Welcome back to the MNO blog, your go-to source for all things crypto and HYIP since way back in 2007! As we rolled into September 2024, a new chapter opened up in the HYIP world, and I’m super stoked to see what’s in store. With over 17 years of experience in both crypto and HYIP, I’m here to help you make sense of the crazy world of digital assets.

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Team up with MNO and level up your crypto and HYIP game! I’ll hook you up with the knowledge and support you need to make smart moves and crush your financial goals. Let’s dive into the hottest crypto and HYIP news from September 9th to September 15th, 2024 in our Weekly CryptoNews Digest and start this new chapter in the crypto world with a bang!

PAYPAL AND VENMO INTEGRATE ETHEREUM NAME SERVICE (ENS)

PayPal and Venmo, popular online payment platforms, have taken a significant step into the world of cryptocurrency by partnering with the Ethereum Name Service (ENS). This integration allows users to send and receive cryptocurrency using a human-readable name instead of a complex string of numbers and letters. This simplifies the process of making crypto transactions for both experienced and novice users, potentially driving wider adoption of digital assets.

ENS works by associating a human-readable name with a cryptocurrency wallet address. For example, instead of remembering a long, complicated wallet address, users can simply use a name like “john.eth” to send or receive cryptocurrency. This not only makes transactions more convenient but also helps to address the security concerns associated with remembering and typing out complex addresses.

By partnering with ENS, PayPal and Venmo are tapping into a growing trend of mainstream companies embracing cryptocurrency. This move could further legitimize digital assets in the eyes of consumers and businesses alike. Additionally, it may encourage more people to explore the world of cryptocurrencies and decentralized finance (DeFi).

The integration of ENS into PayPal and Venmo has the potential to significantly impact the cryptocurrency landscape. By making it easier for people to send and receive digital assets, these popular payment platforms could play a crucial role in driving the mass adoption of cryptocurrencies.

FBI REPORTS $5.6 BILLION LOST TO CRYPTO FRAUD

The Federal Bureau of Investigation (FBI) has reported a staggering increase in cryptocurrency-related fraud, with losses reaching a staggering $5.6 billion in 2023. This represents a 45% surge compared to the previous year, highlighting the growing sophistication and prevalence of these scams.

Investment fraud remains the most common type of crypto-related crime, accounting for $3.96 billion of the total losses. Scammers often lure victims into fraudulent investment schemes, promising high returns with minimal risk. Once victims invest their funds, they find it difficult to withdraw their money, and in many cases, they lose everything.

Other common crypto scams include romance scams, where scammers build romantic relationships with victims to gain their trust and eventually steal their money. Additionally, scammers may target individuals with fake cryptocurrency giveaways or phishing attacks designed to steal personal information and login credentials.

The FBI warns that the rise in crypto fraud is a serious concern, and it urges individuals to be cautious when investing in cryptocurrencies or engaging in online transactions. The agency advises individuals to research any investment opportunities thoroughly, be wary of unsolicited offers, and never share personal information with strangers.

SOUTH KOREAN CUSTOMS SERVICE BLAMES CRYPTO FOR DRUG SMUGGLING

South Korean customs officials have uncovered a significant connection between cryptocurrency transactions and drug smuggling. In a recent operation, authorities seized a large quantity of illicit drugs and traced the financial transactions involved to cryptocurrency wallets.

The investigation revealed that the drug smugglers used cryptocurrencies to facilitate their operations, making it difficult for traditional law enforcement methods to track their activities. Cryptocurrencies offer a degree of anonymity and can be transferred across borders without the need for intermediaries, making them attractive to criminals involved in illicit activities.

The South Korean government has expressed concern about the growing use of cryptocurrencies in drug smuggling and other criminal enterprises. Authorities are working to develop strategies to combat these illegal activities, including strengthening regulations and enhancing law enforcement capabilities.

This case highlights the potential risks associated with the unregulated nature of cryptocurrencies. While they offer many benefits, they can also be exploited by criminals to facilitate illicit activities. As the use of cryptocurrencies continues to grow, it is essential for governments and law enforcement agencies to adapt their strategies to address these emerging challenges.

UK FCA CHARGES FIRST INDIVIDUAL FOR ILLEGAL CRYPTO ATM NETWORK

The Financial Conduct Authority (FCA), the UK’s financial regulator, has taken a significant step in its crackdown on unregulated cryptocurrency activities. For the first time, the FCA has charged an individual for operating an illegal cryptocurrency ATM network.

Olumide Osunkoya, a 45-year-old Londoner, is accused of operating a network of ATMs that allowed customers to buy and sell cryptocurrencies without the necessary regulatory oversight. These ATMs are considered illegal as they do not comply with the FCA’s registration requirements and pose potential risks to consumers, such as money laundering and fraud.

The FCA’s action against the individual is a clear message that it is taking a tough stance on illegal cryptocurrency activities. The regulator has previously warned businesses about the dangers of operating unregulated crypto ATMs, and this case demonstrates its commitment to protecting consumers and ensuring the integrity of the UK financial system.

The FCA’s crackdown on illegal crypto ATMs is likely to have a significant impact on the cryptocurrency industry in the UK. It sends a clear signal that businesses operating in this space must comply with the necessary regulations to avoid facing legal consequences. As the cryptocurrency market continues to evolve, it is essential for regulators to stay ahead of emerging risks and take decisive action to protect consumers.

CAROLINE ELLISON SEEKS COURT SEAL ON SUPPORTER IDENTITIES

Caroline Ellison, the former CEO of Alameda Research, a hedge fund affiliated with the collapsed cryptocurrency exchange FTX, has filed a motion with the court to seal the identities of her supporters. Ellison is facing sentencing for her role in the FTX fraud and is concerned that publicly disclosing the names of her supporters could put them at risk of harassment or other harm.

Ellison’s request comes as she prepares for her sentencing hearing, where she faces potential imprisonment and significant fines. Her supporters have provided character references and letters of support to the court, arguing that she is a good person who made mistakes but is remorseful for her actions.

The court has not yet ruled on Ellison’s motion, and it remains to be seen whether it will grant her request. If the court does seal the identities of Ellison’s supporters, it will protect their privacy but may also limit public scrutiny of the case.

Ellison’s case has attracted significant public attention, and many people are interested in learning more about the individuals who are supporting her. If the court grants her request, it will be a setback for those seeking transparency in the legal proceedings.

STANDARD CHARTERED EXPANDS SERVICES TO INCLUDE CRYPTO CUSTODY IN UAE

Standard Chartered, a leading international banking group, has announced the addition of cryptocurrency custody services to its offerings in the United Arab Emirates (UAE). This expansion will allow the bank’s clients in the UAE to securely store their Bitcoin and Ethereum holdings.

The introduction of crypto custody services aligns with Standard Chartered’s strategy to leverage emerging technologies and meet the evolving needs of its clients. By offering a secure and regulated platform for storing crypto assets, the bank aims to provide its clients with a more comprehensive range of financial services.

The UAE has been at the forefront of crypto adoption, with the government actively supporting the development of a regulatory framework for the industry. Standard Chartered’s decision to offer crypto custody services in the UAE underscores the country’s growing reputation as a hub for digital assets.

As the demand for cryptocurrency services continues to rise, Standard Chartered’s expansion into crypto custody is a significant step forward. By providing a trusted and regulated platform for storing crypto assets, the bank can help to build confidence in the industry and attract more investors.

TRON, TETHER, AND TRM LABS LAUNCH T3 FINANCIAL CRIME UNIT

TRON, Tether, and TRM Labs have announced the formation of the T3 Financial Crime Unit (T3 FCU). This joint initiative aims to enhance transparency, security, and compliance within the USDT ecosystem by leveraging advanced blockchain analytics and investigative techniques.

The T3 FCU will utilize TRM Labs’ cutting-edge technology to monitor and analyze blockchain transactions, identify suspicious activities, and detect potential financial crimes. By combining TRON’s expertise in decentralized technology and Tether’s knowledge of stablecoin operations, the unit will be well-equipped to address emerging threats and challenges.

The T3 FCU’s primary objectives include preventing the misuse of USDT, combating illicit activities such as money laundering and fraud, and promoting responsible and ethical practices within the cryptocurrency industry. The unit will also work closely with law enforcement agencies and regulatory bodies to share information and intelligence.

The establishment of the T3 FCU is a significant step towards ensuring the integrity and stability of the USDT ecosystem. By combining the strengths of TRON, Tether, and TRM Labs, the unit can contribute to a safer and more transparent environment for users of USDT.

That’s a wrap on this week’s crypto news on MNO! I hope you found it nsightful and helpful. As we head into the busier fall months, let’s take a minute to chill and reflect on the crazy week we’ve had in the crypto world. A big shoutout to my awesome community for all your support.

Take some time to relax this weekend. And don’t forget to share your thoughts in our MNO TalkBack poll—your feedback means a lot.

See you next Sunday for the latest crypto news! Keep building your portfolio, and remember, I’m here to help you reach your financial goals. MNO – For Money Lovers!