Editor's Choice
Institutional investors are switching from Ethereum (ETH) to Solana (SOL) due to high scalability and low transaction costs 🚀
The battle between Ethereum (ETH) and Solana (SOL) continues to gain momentum, especially amid growing institutional interest in new blockchain technologies. According to a recent report by the Swiss bank Sygnum, large corporations are increasingly choosing Solana over Ethereum due to its scalability and low transaction costs.Why institutional investors choose Solana Sygnum notes that companies such as Visa and Franklin Templeton prefer using Solana for their projects thanks to the network's high throughput and minimal transaction costs. Visa, for instance, recently integrated Solana for making payments in USD Coin (USDC), highlighting the platform's efficiency. Franklin Templeton has also chosen Solana for one of its investment funds.Solana’s superiority in 2023 The report also highlights that Solana has significantly outpaced Ethereum in terms of growth in value. Over the past year, Solana's price has increased by 300%, and since the beginning of 2023, by 600%, which demonstrates the growing demand for this platform among institutional players.Risks and criticism of Solana Despite its success, Solana has been criticized for its high level of centralization. Some experts, including Edward Snowden, express concern about potential government interference, which may threaten the platform’s long-term sustainability.Thus, Solana continues to strengthen its position in the blockchain community, attracting large companies with its efficiency and scalability, despite the criticism regarding centralization.
Lejilex filed a federal lawsuit in Texas against the SEC seeking a preventive decision to protect cryptocurrency transactions and token listings before the launch of the exchange at the end of 2024 💼⚖️
The cryptocurrency startup Lejilex has filed a petition in federal court in Texas seeking a preventive decision that would protect it from potential actions by the U.S. Securities and Exchange Commission (SEC) before the launch of its cryptocurrency exchange.Lejilex, part of the Crypto Freedom Alliance of Texas, claims that it will facilitate cryptocurrency transactions, not the sale of securities, accusing the SEC of overstepping its authority.Founded last year, the company plans to open its exchange by the end of 2024. In its October 3 statement, Lejilex noted that the regulator is attempting to improperly classify crypto assets as securities, which the startup believes is an unjustified move by the SEC.In turn, the SEC argues that Lejilex's lawsuit is aimed at obtaining a court ruling that cryptocurrencies can never be considered securities. In addition, the regulator raises the issue of the validity of the case since no claims have been brought against Lejilex by the agency so far.Lejilex states that it wants to obtain a court ruling that listing existing tokens will not violate securities laws.
Coinbase will remove all unauthorized stablecoins in the European Economic Area by the end of 2024 in accordance with MiCA regulations 🌍: Tether (USDT) and others will be blocked, users will be offered to switch to USD Coin (USDC) 💱
Coinbase plans to remove all unauthorized stablecoins in the European Economic Area by the end of 2024 in response to the enforcement of new European Union regulatory requirements known as MiCA (Markets in Crypto Assets). This regulation requires stablecoin issuers to obtain an e-money license in at least one EU country. If issuers do not comply with these conditions, stablecoins will be subject to restriction.Currently, the world’s largest stablecoin, Tether (USDT), does not meet these requirements and has not received the necessary authorization to operate in Europe. As a result, Coinbase will block access to unauthorized stablecoins for its users in Europe by December 31, 2024. Customers will be able to convert their stablecoins into regulator-approved alternatives such as USD Coin (USDC) from Circle. More detailed information will be provided next month.Similar measures have already been taken by other exchanges, such as Kraken, Bitstamp, and Uphold, which have restricted the use of Tether in Europe in compliance with the new MiCA rules.
Vietnamese police have arrested five participants in a cryptocurrency scam, stealing over 17.6 billion Vietnamese dong through the “Biconomynft” platform 💰
Vietnamese police have arrested five individuals associated with a major cryptocurrency scam network, run by foreign perpetrators.On October 4, law enforcement agencies in the Nghe An province, located on the border with Laos, dismantled a fraudulent group operating from Laos. The organized crime group specialized in fraudulent money transfers and cryptocurrency scams, including "pig-butchering" schemes and deceptive investments.Two suspects were detained after the investigation confirmed their direct connection to the cryptocurrency scams. One of the participants joined the group in September 2023 and in February of the same year created fake social media accounts, through which he lured victims into romantic and investment fraud.The scammers tricked victims into handing over large sums of money, promising high returns on non-existent cryptocurrency platforms such as "Biconomynft." One victim, a resident of Ho Chi Minh City, had more than 17.6 billion Vietnamese dong (around 700,000 USD) stolen.The fraudsters followed the same scheme: they first paid small sums as "returns" to build trust, but then blocked access to the invested funds.
Ethereum plans to reduce the solo staking threshold from 32 ETH to 16 ETH while increasing the network's bandwidth requirements.💻
Nischal Shetty rejects WazirX creditors' request to choose a single representative in the Committee of Creditors (COC) at a meeting dedicated to restructuring after a four-month moratorium 📊
The FBI warns of large-scale fraud involving ICHCoin cryptocurrency: $30 million stolen, some victims lost all their savings 💸
Bybit Expands MetaTrader 5 Platform: Users Can Trade Global Indexes with USDT, Including China A50, Hang Seng, and Dow Jones 📈
The Central Bank of Brazil is developing a synthetic digital currency Drex with DeFi elements to address the decentralization, privacy, and programmability trilemma 💻💡
Crypto Tank: BRICS and Japan are actively adopting XRP despite ongoing legal battles and the SEC appeal, highlighting the key role of XRP in the new global financial system 🌍💹
19 family members in Thane District, Maharashtra, charged with defrauding two brothers of more than $119,000 through a cryptocurrency scam promising to multiply investments 12 times 💰
The U.S. Department of Justice (DOJ) and the SEC have supported a lawsuit against Nvidia worth more than $1 billion related to the sale of graphics processors for cryptocurrency mining 💼⚖️
Court Reopens Case Against AT&T: Hackers Used SIM Swap 💳 to Steal $24M in Cryptocurrency 💰 from Investor Michael Terpin in 2018, Plaintiff Seeks $45M Compensation ⚖️
The Court Has Revisited the Case Against AT&T Regarding Cryptocurrency TheftThe U.S. Court of Appeals has reopened the case against AT&T, involving a fraud that resulted in $24 million in cryptocurrency being stolen in 2018. Almost all the charges against AT&T were dropped, except for one related to the violation of the Federal Communications Act (FCA).In 2018, hackers, with the help of an AT&T employee, conducted a "SIM swap," allowing them to access the cryptocurrency accounts of investor Michael Terpin and steal his assets. Terpin sued AT&T and the hackers, securing $2 million in compensation from one of them and $75.8 million from another, who also received 18 months in prison.Although the judge dismissed Terpin's $216 million lawsuit, he continues to demand $45 million from AT&T.
Ripple and Mercado Bitcoin launch a new cross-border payment solution in Brazil, improving operations between Brazil and Portugal and aiming for expansion to corporate and retail clients 🚀
Ripple has partnered with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, to launch a new international payments solution in Brazil. This partnership will enable businesses to make faster, cheaper, and more efficient cross-border payments using Ripple's managed solution.In the first stage, Mercado Bitcoin plans to use Ripple's technology to improve its internal operations between Brazil and Portugal. In the future, the service will be expanded for corporate and retail clients.This collaboration marks an important step for Ripple in expanding into the Latin American market.
Amazon Payment Services and Mastercard Launch Partnership to Improve Digital Payments in 40 Countries, Including UAE, Egypt, and South Africa, with the Implementation of Innovative Technologies 🏦💳
Amazon Payment Services and Mastercard have entered into a partnership to improve digital payments in the Middle East and Africa. In response to growing demand for digital payments, the companies aim to streamline and enhance the online transaction process in 40 markets, including the UAE, Egypt, and South Africa.The collaboration involves the use of Mastercard Gateway, a payment processing solution that ensures fast and secure transactions. This will allow Amazon Payment Services to simplify the payment process for customers and reduce the amount of manually entered data.In addition, Mastercard and Amazon have signed an innovative agreement aimed at introducing new technologies such as Secure Card on File and Click to Pay to make payments more secure and convenient.
Taiwan introduces new anti-money laundering regulations for all virtual asset service providers, with mandatory registration by 2025 and fines of up to 5 million New Taiwan dollars 💰
Taiwan's Financial Supervisory Commission (FSC) has introduced new anti-money laundering (AML) regulations that all local virtual asset service providers (VASPs) will need to comply with by 2025.According to the new rules, crypto companies are required to register with the government by September 2025, or they will face a fine of up to 5 million Taiwan dollars or imprisonment for up to two years. The new system will come into effect on January 1, 2025, replacing the current standards. Even if companies have already complied with the old requirements, they must re-register under the new regulations.Additionally, VASPs must submit an annual risk assessment report to the state.The FSC plans to present a new cryptocurrency regulatory bill by mid-2025.
Best news of the last 10 days
The U.S. Department of Justice accuses Donald Trump of attempting to illegally interfere with the results of the 2020 election in seven key states, claiming that his actions were personal and not protected by presidential immunity 🗳️
Transak obtains a money transfer license in Alabama, enabling legal cryptocurrency transactions for 46 US states 🏦🚀
BBVA will launch its own euro-backed stablecoin in 2025 with the support of Visa: digital assets for settlements on tokenized exchanges 🌐
Donald Trump has promised to pardon Silk Road founder Ross Ulbricht, who is serving a double life sentence and an additional 40 years for creating a platform for illegal goods ⚖️
A massive Bank of America network outage affected tens of thousands of customers, leaving them with a $0 balance in their accounts and without access to mobile and online banking services, leading to increased calls for financial decentralization and the use of cryptocurrencies like Bitcoin, which are not subject to such disruptions 💸
On October 2, tens of thousands of Bank of America customers faced a widespread network outage, causing many to be unable to access their accounts or see a $0 balance. The issues began around 16:26 UTC and peaked 15 minutes later when nearly 18,000 people reported difficulties, according to Downdetector data.Around 98% of complaints were related to mobile and online banking services. While Bank of America did not officially release a statement, comments to CNN suggested the problem had mostly been resolved. However, some customers disputed this, claiming that access to accounts was still unavailable.Some customers expressed dissatisfaction, noting that their balances showed $0, while debts remained unchanged. One customer sarcastically remarked: "My money is gone, but my debts are still there."This incident has led to increased calls for financial decentralization, with Bitcoin supporters using the case as proof of the need to store funds outside of banks.
DMCC and CV VC have signed a strategic agreement to accelerate the development of Web3 ecosystems in Dubai and Switzerland with a focus on blockchain, cryptocurrencies, and future innovations 💼🌐
DMCC and CV VC have signed a strategic agreement to accelerate the development of Web3 ecosystems in Dubai and Switzerland.The collaboration involves the exchange of knowledge, workspaces, and the organization of joint events, such as the Web3 Hub at the World Economic Forum in Davos in January 2025. CV VC will also become a partner of the DMCC-Bybit hackathon.Feryal Ahmadi, Chief Operating Officer of DMCC, noted that the cooperation would help accelerate the global adoption of Web3. Mathias Ruch, founder of CV VC, emphasized the importance of joint efforts for the development of the blockchain sector in the region.DMCC Crypto Centre and CV VC aim to jointly develop blockchain startups and expand the Web3 space.
SWIFT will start conducting real transactions with digital assets and currencies in 2025 using blockchain to enhance the security and speed of financial operations 🌐💰
The beginning of digital asset trials in 2025: SWIFT will integrate blockchain technologies into the banking system.In 2025, the global financial network SWIFT will transition from testing digital assets under controlled conditions to conducting real transactions with assets and currencies. This significant event will allow commercial and central banks to conduct transactions with digital assets, integrating blockchain into the existing financial infrastructure.SWIFT will begin live trials next year so that banks can test the advantages of blockchain technologies and their potential to accelerate and enhance the security of financial operations. This step promises to be an important milestone in the path towards implementing blockchain technologies in corporate life and further adapting banks to working with digital assets.Furthermore, this project will allow banks to better understand the possibilities of blockchain and optimize processes for working with digital assets, which could potentially significantly change the global financial landscape.
Hackers stole over $750 million in cryptocurrencies in Q3 2024 through more than 150 attacks 🎯 Phishing and private key compromises led to the largest losses on Ethereum and Bitcoin 💸
In the third quarter of 2024, hackers stole more than $750 million in cryptocurrency through more than 150 attacks, a 9.5% increase compared to the previous quarter, despite a decrease in the number of incidents. The primary attack vectors were phishing and private key compromises.According to CertiK, hackers have already stolen nearly $2 billion in 2024. In the third quarter, phishing became the most dangerous vector, leading to losses of $343.1 million, and private key compromises resulted in the second-largest loss of $324.4 million.Ethereum was the most attacked blockchain, losing $387.9 million in 86 incidents, significantly surpassing other blockchains, including Bitcoin.