Singapore

The past week has witnessed many notable events in the cryptocurrency and fintech sectors, from national policies to technological advancements. Below are the highlights:
1. Donald Trump Bans CBDC in the U.S.
Former President Donald Trump signed the first executive order of his term, officially banning the issuance and use of central bank digital currency (CBDC) in the United States. Trump emphasized that #CBDC is a "dangerous threat to freedom" and committed to supporting stablecoins as an alternative.

The U.S. Senate has just voted to repeal the controversial cryptocurrency tax regulation of the Internal Revenue Service (IRS), marking a significant victory for the administration of President Donald Trump and the crypto industry. With a result of 70 votes in favor and 27 against, this resolution is awaiting approval from the House of Representatives before being sent to Trump for signing into law.
What Does This Resolution Mean?

The Ministry of Trade and Industry (MTI) has cut Singapore's 2025 growth forecast to 0% to 2% ahead of the tariff war between the U.S. and China, while some economists warned of the possibility of a technical recession in 2025.
MTI's new forecast announced on April 14 is a reduction from the previous 1% to 3%. Singapore's economy is expected to grow by 4.4% in 2024.
On the same day, the Monetary Authority of Singapore continued to slow the appreciation of the local currency against the trade-weighted index to respond to reducing inflation and rising risks to economic growth.

Singapore, Independent Reserve (IR), Singapore’s 🇸🇬first licensed cryptocurrency exchange for all investors, has announced its pioneering role in listing Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Starting from 22 December 2024, customers in Singapore will be able to trade RLUSD on the platform.
As the first exchange in Singapore to offer RLUSD, Independent Reserve is bringing this stablecoin to its order book and OTC desk, providing a seamless and efficient liquidity solution for cross-border transactions. This addition allows clients to conduct global transactions with greater speed and reduced costs, further enhancing the exchange’s offerings.
RLUSD is a stablecoin pegged 1:1 to the US dollar, issued on both the XRP Ledger and Ethereum networks. It is designed for a wide range of applications, from cross-border payments to decentralized finance (DeFi), offering a secure, fast, and scalable alternative for users in the growing stablecoin market.
Lasanka Perera, CEO of Independent Reserve Singapore, commented: “The stablecoin market has experienced tremendous growth, demonstrating that stablecoins are becoming integral to modern financial systems. They have proven to be a viable solution for payment transactions and supporting DeFi ecosystems. RLUSD offers a compelling option for investors and financial institutions, providing a more efficient and secure way to move capital globally."
He continued, “As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. This decision reflects the strong trust and mutual support we have cultivated over the years. By listing RLUSD, Independent Reserve continues its commitment to transforming financial services through crypto and blockchain technology.”
Secure and Accessible Stablecoin Opportunities in Singapore
Customers of Independent Reserve in Singapore can now buy and sell RLUSD using either Singapore dollars (SGD) or US dollars (USD) on the exchange’s order book and OTC desk.
RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, one of the most stringent regulatory frameworks in the financial industry. Fully backed by the US dollar, the Ripple USD Reserve is maintained through a combination of USD fiat and cash equivalents, including government money market funds and short-term US Treasury Bills, held by US-based financial institutions. Ripple also commits to providing monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm, ensuring transparency and security for investors.
Independent Reserve’s listing of RLUSD marks a significant step forward in expanding stablecoin accessibility in Singapore, offering a regulated and secure environment for users to trade and leverage the benefits of Ripple’s USD-backed stablecoin. #Singapore #Ripple #RippleUpdate #Ripple💰 #SingaporeCryptoTrend $XRP

The cryptocurrency market is having a volatile week as Bitcoin (BTC) continues to weaken, dragging major altcoins such as Cardano ($ADA ), Solana ($SOL ), Binance Coin (BNB), and Ethereum ($ETH ) down in price. Investors are now focusing on US economic data and the inauguration of President Donald Trump, which are expected to have a major impact on the market.
Cardano Leads the Downtrend

Former Payroll Manager Misused Company Funds
Ho Kai Xin, a former outsourcing payroll manager, has been sentenced to nine years and 11 months in prison for embezzling $4.2 million from cryptocurrency exchange Bybit.
According to Strait Times, the 32-year-old woman pleaded guilty to five counts of fraud, eight counts of benefiting from criminal proceeds, and one count of providing false information to a public officer. During her trial, 30 additional charges were considered before the final verdict.
The court found that Ho used the stolen funds to finance a luxurious lifestyle. Between June 2022, she illegally withdrew SGD 5.7 million ($4.2 million) from Bybit Fintech.
📉 The embezzlement was carried out by manipulating Microsoft Excel spreadsheets while processing payroll for over 900 Bybit employees between October 2021 and October 2022.
Ho Kai Xin Previously Jailed for Violating Court Order
In addition to her primary sentence, Ho had already been sentenced to six weeks in prison for ignoring a court order and continuing to spend stolen funds.
🔹 Despite a civil court ruling that prohibited her from using the funds, she spent SGD 840,000 ($627,633) on luxury goods and a penthouse.
🔹 Her longer prison term will begin only after she completes these six weeks.
How Ho Stole $4.2 Million from Bybit
According to Deputy Public Prosecutor Jeremy Bin, Ho used the stolen funds to buy luxury items, including sunglasses, handbags, shoes, shirts, and jewelry from Louis Vuitton.
She also placed a down payment of SGD 750,000 ($560,388) on a penthouse worth over SGD 3.7 million ($2.7 million).
📉 Her first theft occurred in May 2022, when she stole SGD 117,000 ($87,417) from Wechain, a company handling payroll processing for Bybit employees.
Ho manipulated Excel spreadsheets to redirect funds from company accounts to her personal bank accounts.
🗣 "When she realized her fraud went undetected, she became emboldened and escalated her scheme to siphon funds from Bybit," prosecutor Bin stated.
A Sophisticated Scheme of Theft and Money Laundering
Ho operated six bank accounts and four cryptocurrency wallets on different platforms.
🔹 She altered payment records in Excel to ensure that payroll payments were sent to her crypto wallets instead of Bybit employees' wallets.
🔹 Between May and August 2022, Bybit processed eight crypto transfers totaling over 4.2 million USDT to her wallets.
🔹 She then converted the stolen crypto funds into fiat currency and used complex transfers to launder the money.
📉 Her crimes were exposed in September 2022, when Wechain’s CFO noticed unusually large crypto transactions.
🛑 An internal investigation uncovered discrepancies, leading Wechain to report Ho to the police in February 2023. She was arrested two months later.
The Consequences and Long Road to Conviction
Ho Kai Xin managed to conceal her fraudulent activities for several months, but her extravagant spending and suspicious transactions eventually raised red flags.
⚖ In April 2023, she was formally charged, and after more than a year of legal proceedings, she has now been sentenced to nearly 10 years in prison.
🔹 Bybit is currently working to recover the stolen funds, but a portion remains untraceable due to money laundering techniques.
🔹 This case serves as a stark warning for crypto companies about the security risks involved in internal fund management.

#CryptoScamAlert , #CryptoFraud , #Singapore , #blockchain , #cybercrime

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