Crypto News
SEC Crypto Enforcement Jumped 53% to 46 Actions in 2023
The U.S. Securities and Exchange Commission (SEC) significantly escalated its policing of the crypto sector in 2023. The commission carried out 46 enforcement actions, representing a 53% year-over-year increase. According to a new report from litigation consulting firm Cornerstone Research, the fleet of cases targeting crypto firms and individuals was the highest annual total for......
Solana Launches ‘Token Extensions’ to Boost Use Cases
The Solana blockchain has implemented a major upgrade focused on expanding the functionality and compliance capabilities of tokens built on the network. Dubbed "token extensions," the new features allow developers to hard-code special rules and controls into tokens created on Solana, including: Key Highlights: Token extensions let developers program token rules like fees, delegate authority,......
North Korean Hackers Increased Attacks in 2023, But There’s A Catch: Report
The total value of cryptocurrencies stolen by hackers dropped drastically in 2023. According to a report by blockchain analysis firm Chainalysis, the number fell over 54% year-over-year from $3.7 billion to $1.7 billion. However, the number of individual hacking incidents ticked up from 219 in 2022 to 231 last year. The decline was largely driven......
Nexo Files For $3 Billion Damage Claim: Bulgaria Faces Consequences
Cryptocurrency lending company Nexo is seeking $3 billion in damages from the Republic of Bulgaria. The move follows the government's decision to drop a criminal investigation against the firm and its executives last month. Nexo has filed for arbitration through the World Bank's International Centre for Settlement of Investment Disputes (ICSID), outlining its case in......
Over 70% of Crypto Communications Contain Potential Violations: FINRA
The Financial Industry Regulatory Authority (FINRA) reported this week that about 70% of crypto-related communications from a recent survey contained potentially false or misleading claims. In a report released on January 23, FINRA said it reviewed over 500 crypto asset-related retail communications starting in November 2022. The financial watchdog found that over 70% of the......
JPMorgan Downgrades Coinbase Stock to ‘Underweight’ Amidst Falling Crypto Prices
Major investment bank JPMorgan has downgraded cryptocurrency exchange Coinbase stock from a "neutral" to an "underweight" rating. The bank predicted poor performance amidst falling crypto prices and the lackluster adoption of new spot Bitcoin exchange-traded funds (ETFs). In a note to investors on January 22nd, JPMorgan analysts argued that the recent SEC approval and launch......
OKX to Compensate Users After Flash Crash in OKB Token
Cryptocurrency exchange OKX has announced that it will fully compensate users affected by a flash crash that occurred on January 23rd. The crash caused the price of its platform's native OKB token to rapidly plunge from $48 to $25 in minutes. The incident was outlined by OKX in an X thread, with the exchange stating......
Mt. Gox Inches Closer to Bitcoin Repayments: Report
The trustee overseeing defunct cryptocurrency exchange Mt. Gox is reportedly moving forward with repaying customers eight years after an infamous hack drained 850,000 Bitcoin from the exchange. Recent emails shared on the mtgoxinsolvency subreddit group to former Mt. Gox users request confirmation of identity, exchange account ownership, and other particulars essential to dispatching owed funds.......
U.S., UK, and Australia Sanction Hamas Crypto Networks in Gaza
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) levied a new round of sanctions against financial networks, including crypto firms in Gaza associated with the militant group Hamas. Among the targets are cryptocurrency exchanges and facilitators alleged to have transferred funds and resources to Hamas. Key sanctions details per Treasury release: Gaza exchanges......
Coinbase CLO Rips U.S. GAO Report on Crypto Sanctions Evasion
Coinbase chief legal officer, Paul Grewal, unleashed sharp criticism on X over a recent U.S. Government Accountability Office (GAO) report highlighting cryptocurrency usage in sanctions evasion. Grewal slammed the GAO analysis as "shoddy" and failed to properly contextualize the crypto industry's extensive compliance efforts. He also stated that the report performed zero comparative analysis. https://twitter.com/iampaulgrewal/status/1749290869293981800......
Global Crypto Ownership Grew to 580,000,000, Bitcoin and Ethereum Leads
A new report from cryptocurrency exchange Crypto.com finds global ownership of digital assets grew by 34% in 2023. The user base grew from 432 million in January to 580 million by year’s end, despite economic volatility. Bitcoin (BTC) and Ethereum (ETH) powered overall gains as the top cryptocurrencies by market capitalization. Key adoption metrics: Bitcoin......
Cryptocurrency Scam Defrauds Over 42,000 Victims of $32 Million
An investigation by blockchain security firm Blockfence has uncovered an elaborate cryptocurrency scam that defrauded more than 42,000 victims out of over $32 million. The fraud scheme involved the creation of fake cryptocurrency projects designed specifically to lure in victims and trap their funds in so-called “rug pull” exit scams. https://twitter.com/blockfence_io/status/1745861887101993301 Key tactics uncovered in......
Crypto Pyramid Scheme: German CEO Charged with $150 Million Fraud
U.S. prosecutors on Friday announced charges against German citizen Horst Jicha for allegedly defrauding tens of thousands of investors out of more than $150 million through a crypto pyramid scheme. Jicha, founder and former CEO of USI Tech, was arrested in Miami last month and arraigned in federal court in Brooklyn on four counts, including......
Court Orders Independent Investigation into FTX Collapse
A federal appeals court ruled Friday that cryptocurrency exchange FTX must face an independent investigation by a court-appointed examiner, overturning an earlier bankruptcy court decision. The ruling from the Third Circuit Court of Appeals in Philadelphia remands the matter back to the Delaware bankruptcy court overseeing FTX’s Chapter 11 case. Key details: The Appeals Court......
50% or Lower Odds of SEC Approving Spot Ethereum ETF by May: JPMorgan
The prospects of the Securities and Exchange Commission (SEC) approving a spot Ethereum (ETH) ETF by May 23rd stand at no higher than 50%, according to analysts at investment bank JPMorgan. In a research note on January 18, a team led by managing director Nikolaos Panigirtzoglou expressed that some investors expect the SEC to classify......
Bitcoin ETFs Surpass Silver ETFs in Assets Under Management
Bitcoin ETFs have exceeded silver ETFs in terms of assets under management (AUM), according to industry experts. Driven by substantial market interest, Bitcoin ETFs have quickly grown to become the second largest single commodity ETF in the country by AUM. Spot Bitcoin ETFs, including the conversion of Grayscale's GBTC trust, now hold approximately 647,651 Bitcoin......
Chinese Crypto Users Turn to In-Person Trades To Evade Crackdown
Cryptocurrency users in China have adapted to under-the-radar in-person trades and encrypted messaging to keep digital asset dealing alive amid the country's broad industry crackdown, reports the Wall Street Journal. Sources told the WSJ that Chinese crypto traders shifted trading to everyday venues like cafes and laundromats to discreetly swap wallet addresses and cash after......
Crypto Crime Drops in 2023 to $24.2 Billion: Chainalysis
A new Chainalysis report on cryptocurrency crime trends shows an overall reduction in illicit crypto activity in 2023, though some forms of crypto-based crime are on the rise. The 2024 Crypto Crime Trends report from blockchain analysis company Chainalysis estimates that the total value received by illicit cryptocurrency addresses dropped to $24.2 billion in 2023.......
Tether Makes $380,000,000 Bitcoin Purchase, Holds 66,465 BTC
Major stablecoin issuer Tether purchased $380 million worth of Bitcoin at the end of last quarter, its third-highest buy yet as the company continues shifting reserves into cryptocurrencies. The latest 8,888 BTC acquisition brings Tether's total Bitcoin holdings to over 66,465, worth some $2.8 billion, according to The Block. Tether began its Bitcoin buying spree......
Donald Trump Vows to Oppose CBDC Creation In The U.S.
Former President Donald Trump pledged, if reelected, to resist any effort by the Federal Reserve to develop a central bank digital currency (CBDC). In a Wednesday campaign speech, Trump argued that such dollar-backed virtual money risks dangerous government overreach and control over Americans' financial lives. Trump warned the prospect of a "Fedcoin" or a digital......
