Tether’s $120 Billion Stablecoin—Suddenly at Risk?

What we’ll cover today:

🪙 Tether on the Brink? Crypto Faces a Shake-Up.

🌏 Korea’s Bold New Crypto Rulebook.

🤔 Bitcoin Miners Secretly Driving Up Your Electric Bill.

1. Tether on the Brink? Crypto Faces a Shake-Up.

U.S. regulators are questioning whether Tether, the issuer of the widely-used USDT token, is fully backed.

They’re also probing if it’s linked to suspicious activities.

A major crackdown could mean:

• A potential shake-up across global crypto markets.

• Disruption for Wall Street giant Cantor Fitzgerald, which manages Tether’s reserves.

• A ripple effect extends into traditional financial systems.

Tether’s CEO denies any trouble.

But experts warn that if Tether falters, the impact could be massive.

Is this the start of crypto’s biggest test yet?

Here’s the whole article

2. Korea’s Bold New Crypto Rulebook.

What if every crypto transaction you made had to be reported to the government?

Starting in 2025, that’s the reality for South Korean businesses trading crypto across borders.

Here’s what’s coming:

• Mandatory Registration: Businesses trading virtual assets across borders must register with government authorities.

• Monthly Reporting: Monthly transaction reports must be submitted to the Bank of Korea.

Why the crackdown?

Since 2020, Korea has seen $7.97 billion in foreign exchange crimes, over 80% of which are tied to crypto.

This new rule aims to stamp out shady deals and create a safer crypto market.

Here’s the whole article.

3. Bitcoin Miners Secretly Driving Up Your Electric Bill.

For Malaysia’s power giant, Tenaga Nasional Berhad (TNB), this nightmare is real.

Since 2020, illegal crypto miners have cost TNB over $100 million in stolen electricity.

These rogue miners plug in, power up, and don’t pay a dime.

Here’s the breakdown of the impact:

• 2023 Losses: 103 million ringgit ($22 million)

• Total Losses (2018-2023): $755 million

• Equipment Seized: $500,000 worth of mining gear

Authorities have also launched a tax investigation into these mining operations.

Crypto mining may only use a slice of the grid’s power, but its impact on TNB is huge.

Here’s the whole article