Hey there, PoI readers! 💫

It's your favorite ice cream-inspired crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news! From Tether's spicy relocation to El Salvador and Saylor's Bitcoin shopping bonanza to Mudrex's withdrawal drama and some serious North Korean hacking shenanigans, we've got more action than a blockchain during an NFT mint! So grab your favorite beverage, settle into your comfiest chair, and let's dive into this week's digital digest!

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INTEL BRIEF

🟧 Tether, the major stablecoin issuer, announced a strategic relocation of its headquarters from the British Virgin Islands to El Salvador after receiving an official digital asset service provider license.

🟧 MicroStrategy's Bitcoin holdings have soared to a 51% gain under Michael Saylor's leadership, despite mixed reactions from the crypto community and financial experts regarding his aggressive acquisition strategy.

🟧 Indian crypto exchange Mudrex has temporarily suspended crypto withdrawals until January 28th, citing compliance upgrades, while facing significant community skepticism and coinciding with broader regulatory changes in India's crypto landscape.

🟧 The US, Japan, and South Korea have issued a joint alert about North Korean crypto hackers who stole a staggering $1.34 billion in 2024, marking a 102% increase from 2023.

Tether Ditches Paradise For Bitcoin Nation As El Salvador Becomes Its New Home

In what could be called the biggest corporate "change of address" card of 2024, Tether is packing its bags and saying "Adiós!" to the British Virgin Islands and "Hola!" to El Salvador. This move comes after securing a shiny new digital asset service provider license in the Bitcoin-loving nation.

Speaking of love, it seems the attraction is mutual! Tether's CEO Paolo Ardoino didn't just fall for El Salvador's "forward-thinking policies" and "favorable regulatory environment" - he and COO Claudia Lagorio are believed to have already become naturalized citizens in 2024. Talk about commitment! 💍

But wait, there's more! This isn't just some random corporate relocation - it's part of a larger story involving El Salvador's President Nayib Bukele, who's been turning his country into a crypto paradise." Under his leadership, El Salvador has embraced Bitcoin as legal tender since 2021, and now holds what's speculated to be over 6,000 BTC (that's more than $550 million worth of digital gold, folks!).

Tether isn't just moving in - they're investing in the neighborhood too! The company has already committed to contributing to El Salvador's renewable energy projects, including some pretty cool geothermal facilities. Because nothing says "we're here to stay" like helping to power up your new home, right?

However, like any good newsletter writer (and your favorite ice cream-inspired journalist), I should mention that El Salvador's journey hasn't been all sunshine and rainbows. While Bukele, who playfully dubbed himself the "world's coolest dictator," has been praised for reducing crime rates, there have been reports suggesting concerns about civil liberties and administrative practices.

Tether officially secured license to operate in El Salvador and is moving its HQ there

Tether's top executives have reportedly already become naturalized citizens of El Salvador

El Salvador continues its crypto-friendly stance, holding over 6,000 BTC ($550M+) as of December

Michael Saylor Turns MicroStrategy Into A $42 Billion Bitcoin Beast

Michael Saylor, our favorite Bitcoin-collecting executive, has been posting his Bitcoin tracker with the consistency of a Swiss watch - marking his 10th consecutive week of updates. And boy, oh boy, do these numbers make your average savings account look like pocket change!

According to SaylorTracker (yes, that's a real thing!), MicroStrategy is now sitting on a whopping 447,470 BTC, worth approximately $42.4 billion. Their latest shopping spree? A casual 1,070 BTC picked up on January 6th, because apparently, you can never have too much Bitcoin!

But wait, there's more drama than in your favorite telenovela! While MSTR shares are currently doing the limbo (down about 40% from their all-time high of $543), Saylor isn't just doubling down - he's tripling down with his ambitious "21/21 plan". We're talking about $21 billion in equity offerings AND $21 billion in fixed-income securities.

However, not everyone's popping champagne bottles. David Krause, emeritus professor at Marquette University (and apparently not invited to Saylor's Bitcoin parties), has raised some eyebrows about this strategy. He's speculated that a sharp Bitcoin drop could send MSTR shares into a nosedive.

But does Saylor care? About as much as a whale cares about getting wet! He's already planning another potential $2 billion preferred stock offering for Q1 2025. Because when you're Michael Saylor, apparently too much Bitcoin is never enough!

MicroStrategy now holds 447,470 BTC (≈$42.4B) with their latest 1,070 BTC purchase

Company unveiled ambitious "21/21 plan" targeting $42B in Bitcoin acquisitions

Additional $2B preferred stock offering planned for Q1 2025 to acquire even more BTC

Indian Exchange Mudrex Freezes User Withdrawals As Community Panic Grows

Mudrex, one of India's few crypto exchanges offering withdrawals, has just hit the pause button on crypto withdrawals. The freeze is supposedly lasting until January 28th, but as we all know in crypto, "temporary" can sometimes feel longer than waiting for your Bitcoin transaction during high network congestion.

CEO Edul Patel stepped up to the mic with an explanation that basically boils down to: "We're doing this for your own good!" According to him, they're upgrading their compliance framework to keep the bad guys out. Which, you know, is kind of like closing down a highway to install speed cameras - necessary perhaps, but the timing's raising more eyebrows than a crypto millionaire at a luxury car dealership!

But wait, the plot thickens! While Mudrex is boasting about their 200% yearly user base growth (hitting 3 million users) and a casual 20-fold surge in December's trading volume ($200 million), the crypto community is having none of it. Crypto trader Vivan Live took to X with all the subtlety of a bull in a china shop, basically yelling "RUN FOR THE HILLS!"

Meanwhile, in a plot twist worthy of a Bollywood drama, CoinDCX has decided to waltz in with their own crypto withdrawal feature.

And let's not forget about Bybit, who's already packed their bags and left the Indian market quicker than a teenager leaving a family dinner!

Mudrex halts crypto withdrawals until Jan 28th for "compliance upgrades"

Exchange claims massive growth with 3M users and $200M December trading volume

CoinDCX launches crypto withdrawals but requires users to disable INR deposits

North Korean Hackers Break Records With Massive $1.3B Crypto Theft

Hold onto your hardware wallets, because 2024 was officially the year North Korean hackers decided to go full Ocean's Eleven on the crypto world! According to data that's making security experts spill their coffee, these digital desperados managed to swipe an eye-watering $1.34 billion across 47 separate incidents.

The greatest hits album of their 2024 tour includes some chart-toppers like the $600 million Ronin network hack and the $230 million WazirX exchange heist. But wait, there's more! They also dropped some B-sides like the $305 million DMM Bitcoin hack and several $50 million "singles." Talk about a productive year! 🎸

The situation has gotten so spicy that the US, Japan, and South Korea have formed their own crypto Avengers team to combat these threats. In their joint statement (which probably wasn't written on a group chat), they expressed concern that these hackers are becoming the "Ocean's Eleven" of the crypto world.

What's particularly alarming (or impressive, if you're a cyber-security nerd) is that these hackers are leveling up. Chainalysis reports that attacks between $50-100 million, and those above $100 million, happened more frequently in 2024 than in 2023.

North Korean hackers stole $1.34B in crypto during 2024 (61% of all crypto theft)

Major heists included $600M Ronin hack and $230M WazirX hack

US, Japan, and South Korea formed alliance to combat growing crypto security threats

And that's all the bytes that fit to print, my wonderful PoI readers! 🎭

From El Salvador becoming Tether's new home to North Korean hackers making off with $1.34B, this week has been wilder than a meme coin chart! Remember, in the world of crypto, anything can happen - except maybe getting your password reset on a decentralized platform!P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community!

🍨📰 Catch you in the next issue! 📰🍨