Former PayPal COO David Sacks has been named as President-elect Donald Trump’s advisor on cryptocurrency and AI policy. Trump announced the appointment on Truth Social, stating Sacks would focus on creating a legal framework to support the US cryptocurrency industry and foster growth.
Sacks, a prominent venture capitalist and co-founder of Yammer, has been a longtime advocate for cryptocurrencies, describing them as aligning with PayPal’s original vision of a ‘database of money.’ His firm, Craft Ventures, has invested in major startups like SpaceX and Reddit.
While Sacks’ cryptocurrency stance is clear, his approach to AI policy remains less defined. However, his deregulatory leanings suggest a shift from the stricter policies of the outgoing Biden administration.
South Korea is preparing to introduce a major shift in cryptocurrency regulations, with plans to allow universities and public institutions to trade crypto by 2025. According to reports, the Financial Services Commission (FSC) aims to roll out a roadmap enabling government bodies, universities, and eventually corporations to participate in the crypto market. The move reflects growing interest in aligning with global trends as South Korea seeks to catch up with nations like the US and Japan, where corporate crypto investments are already common.
The first phase of the FSC’s plan would permit universities and non-profit organisations to sell and trade cryptocurrencies they have received as donations. For example, Seoul National University has been unable to sell WEMIX tokens donated by a gaming firm due to regulatory barriers. Critics argue that this cautious approach has held back South Korean firms from benefiting from strategies that have boosted asset values abroad.
Long-term plans include allowing private companies and financial institutions to trade crypto, with safeguards to prevent excessive market risks. Regulators aim to limit the percentage of company capital held in crypto, ensuring stability while fostering growth in the virtual asset industry. This cautious yet progressive framework signals South Korea’s intent to balance innovation with financial security in the evolving crypto landscape.
As France grapples with political uncertainty following a no-confidence vote on its budget, the financial world has been captivated by Bitcoin’s historic surge past $100,000. President Macron faces the challenge of stabilising a government without a clear parliamentary majority, while the budget deficit has swelled to 6% of GDP. The crisis has prompted fears of long-term risks to the nation’s financial health, but markets have remained largely calm for now.
Meanwhile, Bitcoin’s remarkable rally has stolen the spotlight. The appointment of Paul Atkins as the new head of the US Securities and Exchange Commission has sparked optimism in the crypto world. Known for his deregulatory stance, Atkins is expected to adopt a more favourable approach to cryptocurrencies, fuelling the digital asset’s meteoric rise.
While Bitcoin’s rally marks a pivotal moment in its bull market, France’s political woes raise questions about its fiscal future. With bond markets stable for now, the next test will be whether a new government can address the budget deficit without spooking investors. The intersection of political and financial upheavals across Europe underscores the fragile balance between traditional and emerging markets.
Mastercard has partnered with Singapore-based Crypto.com to launch pre-paid payment cards in the Gulf Cooperation Council (GCC) region. The Mastercard-backed cards will fill a gap where Visa-backed Crypto.com cards are unavailable, offering cardholders rewards of up to 8% and payouts in US dollars. Users can fund their accounts via e-money wallets or third-party credit and debit cards through the Crypto.com app.
The partnership, announced on 4 December, will initially launch in Bahrain, with plans to expand to other GCC countries, including Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Mastercard emphasised the security of its network and its cutting-edge payment solutions, which will now support Crypto.com transactions across the region.
The GCC’s forward-thinking stance on cryptocurrency and blockchain technologies sets a strong foundation for such initiatives. This collaboration underscores the growing acceptance of crypto in mainstream payment systems, paving the way for more innovation in the financial sector.
Bitcoin has reached a record-breaking $100,000, marking a pivotal moment in its journey towards mainstream financial acceptance. The surge follows Donald Trump’s election as US president, sparking hopes of a pro-crypto regulatory environment. Since his victory, Bitcoin’s value has climbed by 45%, driven by institutional investment in Bitcoin-backed exchange-traded funds (ETFs).
This milestone highlights Bitcoin’s evolving legitimacy in the global financial system, attracting attention from both retail and institutional investors. Analysts have called the $100,000 mark a psychological and symbolic benchmark, reflecting the cryptocurrency’s growing appeal as a potential store of value.
Despite the optimism, experts urge caution. Sarah Streeter, Head of Money and Markets at Hargreaves Lansdown, emphasised that while crypto may play a role in future finance, regulatory uncertainties and market risks persist. Investors are advised to treat Bitcoin as a high-risk asset and limit exposure to manageable levels.
As institutional adoption accelerates, the spotlight remains on how Bitcoin navigates challenges like regulation and volatility. Whether this historic achievement signals a new phase of stability or remains a volatile ascent is a question only time will answer.
The founder of Hydra, a notorious darknet marketplace and crypto mixing service has been sentenced to life in prison by a Russian court. Stanislav Moiseev and 15 accomplices were convicted of running a criminal network that handled over $5 billion in cryptocurrency transactions, while also producing and selling illegal drugs and psychotropic substances. Moiseev was also fined $38,100, with additional fines imposed on his accomplices.
Hydra, which was dismantled in 2022 by German authorities, accounted for 80% of all darknet-related cryptocurrency transactions at its peak. It sold stolen credit card data, counterfeit currencies, and fake identity documents. Despite its shutdown, Hydra’s criminal operations left a significant mark, with its user base reportedly including 17 million customers and 19,000 vendors.
The sentences include prison terms ranging from eight to 23 years for Moiseev’s accomplices, alongside the seizure of properties, vehicles, and nearly a ton of drugs. Russian officials have been investigating Hydra since 2016, but the convictions are subject to appeal.
Safe, the multsignature wallet and digital assets platform, has announced plans to launch a blockchain transaction processor network in 2025. Named Safenet, the network aims to provide instant cross-chain payments, eliminating the delays often experienced during blockchain transactions. Inspired by VisaNet, the network will act as a connecting layer for existing blockchains, allowing users to interact with multiple networks through a single account.
Safenet, which will be powered by processors, is designed to offer a seamless experience similar to traditional payment networks, where transactions are processed instantly. The system will also integrate fraud checks, compliance measures, and security protocols to ensure safe transactions. Initially, Safenet will support cross-chain accounts and liquidity functions, with plans to expand its services in the future.
The open system of Safenet allows more processors to join, offering additional services like security, compliance, and automation. Validators will earn rewards by validating transactions and staking in the ecosystem. Schor also mentioned that the platform could offer users the ability to access assets with partial collateral, similar to how traditional banks manage mortgages.
The Safenet network is expected to go live in 2025, with an alpha version set for the first quarter. A validator network is planned for the second quarter, and the full protocol will be launched later in the year, bringing new opportunities to the crypto space.
Two things often come to mind when we hear the word ‘crypto’: freedom and crime. Cryptocurrencies for sure have revolutionised the financial world, offering speed, transparency, and accessibility not seen before. Yet, their promise of financial liberation comes with unintended consequences. The decentralised, pseudonymous nature of crypto makes it a double-edged sword—for some it represents freedom and for others a tool for crime.
In 2023, illicit transactions involving cryptocurrencies reached USD 24.2 billion, according to TRM Labs, with scams and fraud accounting for nearly a third of the total.
These numbers reveal a sobering truth: while crypto has opened doors to innovation, it has also become an enabler for global crime networks, from drug and human trafficking to large-scale ransomware operations. Criminals exploit this space to mask their identities, making crypto the go-to medium for those operating in the shadows.
What are the common types of crypto fraud?
Crypto fraud takes many forms, each designed to exploit vulnerabilities and prey on the unsuspecting. The most known ones are:
Ponzi and pyramid schemes– Fraudsters lure victims with promises of guaranteed high returns. These schemes use investments from new participants to pay earlier ones, creating an unsustainable cycle. When the influx of new investors dwindles, the scheme collapses, leaving most participants with nothing. In 2023, these scams contributed significantly to the USD 24.2 billion received by illicit crypto addresses, showcasing their pervasive nature.
Phishing attacks– Fake websites, emails, and messages designed to mimic legitimate services trick victims into revealing sensitive information like wallet keys. A single successful phishing attack can drain entire crypto wallets, with victims often having no recourse. The shift to stablecoins, noted for their volume in scams, has intensified the use of such tactics.
Initial Coin Offering (ICO) scams– The ICO boom has introduced countless opportunities—and risks. Fraudulent projects draw in investors with flashy whitepapers and grand promises, only to vanish with millions. For instance, ICO scams contributed to a notable chunk of crypto crimes in previous years, as highlighted by TRM Labs.
Rug pulls– Developers create hyped tokens, inflate their value, and abruptly withdraw liquidity, leaving investors holding worthless assets. In 2023, such schemes became increasingly sophisticated, targeting decentralised exchanges to exploit inexperienced investors.
Cryptojacking– Hackers infect computers or networks with malware to mine cryptocurrency without the owner’s knowledge. This hidden crime drains energy and resources, often leaving victims to discover their losses long after the attack.
Fake exchanges and wallets– Fraudulent platforms mimic legitimate services, enticing users to deposit funds, only for them to disappear. These scams exploit the trust gap among new investors, further driving crypto-related crime statistics.
The connection between crypto fraud and money laundering
Crypto fraud and money laundering are two sides of the same coin. Stolen funds need to be legitimised, and criminals have devised a range of techniques to obscure their origins. One of the most common methods involves crypto mixers and tumblers. These services blend cryptocurrencies from various sources, making it nearly impossible to trace individual transactions.
The process often works as follows:
Initial theft: Stolen funds are moved from wallets linked to scams or hacks.
Mixing: These funds are transferred to a mixing service, where they are broken into smaller amounts and shuffled with others.
Redistribution: The mixed funds are sent to new, seemingly unrelated wallets.
Conversion: The laundered crypto is then converted to stablecoins or fiat currency, often through decentralised exchanges or peer-to-peer transactions, masking its origins.
This method has made crypto a preferred tool for laundering money linked to drug cartels and even human trafficking networks. The convenience and pseudonymity of crypto ensure its growing role in these illicit industries.
How big crypto crime really is?
The numbers are staggering. Last year (2023), illicit addresses received USD 24.2 billion in funds. While scamming and hacking revenues declined (29.2% and 54.3%, respectively), ransomware attacks and darknet market activity saw significant growth. Sanctions-related transactions alone accounted for USD 14.9 billion, driven by entities operating in restricted jurisdictions.
Bitcoin and Monero remain the most-used cryptocurrency for darknet sales and ransomware.
Cryptocurrencies have become the currency of choice for underground networks and darknet markets facilitate the sale of illicit goods. Human trafficking networks use crypto for cross-border payments, exploiting its decentralised nature to evade detection.
According to the Chainalysis report, the prevalence of crypto in these crimes highlights the urgent need for better monitoring and regulation.
Stablecoins like USDT are gaining traction- criminals prefer stablecoins for their reliability as they mimic traditional fiat currencies, enabling transactions in environments where access to traditional banking is limited.
How to fight crypto crime?
Solving the issue of crypto crime requires a multi-faceted approach:
Regulatory innovation: Governments must create adaptable frameworks to address the evolving crypto landscape while encouraging legitimate use.
Public awareness: Educating users about common scams and best practices can reduce vulnerabilities at the grassroots level.
Global cooperation: International collaboration is essential as cryptocurrencies knows no borders. Only by sharing data and strategies can nations effectively combat cross-border crypto crime.
The thing is cryptocurrency is a young and rapidly evolving space. While some countries have enacted comprehensive legislation, others lag behind. However, the pace of innovation makes it nearly impossible to create foolproof regulations. Every new development introduces potential loopholes, requiring legislators to remain agile and informed.
The power of crypto: innovation or exploitation?
Cryptocurrencies hold immense power, offering unparalleled financial empowerment and innovation. As it usually happens, with great power comes great responsibility. Freedom must be balanced with accountability to ensure it serves civilisation for the greater good. Shockingly, stolen crypto assets are currently circulating undetected within global financial systems, intertwining with legitimate transactions. The question is: can the industry mitigate risks without compromising its core principles of decentralisation and transparency by addressing vulnerabilities and implementing robust safeguards? The true potential of crypto lies in its ability to reshape economies, empower the unbanked, and foster global financial inclusion. Yet, this power can also be exploited if left unchecked, becoming a tool for crime in the wrong hands. The future of crypto depends on ensuring it remains a beacon of innovation and empowerment, harnessed responsibly to create a safer, more equitable financial ecosystem for all.
Recent viral tweets have falsely claimed that the Indian government is supporting Pi Coin, citing an article from the Ministry of Ayush’s website. The article, however, was posted on a user-generated content (UGC) platform, not by government officials. The Ministry of Ayush, responsible for traditional medicine, has no official connection to Pi Coin, and the article was simply part of content posted by users to build links.
Despite its appearance on a government site, the article does not represent the views or support of the Ministry of Ayush or any other Indian government body. These misleading claims were likely spread by Pi Coin promotional accounts.
Users must verify the sources of information they come across, especially on social media, where misinformation can spread quickly. The Ministry of Ayush has no involvement in promoting Pi Coin, and the article in question was not authored by government officials.
In conclusion, claims that the Indian government is backing Pi Coin are false, and users should be cautious of such misleading content circulating online.
Ripple’s XRP has surged in price, overtaking Solana and Tether to become the third-largest cryptocurrency by market capitalisation, now valued at $138 billion. On 2 December, XRP saw a remarkable 30% increase in just 24 hours, with its price hitting $2.5. Currently trading around $2.41, XRP has risen by over 370% since 1 November.
The price spike follows the news that the New York Department of Financial Services (NYDFS) is close to approving Ripple’s stablecoin, RLUSD. It could pave the way for Ripple to enter New York’s strict digital finance market, boosting its influence in the crypto ecosystem and positioning it against leading stablecoins like Tether (USDT) and Circle’s USDC.
Additionally, XRP’s rise may also be linked to the upcoming departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler in January, which could have implications for the crypto market. As XRP gains traction, several firms, including 21Shares and Bitwise, are seeking approval for XRP exchange-traded funds (ETFs), adding to the growing attention surrounding the asset.
