Hey there, PoI readers! 💫 It's your favorite ice-cream-named crypto guru, Mochi, serving up another delicious scoop of web3 insights! From election jitters shaking up Bitcoin ETFs and Singapore's ambitious tokenization plans to Pakistan's surprising crypto embrace and some wild security shenanigans, we've got more plot twists than a Netflix series! So grab your favorite beverage, settle in, and let's dive into this week's digital treasure trove! 🌐

INTEL BRIEF

🟧 The 2024 US presidential election between Kamala Harris and Donald Trump creates market uncertainty, triggering significant Bitcoin ETF outflows and price volatility on election eve.

🟧 Singapore's Monetary Authority (MAS) unveils comprehensive frameworks and initiatives to scale up asset tokenization, marking a significant leap toward mainstream adoption.

🟧 Pakistan makes a dramatic policy shift by proposing to legalize cryptocurrencies and CBDCs as legal tender, while simultaneously announcing optimistic economic forecasts.

🟧 Multiple crypto security incidents surface, including police impersonation scams, protocol exploits, and investment fraud schemes across different regions.

US Election Panic Triggers Massive $541M Bitcoin ETF Exodus

US election is making waves in the crypto world. And let me tell you, it's more nerve-wracking than watching your crush read your text messages! The crypto markets are showing some serious election anxiety, with US spot Bitcoin ETFs experiencing their second-largest daily outflow ever on Monday, November 4. We're talking about a whopping $541.1 million leaving the building.

Only BlackRock's iShares Bitcoin Trust ETF managed to stay positive, with a modest $38.4 million inflow (way to swim against the current, BlackRock! 🏊‍♂️).

Speaking of numbers that'll make your head spin, Bitcoin's been playing limbo, dropping 4.6% over the past week to around $68,000. This election-induced jitters aren't surprising, considering Harris and Trump are running neck-and-neck in the polls, making this race tighter than my budget after a crypto shopping spree!

Both candidates have been zooming across battleground states. Harris hit up Pennsylvania like it's a Netflix marathon, while Trump went for a three-state combo (North Carolina, Pennsylvania, and Michigan) before heading back to his Florida base to prep for the big day.

But here's where it gets spicier than my favorite wasabi peas – election officials are warning us to expect some possible "technical difficulties" on Election Day. We're talking about potential late-opening polling sites, long lines, and even possible power outages. They're basically telling us that counting all the votes will take time, so don't expect instant results like your favorite microwave dinner.

Remember, this isn't a sprint – it's a marathon. The market's temporary mood swings are like my cat's personality: unpredictable but ultimately manageable.

US Bitcoin ETFs saw $541.1 million in outflows on election eve, marking the second-largest daily outflow ever

Bitcoin price dropped 4.6% to $68,000 as election uncertainty looms

Election officials warn of potential delays in vote counting and final results

40 Global Banks Join Singapore in Groundbreaking Token Revolution

Project Guardian, Singapore's tokenization playground, has been busier than a bubble tea shop during happy hour! We're talking about over 40 institutions running more than 15 trials across seven jurisdictions using six currencies.

Despite all these successful trials, MAS deputy managing director Leong Sing Chiong dropped this truth bomb: "No one has really succeeded in achieving scale." It's like having an amazing recipe but not enough ingredients to feed the whole party!

To fix this, Singapore's throwing everything but the kitchen sink at the problem with their new master plan. They're bringing in the heavy hitters – BNY, Citi, JPMorgan, MUFG, and Societe Generale-FORGE – and adding Euroclear and HSBC to the mix (talk about a financial dream team!).

The real MVPs here are the two new frameworks dropped on November 4th:

• The Guardian Fixed Income Framework (fancy speak for "how to tokenize debt markets")

• The Guardian Funds Framework (complete with something called the "Guardian Composable Token Taxonomy" - try saying that three times fast!)

But wait, there's more! They're also rolling out the SGD Testnet, which is basically a playground for their wholesale CBDC (Central Bank Digital Currency). It's like Singapore's version of Monopoly money, but way cooler and actually useful!

And remember Project Orchid? It's bringing its "purpose-bound money" concept to the party. Think of it as programmable money with a mission.

Singapore's MAS launches comprehensive frameworks to scale up asset tokenization trials

40+ institutions have conducted 15+ trials across 7 jurisdictions, but scaling remains a challenge

New SGD Testnet launching with CBDC implementation for real-world testing

Pakistan Shocks World With Surprise Move to Legalize Crypto

Pakistan is doing a complete 180° on crypto, and boy, is it spicy! Remember when Pakistan and crypto were like oil and water? Well, hold onto your wallets because the State Bank of Pakistan (SBP) just dropped a policy proposal that would make digital assets as legit as their traditional rupee!

The plot twist came during a meeting led by SBP governor Jameel Ahmad, where the Monetary Policy Committee (MPC) wasn't just dipping their toes in the crypto waters – they were doing a full cannonball! The proposed amendments would give state banks the green light to issue digital currency and process digital payment services. Talk about a glow-up! 💅

But wait – there's a plot twist in this plot twist! Back in May 2023, former Minister Aisha Ghaus Pasha was all about banning crypto. Enter Muhammad Aurangzeb, the new finance hotshot fresh from Habib Bank Limited, who basically said "Hold my chai" and reversed course quicker than a crypto price chart!

And because good news loves company, the MPC also announced a tasty 2.5% interest rate cut. They're feeling so optimistic, they're predicting GDP growth between 2.5-3.5% for FY25. That's more positive energy than my morning coffee!

Of course, this isn't a done deal yet – these proposals need to clear more hurdles than an Olympic athlete. But if they pass, we're looking at a future where Pakistan could have its own digital rupee and a regulated crypto market.

Pakistan proposes legalizing cryptocurrencies and CBDCs as legal tender in a major policy shift

New finance leadership under Muhammad Aurangzeb reverses previous anti-crypto stance

Economic outlook improving with 2.5% interest rate cut and projected GDP growth of 2.5-3.5%

Fake Police Officers Con Victims Into $10K Bitcoin Payment Scheme

First up, Colorado got hit with a creative scammer who'd make Hollywood proud! These tricksters posed as police, demanding $10,000 in Bitcoin for supposedly missing jury duty. One victim sent $6,000 before real authorities stepped in – talk about a close call! Pro tip: Real police officers don't accept Bitcoin payments over the phone (shocking, I know! 🤣😝).

Meanwhile, Sunray Finance on Arbitrum just had a very bad day. An attacker pulled off a $2.7 million heist by minting more tokens than there are stars in the galaxy, literally - we're talking 200 sextillion SUN tokens.

The plot twist? A bot swooped in and made $560,000 in arbitrage faster than you can say "blockchain" – it's like watching a heist movie where another thief steals from the first thief!

In India, authorities are investigating a case where a smooth-talking scammer allegedly convinced 320 people to part with their crypto by promising monthly returns of 10,000 rupees ($119).

The total damage? A whopping $297,000! The scammer's secret sauce? Name-dropping big exchanges like Binance and OKX – because nothing says "trust me" like dropping famous names, right? 🙄

Colorado scammers impersonating police demand Bitcoin payments for fake court fines

Sunray Finance loses $2.7M in token minting exploit on Arbitrum

Indian scammer allegedly steals $297K from 320 victims using fake investment scheme

Phew! What a whirlwind of news, dear PoI fam! 🌪️ From market-moving elections to groundbreaking regulations and sneaky scammers, we've covered it all. Remember to stay alert out there – not everyone asking for Bitcoin is a real police officer (shocking, I know)! Until our next crypto adventure, this is your favorite dessert-themed analyst, Mochi, signing off with a sprinkle of wisdom and a dollop of optimism! 🍨✨

P.S. Did these stories make you go "WHAT?" as much as they did me? Share your thoughts, theories, and tastiest takes with the PoI community!📣❤️ Don't forget to share this newsletter faster than a blockchain transaction! (Well, maybe not that fast, but you get the idea! 😉)

🍨📰 Catch you in the next issue! 📰🍨