The Dypto Times

Scammers are getting served, Cleanspark hits a major milestone, and one FDIC official isn’t happy with debanking practices

Author

Matthew Ruley
January 15, 2025

It was only a matter of time before we found a way to get back at the people doing us dirty in crypto. The NY AG’s office is serving crypto scammers via NFT. And we think that’s pretty dope.

While we’re all about decentralization, we’re also all about how crypto can make the world a better place. And we think that’s a solid start. Let’s get after it.

From the Dypto Crypto Newsroom

New York Attorney General Uses NFTs to File Lawsuit Against Scammers

TLDR

  • Scammers targeting New Yorkers sent unsolicited job offers that required stablecoin deposits.

  • So far, the NYAG office has frozen more than $2 million.

  • The office is filing lawsuits against the scammers using NFTs.

Why This Case Is Important

Cryptocurrency’s decentralized nature can make it difficult to regulate, which scammers frequently exploit. Cases like this demonstrate that law enforcement, with the right tools and partnerships, can disrupt fraudulent schemes despite technological barriers.

The lawsuit is groundbreaking for its use of blockchain technology to ensure scammers are held accountable. If successful, the frozen cryptocurrency will be returned to defrauded victims, setting a significant precedent for future crypto-related lawsuits.

FDIC Official Criticizes Crypto Restrictions, Calls for Policy Shift

TLDR

  • The FDIC Vice Chairman delivered a speech this week.

  • He criticized over-regulation, debanking, and Operation Chokepoint 2.0.

  • He laid out ideas for a better plan moving forward.

For the most part, regulatory agencies have kept crypto businesses (and users) on a pretty tight leash. That’s why recent comments from FDIC Vice Chairman Travis Hill are making waves. 

Hill called out the FDIC’s restrictive approach to crypto and digital assets, advocating for a shift toward clearer guidelines and innovation-friendly policies.

Why This Matters  

Hill’s speech signals that a potential shift in approach could be on the horizon at the FDIC. Clearer policies, an end to questionable debanking practices, and open doors to innovation could go a long way toward fostering more collaboration between traditional finance and crypto. 

For new crypto users, changes like these could pave the way for exciting developments — think easier crypto integration into everyday payments and banking services.

Tether Relocates Headquarters to El Salvador Amid Bitcoin Boom

TLDR

  • Tether is moving to El Salvador.

  • El Salvador made Bitcoin legal tender in 2021.

  • Tether is the biggest stablecoin issuer in the world.

This move follows the acquisition of a Digital Asset Service Provider (DASP) license and solidifies Tether’s role as a key player in Bitcoin adoption. If you’re new to the crypto space, this might not sound like groundbreaking news. But this is an important chapter in both Tether’s story and the global movement toward decentralized finance.

What This Means for Tether — and Crypto Users

Relocating to El Salvador gives Tether three major advantages that could reshape how stablecoins and Bitcoin adoption work globally. 

1. Encouraging Bitcoin Adoption 

Working within the world’s first Bitcoin-first economy, the company aims to fast-track financial inclusion and bring cryptocurrency benefits to underserved regions. This push could make it easier for everyone to access secure and transparent financial solutions. 

2. Focus on Emerging Markets 

Tether’s move signals a broader focus on emerging markets where traditional banking systems often fall short. The plan? Expand access to digital finance tools like Bitcoin and stablecoins so people in underserved regions can join the global economy. 

3. Freedom to Innovate 

Tether has positioned itself in a jurisdiction that actively supports experimentation and forward-thinking solutions. This means we might soon see new breakthroughs in the usability, scalability, and security of digital assets—all thanks to an unrestrictive, supportive regulatory environment. 

Question of the Week

From a TikTok Follower: Is Forex trading the same as Crypto trading?

Meme of the Week

Deep Dive - CleanSpark Milestone

CleanSpark, a US-based Bitcoin miner, has recently reached a significant milestone by hitting the 10,000 BTC mark in its treasury. This feat is a result of strategic planning and efficient scaling, with the company's Bitcoin reserves growing by 236% year-over-year. The CEO of CleanSpark, Zach Bradford, emphasized the company's commitment to sustainable growth and domestic production.

Crossing the 10,000 BTC line solidifies CleanSpark's position as a top-tier Bitcoin miner and showcases its resilience in tough market conditions. 

Holding such a large amount of Bitcoin gives CleanSpark an advantage in navigating market trends. Additionally, the company has achieved impressive technical milestones, such as exceeding its operational hash rate and setting a goal to reach 50 EH/s by mid-2025.

Why should anyone care? Many people like to invest in multiple markets. So, for investors who want exposure to the crypto market or invest in it via proxy, companies like CleanSpark are worth watching.

Question of the Week Answer

Forex stands for foreign exchange and consists of the buying and selling of different currencies. Currencies are divided into pairs, such as USD/CAD, YEN/SGD, etc… Traders bet on which currency will outperform the other. You’re simultaneously opening a long position on one currency and a short on another.

Crypto users pairs as well, but not in the same way. Crypto pairs on exchanges are how traders and users find liquidity for trades. So, the ETH/USDT pool on Uniswap is meant to provide a decentralized pool of funds for people who want to trade back and forth between ETH and USDT. The liquidity providers are rewarded with trading fees and possibly other tokens.

Some crypto tokens are available on the Forex market. Both markets are incredibly volatile as well. The forex market has an average daily trading volume of over $6 trillion, making it highly liquid and easy to enter or exit positions. 

Regulation is another crucial aspect to consider when comparing forex and crypto. Forex markets are highly regulated, with oversight from government agencies and financial institutions. In contrast, the crypto market is largely unregulated, leading to higher risks and potential for fraud.

Closing Shenanigans

Thanks for reading. Dypto Crypto is a safe place where crypto newbies can learn and ask questions to help them make informed decisions in this exciting and volatile world. We’re having a lot of fun with YouTube shorts and TikTok. 

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