Crypto exchange Gemini has announced it will close all Canadian customer accounts by the end of 2024. Users were emailed that they have until 31 December to withdraw their assets, after which their accounts will be shut. This move comes in response to Canada’s stricter regulations on cryptocurrency platforms.
The new rules, introduced by the Canadian Securities Administrators earlier this year, require exchanges to sign a pre-registration undertaking to operate. These measures are designed to enhance investor protection following high-profile insolvencies in the crypto sector.
Gemini initially complied with the regulations but has now decided to exit the Canadian market. Other major exchanges, including Binance and OKX, have already ceased operations in the country, citing the regulatory environment as the primary reason for their departure.
Deep in the Swiss Alps, a nuclear bunker serves as an ultra-secure home for Xapo Bank’s Bitcoin vault. The hidden facility, originally designed to withstand nuclear attacks, now protects millions in Bitcoin, utilising top-tier security technology. With layers of protection ranging from biometric ID checks to Faraday cages, the bank ensures no unauthorised access.
Xapo Bank employs multiparty computation (MPC) to secure its Bitcoin holdings. Instead of using traditional multisig methods, MPC breaks up private keys into parts stored in different locations. This method eliminates the risk of any one person controlling the full key, offering unmatched protection.
The bunker itself is a marvel of engineering. Outfitted with HEPA filters, underground lakes for cooling, and military-grade defences, it’s designed to survive anything from natural disasters to attacks. Xapo Bank’s clients enjoy peace of mind, knowing their Bitcoin is housed in one of the most secure facilities in the world.
Changpeng Zhao, founder of Binance, was released from a correctional facility in California on Friday. Zhao had been sentenced to four months earlier this year after admitting to money laundering violations at Binance, the world’s largest cryptocurrency exchange.
Prosecutors accused Binance of enabling criminal activity by failing to report over 100,000 suspicious transactions, including those linked to terrorist groups such as Hamas, al-Qaeda, and ISIS. The platform was also said to have facilitated the sale of child sexual abuse materials and received funds from ransomware activities.
In a settlement with US authorities, Binance agreed to pay a $4.32 billion penalty, while Zhao was personally fined $100 million. It includes a $50 million fine to the Commodity Futures Trading Commission, alongside the criminal penalties.
Bitcoin exchange-traded funds (ETFs) saw a huge influx of liquidity this week, with inflows surpassing $1 billion for the first time since July. The cumulative net inflows across the 12 ETFs have reached a record $18.8 billion. ARK 21Shares and Fidelity led the charge, bringing in the highest figures.
Bitcoin’s price surged past the $65,000 resistance level, sparking a wave of buying driven by fear of missing out (FOMO). Analysts are predicting a significant rally in the final quarter, with some suggesting Bitcoin could push beyond $70,000 and potentially reach new all-time highs sooner than anticipated.
A sharp rise in stablecoin minting and global liquidity injections bolsters market optimism. Some analysts even forecast that Bitcoin could hit $124,000 by the end of 2024, as investor interest continues to climb.
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.
