Stablecoins Dethrone Bitcoin in the Underworld!

Here's what we've got for you today:

• Stablecoins Overtake Bitcoin in Illicit Transactions in 2023

• MetaMask Innovates with Ethereum Validator Node Staking Service

• Manta Network Battles DDoS Attack Amidst Exchange Listings

• SEC Lives up to the Expectations as it Delays Spot ETH ETF; Ethereum Price Makes no Move

🚔️ Stablecoins Overtake Bitcoin in Illicit Transactions in 2023

Stablecoins are now leading the way in illicit crypto transactions, overtaking Bitcoin as the favored currency for illegal activities.

• A Chainalysis report revealed a shift in criminal use from Bitcoin to stablecoins as the preferred medium for illicit transactions between 2018 and 2021.

• CertiK data revealed that there was a decrease of more than 51% in revenue from crypto hacks and scams in 2023.

• On a more positive note, Tether has increased its Bitcoin holdings by $380 million, positioning itself as the 11th largest Bitcoin holder in the world.

🦊 MetaMask Innovates with Ethereum Validator Node Staking Service

MetaMask introduced a new feature allowing users to stake Ethereum through their own validator node directly from the wallet.

• MetaMask's new service allows users to stake Ethereum by running a validator node directly in the wallet, with a required deposit of 32 ETH.

• The service streamlines the staking process by removing the need for pooling resources or acquiring specialized hardware, which is traditionally needed for operating an Ethereum validator node.

• The staking service is managed by Consensys, which boasts a strong track record having successfully managed more than $2 billion in ETH across more than 33,000 validators in the past two years without any slashing penalties.

🥷 Manta Network Battles DDoS Attack Amidst Exchange Listings

Despite the DDoS attack, the platform demonstrated its robust security as the blockchain was still running safely and investors’ funds remained safe.

• Manta Network, created by P0xeidon Labs, experienced a serious distributed denial-of-service (DDoS) attack, resulting in over 135 million remote procedure call (RPC) requests flooding its network on Jan. 18.

• Despite the severity of the attack, Kenny Li, the co-founder of P0xeidon Labs, reassured users that the blockchain was still operating securely and all funds remained safe.

• The attack was characterized by Li as highly aggressive and strategically timed.

⌚️ SEC Lives up to the Expectations as it Delays Spot ETH ETF; Ethereum Price Makes no Move

Earlier today, the SEC postponed its verdict on Fidelity's application for a spot Ethereum ETF.

• The SEC has prematurely postponed its decision on Fidelity's application for a spot Ethereum ETF, ahead of the initial Jan. 21 deadline, with the final decision now expected by Mar. 8.

• However, Grayscale's lawsuit against the regulator could raise the possibility that the SEC might not impede the ETF application this time.

• Despite this regulatory uncertainty, the price of Ethereum (ETH) remained relatively stable, with little to no dramatic reaction to the SEC's delayed decision.

👀 QUICK NEWS

• Bitcoin Exposed to Possible $1.5B in Future GBTC Sales, JP Morgan Says

• Dutch Government Pledges $222M for AI Innovation

• Gary Gensler Approved the ETFs - But Now He’s Striking Back

• Do Kwon Should be Extradited to South Korea, not United States, Lawyer Argues

• Manta Network Faces Money Laundering Allegations Following Bithumb Listing

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