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05/02/2024. Weekly CryptoNews Digest (January, 29 – February, 04)


Hello MNO Readers, greetings from Krabi!

I know, I know, it’s been a while! But fear not, I haven’t forgotten about you amazing MNO readers. While soaking up the Thai sun here in Krabi, I couldn’t help but think about everyone back home navigating the exciting (and sometimes volatile) world of crypto.

And speaking of navigating, what better day to dive back in than Monday, right? A fresh start to a new week, and a fresh start for your crypto journey perhaps?

To help you on your way, I’m bringing you my regular Weekly CryptoNews Digest, packed with all the latest updates, insights, and opportunities you need to stay ahead of the curve.

So, whether you’re a seasoned crypto enthusiast or just starting to dip your toe in the water, this digest is your one-stop shop both for staying informed and for making informed decisions.

Remember, the crypto industry is constantly evolving, and knowledge is power! So sit back, settle in, and check out all the main news stories of the week.

Before getting into the specifics of what the crypto industry brought us to talk about last week I should remind you that I’m still available to answer all your questions. The best way of contacting me is live chat via Telegram @mnoblog. You may also submit your query using this contact form or just email me directly at I always look forward to hearing from you and still encourage you to share your vote on the MNO TalkBack page in the last poll, so we could draw the final results in a few weeks time.

Remember that later this year I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income from with no risk whatsoever. So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or X/Twitter.

By doing so you will be updated when anything worthwhile happens in the industry that will help you earn a discretionary income. And if you wish to receive the blog articles directly to your email address you can submit and confirm it on this page and join the thousands of subscribers I have already.

It’s time now to get back with the major news from the crypto industry that caught our attention from January, 29 to February, 04, 2024. So let’s start today’s Weekly CryptoNews Digest on MNO, shall we?


Tether’s stablecoin, USDT, has been in the news recently for its astronomical profits in 2023, reaching a whopping $6.2 billion. This is a significant milestone for the company, and it raises several interesting points:

Key Takeaways:
– Profit Drivers: The main driver of Tether’s profits is the interest earned on its vast reserves, primarily consisting of U.S. Treasury securities. Rising interest rates in 2023 further boosted these earnings.
– USDT dominance: USDT remains the leading stablecoin, with a market capitalization approaching $100 billion. This widespread adoption contributes to Tether’s ability to generate high profits.
– Transparency concerns: Despite Tether’s claims of transparency, doubts linger about the exact composition of its reserves. This lack of full transparency raises concerns about the stability of the USDT peg.

What it Means:
– Stablecoin profitability: This record profit highlights the lucrative nature of stablecoins. However, it also raises questions about the potential risks associated with their concentrated power.
– USDT’s stability: Despite the profits, some experts warn that Tether’s dependence on U.S. Treasuries could expose it to risks if the U.S. economy weakens.
– Regulatory scrutiny: The immense profits and ongoing concerns about transparency might attract increased regulatory scrutiny towards Tether and the broader stablecoin market.

Overall, Tether’s record profits raise intriguing questions about the future of stablecoins and their role in the crypto ecosystem. It’s crucial to stay informed and critically evaluate the information available before making any investment decisions.


Hold onto your wallets, crypto enthusiasts! Google recently updated its advertising policy, allowing ads for specific types of cryptocurrency financial products. This is a significant development, but it’s important to understand the nuances before diving headfirst into crypto ads on Google.

Here’s the breakdown:
– Not all crypto products are welcome: Google is only allowing ads for Cryptocurrency Coin Trusts, which are financial products that let investors trade shares in trusts holding large pools of digital currency. So, individual cryptocurrencies, exchanges, and other services are still off the table.
– Location, location, location: This is only applicable in the United States for now. Google might expand it to other regions later, but for now, it’s US-only.
– Certification is key: Advertisers need to be certified by Google to promote these trusts, ensuring they meet specific compliance and transparency standards.
– Proceed with caution: While this is a step forward for crypto adoption, remember that crypto remains a volatile and risky market. Do your own research, understand the risks involved, and only invest what you can afford to lose.

Here are some additional points to consider:
– Regulatory landscape: The crypto industry is still evolving, and regulations are constantly changing. Make sure you stay updated on the latest regulations in your area before investing.
– Focus on education: Google’s policy update emphasizes the need for clear and accurate information in crypto ads. This is a positive step, but it’s still important to be critical of any advertising claims.
– Not a green light for all crypto: This policy change doesn’t mean Google endorses all crypto products. It’s simply allowing ads for a specific type of regulated product.

Overall, Google’s updated policy opens up new possibilities for advertising certain crypto products. However, it’s crucial to approach this with caution, do your own research, and understand the inherent risks involved in the crypto market.


The once-booming crypto exchange FTX has officially abandoned its relaunch plans, choosing instead to liquidate its assets to repay customers. This dramatic shift marks a significant fall from grace for the company that was once valued at over $30 billion. Let’s unpack the details:

Key Points:
– Relauch Attempt Fails: After filing for bankruptcy in November 2023, FTX initially explored options for a comeback, seeking potential buyers to rebuild the exchange. However, these efforts proved unsuccessful.
– Liquidation Path: Unable to secure funding, FTX has switched gears and is now focusing on liquidating its remaining assets, estimated at around $7 billion. The proceeds from this liquidation will be used to repay creditors and customers, including individual users and affected platforms.
– Customer Repayment: The exact timeline and amount of individual customer repayments remain unclear. However, FTX’s legal team is working to establish a fair and transparent process for distributing funds.

Potential Implications:
– Eroded Trust: The collapse of FTX has significantly damaged trust in the crypto industry, raising concerns about regulation, transparency, and the inherent risks associated with digital assets.
– Wider Impact: The FTX saga could have ripple effects on other crypto exchanges and potentially dampen investor sentiment in the market as a whole.
– Regulatory Scrutiny: This event is likely to fuel calls for stricter regulations within the crypto space, aiming to prevent similar situations in the future.

Overall, the demise of FTX serves as a stark reminder of the volatility and risks associated with cryptocurrencies. As the industry evolves, staying informed and making informed investment decisions remain paramount.


The news that hackers stole $112 million worth of XRP from Chris Larsen’s personal wallet in January 2024 sent shockwaves through the crypto community. Here’s a breakdown of the key details and lingering questions:

What We Know:
– Victim: Chris Larsen, co-founder and former CEO of Ripple, confirmed unauthorized access to several of his personal XRP accounts.
– Amount Stolen: Estimates suggest around 213 million XRP were stolen, equivalent to roughly $112 million at the time.
– Method: The specific method of attack remains unclear, but speculation points towards compromised private keys or vulnerabilities in exchanges used for laundering the funds.
– Ripple Unaffected: Ripple emphasized that no company wallets were compromised, and the incident solely involved Larsen’s personal holdings.

Unanswered Questions:
– How were the private keys compromised? Was it phishing, malware, or a more sophisticated attack?
– Which exchanges were used for laundering? Did they comply with anti-money laundering (AML) regulations?
– Has any of the stolen XRP been recovered? Law enforcement is likely involved, but the success of their efforts remains unknown.
– What impact will this have on XRP and the broader crypto market? Could this incident erode trust and lead to increased regulatory scrutiny?

Overall, this hack serves as a cautionary tale for the entire crypto community. While the investigation continues, staying informed about security best practices and remaining vigilant is crucial for protecting your digital assets.


The news of former UK Chancellor of the Exchequer George Osborne joining Coinbase as a global advisor has generated significant interest. Here’s a breakdown of the key details and potential implications:

Osborne’s Background:
– Served as Chancellor of the Exchequer from 2010 to 2016, overseeing the UK’s economic and financial policy during a crucial post-recession period.
– Holds extensive experience in business, journalism, and government, with a strong understanding of financial markets and regulations.

Coinbase’s Move:
– Appointing Osborne signifies Coinbase’s ambition for global expansion and its desire to navigate complex regulatory landscapes.
– Osborne’s expertise and connections could prove valuable in securing licenses, fostering partnerships, and shaping public discourse surrounding crypto.
– This move also aligns with a broader trend of high-profile figures from traditional finance entering the crypto space.

Potential Implications:
– Increased legitimacy: Osborne’s involvement could enhance Coinbase’s image and attract more institutional investors and users wary of the crypto industry.
– Regulatory influence: Osborne’s experience could help Coinbase navigate the evolving regulatory landscape and advocate for policies favorable to the crypto industry.
– Global expansion: Osborne’s network and understanding of international markets could facilitate Coinbase’s expansion into new regions.

However, some concerns remain:
– Conflict of interest: Critics raise questions about potential conflicts of interest, given Osborne’s ties to traditional finance and his new role with a crypto exchange.
– Lobbying influence: Concerns exist about the potential influence of powerful figures like Osborne on regulatory policies and their impact on smaller players.
– Transparency: The full scope of Osborne’s responsibilities and potential compensation remain unclear, raising questions about transparency.

Overall, Osborne’s move is a significant development with the potential to both benefit Coinbase and raise concerns within the crypto community. Time will tell how his involvement shapes the future of the exchange and the broader industry.


The recent seizure of €2 billion worth of Bitcoin by German authorities, linked to a 2013 piracy website, has sent shockwaves through the crypto community. Let’s delve deeper into the details and potential implications:

Key Facts:
– Amount Seized: German authorities confiscated 69,596 Bitcoin, valued at approximately €2 billion at the time of seizure. This marks the largest Bitcoin seizure ever reported.
– Allegations: Two individuals are under investigation for allegedly operating a piracy website called “Movie2Day” from 2013 to 2016, offering illegal access to copyrighted content.
– Bitcoin Connection: The seized Bitcoin is believed to be proceeds from the illegal activity, with authorities tracing the funds through various transactions.

Unanswered Questions:
– How did authorities identify and track the Bitcoin? This could involve advanced blockchain analysis techniques and international cooperation.
– What will happen to the seized Bitcoin? It could be auctioned off, used by law enforcement, or returned to the rightful owners if proven innocent.
– What are the legal implications for the suspects? They face charges of copyright infringement and money laundering, with potentially severe penalties.

Potential Implications:
– Increased scrutiny on crypto: This case highlights the ability of authorities to track and seize cryptocurrencies, potentially deterring illicit activities and raising concerns about privacy.
– Impact on Bitcoin price: The large-scale seizure could temporarily affect the Bitcoin price due to selling pressure.
– Debate on regulation: This event might fuel discussions about regulating cryptocurrency transactions to combat crime and protect consumers.

Overall, the German Bitcoin seizure is a significant event with far-reaching implications. While it raises concerns about privacy and potential misuse of cryptocurrencies, it also demonstrates the evolving capabilities of law enforcement in the digital age.


The recent report by the US Energy Information Administration (EIA) stating that Bitcoin mining in the US consumes as much electricity as Utah has sparked significant discussion and debate. Here’s a deeper dive into the news and its potential implications:

Key Points:
– Energy Consumption: The EIA estimates that Bitcoin mining in the US uses 0.6% to 2.3% of the country’s total electricity, with the higher end of the range equating to Utah’s consumption.
– Environmental Concerns: This raises concerns about the environmental impact of Bitcoin mining, considering the reliance on fossil fuels in the US energy grid.
– Economic Impact: While some argue Bitcoin mining creates jobs and boosts the economy, others worry about the potential strain on energy infrastructure and rising electricity costs.

Unanswered Questions:
– Renewable Energy Adoption: To what extent are Bitcoin miners shifting towards renewable energy sources to mitigate their environmental impact?
– Regulatory Landscape: What regulations, if any, are being considered to address the energy consumption of Bitcoin mining?
– Technological Advancements: Are there potential technological advancements in Bitcoin mining that could reduce its energy footprint?

Potential Implications:
– Increased Scrutiny: The EIA report could lead to increased scrutiny of Bitcoin mining and its environmental impact, potentially prompting stricter regulations or industry changes.
– Renewable Energy Focus: The pressure to reduce environmental impact could incentivize miners to adopt renewable energy sources, potentially boosting the clean energy sector.
– Public Perception: This news could further shape public perception of Bitcoin, with potential impacts on its adoption and value.

Overall, the news about Bitcoin mining’s energy consumption in the US highlights a complex issue with various stakeholders and potential solutions. It’s crucial to stay informed about developments, consider different perspectives, and support efforts towards a sustainable future for Bitcoin and the broader crypto industry.


And hence I’m now in Thailand allow me to finish today’s Weekly CryptoNews Digest on a local news. The recent release of draft regulations by the Securities and Exchange Commission (SEC) of Thailand marks a significant step towards establishing a more comprehensive regulatory framework for the digital asset industry in the country. Here’s a breakdown of the key points and potential implications:

Key Provisions:
– Licensing: The draft proposes various license categories for digital asset businesses, covering activities like exchange operations, brokerage, and custody services. Each license will have specific requirements for capital adequacy, risk management, and investor protection measures.
– Consumer Protection: The SEC aims to enhance investor protection through measures like Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, transparency requirements for advertising and marketing activities, and dispute resolution mechanisms.
– Market Stability: The regulations address market stability concerns by introducing capital adequacy ratios for digital asset businesses, transaction reporting requirements, and potential oversight over stablecoins and tokenized securities.
– Phased Implementation: The SEC plans to implement the regulations in phases, starting with mandatory licensing for existing businesses and gradually rolling out requirements for new entrants.

Potential Implications:
– Increased Legitimacy: Clear regulations could attract more institutional investors and businesses to the Thai digital asset market, boosting its overall growth and development.
– Improved Market Efficiency: Standardized licensing and reporting requirements could enhance transparency and market efficiency, potentially mitigating risks and attracting broader user participation.
– Compliance Challenges: Adapting to new regulations might pose challenges for existing businesses, requiring investments in technology, infrastructure, and compliance procedures.
– Innovation Landscape: Stricter regulations may inadvertently stifle innovation within the industry, requiring a careful balance between investor protection and fostering technological advancements.

Overall, the SEC’s draft regulations represent a positive step towards creating a more robust and responsible digital asset ecosystem in Thailand. While challenges remain, the final regulations will shape the future of the industry and its impact on the Thai economy and financial landscape.

That’s all for this issue of the MNO Weekly CryptoNews Digest. Before I sign off, I just want to say a big thank you to all of you who tuned in, chimed in, and shared your thoughts. Your engagement fuels the fire of this blog, and I wouldn’t be here without it.

Just sending a quick note from sunny Thailand to let you know that even though I’m soaking up the sun the Weekly CryptoNews Digest won’t miss a beat! ?

I’ll be back bright and early next Monday to bring you all the hottest crypto happenings, market insights, and analysis you need to stay ahead of the pack.

So, whether you’re chilling on a beach, conquering that inbox, or just keeping it real at the office, be sure to tune in next Monday for another update from your favorite crypto fix. MNO – For Money Lovers!

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