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💰 ‘Mr. Bitcoin Is About to Go Down Big’: Jim Cramer Expects Lower Prices
Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer Tuesday evening continued with his recent bearish stance on crypto, a stark contrast to what another hedge funder said earlier that day on CNBC. “I can’t go out with gold because gold is not good; I can’t go out with bitcoin (BTC) because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer. It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident. Although bitcoin is far off its all-time high of $68,000 reached in 2021’s bull market, the cryptocurrency is still trading up 68% since the start of the year. Cramer had previously stated in June 2021 that he had sold most of his bitcoin holdings following China’s crackdown on crypto miners. He also said during the same time period that bitcoin had structural issues and its price would likely fall further. Appearing on CNBC earlier on Tuesday, billionaire hedge fund giant Paul Tudor Jones said he’s a fan of both bitcoin and gold due to the combination of extensive geopolitical risk and rising U.S. government debt levels. It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident. “I can’t go out with gold because gold is not good; I can’t go out with bitcoin (BTC) because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer.
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🪙 Standard Chartered Predicts ETH To Teach $8,000 By 2026
Standard Chartered predicts ETH might soar to $8,000 by 2026. Geoffrey Kendrick, the lead on forex and crypto research at Standard Chartered, alongside his analytical squad at the bank, pinpointed Ethereum’s stronghold in smart contracts, gaming, and tokenization as the driving forces behind its projected price surge. After the financial behemoth’s prior forecast of bitcoin (BTC) potentially hitting $50K by year-end and surging to $120K in 2024, Geoffrey Kendrick and his team at Standard Chartered predicts ETH are back with a new report, this time spotlighting ethereum (ETH). Kendrick underscores Ethereum’s “unrivaled command” across diverse realms of decentralized finance (defi), token genesis, and smart contract innovations. These dynamics could catapult ether to an impressive “$8,000 mark by 2026,” marking a quintuple jump from its present stance. Notably, this $8K projection is merely a precursor to the Standard Chartered predicts ETH’s ambitious long-term forecast of an ether valued between $26,000 and $35,000. Kendrick elaborated that this assessment contemplates emerging use cases and revenue streams yet to unfold. Current real-world implementations in gaming and tokenization are poised to accelerate this trajectory. Standard Chartered predicts ETH’s forex and crypto research lead further opined that U.S. regulations around spot exchange-traded fund (ETF) potentials will likely fortify both BTC and ETH.
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🇪🇺 DeFi Risk In EU Poses Challenge To Regulators
The cryptocurrency ecosystem’s decentralized finance (DeFi) space has been abuzz with innovation, prompting the European Securities and Markets Authority (ESMA) to voice its concerns and insights into the DeFi risk in EU. ESMA, the European Union’s financial markets supervisory authority, has recently released a comprehensive report highlighting DeFi risk in EU. While acknowledging the promised benefits, such as greater financial inclusion and innovative financial products, ESMA also pointed out “serious risks” that investors might encounter. One significant risk highlighted in the report is liquidity risk. ESMA emphasizes the speculative and volatile nature of many crypto assets, comparing the 30-day volatility of Bitcoin and Ethereum to the Euro Stoxx 50 index, revealing that cryptocurrencies are on average 3.6 and 4.7 times more volatile than the stock index. Moreover, ESMA argues that DeFi doesn’t entirely eliminate counterparty risk, even with the theoretical advantages of smart contracts. Smart contracts are not immune to errors or flaws, raising concerns about their reliability. ESMA’s examination of the DeFi sector also reflects the challenge it poses to regulators. As an EU agency set to establish rules under the Markets in Crypto Assets Regulation (MiCA), ESMA is confronted with the complexities of a market that operates differently from traditional centralized entities.
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💰 Hut 8 Bitcoin Mining Increased 8% In September
Hut 8, a prominent Bitcoin mining company, revealed that it has added to its self-mined Bitcoin reserves despite its ongoing merger with US Bitcoin (USBTC), an industrial cryptocurrency miner. While the number of Hut 8 Bitcoin mining in September marked an 8% increase compared to the previous month, it still lags behind the numbers seen in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8 Bitcoin mining output has seen a substantial decline, with monthly mining volumes dropping nearly 60% from the 277 BTC mined in September 2022. Key production highlights for September 2023 include an average production rate of approximately 3.7 Bitcoin per day, with no Bitcoin sold during the month. The total balance of Bitcoin in reserve reached 9,366 by the end of September, with 7,269 of them being unencumbered. Additionally, the company’s installed ASIC hashrate capacity at its Alberta facilities was 2.6 EH/s at the close of the month, resulting in a production rate of 42.7 BTC per EH. In the context of the ongoing merger, Hut 8 held a special meeting on September 12, where shareholders overwhelmingly approved the proposed business combination with US Bitcoin Corp (USBTC). The Supreme Court of British Columbia issued a final order on September 15, further advancing the merger process.
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🟠 Binance Rescue Fund Deploys Only $30 Million Out Of $1 Billion
After FTX collapsed, Binance rescue fund fell short, deploying only $30M out of $1B, with 1 out of 9 participants fulfilling commitments. VC investments decline, deals delayed. [30M/1B, 1/9, $985M back to Binance] After the collapse of FTX, CZ Zhao, founder of Binance, initiated the Industry Recovery Initiative (IRI) with a goal to raise $1 billion for struggling crypto startups. However, the project’s execution has not lived up to the grand vision. While Binance led the way with a $1 billion commitment to its stablecoin BUSD, other well-known companies contributed around $70 million. Binance’s spokesperson disclosed that 14 projects were financed but did not provide details, while $985 million was moved back to Binance’s treasury. The last deal under the IRI was in February. The lack of follow-through on the IRI’s promises highlights the crypto industry’s volatility and the challenges of delivering on rescue initiatives. As regulatory pressures mount on Binance and its founder, the industry’s future remains uncertain. Despite the IRI’s shortcomings, the crypto sector still requires support, with venture capital investments declining and deals taking longer to materialize. Binance-backed Aptos Labs and Animoca Brands have made varied investments, illustrating the unpredictability of the crypto market. Binance led the way with a $1 billion commitment to its stablecoin BUSD, other well-known companies contributed around $70 million.
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🇬🇧 Coinbase, OKX and Binance partner with UK firms as regulations come into force
Two weeks after the crypto exchange Bybit officially exited the UK market, citing the impact of new crypto marketing rules, several rival overseas players have adapted to the regime by teaming up with local partners. Coinbase and OKX are working with Archax to get their financial promotions approved, according to spokespeople for the exchanges. Binance, meanwhile, said in a blog post published Oct. 8 that it had partnered with Rebuilding Society, a regulated peer-to-peer lending firm that has dished out just £35 million. The expectation is that these arrangements will allow the exchanges to continue serving UK customers from overseas despite new marketing rules from the Financial Conduct Authority — which include a cooling-off period for first-time investors — that have just come into effect. “The approvers, when they enter into an arrangement with the exchange or whoever else it might be, they approve the promotions and effectively they take responsibility for those promotions,” said George Morris, a partner at the law firm Simmons & Simmons. “It’s very much a symbiotic thing.” The FCA also put out an announcement on Oct. 8 warning that 143 entities are operating in the UK without permission and naming them in a list. That list includes HTX and KuCoin, two major global exchanges.
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💰 Ripple CFO Kristina Campbell exits company
Ripple's Chief Financial Officer Kristina Campbell has left the company after about two and a half years. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. Ripple has been engaged in a battle with the Securities and Exchange Commission, with the regulatory agency suing the company. A trial is slated for next year. Ripple’s Chief Financial Officer of roughly two and a half years has departed the crypto company and started working in the health care industry. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. The crypto market has been exceedingly volatile thanks in large part to a prolonged bear market, and layoffs have been common. Ripple, meanwhile, has been making inroads in markets outside the U.S., including the Asia Pacific region. Ripple did not immediately respond to a request for comment from The Block.
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🇭🇰 Hong Kong Increases Crypto Exchange Scrutiny Following JPEX Fiasco
Hong Kong’s securities regulator and police have set up a joint task force to monitor and investigate suspicious activity at cryptocurrency exchanges. The move follows the imbroglio at the JPEX crypto exchange last month, which resulted in multiple arrests and the platform shuttering services. The unlicensed exchange is alleged to have defrauded investors out of $204 million. According to the announcement, it will “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,” Moreover, the JPEX saga threatens to complicate Hong Kong’s push to become a regional crypto and fintech hub. Hong Kong rolled out a new regulatory framework for crypto assets earlier this year and granted the first mandatory licenses for digital asset trading platforms in August. Hong Kong officials are striving to learn more about the 2022 crypto contagion and multiple collapses of high-profile platforms. In mid-September, the SFC contacted relevant influencers, opinion leaders, and OTC outlets, requesting they stop promoting JPEX and its services. A further crackdown on influencers linked with the defunct crypto exchange followed. The firm claims the move will raise cash flow and retain investors. Users will get dividends in various forms in two years based on their stake, according to reports.
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📣 Crypto Cards Still an Option to Spend Digital Cash in Fiat Environment
Rising regulatory pressures may have limited crypto cards on offer but they remain a viable way to pay with coins where only fiat is accepted. With them, you spend crypto and that’s without the need to exchange it beforehand as it often happens when you want to pay with cryptocurrency in a fiat scenario. While not as immediate as most in the crypto community would like, crypto cards nevertheless present an opportunity to pay with decentralized digital money where merchants would only take dollars, euros or any of the other central bank currencies. Just like bank cards, crypto cards can come in physical, or plastic, and virtual form. The latter can be used to make payments online while the former can be also swiped or tapped at brick-and-mortar stores equipped with point of sale (POS) terminals. They are several types of crypto cards, which differ slightly from the regular ones. Credit crypto cards, for example, use deposited crypto assets as collateral to extend a credit line in fiat. There are also fiat credit cards that offer coins and tokens as cashback or rewards. The category that allows you to actually spend your digital coins or withdraw cash at ATMs are the crypto debit cards. These are linked to a cryptocurrency wallet and provide instant conversion to fiat at current exchange rates at the time of purchase or withdrawal.
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📊 Stablecoin Market Capitalization Witnessed A Decline To $123.8 Billion
Stablecoin market capitalization still sees a sharp decline after market difficulties in 2022 and early 2023. The total market capitalization of stablecoins, a form of digital currency tied to traditional assets like fiat, has witnessed a decline to $123.8 billion as of September, according to data from CCData. This marks the lowest point since August 2021, when the sector was valued at $137.9 billion in December. According to Bloomberg, this contraction in the stablecoin market aligns with an overall reduction in crypto market activity following various scandals and bankruptcies in 2022. In addition to the stablecoin market capitalization decline, stablecoin trading volume on centralized exchanges, including Coinbase, dropped by 28.4% to $331 billion in September. This represents the lowest monthly trading volume since July 2020. While several stablecoins like USD Coin and BUSD have seen their market caps shrink, Tether (USDT), the sector leader, has increased its dominance. USDT now accounts for 67.3% of the total stablecoin market, marking its highest percentage since March 2021. In August, PayPal introduced its stablecoin, PayPal USD (PYUSD), for payments and transfers. PYUSD is issued by Paxos Trust Company and is backed by U.S. dollar deposits and similar assets. However, despite this move, the overall digital asset sector supporting most cryptocurrencies continues to contract, unaffected by PayPal’s entrance into the stablecoin arena.
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💰 El Salvador’s first volcano-powered Bitcoin mining project goes live
El Salvador marks the launch of Lava Pool today, the country’s first Bitcoin mining pool powered by renewable geothermal energy. The venture, a collaboration between energy company Volcano Energy and tech corporation Luxor Technology, is the country’s first attempt to harness the abundance of renewable geothermal energy for crypto mining. According to the press release, the Lava Pool will be maintained by Volcano Energy, a public-private partnership that has pledged to commit 23% of its net income to the Salvadoran government. The pool is set to benefit from Luxor’s Hashrate Forward Marketplace, which offers hedging strategies to protect against market volatility—a mechanism already adopted by leading players in the Bitcoin mining market. Volcano Energy’s CSO, Gerson Martinez, highlighted the importance of this project, stating that it is a vivid manifestation of El Salvador’s pioneering role in the Bitcoin ecosystem. The move emphasizes the country’s ongoing efforts to merge Bitcoin into its energy infrastructure—a strategy that could significantly bolster the economics of new energy projects, particularly in remote areas, providing immediate revenue and offering flexible load management capabilities to support the grid during periods of high demand or stress.
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🟠 Binance Spot Market Share Continues To Decline Seriously
According to Bloomberg, Binance, the world’s largest cryptocurrency exchange, has witnessed a persistent decline in its spot market share for the seventh consecutive month. Binance spot market share dipped to 34.3% in September, down from 38.5% the previous month and significantly lower than its 55.2% share in January, according to data from CCData. In the derivatives market, Binance also faced a decline, with its market share falling to 51.5% from 53.5% in August. The Wall Street Journal noted that Binance seemed to automatically assume the position of the largest cryptocurrency exchange following the collapse of FTX, which saw its founder, Sam Bankman-Fried, facing legal troubles. However, less than a year later, Binance, led by CEO Changpeng Zhao, is now confronting similar crisis risks. The pressure from the ongoing US investigation into the digital currency exchange has prompted several senior directors to leave the company over the past three months. Additionally, Binance has announced the layoffs of 1,500 employees in an effort to cut costs. Its recent decision to halt a zero-fee promotion also contributed to the decline of Binance spot market share. Meanwhile, rival exchanges like OKX, Bybit, and Bitget have managed to gain market share in the derivatives sector.
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🆘 Web3 platform Galxe hit by DNS attack on front-end website
The official website of the web3 credentials and rewards platform Galxe was compromised due to a DNS hijack attack on its front-end website, the team confirmed. The team notified users of the incident, advising them not to use the site. During the attack, hackers executed a DNS exploit to take control of Galxe's official website link and redirected users to a phishing site associated with a malicious contract aiming to steal user funds. Galxe stated the compromise targeted its account with the domain name registrar, Dynadot. The incident appears to have resulted in a loss of funds for some user, with crypto sleuth ZachXBT noting that an address linked to the hacker has received funds from Galxe users. So far, the hacker’s address has amassed over $140,000 in user funds. The same address was tied to the attacker who executed a similar DNS hijack attack on the Balancer exchange on Sept. 20. Galxe is a web3 platform that allows developers to leverage digital credential data and NFTs to reward users for their participation in various crypto activities. Users receive custom reward programs for attending community events, participating in governance tasks, or completing an incentivized testnet activity. "We’ve detected a security breach affecting the DNS record for 'galxe.com' through our Dynadot account. Please refrain from visiting the site from all channels while we are resolving the issue," the team said.
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🔵 Circle CCTP Is Now Live On Layer 2 Base Testnet
Circle’s Cross-Chain Transfer Protocol (CCTP) has been successfully deployed on the Base testnet, marking a crucial milestone in the project’s development. Circle CCTP introduces a groundbreaking method for securely transferring USDC between different blockchain networks through a native destruction and minting process. While the protocol is currently in its testing phase, it holds immense promise for the crypto community. In the coming weeks, the network will expand to include Base and Noble, increasing the available routes to a total of 30. Once Circle CCTP goes live on the Base mainnet, it will allow developers and users to transfer USDC from Ethereum to various supported blockchains without requiring permission. As of now, Circle CCTP supports secure USDC transfers through 12 distinct routes, including Ethereum, Avalanche, Arbitrum, and Optimism. This innovative protocol serves as a permissionless on-chain utility that burns native USDC tokens on the source chain and mints an equivalent amount on the destination chain. Developers can integrate CCTP into their applications, offering users a highly secure and capital-efficient means of transferring USDC across different blockchain ecosystems. This development is a significant step towards a unified and mainstream Web3.
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💰 SEC likely to approve all spot bitcoin ETFs at once, says former BlackRock executive
Martin Bednall, former managing director at BlackRock and now CEO of Jacobi Asset Management, said the Securities and Exchange Commission is likely to approve all spot bitcoin exchange-traded fund applications at the same time. "I don't think they're going to want to give anybody first mover advantage," Bednall, who spent over 13 years at BlackRock, said at the CCData Digital Asset Summit earlier this week. The potential bitcoin ETF approvals will be "hugely positive" for crypto markets, Bednall added. Steven Schoenfeld, CEO at VanEck-owned MarketVector Indexes, who was on the panel with Bednall, echoed him, saying that it is "very likely" that the SEC will approve all bitcoin ETF applications simultaneously and that the approvals could now come in sooner than he previously expected. "Two weeks ago, I would have said [the approval is] 9 to 12 months away. But sitting here today, I'd say it's closer, 3 to 6 months," Schoenfeld said. That's because the SEC recently did not completely reject ETF applications and instead asked for comments, Schoenfeld said. Also, the SEC recently lost the Grayscale case, which means it will likely have to allow the conversion of Grayscale bitcoin trust into a spot bitcoin ETF, Schoenfeld added.
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🇦🇪 Ripple Institutional Investors are Attracted In Dubai
Ripple institutional investors continues to draw in Dubai, according to a new report from Sologenic, an XRP Ledger-based platform. Ripple institutional investors is making strides in Dubai and the MENA region, despite its legal battle with the SEC. The establishment of a new office at the Dubai International Financial Centre shows their commitment to global expansion. Ripple’s CEO, Brad Garlinghouse, shared that the XRP Ledger has over 4.8 million wallets, with 20% from the MENA region, indicating the increasing demand for Ripple solutions there. Despite the legal dispute, Ripple serves a global clientele, with over 90% of its operations outside the US. The MENA region is significant for Ripple as it has key clients there, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. Sologenic, a UAE firm, aligns with Ripple’s vision and has onboarded over 200,000 customers onto the XRP Ledger, showing the growing acceptance of Ripple’s solutions in the institutional sphere. Ripple institutional investors resilience and appeal to demonstrate their commitment to global expansion, with the MENA region as a pivotal hub. Furthermore, Sologenic, a UAE-based firm, shares Ripple’s vision and has successfully onboarded over 200,000 customers onto the XRP Ledger.
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🟠 Binance CEO – Changpeng Zhao Indicted Along with Three Executives in Brazil
According to a congressional commission looking into Brazilian pyramid schemes, Changpeng Zhao indicted along with three other top executives for financial fraud and engaging in prohibited financial activity. Binance, the world’s largest cryptocurrency exchange, is currently facing legal action in Brazil. A congressional committee has recommended indicting Binance CEO Changpeng Zhao (CZ) and three other top executives for their involvement in fraudulent management and unauthorized financial activities. This recommendation is part of an investigation into pyramid schemes in Brazil. Brazilian law enforcement has compiled a 508-page report that exposes these pyramid schemes. If the authorities proceed with indictments, Changpeng Zhao Indicted along with three other top executives for fraudulent management and operating a financial institution without authorization. The report also implicates local Binance executives Daniel Mangabeira, Guilherme Haddad Nazar, and Thiago Carvalho for their involvement in fraudulent practices and unauthorized securities trading. It states that they established a network of legal entities controlled by Zhao to evade compliance with the law. Binance’s Brazilian division is currently under investigation by the Brazilian Securities and Exchange Commission (CVM) for their derivatives sales. In August, CVM rejected a settlement offer of 2 million reais, or $395,835.80, from Binance’s local executives.
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🔵 Circle Unleashes USDC on Thriving Polygon PoS Mainnet!
Circle has achieved yet another milestone in the realm of digital assets Polygon PoS mainnet. The company’s official X account has announced the launch of native USDC (USD Coin) on the Polygon PoS mainnet. This development marks a significant expansion of the USDC ecosystem and further solidifies Circle’s position in the cryptocurrency market. With this launch on the Polygon PoS mainnet, native USDC is now seamlessly integrated into a total of 15 blockchain networks. One of the standout features of this expansion is the accessibility offered through Circle Mint and its API. This means that businesses and institutions can easily access on/off-ramps for USDC on the Polygon PoS mainnet. It streamlines the process of utilizing USDC for various financial activities within the cryptocurrency space. Circle Mint simplifies the movement of USDC between different blockchain networks. Users can effortlessly deposit USDC on one chain and withdraw it on another, all without the usual costs and delays associated with third-party bridging solutions. This functionality is a game-changer, reducing friction in the cross-chain transfer of USDC. The introduction of native USDC on the Polygon PoS mainnet presents exciting opportunities.
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🇮🇱 Hamas Crypto Accounts Frozen By Israeli Police, Cutting Off Terrorist Funding
Hamas crypto accounts frozen by Israeli police, shutting down terrorist funding on social media. Funds seized will go to the Israeli national treasury. Israeli police have reportedly frozen cryptocurrency accounts associated with the Palestinian militant group Hamas. The cyber branch of Israel Police’s Lahav 433 unit has frozen the accounts in question, which Hamas had been using to raise funds on social media since Saturday. The police spokesperson’s unit confirmed the development, adding that Lahav 433 has also worked with the UK police to freeze an account in Barclays bank. The police spokesperson’s unit confirmed the development, adding that Lahav 433 has also worked with the UK police to freeze an account in Barclays bank. The unit is collaborating with the Defense Ministry, Shin Bet, and other intelligence agencies to shut down cryptocurrency channels used by terrorist groups. The report further stated that the Lahav 433 unit worked with the nation’s defense ministry, intelligence agencies, and Binance, a crypto exchange, to target the accounts. Any funds seized will reportedly go to the Israeli national treasury. Hamas crypto accounts frozen by police follows a multi-pronged attack on Israel by Hamas over the weekend, which has escalated into an all-out war, with the former’s defense minister ordering a complete siege of the Palestinian enclave Gaza.
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💰 FTX’s insurance fund figure was faked by using Python code
In a stunning turn of events, the true nature of FTX’s insurance funds has been brought to light, as Gary Wang, co-founder of the platform, testified that they were artificially inflated using covert Python code. The figure of approximately 7,500, which was presented to the public, is not calculated by multiplying the daily trading volume of FTX. Gary Wang, a co-founder of FTX, testified that FTX used covert Python code to inflate the value of their insurance funds. On October 6, Gary Wang, a former chief technology officer of FTX, provided new testimony. He claimed that FTX’s alleged $100 million insurance funds for 2021 were fraudulent and did not include any of the claimed exchanges of FTX’s tokens (FTT). During the trial, the prosecutors presented a tweet and other public evidence of the fund’s value and asked Wang about its accuracy. He simply replied with a single word, “No.” Wang’s testimony revealed that the amount contained within the funds was often insufficient to cover these losses. He claims that he was instructed to have Alameda “take on” the loss when Bankman-Fried realized that the insurance fund was almost depleted. Allegedly, this was an effort to hide the loss, as Alameda’s balance sheets were more private than FTX’s.
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🟠 Binance introduces copy trading feature for futures markets
Crypto exchange Binance has introduced a copy trading feature for futures products in selected markets. This addition is aimed at simplifying the trading process by allowing users to emulate the strategies and portfolios of experienced or “lead” traders. Copy traders can follow up to 10 lead traders simultaneously and have the discretion to set their own risk preferences — such as take profit/stop loss, leverage levels, and margin configurations, as outlined by the exchange. Binance highlighted the potential of copy trading feature to enhance engagement within its trading community. "We believe copy trading lowers the barriers to entry into crypto and can help improve social engagement within the community,” the exchange’s spokesperson remarked. The exchange declined to comment to specify which markets would incorporate copy trading. The exchange spokesperson said that Binance continually reviews its products, emphasizing its commitment to regulatory adherence. Some regulatory bodies in various countries have expressed concerns, suggesting that Binance might not have implemented sufficient measures to prevent its platform from being used for unlawful financial activities. In response, Binance has repeatedly stated that it is committed to meeting all relevant legal and regulatory standards.
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🇺🇸 US considering application of Electronic Fund Transfer Act to crypto accounts
The US Consumer Financial Protection Bureau (CFPB) is evaluating the application of the Electronic Fund Transfer Act (EFTA) to cryptocurrency platforms. The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX. EFTA regulations mandate that electronic fund facilitators inform users of their liabilities concerning unauthorized transfers. The spotlight is on their methodologies in handling user data and their strategic intentions surrounding the roll-out or backing of private digital currencies. During a conference organized by The Brookings Institution, CFPB Director Rohit Chopra brought to the fore the agency’s intentions of delving deeper into the operational dynamics of influential tech entities. To tackle this, the CFPB is contemplating releasing more comprehensive guidelines, clarifying the boundaries and obligations under the EFTA for digital currencies and their handlers. The council could classify certain cryptocurrency-related activities as pivotal for payment and settlement processes, an action rooted in the Dodd-Frank Act’s provisions. Such a categorization would pave the way for more stringent oversight, especially ensuring instruments like stablecoins live up to their promise of stability. On a parallel note, the CFPB is on the cusp of announcing a meticulously crafted rule around personal financial data rights.
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🆘 Certik Study: $332 Million Lost to Exploits, Hacks and Scams in September, More Than $1.3 Billion Lost in 2023
According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone. Exploits alone accounted for more than 98% of the thefts ($329.8 million) while the amount stolen through flash loan attacks and rug pulls was less than $2.4 million. As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23. A few weeks earlier, the cryptocurrency exchange platform Coinex Global suffered an exploit in which digital assets worth $54 million were stolen. According to reports, preliminary investigations hinted at a possible compromise of private keys which enabled the criminals to move funds from the platform’s hot wallets. For context, in August the total value of digital assets stolen through exploits only totaled $13.5 million. Meanwhile, unlike in the month of August when digital assets lost through exit scams topped $26 million (more than half of the nearly $46 million that was stolen), only $1.9 million was lost via this tactic in September. Likewise, the data indicates that the value of digital assets lost via the so-called flash loan attacks dropped significantly from $6.4 million in August to $0.4 million in September.
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🇭🇰 Hong Kong Crypto Exchange JPEX Converts Users' Funds to an Illiquid Digital Token
The beleaguered Hong Kong cryptocurrency exchange, JPEX, has reportedly proceeded with its controversial plan of converting users funds to its in-house digital token known as JPC. As part of the exchange’s plan, users whose assets were converted to the currently illiquid token will only be able to redeem their funds in two years. The exchange said converting user funds will help it boost its cash flow position and retain investors. JPEX also claimed that the plan had been endorsed by 68% of user. As previously reported by Bitcoin.com News, JPEX was forced to suspend some trading activities after several people linked to the exchange were arrested by local law enforcement. At the time of the arrests, Hong Kong police claimed to have received 1,641 complaints about JPEX involving $153 million. However, the SCMP’s Oct. 4 report said that this figure has since grown to $191 million. The report also revealed that a television actor known as Cheng Chun-hei is one of the two suspects who were arrested on the same day. Meanwhile, an unnamed victim of what is now being described as one of Hong Kong’s biggest fraud cases is quoted in the report confirming the conversion.
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💰 Inside SBF’s trial: FTX numbers checked out, except for an $8 billion mystery 'friend'
As customers began to withdraw assets from FTX in Nov. 2022, CEO and co-founder Sam Bankman-Fried asked his co-founder and CTO, Gary Wang, to calculate how much money Alameda Research would need to deposit on the exchange in order to cover the outflows. Wang found that, excluding the accounts of Alameda Research, the sum of FTX customer balances matched the assets in FTX's hot wallets, he testified on Friday under direct questioning from government prosecutors during the fourth day of Bankman-Fried's criminal trial in New York. Wang only got the full picture, he testified, once Bankman-Fried asked him if he had included "our Korean friend" in the calculations. Confused, Wang checked with Nishad Singh, another former FTX executive, who told Wang that the "Korean friend" actually referred to the $8 billion "fiat@" hole at the heart of FTX's collapse. Wang testified that Singh told him that the fiat@ account balance had been reassigned in FTX's internal database to an account bearing the name "seoyuncharles88@gmail.com," which was granted special privileges so that Alameda Research wouldn't have to pay interest on its line of credit. Bankman-Fried also knew FTX's finances were more visible to the public and to investors than Alameda's, Wang testified. The following day, after being informed of the hole, Bankman-Fried tweeted, "FTX is fine. Assets are fine."
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📣 Immutable zkEVM Mainnet Will Start To Launch On December 2023
Immutable zkEVM Mainnet launch is scheduled for December – January, followed by dedicated app chains and zk-prover integration in 2024. With the recent launch of Immutable zkEVM Testnet, along with numerous games that have already begun building on it, Immutable zkEVM, powered by Polygon Labs, is on track to become the home of gaming on Ethereum. Recently, more than 50 games have committed to building on Immutable zkEVM. Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch. These upgrades are geared towards enhancing various aspects of the platform, including the player experience, revenue engine, and developer experience. Milestone 1 – Immutable zkEVM Testnet (August): Over 20,000 addresses have been active across more than 100,000 transactions on Immutable zkEVM’s Testnet, demonstrating strong developer interest. Milestone 2 – Immutable zkEVM Testnet Re-Genesis (November): A re-genesis of the Testnet is scheduled for November, involving a transition from Polygon Edge to Geth EVM client to ensure compatibility with Ethereum. Milestone 3 – Immutable zkEVM Mainnet (December – January): The highly anticipated Mainnet launch will follow, inviting developers in stages before opening to the public.
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🪙 Ether ETFs Struggle to Gain Traction in First Week
Ether (ETH) and bitcoin (BTC) were buoyed to one-month highs last week as six ether futures ETFs went live in the U.S. on Monday, with traders expecting high demand for the products. However, their performance was pretty muted. Less than $2 million were traded across the various ETFs on Monday, with poor volumes throughout the week prompting analysts to write down their bullish outlook and pivot to bitcoin investments instead. The ether futures ETFs had 0.2% of trading volume compared to BTC futures day 1 of trading. The ether futures ETFs had 0.2% of trading volume compared to BTC futures day 1 of trading. Some analysts pointed to a lack of institutional demand for ether and others said it’s due to the macroeconomic environment. “Interest rates are at 5.5%, if you list any kind of ETF in this environment you are going to see low volumes,” said Sui Chung, CEO of CF Benchmarks, in an interview with CoinDesk. “It's the same with equities ETF volumes this week," added Chung. "There might be more interest in ether futures ETFs as the macroeconomic situation changes but right now investors are too busy putting money into bank accounts.”. Blackbird Labs, an app and loyalty program that's attempting to connect restaurants and their customers via its crypto-powered app, announced on Wednesday.
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🇸🇻 Firms launch El Salvador’s first Bitcoin mining pool tapping geothermal energy
Salvadoran renewable energy and mining firm Volcano Energy and Bitcoin mining software provider Luxor Technology have launched "Lava Pool." This is the first crypto mining pool based in El Salvador that aims to tap into the country’s rich geothermal energy to mine bitcoin. Volcano Energy will mine bitcoin exclusively via the pool and contribute 23% of its net income to the El Salvador government as part of a public-private partnership initiative, according to a statement. Volcano Energy is co-led by Josue Lopez, a 23-year-old Bitcoin advocate from El Salvador who serves as the CEO, and Max Keiser, who serves as chairman and is an advisor to El Salvador President Nayib Bukele. El Salvador hit the headlines in 2021, becoming the first country to give bitcoin legal tender status. It first started mining bitcoin using geothermal energy from its volcanoes the same year and also announced plans to issue “bitcoin bonds” in 2022. "Lava Pool is another example of El Salvador’s first mover advantage as a nation-state in the Bitcoin ecosystem,” Volcano Energy CSO Gerson Martinez said. “Our vision is to create a vertically integrated energy and Bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens.”
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💰 Former FTX executive once found millions of dollars of airdrops that the exchange didn't know about
Zane Tackett, former head of institutional sales at FTX, once found millions of dollars worth of airdrops that the exchange had no idea about. On The Scoop podcast, Tackett expressed his lack of surprise that so much has been recovered during FTX’s bankruptcy proceedings so far. He said the exchange was a sloppy place with bad accounting. “I remember one time I found millions of dollars worth of airdrops that they had gotten that they didn't know about,” he said. “I don't think it's that impressive that they did it,” he added. “I think if you two handed this to any crypto firm, like if Binance bought them, they would have found all those assets in like two days and already had it back to the users.” Tackett added that he was surprised the liquidators hadn’t got more of the hacked funds back or worked out who did it. He said that if he had to guess who hacked the exchange, he would say a higher up former FTX or Alameda employee. “And when I talked to Sam about it after — or like when everything was blowing up — he seemed so nonchalant, like, ‘Oh yeah, it was the battle between FTX.US and FTX.com to get assets like it's not lost’. So, I mean, I think he has some information on what happened to it, but I don’t know,” he said.
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