Weekly Crypto Roundup: Tether’s Profits, Google’s Policy Change, and More!

This week in the world of cryptocurrency has been full of interesting and sometimes concerning news. From record profits to potential threats, there is a lot to unpack. Let’s dive into some of the top stories from the past week.

One of the biggest headlines comes from Tether, whose stablecoin USDT reported record profits of $6.2 billion in 2023. While this is certainly an impressive feat, it has also raised concerns among traditional financial players. JPMorgan analysts have criticized Tether for its market dominance, lack of regulatory compliance, and transparency, stating that it could pose a risk to the overall crypto sector.

In a surprising move, Google has updated its advertising policy to allow ads featuring certain cryptocurrency financial products. This change will allow companies like Vaneck and Blackrock to promote US-targeted financial products compliant with local laws. This is a significant shift from Google’s previous stance on crypto advertising and could open up new opportunities for the industry.

In less positive news, the wallet of Ripple co-founder Chris Larsen was hacked, resulting in the theft of $112 million in XRP. While Larsen was quick to detect and report the unauthorized access, the stolen funds have already been laundered through various platforms. This incident raises questions about the security of cryptocurrency wallets and the potential implications for the wider Ripple community.

On a more positive note, former UK Chancellor of the Exchequer George Osborne has joined Coinbase as a global advisor. His appointment underscores the growing influence of former policymakers in the crypto industry and highlights the importance of regulatory knowledge and expertise in navigating the complex landscape of digital currencies.

In other news, German authorities have seized a record-breaking 2 billion euros worth of bitcoin in an investigation involving alleged piracy and money laundering. Meanwhile, in the UK, London Metropolitan Police have seized over 1.4 billion British pounds worth of bitcoin in a case of alleged fraud and money laundering.

FTX has abandoned plans to relaunch and is now focusing on liquidating $7 billion in assets to repay customers. In contrast, Celsius Network has successfully emerged from bankruptcy and will establish a new publicly traded entity, Ionic Digital, owned by Celsius creditors.

Lastly, a Chainalysis report highlights the high failure rate of illicit pump-and-dump schemes on the Ethereum DEX ecosystem. While malicious entities have gained $240 million through these schemes, the average profit per token was just $2,600, constituting only 1% of annual Ethereum DEX trading volume. This raises questions about the sustainability and legality of such schemes in the crypto space.

Overall, it has been an eventful week in the world of cryptocurrency, with a mix of positive developments and concerning trends. As the industry continues to evolve and face new challenges, it will be interesting to see how these stories unfold in the coming weeks. Stay tuned for more updates and analysis in the world of crypto.