The cool side of the blazing crypto ecosystem.
A Web 3.0 newsletter covering the latest news that matters.

What’s in today’s cooler:

• 21 People Arrested for USDT Money Laundering

• FedNow Service Launched

• Best Thing I Saw All Week - NO FOMO

• More On Tap News

China has arrested 21 people allegedly involved in a big Tether (USDT) money laundering scheme on Tuesday. It is believed that they made over $54 million from the dollar-based stablecoin USDT.

According to China police, the suspects were purchasing discounted USDT from over-the-counter crypto trading services since October 2021. With this they illegally made profits from selling the tokens at higher prices on social media and money laundering platforms.

During the arrests, officials got ahold of 40 cellphones, about 1 million yuan in USDT and 200k yuan in cash.

All 21 suspects confessed to the crimes for laundering money with the stablecoin. Wow, don’t hear that very often.

Some may ask, isn’t crypto banned in China?

Yep.

This doesn’t stop people from getting it. There are popular retail shops in China for investors (aka hackers/scammers) interested in crypto. These shops allow people to purchase crypto with cash without any ID or information.

The US Federal Reserve announced Thursday the launch of FedNow is live.

Stated on the website, “banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year”.

Supposedly, 35 users are already in affect. 16 service providers and also ready to use the payment processing.

Many are questioning the need for crypto now that the US has a means of instant 24/7 payments between users.

This is a very good use case of crypto but many still believe the most important case for crypto is decentralization.

Decentralization means the systems has no one single point of failure, and no on individual or entity can censor the network to their own benefit, or to the detriment of others.

The Fed stated, “The FedNow Service is not related to digital currency,” and “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.”

Top Searches by country for “bitcoin”, the end may surprise you.

On Tap News

Binance Cuts 20% of Staff - “Reorganization” is what they are calling it.

$1.3 Million Crypto Phishing Attacks from Russia this Year - I though it would be higher.

UK Government Disagrees with Regulating Crypto as Gambling - Who thought this was gambling?? Not me…

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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.