š MARKET MOVING NEWS! (03/01/25)
1ļøā£ Tether, Tron and TRM Labs Help Freeze $126 Million in USDT Linked to Crime ā”ļø
The T3 Financial Crimes Unit (FCU), a crime-fighting coalition spearheaded by stablecoin issuer Tether, the Tron network and TRM Labs, is reportedly working directly with law enforcement agencies worldwide to āidentify and disrupt criminal networks.ā According to reports, the coalition has frozen $126 million in USDT and monitored over $3 billion in total volume since its inception in August 2024. Chris Janczewski, head of global investigations at TRM Labs, stated that the coalitionās work to effectively disrupt cybercriminals from using USDT on TRON is a proof of concept for public-private partnerships.
2ļøā£ Do Kwon Pleads Not Guilty to US Fraud Charges In $40 Billion Crypto Collapse ā
Terraform Labs co-founder Do Kwon reportedly pleaded not guilty on Thursday to U.S. criminal fraud charges after being extradited from Montenegro this week. Notably, Kwon faces nine counts of various charges for his role in the collapse of the Terra ecosystem, including securities fraud, wire fraud, money laundering charges and commodities fraud. He reportedly faces a maximum prison sentence of 130 years if convicted of all charges.
3ļøā£ Tether And Bitfinex General Counsel Stuart Hoegner Retires, Michael Hilliard Takes Charge ā¶ļø
Stuart Hoegner, the general counsel of Tether and Bitfinex, has retired from his role as legal chief at the two firms. Michael Hilliard is reported to be replacing him as general counsel. According to a company statement, Hoegner and Hilliard had co-led the two companies' legal efforts for several years. Notably, the change in leadership comes as the European Unionās Markets in Crypto-Assets (MiCA) regulation MiCA took full effect on Dec. 30.
Tether CEO Paolo Ardoino stated,
Stuās contributions to both Tether and Bitfinex have been immeasurable, and we are deeply grateful for his years of dedicated service. As we turn the page, we are confident that Michaelās leadership will continue to strengthen our legal operations and help guide Tether and Bitfinex through the next chapter of growth and innovation.
4ļøā£ BlackRock's BUIDL Approved As Backing Token For Frax USD Stablecoin ā¼ļø
The Frax community has reportedly voted to pass FIP-418, Securitize's proposal to make BlackRockās USD Institutional Digital Liquidity Fund (BUIDL) token the backing for Frax Financeās USD stablecoin (frxUSD).
Following the vote, Frax Finance founder Sam Kazemian stated,
FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRockās prime treasury offerings. This collaboration is a significant step toward bridging traditional finance with decentralized systems.
5ļøā£ Morgan Stanleyās E-Trade Explores Offering Crypto Trading š
Asset manager Morgan Stanley is reportedly considering adding cryptocurrency trading to its E-Trade online brokerage platform. According to the report, one of the key considerations prompting the potential development is expectations of a friendlier crypto regulatory environment under United States President-elect Donald Trump. Notably, Trump has previously expressed a desire to make the US āthe worldās crypto capital.ā If implemented, it would make E-Trade one of the biggest traditional retail brokerages to add support for crypto trading.