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Taxi driver, born in Syria, moved to Venezuela as a teen. Lived a tough life and escaped under Assad. Experienced the prosperity and downfall of one-resource economics (don't conflate Venezuela's success and sudden decline with socialism, you lazy bastard) in the moist oil-rich country on Earth — though it's extra-heavy crude, shit oil. Finally, after leaving a place where eating from trashbins was becoming increasingly more common, he arrives in the US of A — and loves it! Of course! After so much calamity and chaos, who wouldn't love driving around Salt Lake, gazing at the snow-capped mountains. And he can pursue other business ventures with relative impunity (no gangs or overtly hostile government). Can't remember what exactly made me want to share this. But I think it had something to do with the man's pleasantly satisfied grin he kept the whole car ride. From his eyes, it was evident that he's been branded by some horrific memories. But from the grin, it was clear that he enjoys adding new ones with the Utah mountains in the background.

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) have partnered to establish a joint venture (JV) focused on issuing a Hong Kong dollar-backed stablecoin. The JV intends to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework. HKD-Backed Stablecoin According to the official press release, SCBHK, Animoca Brands, and HKT have engaged in HKMA’s stablecoin issuer sandbox since July 2024. The trio has been assessing how stablecoins can facilitate financial market development and payments by connecting Web3 and traditional finance. The partnership is in line with Hong Kong’s ambition to strengthen its role as a global digital assets hub. By leveraging expertise across banking, telecommunications, and blockchain, the JV aims to create a secure and regulatory-compliant stablecoin framework. The initiative aligns with the city-state’s broader strategy to boost digital finance adoption while ensuring compliance with evolving regulatory requirements. In an official statement, Bill Winters, Group Chief Executive of Standard Chartered, said, “Digital assets are here to stay and the development of different forms of tokenized money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenized deposits, and, of course, stablecoins projects. We are introducing solutions and instruments that service this market and meet the growing client demand. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem.” Hong Kong Eyes Bitcoin as a Strategic Asset Besides the ambitious stablecoin initiative, Hong Kong is also considering adding Bitcoin (BTC) to its fiscal reserves as a hedge against inflation and a store of value. Wu Jiexhuang, a Hong Kong legislative council member, recently proposed using foreign exchange funds to acquire Bitcoin, citing potential benefits such as attracting talent, boosting the local crypto industry, and increasing tax revenue. He said that leveraging China’s “one country, two systems” framework, adding Bitcoin to Hong Kong’s reserves could give the region an early advantage and help mitigate economic instability from its wider adoption in traditional financial markets. The post Standard Chartered, Animoca, and HKT to Develop HKD-Pegged Stablecoin appeared first on CryptoPotato.

Ho Kai Xin, a former payroll processing staff member at WeChain Fintech Singapore, has been sentenced to nine years and 11 months in jail for embezzling over $5.7 million. WeChain Fintech Singapore, which was contracted to manage payroll for Bybit Fintech, employed Ho as a payroll processing staff member. Ho, who was responsible for processing salaries for approximately 900 ByBit employees, exploited her position by manipulating Microsoft Excel files to divert company funds into her own accounts. Bybit Payroll Scandal According to a report from ‘The Straits Times,’ her fraudulent activities began in May 2022 when she altered payroll data to reflect unauthorized payments. She initially stole over $117,000 from WeChain. Encouraged by the absence of detection, she escalated her scheme and ended up misappropriating vast amounts of cryptocurrency directly from Bybit’s electronic wallet. In fact, between May and August 2022, she transferred over 4.2 million USDT into four personal wallets. To facilitate the theft, she inserted fraudulent payment entries into payroll documents and listed her own wallet addresses next to employee names to deceive Bybit into authorizing the transactions. Despite being under investigation and facing legal action from the exchange, Ho continued to lead an extravagant lifestyle. She placed a down payment of nearly $750,000 for a penthouse worth over $3.7 million on Gilstead Road. She also splurged on high-end items, spending close to $30,000 on Louis Vuitton products, including sunglasses, bags, shoes, shirts, and rings. Additionally, she purchased a Mercedes-Benz valued at $420,000. Police later seized over $330,000 worth of her assets, but a significant portion of the stolen funds remains unaccounted for. In February 2023, a WeChain representative reported Ho’s fraudulent activities to the authorities, which led to her arrest two months later. When questioned by police, she attempted to mislead investigators by falsely claiming that an individual named “Jason Teo,” whom she described as a cousin, was responsible for the unauthorized transactions. However, no such person was found to exist. Luxury and Lies Ho pleaded guilty to multiple charges, including cheating, dealing with criminal conduct, and providing false information to public servants. In addition to her nearly decade-long sentence, she was handed a six-week jail term in January 2024 for contempt of court after defying an order prohibiting her from spending her misappropriated funds. Despite court orders, she continued to use the stolen money, spending close to $840,000 on luxury goods. Bybit has managed to recover approximately 1.1 million USDT from her electronic wallets and an additional $140,000 from one of her bank accounts. However, Ho has made no effort to return the outstanding amount. The post Payroll Fraud at Bybit: Employee Siphoned $5.7M Using Fake Transactions (Report) appeared first on CryptoPotato.

1 Punk or 1 Bitcoin? They are effectively the same price right now. I'm personally very bullish on Bitcoin, with the view that it could get to $150k+ this cycle and $1M is possible on a 5-10+ year time horizon. And Bitcoin is the safer bet. But Punks have the higher upside. The bull case for Punks for me is that in a world where Bitcoin increases rapidly in price, Punks will re-rate upwards even more rapidly. As Bitcoin increases, its scarcity at 21M supply will increasingly become a part of the narrative. There are very few Bitcoin to go around. And Punks are significantly more scarce. Punks are the scarcest grail digital asset, now multi-cycle and lindy, with a big enough supply to enable a sizable community to form and carry them forward. Plus, buying a Punk is simply more fun than buying a Bitcoin. They are crypto culture. You can hang a Punk on your wall or make it your PFP. It's cool. And a much more fun conversation starter than simply talking about buying a Bitcoin. So Punks have the YOLO factor in their favor as well. If any digital asset can outperform Bitcoin on a long time period, I think it's Punks. Ideally a savvy investor owns both. And a warning to anyone going Punk shopping for the first time soon - they are addicting. You will want more than one...$BTC

A debate recently unfolded in the crypto community over the differences in how XRP and Bitcoin are promoted. An XRP supporter pointed out that Ripple executives—including CEO Brad Garlinghouse and CTO David Schwartz—have never actively encouraged people to buy XRP. This was contrasted with MicroStrategy’s Michael Saylor, who consistently advocates for Bitcoin. The supporter implied that assets requiring direct promotion might have underlying weaknesses, sparking responses from the community. Crypto commentator CryptoApostle responded by highlighting the difference in supply between Bitcoin’s 21 million coins and XRP’s 100 billion. He suggested that Bitcoin’s scarcity makes it more necessary to “point people in the right direction,” implying that XRP does not face the same limitations. However, Ripple’s David Schwartz challenged this perspective, arguing that supply comparisons between XRP and Bitcoin are often misleading. Related: Ripple CTO Challenges Bitcoin Supply Scarcity Claims in Heated Debate Specifically, Schwartz emphasized that measuring crypto assets in “full coins” without considering market cap or divisibility leads to misinformation. He compared it to measuring distances in inches versus miles, saying such comparisons distort the true value and utility of each asset. CryptoApostle maintained that people naturally compare whole coins rather than smaller units like satoshis or drops. He also pointed out that Ripple’s partnerships with banks indirectly market XRP, even if executives do not explicitly promote buying it. Related: Ripple CTO Makes The Case For XRP Inclusion in Crypto Stockpile Meanwhile, Schwartz maintained that supply and price-per-coin are often misused in investment decisions. He noted that some investors believe XRP is a better buy simply because it appears cheaper per unit compared to Bitcoin—a narrative he believes is harmful. “You can’t compare the prices for ‘one coin’ for precisely the same reason you can’t compare the supplies measured in ‘number of coins,'” Schwartz stated , reinforcing the importance of accurate comparisons. Essentially, the discussion highlights the issue of evaluating crypto assets based on supply or unit price rather than fundamental value. It stresses that market participants must look beyond surface-level comparisons to make informed decisions. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.