Crypto News Roundup: July 23, 2023 📰

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23 Jul 2023

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Welcome to Crypto News Roundup, where I bring you the latest and most important headlines from the world of crypto. In this edition, I will cover:

The massive hack of Alphapo, a crypto payment processor that serves several gambling platforms
The growing evidence of crypto usage by ISIS and its affiliates in Asia
The launch of ChatGPT app for Android, a chatbot powered by OpenAI’s GPT-4 model
The application of Ripple for a crypto license in the UK after its partial win against the SEC

Let’s dive in!

Alphapo Hot Wallets Drained For $23 Million, HypeDrop Disables Withdrawals 📉

Alphapo, a crypto payment processor that serves several gambling platforms such as HypeDrop, Bovada, and Ignition, has suffered a major security breach that resulted in the loss of at least $23 million worth of crypto assets.

According to blockchain analyst ZachXBT, who first reported the incident on Twitter, the hacker drained Alphapo’s hot wallets on Ethereum, Tron, and Bitcoin networks on July 22. The attacker then swapped the stolen assets on Ethereum for Ether before bridging the Ether to Avalanche and Bitcoin. ZachXBT also noted that the amount of bitcoin stolen from Alphapo is currently undetermined.

The hack affected several gambling platforms that relied on Alphapo for processing crypto payments. Some of these platforms, such as HypeDrop, suspended customers’ withdrawals following the incident. HypeDrop posted a statement on its website, saying that it is working with Alphapo to resolve the issue and restore normal operations as soon as possible.

The statement also assured customers that their funds are safe and that they will be able to withdraw them once the situation is resolved. However, some users expressed frustration and anger over the delay and lack of communication from HypeDrop.

The Alphapo hack is another reminder of the risks involved in using centralized crypto services that store large amounts of funds in hot wallets, which are more vulnerable to hacking than cold wallets. Users are advised to exercise caution and due diligence when choosing a crypto service provider and to keep their own funds in secure wallets that they control.

Source: The Block

Evidence Of Crypto Usage by ISIS is ‘Mounting’ — TRM Labs 🔎

A report published by blockchain intelligence platform TRM Labs has revealed that the use of cryptocurrency by affiliates of the Islamic State of Iraq and Syria (ISIS) has significantly increased over the past 12 months.

The report, titled “TRM Finds Mounting Evidence of Crypto Use by ISIS and its Supporters in Asia”, presents several case studies that link on-chain connections between pro-ISIS networks in Tajikistan, Indonesia, and Afghanistan and pro-ISIS fundraising campaigns in Syria.

According to the report, the majority of transactions linked with these cases involved the use of Tether (USDT) on the Tron network. The report also stated that Tether on Tron was chosen by these groups because of its low fees, fast transactions, and wide availability on centralized exchanges.

One of the case studies highlighted by the report involved a fundraising campaign in Tajikistan that was operational for more than a year and was linked to an address that received around $2 million worth of USDT on Tron in 2022. The funds were then transferred to an exchange where they were cashed out by a senior ISIS fundraiser who was later arrested by Turkish authorities after TRM Labs notified the exchange and local law enforcement agencies.

Another case study involved a significant number of individuals using Indonesian-based exchanges to send funds to addresses associated with pro-ISIS fundraising campaigns in Syria. The report estimated that over $517,000 was sent in 2022 by these individuals to pro-ISIS addresses.

The report also noted that a media unit linked to ISIS’s affiliate in Pakistan (ISPP) began promoting its ability to accept donations in crypto in the second half of 2022. TRM Labs identified that the addresses controlled by this group had a total volume of approximately $40,000 over the last 12 months.

The report concluded that these findings demonstrate the need for more effective collaboration between blockchain intelligence firms, crypto service providers, regulators, and law enforcement agencies to combat the illicit use of crypto by terrorist organizations.

Source: CoinTelegraph

OpenAI Brings ChatGPT to Android as AI Boom Continues 🤖

OpenAI, the research organization behind the groundbreaking GPT-4 language model, is releasing an Android version of its popular ChatGPT chatbot next week. The announcement follows the release of the chatbot’s iOS version in May.

ChatGPT is a chatbot that can converse with users on various topics, such as sports, music, movies, and more. It can also provide instant answers, tailored advice, creative inspiration, and professional input. ChatGPT is powered by OpenAI’s GPT-4 model, which is one of the most advanced artificial intelligence models in the world. GPT-4 can generate coherent and natural text based on a given prompt or context.

The Android app reportedly features improved security measures and also offers features like conversation history synchronization across devices. Users can also access the chatbot through a web browser or Microsoft’s Bing app, which is based on GPT-4.

The launch of the Android app is expected to boost the popularity and reach of ChatGPT, which has already attracted over half a million installs on iOS within a week of its launch. The app is also free to use and syncs with the latest model improvements made by OpenAI.

Pre-registrations for the app are currently open on the Google Play Store. Users who pre-register will have the app automatically installed on their devices when it goes live next week.

Source: DeCrypt

Ripple Applies for Crypto License in The United Kingdom

Following its recent partial victory against the SEC, payments firm Ripple has reportedly applied for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA). The company has also sought a payments license in Ireland as part of its massive regional investment.

Ripple’s managing director for the UK & Europe, Sendi Young, revealed that the company “very recently” applied for the crypto license in the UK and the payments license in Ireland. She said that these are “massive investments” with a view to continue growing exponentially in the region.

Young also claimed that the decision by a US court to rule that selling XRP on exchanges does not constitute an investment contract was a “huge win” and “positive for [the company’s] growth in the US.” The ruling was viewed as a win by Ripple and the broader crypto community, as it cleared one of the main allegations brought by the SEC against Ripple.

However, the court also ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test. The case is still open to appeal by the SEC.
Ripple has already significantly boosted its presence in the UK and Europe. Over the last 18 months, the company has increased its UK and European employees by about 75% and now has more than 100 of about 900 global employees based in its offices in London, Dublin, and Reykjavik, Iceland.

Ripple is also looking to expand its customer base and partnerships in the region, especially with banks and financial institutions that are interested in using its blockchain-based payment solutions. Young said that Ripple has seen “a lot of demand” from these sectors and that it is “very well positioned” to meet their needs.

Source: CoinTelegraph

Conclusion

That’s all for today’s Crypto News Roundup. I hope you enjoyed reading my summary of the most important crypto news of the day. Stay tuned for more updates and insights from the world of crypto. Thank you for reading!

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