13/10/2024. Weekly CryptoNews Digest (October, 07 – October, 13)

Hello and welcome back to MNO! What’s up everyone? Excited to be back on the MNO blog, your one-stop shop for all things crypto and HYIP!

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Let’s level up your crypto and HYIP journey together! As your guide, I’ll share my experience, offer personalized advice, and provide ongoing support to help you make informed decisions and reach your financial goals. Buckle up, because we’re about to dive into the latest crypto developments from October 7th to October 13th, 2024, in our Weekly CryptoNews Digest. Are you ready to begin this exciting adventure with me?

UPBIT UNDER FIRE: MONOPOLY INVESTIGATION LOOMS

South Korea‘s dominant cryptocurrency exchange, Upbit, is facing scrutiny from the Financial Services Commission (FSC) over potential anti-monopoly violations. This investigation marks a significant development in the country’s regulatory oversight of the burgeoning cryptocurrency market.

The FSC’s decision to probe Upbit stems from concerns about its market dominance and the potential impact this could have on competition and consumer protection. As the largest exchange in the region, Upbit’s actions could have far-reaching consequences for the entire industry.

The investigation is likely to focus on a range of issues, including Upbit’s pricing practices, market manipulation, and its relationships with affiliated companies. If the FSC finds evidence of anti-competitive behavior, the exchange could face substantial penalties, including fines and restrictions on its operations.

The outcome of this investigation could have a profound impact on the future of the cryptocurrency market in South Korea. If Upbit is found to have violated anti-monopoly laws, it could pave the way for increased regulation and greater competition in the industry.

SALAME’S LINKEDIN PROFILE: A STARK REMINDER OF FTX’S DOWNFALL

Former FTX executive Ryan Salame, one of the key figures involved in the cryptocurrency exchange’s spectacular collapse, has made a stark update to his LinkedIn profile. In a move that serves as a stark reminder of the consequences of corporate malfeasance, Salame has listed his new role as “Inmate” ahead of beginning his prison sentence.

Salame’s LinkedIn update is a poignant reflection of the dramatic downfall of FTX, once considered one of the most promising crypto exchanges in the world. His involvement in the company’s fraudulent activities led to his arrest and subsequent guilty plea to charges of conspiracy to commit wire fraud.

As Salame prepares to serve time behind bars, his LinkedIn profile serves as a stark warning to others who may be tempted to engage in unethical or illegal behavior. The once-prominent executive’s descent into obscurity is a stark reminder of the consequences that can result from such actions.

The update has sparked widespread discussion and debate about the nature of corporate responsibility and the importance of ethical conduct in the business world. Salame’s case is likely to serve as a cautionary tale for years to come, highlighting the need for greater accountability and transparency in the financial sector.

CRYPTO VC FUND HIT BY $36 MILLION PHISHING SCAM

A prominent crypto venture capital fund has fallen victim to a sophisticated phishing attack, resulting in the loss of a staggering $36 million. The incident, which came to light earlier this week, highlights the increasing sophistication of cybercriminals targeting the cryptocurrency industry.

The fund called Crypto VC Fund was tricked into signing a fraudulent permit that granted unauthorized access to its digital wallets. The attackers, likely operating a well-organized phishing operation, used social engineering tactics to deceive the fund’s employees into believing the permit was legitimate.

Once the fraudulent permit was in place, the attackers were able to transfer the funds to their own wallets, leaving the fund with a significant financial loss. The incident serves as a stark reminder of the risks associated with storing large sums of cryptocurrency in digital wallets.

While the exact details of the attack remain under investigation, the incident underscores the importance of robust security measures to protect against phishing scams. Crypto venture capital funds, in particular, must be vigilant in verifying the authenticity of any documents or requests that could grant access to their digital assets.

LONDON TRADER DENIES ILLEGAL CRYPTO ATM CHARGES

A London-based trader has pleaded not guilty to charges of operating illegal cryptocurrency ATMs in the city. The case, which is set to go to trial later this year, has ignited discussions about the regulation of crypto ATMs in the United Kingdom.

Habibur Rahman, a crypto trader from East Ham, London, is accused of violating financial regulations by operating the ATMs without the necessary licenses. Prosecutors allege that the ATMs were used for money laundering and other illicit activities.

The defendant’s lawyer has argued that the trader was unaware of any regulatory requirements and believed that the ATMs were operating legally. The case has raised questions about the clarity and enforceability of existing regulations governing crypto ATMs.

The outcome of the trial could have significant implications for the future of crypto ATMs in the United Kingdom. If the trader is found guilty, it could lead to stricter regulations or even a ban on the operation of such machines.

SEC CHARGES CUMBERLAND FOR UNREGISTERED TRADING

The Securities and Exchange Commission (SEC) has filed charges against Cumberland, a prominent cryptocurrency market maker, alleging that the firm has been operating as an unregistered securities dealer. The SEC’s action marks another significant step in the ongoing regulatory crackdown on the cryptocurrency industry.

According to the SEC’s complaint, Cumberland has been facilitating the trading of digital assets that the agency considers to be securities. The SEC alleges that the firm’s activities violate federal securities laws, which require broker-dealers to register with the regulator.

Cumberland, which is a subsidiary of DRW Holdings, a major trading firm, has not yet issued a public statement in response to the SEC’s charges. However, the firm is likely to mount a defense against the allegations.

The SEC’s action against Cumberland is part of a broader effort to bring the cryptocurrency industry under greater regulatory oversight. The agency has been increasingly active in pursuing enforcement actions against firms that it believes are operating outside the boundaries of securities law.

BITNOMIAL CHALLENGES SEC OVER XRP FUTURES CLASSIFICATION

Bitnomial, a cryptocurrency exchange, has filed a lawsuit against the Securities and Exchange Commission (SEC), challenging the agency’s classification of XRP futures as “security futures.” The legal battle has significant implications for the regulatory landscape of cryptocurrency derivatives.

The SEC has argued that XRP futures should be considered security futures, subjecting them to stricter regulations. Bitnomial, however, contends that XRP futures are commodity futures, which are subject to different regulatory requirements. The outcome of the case could have far-reaching consequences for the cryptocurrency industry.

The lawsuit highlights the ongoing uncertainty surrounding the regulatory status of cryptocurrency derivatives. While the SEC has taken a more aggressive stance in recent years, there is still a lack of clarity regarding the legal framework governing these financial instruments.

The case is expected to be closely watched by both regulators and industry participants. If Bitnomial prevails, it could lead to a loosening of regulations for cryptocurrency derivatives. However, a victory for the SEC could result in stricter oversight of the market.

DUBAI CRACKS DOWN ON CRYPTO FIRMS: SEVEN ISSUED CESSATION ORDERS

Dubai, once a haven for cryptocurrency businesses, has intensified its regulatory scrutiny of the industry. The Dubai Financial Services Authority (DFSA) has issued cease-and-desist orders to seven firms operating in the emirate, citing concerns about their compliance with local regulations.

The move marks a significant shift in Dubai’s approach to the cryptocurrency market. While the emirate has previously sought to attract crypto businesses, it has also recognized the need for stricter oversight to protect investors and maintain financial stability.

The seven firms that received cease-and-desist orders have not been publicly identified. However, the DFSA has indicated that the actions were taken in response to “serious regulatory concerns,” including potential breaches of anti-money laundering and counter-terrorism financing laws.

The crackdown on crypto firms in Dubai comes as regulators around the world are grappling with how to balance innovation with investor protection. The DFSA’s actions are a clear signal that Dubai is committed to ensuring that its cryptocurrency market operates within a well-regulated framework.

That’s a wrap for another awesome week of crypto news! We hope you loved our insights and updates. As we dive deeper into fall, let’s celebrate the amazing growth and innovation in the crypto world. A huge thanks to our awesome community for your support. I’m always so grateful for your passion and engagement.

Take some time to relax and recharge this weekend. Don’t forget to share your thoughts in the MNO TalkBack poll—your feedback helps me shape future content.

I’ll be back next Sunday with even more crypto news and updates. In the meantime, keep building your portfolio and remember I’m here to help you achieve your financial goals. Thanks for being part of the MNO – For Money Lovers!