Welcome to DisruptTech’s definitive weekly crypto news round-up – where cutting-edge meets currency. In a rapidly evolving digital landscape, staying informed is paramount. That’s why we meticulously curate the week’s most pivotal happenings in the cryptoverse, ensuring you’re always a step ahead. With a focus on authenticity, innovation, and insight, our round-up isn’t just news – it’s a deep dive into the heart of digital disruption. So, if you’re eager to keep your finger on the pulse of all things crypto, you’ve come to the right place. Let’s unravel the latest in the world of crypto news.
Ripple Acquires Crypto Infrastructure Startup Fortress Trust
Cryptocurrency giant Ripple has announced its acquisition of Fortress Trust, a startup specializing in crypto infrastructure. This strategic move grants Ripple a license in Nevada, marking its expansion beyond its established blockchain-enabled payment services. Fortress Trust, founded in 2021 by Scott Purcell, focuses on facilitating large enterprises’ interactions with digital currencies.
Ripple, primarily known for its cross-border payment solutions using its cryptocurrency, XRP, has faced legal challenges in the U.S. but continues to thrive, especially outside America. This acquisition is Ripple’s second this year, following its purchase of crypto custody service provider Metaco. The deal is expected to enhance Ripple’s payment and liquidity solutions while expanding its regulatory permits.
G20 Pushes for Global Crypto Framework by 2027
The G20, consisting of leaders from the 20 largest economies in the world, is advancing towards implementing a global framework for crypto assets. Set to be launched in 2027, this framework will enable automatic yearly exchanges of information related to crypto transactions between member countries.
Revealed during a two-day summit in New Delhi, the initiative aims to foster transparency and information exchange in the crypto space. The framework, known as the Crypto-Asset Reporting Framework (CARF), will impact countries such as the US, UK, China, India, and the European Union, covering two-thirds of the global population. This monumental step reflects the G20’s commitment to ensuring regulatory clarity and cohesion in the rapidly evolving world of cryptocurrencies.
Turkish Cryptocurrency Mogul and Siblings Handed Historic Jail Terms for Fraud
Faruk Fatih Ozer, the founder of the Turkish cryptocurrency exchange Thodex, and his two siblings have been sentenced to prison for 11,196 years each after being found guilty of defrauding investors out of millions of dollars. Ozer, who had escaped to Albania in 2021 following the sudden collapse of Thodex, was extradited back to Turkey and convicted of money laundering, fraud, and organized crime. His sister, Serap, and brother, Guven, faced identical charges and verdicts.
The hefty sentences, which might seem extraordinary by global standards, have become more frequent in Turkey since the country abolished the death penalty in 2004. Founded in 2017, Thodex rapidly rose to prominence as one of Turkey’s leading cryptocurrency exchanges, only to implode in 2021, leading to lost investor assets and Ozer’s subsequent flight from the country.
France Introduces ‘Responsible Influence Certificate’ for Finfluencers
In response to the growing realm of “finfluencers,” France has launched a “Responsible Influence Certificate.” Spearheaded by the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP), this voluntary certification aims to standardize the promotion of financial products, including cryptocurrencies, by influencers.
This proactive approach by France stands in contrast to the UK and European Consumer Organisation, both of which have adopted a more stringent stance on influencer-led crypto advertising.
Hack of Vitalik Buterin’s X Account Leads to Over $691K in Losses
Ethereum co-founder, Vitalik Buterin’s account on X (previously known as Twitter) was compromised, resulting in a reported loss of over $691,000 for those who clicked on a malevolent link shared through the hacked account. This fraudulent link promised a free NFT, supposedly to commemorate the introduction of “Proto-Danksharding to Ethereum.” Victims, lured by the offer, connected their wallets, after which the hacker drained their funds.
Among the affected was Ethereum developer Bok Khoo, popularly known as Bokky Poobah on X, who reported significant losses from his CryptoPunk NFT collection. The incident was publicly addressed by Dmitry Buterin, Vitalik’s father, who confirmed the breach on his son’s account.
Binance CEO Responds to Ethereum Co-founder’s Account Hack
Following the recent hacking of Ethereum co-founder Vitalik Buterin’s social media account, Binance CEO Changpeng Zhao (CZ) has urged the public to employ hardware 2FA, such as Yubikey, on all cryptocurrency platforms. The hacked account was exploited to share a scam link, leading to financial losses for those who clicked on it. CZ emphasized the importance of enhanced security measures, stating that social media platforms like Twitter lack the robust security mechanisms found in financial platforms.
Yubikey, as Binance Support highlighted, is a USB device that creates a one-time password (OTP) to ensure safe account access and transactions, thereby minimizing hacking risks. Binance further recommended combining multiple security layers, endorsing the use of both Authenticator and Yubikey for maximum protection.
Concluding Thoughts For The Latest Crypto News
The rapidly evolving digital landscape continually brings forth new challenges and opportunities. From Ripple’s strategic acquisitions to the G20’s push for a global crypto framework, the crypto world is in a state of constant flux. Amidst this, security remains paramount, as highlighted by the hacking incidents involving renowned figures like Vitalik Buterin. Regulatory frameworks, too, are catching up, with France leading the charge in ensuring responsible financial influencing.
DisruptTech emerges as a beacon of stability and innovation as the world grapples with these changes. With its white-label crypto debit card solution, DisruptTech ensures businesses can navigate this disruption with confidence, offering solutions that are both cutting-edge and secure. In this age of digital currency and decentralized finance, partnering with leaders like DisruptTech becomes not just a choice but a necessity for future-forward businesses.
