Stablecoins

Malaysian Kidnappers Demand $1M in Tether for Chinese National

Friday. August 16 at 1:30 AM

1 min. read

Six Malaysian individuals, including a married couple, were accused of kidnapping a Chinese man and asking for a ransom of 4.44 million Malaysian ringgits ($1 million) in Tether's USDT stablecoin. The group allegedly abducted the man on July 11 and demanded 1 million Tether tokens for his release. The accused, aged 25 to 29, pleaded not guilty to the charges. The court denied bail and set the next hearing for October 8. Local police are searching for four more suspects linked to the abduction. If convicted, the kidnappers could face 30 to 40 years in prison. Additionally, $723 million worth of electricity was lost to illegal crypto mining between 2018 and 2023. Deputy Minister Akmal Nasir highlighted the issue at an event where seized Bitcoin mining machines were destroyed, emphasizing the need to address electricity theft by crypto miners.

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WazirX Freezes $3M to Aid Recovery from $230M Hack

Saturday. January 18 at 7:00 AM

Indian cryptocurrency platform WazirX has taken steps to recover funds stolen during a $230 million hack in July 2024. By freezing $3 million in USDT, the exchange aims to safeguard user funds and rebuild trust. Co-founder Nischal Shetty emphasized the commitment to recovering stolen funds and maximizing recoveries. WazirX has implemented measures such as restructuring and plans for a decentralized exchange to enhance security. The broader crypto industry has shown support, with initiatives from CoinDCX and CoinSwitch to assist affected users. CoinDCX expressed interest in acquiring WazirX, while CoinSwitch launched a $70 million recovery program. Additionally, India is cracking down on crypto scams, collaborating with Google and Meta to combat losses. Tether, facing backlash, seeks to recover its investment after ending a partnership with Swan Bitcoin. El Salvador's regulatory clarity attracts Tether to establish its global headquarters, embracing AI artistry to enhance its brand identity.

Stablecoins

Google Removes Huione App from Play Store Amid Money Laundering Allegations

Friday. January 17 at 9:00 AM

Huione Guarantee, a Telegram-based marketplace known for its use by criminal organizations in Southeast Asia, had its mobile app removed from the Google Play store due to increased activity. Described as the largest online illicit marketplace by Elliptic, Huione Guarantee saw a 51% rise in monthly inflows following the launch of its USD stablecoin, USDH. Transactions on the platform reached $24 billion, with over 900,000 users reported. The platform, previously linked to money laundering and cyber scams, introduced various crypto products and a messaging app. Despite being available on Apple's App Store, Huione's applications were delisted from Google Play. The growth of Huione has been attributed to the USDH stablecoin launch, which followed Tether freezing one of its accounts. Elliptic's findings led to the platform rebranding as Haowang Guarantee, highlighting its role in facilitating cyber scams in Southeast Asia.

Stablecoins

Innovative Funding for 1Money's Stablecoin Payments Network

Friday. January 17 at 5:00 AM

Layer-1 stablecoin payments network 1Money has secured over $20 million in seed funding to enhance its digital payments infrastructure. The funding round involved more than 24 venture capital firms, including F-Prime Capital, Galaxy Ventures, and KuCoin Ventures. 1Money focuses on stablecoin payments through a unique Byzantine consistent broadcast design. CEO Brian Shroder views stablecoins as pivotal in modernizing the global financial system. The network aims to provide instant transactions, fixed costs, and support for multiple stablecoins, simplifying transaction fees for users. Centralized stablecoins like Tether and USD Coin dominate the $214 billion stablecoin market. Fintech giants like PayPal and Visa are eyeing the stablecoin sector for growth opportunities. Visa's Cuy Sheffield anticipates the rise of stablecoin-linked cards in 2025 to revolutionize global payment systems.

Stablecoins

Legal Battle Between Tether and Swan Bitcoin

Wednesday. January 15 at 4:00 PM

Stablecoin issuer Tether has initiated legal action against Swan Bitcoin, alleging significant breaches in their agreements. Tether, along with co-claimant 2040 Energy, confirmed the lawsuit against Swan Bitcoin. Tether claimed to have acted in good faith throughout their relationship with Swan, while accusing Swan of reckless behavior resulting in breaches of agreements. The case, filed in the High Court of England and Wales, marks an escalation in the ongoing legal dispute between the two companies. Swan and Tether established 2040 Energy as a joint Bitcoin mining venture, with allegations of former employees stealing proprietary information to form a rival company. Swan accused Tether of facilitating a hostile takeover of its mining operations. Tether denied any wrongdoing, citing contractual rights. Swan Bitcoin also filed a lawsuit against its law firm, Gibson, Dunn & Crutcher, for malpractice.

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