The main thing in the cryptocurrency market.
SEC May Drop Proposal to Tighten Cryptocurrency Storage Requirements
Acting Commissioner of the US Securities and Exchange Commission (SEC) Mark Ueda noted that due to the community's concerns about the enhanced requirements of the cryptocurrency storage rule, the agency is considering repealing it. This was reported by The Block, citing Ueda's speech at the Investment Company Institute conference in San Diego.
As a reminder, the above rule, proposed in February 2023, required registered investment advisers to hold cryptocurrencies with a qualified custodian and comply with certain requirements.
Among them, the former are required to follow a rule requiring assets to be held in banks or broker-dealers. The extension of this rule to the cryptocurrency industry has caused concern about limiting the number of additional banks willing to cooperate with this sector.
“Given these concerns, there may be significant challenges to implementing the original proposal. I have therefore instructed the SEC staff to work closely with the Cryptocurrency Working Group to consider possible alternatives,” Ueda said.
Hackers Launder Cryptocurrency by Disguising Themselves as Inexperienced Traders
Fraudsters are using a new method to launder cryptocurrency, disguising their actions as mistakes made by inexperienced traders, DL News reports, citing experts.
Hackers create swaps that are vulnerable to attacks by arbitrage bots that they themselves control. Such tactics are used, in particular, by hackers from the Lazarus Group.
These agreements have all the characteristics that are commonly associated with money laundering, said Yegor Ruditsa, a security researcher at the blockchain company Hacken.
The expert found numerous transactions from wallets that he said were “highly suspicious” because they were moving funds from FixedFloat and ChangeNow, two crypto mixers popular with money launderers.
The scheme uses USDC and USDT stablecoins through a multi-step process.
First, several wallets deposit and withdraw funds through Aave. After the assets are withdrawn from the protocol, the launderers add the stablecoins to a trading pool on the decentralized exchange Uniswap.
Stablecoins typically trade at roughly the same price because they are tied to the value of the dollar. However, launderers set up trading pools on Uniswap so that their own bot can interfere with trades.
In one example, the attackers exchanged $90,000 in USDC for $2,300 in USDT — a loss of $87,700. Although the wallet that sent the transaction suffers a loss, the lost amount is offset by the profits from arbitrage generated by the software controlled by the launderers.
Rudica said he identified six such deals conducted through the same trading pool within just five minutes, indicating organized activity.
Hackers also use other methods, such as sandwich attacks, where bots buy tokens for large transactions and then sell them at a premium.
Another scheme is working with low-liquidity assets. In one case recorded by experts, an address associated with Lazarus used WAFF and USDT. As a result, Tether blocked the Uniswap pool associated with the token.
Changpeng Zhao Believes Bitcoin Owners Are More Successful Than 99% of Cryptocurrency Players
The former CEO of cryptocurrency exchange Binance said that those who own Bitcoin are more successful than 99% of cryptocurrency exchange participants.
Zhao responded to a post by a trader who goes by the name Emperor, who talked about the types of players in the cryptocurrency sector. Specifically, he divided them as follows:
- 80% are tourists, i.e. people who come to the crypto asset space only through the news or temporarily, and do not stay long; 10% are traders who follow popular opinion leaders on X (formerly Twitter) and make rash trading decisions, often based on rumors or hype; 5% are people who pretend to be rich, i.e. show the appearance of success, but in fact have not achieved significant results.
Zhao added that there are only 5% who remain active in the crypto space. Of that group, 4% are actively trading or working on various projects, but their returns are unlikely to exceed the returns of investing in Bitcoin.
“With Bitcoin, you can outperform 99% of the crypto and other (markets – ed.) players without doing much,” said the former Binance CEO, adding that getting into the last 1% requires a lot of effort.
EOS to Change Name, Launch New Token
The EOS blockchain will rebrand and become Vaulta in May 2025. The change is part of a new strategy focused on building Web3 banking.
The rebranding includes the launch of a new token and a platform to exchange it. Vaulta Foundation CEO Yves La Rose said the new branding marks an expansion of opportunities for access to financial services through Web3 tools.
According to him, blockchain technologies are fundamentally changing the financial system, and Vaulta will be an important player in this transformation.
As part of the transition, a Vaulta Banking Advisory Council will be created to focus on integrating Web3 solutions with traditional financial systems. The council will include market experts, including representatives from Systemic Trust, Tetra and ATB Financial.
One of the board members, Alexander Nelson of ATB Financial, is convinced that Vaulta’s move will be an important step in the development of the connection between traditional banking and blockchain.
Vaulta's technology base will include the existing EOS infrastructure: C+± architecture for smart contracts, decentralized RAM database, and IBC multi-chain compatibility. The partnership with the exSat ecosystem will strengthen the integration of Bitcoin into the decentralized financial model.
Vaulta has already formed strategic alliances with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc. The company plans to introduce solutions in four areas: wealth management, consumer payments, investment portfolios, and blockchain insurance.
Technical and partnership details will be revealed closer to the launch of the rebranding, scheduled for the end of May 2025.
Choose favorable rates and reliable services for cryptocurrency exchange with “Minfin”
🕵️ We created a short survey to learn more about our readers.
💛💙 Your answers will help us become better, pay more attention to the topics that interest you.
🤗 We would be grateful if you could take a minute to answer our questions.
- Cryptocurrency