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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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💰 Bitcoin Lingers in a 'Neutral' Phase as the Fear and Greed Index Signals Market Consolidation
A week prior, bitcoin (BTC) was priced at $27,189 per unit. Over the past day, its value danced between $28,103 and $27,770. This week witnessed a 2.6% climb in bitcoin’s value, and it surged by 7.9% on a 30-day scale. Throughout these fluctuations, the Crypto Fear and Greed Index (CFGI) has unswervingly projected its “neutral” position — not just today, but yesterday and the entire past week. In essence, the CFGI serves as a barometer, gauging the prevailing mood of the bitcoin marketplace.
The rationale being that overwhelming fear can depress prices too much, while rampant greed can inflate them excessively. By tapping into current sentiments, traders could pinpoint potential buy or sell moments. Interpreting the CFGI, one encounters phases like extreme fear, fear, neutral, greed, and extreme greed. On October 8, 2023, alternative.me pegs the CFGI at 50, a slight rise from last week’s 48. Coinmarketcap.com’s “Fear and Greed” index echoes this sentiment, marking a neutral score of 46 on Sunday. With the market exhibiting such neutrality and bitcoin gravitating towards a more streamlined range, it’s evident the market remains indecisive. Being neutral or ambivalent suggests the absence of a prevailing sentiment.
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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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💰 Sam Bankman-Fried Lost Half a Million Dollars Every Day After Alameda Launched, Michael Lewis Claims
Millions of dollars from the first-ever tranche of funds raised by Sam Bankman-Fried were almost lost after trading firm Alameda Research initially started in 2017, author Michael Lewis claimed in his biography of Bankman-Fried “Going Infinite.” The then 26-year-old SBF intended to invest these funds in the growing and inefficient crypto markets, capturing price differences across markets and creating high-frequency trading (HFT) strategies to pick up pennies every few seconds.
Most of these were losing bets from the start with Alameda losing millions of dollars in its first months. It lost over $500,000 every day throughout one such month, Lewis wrote, while some trading funds had “simply vanished” due to poor fund management. Another bot called Modelbot, which was programmed to trade nearly 500 tokens on some thirty exchanges, turned out to be yet another dud initially. It made no distinction between deeply-liquid crypto majors such as bitcoin (BTC) and ether (ETH) and very thinly-traded memecoins – sparking concerns among early Alameda staff that it could end up evaporating all of the raised money. The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.
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💰 Decentralized Exchange Bluefin’s New Version Goes Live on Sui Network
Decentralized orderbook exchange Bluefin’s upgraded version called “v2” went live on the Sui network, the company Tuesday said in a press release. The platform’s new iteration adds features such as sub-second, optimistic trades, spot and cross-margin capabilities and a privacy function to trade without a crypto wallet. The first version of the platform – Bluefin v1, which lets users trade perpetual swaps on Ethereum scaling network Arbitrum – will remain active, the company said.
“Over the course of this year, we’ve rewritten our codebase and rebuilt the exchange on a new underlying technology,” Bluefin said in the press release. “With the next version of the exchange, we want to build a decentralized platform that can match the features and trading experience of centralized exchanges.” Bluefin’s development comes at a time when crypto trading volumes have dropped significantly as the grueling bear market drags on. DEX volumes averaged at around $10 billion per week recently compared to topping over $60 billion last November, according to DefiLlama data. Decentralized exchanges (DEXs) came to the forefront last year after a handful of centralized platforms including Sam Bankman-Fried’s FTX blew up in a spectacular fashion.
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🪙 Invesco Galaxy Ether ETF Is New Step To Fuel Ether’s Breakthrough
Invesco, a global fund giant overseeing approximately $1.6 trillion in assets, has revealed its intentions to launch the Invesco Galaxy Ether ETF, according to a recent filing. Invesco Galaxy Ether ETF will focus on holding Ether directly, differentiating itself from the upcoming wave of Ether futures ETFs set to debut soon. Galaxy Digital Funds will serve as the execution agent for Invesco Galaxy Ether ETF, facilitating the purchase and sale of Ether by the trust. This move aligns with the growing trend of financial institutions recognizing the value of Ethereum as a viable investment option alongside Bitcoin.
In a similar vein, Ark Invest and 21Shares had previously unveiled plans for their own spot Ether ETF on September 6th. VanEck, which initially filed for a spot Ether ETF back in 2021, still maintains an active filing with the US Securities and Exchange Commission (SEC). Additionally, Hashdex is pursuing a fund that blends Ether futures and spot Ether exposures. The SEC’s stance on cryptocurrency-related financial products has been notable. While it recently delayed its review of applications from BlackRock, Invesco, and others seeking to establish the first spot Bitcoin ETF in the US, it also postponed decisions regarding applications from Bitwise and Valkyrie. The regulator’s concerns about investor protection and past incidents of scams and market manipulation have been central to these delays.
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📣 Mixin Network Puts $20M Reward on $200M Hack!
Mixin network and issued an update on the theft incident, shedding light on their swift response and the unexpected turn of events. As soon as the breach occurred, Mixin network took immediate action by reaching out to Google and engaging the services of blockchain security firm SlowMist to aid in the investigation. This proactive approach demonstrated their commitment to addressing the situation head-on. Mixin diligently conducted an asset inventory to assess the extent of the damage.
Despite the improved outlook, Mixin surpasses expectations and caution among its users. They advised individuals to temporarily refrain from engaging in activities such as trading and market-making on the Mixin Network to mitigate potential losses. This precautionary measure underscored Mixin’s commitment to safeguarding the interests of its community members. Earlier in the week, the cloud service provider MixinNetwork experienced a database breach that resulted in a total loss of approximately $200 million. Mixin’s response to this incident included an official commitment to compensate affected users. Founder Feng Xiaodong confirmed that they would cover 50% of the damaged assets in an effort to make amends. The remaining portion of the compensation would be provided in the form of bond tokens, illustrating Mixin’s dedication to mitigating the impact of the breach on its user base.
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🪙 FTX’s former external legal team disputes involvement in fraud allegations
In a recent court filing, a United States law firm that had previously offered services to FTX challenged allegations of assisting Sam Bankman-Fried in his alleged unlawful activities. A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against it, claiming that it assisted in the exchange’s alleged fraudulent activities. According to a Sept. 21 court filing, United States-based law firm Fenwick & West denies all accusations of misconduct related to the provision of legal services.
The plaintiffs contend that while Fenwick provided regular legal services within the bounds of the law, Sam Bankman-Fried allegedly misused the advice to advance his fraudulent activities. The plaintiffs allege that Fenwick can be held liable because it purportedly “provided services to the FTX Group entities that went well beyond those a law firm should and usually does provide,” the filing states. Additionally, the filing reiterated that Fenwick assisted in establishing corporations used by Bankman-Fried in his fraud and advised FTX on regulatory compliance in the evolving crypto landscape. However, Fenwick argued it should not bear liability as it was not the sole law firm representing FTX.
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🪙 JP Morgan Analysts Express Disappointment Over Ethereum Activity Post Shanghai Upgrade
In a report led by Nikolaos Panigirtzoglou, JP Morgan analysts have voiced their disappointment with Ethereum’s post-Shanghai upgrade performance. Ethereum activity is attributed by analysts to a confluence of “bearish forces” that have dominated the past year. These include the collapses of FTX and Terra, regulatory uncertainties and crackdowns in the United States, waning institutional interest in crypto, and a slowdown in venture capital funding.
Furthermore, the Ethereum Layer 2 ecosystem has exhibited mixed results. While Optimism has seen an uptick in activity, Arbitrum’s performance has waned. Interestingly, the TVL on both Arbitrum and Optimism has declined since the end of March, just prior to the implementation of the Shanghai upgrade. These JP Morgan findings highlight the complex dynamics at play within the Ethereum network and the broader crypto landscape. Despite optimistic upgrades and improvements, external market forces continue to exert significant influence over the network’s performance.
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🇰🇵 North Korean hackers are laundering stolen funds through Russian exchanges, Chainalysis says
North Korean hacking groups are increasingly using Russian cryptocurrency exchanges to launder stolen funds, according to Chainalysis. The onchain analytics firm stated that North Korean hackers recently transferred over $21 million in cryptocurrency, stolen in last year's Horizon bridge hack, to a Russian exchange known for facilitating illicit financial flows. "This latest action marks a significant escalation in the partnership between the cyber underworlds of these two nations," Chainalysis said in a blog post this month.
The post claimed North Korean hackers have been using Russian exchanges for money laundering purposes since 2021. It said the development is a challenge for international authorities, "given Russia's uncooperative attitude towards international law enforcement." Chainalysis said that North Korean hacking groups have been less prolific in 2023 compared to last year, emphasizing that 2022 was a year when North Korean hackers netted "catastrophically high figures." They've stolen around $340.4 million in cryptocurrency so far this year, compared to the over $1.7 billion reported stolen in 2022. Chainalysis estimates that North Korean groups have stolen a total of $3.54 billion in cryptocurrency since 2016.
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🔻 Optimism to distribute unclaimed funds from first airdrop
Optimism, one of the top Layer 2 networks on Ethereum, will distribute remainder of the funds from its first airdrop directly to the eligible addresses who have yet to claim the airdrop directly. The airdrop, which commenced on June 1, 2022, had distributed 166 million of the nearly 215 million tokens reserved for the airdrop to addresses who claimed the airdrop before the announcement, according to blockchain data.
The Ethereum Layer 2 network Optimism recently announced that unclaimed funds from its first airdrop will be directly distributed to the remaining eligible addresses. About a quarter of eligible addresses did not claim the airdrop and will thus receive the direct distribution today, as announced by Optimism. Optimism has committed to distributing 19% of its initial token supply through airdrops. Following its two airdrops so far, 13.73% of that initial supply remains, according to Optimism. Optimism has yet to announce a third airdrop. Optimism is currently the second-largest L2 on Ethereum, as measured by Total Value Locked, according to The Block data.
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🇰🇵 North Korean Hackers Funnel $21.9 Million Stolen From Harmony Protocol Into Russian Exchange
Chainalysis found that North Korean hackers stole $21.9 million in cryptocurrencies and transferred it to a Russian cryptocurrency exchange known for illegal operations. Chainalysis has revealed concerning findings that $21.9 million in cryptocurrency, stolen by North Korean hackers, has recently been funneled into a Russian cryptocurrency exchange notorious for facilitating illicit transactions.
North Korean entities utilizing Russian services, including exchanges, for money laundering purposes since 2021. The transfer of stolen funds to Russian exchanges presents a significant challenge for international law enforcement agencies, as Russia’s uncooperative stance on such matters complicates efforts to recover the misappropriated funds. This lack of cooperation has raised concerns about the prospects of retrieving stolen assets that flow into Russian cryptocurrency platforms. This incident adds to a growing tally of cryptocurrency thefts linked to North Korean hacker groups. In 2022, over $1.65 billion worth of stolen funds were reported, and in the current year, the value of stolen cryptocurrency tied to North Korean entities stands at a staggering $340.4 million.
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📣 Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation
The digital asset market experienced heightened volatility as traders closely monitored the potential cryptocurrency disposals by the defunct FTX exchange through its ongoing bankruptcy proceedings. The exchange’s administrators have successfully recovered approximately $7 billion in assets, which includes a substantial $3.4 billion in cryptocurrencies. A pivotal court hearing scheduled for Wednesday aims to evaluate a proposal for initiating the sale of tokens to repay creditors, as per recent filings.
Notably, FTX’s inventory reveals holdings of nearly $1.2 billion in SOL, the native token of the Solana network, alongside $560 million in Bitcoin and $192 million in Ether. According to Bloomberg, the exchange is actively pursuing the appointment of the asset management division of billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. to oversee this significant pool of tokens. The news surrounding the impending FTX creditor liquidation has led to a pronounced decline across the entire crypto market, with its total valuation currently standing at $1.03 trillion. Bitcoin, mirroring this trend, was trading at approximately $25,750 at the time of this report.
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🏦 Coinbase CEO Predicts Crypto’s Explosive Role in 2024 Presidential Campaign
Brian Armstrong, the CEO of Coinbase, has highlighted a pressing issue in the crypto industry: the lack of clear oversight. Armstrong pointed out several avenues through which the crypto industry can attain much-needed clarity. These include legal routes through the courts, legislative action through Congress, and regulatory efforts by the U.S. Commodity Futures Trading Commission (CFTC). In a recent statement, Armstrong emphasized that achieving clarity is essential for the industry’s growth and stability.
One notable aspect of Armstrong’s statement is his anticipation of a potential change in leadership at the U.S. Securities and Exchange Commission (SEC) in 2024. He expressed the belief that having a new SEC chairman could be beneficial for the crypto industry. While Armstrong did not specify the reasons for this view, it suggests that a fresh perspective on crypto regulations may be on the horizon. Gary Gensler, the current SEC chairman, has been an active proponent of crypto regulations and has played a key role in shaping the regulatory landscape. Armstrong’s statement implies that a new SEC chairman may have a different stance or approach to crypto regulation.
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💰 Bitcoin Network Grapples With Congestion As Unconfirmed Transactions Surge
Bitcoin network is currently grappling with significant congestion, as nearly 550,000 unconfirmed transactions are causing delays and concerns among users. Mempool data reveals that memory usage has surged to 1GB, while transaction fees have peaked at over 16 satoshis per virtual byte (sat/vB). The average block mining time has risen to 10.3 minutes, indicating that miners are struggling to keep up with the unprecedented demand. This surge in unconfirmed transactions and clogged blocks is raising worries about its potential impact on Bitcoin‘s price.
With over half a million transactions awaiting confirmation, Bitcoin users are experiencing significant delays in processing transactions, potentially affecting the cryptocurrency’s usability for everyday transactions. As Bitcoin grapples with congestion and high fees, some users may seek alternatives among altcoins offering faster and cheaper transactions. This could temporarily divert capital away from Bitcoin. However, data from Blockchain.com suggests that Bitcoin miners haven’t given up hope. Despite recent challenges, the Bitcoin mining hashrate rebounded, even after a sharp price drop from above $29,000 to below $26,000. This rebound is somewhat unexpected, as miners typically equate their block rewards to revenue.
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🪙 A consultant used his personal wallet to save $400 million from being stolen during FTX hack: Wired
During last year’s hack of FTX, consultant Kumanan Ramanathan utilized his personal Ledger Nano hardware wallet to safeguard vulnerable assets when unusual outflows were detected by the staff, according to a Wired investigation. On Nov. 11 2022, unusual withdrawals alarmed former staff members and executives. While FTX later reported losses surpassing $400 million, the efforts of Ramanathan and the FTX team preserved a significant portion of the assets.
Ramanathan, associated with the consulting and restructuring firm Alvarez & Marsall, volunteered to relocate a major portion of the company’s assets to his device, thereby protecting between $400 and $500 million of FTX’s cryptocurrency. The transactions, initiated by former CTO Gary Wang, helped mitigate further losses. The assets were housed on Ramanathan’s device until FTX’s crypto custodian provider, BitGo, had cold storage wallets ready. Subsequently, the exchange collaborated with BitGo, safeguarding over $1.1 billion in total, Wired found. Another $400 million was relayed to the Securities Commission of the Bahamas for protective purposes. This episode transpired shortly after former CEO Sam Bankman-Fried filed Chapter 11 bankruptcy protection.
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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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💰 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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💰 Sam Bankman-Fried Lost Half a Million Dollars Every Day After Alameda Launched, Michael Lewis Claims
Millions of dollars from the first-ever tranche of funds raised by Sam Bankman-Fried were almost lost after trading firm Alameda Research initially started in 2017, author Michael Lewis claimed in his biography of Bankman-Fried “Going Infinite.” The then 26-year-old SBF intended to invest these funds in the growing and inefficient crypto markets, capturing price differences across markets and creating high-frequency trading (HFT) strategies to pick up pennies every few seconds.
Most of these were losing bets from the start with Alameda losing millions of dollars in its first months. It lost over $500,000 every day throughout one such month, Lewis wrote, while some trading funds had “simply vanished” due to poor fund management. Another bot called Modelbot, which was programmed to trade nearly 500 tokens on some thirty exchanges, turned out to be yet another dud initially. It made no distinction between deeply-liquid crypto majors such as bitcoin (BTC) and ether (ETH) and very thinly-traded memecoins – sparking concerns among early Alameda staff that it could end up evaporating all of the raised money. The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.
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🪙 Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators
Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools. In a Sept. 30 blog post, Buterin warns that as staking pools adopt the DAO approach for governance over node operators — who are ultimately responsible for the pool’s funds — it can expose them to potential risks from malicious actors.
Buterin highlights the liquid staking provider Lido as an example with a DAO that validates node operators. However, he emphasizes that relying on just one layer of protection may prove insufficient: “To the credit of protocols like Lido, they have implemented safeguards against this, but one layer of defense may not be enough,” he noted. Meanwhile, he explains that Rocket Pool offers the opportunity for anyone to become a node operator by placing an 8 Ether deposit, which, at the time of this publication, is equivalent to approximately $13,406. However, he notes this comes with its risks. “The Rocket Pool approach allows attackers to 51% attack the network, and force users to pay most of the costs,” he stated.
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🇺🇸 Terraform Labs Founder Do Kwon Now Challenges SEC Amidst Global Legal Showdown
Terraform Labs founder Do Kwon has firmly contested the U.S. Securities Exchange Commission’s (SEC) bid to interrogate him within the United States concerning the tumultuous downfall of Terra and Luna stablecoins, according to a court filing made public on Wednesday. Last week, the SEC requested the Southern District of New York to approve their petition to question Kwon on U.S. soil, but Kwon’s legal team has deemed this request unfeasible.
The primary reason cited is Kwon‘s detainment in Montenegro since March 2023, where he was subsequently found guilty of attempting to use a counterfeit Costa Rican passport to leave the country. In June, Terraform Labs founder received a four-month jail sentence in Montenegro, with both the U.S. and South Korea seeking his extradition. The SEC had initially sought permission to interview Kwon before the discovery cut-off date of October 13. This request stemmed from their lawsuit against Terraform Labs in February, alleging that the firm had misled investors regarding the security of investing in TerraUSD stablecoin. The agency accused them of raising substantial funds from investors through the sale of a network of interconnected crypto asset securities, many of which were unregistered transactions.
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🇹🇼Taiwan Crypto Association Will Be Established To Promote The Industry
Taiwan‘s cryptocurrency landscape is undergoing significant developments as nine leading cryptocurrency companies have announced plans to establish a Taiwan crypto association. This move is anticipated to enhance the regulatory framework for the burgeoning cryptocurrency sector in Taiwan. In a joint statement, these companies outlined their intention to submit formal applications for the creation of the Taiwan VASP Association in mid-October. The firms have also formed a dedicated working group to expedite this process.
Once the Taiwan VASP Association is officially established, its primary objective will be to devise self-regulatory standards in alignment with the guiding principles set forth by the Financial Supervisory Commission (FSC). These self-imposed rules are intended to promote greater discipline within the cryptocurrency industry. Notably, the FSC is expected to release its “Guiding Principles for the Management of Virtual Asset Platforms and Trading Businesses” by the end of the month. The establishment of an industry association is seen as a proactive measure by cryptocurrency firms to align their self-regulatory guidelines with the forthcoming regulatory framework, fostering a more mature and accountable cryptocurrency industry in Taiwan.
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📣 Hungarian Authorities Seize Crypto Worth $1M in Tax Fraud Case
Hungarian authorities have seized cryptocurrency worth over $1 million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority. The NAV added that some of the criminal proceeds were used to invest in cryptocurrency.
NAV commandos, the Merkur Deployment Unit, and the investigators of the Western Transdanubian Criminal Directorate simultaneously raided 28 locations, arrested the suspects, and seized their illegally acquired assets and cryptocurrency worth nearly 420 million forints ($1.15 million). Without providing specific details, the NAV stated that the seized cryptocurrencies were transferred to a specially created crypto wallet that it controls. They avoided paying VAT after importing the products by setting up shell companies that changed every couple of months, the NAV described, adding that this allowed the fraudsters to sell electronic devices to various wholesalers and resellers at favorable prices.
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🪙 Tether makes strategic investment in Northern Data Group
Tether, the firm behind the USDT stablecoin, has made a strategic investment in Northern Data Group, which provides data center and cloud environment services based in Germany. Northern Data Group provides not only blockchain but AI computing services. Through the partnership, Tether and Northern Data Group will collaborate on AI, communication and data storage initiatives. The investment was for an undisclosed amount.
Through the partnership, Tether and Northern Data Group will collaborate on AI, communication and data storage initiatives. "We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers," Tether Chief Technology Officer Paolo Ardoino said. "This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’s reserves." Tether maintains 68% of the total stablecoin supply at 90.62 billion via its USDT token, according to The Block's Data Dashboard. Tether did not immediately respond to a request for comment from The Block.
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📣 Hut 8 Mining Triumphs in British Columbia Court, Paving the Way for USBTC Merger
The Supreme Court of British Columbia has given its stamp of approval to the merger between Hut 8 Mining and USBTC, marking a significant step in the cryptocurrency mining industry. This merger between two industry giants promises to reshape the landscape of cryptocurrency mining. Hut 8 Mining, a Canadian-based crypto mining company, and USBTC, a prominent player in the United States, have decided to join forces to strengthen their positions and leverage their combined resources.
The merged entity, Hut 8 Corp., will become a registered company in the United States, marking a pivotal expansion for Hut 8 Mining into the American market. The decision to merge comes at a time when the cryptocurrency industry is experiencing rapid growth, with Bitcoin and other digital assets gaining increased acceptance and value. Hut 8 Corp. has ambitious plans following the merger. It anticipates finalizing the deal in the fourth quarter, subject to regulatory approvals and other customary closing conditions. Once completed, the new company intends to list on two prominent stock exchanges: Nasdaq and the Toronto Stock Exchange. This dual listing will grant investors on both sides of the border access to the new entity’s shares, further solidifying its presence in North America’s financial markets.
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🪙 Chainlink Initiates Significant Transfer Of 10 Million LINK Tokens To Binance
Chainlink, a prominent player in the blockchain space, executed a transfer of 10 million LINK tokens to the renowned cryptocurrency exchange Binance. According to monitoring by The Data Nerd on September 16, this substantial transfer took place at a price of $6.24 per LINK, with a total estimated value of $62.4 million. Chainlink, well-known for its decentralized oracle network that facilitates smart contracts to interact with real-world data, has continued to play a pivotal role in the broader blockchain ecosystem.
The purpose and context of this transfer remain undisclosed, leaving room for speculation within the crypto community. Such substantial token movements often garner attention and speculation about potential developments, including investment strategies, project partnerships, or liquidity management. Binance, recognized as one of the world’s largest and most prominent cryptocurrency exchanges, is a pivotal gateway for traders and investors seeking access to a wide range of digital assets. Chainlink’s decision to transfer a significant amount of LINK tokens to Binance highlights the exchange’s importance within the cryptocurrency industry.
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🇧🇷Crypto Payment Firm Ramp Integrates With Brazil’s Popular Pix, Expanding Market Reach
This strategic move is aimed at providing residents with seamless access to cryptocurrencies while opening doors for international partners to tap into Brazil’s robust market. With over 200 million people, Brazil stands as South America’s largest economy, making it a highly sought-after market for crypto-related businesses. Pix, a digital payments platform, has gained immense popularity in Brazil, with more than 70% of the country’s citizens utilizing it for various transactions.
Ramp’s integration with Pix signifies a commitment to simplifying the crypto purchasing process for consumers in this country. This partnership offers an efficient gateway for individuals seeking to enter the world of cryptocurrencies, enabling them to leverage Pix’s user-friendly interface for secure and convenient transactions. Additionally, this collaboration presents an opportunity for web3 companies and crypto service providers worldwide to expand their reach into this market. The country’s economic vitality and a population eager to explore digital currencies make it an attractive destination for businesses seeking growth and diversification.
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📣 OKLink Launches On-Chain AML Services For Enhanced Virtual Asset Compliance
OKLink officially releases on-chain AML services to continue empowering virtual asset compliance and risk detection. On September 11, OKLink Cloud Chain Holdings, a prominent blockchain technology company, took a significant step forward in the realm of virtual asset compliance and risk management by officially introducing its multi-functional on-chain anti-money laundering (AML) service – OKLink On-chain AML.
The OKLink On-chain AML service is designed to bolster compliance efforts within the blockchain space by attaching unique identifiers, referred to as “tags,” to blockchain addresses. These tags are instrumental in effectively detecting and identifying risky contracts, addresses, tokens, and illicit activities. Users of the service will now have the capability to distinguish between various entities, including exchanges, MEV (Miner Extractable Value) robots, smart contracts, hackers, and crypto whales, among others. This synergy enhances its ability to provide automated and continuous transaction screening and tracking, thereby significantly improving the detection and prevention of illicit financial activities within the virtual asset ecosystem.
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🇺🇸 CFTC Fines Bitcoin Fraudster With $2M Penalty And 10-Year Trading Ban
The Commodity Futures Trading Commission (CFTC) has taken decisive action against Jacob Orvidas, issuing a groundbreaking order that simultaneously files and settles charges against him. Orvidas stands accused of luring at least four individuals, or “pool participants,” into his scheme, where he made grandiose promises of substantial profits and the safety of their investments. However, the reality was far from his claims, as he proceeded to lose the majority of their funds through reckless trading. To compound his deceit, Orvidas resorted to false narratives, presenting fictitious spreadsheets and offering excuses to mask the losses.
The CFTC‘s order mandates Orvidas to make restitution payments exceeding $2 million and imposes a hefty civil monetary penalty of $500,000. Moreover, it requires Orvidas to halt any further violations of the Commodity Exchange Act. Orvidas’ fraudulent activities unfolded between October 2017 and July 2020. During this period, he deceived investors by misrepresenting his trading abilities, fabricating profits, and making false claims about the safety of their investments. As Coincu reported, Michael and Amanda Griffis, proprietors of a real estate business in Clarksville, Tennessee, were also the subject of a complaint from the CFTC on July 25 for allegedly defrauding more than 100 persons in a scheme involving a digital assets commodity pool.
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🪙 TON Foundation Takes Root in Switzerland, Ushering in Crypto’s Non-Profit Era
The TON Foundation, a non-profit organization, has been established in Switzerland with a mission to support the TON ecosystem. The foundation has promised to provide a comprehensive transparency report that outlines Toncoin’s token economy and token distribution history. The report will include information on token issuance, partner allocation, development, incentives, and community usage for operating expenses and ecosystem growth.
The foundation recognizes the importance of Swiss regulatory clarity to the planning, strategy, and execution of its long-term mission. The TON Foundation aims to educate the public, empower development, and expand the ecosystem across the world. Its roadmap, which will be publicly available on the newly launched www.ton.foundation website, will guide its efforts towards achieving its goals. The TON Foundation’s transparency reports will provide valuable information to its stakeholders, including investors, partners, and the wider community. By providing detailed information on token distribution and usage, the foundation hopes to build trust and confidence in the TON ecosystem.
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