Last updated on January 18th, 2025 at 12:45 pm
This week in crypto highlights the UK’s proposed ban on ransomware payments, the DOJ’s $6.5B Bitcoin sale, and Chainlink’s latest moves. Other key stories include South Korea’s crypto regulations, OpenSea’s email leak, and Thailand’s first Bitcoin ETF plans. Let’s take a look at some interesting events that happened this week.
Biggest Story: UK Proposes Ban on Ransomware Payments by Critical Sectors
The United Kingdom has launched a consultation to explore a nationwide ban on ransomware payments by critical national infrastructure operators. The proposed “targeted ban” aims to extend restrictions on government departments to public sector bodies and critical sectors like energy, healthcare, and local councils.
UK Security Minister Dan Jarvis explained that the proposed measures are intended to address the escalating ransomware threat and diminish the attractiveness of essential services as targets for cybercriminals, especially as many attackers demand cryptocurrency payments.
This consultation arises in response to the increasing ransomware threats, highlighted by events such as the 2023 Royal Mail attack and a breach that compromised more than 83,000 healthcare records. The UK’s initiative aligns with global efforts to tackle cybercrime; the U.S. charged three Russian individuals running crypto mixers with aiding money laundering and ransomware activities.
Other Stories Making Waves
- U.S. DOJ to Sell $6.5B Bitcoin from Silk Road Case: The U.S. Department of Justice will sell over $6.5 billion worth of Bitcoin seized from the Silk Road marketplace after a court granted it full ownership.
- Oklahoma Man Pleads Guilty to $9.4M Crypto Fraud: Travis Ford admitted to defrauding nearly 2,800 investors with fake crypto returns through his company, Wolf Capital.
- OpenSea Users at Risk After Email Leak: Emails compromised in a 2022 OpenSea breach are now public, exposing users to phishing scams. OpenSea warns users to verify communication sources as hackers exploit vulnerabilities with fake NFT offers.
- Upbit Warns Investors Amid IOST Transition: South Korea’s Upbit cautioned IOST holders about potential volatility as the token shifts to a layer-2 blockchain. The overhaul includes issuing 21 billion new tokens, raising market concerns.
- Bitcoin Stuck in Neutral as Stablecoin Flows Stall: Matrixport reports Bitcoin remains in a consolidation phase due to low fiat-to-stablecoin activity. Analysts blame market caution tied to Federal Reserve policies and subdued investor interest.
- Robinhood Settles SEC Case for $45M: Robinhood agreed to pay $45 million after SEC violations, including failing to protect customer data and short-sale rules. Despite the fine, its stock remains relatively stable.
- Miami Hosts WAGMI Blockchain Conference: The WAGMI event, featuring top industry leaders like Vitalik Buterin and Mark Cuban, kicks off in Miami from January 22-24. It promises insights on topics like DeFi, NFTs, and blockchain innovation.
- Tom Emmer Joins Crypto-Focused U.S. Subcommittee: Congressman Tom Emmer has been appointed Vice Chair of the Subcommittee on Digital Assets, which oversees crypto and AI regulations.
- Malaysian Engineer Loses $2 Million in Crypto Scam: A retired Malaysian engineer lost over $2 million in a crypto scam after being promised 50x returns. The scam involved 29 transfers to multiple accounts, with withdrawal attempts blocked.
Around the World: Bold Moves and Crypto Regulations
Thailand Eyes Its First Bitcoin ETF: Thailand’s SEC is exploring the launch of its first local Bitcoin ETF to boost its status as Asia’s crypto hub. The regulator is also considering stablecoins backed by corporate bonds while cracking down on illegal Bitcoin mining.
South Korea Advances Crypto Regulation: South Korea’s financial watchdog is drafting a comprehensive crypto law with a spotlight on stablecoins and exchange operations. The government also wants to explore crypto ETFs to attract investors and boost its markets.
Italy’s Largest Bank Buys Bitcoin: Intesa Sanpaolo, Italy’s biggest bank, has made its first Bitcoin purchase—11 BTC worth €1 million. This marks the bank’s growing interest in crypto, following past blockchain projects and a potential revision of Italy’s hefty crypto tax laws.
Swiss Crypto Bank Sygnum Becomes a Unicorn: Swiss digital asset bank Sygnum hit a $1 billion valuation after raising $58 million. They’re expanding to Europe and Hong Kong while predicting institutional interest in Bitcoin will drive future growth.
Global Warning on North Korean Cyber Threats: The U.S., Japan, and South Korea have alerted the blockchain world about rising threats from North Korean hackers like the Lazarus Group. These cybercriminals have pulled off massive crypto heists, including a $308M attack on Japan’s DMM Bitcoin. Companies are urged to stay vigilant.
Australia’s Mitrade Offers Extra Protection for Traders: Australian trading platform Mitrade now provides insurance up to AUD 1 million, backed by Lloyd’s of London, to protect traders in case of insolvency..
Hong Kong’s ZA Bank Plans Physical Branches: ZA Bank, Hong Kong’s top digital bank, is eyeing physical branches under new rules to enhance customer service. They’ve also launched crypto trading for retail users, allowing Bitcoin and Ethereum trades in local and U.S. currencies.
UK Removes Crypto Staking from Investment Regulations: The UK no longer classifies crypto staking as a Collective Investment Scheme (CIS), simplifying its regulatory treatment. This change encourages blockchain innovation while offering clearer rules, making the UK more appealing to crypto firms.
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers for the week:
- Hawk: Market cap surged from $7,940,407 to $34,960,169, a 341% increase.
- Soul Graph: climbed from $13,507,408 to $52,424,880, a 287% growth.
- Megaverse: grew from $20,595,910 to $54,886,723, a 166% increase.
- Based Fartcoin: jumped from $14,379,932 to $40,006,688, a 179% rise.
- ORBIT: expanded from $43,445,941 to $108,946,497, a 150% increase.
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers for the week are:
- Akuma Inu: Market cap dropped from $809,078,837 to $537,291,834, a 33.6% decrease.
- MAX: fell from $146,534,571 to $100,341,664, a 31.5% loss.
- Swarms: decreased from $284,775,923 to $194,551,600, a 31.7% decline.
- Bluefin: dropped from $59,639,360 to $45,927,278, a 23% decrease.
- Alpha Quark: fell from $81,153,048 to $58,401,622, a 28% reduction.
Project Spotlight
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Upgrade
Chainlink has launched CCIP v1.5, a major upgrade aimed at improving blockchain interoperability. The new features include the Cross-Chain Token (CCT) standard, enabling seamless token transfers across 20+ blockchains, along with a Token Manager for easy management. This upgrade enhances security, offers zero-slippage transfers, and simplifies cross-chain tokenization. CCIP v1.5 will enable faster and more efficient deployment of decentralized assets, helping to bridge blockchain ecosystems for greater connectivity and scalability.
Why It Matters
CCIP v1.5 addresses one of the biggest challenges in blockchain technology—interoperability. By enabling seamless, secure, and permissionless token transfers across multiple blockchains, it opens the door for more diverse, scalable decentralized applications (dApps). This enhancement could significantly accelerate the adoption of blockchain technology, simplifying cross-chain assets and providing developers with more tools to innovate within the rapidly growing crypto ecosystem.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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