Regulation
British Crypto Exchange Lykke Halts Amid $22M Suspected Hack
UK cryptocurrency exchange Lykke has suspended trading services after $22 million was seemingly stolen in a hack.
This disruption in the crypto community is a cause of concern as to the security measures being implemented in digital currency exchanges.
Crypto Exchange Lykke Halts Amid $22M Suspected Hack
Lykke disclosed “unauthorised access” to its platform, which came to light through the popular web investigator SomaXBT. This incident led to $22 million in suspicious outflows, according to Taylor Monahan, a MetaMask developer and a crypto defense analyst.
Interestingly, the breach happened only a few days after the initial indications of unauthorized access were noticed, prompting the exchange to suspend all trading activities on the platform.
According to DLNews, the British cryptocurrency exchange Lykke has shut down trading, citing “unauthorized access” to its platform and suspected hacking. MetaMask developer Taylor Monahan said the exchange has suffered a suspicious outflow of $22 million. https://t.co/luoIJjgDXU
— Wu Blockchain (@WuBlockchain) June 10, 2024
The stolen money was also reported to include a huge quantity of Bitcoin, and other Altcoins such as Ether, Litecoins, and Bitcoin Cash among other virtual money as highlighted by onchain data.
After the hack, the stolen Ether was exchanged for DAI stablecoin in an effort to clean the funds through various accounts, a typical approach employed by hackers to launder the money.
Response and Reactions to the Hack
Lykke was quick to respond to the situation as it announced that its platform was under maintenance while at the same time, ensuring its customers that their funds were safe, even though many complained of having empty account balances. In an email sent to clients, Richard Olsen, CEO of Lykke, acknowledged the incident and explained that the company has made every effort to investigate the security breach. To calm the customers, Olsen said,
“Your funds are safe because Lykke is a diversified business that has sufficient capital.”
However, this is not the first time that the cryptocurrency industry has been targeted by hackers. Another crypto exchange, DMM Bitcoin, revealed that it had been hacked and lost $320 million just weeks before, stressing the security issues that plague the digital asset sector.
In addition, only a few hours ago, UwU Lend Protocol, a decentralized finance (DeFi) platform, was also hacked and lost $19.3 million in digital assets stolen within just minutes. These incidents underscore the pressing need for enhanced security measures across digital platforms.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US crypto ecosystem is foreseeing potential developments under President Donald Trump, with the formation of a Crypto Council being a top priority. While the White House’s Crypto Council is expected to enhance crypto policies, pro-XRP attorney John Deaton outlined four key areas the body should prioritize.
Reportedly, the Trump administration will create a Crypto Advisory Council including 24 members from the crypto sector. Despite Trump’s exclusion of crypto from his first executive orders, the crypto community remains optimistic about the government’s potential policies.
John Deaton’s Crypto Council Highlights: A Closer Look
In his recent X post, XRP lawyer John Deaton highlighted his key concerns for Donald Trump’s upcoming crypto policies. As the Crypto Council takes shape, Deaton emphasized that the council’s top priorities should be SAB 121, Bitcoin reserve, crypto tax payments, and crypto tax policies.
At the top of the list was the dismissal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). As per Circle CEO Jeremy Allaire’s statement, SAB 121 made it difficult for banks and financial institutions to hold crypto assets. Reinforcing Allaire’s opinion, John Deaton stated, “It [SAB 121 abolition] is foundational and allows Crypto to become part of the financial infrastructure in a global economy.”
Bitcoin Reserve and Crypto Taxation
Further, the XRP lawyer suggested the establishment of a de facto SBR through a potential executive order. Emphasizing the strategic Bitcoin reserve as an important crypto policy to be included, Deaton added,
He could order the creation of a cryptographic escrow locking up the 200K BTC, currently owned by the USG, for 20 years. This serves as a de facto SBR – an asset owned by the USG, with no intent to sell.
In addition, John Deaton highlighted the significance of crypto taxation in the Crypto Council’s policies. According to him, allowing people to pay taxes in crypto without incurring capital gains tax would be a significant step forward.
Another key point he emphasized was the need to reassess the classification of cryptocurrencies. The XRP lawyer stated that the IRS’s classification of crypto as property, subject to capital gains taxes, needs reevaluation.
Memecoin Regulation vs SAB 121: Deaton’s Preference
Previously, John Deaton pinpointed his preference for memecoin regulations over the SAB 121 legislation, triggered by the recent memecoin frenzy. However, his recent post surprisingly omitted memecoin regulations and instead highlighted SAB 121 as the primary concern.
The XRP lawyer’s demand for memecoin regulations came amid controversies surrounding Trump’s TRUMP memecoin. Others including Bill Morgan have also highlighted the emergency of introducing comprehensive crypto regulations. However, John Deaton’s recent omission of memecoin regulations remains speculative.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto community is rife with speculation about an imminent Ripple SEC case settlement as the US Securities and Exchange Commission (SEC) prepares for its first meeting under acting chair Mark Uyeda. However, ex-Securities lawyer Marc Fagel debunked rumors of the settlement. He suggested that those holding out for a resolution will likely be disappointed.
According to the former SEC attorney, the Ripple SEC case settlement is likely to happen after Paul Atkin’s appointment as the SEC Chair. While all eyes are on Thursday’s closed meeting, it remains uncertain whether the XRP lawsuit will reach a conclusion shortly.
Is Ripple SEC Case Settlement Imminent?
In his recent X post, Securities lawyer Marc Fagel dismissed rumors of the Ripple SEC case settlement, which the community expects to follow Thursday’s closed meeting. Asserting that the meeting has nothing to do with the XRP lawsuit, Fagel stated,
This is the same meeting they hold nearly every week. They will vote on recommendations calendared weeks ago. Those expecting something monumental to happen are about to be disappointed.
Further, Fagel clarified the buzz surrounding the Ripple SEC case, positing that a settlement this week is impossible. Instead, he believes the Trump administration might facilitate a resolution, but only after Paul Atkins takes charge.
SEC’s First Closed Meeting with Acting Chair Mark Uyeda
Fagel’s post came in response to Fox Business journalist Eleanor Terrett’s thread, which revealed, “The SEC will hold its first closed meeting since Mark Uyeda took over as acting chair on Thursday.” This follows Mark Uyeda’s launch of a dedicated Crypto Task Force with Commissioner Hester Peirce as the lead. According to the agenda, Uyeda’s meeting would include the institution and settlement of injunctive actions and administrative proceedings, resolution of litigation claims etc.
🚨NEW: The @SECGov will hold its first closed meeting since @MarkUyedaUS took over as acting chair on Thursday.
On the agenda: pic.twitter.com/WMDHzWQIeY
— Eleanor Terrett (@EleanorTerrett) January 21, 2025
Significantly, the potential closed meeting has sparked anticipations of a near-term settlement in the XRP lawsuit. Experts like MetaLawMan expect the SEC’s release of the Inspector General’s report on Bill Hinman’s conflicts of interest shortly. “I can’t think of any reason that simple act of transparency would need to wait for Paul Atkins’ arrival,” added MetaLawMan.
Mark Fagel Predicts a Possible 10-Month Delay in Ripple Case
Recently, Marc Fagel shed light on a possible delay in the Ripple SEC case settlement despite the XRPArmy’s growing optimism. Fagel’s statement that the lawsuit may conclude quickly or drag on for an extended period underscored the case’s uncertain outcome.
Despite the ongoing debate, the community remains optimistic about the lawsuit’s settlement. However, it needs to be seen how the closed meeting will impact Ripple vs SEC.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Thailand is witnessing a significant breakthrough in its ambitious vision to establish a digital asset hub. A recent report on Wednesday revealed Thailand’s plans to adopt Bitcoin ETFs, permitting local exchanges to list the exchange-traded funds.
Thailand Prepares for Bitcoin ETF Debut
The Thai Securities and Exchange Commission (SEC) plans to approve its first Bitcoin ETF, aligning with the country’s crypto hub vision, Bloomberg reported on January 15.
SEC Secretary-General Pornanong Budsaratragoon posited that the move would allow individual and institutional investors to invest in the Bitcoin vehicles directly.
Promoting the use of cryptocurrencies, Thailand is paving the way for the worldwide adoption of digital assets. During an interview on Tuesday, Pornanong stated,
Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.
Although, One Asset Management in Thailand has introduced a fund-of-fund tracking international Bitcoin ETFs, a direct investment tool remains pending approval. The ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) and was approved by the Thai SEC last year.
Thailand’s Thaksin To Legalize Crypto
The latest development came on the heels of Pheu Thai Party leader Thaksin Shinawatra’s efforts to legalize crypto. Citing the incoming US President Donald Trump’s crypto-friendly approach, Thaksin suggested Thailand embrace a more progressive stance on virtual assets. He also proposed the increased issuance and use of stablecoins.
Digital-asset trading activity in Thailand is picking up amid a wider rally that pushed Bitcoin to a record high of $108,315. Crypto hedge funds had a great last year but failed to give more returns than Bitcoin (BTC), as per Bloomberg
Thailand’s Broader Crypto Vision and Regulations
Thailand has long been striving to solidify its position at the forefront of the global crypto market. In a recent development, the country announced its crypto payment pilot project, with the trial set in Phuket.
While the initiative is expected to be executed within Thailand’s existing legal framework, it bolsters the nation’s crypto vision. The country is broadly looking to boost crypto adoption and Bitcoin ETFs will be welcome move for the local crypto industry.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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