🚨🚨Crypto Market News You Can’t Miss! (27/12/23) 🚨🚨

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28 Dec 2023

Are you interested in the world of cryptocurrencies and blockchain technology? Do you want to learn more about the latest developments and trends in this fast-growing industry? If so, you are in the right place. In this article, I will summarize three of the most important and relevant crypto news stories that happened recently. These stories will help you understand the current state and future direction of the crypto space. Let’s get started!

Thunder Terminal Loses $240K in Hack, Hacker Disputes Their Claims 🌩️

Thunder Terminal, a platform that allows users to trade on-chain assets across different blockchains, was hacked on December 23, 2023. The hacker managed to steal over 86.5 ETH ($192,000) and 439 SOL ($50,000) from 114 wallets on the platform in just nine minutes. The hacker exploited a vulnerability in the MongoDB database that Thunder Terminal used to store user data.
Thunder Terminal issued a statement saying that no private keys were compromised and that all affected users would be fully reimbursed. They also offered 0% fees and $100,000 in platform credits as a gesture of goodwill. However, the hacker contradicted their claims and said that they were lying. The hacker also demanded a ransom of 100 ETH and 500 SOL for the user data they obtained.

This incident shows the importance of security and privacy in the crypto industry. Users should always be careful when choosing a platform to trade or store their assets. They should also use strong passwords and enable two-factor authentication to protect their accounts.

Source: https://cointelegraph.com/news/thunder-terminal-hack-exploit-wallet-compromise-hacker-demands-ransom

South Korea to Require Public Officials to Disclose Their Crypto Holdings 🇰🇷

South Korea is one of the most active and influential countries in the crypto space. It has a large and enthusiastic community of crypto users, traders, and investors. It also has a supportive and progressive regulatory environment for crypto businesses. However, it also faces some challenges and risks, such as money laundering, tax evasion, and corruption.
To address these issues, South Korea has decided to implement a new system that will require its 5800 high-ranking public officials to publicly disclose their crypto and other asset holdings. This system, called the “Public Ethics and Transparency Initiative”, will start from next year. It aims to increase the accountability and integrity of the public service sector.
Kim Seung-ho, the director of personnel management, said:

We expect that the transparency of the public service community will be further increased through the implementation of an integrated service for public official property disclosure and property registration of virtual assets.

This move is expected to have a positive impact on the crypto industry in South Korea. It will help prevent conflicts of interest, abuse of power, and illicit activities involving crypto assets. It will also encourage public officials to be more responsible and ethical in their dealings with crypto.

Source: https://www.coindesk.com/policy/2023/12/27/south-korea-to-make-officials-crypto-disclosures-public

Hong Kong to Regulate Stablecoin Issuers with Licenses 🇭🇰

Stablecoins are a type of cryptocurrency that are pegged to a fiat currency or another asset. They are designed to provide stability and reduce volatility in the crypto market. They are also used for various purposes, such as payments, remittances, savings, and trading. Some of the most popular stablecoins are USDT, USDC, DAI, and BUSD.

However, stablecoins also pose some challenges and risks, such as regulatory uncertainty, compliance issues, and operational failures. To address these concerns, Hong Kong has proposed a new legislative framework that will regulate stablecoin issuers with licenses. This framework was announced in a consultation paper jointly published by the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) on December 27, 2023.

According to the paper, stablecoin issuers will have to meet certain criteria to obtain a license in Hong Kong. These criteria include:

Being locally incorporated with a management presence
Implementing an effective stabilization mechanism, such as maintaining a pool of high-quality and highly-liquid reserve assets with proper custody arrangement
Complying with anti-money laundering, counter-terrorist financing, and consumer protection rules
Providing regular audits and disclosures to the regulators and the public

The paper also stated that only licensed issuers will be allowed to offer stablecoins to retail investors in Hong Kong. This means that unlicensed issuers will have to restrict their services to institutional or accredited investors only.
This proposal is expected to have a significant impact on the stablecoin industry in Hong Kong. It will provide more clarity and certainty for stablecoin issuers and users. It will also enhance the safety and soundness of stablecoins and foster innovation and competition in the crypto space.

Source: https://www.theblock.co/post/269292/hong-kong-proposes-licenses-should-be-required-for-stablecoin-issuers

Conclusion 🎉

I hope you enjoyed reading this article and learned something new and useful about the crypto industry. As you can see, the crypto space is constantly evolving and changing, and it is important to stay updated on the latest news and developments. If you want to learn more about crypto and blockchain, you can use my article & search for more information and resources.

Disclaimer: The information and content provided in this article are for informational and educational purposes only and do not constitute any financial, investment, or legal advice. Trading, buying, or investing in cryptocurrencies involves significant risks and may result in the loss of your capital. You should do your own research and consult a professional before making any decisions. This article is not a suggestion or an endorsement of any cryptocurrency or platform.

I hope you enjoyed this edition of the crypto news roundup, and that you learned something new and useful. If you did, please share this article with your friends and family, and subscribe to me for more updates and insights. Thank you for reading, and happy crypto!