GM. Day by day Squeeze right here – your crypto marmalade unfold, capturing the feel of the market in each spoonful of reports.
🐙 Operation Kraken: Aussie cops take down criminals utilizing a secret app referred to as Ghost.
🤞 Diddy employed the lawyer of SBF.
🍊 Information drops: Pavel Durov clarifies some misunderstandings relating to the change of privateness coverage on Telegram, Binance secures a VASP license in Argentina, Bitwise eyes an XRP ETF + extra
🍍 Market flavour at this time
Crypto Market Cap $2.24 Trillion -4.8% (24H)
Title
Value
24H %
7D %
Bitcoin BTC
$61,262.11
-2.25%
-3.60%
Ethereum ETH
$2,442.87
-5.48%
-6.71%
BNB BNB
$544.36
-3.98%
-8.52%
Solana SOL
$145.42
-4.84%
-3.37%
The crypto market’s taking a little bit of a tumble as we kick off October, people! A lot for “Uptober,” huh? The Worry and Greed Index has dipped to 42, edging us nearer to the “Worry” zone.
What’s shaking issues up? Current assaults from Iran towards Israel have heightened tensions within the Center East, inflicting buyers to hunt safer havens like gold and authorities bonds. The US greenback can be gaining power on this unsure local weather. However this is a nugget of knowledge from Bitwise’s Matt Hougan: once you crunch the numbers on danger vs. reward, Bitcoin nonetheless comes out on high in comparison with gold. Take that, shiny steel!
Trying forward, indicators are blended. Whereas over-the-counter Bitcoin provide has doubled since March, retail exercise stays sluggish. Some optimistic merchants are nonetheless eyeing six-figure Bitcoin costs this yr. And do not sleep on Ethereum! Some analysts are predicting a stellar October for ETH, with spinoff markets exhibiting indicators of a temper elevate.
Keep in mind, within the crypto wild west, at this time’s dip may very well be tomorrow’s rocket gas. Hold your wits about you, your technique versatile, and perhaps put money into an excellent stress ball 🧘♂️
🐙 Operation Kraken
Simply to clear issues up, this has nothing to do with Kraken, the crypto trade. We’re talkin’ the legendary sea monster that destroys ships and… holds criminals accountable… or one thing like that; I do not bear in mind the story too properly.
Anyhow, Operation Kraken is a mission that the Australian Federal Police (AFP) initiated to bust a legal group linked to an app referred to as Ghost. This secret app is a instrument for just about something legal you’ll be able to consider—from drug trafficking to discovering a man who can make certain nobody can discover another man anymore.
So, how’s this operation going? Nicely, the AFP managed to infiltrate the app and caught the mastermind behind it, Jay Je Yoon Jung, a couple of weeks in the past.
Jung had a crew promoting ✨ particular ✨ smartphones for about $1.6K, which got here with a six-month subscription to the app + tech help. The AFP alleges that there are at present round 376 of those gadgets in use in Australia.
Now, the newest replace: cops searched Jung’s home and located his private gadgets. With the assistance of the Felony Belongings Confiscation Taskforce (CACT), they cracked a seed phrase (mainly a sequence of random phrases that provide you with entry to a person’s funds on-chain) and confiscated over $6.4M in crypto linked to his shady enterprise.
And never solely did Jung lose all his money, however he is additionally going through as much as 26 years in jail.
Commenting on the scenario, AFP Commander Scott Raven warned everybody else concerned with Ghost: “We are going to determine your ill-gotten items and take them away from you, leaving you with nothing.”
🤞 Jail besties within the making?
I’ve obtained a fast riddle for ya.
There’s this man whose title rhymes with Jam Crankman—Pace. He based a crypto trade that collapsed in 2022.
There’s this different man whose title rhymes with Garden Gnomes. He is a Grammy Award-winning rapper and document producer.
The query: what’s one thing the 2 have in widespread?
If you happen to guessed that we’re speaking about FTX’s Sam Bankman-Fried (aka SBF) and Sean Combs (aka Puffy, aka P Diddy, aka too many stage names to maintain monitor of), you are already midway there.
And lemme inform you, they have extra in widespread than you’d assume. Let’s break it down:
1/ Each obtained main authorized points
As you in all probability already know, SBF was discovered responsible of seven monetary fraud prices and sentenced to 25 years in jail.
Diddy’s now within the legal highlight, too, arrested on accusations of assault, racketeering, and even intercourse trafficking.
2/ They’re roomies (kinda)
The New York Instances reported that the 2 are staying in the identical cell at a Brooklyn jail. Besides they don’t seem to be the kind of cellmates you’d think about (you already know, sharing a bunk mattress and studying one another bedtime tales or no matter)—it is extra of a giant dorm-style room with a bunch of different defendants. However nonetheless.
3/ They share a lawyer
Enter Alexandra Shapiro. She’s the lawyer working to attraction SBF’s conviction and sentence. And now? Diddy’s additionally employed her, hoping she’d assist him after his $50M bail supply obtained rejected.
Loopy how life works. SBF and Diddy—two completely completely different worlds, colliding within the face of the regulation… mo cash, mo issues.
📰 Information drops
💬 Pavel Durov clarified that Telegram has been sharing knowledge of customers concerned in legal actions with authorities for years. He emphasised that whereas Telegram remains to be all about freedom and privateness, they will not let criminals use the platform to dodge the regulation.
🇦🇷 Binance is now formally registered as a digital asset service supplier (VASP) with Argentina’s Nationwide Securities Fee (CNV). This implies customers in Argentina can get pleasure from all of Binance’s companies by means of the web site and cell app.
🗂️ Bitwise has filed for an XRP ETF with Delaware’s Division of Companies. Whereas it is a huge step ahead, a proper submitting with the SEC is probably going nonetheless months away.
🌞 Justin Solar scored an $8.75 million airdrop from Eigenlayer, Ethereum’s restaking answer. The venture dropped its EIGEN tokens six months in the past, and so they lastly grew to become tradable yesterday.
🇪🇺 The European Blockchain Sandbox has revealed the regulators and authorities which have joined its second cohort. This sandbox creates a Europe-wide framework for open discussions between regulators and innovators, aiming to spice up authorized readability for brand new blockchain tech options.
