1. MicroStrategy purchased 18,300 BTC, worth approximately $1.11 billion
MicroStrategy announced that it purchased 18,300 BTC at an average price of $60,408 between August 6 and September 12, worth approximately $1.11 billion, and achieved a BTC return of 4.4% so far in the quarter and 17.0% so far in the year. As of September 12, 2024, it holds 244,800 BTC, worth approximately $9.45 billion, at an average price of approximately $38,585.
2. US lawmakers initiated a new bill to establish a joint advisory committee on digital assets between the SEC and the CFTC
Republican Congressman John Rose of Tennessee is introducing a new bill called the “BRIDGE Digital Assets Act” which would establish a joint advisory committee on digital assets between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The purpose of the committee is for the industry to advise both agencies on rules, regulations, and policies related to digital assets. The committee would be composed of 20 private sector players who represent diverse interests in the Crypto space.
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3. US consumer protection organization warns Tether about reserve transparency issues
The organization pointed out that Tether has not yet provided a complete audit conducted by a reputable accounting firm. They also compared this lack of transparency to the situation before FTX collapsed, and issued an open letter to governors of various US states, emphasizing the potential risks of Tether. At the same time, Tether actively responded to external doubts. In July this year, it hired former Chainalysis chief economist Philip Gradwell to provide a USDT usage report, and announced in August that it would assist law enforcement agencies in recovering $108.8 million in USDT related to illegal activities.
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4. UK High Court rules that Tether’s USDT stablecoin can be considered property
Under UK law, USDT has property rights. It can be traced and can constitute trust property like other property. The case was filed by Fabrizio D'Aloia, who said he was a victim of a crypto scam involving crypto exchanges Bitkub and Binance, with whom he had settled. The judge still ruled in favor of Bitkub, and D'Aloia's claim against the crypto trading platform was dismissed, according to the documents.
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5. Beijing police cracked down on a pyramid scheme gang that used virtual collections as an investment, involving more than 2.8 million US dollars
The pyramid scheme introduced the "rules of the game" to the public through on-site lectures and WeChat group messages, and attracted unspecified people to top up and purchase virtual collections in the name of investing in them, earning profits from them and causing property losses to many people. The police reminded that some criminals have turned "digital collections" and "virtual currencies" into their own "wealth codes", and used digital economic concepts and technologies as a cover to engage in illegal fundraising and other criminal activities.
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6. The U.S. Treasury Department imposes sanctions on Cambodian tycoon Ly Yong Phat for suspected cyber and virtual currency fraud
Ly's Cambodian Garden City Hotel, Koh Kong Resort and Phnom Penh Hotel were also included in the sanctions list. Victims reported that they were lured to O-Smach Resort by false employment opportunities, had their phones and passports confiscated upon arrival, were forced to engage in fraudulent activities, were beaten, abused with electric shocks, forced to pay huge ransoms or threatened to be sold to other online fraud gangs.
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