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#XSuperApp Turning X into ‘super app’, to allow payment, trade and investment The executive said the platform would soon be exploring the possibility of launching an X credit or debit card by the end of this year. The new proposed model of X falls in line with Musk’s long-time project to embed messaging, payments and shopping on the platform, something that China’s WeChat offers.
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#CryptoStocks 5 Best Crypto Stocks To Buy: Sol Strategies Files For Nasdaq Listing, Circle And Coinbase Explode The crypto market was hit with a wave of big headlines on Wednesday, from regulatory breakthrough in the United States for stablecoins and White House meeting with Iran over de-escalating tensions in the Middle East to Sol Strategies filing for Nasdaq listing. On the stablecoin regulatory front, the US lawmakers passed the “GENIUS Act” introduced by Tennessee Senator Bill Hagerty, marking a major step toward creating a clearer stablecoin regulation in the country. At the same time, there were reports on Wednesday that the Iranian government could be open to meeting President Donald Trump in an effort to ease the geopolitical tensions in the Middle East.
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The 10 Biggest Crypto Hacks in History part 3 #FTX: $477 million of multiple cryptocurrencies stolen in 2022 post-collapse hack The FTX CEX, founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang, collapsed in November 2022, wiping out a grand total of $8.9 billion of its customers’ savings and investments, both fiat and crypto. The collapse was rooted in gross mismanagement and misappropriation of funds. In the fallout, $477 million in various cryptocurrencies were drained in a suspected hack on November 11, as FTX filed for bankruptcy. The suspected hack was likely an inside job. Although Wang avoided a jail term, SBF received a 25-year prison sentence in March 2024, and must forfeit $11 billion to compensate victims of the scam.
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#GENIUSActPass The Senate just passed the bipartisan #GeniusAct, a landmark stablecoin bill, by a 68-30 vote. Attention now turns to whether and how the House of Representatives will advance its version of stablecoin legislation, the #STABLE Act. Our client update breaks down the #GENIUS and #STABLE Acts – highlighting key similarities, differences, and what may lie ahead as Congress aims to finalize legislation by August.
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