183632
All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
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Singapore Establishes Task Forces to Assist Police in Crypto-Related Crimes 📣
➡️ Singapore's Attorney-General's Office has officially established two specialized task forces, comprising approximately 20 prosecutors, tasked with addressing the crypto related crimes.
🟢 Deputy Chief Prosecutor of the Attorney-General's Chambers, Ong Shouren, told a local news outlet that law enforcement agencies are under increasing pressure to adapt and comprehend how criminals leverage technology, giving rise to new crime patterns.
🔔 Prosecutors must equip themselves with the necessary knowledge and skills to effectively address these emerging technology-driven crimes, he added.
⚠️ Ong Shouren stated:
💬 "In general, there are two main forms of technology crimes. One is technology-enabled crimes, directly related to technology, such as hacking into computer systems. The other is technology-assisted crimes, which encompass traditional crimes that are facilitated by technology, including digital counterfeiting, online harassment, and fraud."
Japanese Firms to Use Digital Currency for Clean Energy Certificate Settlements 📌
➡️ A consortium of Japanese firms is set to launch a yen-based digital currency, "DCJPY," by July 2024, that will be used in transaction and settlement of clean energy certificates. Cryptocurrency exchange DeCurret revealed the issuance of a new digital currency today that will be used by various Japan-based firms for clean energy transactions.
➡️ GMO Aozora Net Bank will issue the digital currency, which will find application in the settlement of clean energy certificates, DeCurret told Reuters.
🔄 The telecommunication firm Internet Initiative Japan (IIJ) will employ this digital currency to streamline the certification process, further propelling Japan's drive towards a sustainable and eco-friendly future.
🔴 DeCurret's digital currency will leverage blockchain technology and will be backed by bank deposits.
🔺 This launch will position Japan in alignment with other nations that have witnessed a growing trend in digital currencies supported by bank deposits and blockchain technology.
📶 In doing so, it also raises questions about the Japan’s central bank's own digital currency plans, as the emergence of privately issued digital currencies continues to reshape the financial landscape.
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Crypto Exchange Upbit Faced Over 159,000 Hacking Attempts in H1 2023 📌
‼️ South Korea's largest cryptocurrency exchange, Upbit, was reported to be the target of hacking attempts on over 159,000 occasions during the first half of 2023.
👉 As reported by a South Korean local news agency, according to data provided by Dunamu, the firm that owns and operates Upbit, to Rep. Park Seong-jung of the National Assembly's Science, Technology, Information, Broadcasting, and Communications Committee, there were a total of 159,061 attempted cyber infringements on Upbit in the first half of the year.
🗣 This represents more than double the number of attempted infringements in the first half of the previous year (73,249 cases).
🔴 The report indicates a substantial surge in hacking attempts on Upbit, with a 117% increase from the first half of 2022 and an astounding 1,800% surge from the same period in 2020.
➡️ The progression of hacking attempts on Upbit has been notable, escalating from 8,356 cases in the latter half of 2020 to 34,687 in the first half of 2021, followed by 63,912 in the latter half of 2021 and 73,249 in the initial half of 2022. This figure continued to rise, culminating in 87,242 cases.
Franklin Templeton CEO Calls Tokenization 'Securitization on Steroids' 🟥
➡️ Tokenization is causing a significant shift in the traditional securitization process, according to Jenny Johnson, the CEO of asset management giant Franklin Templeton. According to Johnson, tokenization can be described as "securitization done on steroids," given its potential for transforming the traditional financial industry.
➡️ The comments were made during CNBC’s Delivering Alpha event on September 28 and first reported on by Cointelegraph on Sunday. Tokenization involves converting ownership rights of traditional assets into digital tokens on a blockchain.
🔔 The assets can be either real assets like a piece of art or financial assets like stocks or bonds.
🔴 According to the Franklin Templeton CEO, this approach offers several advantages, including efficient payment mechanisms, the ability to program smart contracts, and the benefit of having a secure, transparent ledger system.
S Korean Crypto Exchange Exec Jailed for Coin Price Manipulation 🟥
➡️ A South Korean court has jailed a former senior executive of the crypto trading platform Coinone for taking bribes in exchange for listing altcoins. The Seoul Southern District Court sentenced an individual surnamed Jeon (age 41) to four years in prison, Newsis reported.
🔔 Jeon was the former general director of coin listings at Coinone, one of South Korea’s so-called big four crypto exchange platforms. Another individual, surnamed Kim (31), was given a three-year jail term.
🟥 Kim served as the manager of Coinone’s listing team. The court also sentenced two crypto “brokers” for their involvement in the case. One was given a 2 years and 6 months jail term and the other was imprisoned for 1 year and 6 months.
➡️ The quartet was charged with breach of trust-related offenses. Jeon was also handed a $1.4 million fine, with Kim ordered to pay $600,000. The unnamed altcoins were listed in a bid to drive up prices, the court heard. Kim testified that he had “no intention of conspiring” with Jeon, and was unaware that his actions would cause price manipulation.
📣 But the judge claimed that it was “reasonable to assume” that Kim was “fully aware” that listing the coins would lead to “market manipulation” and “mass coin trading.”
70% of South Korean Reported Foreign Assets Are Crypto ⚠️
🟢 South Korea’s crypto adoption grows as authorities disclosed that 70% of the nation’s reported overseas assets are cryptocurrencies. On Sept 20, The country’s National Tax Service (NTS) in an official release stated that 5,419 business and individuals reported their financial accounts with the largest chunk held in digital assets.
➡️ Per the data, the total reported figure of 186.4 trillion won approximately $140 million. This figure represented assets in local and foreign stocks, crypto assets, and cash savings. From this figure, digital assets marked 70% totaling $130.8 trillion approximately $98 million. It was shown that 1,432 institutions and persons own digital assets out of the total number.
🟥 The report also shows that savings were a significant 22.3 trillion won, about $17 million from 2,952 individuals and businesses while companies with stocks were 1,590 firms reporting 22.3 trillion won about $17.6 million. The country announced a mandatory reporting requirement for firms with 500 million won in accounts abroad.
XRP Advocate and Crypto Lawyer John Deaton Joins LBRY Lawsuit 📌
‼️ On September 13, John Deaton, the attorney renowned for representing XRP token holders in their legal battle against the SEC, formally filed a notice to serve as Amicus Curiae in the LBRY court case. This move was followed by an official submission to the United States Court of Appeals for the First Circuit on September 14.
⚠️ An "Amicus Curiae," which translates to "friend of the court" in Latin, refers to an individual or group not directly involved in a lawsuit but offers information, expertise, or a brief to assist the court in making a decision.
➡️ This recent development comes in response to LBRY's filing of an appeal notice to the United States Court of Appeals for the First Circuit just one week ago.
➡️ LBRY's appeal seeks to challenge the final judgment issued on July 11, which mandated LBRY to pay a civil penalty and prohibited its engagement in unregistered offerings of cryptocurrency securities.
🟢 Taking to social media, John, through X (Formerly Twitter), affirmed his participation and dedication, stating that...
💬 "Win, lose, or draw, we will be in the fight!"
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Bankrupt Celsius Founder Alex Mashinsky Asks Court to Dismiss US FTC Case 🟥
⚠️ Former Celsius CEO Alex Mashinsky, who has been embroiled in legal troubles since his company's bankruptcy and his subsequent arrest, is now seeking to have the Federal Trade Commission (FTC) drop its case against him.
➡️ In a recent court filing, Mashinsky's legal team has argued that the FTC's allegations lack the necessary elements to support a claim of fraudulent activity.
➡️ Celsius, a crypto lending platform, filed for bankruptcy amid challenging market conditions, and Mashinsky found himself facing legal action from multiple law enforcement agencies.
➡️ He was arrested in July following a coordinated effort by the FTC, the Department of Justice, and securities and commodities regulators. Among the charges brought against Mashinsky are multiple counts of fraud and manipulating the price of the CEL token.
📣 His defense team has contested these charges, describing them as "baseless." Former Celsius CEO’s team is now calling for the court to dismiss not only the fraud allegations but also the FTC's claims that Mashinsky misled investors.
🟢 Specifically, Mashinsky's lawyers argue that the allegations do not meet the criteria for a claim under the Gramm-Leach-Bliley Act, a 1999 law that requires knowingly false statements to fraudulently obtain customer information from a financial institution.
Coinbase Launches New Crypto Lending Service For Institutional US Clients ♾
➡️ Coinbase (COIN) has unveiled a new crypto-lending service specifically designed for institutional clients in the United States. This move comes as Coinbase aims to fill the void left by the setbacks experienced by firms like Genesis and BlockFi.
🔔 Coinbase's crypto lending program was announced discreetly through a filing with the US Securities and Exchange Commission (SEC) on September 1.
🔴 The filing indicates that Coinbase has sought exemptions for this service under an existing subsidiary, Coinbase Credit, Inc., and names Coinbase's CFO, Alesia Haas, as a related individual.
➡️ In support of this initiative, clients utilizing Coinbase's Prime service have already contributed $57 million to the lending program, as indicated in the SEC filing.
👌 Coinbase Prime, a full-service prime brokerage platform, allows institutional customers to execute trades and securely store their assets. According to a Coinbase spokesperson on September 5,
💬 "Coinbase is launching a digital asset lending program for its institutional Prime clients. With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption."
Worldcoin Sets New Sign-Up Record in Argentina Despite Ongoing Investigation Over Data Privacy 📣
🔴 Worldcoin, co-founded by Sam Altman, has reported a single-day record of approximately 9,500 Argentinians successfully verifying their World ID despite ongoing investigations into the project over data privacy concerns.
🟢 Worldcoin sign-ups in Argentina, averaging at one verified individual every 9 seconds, propelled the World App, the project's inaugural wallet, to temporarily claim the number one spot on Argentina's App Store rankings.
🟠 Worldcoin's fundamental concept centers around facilitating online identity verification through the use of iris scans. The project currently collects data from individuals in four major Argentinian cities: Buenos Aires, Mar del Plata, Cordoba, and Mendoza, extending its reach and accessibility.
🟥 The reason for such a large number of sign ups could be the incentive that the project provides as it offers $50-60 worth of crypto in its native coin. Worldcoin, reportedly valued at $3 billion, claims over 2.2 million people worldwide have signed up since its soft launch in late 2021.
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FBI Charges Six in Connection with $30M Crypto Crime Ring ⚠️
➡️ The Federal Bureau of Investigation (FBI) filed charges on Wednesday against six individuals for allegedly running an unlicensed money-transmitting business involving $30 million in cryptocurrencies. The information came to light through court documents filed in the Southern District of New York. The accused are charged with converting bitcoin and other digital currencies into cash via the darknet, without having the necessary licenses for money transmission in the state of New York.
🟢 According to the unsealed affidavit of an FBI agent, the accused operated between July 2021 and September 2023. Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel are all implicated in the charges. Naineshkumar Patel has been granted conditional release, as noted in a subsequent court document.
➡️ An unidentified co-conspirator disclosed to an undercover officer that the exchange of cryptocurrency for cash had amassed approximately $30 million over the span of three years. The co-conspirator also revealed that some of the clientele engaged in illegal activities, such as drug trafficking. The wealthiest clients were identified as hackers.
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Landmark Ruling: Chinese Court Rejects Crypto Lending Again ❗️
🟢 Crypto lending activity still falls outside the purview of China’s legal system, ruled a Chinese court in the second ruling of the nation’s kind on Tuesday. Per a press release from the Nanchang People’s Court, lending out virtual currency and requesting a return “is not within the scope of civil litigation.”
💬 “Virtual currency is different from digital RMB,” said the judge for the related lawsuit, according to a Google-translated version of the press release. Digital RMB is a central bank digital currency (CBDC) issued by the Central Bank of China that is redeemable for banknotes and coins.
💬 “Virtual currencies only exist in digital form, are not legal tender, and do not have legal compensation, such as Bitcoin, Ethereum, Tether, etc., and cannot be used as currency in the market,” the judge continued.
📌 The case pertained to an individual identified as “Mr. Ming,” who lent 80,000 USDT to “Mr. Gang,” for stablecoin trading, in the interest of earning yield. The latter failed to pa back his loan, however, prompting a lawsuit from the former.
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No Longer Bulletproof: Former FTX Employee Gives Damning Testimony against Sam Bankman-Fried ‼️
⚠️ Sam Bankman-Fried's response to a trusted colleague about its burgeoning debt pile was, allegedly, "we're not bulletproof this year," in the latest revelations from the FTX court case.
🗣 Adam Yedidia, a former software developer for FTX and prior roommate of the disgraced “King of Crypto,” gave compelling testimony against Sam Bankman-Fried on Thursday, October 5th, at Manhattan Federal Court.
📌 Answering questions from Assistant U.S. Attorney Danielle Sassoon, Yedidia remained calm under pressure.
⚡️ Graduating from MIT alongside Bankman-Fried in 2014, Yedidia had even lived with the now disgraced crypto-exchange founder at one point during their studies.
➡️ In 2017, Yedidia took on a trading internship with Alameda Research, the now infamous sister company of FTX, where Bankman-Fried served as a chief executive officer.
👉 He then began work as a software developer for FTX in January 2021 until his resignation in 2022.
3AC’s Su Zhu Apprehended in Singapore on Flee Attempt 📌
➡️ Su Zhu the founder of bankrupt crypto hedge fund, Three Arrows Capital has been arrested in Singapore while embarking on an attempt to flee according to reports.
➡️ According to a disclosure made by Teneo, the fund's liquidator, Zhu was detained at the Changi airport on Friday after a committal order was issued on him and his business partner, Kyle Davies.
🔔 Zhu and Davies were sentenced to four months in prison through a committal order for contempt of court. The former Three Arrow executives were issued subpoenas to cooperate with the investigations and activities of Teneo in unraveling issues that led to the implosion of the fund.
🔴 Although active on social media in the aftermath of the collapse. Zhu and Davies remain on the run from the firm’s liquidators and authorities.
✅ Teneo disclosed in the statement that while serving the sentence, the firm would engage him to recover all possible assets either previous properties of 3AC or property gotten through the sale of user assets.
💬 “The liquidators will pursue all opportunities to ensure Mr Zhu complies in full with the court order made against him for the provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter, and may make applications for further court orders as required.”
Consensys Announces Sunset of Ganache and Truffle Toolkits, Marking the End of an Era for Ethereum Development 📌
➡️ ConsenSys, a leading Ethereum software company, has announced the sunset of Truffle and Ganache, two widely used toolkits that were instrumental in developing and testing smart contracts on Ethereum. The company is redirecting its focus towards MetaMask toolkits like Snaps and SDK to empower developers.
➡️ To ensure a seamless transition, ConsenSys will be partnering with HardHat to support developers in writing and deploying new software on the Ethereum network.
🔔 Truffle Suite, acquired by ConsenSys in 2020, has been a pivotal development framework since its deployment in 2015. It facilitates the building, testing, and deployment of smart contracts on Ethereum, complemented by Ganache, which aids in creating, evaluating, and deploying smart contracts.
⚠️ In the Ethereum development community, these two toolkits constitute a highly sought-after tech stack. ConsenSys clarified in a post that Truffle and Ganache will remain accessible for the next three months to allow developers to migrate to HardHat and other solutions.
📣 They will also provide support through Zendesk, Truffle GitHub discussions, Ganache GitHub discussions, and the ConsenSys Discord during this transition period.
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Hong Kong Lawmaker Addresses Vitalik Buterin’s Concerns on City's Crypto-Friendliness 🟥
📣 Hong Kong legislator Johnny Ng has extended an invitation to Buterin to gain a firsthand understanding of the region's regulatory environment and crypto-related strategies after the Ethereum co-founder questioned the city's crypto-friendliness.
➡️ Ng asserted that Hong Kong boasts a stable policy framework for cryptocurrencies, emphasizing that its strategies and regulations have garnered broad social consensus and have undergone comprehensive procedures.
➡️ Ng further highlighted the city's willingness to develop policies surrounding virtual assets, welcoming global compliance companies to establish their operations in the region. Buterin had expressed concerns regarding the long-term crypto-friendliness of Hong Kong.
🟢 He noted that while the city currently appears crypto-friendly, it is essential for crypto projects to have confidence in the region's ongoing friendliness, considering potential regulatory, political, and other unforeseen events in the future.
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48% of Asset Managers Hold Crypto For Clients 📣
➡️ A new study reveals nearly half of institutions in the United States, UK, and Europe offer digital asset services to their clients.
➡️ In a recent survey conducted by Coalition Greenwich and Amberdata, 48% of asset management institutions manage crypto for their clients with a general bullish stance amid the bearish market outlook.
🔔 The research titled, “Digital Assets: Managers Fuel Data Infrastructure Needs” was conducted to understand how institutions implement digital assets services to their clients, user interaction and investment needs, products, and affiliated technologies.
➡️ Per the report, 60 companies were surveyed across three jurisdictions with 25% having digital asset managers with related teams. This figure is expected to grow by a third as other firms show interest in expanding their firm’s capacity in the next 12 months.
📌 Shawn Douglass, the CEO of Amberdata noted that an interesting point is the bullish stance of most executives despite the regulatory uncertainty in the market specifically in the United States.
Specialists Depart Market-Making Crypto Firm Jump Crypto to Launch Douro Labs ⚠️
➡️ Jump Trading’s digital asset unit, Jump Crypto, appears to be scaling back after a handful of the company's specialists fled to start building a separate blockchain project.
🔔 Former company employees including Mike Cahill, Jayant Krishnamurthy and Ciaran Cronin have now co-founded Douro Labs, where they and six other former members of Jump’s crypto team are helping develop the Pyth network. As Cahill told Bloomberg in an interview:
💬 “The main goal with starting Douro Labs was that at this stage of Pyth Network’s development, we feel like there’s room for a full-time development firm to focus on some of the scaling problems.”
♾ Pyth Network is a blockchain-based Oracle data service that provides price info related to crypto, equity, and FX across multiple blockchains. This data helps smart contracts on these networks run DeFi applications that depend on up-to-date price information, like peer-to-peer lending services.
⤵️ Many of its data contributors are big names in traditional finance, such as Cboe Global Markets, Hudson River Trading, Virtu Financial, and Jump.
🟢 According to Cahill, Jump Crypto will continue to support Pyth, as the in-house team now with Douro Labs did during its time at the company. Pyth network’s website states that the firm would provide pricing data to Pyth’s oracle in return for a share of fees from the network.
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