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    MicroStrategy Acquires 18,300 Bitcoins, Portfolio Worth $14.14 Billion

    MicroStrategy, a well-known business intelligence and software firm, recently announced that it acquired approximately 18,300 Bitcoins between August 6 and September 12, 2023.
    The transaction, valued at $1.11 billion, was financed by selling over 8 million shares of the company under a sales agreement. According to the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the average purchase price for the Bitcoins was $60,408 each, including related expenses and fees.
    Led by CEO Michael Saylor, the company has consistently increased its BTC holdings over the past four years, following its initial purchase on August 11, 2020.
     
     
     
    Growth in Bitcoin Holdings
    This recent acquisition raised MicroStrategy's total Bitcoin holdings to approximately 244,800 BTC, currently valued at around $14.14 billion. The company has invested a total of around $9.45 billion in Bitcoin since August 2020, with an average purchase price of $38,585 per Bitcoin.
    MicroStrategy's aggressive investment strategy has generated considerable debate among financial analysts, drawing both praise and criticism; however, the firm continues to pursue its Bitcoin acquisition strategy.
    Funding Source for the Bitcoin Purchase
    The funds for acquiring the latest 18,300 Bitcoins were raised through the sale of company shares, facilitated by an agreement with several financial institutions on August 1. According to the SEC filing, by September 12, MicroStrategy had raised approximately $1.11 billion from selling “an aggregate of 8,048,449 shares under the Sales Agreement.”
    The capital generated from the sale of these shares was directly allocated to increasing the firm's Bitcoin holdings and expanding its investment portfolio.
    MicroStrategy's Investment Yields Returns
    As of August 10, MicroStrategy held 226,500 Bitcoins, valued at $13.77 billion, purchased at an average price of $37,000 per Bitcoin. At that time, Bitcoin's price was approximately $60,500, and MicroStrategy was sitting on unrealized profits of $5.39 billion.
    Since August 2020, the company has performed better than the S&P 500 index, with the value of MicroStrategy’s stocks witnessing around a 1,000% increase—over 16.25 times the returns of the SPX during that same period.
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    Major Setback For Indonesian Crypto Exchange Indodax Following Alleged $22 Million Cyber Heist

    Indonesian cryptocurrency exchange Indodax has temporarily shut down following a significant cyber breach that is believed to have resulted in the theft of around $22 million in various digital currencies.
    On September 11, several blockchain analysis companies, including PeckShield, Cyvers, and SlowMist, reported unauthorized access to Indodax's hot wallets, where losses included substantial amounts of Bitcoin, Ether, Tron (TRX), Polygon (MATIC), and others.
     
     
    SlowMist's independent assessment indicated that a vulnerability in Indodax's withdrawal system may have allowed the perpetrator to siphon off funds directly from its hot wallet. Cyvers, however, suggested that additional systems, such as a signature machine, may also have been compromised during the attack.
    The reported theft included approximately $1.42 million in Bitcoin, $2.4 million in TRX, over $14.6 million in various ERC-20 tokens, $2.58 million in Polygon, and around $900,000 in Ether from the Optimism blockchain. Cyvers detected over 150 suspicious transactions across multiple networks, highlighting that the hacker began exchanging the stolen assets for Ether. After converting their ill-gotten gains to ETH, cybercriminals often use mixing services like Tornado Cash to launder the funds discreetly.
    In response to the breach, Indodax announced via social media that it would halt all operations to thoroughly investigate the incident. The company reassured its users that their cryptocurrency assets would remain secure during this maintenance period. "Currently, we are conducting comprehensive maintenance to ensure all systems function properly. During this time, the INDODAX web platform and application will not be accessible," a spokesperson stated.
    Amid the investigation, security expert Yosi Hammer from Cyvers hinted at the potential involvement of North Korea's notorious hacking group, Lazarus Group, suggesting that the attack's characteristics align closely with their previous operations.
    According to data from CoinMarketCap, Indodax maintains a reserve balance of $369 million, a portion of which might be leveraged to mitigate user losses.
    This incident is not an isolated case, as North Korean hackers have increasingly targeted the cryptocurrency sector. The recent $235 million hack of the WazirX exchange was also attributed to the Lazarus Group.
    As the crypto landscape continues to evolve, exchanges must bolster their security to protect against sophisticated cyber threats. This incident serves as a stark reminder for investors to stay vigilant and for exchanges to implement stringent security protocols.
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    FBI Unveils $5.6 Billion In Crypto Fraud Losses; 45% Year-Over-Year Increase

    The latest report from the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) reveals a concerning trend in cryptocurrency-related fraud, which has surged to an estimated $5.6 billion in financial losses.
    In this report, the FBI highlighted that the IC3 received more than 69,000 complaints pertaining to financial crimes connected to various cryptocurrencies, including Bitcoin, Ethereum, and Tether. Although these cryptocurrency-centric complaints comprised only 10% of the overall financial fraud reports, they represented nearly half of the total financial damages incurred.
    Significantly, the agency noted a dramatic 53% rise in losses associated with cryptocurrency investment fraud schemes, with total damages escalating from $2.57 billion in 2022 to $3.96 billion in 2023.
    Financial Distress Predominantly Affects Older Individuals
    Victims of these fraudulent schemes are often left in dire financial situations, with some accumulating considerable debt in a desperate attempt to recoup their losses. The report identified a trend where individuals aged 30 to 49 lodged the most complaints regarding cryptocurrency investment fraud, with around 5,200 reports documented in both the 30-39 and 40-49 age demographics.
    However, it was notably individuals over 60 years old who experienced the most substantial financial setbacks, collectively reporting losses exceeding $1.24 billion.
    The misuse of cryptocurrency extends across nearly all categories of fraud monitored by the IC3. Investment scams were the most prevalent, accounting for approximately 71% of total losses associated with cryptocurrency-related fraud, while call center scams—including tech support and government impersonation schemes—made up about 10% of these financial losses.
    The combination of cryptocurrency’s decentralized nature, along with the speed and irreversibility of transactions, and the ability to transfer funds globally, has rendered it an attractive target for criminals.
    Rise of Liquidity Mining and Fake Gaming Scams
    Among the latest fraudulent activities, “liquidity mining scams” have become increasingly common. In legitimate contexts, liquidity mining allows investors to stake their cryptocurrencies in a pool to facilitate transactions, earning a share of associated trading fees. However, fraudsters have exploited this concept, specifically targeting holders of popular cryptocurrencies such as Tether and Ethereum.
    Scammers often develop a relationship with their victims over days or weeks, eventually persuading them to connect their wallets to a fraudulent liquidity mining operation by enticing them with promises of daily returns ranging from 1% to 3%. Once victims link their wallets, the criminals swiftly siphon off their funds without the victims' knowledge.
    Another alarming trend involves "fraudulent play-to-earn gaming applications." Criminals attract unsuspecting targets with advertisements for games that purportedly offer cryptocurrency rewards. Initially, fraudsters establish online connections with victims, subsequently introducing them to a game where they can earn cryptocurrency by participating in various in-game tasks, like cultivating crops on a virtual farm.
    Players are prompted to create a cryptocurrency wallet and fund it in order to engage in the game. While players see their in-game rewards grow, they are often encouraged to invest even more money. However, as soon as they stop adding funds, scammers utilize malicious software embedded in the game to abscond with their cryptocurrency. Victims are frequently misled into believing they can retrieve their lost funds by paying fictitious taxes or fees, ultimately leading them to never regain access to their money.
    The FBI’s report serves as a vital reminder of the growing threats posed by cryptocurrency fraud and underscores the importance of vigilance in the digital financial landscape.
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    Coinbase Secures Partial Legal Victory Against SEC In Key Discovery Case

    In a significant turn of events, cryptocurrency exchange Coinbase has achieved a partial triumph in its legal battle with the U.S. Securities and Exchange Commission (SEC). This ruling potentially paves the way for Coinbase to obtain vital documents pertaining to the SEC's designation of certain tokens as securities.
    On September 5, Federal Judge Katherine Failla from the Southern District of New York granted a portion of Coinbase’s petition aimed at compelling the SEC to disclose pertinent documents. This decision marks a milestone in the ongoing legal confrontation that commenced in July, focusing on the breadth of documentation requests linked to the regulator's viewpoint on digital currencies.
    A Step Forward for Important Discovery
    According to Paul Grewal, the Chief Legal Officer of Coinbase, the court's ruling is poised to yield “important discovery” crucial to the case. This comes against the backdrop of the SEC’s enforcement action launched against Coinbase in June 2023, which alleges that the exchange has been functioning as an unregistered securities exchange, broker, and clearing agency.
    Coinbase filed its motion on July 23, seeking documents associated with the SEC's enforcement of securities laws regarding digital assets, the company’s initial public offering (IPO), and public statements made by SEC Chair Gary Gensler concerning cryptocurrencies. The SEC, in response, argued that Coinbase's requests were overly expansive and delved into areas not directly relevant to the civil case at hand.
    The implications of this ruling extend beyond Coinbase itself, potentially influencing the regulatory landscape for the entire cryptocurrency sector. The outcome of this litigation could set a precedent that would impact how various cryptocurrency firms are regulated and affect multiple ongoing legal actions initiated by the SEC.
    For example, in a recent August ruling, Ripple Labs was found liable for $125 million in a lengthy court confrontation with the SEC, highlighting the consequences of the regulatory body’s stance toward crypto entities.
    Ripple Effects of Concurrent Legal Developments
    Coinbase’s partial legal success coincided with another significant ruling from a New Jersey judge, who permitted a group of investors to move forward with an altered class-action lawsuit against the exchange. This lawsuit claims that Coinbase misrepresented the nature of assets listed on its platform, asserting that these were likely securities—a factor that allegedly contributed to the company's financial growth and income.
    This legal decision could pave the way for a surge of similar class-action lawsuits across different jurisdictions, amplifying the scrutiny on Coinbase and potentially other exchanges.
    Increased Scrutiny of SEC's Approach
    As these legal proceedings unfold, the SEC is facing mounting criticism for its strategy of "regulation by enforcement" in the cryptocurrency sector. Detractors assert that the SEC has not provided a coherent regulatory framework for cryptocurrencies, instead opting to take legal action against prominent industry participants.
    A coalition of seven states has recently emerged to challenge the SEC's oversight of the crypto domain. Spearheaded by Iowa Attorney General Brenna Bird, the states have submitted an amicus brief contending that the SEC's efforts to govern crypto assets constitute overreach, curtail innovation, and exceed the agency's jurisdiction. This coalition includes representatives from Arkansas, Indiana, Kansas, Montana, Nebraska, and most recently, Oklahoma.
    Earlier this year, SEC Commissioner Hester Peirce expressed concerns regarding the regulatory body’s approach, indicating that the agency has been operating in an “enforcement-only mode” with respect to cryptocurrency regulations.
    As developments continue, the implications of Coinbase’s recent legal victory and the surrounding discourse could shape the future of cryptocurrency regulation in the United States.
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    FBI Alerts on North Korean Hackers Utilizing Android Malware To Steal Cryptocurrency Keys

    The FBI has recently issued a warning regarding an advanced piece of Android malware named SpyAgent, uncovered by McAfee, which intends to steal cryptocurrency private keys from smartphones.
    SpyAgent employs optical character recognition (OCR) technology to analyze and extract text from screenshots and images saved on the device, specifically targeting private keys.
    According to McAfee's findings, SpyAgent is disseminated through damaging links sent via SMS.
    Malware Posing as Various Applications
    When users click on these harmful links, they are taken to ostensibly legitimate websites that encourage them to download an application disguised as a reliable program.
    In truth, this application is SpyAgent malware, which undermines the phone’s security once it is installed.
    The malware pretends to be various types of software, including banking applications, government services, and entertainment platforms.
    Upon installation, it seeks permissions to access contacts, messages, and local storage, enabling it to extract confidential information.
    McAfee indicates that SpyAgent has been found in more than 280 deceptive applications and is primarily targeting users in South Korea.
    The warning follows another malware threat identified in August.
    The “Cthulhu Stealer,” which impacts MacOS systems, similarly conceals itself as legitimate software while targeting personal data such as MetaMask passwords, IP addresses, and private keys from cold wallets.
    In the same month, Microsoft identified a vulnerability in Google Chrome, which was exploited by the North Korean hacker group Citrine Sleet to create fake cryptocurrency exchanges and fraudulent job postings.
    These activities led to the installation of remote-controlled malware that also stole private keys.
    The flaw in Chrome has since been addressed, but the surge in such cyber threats has compelled the FBI to release a formal caution regarding North Korean hacking operations.
    Users are encouraged to remain cautious and avoid downloading applications or clicking on links from unverified sources to safeguard their digital assets against these advanced threats.
    Crypto Projects Suffer $310 Million Losses from Scams in August
    Reports indicate that August witnessed an alarming rise in cryptocurrency-related fraud, with a shocking $310 million lost to numerous exploits, marking it as the second-highest monthly total this year.
    However, $10.3 million of the stolen funds were eventually found or returned, resulting in a net loss of $300.6 million.
    Phishing scams emerged as the most destructive, accounting for about $293 million of the overall losses.
    Two particularly extensive phishing attacks resulted in the theft of $238 million in Bitcoin and $55 million in DAI stablecoin.
    In addition to phishing, other significant losses in August included attacks on several cryptocurrency projects.
    For example, on August 6, a white hat hacker exploited the Ronin Network, an Ethereum Virtual Machine (EVM)-compatible sidechain, resulting in the theft of 4,000 ETH, valued at approximately $9.85 million at that time.
    Moreover, flash loan attacks, while still concerning, led to comparatively lower losses of $1.2 million in August in contrast to prior months.
    In contrast to the rise in phishing and other forms of exploitation, exit scams experienced a notable decrease, with losses falling to $800,000 in August, down from approximately $3 million in July.
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    SunPump To Launch “100% On-Chain Buyback & Burn” Strategy, Announces Justin Sun

    According to Tron founder Justin Sun, the SunPump meme token is set to introduce a “100% on-chain buyback and burn” strategy. This significant shift comes after extensive discussions within the community, which prompted a reassessment of the initial plan focused on burning liquidity pool (LP) tokens.
    In a recent update shared on X, Sun emphasized that the community's feedback played a vital role in this decision. He noted, "Many community members don’t fully grasp the implications of LP token burning, which can lead to misconceptions."
    Understanding the Challenges of LP Token Burning
    Sun acknowledged that while the burning of LP tokens—a tactic utilized by notable meme tokens such as Shiba Inu—can improve "token liquidity depth," it is a complex subject that many users find difficult to understand. He highlighted that although LP token burning can offer advantages, the intricacies involved could create confusion.
    To resolve these concerns, the SunPump community has chosen a more straightforward and transparent solution: a fully on-chain buyback and burn mechanism. According to Sun, this method not only simplifies the process but also ensures that every transaction is immutably recorded for verification, removing the need for elaborate explanations.
    Immediate Implementation of the New Strategy
    The new buyback and burn approach is set to take effect immediately, representing a pivotal change in the token’s management strategy. Sun noted that this practice mirrors operations by other entities, such as Binance, which also conducts buyback and burn activities for its BNB token.
    Interestingly, SunPump has recently shown stronger performance metrics compared to its predecessor Pump.fun, which is based on the Solana blockchain. Blockchain analyst Adam reported that SunPump issued 7,351 tokens and generated $585,000 in revenue in just 24 hours, surpassing Pump.fun, which managed 6,701 tokens and $366,000 in revenue.
    Additionally, SunPump's launchpad has posted a higher "graduation" rate, with 1.98% of launched tokens being listed on Sunswap, Tron’s decentralized exchange, after meeting the necessary trading volume requirements. In sharp contrast, only 1.26% of tokens from Pump.fun have been listed on Raydium, the Solana exchange.
    Justin Sun's Legal Triumph Against SEC
    In a separate but noteworthy development, a New York District Court recently dismissed a motion from the U.S. Securities and Exchange Commission (SEC) that sought to undermine Justin Sun's defense in an ongoing case. The ruling, issued by Judge Edgardo Ramos, represents a setback for the SEC as it pursues its allegations against Sun and the Tron Foundation.
    The SEC's case, initiated in March 2023, accuses Sun and his organization of unregistered securities offerings, manipulative trading practices, and unlawful promotion of crypto assets, specifically Tron (TRX) and BitTorrent (BTT) tokens. In April, Sun and his legal team sought to dismiss the case, contending that the SEC does not have jurisdiction over foreign digital asset transactions conducted on global platforms.
    Following Sun's attempt to challenge the lawsuit, the SEC revised its filings in April, asserting that Sun had "traveled extensively" to the U.S. in connection with his activities for the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.
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    WazirX Hacker Transfers $6.5 Million In Cryptocurrency To Tornado Cash

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    A wallet linked to the individual behind the WazirX hack, which netted over $235 million from the Indian cryptocurrency exchange, has recently moved $6.5 million in stolen Ethereum to Tornado Cash, coinciding with the exchange's advance withdrawal permissions for users.
    According to a post on X by the blockchain security firm Cyvers on September 3, the hacker executed the transfer of 2,600 ETH—valued at $6.5 million based on current valuations—to Tornado Cash, likely as part of efforts to obscure the source of the misappropriated funds.
    The wallet in question initially held approximately $6.7 million as of September 2 but has been drastically reduced to around $154,000 following 26 transactions, each comprising 100 ETH, to Tornado Cash within a single hour, as reflected by data from crypto tracking service DeBank.
    This activity unfolded just as WazirX informed its users that they could withdraw up to 66% of their Indian rupee token holdings significantly earlier than anticipated, with an announcement made on September 3.
    "From today onwards, all qualified users can withdraw up to the full 66% limit of their INR [Indian Rupee] balances," the exchange stated in the aforementioned X post.
    Originally, WazirX had scheduled the withdrawal window to begin on September 9 but decided to expedite the process to give users quicker access to their assets.
    Following the hacking incident on July 18 that resulted in a loss of $235 million, WazirX has been implementing a phased strategy to restore standard operations, which included reinitiating INR withdrawals that started on August 26.
    On August 23, the exchange reported that 34% of rupee-based balances were "frozen" and unavailable for withdrawal due to ongoing investigations by various law enforcement entities.
    WazirX also indicated there remain ongoing legal complications concerning cryptocurrency withdrawals. Moreover, WazirX is pursuing legal proceedings in Singapore, which has been chosen as the jurisdiction for its legal restructuring efforts.
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    Court Rejects Dogecoin Manipulation Allegations Against Elon Musk & Tesla

    Elon Musk, along with his electric vehicle company Tesla, has successfully defended himself against a federal lawsuit that accused them of manipulating Dogecoin and causing significant financial harm to investors.
    On August 29, US District Judge Alvin Hellerstein in Manhattan issued the ruling, as revealed in court documents.
    The lawsuit was initiated by investors in June 2022, alleging that Musk used his influence via Twitter, appearances on "Saturday Night Live," and various publicity tactics to manipulate the price of Dogecoin.
    It was claimed that he sold Dogecoin at strategic moments, particularly when actions like changing Twitter's logo to the Dogecoin Shiba Inu dog were anticipated to boost the cryptocurrency's value. This conduct was said to enable him to engage in insider trading for profit.
    Additionally, the lawsuit accused Musk of purposely misleading the market through his public endorsements and comments regarding Dogecoin, labeling these actions as "puffery" rather than based on truth.
    In response to the allegations, Musk referred to the lawsuit as a “fanciful work of fiction,” with his legal team arguing for its dismissal. They characterized the claims and the $258 billion in damages sought by the plaintiffs as baseless.
    Judge Hellerstein noted that the plaintiffs had misinterpreted many of Musk's tweets concerning Dogecoin. For instance, they misconstrued his statement about becoming the "official CEO" of Dogecoin and his assertion of sending a physical Dogecoin to the moon on a SpaceX mission.
    The judge characterized Musk's tweets as “aspirational and puffery, not factual and susceptible to being falsified.” He further ruled that no rational investor could substantiate a securities fraud claim based on Musk’s tweets. It was deemed “not possible to understand” how the tweets supported claims of market manipulation and insider trading. Consequently, the court dismissed the allegations.
    As of now, the value of Dogecoin has seen a slight decline of 0.3%, trading around $0.10.
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    IOTA Successfully Concludes The EU's Blockchain Pre-Commercial Phase

    IOTA has officially finalized the last phase of the European Union's blockchain Pre-Commercial Procurement (PCP), paving the way for a robust, scalable, and environmentally friendly blockchain framework throughout the EU.
    The European Commission has been collaborating with top blockchain developers to envision a future characterized by scalability, sustainability, and security across member states.
    The IOTA Foundation recently announced its achievement in completing the final phase of the EU's blockchain PCP, joining seven other contributors in this significant initiative.
    Progress in European Blockchain Initiatives
    The developers involved have been crafting advanced prototypes utilizing distributed ledger technology (DLT) with a focus on key areas such as managing intellectual property rights (IPR) and implementing digital product passports (DPP).
    Launched in 2020, the European Blockchain PCP is part of a wider strategy aimed at refining the European Blockchain Services Infrastructure (EBSI), which is intended to support cross-border digital services throughout the EU.
    With the recent culmination of this final phase, IOTA is now positioned to play an integral role in shaping the next generation of blockchain infrastructure under the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
    This concluding phase featured partnerships with local organizations, including Software AG and the Universidad Politécnica de Catalunya, to create blockchain solutions that utilize decentralized identities (DIDs), smart contracts, and innovative data sharding methods.
    The ultimate goal is to enable the development of scalable and energy-efficient blockchain solutions operating across the EU's infrastructure.
    Dominik Schiener, chairman of the IOTA Foundation, stated:
    "EBSI represents a vital advancement toward a unified digital future for Europe, establishing the essential framework for innovation and collaboration across different sectors."
    EU Technology Initiatives
    As the European blockchain framework transitions to EUROPEUM-EDIC, IOTA indicated its intention to strengthen collaborations with businesses and governmental institutions in the region to transition its prototypes to the market.
    Potential use cases it emphasized include tracking automotive batteries and ensuring secure management of intellectual property.
    This development aligns with the EU's ongoing efforts to advance policies and foster innovations in emerging technology sectors.
    In July, the EU announced its partnership with ChromaWay to develop blockchain solutions focused on sustainability.
    The ChromaWay team, alongside other blockchain participants, is set to convene with EU representatives at a follow-up workshop in Brussels this September to map out the next steps for the end of 2024 and into 2025.
    Even though Europe has made significant strides in cooperating with developers and formulating regulations for cryptocurrency and artificial intelligence (AI), critics are raising concerns that excessive bureaucracy may hinder the continent's progress.
    Overall, as IOTA concludes this vital stage, it not only cements its position within the EU blockchain landscape but also highlights the growing importance of technological innovation and collaboration in shaping Europe's digital future.
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    Binance Unveils Ambitious Hiring Plans For Compliance Team

    Binance, one of the world's leading cryptocurrency exchanges, has announced plans to hire 1,000 new employees this year, with 200 positions specifically dedicated to the compliance team. This information was revealed by CEO Richard Teng during an interview with Bloomberg News while he is currently in the United States.
    Investment in Regulatory Compliance
    Teng stated that Binance is prepared to invest over $200 million this year solely to align its operations with existing regulations across various jurisdictions. This figure marks a significant increase from two years ago, when the company’s compliance expenses were reported to be just $158 million.
    Regulatory Challenges in the United States
    The exchange faced a substantial regulatory blow in the U.S., where it was ordered to pay a fine of $4.3 billion. This decision followed a court ruling in February, which approved a settlement agreement regarding Binance's admission of guilt. The settlement was a resolution with the Department of Justice (DOJ) and other U.S. agencies, stemming from compliance failures that allowed criminals and terrorist organizations to use the platform for transferring illicit funds.
    As part of the agreement, Binance also consented to be subject to long-term monitoring of its operations by the Department of Justice and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury.
    Resumption of Operations in India
    Last week, Binance announced the full resumption of its operations in India, a move made possible after the company accepted a penalty of $2.25 million imposed by the Indian Financial Intelligence Unit.
    Despite these challenges, Teng confirmed that Binance is in strong financial health. When asked if the exchange is considering preparing for an initial public offering (IPO), he stated:

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    Teng also acknowledged the mistakes made in the past, remarking:

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    Conclusion
    As Binance navigates through regulatory difficulties and expands its workforce with a focus on compliance, the company aims to reinforce its commitment to operating within legal boundaries. This strategic move not only reflects Binance's adaptation to stringent regulatory demands but also its ambition to regain and maintain user trust in a rapidly evolving cryptocurrency landscape.
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    WazirX Announces Gradual Resumption Of INR Withdrawals After Cyberattack

    WazirX, the Indian cryptocurrency exchange, announced on August 23 that it will resume Indian Rupee (INR) withdrawals in phases beginning August 26, following a significant cyberattack that occurred on July 18, resulting in the theft of over $230 million.
    Impact of the Cyberattack
    The cyberattack forced WazirX to suspend all cryptocurrency and INR withdrawals as the team worked to address the incident and mitigate its consequences. The attack severely impacted the exchange's operations, leading to a halt in trading activities.
    In response, WazirX is implementing a Singapore Scheme of Arrangement. This legal process is designed to facilitate a fair and user-approved distribution of the remaining cryptocurrency assets, addressing both compliance and user involvement in the recovery process.
    WazirX clarified that due to a substantial loss of ERC-20 tokens, the exchange was unable to fully meet its cryptocurrency liabilities, which further necessitated this restructuring approach.
    Withdrawal Resumption Plan
    Starting August 26, WazirX plans to gradually lift the suspension of INR withdrawals in two stages. Users will be able to access up to 66% of their INR balances as follows:
    Phase 1: From August 26 to September 8, users can withdraw up to 33% of their INR balances. Phase 2: From September 9 to September 22, users will be able to withdraw the full 66%. To assist users during this transition, WazirX has reduced withdrawal fees by 60%, lowering them from INR 25 to INR 10.
    WazirX expressed regret over the disruption caused by the cyberattack, acknowledging the difficulties faced by its users, and emphasized the importance of user feedback and participation in future decision-making processes.
    Investigation and Security Measures
    The cyberattack, which resulted in the theft of approximately $234.9 million, was first identified by Web3 security firm Cyvers, which detected irregular transactions linked to WazirX’s Safe Multisig wallet on Ethereum. In response to the breach, WazirX took immediate steps to secure remaining assets and suspended withdrawals temporarily.
    The exchange has been focused on restoring user trust and enhancing security protocols since the incident. Efforts include migrating assets from Liminal, a digital asset custody firm, to new multisignature wallets, which require multiple authorizations for transaction validation. WazirX's multisig wallet was held by six authorized signers: one from Liminal and five from WazirX.
    Adding complexity to the situation, the hacker reportedly converted nearly $150 million in stolen altcoins into Ether, likely attempting to evade fund freezing or blacklisting measures.
    To help users better understand their asset statuses, WazirX conducted maintenance on August 16, during which they reversed all trades executed after the withdrawal halt began on July 18. While users can now view their funds, WazirX has yet to provide a definitive timeline for complete withdrawals' resumption.
    The exchange's initial proposal for a loss-sharing model of 55/45 has led to increased frustration among investors, who are demanding more immediate action and clarity regarding the ongoing situation.
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    Kraken Fails to Dismiss SEC Lawsuit Accusing It of Unregistered Operations

    Kraken, one of the oldest cryptocurrency exchanges, is facing intensified scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC has accused Kraken of operating as an unregistered securities exchange, a claim recently upheld by a federal judge.
    Legal Challenges for Kraken

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    Kraken’s legal troubles began in November 2023 when the SEC filed a lawsuit against the exchange, alleging it was facilitating unregistered securities transactions. Under the leadership of Chair Gary Gensler, the SEC has aggressively pursued a stance that most digital tokens qualify as securities and hence fall under its regulatory jurisdiction.
    Like many other crypto platforms, Kraken contested the SEC’s authority in the crypto space, arguing that the agency was overreaching. However, U.S. District Judge William H. Orrick officially ruled against Kraken's motion to dismiss the lawsuit. In his opinion, Judge Orrick noted that the SEC had “plausibly alleged” that some cryptocurrency transactions facilitated by Kraken might be classified as investment contracts, thereby invoking securities laws.
    This ruling represents a significant setback for Kraken, which has positioned itself as a defender against what it perceives as regulatory overreach. The SEC's complaint also includes allegations that Kraken mishandled customer assets—co-mingling those assets and inadequately protecting customer information.
    The lawsuit specifically cites digital tokens, including well-known names like Cardano’s ADA, Cosmos’s ATOM, and Solana’s SOL, as the basis for its claims.
    Impact and Future Prospects
    The crux of the SEC’s case is built around the Howey test, a legal benchmark established in a 1946 U.S. Supreme Court case, which determines whether certain transactions should be classified as investment contracts.
    Kraken's case is not isolated; it forms part of a broader SEC crackdown on cryptocurrency operations. The agency has filed similar lawsuits against major players in the crypto space, including Binance and Coinbase, both of which are also contesting their respective charges.
    Under Gensler’s direction, the SEC has substantially intensified efforts to regulate the crypto market, arguing that such actions are crucial for investor protection and market stability.
    For Kraken, this ruling means that the exchange must brace itself for a court battle with the SEC, with a potential trial date anticipated for October 2024. The outcome of this case could establish important precedents regarding the regulation of digital assets in the U.S., spanning aspects of token classification and the responsibilities of exchanges in managing customer assets.
    With billions of dollars on the line, the resolution of Kraken’s legal situation could either pave the way for clearer regulatory frameworks or further deepen the rift between the crypto industry and traditional financial regulators.
    Additionally, the Australian Securities and Investments Commission (ASIC) recently won a court case against Bit Trade, the operator of Kraken in Australia, over compliance failures concerning design and distribution obligations. The Federal Court ruled that Bit Trade breached the Corporations Act by offering margin trading products without a proper target market determination, which had been a violation of regulatory requirements since October 2021.
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    Telegram Founder Pavel Durov Arrested in France Amid Controversy, Elon Musk Expresses Support

    Billionaire Pavel Durov, the founder and CEO of Telegram, was arrested on Saturday at Bourget airport near Paris, according to reports from local media. Durov was arriving on his private jet from Azerbaijan when local authorities detained him.
    Investigation Details
    The investigation into Durov focuses on allegations regarding insufficient moderation on the Telegram platform. Authorities believe this lack of oversight has allowed criminal activities to thrive unregulated on the messaging service.
    Earlier this year, in an interview with Tucker Carlson, Durov discussed the continual challenges he faces from governments around the world, particularly in Russia and the United States. Telegram is known for its robust encryption policies, which Durov has steadfastly defended against government requests for backdoor access for investigatory purposes.
    Incident Impact on TON Token
    Following the news of Durov's arrest, the TON token, associated with Telegram, experienced a sharp decline. It dropped as much as 17% at one point, with its trading value currently resting at approximately $5.83, reflecting a 14% decrease in recent hours, according to data from Coingecko.

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    Elon Musk's Reaction
    Elon Musk responded on social media to Durov's arrest, expressing his support for the Telegram founder. He emphasized the importance of free speech protections guaranteed by the First Amendment in the United States, making a pointed remark: “It’s 2030 in Europe, and people are getting executed for liking memes.” Musk also referred to reports suggesting that Durov might face a prison sentence of up to 20 years.
    Additionally, the team behind the TON blockchain took to social media to address the situation, stating, “Following the recent news related to Telegram's founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.”
     

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    Elon Musk’s Company X Discloses Shareholder List Featuring Bill Ackman, Binance, and Sean ‘Diddy’ Combs

    Elon Musk’s firm, X, has published its complete shareholder list as of June 2023, following a court mandate. This compilation reveals a distinctive array of prominent investors and influential figures from the tech sector who have supported Musk’s efforts to privatize the social media platform formerly known as Twitter.
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    Diverse Support for Musk’s Venture
    Among the prominent investors are notable venture capital firms such as Andreessen Horowitz, Draper Fisher Jurvetson, and Sequoia Capital, all of which had previously backed Musk's acquisition.
    In addition to these giants, the list includes Oracle co-founder Larry Ellison and cryptocurrency leader Binance, showcasing the varied financial resources behind Musk's initiatives.
    Surprisingly, Sean “Diddy” Combs appears on the list through Sean Combs Capital, marking revealed involvement that had not been widely recognized prior to a report by the Daily Mail.
    Adding to the intrigue, activist investor Bill Ackman, known for his criticisms of institutional practices at elite universities, has made investments through the Pershing Square Foundation.
    Among the other noteworthy investors are Joe Lonsdale’s 8VC, a company purportedly linked to Russian oligarchs.
    Additionally, former Twitter co-founder Jack Dorsey and Saudi Prince Alwaleed bin Talal al Saud have converted their original investments in Twitter into stakes in X following Musk’s takeover.
    Legal Revelations and Insights
    This shareholder list was documented in a court filing dated June 9, 2023, but only made public recently following a legal motion by the Reporters Committee for Freedom of the Press, which supports journalist Jacob Silverman.
    In a blog post, Silverman emphasized that while many supporters were already recognized, the newly disclosed list offers invaluable insights without revealing specific ownership proportions. He noted that it serves as “a great starting point for journalists, researchers, regulators, activists, and anyone else wanting to understand the inner workings of this significant company.”
    Binance and Its Global Aspirations
    In May, India’s Financial Intelligence Unit (FIU-IND) announced that Binance had successfully registered with the regulatory body, marking its return to the country after overcoming certain legal obstacles.
    Prior to this, Binance had secured a license from VARA, Dubai’s regulatory authority, allowing it to serve both retail and institutional clients.
    According to Bloomberg, this licensing process required Binance’s founder and former CEO, Changpeng Zhao (CZ), to give up voting control of the Dubai operation.
    Moreover, Binance has recently launched a joint venture crypto exchange named Binance Thailand in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. Binance Thailand, or Binance TH, offers digital asset exchange services with trading options in Thai baht.
    Despite these advancements, Binance continues to face heightened regulatory scrutiny globally. Last year, the Commodity Futures Trading Commission (CFTC) filed charges against the exchange, alleging it operated an illegal digital asset derivatives exchange and evaded compliance with federal laws.
    Similarly, the U.S. Securities and Exchange Commission charged Binance Holdings LTD and Changpeng Zhao for purportedly running unregistered exchanges and broker services, as well as unlawfully offering and selling securities.
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    Bitcoin Faces Potential Decline Amid Rising Open Interest: Analysis by CoinGlass

    According to the cryptocurrency analysis platform CoinGlass, Bitcoin may face additional downward pressure as the open interest in futures contracts continues to increase in light of recent price movements.
    In a post dated August 16, CoinGlass pointed out that the total open interest (OI) for Bitcoin futures—indicating the number of contracts that remain unsettled—has reached $29 billion, continuing an upward trend throughout the week.
    This increase in open interest coincides with a 5% drop in Bitcoin's spot price over the past two days, a scenario that CoinGlass deems "somewhat unusual," given that the open interest has not yet adjusted to this price decline.
    “As open interest rises, it indicates that both long and short positions are on the rise,” CoinGlass noted. This situation adds further leverage to the market, which could amplify price fluctuations in either direction.

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    Open Interest Trends Resemble Previous Price Drops
    Notably, a similar increase preceded the significant 20% plunge in Bitcoin's price observed on August 5, which was a result of excessive leverage in the market being liquidated.
    This situation, as highlighted by CoinGlass, suggests that Bitcoin may experience more downward movement in the near future. The firm elaborated:
    Recent data from CoinGlass also shows that funding rates have turned negative. Such negative funding rates arise when futures contracts trade below the spot price of the underlying asset.
    This scenario disincentivizes traders from maintaining long positions due to the associated costs, while simultaneously encouraging short positions, as traders could potentially benefit from the negative funding rates.
    The end of the week is also marked by a notable expiration of crypto options, with around 24,000 Bitcoin contracts set to expire today, valued at approximately $1.4 billion according to Deribit data.
    Despite the magnitude of this event, expirations typically exert minimal influence on spot markets.
    Instead, the accumulation of substantial leveraged positions is likely to play a more significant role, especially when those positions are liquidated, resulting in increased price volatility.
    Low $40,000 Bitcoin Still a Possibility
    This recent development reinforces the pessimistic projections made by some analysts, who contend that Bitcoin could witness further declines before any substantial upturn occurs.
    Timothy Peterson, founder of Cane Island Alternative Advisors, mentioned in a post on X that achieving both $40k and $80k is equally probable within the next 60 days.
    Similarly, Markus Theilin, CEO of 10x Research, has identified the “low $40,000s” as the optimal re-entry point for bullish investors.
    However, opinions remain divided regarding the likelihood of Bitcoin experiencing another significant drop or continuing on its path of long-term recovery.
    Despite the prevailing uncertainty, confidence among investors in Bitcoin appears to be gradually resurging following its recovery after last week's decline. Recent findings from analytics firm Glassnode indicate a shift in Bitcoin owner behaviors towards HODLing.
    This trend suggests that the market may have entered a phase of accumulation, where long-term holders are accumulating and storing Bitcoin with expectations of future gains. Such a shift could strengthen the case for a more sustained recovery in the months ahead.
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    Malaysia Champions Digital Innovation With Worldcoin's Iris Scan Technology

    Malaysia has officially embraced Worldcoin’s iris scanning technology as part of its digital transformation agenda, marking a pivotal step in enhancing the security of digital identity verification.
    This collaboration emerged from a partnership involving the Worldcoin Foundation, Tools for Humanity (TFH), MyEG, and MIMOS Berhad. With Worldcoin's advanced biometric system, Malaysia aims to significantly improve the verification of digital credentials.
    Pioneering Adoption of Worldcoin in the Region
    By integrating Worldcoin’s iris scanning technology into its digital framework, Malaysia is setting a benchmark in its ongoing efforts to optimize digital credential verification. The initiative is built on a Memorandum of Understanding (MoU) among the Worldcoin Foundation, TFH, MyEG, and MIMOS Berhad, which serves as the Malaysian government's applied research and development wing.
    The partnership seeks to harness Worldcoin’s sophisticated biometric verification system to create a secure and effective approach to identity confirmation, popularly referred to as “proof of humanness.” This collaboration extends beyond mere identity checks; it encompasses plans for the joint production of the device known as the “Orb,” essential for conducting iris scans, as well as the incorporation of Worldcoin’s blockchain technology into Malaysia’s National Blockchain Infrastructure.
    Moreover, the MoU highlights the open-source character of Worldcoin’s technology, which promotes transparency and drives innovation within Malaysia’s digital economy.
     
     
    Addressing Privacy Matters with Innovative Solutions
    The Worldcoin initiative, brought to life by Tools for Humanity, has faced regulatory challenges globally due to concerns surrounding privacy and the safeguarding of biometric data. For example, authorities such as the Bavarian State Office for Data Protection Supervision in Germany and the Office of the Privacy Commissioner for Personal Data in Hong Kong have scrutinized Worldcoin’s activities, suggesting potential risks associated with the collection and storage of biometric information.
    In certain regions like Spain and Hong Kong, these worries led to a temporary halt of Worldcoin’s services. Nevertheless, Worldcoin remains steadfast in its pursuit of global growth, actively striving to align with local privacy regulations and address any regulatory apprehensions.
    Malaysia’s acceptance of Worldcoin’s iris scanning technology is therefore indicative of the nation’s trust in this innovative technology and serves as a potential catalyst for similar adoptions by other countries. To alleviate privacy issues, the Worldcoin Foundation has introduced a secure multi-party computation (SMPC) system designed to strengthen the privacy and security of biometric data. This system permits the division of iris codes into several secret components, allowing for personal uniqueness verification without disclosing identifiable information.
    This advancement in cryptography is anticipated to resolve various privacy concerns associated with biometric data collection and plays a crucial role in Worldcoin's ongoing expansion efforts.
    A Strategic Leap Towards Digital Leadership
    The implementation of Worldcoin’s iris scanning technology within Malaysia signifies more than a mere technological enhancement; it may also represent a strategic initiative to establish the country as a leader in digital innovation. The collaborative production of the Orb device and the integration of blockchain with the National Blockchain Infrastructure could lead to novel applications in sectors like digital identity verification and secure transactions.
    Should Malaysia successfully incorporate this advanced biometric verification into its digital ecosystem, it would set an influential example for other nations aspiring to upgrade their digital identity frameworks. The open-source framework of Worldcoin’s technology ensures that these advancements will remain accessible, adaptable, and continually evolving.
    Importantly, this development follows Malaysia’s approval for Worldcoin token public trading on recognized digital asset exchanges, further solidifying its commitment to embracing innovative financial technologies.
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    Styx Stealer Malware Threatens Your Cryptocurrency Transactions

    Cybersecurity experts from Check Point Research have revealed a new menace that specifically targets cryptocurrency users, known as Styx Stealer malware.
    This harmful software has the capability to pilfer a variety of sensitive information, including digital currencies, through a technique called clipping. This method enables the malware to intercept and modify the recipient’s wallet address during transactions, redirecting funds to the hacker's account.
    Styx Stealer Available for Rent
    The Styx Stealer malware is currently being offered for rent via its developer's website, with subscription costs set at $75 per month or a one-time payment of $350 for a lifetime license.
    Launched in April, this malware has already been linked to multiple cyberattacks. Styx Stealer is an evolved version of a previous malware variant called Phemedrone Stealer, featuring new capabilities that include advanced methods to evade detection and a clipping function specifically for cryptocurrency transactions.
    The discovery of this malware was unexpected, stemming from a data leak that occurred during the developer's debugging process. This incident allowed researchers to trace the origins and functionality of Styx Stealer.
    Investigations revealed that the developer, located in Turkey, managed to gather approximately $9,500 in cryptocurrency payments within just the first two months after launching the malware. These funds were tracked to eight separate cryptocurrency wallets owned by the developer.
    Styx Stealer primarily exploits a vulnerability present in Microsoft Windows Defender, which was patched in the previous year. Therefore, users with updated Windows systems are not at risk. However, individuals who have not performed system updates remain exposed to this threat.
    The website promoting Styx Stealer, styxcrypter.com, initially provided detailed pricing and product information but was altered on August 16 to advertise a different offering. Transactions were handled via Telegram, utilizing various cryptocurrencies such as Bitcoin and Tether.
    Check Point Research has also traced the developer's Telegram accounts, email addresses, and phone numbers, providing crucial information for further investigations.
    Drop in Overall Illicit Cryptocurrency Transactions in 2024
    A recent report from Chainalysis indicates a decline in the total number of illicit cryptocurrency transactions in 2024, even as certain types of criminal activities within the sector have increased. Released on August 15 as part of an interim report on crypto crime, the findings show that hacking and ransomware incidents are on the rise.
    Particularly concerning are the increases seen in two categories: stolen assets via hacking and ransomware attacks. Chainalysis noted a significant uptick in the overall value of stolen assets.
    By the end of July, the total value of stolen cryptocurrencies reached a staggering $1.58 billion—an 84% increase compared to the same period in 2023. Although the frequency of hacking incidents rose marginally (2.8% year-over-year), the average amount stolen per hack escalated sharply.
    In July alone, hackers were responsible for stealing around $266 million across 16 different breaches, resulting in considerable losses for the cryptocurrency sector. Notably, the attack on the Indian crypto exchange WazirX on July 18 was particularly damaging, accounting for over $230 million, or 86.4%, of that month's total losses.
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    Get Ready For A Bitcoin Boom - Price Surge Expected In Three Months Due To Gold's Influence

    According to Charles Edwards of Capriole Investments, Bitcoin is poised for a substantial price increase in approximately three months. Despite recent disappointments, including a notable crash on August 5, there are indicators that a shift is on the horizon.
    Over the past few months, Bitcoin's performance has left many investors yearning for higher prices. Following the sharp decline, gold has begun to rise, creating a contrasting picture. Bitcoin, often touted as "digital gold," may take some time to follow suit. Edwards suggests that we might have to wait around three months for Bitcoin to register significant gains.
    In a recent post on X (formerly Twitter), Edwards presented a graph comparing the price movements of BTC and gold since late 2019. His analysis showed that when gold enters a new upward trend, Bitcoin typically requires time before it mirrors that movement. By overlaying the XAU/USD chart with BTC/USD, he concluded that there is approximately a three-month lag for Bitcoin.
    “Overall, Bitcoin's macroeconomic trends are often delayed by several months compared to gold,” commented Edwards, who added that Bitcoin’s outlook remains promising.
    Another Significant Analysis
    William Clemente, co-founder of the cryptocurrency research firm Reflexivity, also drew attention to an important graph that highlights gold's performance following the introduction of commodity ETFs in 2004. Gold began to experience a significant price surge approximately 12 months after these funds launched.
    If Bitcoin follows a similar trajectory, it could align with other indicators forecasting positive developments in 2025.
    In fact, the Federal Reserve is anticipated to start cutting interest rates as early as September 18, which could catalyze growth across nearly all markets. Tomorrow, the U.S. will release new inflation data, and if it confirms a decrease in inflation, combined with recent unemployment figures, it could provide the final impetus for the Fed to initiate rate cuts.
    Currently, Bitcoin (BTC) is trading at approximately $58,900, showing no change in the past 24 hours but reflecting a 7% increase over the last week. Conversely, Ethereum (ETH) is priced at $2,626, maintaining the same price as yesterday while also witnessing a 7% weekly increase.
    As we look ahead, it’s essential for investors to stay vigilant and informed about market trends and economic indicators. Although the wait for Bitcoin’s upward movement may feel extended, historical patterns indicate that a significant surge could be just around the corner. The coming months could be pivotal for both Bitcoin and the broader market landscape.
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    The White House Engages With The Cryptocurrency Industry In The U.S

    Recent reports indicate that the White House is initiating conversations with leaders from the cryptocurrency sector. As the election campaign intensifies, the Biden-Harris duo appears eager to strengthen their ties with this innovative industry.
    Will the White House Embrace Cryptocurrency?
    High-ranking officials from the White House reportedly held discussions with prominent figures in the cryptocurrency market on Thursday. These discussions are part of the Biden administration's efforts to enhance its relationship with the crypto community.
    Key participants included Bruce Reed, Deputy Chief of Staff; Lael Brainard, Director of the National Economic Council; and Kristine Lucius, Senior Advisor to Vice President Kamala Harris. The meeting was led by California Congressman Ro Khanna.
    This initiative builds upon a recent roundtable hosted by Khanna, which brought together lawmakers and representatives from the blockchain sector.
    White House spokesperson Robyn Patterson stated in a media release:
    "The Biden-Harris administration will continue to meet with a range of stakeholders and collaborate with members of Congress on legislation aimed at developing the safeguards necessary to harness the potential benefits and innovations of crypto-assets."
    Paul Grewal, Chief Legal Officer of cryptocurrency exchange Coinbase, which is listed on Nasdaq, commented that while White House officials acknowledged the industry's concerns, no definitive commitments were made:
    "I commend [Khanna] for his bold actions in further urging Democrats to support fundamental legislation and standards for cryptocurrencies. Today's discussion, in many ways, stood in stark contrast to other conversations the industry has had with Harris's team about how she [Harris, a presidential candidate] might mark her departure from past policies and genuinely signal not only to the industry but also to the 52 million Americans who own cryptocurrencies that she understands their significance."
    Crypto for Harris Initiative
    In tandem, a movement called "Crypto for Harris" is gaining momentum, aimed at helping Vice President Kamala Harris win support from the cryptocurrency community.
    Consisting of approximately 50 industry participants and political experts, "Crypto for Harris" is set to organize a virtual meeting next week that will feature notable figures such as Mark Cuban, Anthony Scaramucci, and several members of Congress.
    This evolving dialogue suggests a significant shift in the Biden administration's approach toward cryptocurrency and its potential future engagement with this burgeoning sector.
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    Conclusion Approaches In Ripple's Prolonged Legal Battle With The SEC

    Ripple’s prolonged civil litigation with the Securities and Exchange Commission (SEC) commenced in December 2020 when the regulatory body accused the blockchain company of utilizing XRP as an unregistered security to facilitate fundraising.
    Recently, a federal judge has mandated Ripple Labs to pay a civil penalty of $125 million and has indicated that the company is “permanently restrained and enjoined” from infringing upon United States securities laws, as part of the SEC's ongoing case against them.
    In a ruling dated August 7, delivered in the U.S. District Court for the Southern District of New York, Judge Analisa Torres found Ripple liable for exceeding $125 million, with the expectation that the firm will remit this amount to the SEC within 30 days. This judgment followed a series of conflicting motions presented by Ripple and the SEC, with the regulator contending that the firm should face a maximum civil penalty ranging from $10 million to $2 billion.
    This ruling suggests that Ripple’s protracted legal struggle with the SEC is nearing its conclusion, following the commission's initial lawsuit filed in December 2020. Back then, the SEC alleged that Ripple had employed XRP as an unregistered security to secure funding. However, in July 2023, Judge Torres determined that the XRP token does not qualify as a security concerning programmatic sales conducted on exchanges.
    As this legal battle reaches its climax, the implications for Ripple, the broader cryptocurrency market, and regulatory frameworks will undoubtedly be significant. The case has not only brought Ripple's operations into the spotlight but has also raised broader questions about the classification of digital assets. As the landscape of cryptocurrency continues to evolve, the outcome of Ripple's case may set important precedents for future regulatory actions and industry standards.
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