Welcome to the latest edition of Hodl fm Weekly Digest! Crypto crime-busting, courtrooms echoing with Ripple’s reverberations, Bitcoin’s promising price ride, and political shufflings impacting the crypto legislative landscape—this week was packed with action. Let’s dive into the latest news and events happening and decipher what it means for hodlers.
Operation: Trust No One by Binance & Thai Police
Binance, the giant crypto exchange, thinks the crypto world is not thrilling enough as they collaborated with Thai police to bust the crypto criminals. The unusual collaboration involves pigs, millions of dollars, and over 3000 innocent victims. Curious? We were too, before we knew what the heck happened.
Binance joined forces with the Royal Thai Police and the US Homeland Security Investigations (HSI) to bring down the “Pig Butchering Crypto Scam.”It is certain that Binance doesn’t play around and takes their users’ funds security very seriously.
While it is uncertain exactly who came up with the name of the operation, the analogy refers to the process of gaining the victim’s trust or “fattening up” a pig before stealing crypto or funds, i.e., the butchering. The scam often involves a ring of scammers scouring social media and dating platforms for potential victims.
Don’t be fooled by the name. This operation was no laughing matter. Through the top-notch detective work worthy of an LA noir detective film, “Operation Trust No One” led to the arrest of five (alleged) swindlers and the seizure of a gigantic $277 million! More than 3,200 victims came forward, desperately hoping to turn their misfortune into some form of compensation.
Lieutenant Colonel Thanatus Kangruambutr from the CCIB gave a shoutout to Binance, appreciating their efforts to keep the crypto-sphere secure. The inspector stated:
Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes.
Well, this is not the first time Binance fought against nasty crypto criminals. Remember when Binance swooped in last year to freeze $450,000 of stolen assets related to the Curve Finance hack? Seems they’ve got a thing for busting scammers.
The moral of the story is if you feel like someone in the crypto world is trying hard to appear trustworthy in your eyes, there is a high chance that they plan to butcher your funds, like a butcher, butchering a pig. Harsh, but be safe out there.
“Nope,” Says the Judge to the SEC’s Appeal
The Ripple vs. SEC saga has taken yet another interesting turn. District Court Judge Analisa Torres, had a mic-drop moment in court and denied the United States Securities and Exchange Commission’s (SEC) motion to appeal its defeat against Ripple Labs.
For those needing a refresher: Ripple Labs, the organization behind the XRP token, has been duking it out in court with the SEC to settle whether or not XRP is a security. And in the world of crypto, classifications matter. A lot.
Back in July, Judge Torres somewhat sided with Ripple. She ruled that while XRP didn’t fit neatly into the “security” box when sold to regular users, such as you and me. But Ripple did overstep by selling directly to institutional investors. SEC was happy with a “we told you so” face.
The SEC, not content with a partial victory, motioned to appeal this decision in August, claiming – to put it lightly – there was room for debate. Judge Torres, didn’t quite see it that way. In a decision that made crypto hodlers and traders happy, she concluded that the SEC didn’t present “substantial grounds for differences of opinion” on the matter.
There were consequences as XRP’s price did a little victory lap, surging nearly 6% post-news. Still, this isn’t the end. The courtroom drama will resume with a trial set for April 23, 2024. So, mark your calendars and prepare your popcorn.
So, Ripple enjoys this recent upper hand, the larger conversation around crypto regulation, especially in the US, is just heating up. With the landscape shifting rapidly, one thing is for sure: the world of crypto never sleeps, and neither does Hodl fm’s relentless pursuit of the latest crypto developments.
Related news: Catalysts That Could Propel Ripple (XRP) to New Heights in 2023
Bitcoin’s Flirt with $28.5K: It’s Still “Complicated”
Bitcoin seems to have decided to join the fall festivities as October 2nd saw BTC knocking at the enticing door of $28,500. With a bullish beginning, one might think that Bitcoin has finally decided to wake up from its seemingly unending sleep. But don’t let this pike fool you.
Closing September at $26,970, Bitcoin’s recent strides might seem promising. However, the crypto analysts suggest not getting lost in the dazzle just yet.
Rekt Capital, a notable trader and analyst, has pointed out some sobering details in the midst of the BTC news. While the breakout this month was commendable, Rekt Capital raised a flag of caution about Bitcoin’s September Monthly Candle Close below approximately $27,100. Despite the current spot price being above that, there’s always a lurking shadow of the possibility that this surge could end up being just an “upside wick”. To put it in perspective, Bitcoin has previously teased with upside wicks stretching up to 8%. On October 2nd, we observed a 4.5% hike, which meant it could rise even to roughly $29,400 and still potentially end as an upside wick.
In essence, while the Bitcoin price dance continues, the market sentiment oscillates between belief and disbelief. It’s always a tightrope walk in the world of crypto. And as we always say, keep an eye out, stay informed, and never invest more than you can afford to lose.
Crypto-Friendly McHenry Temporarily Helms the U.S. House
We may have one of our kind – a potential hodler in the U.S. House!
Rep. Patrick McHenry (R-N.C.), known for championing crypto regulation, is now the interim Speaker of the U.S. House of Representatives. This shuffle comes right as pivotal crypto legislation is set to hit the House floor.
McHenry’s sudden rise follows the unexpected departure of Kevin McCarthy (R-Calif.). With McHenry at the helm—even temporarily—there’s hope for progress on two significant bills focusing on U.S. stablecoins and broader crypto market rules, poised for floor votes possibly next month.
However, the House’s nod is only step one; the tougher Senate still needs to be convinced. While Rep. Tom Emmer (R-Minn.) is whispered as a potential successor for McCarthy—a move that could be another boon for crypto—the chaotic aftermath of McCarthy’s exit and upcoming budget debates might slow down crypto legislation’s pace.
McHenry’s leadership offers a glimmer of hope for crypto, but political unpredictability still clouds the way forward. We know you are hodling Mr. McHenry, we’ll keep your secret safe.
So…
Whether it’s Binance’s crime-fighting exploits or the political jousting that impacts crypto regulations, one thing remains certain: in the crypto world, there’s never a dull moment. Stay informed, stay curious, and till next week, keep hodling on!
