The Department of Government Efficiency (DOGE) token has soared in value, rising over 33,000% in September before settling at around $0.02309. The surge followed a playful remark from Elon Musk after a conversation with Donald Trump, who proposed creating a new government efficiency department.
Trump has pledged to appoint Musk as head of this department if re-elected in November. Polls currently show Trump and Kamala Harris in a close race, with Harris holding a slight edge in key swing states. Meanwhile, the DOGE token, often confused with Dogecoin, has seen its popularity grow, with the number of holders climbing to 5,916 and 24-hour trading volume surpassing $10 million.
Meme coins, including politically themed tokens, are enjoying a resurgence. Analysts are predicting a new supercycle, reminiscent of the 2020 crypto bull run, as tokens like MAGA and ConstitutionDAO continue to attract attention.
Cutoshi, a new meme coin, has gained significant attention during its presale phase. Its unique DeFi integration and focus on decentralised finance principles have attracted interest from large investors, or ‘whales,’ who are shifting focus from established tokens like Ethereum and Bonk. With features such as a multi-chain decentralised exchange and a deflationary buyback mechanism, Cutoshi has positioned itself as a potential top performer in the meme coin space.
Currently selling for $0.015, Cutoshi is set to rise to $0.022 in the presale, offering early investors a 46.66% return. While Ethereum has seen outflows from its ETF market and Bonk has struggled to regain momentum, Cutoshi’s utility-driven platform stands out. Inspired by the Chinese Lucky Cat, it aims to boost DeFi participation globally, offering users the ability to earn rewards through its platform.
As Bonk continues to consolidate, Cutoshi’s growing utility and investor interest suggest it may outpace its rivals in the long run. Although Bonk showed a recent weekly price increase of 15%, Cutoshi’s strong start indicates it could surpass Bonk next year.
Check Point Research has uncovered a crypto wallet drainer app that was active on the Google Play Store for over five months, stealing more than $70,000 from unsuspecting users. The malicious app masqueraded as WalletConnect, a popular tool for linking crypto wallets to decentralised finance (DeFi) apps. Despite being disguised as a legitimate app, it managed to evade detection through advanced techniques and fake reviews, gaining over 10,000 downloads.
The app, originally named ‘Mestox Calculator,’ tricked users into connecting their wallets and accepting permissions, allowing attackers to drain funds. Although not all users were affected, over 150 victims lost substantial sums. The app was eventually removed from the store, but its ability to avoid detection highlighted gaps in-app verification processes on platforms like Google Play.
Check Point Research emphasised the increasing sophistication of cybercriminals and urged both users and app stores to remain vigilant. The researchers warned that even seemingly harmless apps can pose a serious financial threat in the Web3 world, stressing the importance of educating users about these risks.
The US Securities and Exchange Commission (SEC) has reached a settlement with Mango DAO and Blockworks Foundation regarding the unregistered sale of MNGO tokens, which are classified as securities. The settlement also addresses charges against Mango Labs for functioning as an unregistered broker in connection with various crypto assets on the Mango Markets platform. The SEC’s complaint asserts that these entities deprived investors of crucial protections guaranteed by federal securities laws by avoiding necessary registration requirements.
The SEC reports that Mango DAO and Blockworks Foundation raised more than $70 million from unregistered sales of MNGO tokens beginning in August 2021, targeting investors globally, including those in the US. The agency alleges that Blockworks Foundation and Mango Labs operated as unregistered brokers by soliciting users to trade securities, offering investment advice, and facilitating transactions on the Mango Markets platform.
Jorge Tenreiro, Acting Chief of the SEC’s Crypto Assets and Cyber Unit, emphasised that being labelled a decentralised autonomous organisation does not exempt entities from registration requirements. As part of the settlement, Mango DAO, Blockworks Foundation, and Mango Labs have agreed to pay nearly $700,000 in civil penalties, destroy their MNGO tokens, and stop soliciting trading for these tokens, pending court approval. The investigation and litigation were overseen by members of the SEC’s Crypto Assets and Cyber Unit.
Former Chinese finance minister Lou Jiwei has raised concerns about cryptocurrency’s potential to destabilise the global financial system during a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing. Lou pointed out the risks associated with the volatility of crypto assets, particularly their role in money laundering and threats to anti-terrorism financing efforts. His comments come as cryptocurrencies continue to attract attention for their potential to impact financial stability.
Lou highlighted the US’s recent policy shift towards crypto, particularly the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). He urged Chinese policymakers to take note of these global developments and adapt strategies accordingly, stressing that understanding international trends is key to China’s digital economic progress.
Despite China’s 2021 ban on Bitcoin mining and trading, Lou noted that the country still dominates the Bitcoin mining space, controlling over 55% of the global BTC network. However, this stronghold is starting to wane, with US-based mining pools now managing about 40% of global Bitcoin mining operations.
Cybersecurity experts have uncovered a novel tactic used by hackers to deliver malware for covert crypto mining. Hackers are now exploiting automated email replies from compromised accounts to infect businesses in Russia, including financial institutions, with the XMRig mining tool. Since May, over 150 emails containing this malicious software have been detected, but most were blocked by Facct, a leading threat intelligence firm.
This technique is particularly dangerous as it involves victims initiating contact, and expecting a reply from their initial email. Due to this established communication, many are unsuspecting of the malware attached. Facct urges organisations to stay vigilant by conducting regular cybersecurity training and adopting strong passwords with multifactor authentication.
The XMRig software, often used in crypto mining attacks, has been part of several widespread malware campaigns since 2020, highlighting the persistent threat of cybercriminals using innovative methods to target vulnerable systems.
The United States has imposed sanctions on Russian national Sergey Sergeevich Ivanov and cryptocurrency firm Cryptex, which operates in Russia despite being based in Saint Vincent and the Grenadines, according to the Treasury Department. The sanctions target individuals and organisations involved in facilitating cybercrime and illicit financial activity.
Additionally, the United States Treasury’s Financial Crimes Enforcement Network identified Russian crypto exchange PM2BTC as a ‘primary money laundering concern.’ Officials stressed their commitment to preventing cybercrime networks like PM2BTC and Cryptex from continuing operations, according to acting undersecretary Bradley Smith.
The US State Department has also announced rewards of up to $10 million for information leading to the arrest or conviction of Ivanov and Timur Shakhmametov for their involvement in transnational organised crime. It is also offering rewards of up to $1 million for information on the leaders of crypto exchange PM2BTC and stolen credit card marketplaces PinPays and Joker’s Stash.
These efforts underscore the US government’s continued crackdown on cybercriminal networks and illicit financial activities that threaten global security and economic stability.
A British man has been arrested and charged by US authorities for hacking into the computers of five companies to illegally obtain information about their expected earnings, resulting in profits of $3.75 million from insider trading. Robert Westbrook, 39, from London, faces multiple charges, including securities fraud, wire fraud, and five counts of computer fraud, with the US Department of Justice seeking his extradition.
Westbrook was arrested this week in the UK and is facing additional civil charges from the US Securities and Exchange Commission (SEC). Although the companies involved were not explicitly named in court documents, financial details indicate that they could include Tupperware, Tutor Perini, Guidewire Software, Murphy USA, and Lumentum Holdings.
Authorities allege that Westbrook was involved in a “hack-to-trade” scheme, gaining access to executives’ email accounts between January 2019 and May 2020. He allegedly utilised nonpublic information to trade stocks and options before at least 14 earnings announcements and even set up automatic forwarding of emails from these executives to his accounts.
Jorge Tenreiro, acting chief of the SEC’s crypto assets and cyber unit, characterised Westbrook’s actions as sophisticated international hacking, involving the use of anonymous email accounts, VPNs, and bitcoin to conceal his activities. Each charge of securities and wire fraud carries a maximum penalty of 20 years in prison, while the computer fraud charges could lead to up to five years each.
Gary Gensler, chair of the US Securities and Exchange Commission (SEC), reaffirmed the agency’s position on Bitcoin, stating it is not a security but rather a non-security commodity. In an interview with CNBC, Gensler highlighted that the SEC has approved around 10 spot Bitcoin exchange-traded funds (ETFs) and has embraced Bitcoin on major exchanges like Nasdaq. It underscores the regulatory clarity surrounding the world’s leading cryptocurrency.
However, the SEC’s stance on Ethereum has sparked more controversy. While Ethereum ETFs have also been approved, the SEC has opened multiple investigations into major Ethereum service providers like Consensys and Uniswap. Unlike Bitcoin, the regulator has not classified Ethereum as a security or non-security, leading to significant uncertainty for participants in its ecosystem.
Gensler’s leadership has faced sharp criticism from US policymakers, who accuse him of stifling blockchain innovation and fostering confusion in the crypto market. In a recent Parliamentary hearing, Gensler argued that the crypto industry has largely ignored existing regulations, seeking special treatment instead. However, some, like Robinhood’s lead lawyer Dan Gallagher, claim that the SEC has intentionally delayed responses to firms trying to comply with the rules.
Crypto.com has launched its AI-powered Agent SDK, a software tool designed to simplify blockchain interactions. Currently, in beta, the SDK allows users to give natural language commands to perform blockchain functions. It means users can issue commands like ‘Create a new wallet’ or ‘Send 100 PayPal USD to Alice’ without needing to write complex code. The tool processes these commands using AI, making blockchain technology more accessible.
The SDK is versatile and can be integrated into platforms such as Telegram, Discord, or custom interfaces, offering developers and non-technical users a seamless way to interact with blockchain networks like Cronos. Crypto.com President Eric Anziani emphasised the potential of combining AI with blockchain, stating that this innovation aims to make Web3 more approachable to a wider audience.
As the AI Agent SDK evolves, Crypto.com plans to expand its functionality to support various blockchain ecosystems. This initiative reflects the broader trend of merging AI with blockchain to simplify and democratise access to decentralised technology.
