🇫🇷 French influencers now must pass test to promote crypto and other financial products
French social media influencers, including those influencing the crypto industry, must obtain certifications in the Responsible Influence in Financial Advertising program before advertising a financial product, according to a Sept. 7 press statement. To get the certificate, the influencers must score at least 75% on 25 multiple-choice questions that test their understanding of the rules for financial products. The certificate is only valid for a year, and the influencers must take the test again to renew. The law, which took effect on June 1, mandates influencers to disclose sponsored content on their pages and prohibits them from promoting harmful or unsuitable products and services to their audience. 🔗 Read more
French social media influencers, including those influencing the crypto industry, must obtain certifications in the Responsible Influence in Financial Advertising program before advertising a financial product, according to a Sept. 7 press statement. To get the certificate, the influencers must score at least 75% on 25 multiple-choice questions that test their understanding of the rules for financial products. The certificate is only valid for a year, and the influencers must take the test again to renew. The law, which took effect on June 1, mandates influencers to disclose sponsored content on their pages and prohibits them from promoting harmful or unsuitable products and services to their audience. 🔗 Read more
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📰 This Week In Crypto (CW36)
1. Vitalik Buterin’s X account hacked, over $691K drained from victims’ wallets
2. SEC Counters Ripple in Effort to Appeal Groundbreaking XRP Ruling
3. Binance crypto exchange saw 10 key execs leave in 2023. Here’s the list
4. Another FTX executive Ryan Salame pleads guilty
5. Nasdaq receives SEC approval for AI-based trade orders
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CW35 (last week)
1. Vitalik Buterin’s X account hacked, over $691K drained from victims’ wallets
2. SEC Counters Ripple in Effort to Appeal Groundbreaking XRP Ruling
3. Binance crypto exchange saw 10 key execs leave in 2023. Here’s the list
4. Another FTX executive Ryan Salame pleads guilty
5. Nasdaq receives SEC approval for AI-based trade orders
🤖 Be among the first to use our brand new AI assistant: @cryptoexplorer_ai
CW35 (last week)
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⚖️ Thodex cryptocurrency boss jailed for 11,196 years in Turkey for fraud
Faruk Fatih Ozer, 29, fled to Albania in 2021 with investor assets after his Thodex exchange suddenly collapsed. He was extradited back to Turkey in June and found guilty of money-laundering, fraud and organised crime. Ozer told the court he would "not have acted so amateurishly" if his intent was criminal, state media reported. "I am smart enough to lead any institution on Earth," the Anadolu agency quoted him as saying. "That is evident in this company I established at the age of 22." The brief trial in Istanbul also found his sister Serap and brother Guven guilty of the same charges. 🔗 Read more
Faruk Fatih Ozer, 29, fled to Albania in 2021 with investor assets after his Thodex exchange suddenly collapsed. He was extradited back to Turkey in June and found guilty of money-laundering, fraud and organised crime. Ozer told the court he would "not have acted so amateurishly" if his intent was criminal, state media reported. "I am smart enough to lead any institution on Earth," the Anadolu agency quoted him as saying. "That is evident in this company I established at the age of 22." The brief trial in Istanbul also found his sister Serap and brother Guven guilty of the same charges. 🔗 Read more
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💹 PayPal enables US users to sell cryptocurrency via MetaMask wallet
Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin. On Sept. 11, PayPal introduced new on- and off-ramps for Web3 payments, allowing users in the United States to convert their crypto to U.S. dollars directly from their wallets into their PayPal balance. According to the announcement, the PayPal off-ramp feature is immediately available to wallets, decentralized applications and nonfungible token marketplaces and is live on MetaMask. The new features are designed to enable customers to buy and sell several cryptocurrencies in the United States. 🔗 Read more
Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin. On Sept. 11, PayPal introduced new on- and off-ramps for Web3 payments, allowing users in the United States to convert their crypto to U.S. dollars directly from their wallets into their PayPal balance. According to the announcement, the PayPal off-ramp feature is immediately available to wallets, decentralized applications and nonfungible token marketplaces and is live on MetaMask. The new features are designed to enable customers to buy and sell several cryptocurrencies in the United States. 🔗 Read more
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⚖️ Cryptoqueen: Accomplice jailed for 20 years for OneCoin financial scam
Sebastian Karl Greenwood colluded with others, including the so-called "Cryptoqueen" who is now on the FBI's top 10 Most Wanted list, officials say. They are accused of scamming more than $4bn (£3.2bn) from investors. Greenwood, 46, a citizen of the UK and Sweden, was arrested in Thailand in July 2018. He pleaded guilty to wire fraud and money laundering in December. Officials say OneCoin, which was founded in 2014 in Bulgaria, functioned as a global pyramid scheme. 🔗 Read more
Sebastian Karl Greenwood colluded with others, including the so-called "Cryptoqueen" who is now on the FBI's top 10 Most Wanted list, officials say. They are accused of scamming more than $4bn (£3.2bn) from investors. Greenwood, 46, a citizen of the UK and Sweden, was arrested in Thailand in July 2018. He pleaded guilty to wire fraud and money laundering in December. Officials say OneCoin, which was founded in 2014 in Bulgaria, functioned as a global pyramid scheme. 🔗 Read more
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👨💻 Hackers steal $53 million worth of cryptocurrency from CoinEx
Global cryptocurrency exchange CoinEX announced that someone hacked its hot wallets and stole large amounts of digital assets that were used to support the platform's operations. The incident occurred on September 12 and preliminary results of the investigation show that the unauthorized transactions involved Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC) cryptocurrency. CoinEx has not provided any info about the financial impact incurred, as the investigation has yet to determine the complete losses. However, a report from blockchain security firm PeckShield says that the attack drained CoinEx of about $19 million in $ETH, $11 million in $TRON, $6.4 million in Smart Chain Coin ($BSC), $6 million in Bitcoin (BTC), and approximately $295,000 in (MATIC). 🔗 Read more
Global cryptocurrency exchange CoinEX announced that someone hacked its hot wallets and stole large amounts of digital assets that were used to support the platform's operations. The incident occurred on September 12 and preliminary results of the investigation show that the unauthorized transactions involved Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC) cryptocurrency. CoinEx has not provided any info about the financial impact incurred, as the investigation has yet to determine the complete losses. However, a report from blockchain security firm PeckShield says that the attack drained CoinEx of about $19 million in $ETH, $11 million in $TRON, $6.4 million in Smart Chain Coin ($BSC), $6 million in Bitcoin (BTC), and approximately $295,000 in (MATIC). 🔗 Read more
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📅 Ethereum Merge anniversary — 99% energy drop but centralization fears linger
One year after its historic transition to proof of stake, Ethereum has seen a massive reduction in energy use and a marked improvement in access to the network, however, a number of technical issues still mark the road ahead. The Merge was executed on Sept. 15, 2022 — an event that saw the Ethereum mainnet merging with a separate proof-of-stake blockchain called the Beacon Chain. The most noticeable improvement to Ethereum post-merge was the seismic shift from an energy-guzzling proof-of-work (PoW) consensus mechanism to PoS, which saw the Ethereum network drastically reduce its total power consumption. According to data from The Cambridge Centre for Alternative Finance, the Ethereum network has seen its energy use drop more than 99.9% from the approximately 21 terawatt hours of electricity it used while running under PoW. 🔗 Read more
One year after its historic transition to proof of stake, Ethereum has seen a massive reduction in energy use and a marked improvement in access to the network, however, a number of technical issues still mark the road ahead. The Merge was executed on Sept. 15, 2022 — an event that saw the Ethereum mainnet merging with a separate proof-of-stake blockchain called the Beacon Chain. The most noticeable improvement to Ethereum post-merge was the seismic shift from an energy-guzzling proof-of-work (PoW) consensus mechanism to PoS, which saw the Ethereum network drastically reduce its total power consumption. According to data from The Cambridge Centre for Alternative Finance, the Ethereum network has seen its energy use drop more than 99.9% from the approximately 21 terawatt hours of electricity it used while running under PoW. 🔗 Read more
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💰 BlackRock rumored to shift crypto focus from Bitcoin to XRP
In the ever-evolving cryptocurrency landscape, rumors suggest that BlackRock (NYSE:BLK), the world's largest asset manager with over $9 trillion in assets under management, may be reassessing its digital asset strategy. The financial giant is speculated to be considering a shift in focus from Bitcoin, the leading digital currency, to XRP, a digital asset primarily known for its payment protocol. Several factors are believed to be driving this speculated shift, including the changing regulatory environment surrounding cryptocurrencies, advancements in technology, and a possible intention to diversify their digital asset portfolio. While these rumors remain unconfirmed, they could carry substantial implications for the broader digital asset landscape if proven accurate. 🔗 Read more
In the ever-evolving cryptocurrency landscape, rumors suggest that BlackRock (NYSE:BLK), the world's largest asset manager with over $9 trillion in assets under management, may be reassessing its digital asset strategy. The financial giant is speculated to be considering a shift in focus from Bitcoin, the leading digital currency, to XRP, a digital asset primarily known for its payment protocol. Several factors are believed to be driving this speculated shift, including the changing regulatory environment surrounding cryptocurrencies, advancements in technology, and a possible intention to diversify their digital asset portfolio. While these rumors remain unconfirmed, they could carry substantial implications for the broader digital asset landscape if proven accurate. 🔗 Read more
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🚀 Ethereum Developers Debut New Testnet Holesky On The ‘Merge’ Anniversary
The Ethereum blockchain has ushered in a new testnet called Holesky, one year after its monumental transition to a proof-of-stake consensus algorithm. The newly launched test network, initially referred to as Holli, aims to enhance the main Ethereum network’s testing capabilities by making it twice as large. One of the distinguishing characteristics of Holesky is the envisioned provision of roughly 1.6 billion test network ether. Developers decided not to lower that figure to correspond to the Ethereum mainnet’s 120 million ETH supply. This significant supply is intended to fix obstacles developers encounter when procuring testnet ETH on the primary testnets. The huge amount of testnet ether will give Ethereum’s developer community easier access to testing smart contracts on Holesky. 🔗 Read more
The Ethereum blockchain has ushered in a new testnet called Holesky, one year after its monumental transition to a proof-of-stake consensus algorithm. The newly launched test network, initially referred to as Holli, aims to enhance the main Ethereum network’s testing capabilities by making it twice as large. One of the distinguishing characteristics of Holesky is the envisioned provision of roughly 1.6 billion test network ether. Developers decided not to lower that figure to correspond to the Ethereum mainnet’s 120 million ETH supply. This significant supply is intended to fix obstacles developers encounter when procuring testnet ETH on the primary testnets. The huge amount of testnet ether will give Ethereum’s developer community easier access to testing smart contracts on Holesky. 🔗 Read more
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📰 This Week In Crypto (CW37)
1. Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee
2. Ethereum developers approve change to slow down ‘staking’—despite reliable crypto returns
3. Gemini Earn users could recover all funds in new DCG remuneration scheme
4. XRP Lawsuit Interview: SEC Gary Gensler’s Silence Draws Fire
5. Court approves sale of FTX digital assets
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CW36 (last week)
1. Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee
2. Ethereum developers approve change to slow down ‘staking’—despite reliable crypto returns
3. Gemini Earn users could recover all funds in new DCG remuneration scheme
4. XRP Lawsuit Interview: SEC Gary Gensler’s Silence Draws Fire
5. Court approves sale of FTX digital assets
🤖 Be among the first to use our brand new AI assistant: @cryptoexplorer_ai
CW36 (last week)
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🫂 TikTok flooded by 'Elon Musk' cryptocurrency giveaway scams
TikTok is flooded by a surge of fake cryptocurrency giveaways posted to the video-sharing platform, with almost all of the videos pretending to be themes based on Elon Musk, Tesla, or SpaceX. Threat actors have created fake cryptocurrency giveaways on social media platforms like Instagram and Twitter for years. These scams pretend to be giveaways from celebrities, cryptocurrency exchanges, and, more commonly, impersonating Elon Musk or SpaceX. The scammers set up hundreds of websites that pretend to be crypto exchanges or giveaway sites that prompt users to register an account to receive free cryptocurrency. However, as expected, these scams simply steal any deposited crypto, with the users receiving nothing in return. 🔗 Read more
TikTok is flooded by a surge of fake cryptocurrency giveaways posted to the video-sharing platform, with almost all of the videos pretending to be themes based on Elon Musk, Tesla, or SpaceX. Threat actors have created fake cryptocurrency giveaways on social media platforms like Instagram and Twitter for years. These scams pretend to be giveaways from celebrities, cryptocurrency exchanges, and, more commonly, impersonating Elon Musk or SpaceX. The scammers set up hundreds of websites that pretend to be crypto exchanges or giveaway sites that prompt users to register an account to receive free cryptocurrency. However, as expected, these scams simply steal any deposited crypto, with the users receiving nothing in return. 🔗 Read more
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📛 Ethereum’s Holesky Testnet Fails to Launch, in Rare Tech Misstep for the Blockchain
Ethereum developers failed to get their new test network, Holesky, started on Friday, marring a technological milestone that was supposed to serve as a celebration of the first anniversary of last year’s historic “Merge” upgrade. While some validators were able to manually start the test network, there was a misconfiguration in one of the genesis files of the network, according to Ethereum core developers. As a result, Ethereum core developers decided to postpone the launch for about two weeks, giving them time to regroup. 🔗 Read more
Ethereum developers failed to get their new test network, Holesky, started on Friday, marring a technological milestone that was supposed to serve as a celebration of the first anniversary of last year’s historic “Merge” upgrade. While some validators were able to manually start the test network, there was a misconfiguration in one of the genesis files of the network, according to Ethereum core developers. As a result, Ethereum core developers decided to postpone the launch for about two weeks, giving them time to regroup. 🔗 Read more
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🚀 XRP trading volume soars following U.S. court ruling
Cryptocurrency XRP has seen a significant increase in trading volume since the start of 2023, outpacing all other alternative coins (altcoins). This surge in trading activity comes after a critical court decision in July declared that XRP was not an unregistered security, prompting a rise in its popularity among traders. As of Wednesday, the trading volume of XRP in the U.S. is nearing $30 billion for the first nine months of the year, according to data from Kaiko. This figure signifies a remarkable comeback for XRP, which was barred from many American cryptocurrency exchanges until mid-July. In the wake of the court ruling, large U.S. traders were keen to regain access to altcoin trades. Major U.S. exchanges such as Coinbase, Gemini, and Kraken quickly moved to relist XRP following the court's decision. 🔗 Read more
Cryptocurrency XRP has seen a significant increase in trading volume since the start of 2023, outpacing all other alternative coins (altcoins). This surge in trading activity comes after a critical court decision in July declared that XRP was not an unregistered security, prompting a rise in its popularity among traders. As of Wednesday, the trading volume of XRP in the U.S. is nearing $30 billion for the first nine months of the year, according to data from Kaiko. This figure signifies a remarkable comeback for XRP, which was barred from many American cryptocurrency exchanges until mid-July. In the wake of the court ruling, large U.S. traders were keen to regain access to altcoin trades. Major U.S. exchanges such as Coinbase, Gemini, and Kraken quickly moved to relist XRP following the court's decision. 🔗 Read more
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🙊 Vitalik Buterin, the man behind ethereum, talks crypto and the U.S. crackdown
The Russia-born coder, who built ethereum in his late teens, doesn’t stay long in any one city anymore. Meanwhile, the list of places he won’t go keeps growing. “There’s definitely a bunch of countries that I would have very gladly visited three years ago, that I’m much, much more apprehensive about visiting today,” Buterin told CNBC in an interview in the Czech Republic. Buterin singled out his homeland of Russia as one of the destinations he now avoids. The Canadian emigre has both Ukrainian and Russian roots but has actively supported the resistance movement in Ukraine. It has also become clear that pursuing privacy technologies and open-source code carries risk in certain global jurisdictions, giving Buterin new hesitation — for instance, the creators behind the open-source protocol Tornado Cash face charges in both the Netherlands and the U.S. Tornado Cash is used by some people to protect their privacy in the still-nascent crypto market, but a mixing service can also be used by criminals or nation-states to launder money. Many in the industry worry that targeting the developers who build a tool, instead of just the bad actors using that tool, sets a dangerous precedent. 🔗 Read more
The Russia-born coder, who built ethereum in his late teens, doesn’t stay long in any one city anymore. Meanwhile, the list of places he won’t go keeps growing. “There’s definitely a bunch of countries that I would have very gladly visited three years ago, that I’m much, much more apprehensive about visiting today,” Buterin told CNBC in an interview in the Czech Republic. Buterin singled out his homeland of Russia as one of the destinations he now avoids. The Canadian emigre has both Ukrainian and Russian roots but has actively supported the resistance movement in Ukraine. It has also become clear that pursuing privacy technologies and open-source code carries risk in certain global jurisdictions, giving Buterin new hesitation — for instance, the creators behind the open-source protocol Tornado Cash face charges in both the Netherlands and the U.S. Tornado Cash is used by some people to protect their privacy in the still-nascent crypto market, but a mixing service can also be used by criminals or nation-states to launder money. Many in the industry worry that targeting the developers who build a tool, instead of just the bad actors using that tool, sets a dangerous precedent. 🔗 Read more
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🏹 Ethereum Struggles to Meet Expectations After Shanghai Upgrade, Says J.P. Morgan Report
The Shanghai upgrade for Ethereum was anticipated to significantly attract institutional interest by enabling the withdrawal of staked Ether. However, a recent analysis by JJ.P. Morgan, as covered by Kitco, reveals that the blockchain network has failed to meet these expectations. Key performance indicators such as daily transactions, active user addresses, and the total value locked in decentralized finance (DeFi) platforms have all apparently seen a downturn. According to a report by Jordan Finneseth for Kitco News, which was published yesterday, J.P. Morgan’s team, led by Nikolaos Panigirtzoglou, noted that although the shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism has drastically reduced the network’s energy consumption, the anticipated boost in network activity has been underwhelming. The amount of Ether staked has increased by 50% since the Shanghai upgrade, but this has not translated into heightened network activity. 🔗 Read more
The Shanghai upgrade for Ethereum was anticipated to significantly attract institutional interest by enabling the withdrawal of staked Ether. However, a recent analysis by JJ.P. Morgan, as covered by Kitco, reveals that the blockchain network has failed to meet these expectations. Key performance indicators such as daily transactions, active user addresses, and the total value locked in decentralized finance (DeFi) platforms have all apparently seen a downturn. According to a report by Jordan Finneseth for Kitco News, which was published yesterday, J.P. Morgan’s team, led by Nikolaos Panigirtzoglou, noted that although the shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism has drastically reduced the network’s energy consumption, the anticipated boost in network activity has been underwhelming. The amount of Ether staked has increased by 50% since the Shanghai upgrade, but this has not translated into heightened network activity. 🔗 Read more
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🔒 Coinbase secures AML registration from the Bank of Spain
Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank as part of its ongoing expansion across Europe. According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in euro. “This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”. 🔗 Read more
Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank as part of its ongoing expansion across Europe. According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in euro. “This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”. 🔗 Read more
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📰 This Week In Crypto (CW38)
1. SEC sees temporary setback in request to access Binance.US software
2. PayPal Brings PYUSD Stablecoin to Venmo
3. Mt. Gox trustee changes repayment deadline to October 2024
4. Tether authorizes $1B USDT to ‘replenish’ Tron network
5. Sam Bankman-Fried’s Parents Sued by FTX
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CW37 (last week)
1. SEC sees temporary setback in request to access Binance.US software
2. PayPal Brings PYUSD Stablecoin to Venmo
3. Mt. Gox trustee changes repayment deadline to October 2024
4. Tether authorizes $1B USDT to ‘replenish’ Tron network
5. Sam Bankman-Fried’s Parents Sued by FTX
🤖 Be among the first to use our brand new AI assistant: @cryptoexplorer_ai
CW37 (last week)
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👥 Hong Kong’s SFC to publish names of cryptocurrency platform applicants, walking back on reluctance in face of ‘public demand’
Hong Kong’s securities regulator said it would publish a list of companies that had applied for licences to offer cryptocurrency trading services to retailers, walking back on its reluctance to do so in the face of public backlash over JPEX’s debacle. The Securities and Futures Commission (SFC) will publish the list due to public demand, said the regulator’s chief executive officer Julia Leung Fung-yee, at a press conference today. Being an applicant does not mean the companies are fully compliant with the SFC’s regulations, she added. Only two cryptocurrency trading platforms – OSL Digital Securities Limited and Hash Blockchain Limited – had been licensed to serve Hong Kong’s retail customers since the SFC’s new virtual asset rules came into effect on June 1. 🔗 Read more
Hong Kong’s securities regulator said it would publish a list of companies that had applied for licences to offer cryptocurrency trading services to retailers, walking back on its reluctance to do so in the face of public backlash over JPEX’s debacle. The Securities and Futures Commission (SFC) will publish the list due to public demand, said the regulator’s chief executive officer Julia Leung Fung-yee, at a press conference today. Being an applicant does not mean the companies are fully compliant with the SFC’s regulations, she added. Only two cryptocurrency trading platforms – OSL Digital Securities Limited and Hash Blockchain Limited – had been licensed to serve Hong Kong’s retail customers since the SFC’s new virtual asset rules came into effect on June 1. 🔗 Read more
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✋ Mixin suspends deposits and withdrawals after $200m cryptocurrency heist
Mixin Network confirmd on Monday that it has "temporarily suspended" all deposit and withdrawal services after hackers broke into a database and stole about $200 million in funds from the Hong-Kong based cryptocurrency firm. In a statement posted on the social media platform formerly known as Twitter, the digital biz said the incident happened early Saturday morning, when "the database of Mixin Network's cloud service provider was attacked by hackers. After initial verification, the funds involved are approximately US$200 million." 🔗 Read more
Mixin Network confirmd on Monday that it has "temporarily suspended" all deposit and withdrawal services after hackers broke into a database and stole about $200 million in funds from the Hong-Kong based cryptocurrency firm. In a statement posted on the social media platform formerly known as Twitter, the digital biz said the incident happened early Saturday morning, when "the database of Mixin Network's cloud service provider was attacked by hackers. After initial verification, the funds involved are approximately US$200 million." 🔗 Read more
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