2023-05-23

↕️ Hacking down, XRP up, and FTX rising!

May 23, 2023

Good morning, fellow DailyCoiners,Something to think about today.“Every time you borrow money, you rob your future self.”Nathan W. Morris

Ready for today's tasty morsels?Tuck in!

🍲 Hackers’ Grand Diet
🎲 Game-changing Footnote?
🧟 FTX's Resurrection Plan

⬇️ Crypto Breaches Dive: Q1 2023 Reports 70% Hack Reduction

Q1 2023 brought a pleasant surprise for the crypto world - a tremendous 70% drop in cryptocurrency hacks, as per a TRM Labs report.

The cyber thieves managed to pocket $1.3 billion, a significant plunge from the previous quarter's $4.5 billion loot. The secret sauce? Cryptocurrency exchanges and wallets undertook enhanced security measures, and fewer high-profile targets acted as a fortress repelling digital bandits. Decentralized finance protocols (DeFi protocols) turned into their favorite playground, signaling the need for improved security in this arena.However, while this dip in hacks feels fresh, it's crucial not to let the guard down. The digital hyenas are sniffing for new vulnerabilities.

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❓ Footnote Frenzy: XRP’s Security Status Questioned

A hidden gem in a court filing's footnote, dug up by attorney John Deaton, could be Ripple's ace in their lawsuit against the U.S. Securities and Exchange Commission (SEC).

The cryptic footnote suggests the SEC "does not allege that XRP is a security." Deaton hails this tiny detail as potentially "significant" and a potential "game-changer." 🎲Since December 2020, SEC and Ripple Labs, XRP's creators, have been locked in a legal tussle, with the SEC accusing Ripple of selling unregistered securities. This footnote could spell victory for Ripple and XRP holders if it confirms XRP isn't a security. 🔓This could ease the regulatory ropes around XRP, giving holders more freedom to trade and use it. The SEC, however, remains mum on the footnote.

🚀 FTX's Phoenix Moment: Crypto Exchange Set for Relaunch

Cryptocurrency exchange FTX, like a seasoned player ready to make a comeback, is set for a relaunch, suggests a recent court filing.

Overcoming hurdles and addressing previous allegations of market manipulation and insider trading, FTX appears poised to reenter the field within weeks. 🚧

FTX's denial of allegations and commitment to fair play seems to be the motto for their relaunch strategy.

This resurrection of one of the world's largest crypto exchanges hints at the industry's recovery from a market slump.

With increased regulatory scrutiny, FTX's decision to confront the issues leading to its suspension highlights the industry's commitment to responsible operations.

It's like a phoenix rising from the ashes; FTX is ready to soar again, signaling positive winds for the crypto industry. 🌪️

The question is, though…will anyone trust them again?