Trouble in Stablecoin World: TUSD Depegs and USDT Tangles with Crime

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

📉 Stablecoin News: TUSD Depegs While USDT Involved in Asian Fraud Scheme

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’s Crypto Market Thrives Despite UN’s Crime Concerns

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.

❕ Vivek Ramaswamy Drops Out of 2024 US Presidential Race

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.

🚨 Billions of XRP Exploit Report on Bitfinex is Misleading: Ripple CTO

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.

👀 QUICK NEWS

• XRP Rich List: Unveiling the Top Holders in the Ripple Network

• Donald Trump Might Emerge as a Crypto Savior, US Congressman Hints

• Cryptos Are “Not Exactly Money”: IMF Chief Kristalina Georgieva

• Fantom Cuts Staking Requirements by 90% in a Bid to Increase Security

• Crypto Users Bullish on Bitcoin Halving with Less Than 100 Days to Go

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