This week in the world of crypto has been buzzing with events and news, starting with Mastercard’s EVP commenting on how crypto and blockchain can bring significant value to the financial industry. However, a former BNY Mellon executive believes that ambiguity could be helpful in crypto cybersecurity. Meanwhile, Ripple CEO disclosed plans to use $1 billion cash reserves to expand the company. Contrarily, Elon Musk stated he wasn’t encouraging anyone to buy DOGE.
US President Joe Biden targeted wealthy tax evaders and crypto traders, labeling them as undeserving beneficiaries of Republican lawmakers’ crypto-friendly deals in the latest budget. In other news, Reuters reported that Binance allegedly mixed company revenues with customer funds in the US, a claim that the exchange denied and Reuters stood by their reporting. Coinbase requested a court to issue a “writ of mandamus,” urging the US SEC to respond to its rulemaking petition within seven days.
In response to negative user experiences, Bitget limited AI tool usage, while BlockFi retracted earlier statements about a potential reorganization plan, admitting it was shared “prematurely.” Unciphered claimed successful hacking into a Trezor T wallet and ConsenSys refuted allegations of MetaMask collecting taxes from users.
Moving to South Korea, the Prosecutor-General promised a “thorough review” of the crypto sector amidst growing public suspicion surrounding politicians and their crypto assets. Consequently, the government drafted an amendment requiring public officials to disclose their crypto holdings. With an aim to combat cybercrime focusing on crypto, the US IRS plans to deploy experts to four continents.
The Japanese government approved the Travel Rule adoption, and Ukraine’s anti-corruption bureau stated it was investigating the crypto sector to expose money launderers. Meanwhile, the IOSCO contributed to the crypto regulation conversation by releasing its own set of crypto-focused policy recommendations. Financial service providers in China reportedly plan to allow citizens to pay for wealth products using the digital yuan.
However, amidst these developments, a court in Montenegro repealed a lower court’s decision to release Do Kwon on bail after prosecutors filed an appeal. Also, the US CFTC charged five individuals with “fraudulently soliciting” money from more than 170 people to trade crypto for them. The US DOJ indicted a Russian man for allegedly participating in ransomware schemes and a US man for his role in the multi-million-dollar CoinDeal investment scheme. In Malaysia, the Securities Commission ordered Huobi to cease operations, and the police targeted an alleged illegal, USDT-powered international crypto exchange.
Lastly, Elliptic discovered that Chinese chemical producers, who sell fentanyl ingredients, received over $27 million in crypto payments. A scam-as-a-service company reportedly drained around $6 million worth of crypto from unsuspecting users. It remains crucial for the crypto community to stay informed and vigilant as they navigate the ever-evolving landscape of cryptocurrency.