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   • Unlicensed crypto exchanges in South Africa could be shut down in 2024

South Africa's financial services regulator, the Financial Sector Supervisory Authority (FSCA), has announced that unlicensed cryptocurrency exchanges operating in the country could face closure in 2024 if they fail to obtain the required operating licenses. According to FSCA Commissioner Unathi Kamlana, non-compliance will result in fines or suspensions.

The FSCA believes regulation is crucial to protect financial services consumers from potential harms associated with cryptocurrency products. The move follows previous statements by a South African Reserve Bank fintech analyst, who stated that rules governing tokenized deposits and cryptoassets will come into effect on January 1, 2025. However, the analyst also emphasized the need for regulators to thoroughly understand the risks associated with digital assets and the underlying technology.


   • Binance CEO dispels misinformation amid layoff rumors

Binance CEO Changpeng Zhao, commonly known as CZ, commented on rumors of employee layoffs in a tweet. He explained that the reasons given for the staffing changes were unfounded and noted that the company has grown significantly in recent years, along with attracting a lot of talented people to its ranks.

Binance has experienced significant growth, growing from a team of 30 to 8,000 employees in just six years, solidifying its position as a major player in the cryptocurrency exchange industry. CZ recognized the contributions of former team members and emphasized the importance of user safety.

CZ stated that staff turnover is a normal part of any organization, especially in a dynamic industry like cryptocurrency. He believes that layoffs are a natural part of the ongoing process of growth and adaptation within the company.


   • Historical maximum of fixed "dormant" Bitcoin coins

In June, it was recorded that 70% of the total volume of the first cryptocurrency was in a "dormant" state for more than a year, thus reaching a historic high. Research agency ARK Invest reported this in its monthly report.

This indicator shows the confidence of holders and institutional investors in the long-term potential of bitcoin, which is often referred to as digital gold. By the end of the month, bitcoin's price had settled at $30,460, marking an 11.9% increase. Experts note that the cryptoasset received significant technical support at the 200-week moving average and traded 14% above this level.


   • Damages from cyberattacks have exceeded the $30 billion mark

 According to a report from experts at SlowMist, losses related to cyberattacks in the cryptocurrency industry have reached over $30 billion. The study points to 1,101 successful attacks that occurred between 2019 and 2021. Centralized exchanges ranked first in terms of stolen funds, with the amount lost exceeding $10 billion. While news of centralized exchanges being hacked is becoming less common, the decentralized finance (DeFi) sector is still facing an increase in attacks.


   • Young hackers: Two teens accused of massive $4.2 million cryptocurrency theft

Two seventeen-year-old teens from Hamilton, Canada have been charged with stealing over $4.2 million worth of cryptocurrency from a U.S. citizen through the use of phishing attacks, as reported by local news outlets. The investigation into the incident began in June 2023. According to preliminary reports, the suspects posed as support employees of the well-known crypto exchange Coinbase and defrauded the victim out of $4.2 million in Ethereum and Bitcoin.

Some of the stolen funds were used to purchase the @zombie account on the Instagram platform. When the suspects were apprehended, over $13.4 million in cryptocurrencies was recovered. They have been charged with theft of an amount greater than $5,000 and possession of property obtained by crime.