📜🏁Bitcoin ETF Approval... a waiting game - Proof of Intel

Good morning, tech pioneers! Your dynamic duo Mochi & Kimchi are back with another invigorating Proof of Intel (PoI) edition. Swap your caffeine fix for our tech energy boost. As co-driver of this tech road trip, your engagement is key. Every byte of knowledge you gain with PoI is your ticket to a future full of promise. With us, you're not just a member, but the heart of our tech community. Are you ready to seize the tech day together? Let's go! ☀️💻

SUMMARY 📓🖋️

🟧 Spot Bitcoin ETF applications from five firms are inching closer to SEC approval.

🟧 North Korean hackers targeted an American IT management company, JumpCloud, to gain access to cryptocurrency companies. This tactic, known as a "supply chain attack," reveals a new, more comprehensive strategy in their cyber operations.

🟧 An investor has been charged with the kidnapping of Aiden Pleterski, the self-proclaimed 'Crypto King'. Pleterski, who was known for his lavish lifestyle, filed for bankruptcy after allegedly mismanaging his investors' funds.

🟧 Nasdaq abandons plans for crypto custody service amidst changing U.S. regulatory environment.

📜⌛ Hop, Skip and a Jump Towards Crypto ETF Approval!

All right folks, it seems our beloved SEC (Security and Exchange Commission) is playing the longest game of "Red Light, Green Light" in history with spot Bitcoin ETF applications. Yes, the names in the hat include big shots like BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree. The applications were given a green light to the Federal Register and they are now published (kudos for moving past the 'Go' square!).

In a typical bureaucratic fashion, this gives our diligent SEC up to 240 days (around the same time it takes to binge-watch all seasons of 'The Simpsons'!) to finally say yay or nay. The ETF enthusiasts initially filed the applications in June and had to revise their homework naming Coinbase as a surveillance-sharing partner after the SEC considered the initial submissions to be as satisfying as a water-flavored popsicle.

What's noteworthy is that the SEC, like a protective parent, hasn't yet approved any spot investment vehicles with direct exposure to our dearest cryptocurrencies. They did allow ETFs linked to BTC futures in 2021, but direct exposure? Not yet, kiddos! All eyes are now on the SEC's next move, and let me tell you, the suspense is thicker than a triple-chocolate milkshake!

North Korean Cyber Heist: Hacking the Crypto World 💻

North Korean hackers, backed by their government, breached the American IT management company JumpCloud in late June. But they didn't stop there; they used this foothold to target cryptocurrency companies - demonstrating a chilling new cyber attack strategy.

JumpCloud, based in Louisville, Colorado, announced that "fewer than 5" of its clients were targeted through the breach. Cybersecurity firms assisting in the case, CrowdStrike and Mandiant, stated that these hackers were known for their focus on cryptocurrency theft.🕵️‍♂️💰

Rather than hacking individual digital currency firms, North Korean cyber spies have shifted their tactics to "supply chain attacks," where they breach companies that can provide them with access to multiple victims downstream. North Korea, it seems, is upping their cyber espionage game.

North Korea's Reconnaissance General Bureau (RGB), its primary foreign intelligence agency, is believed to be behind this, according to Mandiant. CrowdStrike, however, identified the hackers as "Labyrinth Chollima", a group notorious for its disruptive cyber intrusions and association with North Korea.

This incident serves as a stark reminder of the evolving threat landscape in cyberspace, particularly in the lucrative world of cryptocurrencies. While crypto can be a gold mine, it can also be a minefield, so tread with caution.💼💣

Crypto King Kidnapped: High-Stakes Drama Unfolds🕵️‍♂️👑

Grab your popcorn and brace yourselves, we've got a high-stakes drama unfolding in the crypto world.

According to court records, late one night in early December, 'Crypto King' Aiden Pleterski was kidnapped and subsequently beaten and tortured over a three-day period. This tale could be the plot of your next favorite thriller.

His kidnappers were none other than his own investors, including one Akil Heywood. They let him go with a stark warning: pay up fast and don't approach the police. Feels like a blockbuster movie in the making, right? 🎥

As we delve deeper into the plot, we discover that Pleterski, known for his opulent lifestyle, complete with three Lamborghinis and three McLarens, had filed for bankruptcy in August. Heywood, who was among dozens who had invested with Pleterski, filed a claim for a lost investment of $740,000.

In an exciting turn of events, this week Heywood, along with three other men, were charged with kidnapping. The Toronto Police Service released a statement announcing the charges, which included kidnapping for ransom, among others.🔄

Here's a reminder, folks: While the crypto world can offer massive gains, it can quickly turn into a real-life thriller when investments go south. So, tread cautiously, and remember: Not everything that glitters is Bitcoin...or a Lamborghini. 😉🚗

💼🛑 Nasdaq Pulls Out of Crypto Custody Rumble!

Roll up your sleeves, folks. It's time to unpack some tech gossip! Yesterday, Nasdaq decided to be that friend who RSVPs 'yes' to your party and then cancels at the last minute. Yes, the tech-savvy U.S. stock exchange announced they're abandoning their plans for a crypto custody service. This service was slated to launch this quarter, but it seems like Nasdaq decided to pull a Houdini.

This news hit the crypto enthusiasts like a water balloon in the face! Especially after the previous months showed promising signs of life in the crypto world. Think of it as if we had just received a letter from Hogwarts (Hello, BlackRock's proposal for a spot bitcoin ETF), only to realize our owl took a wrong turn!

The plot thickens as Nasdaq CEO Adena Friedman explained that they called it quits because of the "shifting business and regulatory environment in the United States." While Nasdaq turned out to be a party pooper, they remain committed to their new unit, Nasdaq Digital Assets, and still have plans to "build and deliver" crypto software, including other custody solutions.

Looking at the bright side, or should I say the crypto side, the game's not over. There's an increase in positive sentiment, but with Nasdaq's exit, we're reminded that the industry might hit a dead end if the current regulatory regime continues. But hey, who doesn't love a good cliffhanger?

TL;DR: 🔻💯

🟧 Spot Bitcoin ETF applications from several big-name firms have been published in the Federal Register, advancing the SEC review process. The commission now has a whopping 240 days to make the final call. Still no green light for spot investment vehicles with direct exposure to cryptocurrencies, but hope floats (just like your favorite root beer float!).

🟧 North Korean government-backed hackers breached an American IT company, JumpCloud, to target its cryptocurrency clients. The hackers' method represents a shift in strategy, highlighting a move towards supply chain attacks, where they target companies that can give them broader access to multiple potential victims downstream. This event underlines the evolving threat landscape in the digital world, particularly the world of cryptocurrency.

🟧 The 'Crypto King' Aiden Pleterski, known for his extravagant lifestyle, was kidnapped, allegedly by one of his own investors. Pleterski, who had filed for bankruptcy after allegedly mismanaging investors' funds, was released after three days with a warning to repay his debts. Now, one investor and three other men have been charged with kidnapping, highlighting the darker side of the crypto world.

🟧 Nasdaq has backtracked on its plans to launch a crypto custody service due to the changing regulatory environment in the U.S. While this is a setback for the crypto industry, the company remains committed to its Nasdaq Digital Assets unit and plans to continue developing crypto software.