Securitize, a tokenisation platform backed by BlackRock, has announced a new partnership with the Wormhole Foundation to enhance the cross-chain capabilities of its tokenised assets. The collaboration revealed on 20 September, will allow future assets issued through Securitize to leverage Wormhole’s blockchain interoperability framework, improving connectivity across different blockchains.
As part of the agreement, Wormhole’s messaging protocol will be customised by Securitize using its own smart contracts to meet the regulatory requirements of asset managers. This integration is seen as a major step towards bridging the gap between traditional and decentralised finance, facilitating faster and cheaper transactions across multiple blockchains.
The partnership follows Securitize’s recent $47 million funding round, led by BlackRock, with investors such as Hamilton Lane and Tradeweb Markets also participating. Since the announcement, Wormhole’s native token has risen by 6%, reflecting the growing interest in real-world asset tokenisation.
German authorities have shut down 47 cryptocurrency exchange services in a major crackdown on illegal money laundering. The Federal Criminal Police Office (BKA) and the Central Office for Combating Internet Crime led the operation, targeting platforms that allowed users to exchange conventional currencies and cryptocurrencies without verifying their identities. These services bypassed the ‘know-your-customer’ (KYC) rules, enabling users to trade cryptocurrencies like Bitcoin and Ethereum quickly and anonymously.
Criminals reportedly used these exchanges to conceal the origins of illicit funds, often obtained through dark web drug sales or ransomware attacks. As part of the operation on 20 August, authorities confiscated 13 crypto ATMs and seized nearly $28 million in cash from 35 locations across Germany. Financial watchdog BaFin led the raids, targeting machines operating without the necessary licences, which posed significant money laundering risks.
The closure of these exchanges is part of a wider effort to disrupt cybercrime networks. Investigators managed to secure vital user and transaction data, which could assist in future money-laundering investigations. It follows earlier German crackdowns, including the seizure of ChipMixer, a platform involved in laundering €90 million in crypto.
Russia is planning to introduce a new tax system for cryptocurrency miners, basing it on electricity usage rather than the value of mined tokens. Deputy Finance Minister Ivan Chebeskov revealed on 18 September that the government is considering an excise tax on the electricity consumed by miners as a temporary solution before implementing a tax on their profits. The authorities have faced difficulties in calculating miners’ earnings, particularly as some do not disclose all of their wallets.
The proposed tax follows Russia granting legal status to industrial crypto mining earlier this year. Lawmakers are expected to pass legislation on the crypto mining tax by the end of the State Duma’s autumn session. The government’s long-term aim remains profit-based taxation, but electricity consumption is seen as a more practical approach for the time being, especially given the complexities of accounting in the crypto industry.
While cryptocurrency exchanges remain unregulated in Russia, there have been calls for the establishment of state-run platforms for trading digital assets. Meanwhile, Russia is positioning itself as a global leader in the crypto mining sector, with major firms such as Gazprom setting up large-scale mining operations. The country’s finance ministry expects the industry to generate substantial tax revenue by 2025.
Bitcoin’s price surged by 3% in the past 24 hours, reaching a peak of around $64,082. However, the flagship cryptocurrency encountered resistance at this level, coinciding with its 200-day moving average. As a result, Bitcoin retraced approximately 1%, trading at about $63,434 during the mid-London session. The volatility led to over $50 million in liquidations in the leveraged market, with the largest single liquidation on OKX amounting to $5 million.
Technical indicators suggest that Bitcoin might experience further corrections before potentially rallying towards its all-time high. Crypto analyst Ali Martinez noted that the TD Sequential indicator has signalled a sell signal, which may lead to a midterm correction over the weekend. However, he anticipates that if Bitcoin consistently closes above the $64K liquidity level, it could pave the way for a new peak.
In addition, recent data shows that Bitcoin supply on exchanges has dropped significantly, with miners increasing their trading activities. Notably, dormant miners have reactivated their wallets, moving approximately 250 BTC. The growing demand for spot Bitcoin ETFs has contributed to this decline in supply, with net inflows exceeding $700 million over the past two weeks.
As global economic conditions shift, particularly following interest rate changes by the US Federal Reserve, analysts predict a liquidity boost for the crypto market. Bitcoin is expected to follow the bullish trends of precious metals like gold, which recently hit an all-time high, indicating a positive outlook for the crypto market in the upcoming months.
The United States Securities and Exchange Commission (SEC) has taken its first-ever legal action against scammers accused of operating fake cryptocurrency trading platforms. The SEC announced on 17 September that it had charged five entities and three individuals allegedly involved in defrauding investors of nearly $3.2 million through social media. According to the SEC, the fraudsters gained investors’ trust by posing as attractive professionals and enticing them into bogus crypto investment schemes.
The two fraudulent exchanges, NanoBit and CoinW6, were at the centre of the scams. CoinW6 alone reportedly conned 11 people out of over $2.2 million by convincing them to invest in fictitious products like staking and yield farming. Investors were later blackmailed with threats to leak personal messages when they tried to withdraw their funds. Similarly, NanoBit is accused of tricking 18 victims into investing approximately $968,000, claiming its affiliate was a registered broker to build credibility.
The SEC’s legal action seeks to impose penalties, permanent injunctions, and the return of stolen funds from the alleged fraudsters. The case highlights the growing threat of scams targeting unsuspecting investors via social media.
MicroStrategy has announced an increase in its convertible note offering to $875 million, intending to use the funds to pay off existing debt and acquire more Bitcoin. It marks another bold move by the company, which is known for its aggressive Bitcoin acquisition strategy.
The raised funds will help MicroStrategy redeem $500 million of its current senior secured notes due in 2028, with the remaining amount allocated for purchasing additional Bitcoin and general corporate purposes. The company’s total reserves now hold approximately 244,800 BTC, bought at an average price of around $38,585 per Bitcoin.
These convertible notes, set to mature in 2028, will be offered to qualified institutional investors, with holders given the option to convert them into cash, shares of MicroStrategy’s Class A stock, or a combination of both.
The US Securities and Exchange Commission (SEC) has reached a settlement with decentralised finance platform Rari Capital and its founders following accusations of misleading investors and operating as unregistered brokers. The settlement addresses serious concerns raised by the SEC over the platform’s compliance with financial regulations.
Rari Capital, which once managed over $1 billion in crypto assets at its peak, was co-founded by Jai Bhavnani, Jack Lipstone, and David Lucid. The SEC highlighted that the platform and its founders failed to properly disclose key information to investors, contributing to potential risks for those involved.
The following case underscores regulatory bodies’ increasing scrutiny of decentralised finance platforms, as they aim to ensure transparency and protect investors in the fast-evolving crypto space.
The cryptocurrency market saw a significant boost following a recent rate cut by the US Federal Reserve, leading to a surge in liquidations. Data from Coinglass shows a 46% rise in crypto liquidations, totalling nearly $200 million. Most of these were short positions, with Bitcoin experiencing a 2.9% price rise, pushing its value to around $63,000. The largest single liquidation, valued at $8.9 million, occurred on the Bybit exchange.
Ethereum followed closely, with over $35 million in liquidations as its price surpassed $2,400. Despite the increase in liquidations, total crypto open interest rose by 4%, reflecting strong market engagement. A jump in open interest often points to ‘fear of missing out’ (FOMO), which can lead to further liquidations and high price volatility.
After the Federal Reserve’s 50-basis-point rate cut, the global cryptocurrency market cap increased by 1.9%, reaching $2.23 trillion. Trading volume exceeded $120 billion, highlighting strong bullish sentiment across both the crypto and traditional markets.
The Swiss stock exchange, SIX, is considering launching a cryptocurrency trading platform in Europe to tap into a market traditionally dominated by Binance, OKX, and Coinbase. The move aims to attract large institutional investors, using Switzerland’s progressive crypto regulations as a selling point. Bjørn Sibbern, the global head of exchanges at SIX, noted that crypto is increasingly recognised as a legitimate asset class. The platform would likely support crypto and derivatives trading, targeting institutional players such as asset managers.
While other traditional finance firms like Deutsche Boerse and Standard Chartered have ventured into crypto, many have hesitated due to unclear regulations. Despite this, Switzerland has positioned itself as one of Europe’s most crypto-friendly nations, with robust laws governing crypto trading, asset custody, and token classification.
SIX already operates AsiaNext, a crypto derivatives venture in Singapore, and is now exploring whether a similar platform could succeed in Europe. Though the initiative is still in consideration, it could mark a significant expansion for SIX, which already runs a digital exchange and has seen success with digital bonds since 2018.
A group of crypto scammers appears to have missed out on a major payday after hacking several high-profile social media accounts on 18 September, only to walk away with just a few thousand dollars. The compromised accounts, including Lenovo India, Yahoo News UK, and film director Oliver Stone, were used to promote a Solana-based memecoin called HACKED.
The hackers took an unusual approach by openly admitting the accounts had been breached and encouraging followers to invest in the token, claiming they could all profit together. However, this tactic backfired. Blockchain investigator ZachXBT revealed that top traders made less than $1,000, and the scammers only earned about $8,000 after removing liquidity from the coin.
Despite the initial pump, the HACKED token quickly collapsed, with its market cap falling to just $3,100. ZachXBT speculated that the affected accounts may have granted permissions to the same site or app, reminding users to review their connected apps for security. This is the latest instance of hackers targeting social media accounts to promote dodgy cryptocurrencies.
