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The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
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Invesco and Galaxy Pursue Spot Ether ETF Application
🔷 Invesco and Galaxy Digital aim to introduce a spot Ethereum (ETH) exchange-traded fund (ETF) as more and more asset managers continue to explore digital asset products. In a Friday post on X (formerly Twitter), Bloomberg ETF analyst James Seyffart revealed that the two asset managers have filed for a spot Ether ETF, dubbed Invesco Galaxy Ethereum ETF.
⚫️ Per the firm’s S-1 registration statement, the Invesco Galaxy Ethereum ETF will “reflect the performance of the spot price of ether” by holding units of the cryptocurrency with a separate custodian, who is yet to be identified.
⚫️ The filing detailed that Invesco is the sponsor, while Galaxy Digital is the “execution agent,” which will sell ETH to pay the Trust’s expenses. Invesco and Galaxy join a growing list of investment managers seeking regulatory approval for a spot ETH ETF.
🔹 The SEC recently extended the deadline for decisions on previous applications from ARK 21Shares and VanEck until December 25-26.
There's a Long Way Ahead to Make Crypto Safer: Hexens CEO
🐱 While almost all cryptocurrencies are secured by cryptography, which makes these digital assets immune to hacks, counterfeit, or double-spend, the industry remains vulnerable to a range of external threats.
⚫️ Phishing attacks, malware, vulnerabilities in crypto wallets or exchanges, or flaws in smart contracts are some more notable pain points that can prove costly for users.
⚫️ "The blockchain industry faces evolving cybersecurity challenges, with the primary concern being susceptibility to hacks and fraud due to the possibility of stealing assets by exploiting a single point of failure," Sipan Vardanyan, CEO and Co-Founder at crypto security firm Hexens, told Cryptonews.
💣 Vardanyan noted that decentralized technologies, such as blockchain, play a key role in enhancing cybersecurity within the cryptocurrency ecosystem.
Consensys Announces Sunset of Ganache and Truffle Toolkits, Marking the End of an Era for Ethereum Development
😯 On September 22, ConsenSys, a leading Ethereum software company, 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.
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Islamic Coin Launches Public Offering of Tokens – Here's What You Need to Know
🇯🇴 Islamic Coin, a digital currency that aims to Shariah principles and promote ethical values, has initiated its Reg D Token Offering to the public in collaboration with OpenDeal Broker, a subsidiary of Republic. In a Monday press release, Islamic Coin said it has partnered with Republic to support its market entry strategy.
💡 Republic Crypto, the crypto advisory services division of Republic, will assist in customizing tokenomics, implementing DAO governance, and ensuring sustained economic utility value for the Islamic community. The collaboration also involves establishing relationships with potential strategic partners, exchanges, and market participants.
💰 "Following this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities for providing liquidity, staking their holdings, and earning tokens during the liquidity mining phase," the announcement said.
Virtual Currency Chief at NYSDFS Leaves to Pursue a Career in Private Sector
🇺🇸 Peter Marton, the deputy superintendent of virtual currency at the New York State Department of Financial Services (NYSDFS), will be stepping down from his position at the end of this month.
💲 According to an internal memo seen by FOX Business, Marton will be leaving his job on September 29 to pursue opportunities in the private sector. In the memo, NYSDFS Superintendent Adrienne Harris praised Marton for his role in building "the largest and most talented team of virtual currency regulators in the nation."
💵 Prior to joining the NYSDFS, Marton served as the director of digital assets at a financial subsidiary of IBM. He has held the position of deputy superintendent for virtual currency for nearly two years and has been responsible for overseeing major policy decisions related to digital assets and blockchain technology.
Binance.US CEO Brian Shroder Departs, Exchange to Cut One-Third of Workforce
🔶 The head of Binance US, the US offshoot of the largest crypto exchange Binance, has left the digital assets giant as the company is reportedly cutting its workforce by one-third.
🟡 The crypto exchange is planning to eliminate 100 positions, a company spokesperson said in a statement.
🟡 The decision comes as the exchange is grappling with a series of challenges in recent months, including the US Securities and Exchange Commission's (SEC) lawsuit. The regulator, in June, accused the parent company Binance and its head Changpeng “CZ” Zhao, over 13 charges, including mishandling customer funds and securities law violations.
🪙 “The actions we are taking today provide Binance US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” the company representative noted.
Judge Orders Teen Hacker to Return $5.2M Worth of Bitcoin Stolen in 2016
🚫 A federal judge has ruled that a young hacker must forfeit approximately $5.2 million worth of Bitcoin (BTC) and a sports car to the US government.
📌 The ruling claims that Ahmad Wagaafe Hared, a resident of Tucson, Arizona, stole cryptocurrency from Northern California crypto executives back in 2016, according to a report from The San Francisco Standard.
📌 The case is currently being heard in San Francisco's federal court.
‼️ While the specific identities of the targeted executives remain undisclosed, Northern California has long been recognized as a hotbed for cryptocurrency startups. The region has been home to numerous crypto organizations, including the renowned Coinbase exchange, which was headquartered in San Francisco before relocating to Mountain View.
Ethereum Layer 2 Activity Near All-Time High: L2s Become the New Norm
🔷 Ethereum (ETH) has become the primary hub for the booming decentralized finance (DeFi) sector, hosting thousands of blockchain projects and decentralized apps (dApps).
💬 These applications leverage the Ethereum blockchain to provide a wide range of services, including but not limited to finance, trading, gaming, non-fungible tokens (NFTs), and numerous other offerings.
💰 Among the prominent projects operating on Ethereum are UniSwap, AAVE, GMX, Chainlink, OpenSea, StrongBlock, Tether, 1Inch V4, Ethichub, Zeroex, and Otherdeed.
🔹 However, the continued growth and success of these DeFi platforms have put a strain on the Ethereum network’s ability to process transactions, leading to longer confirmation times and higher transaction fees.
Ripple Objects to SEC's Appeal of Ruling on Crypto as Non-Security
🌍 Ripple Labs has objected to the Securities and Exchange Commission's (SEC) request to appeal a federal judge's ruling that the XRP token is not a security when sold to the public. On Friday, Ripple filed a request with US District Judge Analisa Torres in New York, urging her to deny the SEC's plea, according to a report from Bloomberg.
🔵 The company argued that the SEC is hastily seeking an appeal on a legal question that applies to all digital asset cases, despite differences in factual and legal procedural postures across various SEC enforcement actions.
☀️ To proceed with its appeal, the SEC requires Judge Torres's permission, as her ruling was not a final judgment. In addition to their appeal, the SEC is also seeking to pause its lawsuit against Ripple, which alleges the company offered unregistered securities, until the appeal is resolved.
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Digital Ruble Scammers ‘Target Russians in Multiple Regions’
💀 Digital ruble scammers have reportedly struck in multiple Russian regions, with fraudsters apparently hoping to dupe citizens who do not yet fully understand how the CBDC works.
⚡️ Media outlets around the country say that scammers are sending citizens emails that use commercial and Central Bank logos. The emails claim that if citizens do not “convert” their savings to digital rubles, they will lose everything.
⚡️ Other scammers are posing as bank officials, claiming to have selected citizens to take part in digital ruble trials. In both cases, media outlets say, scammers have been trying to navigate people onto phishing sites, where they attempt to gather sensitive personal and financial data.
⚡️ Per Vecherniy Vedmosti, one of the scams appears to have operated in the Sverdlovsk Oblast, the area around the city of Yekaterinburg, in the Ural Federal District.
Hong Kong Looks to Curb Retail Stablecoin Trading Amid Crypto Adoption
🇭🇰 Hong Kong is considering measures to restrict retail stablecoin trading for individual investors in response to the increasing adoption of cryptocurrencies, as stated by a local official. It is important to note that retail stablecoin trading is currently not permitted in Hong Kong.
🌐 As reported by a local news agency, Ming Pao, on October 6, in a live interview on an investment committee program, Hui Ching-yu, the Secretary for Financial Services and the Treasury in Hong Kong, clarified that the city has not yet established regulations governing the trading of stablecoins such as Tether (USDT) or USD Coin (USDC). Consequently, retail investors are currently prohibited from engaging in such trading activities within the country.
🌐 Stablecoins, which are cryptocurrencies pegged to the value of a fiat currency like the US dollar, are frequently used by service providers as a key trading asset to mitigate market volatility.
⚡️ However, some stablecoins have experienced significant volatility or even collapsed in the past, as exemplified by the TerraUSD (UST) stablecoin collapse in May 2022. This highlights the critical role of reserve management in maintaining their price stability and safeguarding investors' rights to redeem fiat currencies.
Blockchain Adoption: Hong Kong Exchange Launches New Settlement Platform to Connect with Users in China
🇭🇰 Hong Kong Exchanges and Clearing Limited (HKEX), which operates a range of equity, commodity, fixed income, and currency markets, has unveiled an equities settlement acceleration platform called "Synapse."
🔴 The newly launched platform will leverage smart contracts programmed in DAML to streamline post-trade processes and improve operational efficiencies, according to a Wednesday press release.
🔴 Synapse will be integrated into Stock Connect, an HKEX channel that enables international investors to access over 1,000 mainland Chinese stocks through routing in Hong Kong.
🎁 "This technology-empowered platform will not only improve post-trade efficiencies, but will, over time, build a better, stronger ecosystem, supporting both market growth and investor growth strategies," Glenda So, HKEX Group Head of Emerging Business and FIC
South Korean Overseas Crypto Holding Figures 'May Be Inflated': Report
🇰🇷 The research division of the South Korean crypto exchange Korbit revealed that the amount of overseas digital assets reported by domestic corporations and individuals to the National Tax Service, “may be inflated.”
💬 The significant value of the reported amount is probably pumped up during the process of reporting to the authorities, Korbit Research Centre notes. Per the research, overseas corporations are believed to be holding their crypto assets without being able to distribute them to the market, specifically after the initial coin offering (ICO) boom in 2017.
💬 According to South Korea’s National Tax Service, the total amount of digital assets held by domestic companies and individuals through foreign accounts amounts to 131 trillion won ($96 billion).
🔍 “Of this, 73%, or 120 trillion won, is owned by 73 corporations,” Korbit Research Center said. It added that the corporate crypto holdings worth 120 trillion won would be market price created artificially through high-price trading.
Sam Bankman-Fried Will Remain in Jail Throughout His Trial Until Mid-November
🪙 Former FTX CEO Sam Bankman-Fried will remain in jail throughout his trial mid-November after the District Judge Lewis Kaplan denied his temporary release to prepare for the trial. The trial, scheduled to run from October 4th until November 9th, comes after Judge Kaplan denied a motion for Bankman-Fried's temporary release during a hearing on September 28th.
🖥 The former FTX CEO's legal team had sought his temporary freedom, but the judge expressed concerns that Bankman-Fried might be a flight risk if the trial didn't go in his favor, citing his young age and the potential for a lengthy prison sentence if convicted.
📲 One significant concession granted by Judge Kaplan is that Bankman-Fried will be allowed to wear business attire throughout his trial. The decision came after a request from his legal team, and the judge directed the United States Marshals Service and the Metropolitan Detention Center in Brooklyn to make necessary arrangements.
India Struggles to Curb Rising Crypto Frauds, Victims Left in a Legal Abyss Amid Regulatory Ambiguity
🇮🇳 India is currently witnessing an alarming surge in cryptocurrency-related frauds, leaving investors in despair and criminals largely unchecked.
🟡 The absence of clear regulations in the cryptocurrency space can largely be attributed to the encouragement of these illicit activities.
🟡 In a conversation with CryptoNews, Gaurav Mehta, a forensic expert who provides consultancy services to the Indian law enforcement agencies in investigating crypto-related crimes and the co-founder of Catax, shed some light on the challenges faced by India's cryptocurrency ecosystem and the quest for solutions.
🔥 India is among the top countries in the world when it comes to crypto adoption. This is despite the lack of clear regulations and heavy tax policies on crypto gains.
PayPal’s Stablecoin PYUSD is Available on Venmo to Select Users
💎 PayPal-operated peer-to-peer mobile payments platform Venmo has started offering PayPal USD stablecoin (PYUSD) to selected users, starting September 20. “We are pleased today to announce that PayPal USD is now available on Venmo to select users and will be rolling out fully in the coming weeks.”
☀️ The launch enables Venmo users to purchase the stablecoin and send it via PayPal, Venmo and other compatible external wallets, a company press release read. PYUSD is an Ethereum-based stablecoin, backed by U.S. dollar deposits and other liquid equivalents, such as short-term treasuries. The stablecoin was launched by the payment giant in August and is issued by Paxos Trust.
🌊 PayPal USD stablecoin is already available to users on leading exchanges including Kraken, Coinbase and Crypto com, to name a few. The stablecoin also received a green light from the New York State Department of Financial Services (NYDFS), “making it easier for virtual currency entities licensed in New York,” it added.
🐰 Besides, the company release said the move marks the first time users can transfer a stablecoin between PayPal and Venmo at no cost.
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FTX Claims Portal Back in Action After Cybersecurity Incident in August
🪙 FTX has reopened its customer claims portal, unfreezing user accounts that were affected by a cybersecurity incident in August.
🟩 In a recent statement, FTX clarified that the freezing of customer accounts was a precautionary measure and emphasized that additional security measures have been implemented on the claims platform to ensure the safety of user accounts.
🔵 According to FTX, account holders of the defunct crypto exchange can now access their accounts and proceed with the claims process for the digital assets they held on the exchange prior to its bankruptcy filing in November 2022.
🤮 The claims portal is available to individuals who hold accounts with FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid.
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OKX Crypto Exchange and Circle Partner to Introduce Fee-Free USDC Transactions
🐱 On September 7, global web3 technology leader OKX and fintech firm Circle Internet Financial unveiled USDC features on the OKX Wallet and the OKX DEX aggregator.
⚫️ This partnership aims to facilitate gasless USDC transactions, eliminating network fees and enabling cross-chain USDC swaps across multiple blockchains.
⚫️ The integration of OKX DEX aggregator with Circle's Cross-Chain Transfer Protocol (CCTP) now allows for seamless, feeless transactions across 7 blockchain networks: Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C.
📨 This development marks a significant leap forward in user-friendly, permissionless on-chain utility, enabling USDC to flow naturally across diverse blockchain ecosystems.
RBI Governor Touts CBDC as Solution to 'High Cost, Low Speed' Cross-Border Payments
💰 Reserve Bank of India’s (RBI) Governor Shaktikanta Das has touted Central Bank Digital Currencies (CBDCs) as a solution to 'high cost, low speed' cross-border payments.
⚡️ In a recent keynote address at the G20 TechSprint Finale 2023 in Mumbai, RBI Governor emphasized the potential of CBDCs to revolutionize the international payment landscape, addressing issues such as high costs, slow transaction speeds, limited access, and insufficient transparency.
⚡️ India is currently in a trial phase of its national digital currency Digital Rupee. The benefits of streamlined cross-border payments are far-reaching, touching upon the lives of people and economies worldwide, Das said.
🖥 The central bank’s governor pointed out that many central banks worldwide are considering the implementation of CBDCs, recognizing their potential to reshape the future of finance.
French Data Watchdog Conducts 'Inspections' at Worldcoin's Office in Paris
🇫🇷 France's data watchdog, CNIL, made an unannounced visit to the office of Worldcoin in Paris this week, intensifying the scrutiny surrounding the cryptocurrency project's controversial privacy practices.
🟣 The surprise inspection took place at Worldcoin's Orb center, a facility where individuals' irises are scanned to grant access to the platform's crypto services, according to two employees who were present during the visit, Reuters reported.
🟣 Representatives from CNIL questioned the top executive responsible for overseeing Worldcoin's operations in France.
🧬 This unexpected action by the data watchdog comes in the wake of deep-seated concerns expressed by CNIL in July regarding the legality and storage of biometric data collected by Worldcoin.
China’s JD, ICBC to Launch Digital Yuan Supply Chain Financing Solution
🇨🇳 Chinese firms and commercial banks are working on new digital yuan supply chain financing solutions, with a new CBDC smart contract solution set to launch.
🔴 Per CICC (via Cnfol), the latest innovation has been developed by JD Technology, in conjunction with the Industrial and Commercial Bank of China (ICBC).
🔴 JD Technology is the IT services arm of the e-commerce giant JD com (also known as Jindong), China’s answer to Amazon.Both JD and the state-run ICBC have been working with the central People’s Bank of China (PBoC) on the e-CNY pilot for several years.
⏳ The companies said they would release a “comprehensive” and “programmable” supply chain financing solution that will make use of digital CNY smart contract technology.
Sam Bankman-Fried's Legal Team Raises Concerns Over Trial Preparations
🔶 Sam Bankman-Fried's attorneys have raised concerns regarding the measures taken by authorities for their client's upcoming criminal trial in October. In an August 25 submission to the United States District Court for the Southern District of New York, the legal representatives argued that the measures proposed by the prosecutors were not adequate for the FTX founder to fully prepare for his trial.
✔️ The heart of the matter pertains to the discovery materials related to the case. On August 24, the U.S. Justice Department provided approximately 4 million pages of these materials. However, according to the defense, there are still "millions of pages of documents and terabytes of data" left to be reviewed by Sam Bankman-Fried.
💎 “We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense,” the defense stated. “Before his bail was revoked, Mr. Bankman-Fried was spending 80-100 hours a week reviewing the voluminous discovery and creating detailed analyses that he could update constantly and share with his attorneys.”