The Shib Crypto Recap: Friday

Today’s conversations in crypto news are largely characterized by key issues such as rising global cybersecurity challenges, a remarkable decline in cryptocurrency market losses, and the increasing acceptance of the crypto sector by conventional financial institutions. Furthermore, progress in regulations governing crypto derivatives trades is making headlines, indicating a shift within the industry.

‘Operation Endgame’ Targets Russian Cybercrime Syndicate Amid Declining Crypto Loss Rates

The U.S. has launched “Operation Endgame” to target a major Russian cybercrime syndicate involved in laundering billions through illegal activities like ransomware and credit card fraud. Key figures include Sergey Sergeevich Ivanov, who runs PM2BTC, a cryptocurrency exchange designated as a major money laundering threat. The Department of Justice has charged Ivanov and Timur Shakhmametov with conspiracy to commit bank fraud and money laundering. Ivanov processed payments for the illegal carding site Rescator and funneled money from the marketplace Joker’s Stash. TRM Labs estimates Ivanov’s network facilitated over $1.15 billion in suspicious cryptocurrency exchanges. This operation marks a significant effort against Russian cybercrime funding.

Speaking of global efforts for investor protection, in Q3 2024, crypto losses due to hacks and fraud fell by 40% compared to the same period last year despite total thefts reaching a significant $1.33 billion for the year. This quarter saw only 3.9% in losses compared to the previous quarter, attributed to improved security protocols and increased user vigilance. A dramatic 54% drop in successful attacks, from 75 in Q3 2023 to 34 in Q3 2024, indicates that these measures are effectively protecting assets. However, experts warn that the market still grapples with evolving threats, especially in the decentralized finance space.

BNY Mellon’s SAB 121 Exemption: Expanding Crypto Custody Services for Institutions

The Bank of New York Mellon (BNY Mellon) has received an exemption from the SEC’s Staff Accounting Bulletin (SAB) 121. This allows the major U.S. custodian bank to offer crypto custody services for institutional clients. Chris Land, general counsel for U.S. Senator Cynthia Lummis, highlighted this during a public hearing in Wyoming. The move shows BNY Mellon’s aim to increase its footprint in the growing crypto custody market while staying under Federal Reserve and New York’s Department of Financial Services oversight. This exemption is significant for the crypto industry, as it may drive more institutional participation and suggests a shift in the regulatory environment.

Aligning Hong Kong’s OTC Derivatives Reporting with Global Standards

Hong Kong’s financial regulators, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC), plan to align their OTC derivatives reporting framework, including crypto derivatives, with global standards. The SFC has sought industry feedback on a proposed licensing regime for cryptocurrency OTC services. These changes aim to synchronize Hong Kong’s reporting requirements with those of the European Securities and Markets Authority (ESMA). The HKMA and SFC will implement key international reporting standards like Unique Transaction Identifiers (UTI), Unique Product Identifiers (UPI), and Critical Data Elements (CDE). They will also accommodate the Digital Token Identifier (DTI) in their reporting. The regulators stressed the importance of aligning with global mandates to keep Hong Kong in sync with major jurisdictions.

Strengthening Crypto Ad Policies in Dubai: Emphasizing Risk Awareness and Fair Practices

Dubai has tightened its regulations for cryptocurrency marketing. The Virtual Asset Regulatory Authority (VARA) has set new guidelines requiring all digital asset advertisements to include a clear disclaimer about financial risks. Marketers must follow legal requirements and secure necessary permits. VARA also emphasizes that marketing must be fair and identifiable, prohibiting misleading claims and “fear of missing out” (FOMO) tactics. Promotions should target suitable audiences, and companies are required to maintain records for eight years. Third-party marketers must adhere to these regulations as well.

Shiba Inu’s End-of-September Momentum: Bullish Patterns and Community Confidence

At the close of September, Shiba Inu has gained 37.5% in the past month. Analyst Javon Marks predicted the altcoin may rise further, potentially by 360%. He analyzed a falling wedge pattern that indicates a bullish reversal. This pattern shows that selling pressure is easing as prices consolidate. The recent breakout signals a potential upward trend. Based on this analysis, Marks targets a price of $0.000081, which would mean a major increase from its current value.

As for observations over the week, latest CoinMarketCap data revealed Shiba Inu’s resilience. It showed a 31.40% increase despite a downturn in the broader cryptocurrency market. It now boasts a market cap of over $10 billion, ranking among the top 15 cryptocurrencies. A positive community sentiment shines through, with 87% of 10,897 voters being optimistic about its future.

Since September 16, Shiba Inu’s price has climbed steadily, experiencing small dips that buyers quickly absorb. Trading volume has surged, indicating active participation and validating the rally with genuine interest. So far, these last few days of the month has seen Shiba Inu’s price skyrocket, breaking previous records and leading to increased investor confidence.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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