One stable coin reports record profits But could threaten the crypto sector Bitcoin ETFs can now advertise on Google And how much money do pump and dump Schemes actually make these stories and More this week in Crypto hi I'm Nate Martin from 99 Bitcoins.com and here's what's happened This week in crypto tether stablecoin Usdt which has nearly a hundred billion Dollar in circulation achieved Record-breaking profits of $6.2 billion In 2023 the success is shadowed by Growing concerns from traditional Financial players as JP Morgan analysts Criticize tether as being a risk to the Crypto sector given its market dominance And lack of Regulatory Compliance and Transparency Google has updated its Advertising policy allowing ads Featuring certain cryptocurrency Financial products the update aims to Clarify guidelines for advertising Cryptocurrency coin trusts allowing Third parties to promote us targeted Financial products compliant with local Laws companies like vanc and black rock Are already taking advantage of this Change by posting ads on Google hackers Stole 112 million in xrp from Ripple Co-founder Chris Larson's personal Wallet while Larsson swiftly detected And reported the unauthorized access the Stolen funds were already laundered
Through various platforms however chain Data makes the actual ownership of the Hacked wallet unclear raising questions About its possible connection to Ripple former government official George Osborne who was the chancellor of the ex Checker in the United Kingdom has joined Coinbase as a global advisor coinbase's Advisory Council already includes a Former US Secretary of Defense and a Former Senator underscoring the growing Influence of former policy makers in the Crypto Industry German authorities have seized A Rec record breaking2 billion EUR worth Of bitcoin investigating two men for Alleged involvement in a piracy website In 2013 where the suspects purportedly Purchased Bitcoins with the Portal's Earnings meanwhile in the UK London Metropolitan Police seized Bitcoin worth Over 1.4 billion British pounds during The trial of a woman accused of Laundering funds for her former employer Implicated in a Chinese investment Fraud FTX has a abandoned plans to Relaunch opting for liquidation to repay Customers after potential buyers were Unwilling to invest in rebuilding FDX is Focus now is on liquidating 7 billion Doll in assets to repay claims meanwhile Celsius network has successfully emerged From bankruptcy after an 18-month Process along with a $3 billion payout a
New publicly traded entity ionic digital Will be established to be owned by Celsius Creditors Bitcoin mining operations in The United States Now consume as much Electricity as the entire state of Utah The US Energy report estimates that Mining represented an equivalent to the Annual consumption of more than 3 to six Million homes last year the US has seen A surge in mining activity with Facilities concentrated in States like Texas Georgia and New York a chainalysis Report highlights the high failure rate Of illicit pump and dump schemes on the Ethereum Dex ecosystem of the more than 370,000 tokens introduced on ethereum Last year 54% met criteria that would Indicate potential Market manipulation Malicious entities gained $240 million Through these schemes but the average Profit per token was just $2,600 constituting 1% of annual Ethereum Dex trading volume that's What's happened this week in crypto see You next week if you've enjoyed this Video leave us a thumbs up subscribe to The channel and click the notification Bell so you don't miss a review news Update or the clearest information about Bitcoin and cryptocurrencies [Music] Anywhere