{"id":22702,"date":"2024-12-02T11:59:01","date_gmt":"2024-12-02T11:59:01","guid":{"rendered":"https:\/\/www.complycube.com\/?p=22702"},"modified":"2025-09-08T17:32:42","modified_gmt":"2025-09-08T17:32:42","slug":"the-cryptocubed-newsletter-november-edition","status":"publish","type":"post","link":"https:\/\/www.complycube.com\/en\/the-cryptocubed-newsletter-november-edition\/","title":{"rendered":"The CryptoCubed Newsletter: Former SEC Official Prediction, Dogecoin Soars & BitCoin Heist"},"content":{"rendered":"\r\n

\ud83d\uddd3\ufe0f Welcome to the November Edition!<\/h2>\r\n\r\n\r\n
\"Crypto<\/figure>\r\n\r\n\r\n

The crypto world never fails to surprise, and this month\u2019s developments are no exception. From political shake-ups to market surges, we\u2019ve seen the intersection of power, policy, and profit reshape the digital currency landscape yet again.<\/p>\r\n\r\n\r\n

\u26a0\ufe0f Former SEC Official Predicts Crypto Crime Will Explode<\/span><\/h2>\r\n\r\n\r\n

Following the US election, John Reed Stark, the former U.S. Securities and Exchange Commission (SEC) Chair, predicts an unprecedented surge in crimes relating to crypto. Regulatory and enforcement entities, such as the SEC, will now face increased difficulty in preventing crime within the sector.<\/p>\r\n\r\n\r\n

Stark, a prominent critic of the cryptocurrency industry, acknowledged that the agency’s reliance on enforcement actions to regulate the sector has come to an end. According to U.Today, he anticipates the agency will discontinue all non-fraud-related crypto cases, including the ongoing lawsuits against Binance and Coinbase.<\/p>\r\n\r\n\r\n

\r\n

The crypto capital of the planet.<\/p>\r\n<\/blockquote>\r\n\r\n\r\n

During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and proposed supportive regulations for the industry. He outlined his plan to ease existing restrictions on cryptocurrencies.<\/p>\r\n\r\n\r\n

Find more information here<\/a>.<\/p>\r\n\r\n\r\n

\ud83d\udcc8 Dogecoin Soars Post Trump\u2019s Musk Announcement<\/h2>\r\n\r\n\r\n

Dogecoin, the meme-based cryptocurrency frequently linked to Elon Musk, surged in value following President-elect Donald Trump’s approval of the tech billionaire’s proposal for a new executive department with a similar name.<\/p>\r\n\r\n\r\n

\"dogecoin<\/figure>\r\n\r\n\r\n

Musk is known for promoting Dogecoin, often tweeting things such as \u201cDogecoin is the people\u2019s crypto.\u201d These tweets have often resulted in dramatic fluctuations in Dogecoin’s price, reflecting his significant impact on the cryptocurrency market’s dynamics.<\/p>\r\n\r\n\r\n

\r\n

Dogecoin is the people’s crypto<\/a>.<\/p>\r\n<\/blockquote>\r\n\r\n\r\n

Trump announced that Musk would lead the newly established Department of Government Efficiency, or \u2018DOGE’\u2014a humorous nod that seems far from accidental. This isn\u2019t Musk\u2019s only recent victory, with the Tesla and SpaceX CEO\u2019s net worth increasing by $50 billion due to a surge in stock prices after Trump\u2019s recent victory.<\/p>\r\n\r\n\r\n

In a conversation posted to X earlier this year, Musk confirmed that he still owned a large amount of Dogecoin, pointing to the insurmountable earnings he might be making from the boost following Trump\u2019s announcement.<\/p>\r\n\r\n\r\n

\r\n

Your money is being wasted<\/a>.<\/p>\r\n<\/blockquote>\r\n\r\n\r\n

At Trump\u2019s rally in Madison Square Garden, Musk declared in very populist sentiment: \u201cYour money is being wasted, and the Department of Government Efficiency is going to fix that. We\u2019re going to get the government off your back and out of your pocketbook.\u201d<\/p>\r\n\r\n\r\n

\"dogecoin<\/figure>\r\n\r\n\r\n

Because nothing says ‘government efficiency’ quite like putting a billionaire crypto enthusiast in charge while his favorite cryptocurrency soars\u2014efficiency for his portfolio, at least. \ud83e\udd37\ud83c\udffb\u200d\u2640\ufe0f<\/p>\r\n\r\n\r\n

Find more information on the rise of Dogecoin here<\/a>.<\/p>\r\n\r\n\r\n

\ud83d\udcb0 Bitcoin Heist Worth Billions Identified<\/h2>\r\n\r\n\r\n

A hacker has now been sentenced to 5 years imprisonment in the United States for laundering stolen funds from one of the largest cryptocurrency thefts to have taken place. 120,000 bitcoins were stolen through Bitfinex, which at the time of the theft (2016) was worth around $70m but rose in value to more than $4.5 billion by the time of arrest.<\/p>\r\n\r\n\r\n

According to prosecutors, Ilya Lichtenstein orchestrated one of the largest thefts in history from a virtual currency exchange, before he and his wife, Heather Rhiannon Morgan, executed a complex plan to launder the stolen funds.<\/p>\r\n\r\n\r\n

\"crypto<\/figure>\r\n\r\n\r\n

Deputy Attorney General Lisa Monaco described the $3.6 billion in assets recovered in the case as the largest financial seizure in the Department of Justice’s history. \u201cIt\u2019s important to send a message that you can\u2019t commit these crimes with impunity, that there are consequences to them,\u201d district judge Colleen Kollar-Kotelly said.<\/p>\r\n\r\n\r\n

\r\n

It\u2019s important to send a message that you can\u2019t commit these crimes <\/a>with impunity.<\/p>\r\n<\/blockquote>\r\n\r\n\r\n

According to documents demonstrated in the trial, it became clear that Lichtenstein was able to hack into Bitfinex through the use of advanced hacking tools. The need for a stronger defence against fraud within all kinds of crypto platforms continues to be underlined.<\/p>\r\n\r\n\r\n

For more, read the BBC\u2019s description<\/a> of the case.<\/p>\r\n\r\n\r\n

\ud83c\uddf3\ud83c\uddec Nigeria Cracks Down on Crypto Fraud with Tougher Penalties<\/h2>\r\n\r\n\r\n

Nigeria has decided to take a firmer stance on crypto fraud with newly drafted legislation. Offenders can now face a fine of 20 million Naira ($12,000) or even a 10-year prison sentence.<\/p>\r\n\r\n\r\n

Nigeria is one of the world\u2019s largest crypto markets but has long struggled with having a reputation for being infested with scams and fraudulent practices, which have hindered its ability to grow. The country aims to reconstruct its reputation globally as a financial hub.<\/p>\r\n\r\n\r\n

Nigeria has been the most crypto-obsessed country<\/a> based on Google search volumes for terms like \u201ccryptocurrency\u201d or \u201cbuy crypto.\u201d However, regulators in Nigeria have shown less enthusiasm for the rapid pace of crypto adoption.<\/p>\r\n\r\n\r\n

\"crypto<\/figure>\r\n\r\n\r\n

Nigeria\u2019s recent dispute with Binance has further tarnished the country\u2019s sector reputation, with ongoing legal battles deterring investors and partners, according to BICCoN (the organization that represents the Nigerian blockchain industry) president Lucky Uwakwe.<\/p>\r\n\r\n\r\n

One example of said hostility is the case of Tigran Gamaryan. Gamaryan, a US citizen and Binance executive was detained in February and held in Kuje Prison in Nigeria for months, having only been released in the past couple of weeks. Gamaryan was detained on a business trip to the country alongside his colleague, Nadeem Anjarwalla.<\/p>\r\n\r\n\r\n

For more on this story, read the BBC\u2019s recent piece<\/a>.<\/p>\r\n\r\n\r\n

\ud83c\uddea\ud83c\uddf8 Crypto Transactions Are Taking Off in Spain\u2019s Real Estate Market<\/h2>\r\n\r\n\r\n

Real estate technology firm Enlace reports a significant increase in real estate transactions utilizing cryptocurrency as a payment method in 2024. This usage grew by 15% this year<\/a>, largely due to the advantages crypto payments offer over traditional methods, such as faster fund transfers and cost savings compared to international wire transfers.<\/p>\r\n\r\n\r\n

\"crypto<\/figure>\r\n\r\n\r\n

The trend is particularly prevalent in major urban centres like Barcelona, Madrid, and Valencia, which together represent 60% of crypto-based transactions<\/a> in the sector. Enlace estimates that approximately 6% of all real estate deals in 2024 involved cryptocurrency payments.<\/p>\r\n\r\n\r\n

Read more on this here<\/a>.<\/p>\r\n\r\n\r\n

\ud83d\udc40 SNEAK PEAK \ud83d\udc40 Our Upcoming Piece: Americans Lost $5.6B to Pig Butchering Crypto Scams in 2023 – What About the UK?<\/h2>\r\n\r\n\r\n

Americans lost $5.6B to Crypto scams, often referred to as \u201cpig butchering,\u201d in 2023, yet this doesn\u2019t seem to have been the wake-up call we might have expected it to be. More than 50,000 investment scams were reported in America in the first half of 2023, costing consumers $2.5B.<\/p>\r\n\r\n\r\n

These investment scams mostly revolved around investing in cryptocurrencies with the promise of obtaining a large return. The median loss for investment scam victims in the first half of 2024 was $9,000 \u2013 a $1,000 increase from last year. With the U.S. facing mounting losses, it begs the question: has the UK managed to steer clear of this financial turmoil, or is it on the verge of a similar costly reckoning?<\/p>\r\n\r\n\r\n

In 2023, cryptocurrency scams in the United States surged to unprecedented levels, leaving Americans with a staggering $5.6 billion in losses, according to a report by the FBI. This form of fraud is often referred to as \u201cpig butchering scams\u201d, due to the notion of fraudsters \u201cfattening up\u201d their victims by building trust through friendly conversations on social media or dating platforms. This grooming phase often involves scammers skilfully creating credible profiles and building up their victim\u2019s confidence, enticing them to want to start investing.<\/p>\r\n\r\n\r\n

Read the full piece next week at www.complycube.com<\/a>.<\/p>\r\n\r\n\r\n

Time for Some Light-Hearted Creative Criticism?<\/h2>\r\n\r\n\r\n

So you\u2019ve made it to the end of our newsletter. It\u2019s time to enjoy a little satire, worthy reader, as if we don\u2019t laugh, we may cry.<\/p>\r\n\r\n\r\n

\ud83d\udd25 THE CRYPTO POEM: NOVEMBER EDITION \ud83d\udd25<\/strong><\/p>\r\n\r\n\r\n

Trump\u2019s latest move to cut the fat,
\r\nPut Musk in charge\u2014imagine that.
\r\nThe Department of DOGE, efficiency\u2019s call,
\r\nA bold new face for bureaucratic brawl.<\/p>\r\n\r\n\r\n

\u201cYour money\u2019s wasted!\u201d Musk declared,
\r\nAs Dogecoin\u2019s value sharply flared.
\r\nA billionaire\u2019s words, a market\u2019s cheer,
\r\nBut whose efficiency are we buying here?<\/p>\r\n\r\n\r\n

Crypto and politics now intertwine,
\r\nThe lines between them hard to define.
\r\nWhen profits rise with policy\u2019s stroke,
\r\nThe biggest \u201cefficiencies\u201d might be a joke.<\/p>\r\n\r\n\r\n

Stay tuned for our December newsletter and have a great month!<\/h3>\r\n\r\n\r\n
\"crypto<\/figure>\r\n\r\n\r\n

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