Hong Kong to Become the Next Crypto ETF Hub as BTC ETF Anticipation Continues in US
🇭🇰 Hong Kong is poised to become a leading hub for cryptocurrency exchange-traded funds (ETFs), particularly spot Bitcoin (BTC) ETFs, as anticipation grows for the approval of such ETFs in the United States.
🔴 Industry leaders believe that Hong Kong’s Securities and Futures Commission (SFC), which has shown a positive stance towards digital assets, sets a favorable stage for the introduction of spot Bitcoin ETFs.
🔴 Yat Siu, chairman of web3 investor Animoca Brands, said the SFC is open to widening access to digital assets, claiming that a spot Bitcoin ETF would be relatively uncontroversial.
💀 Siu also noted that Hong Kong could take reference from the extensive public filings and applications related to ETFs in the United States, which has made significant progress in this area.
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Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure
🪙 Bitcoin miner reserves have reached their lowest point since May, signaling increased selling pressure as the largest cryptocurrency records a December gain of more than 13%.
🟡 Data from CryptoQuant indicates that Bitcoin miners’ reserves have been steadily decreasing since the beginning of December. In the past 24 hours alone, miners reportedly sold around 3,000 bitcoins, bringing their total holdings to approximately 1,834,447 BTC.
🟡 On December 28, the net flow of Bitcoin stood at minus 1,524 BTC, indicating that withdrawals exceeded the new coins minted. This ongoing trend raises questions about potential selling activities by miners and their impact on the overall market dynamics.
🔶 The decline in miner reserves started in late October and has accelerated this month, reaching 1.832 million BTC from October’s high of 1.845 million. In the last 24 hours alone, miners reportedly sold approximately $129 million worth of BTC at the current trading price of $42,891.
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China Raises Alarm Over Corrupt Officials Exploiting Cold Storage Cryptocurrency for Illicit Cross-Border Transactions
🇨🇳 Official Chinese media sources have raised concerns regarding the exploitation of cryptocurrencies by corrupt officials for illicit activities. The use of cold storage methods for cryptocurrencies, in particular, has become a cause for alarm as it allows these individuals to discreetly transfer assets out of the country.
🔴 Cold storage refers to the practice of keeping cryptocurrency addresses and private keys offline, typically on hard drives or network disks, to reduce the risk of online theft and hacking. The development highlights the broader challenge faced by governments worldwide in regulating and monitoring the use of digital currencies.
🔴 Cryptocurrencies, known for their decentralized and anonymous nature, can be susceptible to abuse for unlawful activities such as money laundering and illegal fund transfers.
📲 The use of cold storage by corrupt officials is particularly troubling as it enables the covert movement of significant sums without the usual oversight associated with traditional financial transactions. This method of transferring cryptocurrencies out of the country for transactions and redemption makes it difficult for authorities to trace and recover these assets.
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dYdX Reveals Post-Mortem Findings: Identifies Attacker and Considers Legal Measures
🎄 Decentralized exchange dYdX has released a post-mortem report detailing the “targeted attack” it experienced on its v3 platform in November. The attack resulted in a $9 million loss from its insurance fund, which represented approximately 40% of its total holdings.
🟢 In the report, dYdX stated that investigative efforts have successfully uncovered the identity of the attacker and that the company is currently engaged in communication with them. Furthermore, the platform is exploring potential legal actions against the perpetrator.
🟢 “dYdX is assisting law enforcement in their investigation of this matter and is assessing all legal options. dYdX is committed to taking any legal action it deems appropriate in these circumstances.”
🌲 According to the findings, the attacker executed a substantial number of 5x leveraged long positions in YFI, the native token of DeFi protocol Yearn Finance, across more than 100 wallets. By purchasing spot YFI tokens using different addresses, the attacker caused the price to surge by 215%, as revealed by dYdX.
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VanEck Commits to Donating 5% of BTC ETF Profits to Bitcoin Developers at Brink
🪙 Asset manager VanEck, a potential provider of a Bitcoin exchange-traded fund (ETF), has revealed plans to donate a portion of the profits from the investment vehicle to Bitcoin core developers upon approval.
🟡 In a post on X (formerly Twitter) on January 5, VanEck announced a 5% pledge to Bitcoin core developers through the nonprofit organization Brink ahead of potential approval for its spot Bitcoin exchange-traded product application. The asset management firm also disclosed that it had already made a $10,000 donation to the developers, irrespective of the SEC’s decision on the investment vehicle.
🟡 The firm expressed appreciation for the developers’ dedication to decentralization and innovation, describing them as the cornerstone of the Bitcoin ecosystem.
💵 VanEck applied for a spot Bitcoin ETF in the United States, with a decision from the U.S. Securities and Exchange Commission (SEC) expected in the coming days. The potential approval of spot Bitcoin ETFs is anticipated to bring a substantial influx of investment from traditional finance (TradFi) into the cryptocurrency space, reaching unprecedented levels.
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South Korea’s Tax Authority, DAXA Form Committee to Prevent Illegal Transactions: Report
🇰🇷 South Korea’s tax Authority, the Korea Customs Service group and five major cryptocurrency exchanges including Bithumb Korea, Coinone, Korbit, and Streami have formed a group to prevent illegal foreign transactions, according to a report by News1 KR.
🔴 The Digital Asset Exchange Association (DAXA), is comprised of the five most prominent cryptocurrency exchanges in South Korea including Upbit, Bithumb, Coinone, Korbit, and Gopax. DAXA plays an advisory role concerning the new committee.
⚫️ DAXA is the industry’s most important self-regulating body in South Korea. The DAXA members are the only exchanges in the country with the operating permits required to offer fiat-won trading.
🎁 Korea Customs Service was formed in 1970 and is run under the Ministry of Economy and Finance and is headquartered in Seo District, Daejeon in South Korea.
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Wintermute Reports 400% Surge in OTC Crypto Trading Volumes for 2023
💎 Wintermute has reported a staggering 400% increase in over-the-counter (OTC) trading volumes for the year 2023 in the midst of a challenging year for crypto exchanges.In the latest report of its OTC performance, the crypto market maker and liquidity provider Wintermute revealed that its OTC trading volume has surged by four times despite the market downturn.
🟢 “From the early resurgence, through a volatile mid-year, ending with a renewed optimism largely fueled by expectations for spot ETF approval,” the report wrote so concluding 2023. “Last year, while the markets took a moment to breathe, we focused on building out our OTC business, increasing our capabilities, and adding new product offerings.”
🟢 In the first half (H1) of 2023, Wintermute’s OTC volumes initially decreased and remained at a lower level, while the second half (H2) has seen a tremendous boost leading to the total amount quadrupled.
💲 “We saw a significant increase in trading activity with the number of trades growing over 6x, making up over 29 million trades,” wrote the report. “We also saw the largest OTC volume week of >$2 billion during this time.”
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India Blocks Websites of Offshore Crypto Exchanges After Non-Compliance Warning
🇮🇳 India blocked access to websites of several offshore crypto exchanges, including Binance, Kucoin, OKX , Gate io and many others on January 12 . This action followed the removal of these platforms from the Apple App Store in the country just a few days earlier.
🔥 The move is a consequence of the finance ministry issuing show-cause notices to these platforms on December 28, citing non-compliance with the country’s money laundering laws.
🔥 The notice was directed at Binance, Kucoin, Houbi, Kraken, Gate io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, accusing them of operating illegally in India by failing to register and adhere to local tax regulations.
❔ In response to the alleged violations, the finance ministry instructed the information technology ministry to block the URLs of these platforms, leading to the recent website restrictions. However, the websites of these exchanges can still be accessed through VPNs.
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Attack on Bitfinex Exchange Involving $15 Billion XRP Transaction Failed: Paolo Ardoino
💀 A transaction involving nearly $15 billion worth of XRP from an unknown wallet to the Bitfinex exchange as part of a “partial payments exploit” has failed.
🔴 The transaction was first brought to the public’s attention by the blockchain tracking account known as Whale Alert, which reported a jaw-dropping transfer of 25.6 billion XRP, nearly half of the cryptocurrency’s circulating supply, from an anonymous wallet to Bitfinex.
🔴 Yet, the excitement was short-lived as Whale Alert promptly deleted the post, citing an issue with reading the Ripple node response that led to an erroneous alert.
🎁 Subsequently, Bitfinex Chief Technology Officer Paolo Ardoino revealed that the colossal transaction was, in fact, an attempted attack on Bitfinex through what is known as a “Partial Payments Exploit.”
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Ripple Considers IPO Outside US in Response to SEC’s ‘Hostile’ Stance
🇺🇸 Ripple CEO Brad Garlinghouse has revealed that the company explored IPO options outside the United States, attributing this decision to a challenging relationship with the U.S. Securities and Exchange Commission (SEC).
💵 Speaking at the World Economic Forum in Davos, Switzerland, Garlinghouse expressed concerns about the U.S. Securities and Exchange Commission’s stance. Despite Ripple’s interest in going public, the firm has temporarily shelved its IPO plans amidst the ongoing legal battle with the SEC.
💵 “In the United States, trying to go public with a very hostile regulator that’s approved your S-1, that doesn’t sound like a lot of fun to me,” said Garlinghouse. You know, Coinbase obviously had their S-1 approved and now the SEC is suing them for doing things that were outlined in their S-1.”
🦌 “And I think he’s not acting in the interests of the citizenry, he’s not acting in the interests of the long-term growth of the economy, and I don’t understand it,” said Garlinghouse. “I think at some point there will be a new chair of the SEC, and I think that will be a good thing for the American people.”
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South Korean Presidential Office Suggests Reevaluation of Bitcoin ETF Approval
🇰🇷 South Korea‘s Presidential Office has recently proposed reconsideration for the approval of a local spot Bitcoin exchange-traded fund (ETF). According to reports from Maeil Business, the suggestion for reevaluating the spot Bitcoin ETF comes from Sung Tae-yoon, the Chief of Staff for Policy at the South Korean Presidential Office.
⏰ During a briefing, Sung highlighted the government’s interest in aligning local regulations with international standards, suggesting a more open approach towards cryptocurrencies and related financial products like ETFs.
🎁 Responding to the question, “Are you considering institutionalizing Bitcoin?” in briefing, Sung said, “We need to change our country’s legal system appropriately, or things that happen overseas can be accepted in our country.”
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Hut 8 Responds to Short Seller Report Accusing Bitcoin Miner of Malpractice
🪙 Bitcoin miner Hut 8 has expressed confidence in its latest partnership with USBTC following a controversial report released by JCapital Research warning investors of possible risks.
🟡 In a brief response on Jan 19, the company stated that it had read the report and would provide all necessary updates deemed appropriate amid concerns by the wider digital asset community on social media spaces.
🟡 “(Hut 8) is aware of a short report issued on January 18 by J Capital Research, which is a self-proclaimed group of biased activists who clearly disclose that they will profit if a company’s share price declines. Hut 8 is reviewing the report and will provide updates as the Company deems appropriate.”
💵 The Canadian miners expressed full confidence in the current management team and the board of directors following the merger adding that the partnership would achieve growth for all shareholders.
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Bitcoin Ordinals ‘Genesis Cat’ Sells for $254K in Sotheby’s Digital Art Auction
💰 “Genesis Cat,” a digital art piece created on the Bitcoin blockchain’s Ordinals protocol, was sold for over $250,000 at a recent Sotheby’s auction. Created by artist and engineer Francisco “FAR” Alarcon, “Genesis Cat” is a part of the Quantum Cats collection, produced by the Taproot Wizards group. With the initial estimated price of $15,000 to $20,000, the piece was sold at the impressive $254,000.
🔑 “With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate,” said Sotheby’s. FAR’s work is notable for its exploration of visual arts and technology, often delving into the history of computer-generated graphics and digital imaging.
🔑 “Genesis Cat,” as the only 1/1 artwork in the Quantum Cats collection, holds a unique place in the Bitcoin Ordinals art world. The Quantum Cats collection, the first public collection from Taproot Wizards, is aimed at inspiring innovation and creativity within the Bitcoin ecosystem.
❔ Comprising 3,333 distinct digital cats, the collection combines elements of retro style, cosmic imagery, and Bitcoin lore, reflecting the evolving nature of the Bitcoin protocol and its cultural impact.
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SEC Postpones Decision on BlackRock’s Spot Ethereum ETF to March
🔹 The U.S. Securities and Exchange Commission has delayed its decision on BlackRock’s spot Ethereum exchange-traded fund (ETF) application to March.
💸 According to the SEC’s latest filing, the new decision deadline for BlackRock’s spot Ethereum ETF is set to be March 10, 2024. The Commission will then approve, disapprove, or institute proceedings to determine whether the proposed rule change should be disapproved.
💸 “Section 19(b)(2) of the Act4 provides that within 45 days of the publication of notice of the filing of a proposed rule change,” wrote the SEC, “Or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate.”
🔹 “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” wrote the SEC.
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