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Stablecoins surged to a record $187.5 billion in supply in 2024, driven by demand in emerging markets and their use as a hedge against volatility. However, their rise has raised regulatory concerns, as they now account for a majority of illicit transactions, surpassing Bitcoin in this regard. As the market evolves, stablecoins are becoming critical financial infrastructure, with potential growth to $500 billion or even $1 trillion by 2025, despite ongoing regulatory challenges.
Travis Ford, co-founder and head trader of Wolf Capital, has pleaded guilty to wire fraud conspiracy after raising $9.4 million from approximately 2,800 investors with false promises of 547% annual returns. The funds were misappropriated for personal gain rather than investment, and Ford admitted the promised returns were not viable. He faces a maximum penalty of five years, with sentencing yet to be scheduled, amid a broader crackdown on global crypto scams.
Losses from crypto hacks and scams surged to over $3.01 billion in 2024, marking a 15% increase from the previous year, according to PeckShield. This total includes $2.15 billion stolen in hacks and $834.5 million from scams, with $488.5 million recovered. Notably, North Korean hackers were responsible for a record $1.34 billion in thefts across 47 incidents, with the largest heist occurring in May when over $300 million in Bitcoin was stolen from the Japanese exchange DMM.
Standard Chartered has launched a new entity in Luxembourg to provide crypto custody services, initially focusing on Bitcoin and Ethereum, with plans to expand by 2025. Laurent Marochini has been appointed CEO, and the move aligns with the implementation of the Markets in Crypto Assets (MiCA) regulation, enhancing the bank's digital asset offerings in the EU.
Kenya is set to legalize cryptocurrencies, marking a significant shift from its previous ban on digital assets. Treasury Cabinet Secretary John Mbadi announced plans for a regulatory framework aimed at fostering innovation while addressing risks like fraud and market volatility. The government seeks to create a balanced environment for virtual assets, aligning with global standards while prioritizing consumer protection and financial stability.
MEXC has announced continued USDT trading support for EU users amid upcoming Markets in Crypto-Assets Regulation (MiCA) changes, while many exchanges suspend USDT services. From January 2 to 16, 2025, users can benefit from USDT deposit rewards and a zero-fee trading event for USDC pairs, alongside anonymous trading without KYC verification. MEXC aims to enhance user experience with low fees and a wide selection of cryptocurrencies.
Bitcoin's market has faced a challenging start to the year, with bearish sentiment driven by factors such as uncertainty over Federal Reserve rate changes and potential state-held Bitcoin sales. Currently trading at $92,317, the cryptocurrency shows signs of further corrections, as indicated by declining on-chain metrics like the Taker Buy/Sell Ratio and Short-Term Spent Output Profit Ratio. Despite these short-term struggles, analysts maintain a long-term bullish outlook for Bitcoin's recovery and growth.
The US Department of Justice's $6.5 billion Bitcoin stash from Silk Road poses no short-term risk to the market if sold through over-the-counter desks, according to CryptoQuant. Despite recent market fluctuations and a significant drop in Bitcoin's price, the long-term stability remains intact, with the stash's potential selling pressure deemed negligible compared to Bitcoin's realized market cap growth. However, a direct sale on exchanges could lead to severe price corrections, highlighting the importance of the method of sale.
Bitcoin's price has recently dipped below $95,000 after a brief surge past $100,000, amid concerns over the U.S. Department of Justice's authorization to sell 69,370 BTC seized from the Silk Road case, valued at over $6.58 billion. The potential market impact of this sale could exacerbate existing selling pressure, reminiscent of a previous incident where a German state’s sale led to a significant price drop. While the upcoming administration may adopt a crypto-friendly stance, the timing and method of the DOJ's liquidation remain critical factors for Bitcoin's price stability.
UBS Group AG is reportedly preparing to settle tax evasion claims linked to Credit Suisse, potentially paying hundreds of millions. This follows Credit Suisse's violations of a 2014 plea agreement with the U.S. Justice Department regarding tax evasion by wealthy American clients. UBS, which acquired Credit Suisse in 2023, had set aside around $4 billion for litigation and regulatory matters.
Anti-Money Laundering (AML) & Know Your Customer
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stablecoin market surges amid regulatory scrutiny and rising illicit activity
09:11 11.01.2025
wolf capital co-founder pleads guilty in nine million dollar ponzi scheme
02:25 11.01.2025
crypto losses surge to over three billion dollars in 2024
20:45 10.01.2025
Standard Chartered launches Luxembourg entity for EU crypto custody services
Brevan Howard Abs Rt Govt Bd A GBP Acc
Standard Chartered PLC
LUX
Laurent Marochini
Margaret Harwood-jones
17:58 10.01.2025
kenya government plans to legalize cryptocurrencies to foster innovation and growth
17:26 10.01.2025
MEXC offers USDT trading support and rewards for European users
14:47 10.01.2025
bitcoin faces bearish trends but long-term recovery potential remains strong
09:00 10.01.2025
silk road bitcoin sale poses minimal risk to market stability according to analysis
01:12 10.01.2025
US DOJ authorized to sell 69370 BTC raising concerns over price impact
19:00 09.01.2025
ubs prepares to settle tax evasion claims linked to credit suisse
18:20 09.01.2025
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