11/09/2023. Weekly CryptoNews Digest (September, 04 – September, 10)

Hello everyone and welcome to the MNO blog which has been running for more than sixteen years now providing readers with precious food for thought and highlighting the most promising money-making opportunities one can only find online. Since 2007 the MNO blog and monitor has been at the forefront of the HYIP industry that used to be a locomotive for the whole profit generating investment projects one could only dream of.

Unfortunately the overall situation has been changed since then and the HYIP industry is as good as dead at the moment. The good old admins have all abandoned the once lucrative money-making niche and their replacements are just a bleak shadow of the greatest ones MNO had to deal with before.

And with so many people now being able to actually trade cryptocurrencies without the high risks often associated with HYIPs it’s simply impossible to believe that the industry will get back to its former glory anytime soon. That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters now. Except for major cryptocurrency trends and latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income with no risk whatsoever.

I guess most readers will agree that the golden era of HYIPs is behind us. However my own aim is not only money-making for myself but providing my readers with essential information of some lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we will see a revival in such programs. Before that happens though shifting my focus towards something else looks to me a sound proposal.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from September, 04 to September 11, 2023. I will be offering you some latest news and trends that happened in the crypto market over the last seven days. Let’s get down to business, shall we?

LAUNCH OF THE FIRST SPOT ETF IN THE US COMING SOON

On September 6, 2023, Cathie Wood’s Ark Invest and crypto investment firm 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the first spot Ethereum ETF in the United States. The ETF, which would be called the ARK 21Shares Ethereum ETF, would track the price of Ethereum, the second-largest cryptocurrency by market capitalization.

The ETF would be physically backed by Ethereum, meaning that the fund would hold actual Ethereum tokens. This is in contrast to futures-based ETFs, which track the price of Ethereum futures contracts. Futures contracts are agreements to buy or sell an asset at a certain price on a future date.

The SEC has been reluctant to approve spot Bitcoin ETFs, citing concerns about market manipulation and fraud. However, there has been growing momentum for spot Ethereum ETFs in recent months. In July 2023, the SEC approved the first futures-based Ethereum ETF. This could make it more likely that the SEC will approve a spot Ethereum ETF in the near future.

If approved, the ARK 21Shares Ethereum ETF would be a major milestone for the cryptocurrency industry. It would make it easier for investors to gain exposure to Ethereum without having to buy and store the underlying tokens. This could help to boost the adoption of Ethereum and other cryptocurrencies.

Cathie Wood is a well-known investor who has been bullish on cryptocurrencies. She has said that she believes Ethereum could be worth $20 trillion in the future. The launch of the ARK 21Shares Ethereum ETF would be a major step towards making this vision a reality.

KRAKEN EXPANDS OFFERINGS IN THE UK

Kraken, a cryptocurrency exchange, announced on September 7, 2023 that it is expanding its offerings in the UK. The company is adding PayPal deposits for its UK and European customers, and is also in talks with the UK’s Financial Conduct Authority (FCA) for permission to expand its custodial services.

The addition of PayPal deposits is a major step for Kraken, as it makes it easier for users to fund their accounts. PayPal is a popular payment method, and its integration with Kraken will make it more convenient for users to buy and sell cryptocurrencies.

Kraken’s talks with the FCA are also significant. If the company is granted permission to expand its custodial services, it will be able to offer a wider range of products and services to its UK customers. This could include margin trading, futures contracts, and other derivatives.

Kraken’s expansion in the UK is a sign of the growing popularity of cryptocurrencies in the country. The UK is home to a large number of cryptocurrency users, and the government has been relatively supportive of the industry. Kraken’s move is likely to further legitimize cryptocurrencies in the UK and attract more investors to the market.

GOOGLE ALLOWS NFT GAME ADS

Google announced on September 7, 2023 that it will allow NFT game ads starting September 15, 2023. The company had previously banned all ads related to cryptocurrencies and NFTs, citing concerns about fraud and scams.

The updated policy will allow ads for NFT games that do not involve gambling. This means that ads for games where players can purchase in-game items, such as weapons or armor, will be allowed. However, ads for games where players can gamble with NFTs will still be prohibited.

Google’s decision to allow NFT game ads is a sign of the growing acceptance of NFTs by the mainstream. NFTs are unique digital assets that can be used to represent ownership of items such as art, music, and in-game items. They have become increasingly popular in recent years, and the market for NFTs is worth billions of dollars.

The decision to allow NFT game ads is also a potential boon for the gaming industry. NFTs can be used to create a more immersive and engaging gaming experience, and they can also be used to create a more sustainable gaming economy.

However, there are also some concerns about the potential for NFT game ads to be used for fraud and scams. Google has said that it will take steps to prevent this, such as requiring advertisers to be certified by Google and to comply with the company’s gambling policy.

Overall, Google’s decision to allow NFT game ads is a positive development for the NFT and gaming industries. It could help to legitimize NFTs and make them more accessible to a wider audience. However, it is important to be aware of the potential risks associated with NFT game ads, such as fraud and scams.

FASB SETS FAIR VALUE ACCOUNTING FOR CRYPTO

The Financial Accounting Standards Board (FASB), the private-sector organization that sets accounting standards for public companies in the United States, has proposed new rules that would require companies that hold or invest in cryptocurrency to report their holdings at fair value.

Fair value is the price that an asset or liability could be exchanged for between willing parties in a current transaction. This is in contrast to the historical cost method, which is the current standard for accounting for cryptocurrency. Under the historical cost method, companies are required to report the cost of their cryptocurrency holdings, regardless of the current market value.

The FASB’s proposed rules are expected to be published by the end of 2023 and would go into effect for fiscal years beginning after December 15, 2024.

There are a few reasons why the FASB is proposing these new rules. First, the volatility of cryptocurrency prices makes it difficult to accurately assess the historical cost of cryptocurrency holdings. Second, the fair value method provides a more accurate reflection of the current value of cryptocurrency holdings, which is important for investors and other stakeholders. Third, the fair value method will make it easier for companies to compare their cryptocurrency holdings to other assets and liabilities.

The FASB’s proposed rules are likely to have a significant impact on the way companies account for cryptocurrency. Companies that hold or invest in cryptocurrency will need to assess the fair value of their holdings on a regular basis and make adjustments to their financial statements accordingly. This could lead to volatility in the earnings of companies that hold cryptocurrency, but it is likely to provide a more accurate reflection of the true value of these assets.

The FASB’s proposed rules are still in the early stages, and it is possible that they will be modified before they are finalized. However, they represent a significant step forward in the accounting for cryptocurrency.

THODEX FOUNDER SENTENCED TO 11,196 YEARS IN PRISON

Faruk Fatih Ozer, the founder of Thodex, a Turkish cryptocurrency exchange, was sentenced to 11,196 years in prison on September 8, 2023. Ozer was found guilty of aggravated fraud, leading a criminal organization, and money laundering.

Thodex was one of the largest cryptocurrency exchanges in Turkey, with over 400,000 users. In April 2021, Ozer abruptly shut down the exchange and fled the country. This left many users unable to access their funds, which were estimated to be worth around $2 billion.

Ozer was eventually arrested in Albania in August 2022 and extradited to Turkey. He was tried in a court in Istanbul, where he was found guilty of the charges against him.

The 11,196-year sentence is the longest ever handed down in Turkey for a financial crime. However, it is unlikely that Ozer will actually serve the full sentence. Turkish law allows for sentences to be reduced for good behavior, and Ozer is likely to be eligible for parole after serving a portion of his sentence.

The sentencing of Faruk Fatih Ozer is a significant development in the fight against cryptocurrency fraud. It sends a message to other cryptocurrency scammers that they will be held accountable for their crimes. It also provides some measure of justice for the victims of the Thodex scam.

However, it is important to note that the sentencing of Ozer does not solve the problem of cryptocurrency fraud. There are still many other cryptocurrency scams out there, and investors need to be careful when investing in cryptocurrencies.

AUSTRALIAN MOM SENTENCED FOR CASHING MILLIONS

And we will finish today’s Weekly CryptoNews Digest on MNO with another crypto-related sentence. An Australian mother, Thevamangari Manivel, was sentenced to 209 days in prison and 200 hours of community work for attempting to keep a mistaken $10 million deposit from Crypto.com.

Manivel received the deposit into her account in May 2022. She initially thought it was a mistake, but her then-boyfriend, Jatinder Singh, convinced her to keep the money. Singh told her that he had won the money in a Crypto.com contest, and that they could use it to buy property and luxury items.

Manivel and Singh spent some of the money on property and cars, but they also kept some of it in their bank account. In March 2022, Manivel was arrested at Melbourne Airport trying to board a flight to Malaysia with a one-way ticket and $11,750 cash.

Manivel pleaded guilty to attempted theft and was sentenced to 209 days in prison, which she had already served while awaiting trial. She was also ordered to complete 200 hours of community work and be subjected to a curfew between 10pm and 6am for the next six months.

The case has attracted attention because it highlights the risks of cryptocurrency transactions. Cryptocurrencies are often volatile and can be difficult to track, which can make it easy for people to commit fraud. In this case, Manivel and Singh were able to spend some of the money before they were caught, but they ultimately had to give it back.

The case also raises questions about the responsibility of cryptocurrency exchanges. Crypto.com should have been able to detect the mistake and reverse the deposit, but they did not. This suggests that cryptocurrency exchanges need to do more to protect their customers from fraud.

Overall, the case is a reminder that cryptocurrency transactions should be treated with caution. It is important to be aware of the risks involved and to take steps to protect yourself from fraud.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week, so be sure to check back. I’ll be covering all the latest developments and news you might want to be aware of if you’re interested in what is going on in the cryptocurrency world, such as new projects and regulations.

So thanks for reading and I hope your business week will be fruitful and productive. Be sure to check out the MNO blog often and I hope you’ll be back to read the upcoming Weekly CryptoNews Digest next Monday. Until then stay safe and happy and thanks for staying loyal to MNO – For Money Lovers! See you next week guys!