- Deutsche Bank raises doubts about Tether's stability, igniting discussions on transparency and solvency in stablecoins.
- Coinbase's Base Network experiences a 145% surge in hacks during April, sparking security worries in the crypto community.
- Lightning Labs aims to launch stablecoins on the Bitcoin network to enhance efficiency and expand utility.
- Hong Kong authorities uncover a scam involving Elon Musk deepfakes targeting investors.
- CFTC Chair advises crypto firms to brace for tougher regulations in the coming two years.

Last week unfolded like many others in the world of cryptocurrency—full of surprises, peculiar events, and a touch of entertainment.
One standout report involved a contentious clash between Deutsche Bank and Tether, the leading stablecoin issuer globally.
Coinbase's Base Network also made headlines with a startling 145% spike in hacks during April, as reported by Scam Sniffer.
Meanwhile, in Hong Kong, a sophisticated scam using deepfakes of Tesla's CEO, Elon Musk, was exposed, highlighting the growing challenges of fraud in the crypto space.
Let's delve into the week's most intriguing crypto stories.
Deutsche Bank stirred the pot by questioning Tether's stability and solvency, citing historical currency peg data and expressing concerns about the vulnerability of many stablecoins to market turbulence.
This scrutiny wasn't well-received by Tether, which swiftly rebutted Deutsche Bank's claims, citing a lack of substantive evidence in the report.
On another front, alarming data revealed that hacks on Coinbase's Base Network surged dramatically in April, raising serious concerns within the crypto community about the platform's security.
In a different arena, Lightning Labs made waves with plans to introduce stablecoins onto the Bitcoin network, potentially reshaping the landscape of cryptocurrency transactions.
Meanwhile, Hong Kong authorities cracked down on a deceptive scheme that exploited deepfake technology to impersonate Elon Musk, signaling the escalating sophistication of crypto-related scams.
Looking ahead, regulatory rumblings continued, with the CFTC chair warning of forthcoming stricter measures within the crypto industry to safeguard against fraud and manipulation.
As the crypto landscape evolves rapidly, vigilance and caution remain paramount for all participants. Please note that while Voice of Crypto aims for accuracy, it is essential to conduct personal research and make informed financial decisions given the volatile nature of cryptocurrencies.

#Crypto2024 #cryptocurrency!!! #coinbase #tether

In a blog post on March 23, Coinbase, a leading cryptocurrency exchange, addressed the recent bank failures in the United States and discussed the role of crypto in the current financial system. The post emphasized that the recent bank failures were not caused by crypto and that the first cryptocurrency, Bitcoin, was actually born out of the 2008 financial crisis.

The blog post highlighted that the current crisis of trust in the banking system has many parallels to the great financial crisis of 2008. However, unlike in 2008, crypto now exists as a potential solution to enhance transparency and reliability, reduce costs, and empower individuals to have more control and choices in their financial lives.

The post emphasized that regulators should focus on addressing risks in the system and ensuring that banks engage in effective risk management rather than prohibiting safe crypto activities. Regulatory policy decisions should also be made in the daylight with proper rulemaking, not in closed-door meetings that lead to conflicting statements and inconsistent supervision.

The blog post also highlighted the importance of diversity in depositors and clients for banks, as well as specialization and innovation, but emphasized the risks of excessive concentration in any industry sector. The post argued that allowing bank supervision to be influenced by political favoritism or discrimination against specific industries like crypto undermines supervisory discipline and creates an uneven distribution of risks.

The post also emphasized that the world still relies on the U.S. dollar, and crypto makes it stronger. The crypto industry is here to stay, and the rest of the world is moving to regulate it. While systemic risk doesn’t happen overnight, crypto has the potential to make the financial system better, faster, and cheaper.

In conclusion, Coinbase’s blog post emphasized that crypto did not cause the recent bank failures and called for a re-assessment of the regulations around the financial sector coupled with a willingness to look at the opportunities that new innovations – particularly in crypto and digital assets – provide in enhancing the current system.

#crypto2023 #BTC #coinbase #dyor #azcoinnews

This article was republished from azcoinnews.com