SEC sees temporary setback in request to access Binance.US software
The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held on Sept. 18 to discuss the SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions. In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this time.” Alternatively, he proposed that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses. In another headline, Binance global and its CEO Changpeng “CZ” Zhao requested dismissal of the SEC’s lawsuit filed against them in June, claiming the regulator overstepped its authority in the case.
Mt. Gox trustee changes repayment deadline to October 2024
Mt. Gox trustee Nobuaki Kobayashi has officially changed the deadline for paying back the exchange’s creditors from Oct. 31, 2023, to Oct. 31, 2024. Presently, the Mt. Gox estate holds some 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen. Mt. Gox was one of the earliest cryptocurrency exchanges, once facilitating more than 70% of all trades made within the blockchain ecosystem. Following a major hack in 2011, the site subsequently collapsed in 2014 due to alleged insolvency; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC.
Tether authorizes $1B USDT to ‘replenish’ Tron network
Tether’s Treasury is set to provide a $1 billion near-term liquidity for the Tron network. The billionaire authorization was flagged by blockchain tracker WhaleAlert, which drew a quick-fire response from Tether chief technology officer Paolo Ardoino, who said that the USDT tokens would be used as inventory to “replenish” the Tron network. Authorizing USDT in the Tether Treasury allows the company to issue USDT instantaneously once customer funds are received to ensure that the issuer maintains 100% of its reserves. Ardoino added that the event was an authorization and not an actual issuance, with the allocated amount set to serve as inventory for upcoming issuance requests and chain swaps from the Tron network.
FTX founder’s parents sued, accused of stealing millions from crypto exchange
Debtors of FTX have launched legal action against the parents Sam “SBF” Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the crypto exchange. The plaintiffs argued that Joseph Bankman and Barbara Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of the debtors in the FTX bankruptcy estate. The debtors alleged that SBF’s parents were “very much involved” in the FTX business from inception to collapse, contrary to what SBF has claimed. According to the complaint, Bankman and Fried extracted significant unearned rewards from their involvement in FTX Group, including a $10-million cash gift and a $16.4-million luxury property in the Bahamas.
Grayscale files for new Ether futures ETF — Official
Digital currency investment company Grayscale is the latest firm to file with the Securities and Exchange Commission for a new Ether (ETH) futures exchange-traded fund (ETF).
Grayscale Ethereum Futures Trust will hold Ether futures contracts with a “roughly constant expiration profile,” according to the filing. The trust will “never carry futures positions to cash settlement.” The nature of the Ether futures contracts in the ETF will not require the trust to use an Ether custodian. Grayscale’s application comes a few weeks after Valkyrie also filed for an Ether futures ETF with the SEC in mid-August, following several other firms filing for ETH futures ETFs.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,525, Ether (ETH) at $1,590 and XRP at $0.51. The total market cap is at $1.05 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Immutable (IMX) at 27.07%, Curve DAO Token (CRV) at 16.16%, and Aave (AAVE) at 15.92%.
The top three altcoin losers of the week are Gala (GALA) at -8.57%, Axie Infinity (AXS) at -7.42%, and Optimism (OP) at -7.52%.
“There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few players […].”
Sarah Cardell, CEO of the U.K. Competition and Markets Authority
“Don’t give up on the United States. This too shall pass, the confusion shall pass. The United States is a good place to build things, and I want it to stay that way.
Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission
“If the average end-user, who isn’t a computer scientist, who doesn’t understand blockchain, has to know about their private keys — we’ve got it wrong. They have to be abstracted away,”
“It is an inevitable future where there will no longer be any intermediaries between fans and creators — this is an obvious but unrealized potential of blockchain technology.”
Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar
Bitcoin circled lower after the United States Federal Reserve decision on interest rates, with $20,000 BTC price predictions resurfacing.
The aftermath of the Fed interest rates pause on Sept. 20 offered little for Bitcoin bulls, BTC/USD having dipped almost $700 the day prior. Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC price action, with $27,000 fading from view.
Now, market participants returned to a more conservative outlook in the absence of tangible volatility. “Something like this over the course of October would be perfect i would say,” popular trader Crypto Tony told X (formerly Twitter) subscribers.
“Slow grind up to $28,500, followed by hype and FOMO, to then dump it once more.”
FUD of the Week
Balancer blames ‘social engineering attack’ on DNS provider for website hijack
Ethereum-based automated market maker Balancer believes a social engineering attack on its DNS service provider was what led to its website’s front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. Blockchain security firms SlowMist and CertiK reported that the attacker employed Angel Drainer phishing contracts. SlowMist said the exploiters attacked Balancer’s website via Border Gateway Protocol hijacking — a process where hackers take control of IP addresses by corrupting internet routing tables. The hacker has already bridged some of the stolen Ether (ETH) to Bitcoin (BTC) addresses.
Crypto influencer arrested in Hong Kong for JPEX association
A Hong Kong-based social media influencer has reportedly been arrested after investigations around the liquidity crisis of the crypto exchange JPEX traced back their involvement. According to a local report, the Securities and Futures Commission of Hong Kong recently issued a statement blaming JPEX for actively promoting the platform’s services and products to the public through online celebrities and over-the-counter money changers. Another unconfirmed report suggests that Lin Zuo presented “schemes” to a chat group created for cryptocurrency investment. Also related to this story, Hong Kong regulators are looking to tighten regulations around the crypto market following the failure of JPEX, which led to the arrest of over six individuals.
CoinEx hack: Compromised private keys led to $70M theft
Hong Kong-based cryptocurrency exchange CoinEx has revealed that compromised private keys allowed hackers to steal over $70 million worth of tokens. According to CoinEx representatives, the amount represents a small percentage of its total assets under management. CoinEx stated that affected users will be compensated entirely for any lost funds. The exchange explained that a preliminary investigation pinned the root cause to a compromised private key for its hot wallets. These were used to store exchange assets for carrying out deposits and withdrawals.
‘AI has killed the industry’: EasyTranslate boss on adapting to change
NFT Collector: William Mapan explains generative art using a crayon and dice
What even is generative art? William Mapan, whose 250-piece Distance collection just sold out at 2ETH each, explains using a crayon and die.
JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express
Hong Kong crypto exchange JPEX busted in $166M scam, Mt. Gox delays repayments yet again, oldest credit card company in Singapore moves into blockchain.
Subscribe
The most engaging reads in blockchain. Delivered once a
week.
Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
It says human rights in the UK “worsened” in 2024, with “credible reports of serious restrictions on freedom of expression”, as well as “crimes, violence, or threats of violence motivated by antisemitism” since the 7 October Hamas attack against Israel.
On free speech, while “generally provided” for, the report cites “specific areas of concern” around limits on “political speech deemed ‘hateful’ or ‘offensive'”.
Sir Keir Starmer has previously defended the UK’s record on free speech after concerns were raised by Mr Vance.
In response to the report, a UK government spokesperson said: “Free speech is vital for democracy around the world including here in the UK, and we are proud to uphold freedoms whilst keeping our citizens safe.”
Image: Keir Starmer and JD Vance have clashed in the past over free speech in the UK. Pics: PA
The US report highlights Britain’s public space protection orders, which allow councils to restrict certain activities in some public places to prevent antisocial behaviour.
It also references “safe access zones” around abortion clinics, which the Home Office says are designed to protect women from harassment or distress.
They have been criticised by Mr Vance before, notably back in February during a headline-grabbing speech at the Munich Security Conference.
Ministers have said the Online Safety Act is about protecting children, and repeatedly gone so far as to suggest people who are opposed to it are on the side of predators.
Please use Chrome browser for a more accessible video player
5:23
Why do people want to repeal the Online Safety Act?
The report comes months after Sir Keir bit back at Mr Vance during a summit at the White House, cutting in when Donald Trump’s VP claimed there are “infringements on free speech” in the UK.
“We’ve had free speech for a very long time, it will last a long time, and we are very proud of that,” the PM said.
But Mr Vance again raised concerns during a meeting with Foreign Secretary David Lammy at his country estate in Kent last week, saying he didn’t want the UK to go down a “very dark path” of losing free speech.
Please use Chrome browser for a more accessible video player
The Trump administration itself has been accused of trying to curtail free speech and stifle criticism, most notably by targeting universities – Harvard chief among them.
The police’s use of facial recognition technology is to be significantly expanded in an attempt to catch more offenders, ministers have announced.
Under the plans, 10 live facial recognition (LFR) vans will be used by seven forces across England to help identify “sex offenders or people wanted for the most serious crimes”, according to Home Secretary Yvette Cooper.
The tech, which has been trialled in London and south Wales, will be subject to strict rules, the Home Office said, but human rights groups have warned it is “dangerous and discriminatory”.
Amnesty International UK said the plans should be “immediately scrapped”, with facial recognition proven to be “discriminatory against communities of colour”.
“It has been known to lead to misidentification and the risk of wrongful arrest,” said Alba Kapoor, the charity’s racial justice lead, “and it’s also known to be less accurate in scanning the faces of people of colour.”
The Home Office said the LFR vans will only be deployed when there is “specific intelligence”, and will be operated by trained officers who will check every match made by the cameras.
The vehicles will also only be used against bespoke watch lists, compiled for each use under guidelines set by the College of Policing.
The vans will be operated by police forces in Greater Manchester, West Yorkshire, Bedfordshire, Surrey and Sussex (jointly), and Thames Valley and Hampshire (jointly).
Image: The 10 vans set to be deployed to police forces across England.
Pic: Home Office
‘The most serious offenders’
Ms Cooper has said ministers are focused on making sure “there are proper safeguards in place”.
As part of the plans, the home secretary has announced she will be launching a consultation on how and when the cameras should be used, and with what safeguards, which the government will use to draw up a new legal framework for the use of the cameras.
Ms Cooper said the tech had been used in London and South Wales “in a targeted way”, and helped catch “the most serious offenders, including people wanted for violent assaults or for sex offences”.
According to the Metropolitan Police, the tech has led to 580 arrests for offences such as rape, domestic crime and knife crime in the space of 12 months.
The government has pointed to independent testing by the National Physical Laboratory, which it said found the tech was “accurate” and showed “no bias for ethnicity, age, or gender”.
Liberty has welcomed the government’s decision to create a statutory framework for using facial recognition, but said that should be in place before the tech is rolled out.
“There’s no reasonable excuse to be putting even more cameras on our streets before the public have had their say and legislation is brought in to protect all of us,” said a statement.
The civil liberties charity cited how more than 1.6 million people have had their faces scanned in South Wales, mostly on football match days in Cardiff city centre.
But Lindsey Chiswick, from the National Police Chiefs’ Council (NPCC), has said the expansion “is an excellent opportunity for policing”, and will help officers locate suspects “quickly and accurately”.
Police should consider disclosing the ethnicity and nationality of suspects when they are charged in high-profile and sensitive cases, new national guidance says.
Coming into force today, it says there must be a policing reason to release the information, such as where there are high levels of disinformation, if it will improve public safety, or if it is significantly in the public interest.
A Home Office spokesperson told Sky News they will support the new guidance by authorising the release of relevant accompanying immigration information if appropriate.
The change comes after two men charged over the alleged rape of a 12-year-old girl in Nuneaton were reported to be Afghan asylum seekers, sparking protests.
Warwickshire Police did not confirm the immigration status, leading to Reform UK accusing them of a “cover-up”, something the force strongly denied.
Responding to the row, Home Secretary Yvette Cooper said last week she wanted police to be more transparent, and that new guidance was being worked up.
Please use Chrome browser for a more accessible video player
2:41
Migration protesters face off
How high-profile cases sparked debate
When considering what information to release, police must consider contempt of court laws which aim to give defendants a fair trial, as well as media guidance from the College of Policing.
Until now, the media guidance said once a suspect has been charged, police can give out information such as their name, date of birth and address. It did not mention anything about ethnicity, nationality, or immigration status.
The Southport murders committed by Axel Rudakubanalast July led to speculation about his ethnicity and immigration status, fuelling riots in many parts of the country.
In the Nuneaton case, Reform leader Nigel Farage said retaining the “basic and sober facts” was “a cover-up that in many ways is reminiscent of what happened after the Southport killings”.
Warwickshire Police said officers “did not and will not cover up such criminality”, and followed national guidance.
Image: Reform leader Nigel Farage argues releasing the information could prevent unrest. Pic: PA
How will new guidance work?
The new guidance says it is at the discretion of the police force to decide whether to release ethnicity and nationality details, and that they must consider the ethical and legal implications.
It says it is not the job of police to verify a suspect’s immigration status, which rests with the Home Office.
The advice has been developed by the National Police Chiefs’ Council (NPCC) and the College of Policing, in consultation with the Home Office and the Crown Prosecution Service (CPS).
Deputy chief constable Sam de Reya, the NPCC lead for communications and media, said: “We saw during last summer’s disorder, as well as in several recent high-profile cases, what the major, real-world consequences can be from what information police release into the public domain.
“We have to make sure our processes are fit for purpose in an age of social media speculation and where information can travel incredibly quickly across a wide range of channels.
“Disinformation and incorrect narratives can take hold in a vacuum. It is good police work for us to fill this vacuum with the facts about issues of wider public interest.”
Please use Chrome browser for a more accessible video player
3:31
One year on from the Southport riots
‘A chilling message’
The guidance is interim, and will be considered as part of a wider review of the College of Policing’s authorised professional practice for media relations later this year.
Chief constable Sir Andy Marsh, the college’s CEO, said officers will continue to police “without fear or favour”.
But the guidance is likely to provoke backlash from anti-racism campaigners. Last week, the Joint Council for the Welfare of Immigrants warned that revealing ethnicity and migration status would “send a chilling message: that some people are inherently more ‘suspect'”.
‘Public trust requires transparency’
A Home Office spokesperson told Sky News they welcome the new guidance, adding: “Public trust requires transparency and consistency from the authorities that serve them.”
They added: “The public, and police forces themselves, want greater clarity on when, why and how information is released and the legitimate and compelling reasons it may need to be withheld.
“The Home Office will support that effort by authorising the release of relevant accompanying immigration information in future cases, where it is appropriate to do so, and where the police have requested it. All cases will of course take account of consultation with the police and CPS.
“The government also asked the Law Commission at the end of February to speed up the elements of its review around the law of contempt in relation to what can be said publicly ahead of a trial.”