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- Trouble in Stablecoin World: TUSD Depegs and USDT Tangles with Crime
Trouble in Stablecoin World: TUSD Depegs and USDT Tangles with Crime
A UN report revealed that USDT has become especially popular on illegal online gambling platforms.
Here's what we've got for you today:
Stablecoin News: TUSD Depegs While USDT Involved in Asian Fraud Scheme
Asia’s Crypto Market Thrives Despite UN’s Crime Concerns
Vivek Ramaswamy Drops Out of 2024 US Presidential Race
Billions of XRP Exploit Report on Bitfinex is Misleading: Ripple CTO
The stablecoin sector is grappling with two major issues: the recent destabilization of TrueUSD's value and concerns regarding USDT's alleged connections to fraudulent activities and money laundering.
TrueUSD (TUSD) dropped to $0.984 on Jan. 15 and, at press time, was trading at $0.989, which was 1.3% below its $1 peg. Additionally, Binance saw over $339.2 million of TUSD being sold in the past 24 hours.
A United Nations report published on Monday pointed the use of USDT (Tether) as a common payment method among criminal groups in Southeast Asia.
USDT is especially used in illegal online gambling platforms, which have become popular channels for laundering money through cryptocurrencies.
Asia is embracing the crypto industry with Hong Kong-based HashKey Group achieving 'unicorn' status and Binance expanding into Thailand.
Binance TH, after receiving approval from Thailand's Securities and Exchange Commission two months ago, officially opened for all eligible users on Jan. 16, following an initial "invitation only" phase.
The platform is exclusively accessible to Thai nationals, requiring a Thai National Digital ID for KYC procedures.
Hong Kong-based crypto exchange HashKey reached "unicorn" status after a successful Series A funding round that raised nearly $100 million, resulting in a pre-money valuation of more than $1.2 billion.
The pro-crypto presidential candidate is now throwing his support behind former president Donald Trump.
At a press conference in Des Moines, Iowa, on Jan. 16, Ramaswamy announced the suspension of his presidential campaign to his followers.
Initially a relatively unknown figure in the presidential race, Ramaswamy gained traction within the crypto community for his vocal policy ideas on Bitcoin and other digital assets.
He was the only presidential candidate that introduced a specific policy framework for cryptocurrencies.
Ripple's Chief Technical Officer has refuted claims of a potential exploit targeting billions of XRP on the Bitfinex platform.
On Monday, there were reports of a hacker attempting to exploit the XRP network on Bitfinex, which turned out to be unsuccessful.
Ripple's CTO, David Schwartz, has clarified that these reports of an attempted exploit involving billions of XRP were misleading.
Blockchain tracker WhaleAlert initially reported an exploit involving 25 billion XRP, but later retracted its X post confirming that the incident was actually a partial payment involving only a few cents.
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