Former Binance CEO Changpeng Zhao has alerted the crypto community about a new exploit targeting Intel-based Mac users, which could expose their digital assets. Zhao urged users to immediately patch their systems to protect sensitive data, following the discovery of zero-day vulnerabilities on 19 November. These vulnerabilities also affect iPhones and iPads, prompting Apple to release emergency fixes.
The flaws, tracked as CVE-2024-44308 and CVE-2024-44309, allow hackers to exploit JavaScriptCore and WebKit components on macOS Sequoia. This could lead to cross-site scripting attacks, where attackers inject malicious code into trusted websites, enabling them to steal sensitive information and hijack user sessions.
Despite Apple’s strong security reputation, users have been at risk from several high-profile exploits this year. Previous attacks have included crypto-focused malware and vulnerabilities in Apple’s iMessage framework. With hackers exploiting these flaws, crypto users must stay vigilant and update their systems to safeguard their digital assets.
The Japanese government has announced plans to move forward with a significant stimulus package and sweeping tax reforms, which are expected to gain approval before the end of 2024. Prime Minister Shigeru Ishiba pledged to engage in bipartisan talks to overhaul policies, including changes to income tax, corporate taxes, and cryptocurrency taxation. It marks a notable shift from the ruling party’s earlier stance on increasing taxes.
Cryptocurrency tax reforms are set to be a focal point, as current regulations impose a variable tax of up to 55% on transactions. The opposition party has proposed a more simplified 20% flat rate for digital assets. Additional measures under discussion include raising the tax-free income threshold, reducing fuel taxes, and temporarily slashing sales taxes to support economic recovery.
These reforms come amid growing interest in Japan’s digital assets market, which has shown promising growth. The Liberal Democratic Party, under Ishiba, is pushing these changes as part of efforts to recover from political losses and adapt to shifting voter sentiment following a contentious election in September.
Swiss and Nepalese regulators have raised red flags about the growing risks of cryptocurrency misuse. In its latest Risk Monitor report, Switzerland’s financial watchdog FINMA identified digital assets, especially stablecoins, as a high-risk area for money laundering. The agency highlighted their role in sanctions evasion, dark web transactions, and cyberattacks. FINMA has tightened oversight of financial institutions offering crypto-related services to safeguard the sector’s reputation.
Meanwhile, Nepal’s Financial Intelligence Unit (FIU) reported a surge in crypto misuse for cross-border money laundering and fraudulent investment schemes. Despite a national ban on crypto trading, fraudsters continue exploiting digital assets to obscure illicit funds. Victims often avoid reporting crimes, fearing legal repercussions or social stigma, hindering enforcement efforts.
Authorities in both countries are calling for robust measures to combat these threats, emphasising the need for heightened vigilance and better reporting mechanisms.
BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Tether has introduced Hadron, a cutting-edge platform for asset tokenisation aimed at institutions, corporations, fund managers, and governments. The platform, announced on 14 November, enables clients to tokenise a variety of assets, including stocks, bonds, stablecoins, and loyalty points. Tether describes Hadron as a seamless solution for issuing, managing, and investing in tokenised assets within a secure and regulated framework.
CEO Paolo Ardoino highlighted Hadron’s potential to revolutionise the finance sector by offering an inclusive and transparent alternative to traditional closed financial systems. He noted that Tether’s robust infrastructure, already managing $125 billion in assets, ensures that tokenisation is secure, scalable, and accessible. The platform provides advanced compliance tools, such as KYC, AML, and risk management, alongside features for customising token lifecycles.
Hadron supports multiple blockchains, including Bitcoin layer-2 solutions like Blockstream’s Liquid, marking Tether’s continued expansion into diverse financial segments. Recently, Tether’s Trade Finance division funded a $45 million oil deal in the Middle East using USDT, reflecting its growing influence in global finance. With Hadron’s launch, Tether aims to further bridge the gap between traditional finance and blockchain innovation.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
Societe Generale-FORGE, a subsidiary of the French banking giant, has announced plans to launch its euro-pegged stablecoin, EURCV, on the XRP Ledger in 2025. This move continues SG-FORGE’s multi-chain strategy, following previous deployments on Ethereum and Solana. By leveraging the XRP Ledger’s low-cost, high-speed infrastructure, the company aims to expand EURCV’s adoption, particularly in cross-border payments.
EURCV is designed to comply with the EU’s MiCA regulatory standards, ensuring transparency, consumer protection, and market integrity. Stablecoins like EURCV, which are tied to traditional assets such as the euro, offer a stable and less risky alternative to volatile cryptocurrencies, making them an ideal solution for institutional finance.
Guillaume Chatain, Chief Revenue Officer at SG-FORGE, emphasised that the XRP Ledger’s speed and cost-efficiency make it a strategic platform for EURCV. Since its inception in 2012, the XRP Ledger has processed over 2.8 billion transactions and supported more than 5 million active wallets, reinforcing its reputation as a reliable blockchain network. SG-FORGE’s efforts to integrate EURCV into the financial ecosystem align with its broader vision for compliant and secure digital assets.
The British government is stepping up efforts to regulate stablecoins and redefine rules around staking, aiming to bolster its appeal as a crypto-friendly destination. Expected by December, these measures follow increased scrutiny of digital assets in the US, prompting firms to seek more welcoming jurisdictions.
Key elements of the proposal include giving the Financial Conduct Authority (FCA) authority to draft stablecoin regulations and revising staking rules to exclude them from traditional investment schemes. Insiders also point to updates on the UK’s digital securities sandbox, a joint blockchain initiative with the Bank of England designed to drive innovation.
In Parliament, recent efforts have centred on recognising digital assets as personal property to improve fraud protection and ownership rights. While the former Conservative government outlined ambitious crypto plans, the Labour government’s stance on digital assets appears more reserved.
A Chinese dual citizen, Daren Li, has pleaded guilty to laundering $73 million stolen through cryptocurrency scams. The schemes, active from August 2021 to April 2024, included fraudulent practices such as “pig butchering.” Li admitted using shell companies and US-based bank accounts to disguise and transfer the stolen funds.
Prosecutors revealed that millions were converted into Tether (USDT) and distributed to wallets controlled by Li and his co-conspirators. One of the wallets linked to the scheme reportedly held over $341 million in digital assets. Li’s arrest occurred in April 2024 at Atlanta airport, while his alleged accomplice, Yicheng Zhang, was arrested in May.
Li now faces a maximum sentence of 20 years in prison, a $500,000 fine, and three years of supervised release. Prosecutors also indicated he may need to pay restitution of up to $73 million to the victims. His sentencing hearing is scheduled for March 2025.
The US Securities and Exchange Commission (SEC) has requested a federal court to dismiss three key defences presented by cryptocurrency exchange Kraken in a lawsuit accusing the platform of securities violations. The SEC’s motion, filed on 5 November, seeks to invalidate Kraken’s argument that it lacks clear legal guidance on which digital assets qualify as securities. The SEC contends that existing securities laws are clear enough and that Kraken was fully aware of potential breaches.
Kraken’s defences include invoking the “major questions doctrine,” which argues the SEC needs explicit Parliamentary approval to regulate digital assets as securities. Kraken also claims that it did not receive adequate notice of which aspects of its operations may violate securities laws. The SEC rejected these claims, labelling the defences as attempts to delay proceedings by complicating the evidence process.
According to the SEC, dismissing Kraken’s defences would simplify the case, reducing unnecessary document requests and preventing delays in reaching a verdict. Kraken initially attempted to dismiss the case in August, but the court ruled in the SEC’s favour, allowing the lawsuit to proceed. The outcome could have significant implications for the SEC’s regulatory authority over digital assets in the cryptocurrency industry.
