The world of crypto never sleeps, and this week is no exception. With tales of deception, legal battles, and ambitious new innovations, both the skeptics and the enthusiasts will find plenty to chat about.
Starting off, Crypto.com raised eyebrows when it was revealed that its internal teams have been trading tokens for profit. Meanwhile, Do Kwon blamed a “Chinese-named agency” for fabricating fake passports. Ironically, both he and Han Chong-joon were found guilty of using said passports in Montenegro and now face four months behind bars. In a somewhat similar turn of events, Kyle Roche fell prey to an elaborate international scheme, unwittingly exposing his corruptible links to Ava Labs.
In legal news, Valkyrie Funds has filed a Bitcoin ETF application with the US SEC, with Invesco and WisdomTree following suit. Several prominent names like BlackRock are already in the race. This brings us to Binance, which had an eventful week – working on integrating the Bitcoin Lightning Network, issuing a cease and desist notice to a fraudulent Nigerian entity, and launching a regulated cryptocurrency exchange in Kazakhstan. However, Binance also saw a drop in trading volume among USD-to-crypto exchanges and controversy surrounding its UK registration address.
Financial powerhouses such as Deutsche Bank AG are also entering the crypto space, requesting regulatory permission to operate a custodial platform. Japan’s crypto exchanges, on the other hand, are eyeing regulations permitting higher leverage on margin trading for retail investors.
Governments worldwide are not far behind in capitalizing on the digital revolution. Singapore’s central bank has proposed a whitepaper on digital money encompassing CBDCs and stablecoins. The Bank of England is exploring the potential for programmable money via CBDCs, while the EU reconsiders its legislation for introducing the digital euro.
As disputes between the SEC and crypto companies continue, JPMorgan suggested that the release of certain documents in the Ripple-SEC case could favor Ethereum, while others argue that the SEC’s crackdown on DeFi and stablecoins could be halted through legal doctrine. Meanwhile, a new US task force consisting of five investigators from different agencies will focus on combating crypto crime.
Despite the significant advancements in the crypto realm, safety remains a key concern. Recently, Atomic Wallet hackers managed to conceal $35 million of stolen crypto funds through THORChain. In an alarming incident, hackers dumped the Argentine markets regulator’s data on the dark web after it refused to pay a Bitcoin ransom.
As the crypto landscape grows increasingly complex, it’s crucial to stay informed and vigilant. With so much activity on all fronts, the skeptics and supporters alike will have their hands full debating the best way forward.
Source: Cryptonews
