Another week in the crypto world that is fulfilled with the news. Elon Musk rocks the community once again by promoting his plan on implementing crypto payments on Twitter. Meanwhile, another crypto exchange was accused of aiding and abetting a crime. Besides that, Justin Sun, co-founder of Tron, shares his plans and predictions for 2023. All of that and more you can read in a further article.
Elon Musk promotes a plan to integrate crypto payments into Twitter.
Twitter, which is owned by Elon Musk, is actively preparing for the introduction of cryptocurrency payments in the social network. At the moment, a number of permits and licenses have already been initiated in the United States.
The head of Twitter, Elon, personally said that soon the users of the network will be able to make transfers in fiat currency. However, after a while, it will also be possible to make transfers in digital assets.
The details were given during the meeting with advertisers, where the entrepreneur shared the plan to make Twitter not only a social network but also a platform for payments and the exchange of assets. In addition, there will be an opportunity for Twitter users to invest in the platform for passive income.
By 2028, Twitter's income from these changes should be about $1.3 billion. Meanwhile, cryptocurrencies Dogecoin and Mask Network reacted to the news with price increases.
Also, on January 27, Elon confirmed that he is still willing to eat a Happy Meal live if McDonald's accepts Dogecoin as a payment option.
Bitzlato crypto exchange suspected of helping launder large sums of criminal proceeds
Europol has reported that the Bitzlato cryptocurrency exchange has been involved in laundering criminal proceeds. At the moment, charges of 1 billion euros are being filed.
Already on January 18, the U.S. Department of Justice reported the suspension of the Bitzlato exchange. Its founder, Anatoli Legkodimov, was also taken into custody. The exchange was operating illegally on the territory of the United States and carried out transactions in the amount of $700 million. According to Europol, a total of about €2.1 billion was spent through the exchange. In this case, about 46% (1 billion) was linked to criminal activity.
In addition to the founder, joint forces from Cyprus, Belgium, France, the United States, Spain, the Netherlands, and Portugal arrested four other people directly linked to the exchange. They were searched, property seized, and 68 million euros in accounts frozen.
As the funds from the exchange did not remain on the exchange but continued to circulate between platforms, Binance was forced to take urgent action. In total, approximately $350 million in funds passed through Binance from Bitzlato. In order to prevent possible illegal actions, the exchange began blocking all accounts involved in the transactions, pending the outcome of the proceedings.
More than 1,000 users from Eastern Europe and CIS countries found themselves without access to their accounts and the ability to move funds. Many were outraged and began to publicize the case by forming groups. However, as of this writing, Binance reports that 90% of all blocked accounts have been unblocked, while the rest have received instructions on how to contact law enforcement.
Justin Sun, a co-founder of Tron and cryptocurrency TRX, shares his expectations for 2023
On his Twitter account, Justin published a series of posts in which he described his expectations for 2023 and made a suggestion about the cryptocurrency market.
First of all, Justin stated that the main KPI for 2023, in his opinion, will be the recognition of TRX cryptocurrency in 5 countries as legal tender. Justin Sun believes that it is important to spread services and gain recognition not only from the US but also from the rest of the world by promoting new technologies and opportunities to the entire population of the world. He also encourages other companies to follow suit by focusing on all countries, not just the most important ones.
Justin Sun is also an advisor to the Huobi cryptocurrency exchange, which is actively gaining popularity among Chinese people. Not long ago, Justin Sun flew to China on a business visit, and on his Twitter account, he said that the new wave of growth in the crypto market will be dominated by China. Recent laws and regulations on cryptocurrencies could indeed mean preparations for the legalization of cryptocurrencies in the country.
Justin Sun shared that a large number of Chinese are already using cryptocurrencies such as TRX through the Huobi exchange.
A roadmap for the regulation of cryptocurrencies has been presented by the White House.
Within the published document, a large part was addressed to the US Congress. The presidential administration urged Congress to create the first full-fledged regulation of currencies.
First and foremost, bills were presented to regulate stablecoin. Also, the administration called on banks and other organizations to increase control over cryptocurrencies and issue detailed instructions to its representatives.
In addition, the White House is pushing to increase disclosure requirements for cryptocurrency companies. There are also plans to increase fines and penalties for non-compliance.
US banks were among FTX's creditors
Many official organizations preferred to hide their relations with the collapsed FTX exchange, which was involved in a number of fraudulent schemes and used users' money at its own discretion.
However, from the documents published in the course of the proceedings, the names of the creditor banks of FTX became known, namely Goldman Sachs, JPMorgan, Wells Fargo, and non-US banks Deutsche Bank, HSBC, and MUFG Bank. All of them are likely creditors of the FTX exchange.
Goldman Sachs has already stated that it has no claims against FTX, and Deutsche Bank has stated that it has no credit risks related to the bankruptcy of the exchange.
Week in Review
The week was full of expectations and announcements from various companies and notable personalities such as Elon Musk and Justin Sun. However, the week also brought another dispute with FTX and the closure of the Bitzlato exchange. Bitcoin, on the other hand, did not bring anything new and generally continued to hold its course.
Keep an eye out for our traditional weekly PointPay Crypto Digest next week for the progress of this news, as well as many other interesting ones.
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