News Headlines (10th JAN 2024)

Payments services provider PayPal’s dollar-backed stablecoin PYUSD’s use in decentralized finance (DeFi) seems to be gathering traction.

A recently launched liquidity pool comprising PYUSD on the automated market maker (AMM) platform, Curve, boasts $135 million in total value locked (TVL), the third largest behind the popular 3pool.

In addition to PYUSD, issued by regulated company Paxos, the so-called FRAXPYUSD pool also consists of Frax Finance’s collateralized algorithmic stablecoin FRAX. The pool went live on Dec. 27.

Twitter has pushed back against claims the platform was to blame for a fraudulent tweet sent by the U.S. Securities and Exchange Commission’s account that falsely announced the approval of 13 spot Bitcoin ETFs on Tuesday.

Following a preliminary investigation into the compromised account, Twitter’s Safety team said that, “the compromise was not due to any breach of X’s systems but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party.”

Binance, KuCoin and eight other crypto exchange applications were blocked by Apple’s App Store in India weeks after the country’s Ministry of Finance notice against nearly a dozen foreign non-registered crypto exchanges.

Apple’s App Store in India has blocked Binance, KuCoin, Bitget, Huobi, OKX, and MEXC crypto exchange apps weeks after the Indian government issued a noncompliance notice against nearly a dozen off-shore crypto exchanges. These exchange applications are no longer accessible to new users in India.

On Dec. 28, 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a notice to Binance, Huobi, Kraken,, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex for illegally operating in India.

According to Foresight News, the Financial Institutions (Miscellaneous Amendments) Bill 2024 (FIMA Bill) has been submitted to the Singapore Parliament for its first reading. The bill proposes to expand the powers of the Monetary Authority of Singapore (MAS) to issue directives to Capital Markets Services License (CMSL) holders who engage in unregulated business activities. The MAS believes that CMSL holders may be involved in unregulated businesses, such as offering products not regulated by MAS, like Bitcoin futures and other payment token derivatives traded on overseas exchanges.

Jim Cramer said during Mad Money’s Lightning Round on Monday that bitcoin is topping out. Cramer is a former hedge fund manager who co-founded, a financial news and literacy website.

Responding to a question by a caller asking about stocks like Riot Platforms (Nasdaq: RIOT) and Marathon Digital (Nasdaq: MARA), Cramer exclaimed:

Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin is topping out, by the way.

Traders are seeking protection from a potential bitcoin (BTC) price drop, leading crypto options exchange Deribit’s Chief Commerical Officer Luuk Strijers said Monday.

“Puts are overbought and calls are being sold, indicating the market is seeking protection from potential price declines,” Strijers told CoinDesk in an interview.

Put options allow buyers to profit from or hedge against a decline in the asset’s price. Call options allow buyers to profit from price rallies. On Deribit, one options contract represents one BTC.

59 million tokens from former Evmos  EVMOS -3.43% co-founder Akash Koshla have been returned to the Evmos Foundation.

This return followed Evmos’ alleged statement in May 2023 that Khosla had attempted to sell large amounts of Evmos’ native token on the market — raising concerns about his departure at the time. His return of his allocated tokens is expected to realign token distribution with Evmos’ current team and contributors.

The return, including both vested and unvested tokens, amounts to 59.4 million ($7.6 million) in total. Near 32 million of these tokens belonged to Khosla and the rest unallocated team tokens.

Turkish Minister of Treasury and Finance Mehmet Şimşek has revealed some of what is contained in upcoming crypto regulations in Turkey. The government will legally define critical concepts in crypto, license trading platforms and comply with the Financial Action Task Force (FATF) standards.

In a Jan. 10 interview with the Anadolu Agency, Şimşek confirmed that the crypto framework for the Turkish market is now in the final stages of its development, with the technical aspects of its implementation being assessed.

The minister emphasized the government’s intention to reduce the risks of crypto trade for ordinary investors in compliance with international standards:

“Therefore, we are taking steps to reduce the risks of parties trading with crypto assets in our country, similar to international practices. This is also within the scope of FATF to get out of the gray list.”

According to Foresight News, the UK’s HM Revenue and Customs (HMRC) has sent out 8,329 letters to individuals suspected of owing cryptocurrency capital gains tax, as reported by The Fintech Times. Additionally, new tax rules will require crypto trading platforms to report the income earned by individual sellers. Furthermore, starting from 2027, crypto trading platforms will share customer information with UK tax authorities.

Lazarus Group, an infamous North Korean cryptocurrency hacking collective, has its funds on the move. According to data from Arkham, an online blockchain intelligence platform, the group recently made one of its largest withdrawals in over a month, withdrawing $1 million worth of BTC to an address controlled by the entity. Then, the group transferred $150,000 in BTC to another address previously used.

Arkham also reported that these moves had likely involved using a mixer, a service that facilitates obfuscating the origins of the funds of transactions. Lazarus’ activities registered by Arhkam were limited to small movements for months before this transaction.