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Malaysian Police Bust ‘USDT-powered Crypto Exchange’ – Suspects ‘Sold Crypto to China’

🇲🇾 Malaysian police have swooped on what they suspect to be an illegal, international USDT-powered crypto exchange. Forty people were arrested. The exchange was allegedly allowing Mainland Chinese citizens to trade USDT for cash. Per the Malaysian media outlet Oriental Daily, the bust was co-conducted by the police’s commercial crime investigation team and the National Financial Crime Center.

⚠️ Officers claimed they have completely dismantled the “exchange,” which it also suspects of providing “illegal online gambling” services. Detectives said they had been investigating the suspected exchange for some time. They said that the exchange had systematically “converted money received” from China into USDT.

🚨 Crypto firms that fail to obtain operating permits are subject to punishment . Officers claimed to have found evidence that the group “carried out cryptocurrency exchange activities” in Malaysia “without permission.” Under Malaysian law, all crypto-related firms must register their activities with regulators.

Turbo, Capo Price Crash After Listed on OKX, Bybit - 4 New Coin Listings With 10x Potential

📈 Since listing on OKX and ByBit, one of the world’s largest centralized cryptocurrency exchanges, four days ago, both Turbo Coin (TURBO) and Il Capo of Crypto (CAPO) token have fallen sharply. TURBO, a meme coin created by generative artificial intelligence (AI) model GPT-4, which also powers viral AI chatbot ChatGPT, was last changing hands around $0.00036 per token.

⚫️ That marks a more than 40% decline from the highs the cryptocurrency hit four days ago in wake of the OKX/ByBit listing in the $0.0006 area. CAPO, a token that is named after a popular pseudonymous crypto influencer and analyst who goes by the name of Il Capo of Crypto on Twitter and boasts nearly 750,000 followers, was last trading around $0.007.

⚫️ TURBO and CAPO’s rise and fall have come during a period of elevated activity in the crypto meme coin sphere. Investors are eagerly hunting for the next Dogecoin, Shiba Inu or Pepe and the elevated level of FOMO is evident.

😎 While many investors appear willing to ape into the latest meme coin so long as it has a catchy name and is riding a relevant trend, analysts at Cryptonews encourage crypto investors to be a little more discerning.

Cardano's Charles Hoskinson Shares Vision For 'Cardano Summer'

🆕 Cardano founder Charles Hoskinson has shared an over-optimistic vision for the future of the proof-of-stake blockchain platform, claiming that it could climb to the top of the cryptocurrencies list soon. The crypto veteran talked about "Cardano Summer," claiming that the blockchain's native token ADA could surpass Bitcoin, Ethereum, and all other cryptocurrencies, thanks to a series of updates and proposals set to be released in the coming weeks.

🟡 One of the most significant updates is the CIP-1694 proposal, which aims to revolutionize Cardano's on-chain governance infrastructure and turn the network into a truly decentralized government. The proposal is set to be integrated into the upcoming Voltaire update and will allow any user to submit a governance action.

🟡 Hoskinson also talked about Cardano's ongoing effort to measure and quantify decentralization using metrics such as the Genie and Nakamoto coefficients. These metrics would provide valuable insights into Cardano's level of decentralization and could be adopted by major regulatory bodies worldwide.

⚡️ By using these indicators to assess decentralization, policy-makers could formulate informed regulations and differentiate between cryptocurrencies as either commodities or protocols based on their decentralization.

Binance Crypto Exchange Appoints Richard Teng to Lead All Regional Markets Outside US

🔶 The world’s largest crypto exchange, Binance, has appointed Richard Teng, a traditional finance (TradFi) veteran with strong regulatory experience, as its head of all regional markets outside of the US. The appointment marks a quick ascension for Teng at Binance and comes after less than two years with the company, Bloomberg reported.

🟡 Previously responsible for overseeing Asia, Europe, the Middle East, and North Africa, Teng's expanded role will now encompass all regions beyond the US, with the latter region still being led by Brian Shroder, a former director at Alibaba’s payment branch Ant Group

🟡 Prior to joining Binance, Teng held a diverse range of senior positions in the traditional financial sector, including CEO of Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange Ltd, and Director of Corporate Finance at the Monetary Authority of Singapore (MAS).

➡️ Judging from his LinkedIn profile, Teng first ventured into the world of crypto in July of 2021 when he joined Blockchain Association Singapore as a member of the advisory board, just a month before joining Binance.

Hong Kong and UAE Central Banks Join Forces on Crypto Regulations

🇮🇲 Both Hong Kong and the United Arab Emirates (UAE) have strengthened ties after their respective central banks (CBUAE) and monetary authorities (HKMA) agreed to join forces on crypto regulation earlier this week.

🔴 The parties held a meeting in Abu Dhabi on Monday to “enhance collaboration between the financial services sectors of the two jurisdictions,” according to a press release from the HKMA published yesterday.

🔴 The topics discussed included financial infrastructure, financial market connectivity between both regions and “virtual assets regulations.” Both central banks also sparked discussions between their respective innovation hubs on “joint fintech development initiatives and knowledge sharing efforts.”

🟩 The CBUAE and HKMA have now formed a joint working group to build on those initiatives, with support from each region’s banking sectors.

FTX Exchange Objects to Prolonged Mediation Talks with Bankrupt Genesis – Here's the Latest

🪙 FTX and its affiliates have objected to extending court-mediated settlement talks for bankrupt crypto lender Genesis.

🔘 In a recent court filing, FTX said it had not been invited to a court-appointed mediation in May that involved Genesis, its parent company Digital Currency Group, and creditor Gemini Trust Co, despite being a major Genesis creditor.

🔘 The bankrupt crypto exchange also objected to a motion filed by Genesis Global that sought to estimate the FTX debtors’ claims at $0.00, claiming that it was the largest creditor in Genesis’ Chapter 11 proceedings with claims worth a whopping $3.9 billion.

🤫 On the other hand, Genesis argued that throwing out the FTX claims “is critical to avoid undue delay in the timing and amount of creditor distributions, and to expeditiously pursue confirmation of a Chapter 11 plan.”

US Senators Express Concerns over El Salvador's Bitcoin Adoption – What's Going On?

💰 El Salvador’s adoption of Bitcoin as a legal tender has caused concern among American lawmakers, who are calling for a risk report on the potential impact on bilateral economic relations and law enforcement cooperation. Last month, US Senators Jim Risch and Bob Menendez reintroduced a bipartisan bill requesting a State Department report on El Salvador’s Bitcoin adoption.

🟡 The bill, dubbed the Accountability for Cryptocurrency in El Salvador (ACES) Act, was initially introduced in February last year. American lawmakers want an analysis of El Salvador’s adoption of Bitcoin and the risks for cybersecurity, economic stability, and democratic governance in the country.

🔑 In a Foreign Relations Committee blog post, Risch expressed concern regarding the implications of El Salvador's move to adopt Bitcoin as legal tender, claiming that it could weaken economic and financial stability. He added: Given U.S. interest on prosperity and transparency in Central America, we must seek greater clarity on how the adoption of Bitcoin as legal tender may impact El Salvador’s financial and economic stability, as well as El Salvador’s capacity to effectively combat money laundering and illicit finances."

SEC Crackdown Spurs Robinhood to Review Its Crypto Operations

💲 Popular brokerage firm Robinhood is reconsidering its cryptocurrency offerings after the Securities and Exchange Commission took action against two major digital asset trading platforms earlier this week. During a meeting focused on digital assets, Dan Gallagher, Robinhood's legal chief and a former SEC commissioner, told Congress that the brokerage was reviewing the regulator's analysis to determine if any actions needed to be taken, Bloomberg reported Wednesday.

🟢 At present, Robinhood offers users access to a relatively limited list of 18 different tokens, compared with hundreds available through competitors like Coinbase. However, some of the tokens that Robinhood offers, such as Solana, Cardano, and Polygon, have been classified by the SEC as unregistered securities.

🕯 Robinhood initially began offering trading of Bitcoin and Ethereum to users in California, Massachusetts, Missouri, and Montana in February 2018. The brokerage firm has since considerably expanded its crypto offerings, even jumping on the meme coin craze with the listing of Dogecoin and Shiba Inu.

ARK Invest Buys $19.9 Million Block Shares as Cathie Wood Stands Firm on Crypto

🌍 Cathie Wood's Ark Investment has purchased around $20 million worth of Block shares as the crypto investment firm stands firmly committed to crypto. According to data provided by ARK Invest Daily Trades, ARK Invest acquired a total of 305,573 shares of Block across six intervals between June 7-8, which now represents ARK’s fourth largest holding at 4.81%.

🔘 Of the new shares, 240,174 were added to its ARK Innovation (ARKK) ETF, 39,099 shares to ARK Next Generation Internet (ARKW), and the remaining 26,300 shares to ARK Fintech Innovation (ARKF).

🔘 Founded by former Twitter CEO Jack Dorsey and Jim McKelvey in 2009, Block, formerly Square, is an American multinational technology conglomerate and digital payment company with a unique interest in cryptocurrencies, especially Bitcoin.

➡️ The recent purchase of Block shares comes as Ark Investment has doubled down on its investment in the crypto exchange Coinbase after the US Securities and Exchange Exchange sued the company sending share prices tumbling.

Founders of Collapsed Crypto Fund, Three Arrows Capital, Turn to Bali and Shrooms

💲 The founders of collapsed cryptocurrency hedge fund, Three Arrows Capital, have been living the high life in Bali after their company's failure last year. Kyle Davies and Su Zhu, both 36, almost disappeared from public view following the collapse of their fund. However, a new New York Times report sheds light on what they have been doing since.

🟡 Per the report, the founders spent the summer in Bali, painting in cafes, reading Hemingway on the beach, and sightseeing around Thailand, Malaysia, Dubai, and Bahrain. Davies spent his time "painting in cafes and reading Hemingway on the beach," according to the Times. He meditated, took shrooms on a rooftop, and flew to Bahrain for a Formula 1 event.

❕ "You eat very fatty pork dishes, and you drink a lot of alcohol, and you go to the beach and you just meditate," he told the Times. "You have these magical experiences." Zhu, on the other hand, took a different approach. He initially started playing a lot of video games, as he mentioned in a December tweet.

Binance Lawyers Push Back Against US SEC Claims That Binance US Customer Assets Are at Risk

🔶 Attorneys for Binance US and Binance CEO Changpeng Zhao argued that the US Securities and Exchange Commission’s temporary restraining order to freeze its assets should be denied. There is no risk to customer assets, the lawyers said on Monday in a court filing ahead of a Tuesday hearing to discuss the SEC’s proposed restraining order.

🟡 “Indeed, there is no ‘emergency’ here at all, other than the one manufactured by the SEC for its own purposes, when the alleged securities law violations, according to the SEC, have been going on publicly and openly for years,” the lawyers argued.

🟡 They argued that by granting the SEC’s “requested relief” would instead harm BAM customers and “effectively end BAM’s business.” BAM Trading Services Inc and BAM Management US Holdings Inc run Binance US.

🔶 The SEC sued Binance and Zhao over a “blatant disregard of the federal securities laws,” and racked up 13 charges last week.

Tether Loses Peg: Massive USDT Sell-off on Curve, Uniswap Suggests Shift to Other Stablecoins

🪙 Tether’s stablecoin USDT has lost its dollar peg after two major pools for stablecoin trading became heavily imbalanced. On-chain data shows traders have been exchanging millions of dollars worth of USDT for other popular stablecoins like USDC and DAI on Uniswap and Curve pools.

💰 On Thursday, USDT balances on Curve’s popular 3pool, a stablecoin swapping pool comprised of USDT, USDC, and DAI, rose to over 70%, suggesting traders had swapped tens of millions of USDT for USDC and DAI. The ideal balance of the Curve 3Pool should be 33.33% for each of the three stablecoins – USDT, USDC and, DAI.

💲 However, the imbalance has led to a substantially larger USDT balance on Curve’s 3pool compared to other stablecoins. As of now, the pool holds over $300 million of USDT and nearly $55 million each of DAI and USDC.

US FDIC Says OKCoin Made False Statements About Deposit Insurance and Demands Corrections

🇺🇸 The US Federal Deposit Insurance Corporation sent a letter to OKCoin USA, Inc., demanding the cryptocurrency exchange take action to address false and misleading statements about its deposit insurance.

⏳ The FDIC sent three letters to OKCoin USA, Inc., Bodega Importadora de Pallets and Money Avenue LLC, on Thursday, making those demands, and warning that certain statements could harm consumers.

💵 “The FDIC has observed an increasing number of instances online where firms or individuals have misused the FDIC’s name or logo, or have made false or misleading representations about deposit insurance,” said FDIC Chairman Martin J. Gruenberg in a statement. “These practices can confuse consumers about whether they are dealing with an insured institution and if they are protected by deposit insurance.”

Elon Musk's 'Scam Crypto' Claim Leads to Suspension of AI Bot on Twitter – What's Going On?

🕊 Twitter has suspended the account of a popular meme coin-linked AI bot "Explain This Bob" after Elon Musk called it a "scam." "This sure looks like a scam crypto account. If so, it will be suspended," Musk said in response to a tweet by the bot.

🔘 The automated Twitter account "Explain This Bob" used OpenAI’s latest large multimodal model GPT-4 to comprehend and respond to tweets by those who tagged the account. The account quickly went viral on Twitter in late April for its witty summaries and comedic responses to tweets. “I love bob,” even Musk once said in reply to the bot in April.

🔘 Notably, another Twitter bot called AskTheWassie, a comic frog that functioned similarly to "Explain This Bob," has also been suspended.

📈 This came after Musk warned that the promotion of scams results in suspension in response to a tweet by the bot.

Bitcoin ETF Race Intensifies as WisdomTree and Invesco Both File Submissions Within 24 Hours Joining BlackRock

🪙 The competition to launch a spot Bitcoin exchange-traded fund (ETF) in the US has intensified, with Invesco and WisdomTree filing submissions with the Securities and Exchange Commission for their own Bitcoin ETFs.

🟡 On Tuesday, WisdomTree filed for the WisdomTree Bitcoin Trust, requesting the SEC to allow it to list its fund on the Cboe BZX Exchange under the ticker “BTCW.”

🟡 The asset management firm, with $83 billion in assets under management, had previously applied for a spot Bitcoin ETF twice.

⚔️ Its first application was rejected by the SEC in December 2021. Its second application was rejected once again in October 2022, with the financial regulator citing similar concerns of fraud and market manipulation.

US Federal Agencies Unite to Form 'Mini-FBI' for Dark Web Crypto Crime

🇺🇸 The U.S. government has established a new task force for targeting crypto crime consisting of five investigators from different federal agencies.

💎 Established on June 15, the “Darknet Marketplace and Digital Currency Crimes Task Force,” aims to “disrupt and dismantle criminal organizations” that use the “appearance of anonymity” provided by digital currencies to enable drug trafficking, money laundering, and other crimes.

💎 Its activities will be contained to Arizona for the time being.

💎 “As these criminal activities and enterprises have become more sophisticated, law enforcement tools, resources, and intelligence have had to adapt,” stated a press release shared from the U.S. Immigration and Customs Enforcement website on Tuesday.