controversy over its proposal to use $2.3 million worth of digital asset collateral to offset bad debt from Frax Finance (FRAX) pools due to a hack nearly two years ago.
📌 In a plebiscite held on December 31, 2023, Moonwell sought community approval to use a combination of Nomad collateral and protocol reserves to address its Frax bad debt. The plebiscite titled “Options for Enhancing Liquidity in the FRAX Market on Moonbeam” saw over 98% of the 25 million votes, denominated in Moonwell’s WELL token, in favor of using a combination of Nomad collateral and protocol reserves to address the Frax bad debt.
⚠️ However, concerns have been raised by users, including Horatio Lucas, who argues that the Nomad collateral belongs to individual owners and cannot be used to offset Moonwell’s bad debt without their consent. Lucas alleges that Moonwell is benefiting from the proposed misappropriation of Nomad users’ funds.
🔔 Lucas alleges that Moonwell is the party benefiting from the proposed use of funds and accuses Moonwell of misconfiguring the Nomad asset oracle before the Nomad hack. He claims that Moonwell intends to refinance its bad debt through the misappropriation of Nomad users’ funds.
Coin Center Responds to Scathing Letter from Senator Elizabeth Warren 📌
➡️ Coin Center has responded to allegations made by Senator Elizabeth Warren claiming the crypto non-profit was working to “undermine bipartisan efforts in Congress” by hiring “former defense, national security, and law enforcement officials.”
🔔 Executive Director of Coin Center, Jerry Bitro, posted a letter to X rebuking Warren’s demands for the crypto organization to reveal its hiring practices, citing it has “no obligation to answer these questions beyond the public disclosures we make under the law.”
❗️ Moreover, Bitro condemns Warren for publicly chastising Coin Center in the letter sent last month, which was also sent to Coinbase and the Blockchain Association.
💬 “Your letter, which you made public, discourages participation in important public policy debates and chills these rights,” Bitro wrote in part. “It equated our good-faith engagement with “stonewalling” and “undermining” congressional efforts; it characterized passionate and patriotic advocacy as providing a mere “veneer of respectability” to crypto; and it repeatedly and inappropriately invoked the events of October 7 alongside child abuse and crime, as if we are indifferent or complicit in these tragedies.”
🟢 Warren, who has long held an anti-crypto stance, is currently championing both the Crypto-Asset National Security Enhancement and Enforcement Act as well as the Digital Asset Money Laundering Act, which Coin Center opposes.
South Korean Crypto-related KOSDAQ Stocks Soar on Bitcoin ETF News ‼️
➡️ South Korean crypto-related KOSDAQ stocks “soared” on the news of the US Securities and Exchange Commission (SEC)’s approval of 11 Bitcoin spot ETFs. No South Korean crypto firm has yet floated on the Korean Exchange. However, several listed companies have crypto-related interests.
🟢 Kangwon Domin Ilbo reported that venture capital firms with stakes in big South Korean crypto exchanges were the biggest winners in the market on January 11. These include Woori Technology Investment, which saw its price rise almost 30% to a 12-month high on January 11.
➡️ Hanwha Investment & Securities also posted a 30% day-on-day share price rise after the American ETF news broke. Both firms own shares in Dunamu, the operator of Upbit. The latter is South Korea’s largest virtual currency exchange by revenue and trading volume.
🔔 Another crypto exchange investor, T Scientific, posted a share price rise of over 20% on the same day. The firm’s parent company Wizit also witnessed a 29.89% rise. T Scientific owns a stake in Bithumb Korea, the operator of the crypto exchange Bithumb, Upbit’s closest rival.
North Korea Stole Over $600 Million in Crypto in 2023 📣
➡️ According to TRM Labs’ latest report, the analytics data firm suggests that the total could be closer to $700 million following a number of unconfirmed hacks committed in the final days of 2023 thought to be committed by North Korea.
♾ TRM Labs’ data follows a year that saw the U.S. government enact a number of sanctions against several of North Korea’s state-sponsored crypto-related malware initiatives, including crypto mixer Sinbad and hacking collective Lazarus Group, both of which sharing the goal of obtaining virtual currency to support the authoritarian regime’s military expansion.
💬 “The DPRK’s use of illicit facilitation networks to access the international financial system and generate revenue using virtual currency for the regime’s unlawful weapons of mass destruction (WMD) and ballistic missile programs directly threatens international security,” said Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, following sanctions last year. “The United States and our partners are committed to safeguarding the international financial system and preventing its use in the DPRK’s destabilizing activities, especially in light of the DPRK’s three launches of intercontinental ballistic missiles (ICBMs) this year alone.”
🟢 TRM labs claims an estimated $3 billion worth of crypto has been stolen by Pyongong-based actors since 2017. Moreover, the data analytics firm found crypto-related hacks backed by the government of North Korea to be at least ten times more damaging than their counterparts.
✅ Since “the DPRK’s money laundering methods constantly evolve to evade international law enforcement pressure,” the country “continued exploring other laundering tools” following the U.S. government’s hard-hitting sanctions last year.
Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure 📌
➡️ Bitcoin miner reserves have reached their lowest point since May, signaling increased selling pressure as the largest cryptocurrency records a December gain of more than 13%.
➡️ Data from CryptoQuant indicates that Bitcoin miners’ reserves have been steadily decreasing since the beginning of December. In the past 24 hours alone, miners reportedly sold around 3,000 bitcoins, bringing their total holdings to approximately 1,834,447 BTC.
🔴 On December 28, the net flow of Bitcoin stood at minus 1,524 BTC, indicating that withdrawals exceeded the new coins minted. This ongoing trend raises questions about potential selling activities by miners and their impact on the overall market dynamics.
➡️ The decline in miner reserves started in late October and has accelerated this month, reaching 1.832 million BTC from October’s high of 1.845 million. In the last 24 hours alone, miners reportedly sold approximately $129 million worth of BTC at the current trading price of $42,891.
🟥 Despite BTC’s price rising from $30,000 to nearly $45,000 during this period, the ongoing reduction in miner balances is noteworthy. The impact of miner activity on the prospects of bullish price continuation is a topic of discussion among analysts.
Multiple Crypto Influencers Struck By SIM Swap Attacks 🔔
➡️ SIM swappers are beginning to target crypto influencers ahead of the holidays, with some taking control of their high-profile accounts on X.
👉 Some include the accounts of crypto investment firm Manifold Trading and its founding partner, Jae Chung. Unlike regular posts about platform products and market analysis, both accounts posted a series of malicious links to crypto drainers, which have already claimed some victims.
🌟 Chung confirmed to CoinTelegraph that the hack was caused by a SIM swap, but that only his and the company’s X accounts were impacted. Anything “fund-related,” he said, remains safe.
🗣 Hence a SIM swap is when a hacker takes control of your phone number, usually by convincing a cell carrier to switch your number to a SIM in their possession. Naturally, this gives the hacker access to any accounts for which a victim uses that number for two-factor authentication.
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⚡️🔥 Bitcoin ETF Notes $405 Mln Inflow Amid BTC Price Rally To $47K 📈🚀
👉 Read more
US Prosecutors Sound Alarm on Legal Representation in Mashinsky and SBF Cases 🔍
🤝 Conflict of Interest Concerns Emerge
The US government has raised red flags over potential conflicts of interest in the ongoing legal battles involving crypto bigwigs Alex Mashinsky and Sam Bankman-Fried. On February 6, prosecutors filed a court document expressing their unease about the shared legal representation in both cases.
➡️ Curcio Hearing Requested
With Marc Mukasey and Torrey Young wearing multiple hats as attorneys for both Mashinsky and SBF, the prosecution is calling for a Curcio hearing. This procedural move aims to address the conflict head-on, giving the defendants an opportunity to waive their right to these lawyers.
♾ Severity Assessment on the Horizon
At the heart of this hearing lies the crucial task of assessing the gravity of the conflict. If a significant conflict of interest is uncovered, the court could take decisive action, potentially leading to the dismissal of both counsels. Stay tuned as this legal saga unfolds!
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Visa and Transak Revolutionize Crypto-to-Fiat Transactions Worldwide 📌
💳 Visa, the global payment powerhouse, is taking a giant leap into the world of cryptocurrency by joining forces with Web3 innovator Transak. This groundbreaking partnership aims to redefine how we exchange digital assets for traditional money, without relying on centralized exchanges.
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Russian Crypto Miners Fume at Moscow’s Plans to Raise Their Electricity Tariffs ⚠️
🔴 Russia’s biggest crypto mining industry association has hit out at Moscow’s plans to increase electricity tariffs for miners. The Ministry of Energy wants miners to fork out between two and five times more than they currently pay. As mining is not yet classified as a state-recognized form of “entrepreneurship,” most Russian miners currently pay the same kind of rates as residential homes. While power providers have been given the authority to raise miners’ hourly tariffs, the majority want Moscow to legalize the sector.
➡️ This would allow power companies to charge at higher unsubsidized industrial or commercial rates. But per Comnews, the Industrial Mining Association (APM) thinks that this will force miners into a “gray zone” of semi-illegality. The APM said that Russia is currently a “global leader” in the crypto mining sphere, but warned the nation would lose this advantage if the ministry’s plans are accepted. The head of Russia’s biggest mining firm this month claimed that mining in Russia was set to become far more profitable than in the US.
🟢 The ministry, however, thinks higher tariffs will discourage overzealous miners from setting up shop in some of Russia’s most remote regions. Energy chiefs last month said that the “depletion of energy capacity in certain regions of Russia” was becoming a problem. They think crypto miners are hindering the connection of “larger infrastructure and socially significant facilities” to power networks. In 2020, BitRiver miners claimed that one of their data centers was paying just RUB 1.11 (currently just over $0.01) per kilowatt for power.
✅ The same miners claimed that this center, located near an undisclosed Siberian town was Russia’s largest crypto mining farm.
💰 P3D is about to bounce hard : 3x short-term target for the RWA L1 📈
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South Korean Gov’t to ‘Completely Review’ Crypto Tax Law 📣
👌 The South Korean government says it will “completely re-examine” the “need” to tax crypto traders on their earnings. As things stand, traders are set to be taxed on their earnings from January 2025.
🟢 But per News1, the government will “review” its stance on the taxation of crypto trading profits. This follows a recent decision to do away with taxes on gold investment. The government wants to spark growth in the investment markets. But it could also revisit previous promises to revitalize the crypto industry.
♾ At a press briefing, Jeong Jeong-hoon, the head of the Tax Department at the Ministry of Strategy and Finance, was asked if the government was still planning to go ahead with the launch of capital gains tax for crypto holders. Joerg replied:
💬 “Cryptoasset taxation is also a matter that should be discussed in the National Assembly, after the abolition of gold investment tax.”
🟥 Crypto traders have complained that it is unfair that they should pay tax on their investments while gold traders are untaxed.
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Cybersecurity Risks in the Cryptocurrency Industry ⚠️
➡️ The US Securities and Exchange Commission (SEC) social media account being compromised is concerning. Impersonations and hacks are nothing new in the cryptocurrency space but could the hack have been avoided?
🟢 After the post, the SEC started an internal market manipulation investigation on itself. X, formerly known as Twitter, confirmed the SEC’s account was compromised when it posted the fake spot Bitcoin ETF approval announcement.
♾ Senator Cynthia Lummis tweeted: “Fraudulent announcements, like the one that was made on the SEC’s social media, can manipulate markets. We need transparency on what happened.”
👑 X confirmed that the compromise did not stem from any vulnerability in their systems. Instead, an unidentified individual gained control over a phone number associated with the SEC account through a third party.
📣 In turn, the SEC then tweeted the importance of protecting your investment accounts. Despite the false announcement, analysts believe that this security lapse won’t be a reason for the delaying of spot Bitcoin ETF approval which is expected to happen late on Wednesday. Unfortunately, instances of market manipulation in the cryptocurrency sector are a recurring tactic.
South Korean Gaming Giant WeMade Must Pay $41M ‘Crypto Tax’ Bill
➡️ The South Korean gaming firm WeMade has been hit with a $41 million tax bill for its crypto-related activities. Yonhap reported that the National Tax Service (NTS) issued the bill following an investigation into the firm’s historic crypto business operations.
🟢 The NTS said it had issued the bill “as a result of the Central Regional Tax Office’s integrated corporate tax investigation” into the firm “for the period 2019 to 2022.” The tax body said WeMade’s payment deadline was February 29, adding that the surcharge to equity ratio was 10.05%.
📣 WeMade is one of the nation’s keenest blockchain gaming proponents. The company created a blockchain and crypto-focused subsidiary named Wemade Tree in 20218. WeMade initially spun this firm off, but in February last year, reabsorbed it into its parent company.
🔔 The firm also launched a cryptoasset named WEMIX. The coin has experienced mixed fortunes, running into a circulation data-related controversy that resulted in multiple domestic delistings in late 2022.
🟠 The company launched an unsuccessful legal bid to reverse the delisting decision in the summer of last year. However, the coin enjoyed something of a resurgence in 2023, re-listing on many of the same platforms.
South Korean Police Shut Down ‘Gangsters’ $32m Crypto Scam Ring’ ♾
🔴 South Korean police say they have swooped on a $32 million chat app-based crypto scam ring that they say was being run by a network of “gangsters.” Per Chosun Ilbo, Busan Metropolitan Police, the group comprised nine groups of “violent gangsters” who operated bogus “crypto reading room” sites on chat app platforms.
➡️ Officers said they had arrested eight individuals suspected of operating the “reading rooms,” as well as 79 “accomplices.” Police said that the gang convinced 572 people “nationwide” to part with their money.
🟢 A police spokesperson said the group had “opened and operated” bogus online crypto sites. Members then allegedly “recruited investors, managed bank accounts, and laundered money.”
📌 Police said the gangs’ members were all young; in the “millennial and Gen Z” age groups. In a series of nationwide raids, officers seized assets including motor vehicles, cash, and other items worth a combined $1.9 million.
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