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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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