Episode Details

18th December: Crypto & Coffee at 8

🚨Tether.to Confirms Collaboration with DOJ, FBI + Secret Service 🔥Ledger Exploit Drained $484K 🟣Bitcoin fees hit 20-month high🚀

🚨Tether.to has officially acknowledged its extensive collaboration with various U.S. government agencies, such as the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service. The collaborative efforts are aimed at enhancing the security of the stablecoin ecosystem for all users and supporting law enforcement initiatives against illicit activities.

❗ In a series of letters directed to Senator Cynthia Lummis, Tether highlights the collaboration relationship that the company has established with the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the U.S. Secret Service, aiming to “combat illegal activities and aid in fund recovery.”

⚡ CEO Paolo Ardoino states that the company had taken a proactive security stance, freezing the funds held in wallets included in the Office of Foreign Asset Control (OFAC) Specially Designated Nationals (SDN) list. Paolo A. declared this measure is a “definitive move designed to protect our users and the integrity of the stablecoin ecosystem.”

❗ More info via Bitcoin.com here https://tinyurl.com/4nj9m98f

❓ Are stablecoin issuers replacing the role of a bank?

🚨 On December 14th, 2023, Ledger encountered an exploit on Ledger Connect Kit, a Javascript library connecting websites to wallets. The industry collaborated to swiftly neutralize the exploit, which operated for less than two hours. Ledger actively investigated, filed complaints, and assisted affected individuals in fund recovery. Importantly, the exploit did not compromise the integrity of Ledger hardware or Ledger Live; it was confined to third-party DApps utilizing the Ledger Connect Kit.

😡 Hackers stole $484,000 on Thursday

An update later was that The genuine Ledger Connect Kit 1.1.8 was now fully propagated. Ledger and WalletConnect can confirm that the malicious code was deactivated.

🚀 Bitcoin transaction fees have surged to a 20-month high, coinciding with the price of BTC reaching $69,000. Recent data indicates that Bitcoin miners are reaping significant benefits from these elevated fees. While some market participants express concerns, many long-term players dismiss complaints about the current fee levels. Bitcoin Ordinals inscriptions has resulted in elevated transaction fees for all network users. The size of the unconfirmed on-chain transaction backlog is vast, resulting in transactions with an attached fee of even $2 having no on-chain priority. You can track detailed info here https://mempool.space/

-350,000 transactions are waiting to be confirmed!

🟠 Two UAE news (See slides)

⚡ Mubadala-backed Andalusia Labs raises $48m and sets up Abu Dhabi headquarte