This week in the crypto world brought significant events from scam busts to new investment strategies. Here's a snapshot of the most intriguing occurrences.
Biggest Story
Vietnamese authorities busted a $1.2 million crypto scam and saved 300 victims. The creators of a fake token QFS were arrested for promises of nonexistent riches. This was part of the government's efforts to crack down on cryptocurrency fraud. In October 2024, police in Nghe An province dismantled another cross-border scam ring involved in fraudulent transactions.
Other Major Stories
1. Crypto hacks in December 2024 dropped by 70%, with losses down to $24.69 million.
2. Celsius Network appeals against the court ruling in a $444 million lawsuit with FTX while planning a $127 million payoff to creditors.
3. Memecoins surged by 500% in 2024, driven by social media hype and Elon Musk's influence.
Around the World
1. A Hong Kong lawmaker proposes including Bitcoin in national reserves as a hedge against inflation.
2. India's central bank criticized stablecoins as a financial stability threat, pushing its own digital rupee project.
3. China tightens crypto transaction regulations, making Bitcoin trading and foreign exchange controls more challenging.
The week's events highlight the evolving landscape of the crypto industry. Despite challenges, innovation and safety remain at the forefront of priorities for stakeholders in the market.
