Huobi has announced that it’s listing the ‘FTX User Debt’ (FUD) token issued by the ‘DebtDAO.’ This is despite the lack of many basic details that would help explain its functionality.

The project claims that FUD is a ‘bond token’ issued after it was notified of a ‘debt amount’ of $100 million related to the FTX bankruptcy.

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The UK’s top financial watchdog, the Financial Conduct Authority (FCA), has kicked off 2023 with strict warnings for the tech and crypto sectors, amid concerns that the cost of living crisis will make some more susceptible to financial scams.

Last year, the FCA made companies change or remove 8,252 misleading or fraudulent promotions — 14 times more than in 2021.

This sharp uptick in FCA regulation is expected to continue this year.

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Australian Federal Police have announced their dismantling of the Xin Money Laundering Organization, which moved an estimated $10 billion.

Among those arrested is the apparent leader of the organization, Steven Xin. Xin was the Australian business partner of former junket operator Alvin Chau.

Together they ran the SunCity junket, apparently in coordination with ‘Broken Tooth’ Wan Kuok-koi, boss of the Macau branch of the 14 K Triad during the bloody Triad wars.

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Altcoin fans have been warned that a popular new token is a scam designed to charge users a stealthy 99% transaction fee. According to Dingo Token’s four-page white paper, the crypto only charges a 10% fee per transaction.

However, as reported by Info Security Magazine, researchers have discovered a backdoor that appears to have been put in place to “steal users’ funds.”

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Some Genesis creditors are deciding that it’s time to take the money and run — even if all they’re able to get is a fraction of what they paid into the bankrupt lender.

Earlier this week, Stephen Sokolowski, a crypto mining executive, sold his $4 million claim against Genesis for just $1 million, or $0.25 on the dollar. It was bought by a fund managed by investment bank Jefferies, according to a court filing.

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Draper was in Sri Lanka when he met recently elected President Ranil Wickremesinghe where he told his spiel about bitcoin adoption at the central bank. According to Bloomberg, he was met with icy feedback. In a meeting with Governor Nandalal Weerasinghe, Draper announced, “I come to the central bank with decentralized currency.”

“We don’t accept,” Weerasinghe replied, reportedly taking a sip of fizzy ginger beer.

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A group of anarchist coders is preparing to launch a next-generation crypto software that they say will “present a graver threat to governments than other internet advances of the past 20 years,” reports Politico.

The group, which calls itself ‘DarkFi,’ claims that its new blockchain project “is not a corporate startup,” rather it’s “a democratic economic experiment, an operating system for society.”

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The Securities and Exchange Commission (SEC) has been suing Ripple since December 2020, and they are within months of their final battle. The SEC alleged that Ripple and two of its executives raised $1.3 billion in an unregistered securities sale. Ripple has declined settlement offers to date, claiming that they never conducted such a sale.

Both parties anticipate that the presiding judge could issue summary judgment within the next few months.

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US-based crypto exchange Kraken is shuttering its Abu Dhabi office as part of its ongoing global cost-cutting measures, reports Bloomberg.

The move means that transactions in Dirham, the country’s official currency, will no longer be allowed. However, customers from the region will still be able to use the platform.

The company took the decision less than 12 months after gaining a local license. Kraken no longer shows up in the registry for Abu Dhabi Global Market (ADGM).

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