OMG NEWS OF THE DAY
Bitcoin Seized in UK and Germany Worth £1.4 Billion
In a global effort against illicit activities, law enforcement authorities in the United Kingdom seized a staggering £1.4 billion worth of Bitcoin (BTC). London Police acted swiftly, linking the funds to an investment scam in China. This move closely follows a similar operation by the German government, marking one of the largest cryptocurrency seizures globally.
The seizure unfolded during the trial of Jian Wen, a 42-year-old individual accused of laundering BTC for his former employer, Yadi Zhang. Zhang is alleged to have defrauded over 128,000 investors in China, converting the funds into BTC and fleeing to London in 2017.
Crypto Losses Surge in January 2024
The start of 2024 witnessed a significant surge in crypto losses, totaling a staggering $126,782,617 across 19 specific incidents. This marks a sixfold increase from January 2023 and a 2.8x rise from December 2023. Notably, decentralized finance (DeFi) projects were the primary targets for exploits, with Ethereum and BNB Chain being the most affected.
Hacks dominated the causes of losses, accounting for $122,709,800 across 14 specific incidents. Two notable projects, Orbit Bridge and Gamee (GMEE token), incurred substantial losses of $81,550,000 and $15,000,000, respectively.
Celo and Circle Partnership: USDC Token Goes Native on Celo Blockchain
Circle’s USD Coin (USDC) is set to launch natively on the Celo blockchain, a move expected to enhance real-world asset use cases for Celo and improve USDC’s convertibility into fiat currencies. This strategic partnership positions USDC as the gas currency for the Celo ecosystem, as the blockchain transitions from an Ethereum Virtual Machine-compatible layer-1 chain to an Ethereum layer-2 protocol.
The integration of USDC on Celo not only expands access for users but also allows institutional and enterprise users to leverage the Circle Mint on/off-ramp. With a market cap of $26.5 billion, USDC is the second-largest stablecoin globally. The partnership aligns with Celo’s mobile-first approach, emphasizing accessibility and sustainability in emerging economies.
TWEETS OF THE DAY
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