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Crypto scandal in Hong Kong: 13 investors lost HK$14.8M due to fraud involving fake exchanges, two suspects arrested 💰
Thirteen investors in Hong Kong lost a total of HK$14.8 million in a crypto scam involving fake exchange shops in Kowloon West. The scammers lured victims with promises of better rates, gaining trust through initial successful transactions before trapping them. Among the victims, a businessman was locked inside a shop and forced to hand over HK$4 million. Police have arrested two suspects, but investigations continue as other culprits remain at large.
SEC: 99% of TrueUSD reserves are invested in a risky offshore fund. TrueCoin and TrustToken fined $1.04M for false claims regarding the backing of the $500M stablecoin 💸
The SEC has charged TrueCoin LLC and TrustToken Inc., creators of the TrueUSD (TUSD) stablecoin, for misleading investors by falsely claiming that TUSD was fully backed by U.S. dollars. Instead, nearly all TUSD reserves were invested in a risky offshore fund between 2020 and 2023. By March 2022, $500 million was tied to this fund, and by 2024, 99% of the reserves were in speculative investments. Despite redemption issues in late 2022, the companies continued to assure investors of TUSD’s security. Both companies have settled with the SEC, agreeing to pay penalties and face future restrictions. This case is part of the SEC’s increasing scrutiny of the crypto industry, with $4.68 billion in fines collected in 2024.
Taurus SA and Aktionariat AG launch the first regulated market for tokenized SME shares on Ethereum, involving 30,000+ shareholders and 70 issuers 📈
Taurus SA, a Swiss digital asset infrastructure provider, has teamed up with equity tokenization platform Aktionariat AG to launch the first regulated secondary market for tokenized shares of SMEs. Supported by Deutsche Bank and Credit Suisse, this partnership enables selected shares tokenized on the Ethereum blockchain to trade on Taurus Digital Exchange (TDX), enhancing liquidity and market access for SMEs.The collaboration, going live in November, combines Taurus' trading tech with Aktionariat's tokenization expertise. Companies like RealUnit Schweiz AG, which tokenized shares in April 2022, will be among the first to trade on TDX.Taurus CMO Victor Busson emphasized the importance of boosting liquidity and accessibility in private markets. Aktionariat CEO Murat Ögat highlighted Taurus' role in filling the gap for licensed security token marketplaces.More tokenized SMEs are set to join TDX in 2025, broadening access to private equity investment through blockchain.
Telegram restricts access to wallets for users in the UK during registration as a crypto asset provider under FCA rules 💼
Telegram will temporarily restrict its wallet features for UK users as part of a corporate restructuring. The company plans to register as a crypto asset provider under the Financial Conduct Authority (FCA) and will disable wallet functions until obtaining the necessary licenses. During this period, UK users can withdraw funds to external wallets without fees.Additionally, Telegram announced new policies, including sharing user data with law enforcement upon valid legal requests. This has sparked concerns over privacy, though founder Pavel Durov stated the measures aim to deter criminal activity. Telegram also removed its "Telegraph" blogging tool due to misuse by a small minority of users and replaced its geolocation feature with a "businesses nearby" option.
The UAE introduces a new rule: starting October 1, crypto companies are required to warn about the risks associated with asset volatility
Kamala Harris presented an 80-page plan for the development of blockchain, AI, and quantum technologies: the USA on the path to global leadership
Visa launches a platform for banks: tokenization of fiat currencies on the blockchain💰, support for 65 crypto wallets, and pilot projects with BBVA and XP in Spain and Brazil
PayPal enables business accounts to buy and transfer cryptocurrency in the US 🚀 (except for New York State) + launch of PYUSD on the Solana blockchain
South Korea fined Worldcoin $830,000 for data privacy violations, including unlawful transfer of biometric information 👁 and insufficient user consent disclosure 📄
