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SEC Looks to Enhance Control by Trimming Intermediaries in Spot Bitcoin ETFs 🌟 🔴 Bloomberg analyst Eric Balchunas has shared insights on the latest requirements imposed by the U.S. Securities and Exchange Commission (SEC) to regulate the involvement of third parties in Spot Bitcoin ETFs through a “cash-create” redemption model. ➡️ The SEC has set a deadline of December 29, 2023, for spot Bitcoin exchange-traded fund (ETF) applicants to submit the final S-1 amendment. ⚠️ Other deadline requirements include issuers entering into agreements with Authorized Participants (APs) and specifying the cash-create or in-kind redemption models that will be employed. ➡️ In a thread post on X, Balchunas highlighted the significance of the S-1 Amendment deadline for ETFs and the challenges tied to identifying APs for approval. ➡️ He pointed out that the SEC not only demands APs to be named in the documents but also to serve as underwriters, guaranteeing the issuance of new ETF shares to the market. 📣 This additional requirement raises concerns among potential APs, given the novelty of the asset class and potential legal risks.

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Perpetuals Trading Protocol Levana Suffers Oracle Attack, Loses $1.14 Million ♾ 📌 Perpetuals trading protocol Levana has fallen victim to an oracle attack, resulting in a loss of $1.14 million. According to a report from the Levana team, the exploitation happened between December 13th and December 26th, with the assailants siphoning off 10% of Levana’s liquidity pools. 🔔 The perpetrators exploited a congestion attack on the Osmosis chain, disrupting the capability of Levana users to engage with the markets. ➡️ This was further exacerbated by a flaw in Osmosis’ fee market code and the presence of “price staleness” in Levana’s integration with the Pyth oracle. These vulnerabilities enabled the attackers to manipulate prices and deplete the pools. 💬 “A bug in the Osmosis fee market code meant that during times of congestion, the provided gas price was generally insufficient for making trades or performing ongoing bot maintenance activities,” Levana wrote. 🟠 The team noted that there was no known vulnerability in the Pyth oracle despite the attack. 💬 “Though the Pyth oracle is a key part of the attack, there is no known vulnerability in the Pyth oracle,” the team wrote. “It behaved exactly as expected.”

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SEC “Deeply Regrets” Handling of Debt Box Case ❕ 🔔 The United States Securities and Exchange Commision (SEC) has apologized for its handling of a lawsuit against decentralized blockchain project, Debt Box, according to new court documents. ❕ “The Commission takes this Court’s concerns seriously and deeply regrets these errors,” a court filing from December 21st reads. “Agency officials are taking steps to ensure those errors are not repeated in this action or other proceedings.” 📌 The SEC originally filed a lawsuit against Debt Box in July alleging the digital currency operation defrauded thousands of investors out of nearly $50 million through the sale of unregistered securities. 🔴 Previously, the federal watchdog was granted a temporary restraining order against Debt Box after claiming the organization was dodging legal actions by moving assets abroad. However, the order was rescinded in October after the court found the SEC had insufficient evidence to back up its claims.

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New Argentina President Legalizes All Foreign Currencies For Payment 🌟 ➡️ Argentina’s newly elected leader, Javier Miliei, has struck down forced legal tender laws forcing Argentinians to settle debt obligations in specific currencies, enabling use of alternatives like USD and Bitcoin (BTC). 📌 The rule comes attached to a sweeping executive order repealing over 300 laws, aiming to deregulate and rebuild the Argentinian economy. It also fuliflls one of Miliei’s chief campaign promise to enable local currency competition and help “dollarize” the nation. ❕ “It is necessary to respect the will of citizens to agree on the forms of cancellation of their obligations to give sums of money, without distinction of the legal tender or not of the currency that is determined,” read a translated version of the decree on Wednesday. ➡️ The nation’s minister of foreign affairs clarified on Thursday that contracts can now be “agreed in Bitcoin,” alongside virtually any other crypto or physical good including “kilos of steer or liters of milk.” 🗣 Though not explicitly targeted towards crypto, industry influencers view the bill as a step along the path toward Bitcoin (BTC) adoption, a currency proponents claim can help members of unstable economies escape hyperinflation.

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South Korean Supreme Court Jails $153m Crypto Fraudster for 10 Years 🟢 📣 South Korea’s Supreme Court has jailed a crypto fraudster who amassed $153 million for 10 years, upholding a sentence handed out in February. The man, surnamed Ko, was the CEO of a crypto firm that called itself QRC Bank. ➡️ He was convicted of defrauding some 5,400 crypto investors earlier this year in a verdict delivered by a District Court branch in Seoul. Ko appealed this verdict. An appeal was rejected by a branch of the High Court. But Ko pursued the matter in the Supreme Court. ➡️ Per Newsis, the Supreme Court ultimately rejected Ko’s appeal, upholding the original 10-year jail sentence. Ko has also been fined almost $1 million. The presiding judge said that the 10-year verdict was a “suitably severe” punishment that was “commensurate with the defendant’s guilt.” The judge added: 💬 “Most of Ko’s victims were elderly. Many of them were vulnerable North Korean defectors and economically vulnerable foreigners.”

Arrest Warrant Issued for Self-Proclaimed ‘Crypto King’ Accomplice in $14 Million Scam ♾ ➡️ A judge in Ontario, Canada has issued a warrant for the arrest of Ryan Rumble, an accomplice of Canada’s self-proclaimed “crypto-king” Aiden Pleterski, for aiding the con artist in his years-long eight-figure crypto investment scam. A class action lawsuit launched earlier this year alleged that Rumble’s investment management firm, Banknote Capital, funneled nearly one-third of the $14 million he raised from investors into Pleterski’s scam. Earlier this month, he ignored a court order to surrender his passport by December 1. 💬 “I haven’t done anything criminally wrong,” Rumble said during a virtual court appearance on Thursday, noting that the lawsuit against him is a “civil matter:” He claimed he now resides in Dubai, though his true location remains unidentifiable. 💬 “I’m not going to be home for Christmas,” Rumble added, representing himself in court. “I get it. I’m in contempt of court. I understand that but it puts me in a very, very difficult position.” 🟢 According to CTV News, Rumble is the first of Pleterski’s associates to receive an arrest warrant. Should he attempt to cross a Canadian border, the Canadian Border Services Association has been ordered to seize his passport and transfer him to a police agency. ➡️ Meanwhile, police services from Rumble’s resident town, Chatham, have been asked to go to his house and arrest him if he is present.

Bitcoin Exchange CoinMENA Receives Operating License From Dubai’s VARA 📣 ♾ A subsidiary of the Bahrain-based Bitcoin exchange, CoinMENA FZE, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA). This marks the seventh VASP license issued by the Dubai regulator. ⚡️ In a press release, the exchange announced that this significant milestone will enhance accessibility to the crypto market in the United Arab Emirates (UAE). 👌 Before obtaining the VASP license, CoinMENA catered to UAE-based residents from its headquarters in the Kingdom of Bahrain, where it is licensed as a crypto asset service provider (category 3) by the Central Bank of Bahrain (CBB). ➡️ Now, customers in the region will benefit from local banking services in their crypto trading endeavors. Additionally, licensing the platform’s operations in the country enables CoinMENA customers to enjoy instant money deposits and withdrawals.

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Nonco Raises over $10 Million in Seed Funding ⚠️ ➡️ Digital asset brokerage firm, Nonco, has raised over $10 million in seed funding, according to a new statement from the company. 💬 “Our aim is to become the leading brokerage firm for digital assets, and we intend to achieve this by establishing a new standard that prioritizes technology and service while ensuring institutional risk management and compliance,” stated Nonco CEO Fernando Martinez. ✔️ The round was spearheaded by former US Comptroller of the Currency and current advisor at Valor Capital Group, Brian Brooks and Web3 venture capital investment firm, Hack VC. 👑 Libra Capital Ventures, Morgan Creek Digital, Bastion Trading, Lvna Capital, and others are amongst a number of crypto-related companies that participated in the investment round. ⚠️ Latin America is proving to be a lucrative market for the cryptocurrency industry. Crypto analytics firm Chainalysis alleges that “grassroots adoption is strong” in the region, with Brazil, Argentina, and Mexico ranking in the top 20 of the organization’s global crypto adoption index.

Russia’s Exved Launches Cross-Border Payment Service Powered By Tether’s USDT Stablecoin ✅ 🔔 Russian digital settlement exchange Exved has officially debuted with the goal of empowering local legal entities to conduct cross-border digital payment services using Tether’s USDT. ➡️ In its announcement on Telegram to mark the launch, Exved explained that it operates through a business-to-business (B2B) electronic platform that enables Russian importers and exporters to place and execute offshore orders. 🟢 The project aims to streamline cross-border payments for Russian legal entities without the need for intermediaries, all at minimal market rates. 📣 The exchange exclusively collaborates with legal entities, ensuring compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures. It integrates non-resident (offshore) rubles, US dollars, and USDT for settlements. ✅ Beyond simplifying international payments, the B2B solution offers complimentary services for legal transaction documentation and acts as an escrow agent.

SBF Decides Against Filing Post-Trial Motions, Shifts Focus to Appeal 📣 ⚠️ The lawyers of disgraced FTX founder, Sam Bankman-Fried, have decided to not file any post-trial motions following his fraud conviction on November 2nd, according to a letter filed by his attorneys on December 1st. 💬 “After further consideration, we have decided not to file any post-trial motions,” wrote Bankman-Fried’s attorneys in a letter to Judge Lewis A. Kaplan. “We reserve our rights to pursue any claims on appeal.” ➡️ Depending on the kind, a granted post-trial motion has the potential to change the result of a trial entirely. The decision by Bankman-Fried’s defense suggests that they will be focusing their efforts on an appeal. 📌 “Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” said defense attorney, Mark Cohen, in a statement shortly following his client’s conviction.

Talos and Uniswap Forge Landmark Deal to Boost DeFi Access for Institutions ♾ 📌 Talos – a digital trading infrastructure provider – has teamed up with Uniswap and Fireblocks to connect institutional traders to the decentralized finance (DeFi) ecosystem. ➡️ Per a press release from Uniswap on Thursday, Talos’s clients will be able to use the protocol’s trading APIs to access trading for thousands of tokens with their familiar Talos order book format. 🔔 Once launched, Talos clients can execute orders on Uniswap using its time-weight average price (TWAP) algorithm – a widely used price oracle mechanism designed to exclude short-term price manipulations. ⚠️ The integration will allow Talos’s strategies to seamlessly interact with both centralized and decentralized liquidity venues and help achieve best execution. 📌 Anton Katz, CEO and Co-Founder of Talos, stated: 💬 “At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need… Together, we share a vision of making digital assets more accessible in a financial marketplace that’s more open.” ✅ Uniswap is the world’s largest decentralized exchange (DEX) and liquidity venue, currently boasting $3.6 billion in TVL, according to DeFiLlama.

Hong Kong Chief Executive Expresses Willingness to Cooperate on Granting More Powers to Regulate Crypto Exchanges ♾ 🟢 The Chief Executive of the Hong Kong Special Administrative Region, John Lee, has responded to the recent investigation into the unlicensed virtual-asset trading platform Hounax. ➡️ On November 27, Chief Executive John Lee addressed the recent virtual platform supervision fraud and emphasized the importance of government supervision to protect investors and crack down on unlicensed platforms. According to a local news blog, he expressed a willingness to cooperate with regulators and grant additional powers if needed to crack down on unlicensed crypto exchanges. 📌 He said, 💬 “If it is necessary to provide power to regulatory agencies, the government will actively cooperate.” ⤵️ His comments highlight the need for government supervision to protect investors and combat unlicensed platforms in the crypto space, as the recent Hounax fraud case follows a similar incident involving JPEX, a crypto exchange. The JPEX exchange scandal received over 2,000 complaints and resulted in approximately $180 million in losses. 🟥 A total of 66 individuals have been arrested in connection with the JPEX scandal. In response to these events, local regulators in Hong Kong are strengthening crypto regulations to prevent future industry catastrophes.

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Nansen Users Swamped With Phishing Emails After Data Leak 📌 ➡️ Several users of the crypto analytics platform Nansen have reported receiving phishing emails from scammers after a data breach related to one of the firm’s third-party vendors. 🟢 On Thursday, crypto investigator Officer’s Notes posted on X to warn Nansen users of the scam. 💬 “Users have reported receiving phishing emails from fake nansen_ai today… stay safe!” Officer’s Notes said. ➡️ An attached screenshot showed that users who were sent the phishing emails were offered an “exclusive opportunity” to take part in a nonexistent “Nansen Airdrop.” 💬 “Dear Nansen Explorer, Your account registered under the email address [censored email] is eligible to claim the Nansen Airdrop which is now live for the next 48 hours. This exclusive opportunity is available on a first-come, first-serve basis,” the email read. 📌 The email further informed the recipients that, within the next 48 hours, they could supposedly claim a guaranteed allocated amount of counterfeit NANSEN tokens. The scammers included a link in the email, intending to redirect users to a potentially compromised website. ⚠️ Scammers are disseminating phishing emails through an email address seemingly registered on networkforgoodcom, according to reports on X. At the time of writing, Nansen has not issued any public statements on the situation.

GoldenTree Partner Behind Firm’s Crypto Expansion Set to Leave ❗️ 🔔 Long-time partner Joseph Naggar, who was highly influential in GoldenTree Asset Management’s expansion into crypto investments, is set to leave the company. ➡️ The Block reported on Wednesday that Naggar’s exit is set to leave GoldenTree’s crypto unit in a period of uncertainty, with two anonymous sources quoted as being unsure as to whether the unit would still exist. 📌 GoldenTree notified investors about Naggar’s forthcoming departure several weeks ago, as per one source. Both sources indicated that Naggar played a pivotal role in driving GoldenTree’s foray into the crypto space, helping the company make investments in numerous crypto startups. 📣 GoldenTree is now exploring different options for the future of its crypto division, including the possibility of spinning it off, according to the same sources. Naggar’s name is notably absent from a GoldenTree webpage that lists members of the Executive Committee, a position to which he was appointed back in 2011. ➡️ GoldenTree is a prominent New York-based asset management company that manages a portfolio exceeding $51 billion in assets, according to its website. GoldenTree specializes in various credit opportunities, encompassing high yield bonds, leveraged loans, private credit, distressed debt, and more. ‼️ Naggar became a part of GoldenTree in 2007, assuming the role of partner and head of structured products. Prior to joining GoldenTree, he spent a decade at Morgan Stanley, where he held the position of managing director in the bank’s Global Principal Credit Group.

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Coin Center Criticizes Bank Secrecy Act, Demands Regulation ♾ ‼️ Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too “broad” for its own good, according to their most recent report. ➡️ Published earlier this month, the report (appropriately titled Broad, Ambiguous or Delegated: Constitutional Infirmities of the Bank Secrecy Act) challenges the adequacy of the Bank Secrecy Act of 1970, claiming that the policy is “riddled with sweeping powers and expansive terms.” ➡️ More specifically, Coin Center argues that the Bank Secrecy Act’s definition of what constitutes a “financial institution” is too widely ambiguous. 💬 “In the Bank Secrecy Act, ‘financial institution’ has a 425-word definition divided into 26 distinct and very specific sub-categories of persons or businesses,” reads the report. 📌 The report from Coin Center then goes on to extensively list the numerous different sub-entities categorized as such, including travel agencies, investment bankers, pawnbrokers, and commercial banks.

KuCoin became the first exchange that listed Islamic Coin, but new listings are on its way📣 ⚡️According to the Islamic Coin's socials the official listing of $ISLM on KuCoin was held on October 10. Islamic Coin also announced that KuCoin is only a first platform on the list and soon there will be other launches on top-tier CEX and DEX platforms. That means ISLM will receive new liquidity and improve its price. 💬Islamic Coin is the globally-recognized Shariah-compliant digital currency, committed to empower 1.8B+ Muslims with a gateway to Shariah-compliant Web3. The coin has the biggest Twitter account among crypto Muslim community with 1.3M followers. Developers say that if at least 3% of this audience holds their token, the capitalization will be comparable to BTC. ✅ The coin is backed by top names in finance and UAE Royal Family members on Executive Board. In addition, partnerships with SushiSwap and Pyypl will help further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. 🟢Even before the listing Islamic Coin has already secured $400M from private investments and from ABO Digital. Join Islamic Coin Official Telegram Channel not to miss any community rewards announcement and check KuCoin to trade and deposit ISLM.

FBI Arrests Trio of Crypto Criminals, Over $10 Million Stolen from NYC Banks 📣 📣 Three men have been arrested for an elaborate conspiracy that drained $10 million from banks across the New York City metropolitan area, United States Attorney for the Southern District of New York, announced today. 💬 “For years, Zhong Shi Gao, Naifeng Xu, and Fei Jiang allegedly participated in a complex scheme to steal over $10 million from nearly a dozen U.S. banks and financial institutions, which they converted into cryptocurrency and moved to foreign cryptocurrency exchanges,” said Williams. ♾ According to a release by the U.S. Attorney’s Office of the Southern District of New York, Gao, Jiang, and Xu recruited a number of Chinese and Taiwanese foreign nationals residing in the U.S. to open bank accounts across the New York City Metropolitan area. ⚡️ The trio then took control of these accounts where they would arrange a string of transfers and deposits before ultimately making fraudulent reports that they were unauthorized. ✅ From there, the banks proceeded “to temporarily credit the accounts in the amount of the transferred funds, effectively doubling the amount of money initially deposited into these accounts, stated the report. 💠 The defendants would then swiftly withdraw the credited funds in cash or cryptocurrency that would be placed on foreign exchanges before the banks could discover that their original reports were fraudulent.

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