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X Money's Early Launch? $20M Memecoin Scandal, XRP Dethrones USDT, and Binance Conquers Brazil!

Secret Code Reveals Musk's Payment Plans, 15 Wallets Make Millions in Hours, Tether's European Drama, and Binance's 21st Victory! From suspicious profits to market-cap wars, we're spilling ALL the tea in this edition!

Hey there, PoI readers! 💫 

It's your favorite ice-cream-named crypto connoisseur, Mochi, serving up another delicious scoop of tech and web3 news! From X Money's surprise code leak to insider trading drama on Solana, XRP's market cap milestone, and Binance's Brazilian samba, we've got more flavors than a gelato shop! Grab your favorite snack, because this newsletter is packed tastier than a mochi ice cream platter! 🍡

INTEL BRIEF

🟧 Recent code leak suggests X's payment system "X Money" might launch soon, initially in 39 U.S. states where it has secured money transmitter licenses.

🟧 A group of suspected insider traders scored a massive $20M profit from Solana's FOCAI memecoin launch, raising serious concerns about market fairness.

🟧 XRP has overtaken Tether's USDT to become the third-largest cryptocurrency by market cap, amid USDT's regulatory challenges in Europe and XRP's impressive 280% yearly growth.

🟧 Binance has secured its 21st global regulatory license in Brazil through the acquisition of Sim;paul, marking a significant expansion in Latin America despite ongoing regulatory challenges elsewhere.

X Money: Is Musk's Payment Revolution Just Around the Corner?

It seems our favorite social media platform X might be jingling its virtual pocket change earlier than expected! While X CEO Linda Yaccarino officially announced X Money's launch for 2025, some sneaky code snippets have got tech detectives thinking we might see it sooner.

The drama started when MacRumors' contributing researcher Aaron Perris supposedly uncovered some telling code containing the line "X Money is not available in your state." This discovery has entrepreneur Alex Finn and others speculating that X might be pulling a "ready or not, here we come" move by launching in states where they've already got their paperwork in order.

Speaking of paperwork, X has been busy bees, securing money transmitter licenses in 39 states. However, if you're chillin' in Alaska, Delaware, Hawaii, Indiana, Massachusetts, Minnesota, Montana, New York, Vermont, Washington, or Wisconsin, you might have to wait a bit longer to join the party.

Now, here's where it gets interesting for our crypto enthusiasts! Given Elon's well-known soft spot for cryptocurrencies (looking at you, Dogecoin 👀), there's speculation that X Money might embrace crypto payments. As Finn pointed out in his X Spaces chat, crypto could serve as the "rails" for X payments, thanks to its speedy transaction capabilities.

And let's not forget that Musk's other baby, Tesla, is already crypto-friendly, accepting $DOGE for merch and sitting on a cool $1.1 billion worth of Bitcoin. Could this be a hint at X Money's future direction?

While we're all excited about this potential early launch, remember folks, X hasn't confirmed whether this code leak is legit or if we'll see X Money before its scheduled 2025 debut.

X Money might launch before its announced 2025 date, starting in 39 licensed states
Leaked code suggests the payment system is in advanced development stages
Cryptocurrency integration seems likely given Musk's history with Bitcoin and Dogecoin

Insider Wallets Score Massive 136000x Gains While Regular Traders Lose Everything On FOCAI

Solana, In what might be the most dramatic plot twist since my last attempt at explaining blockchain to my grandma, a group of 15 suspected insider wallets have pulled off what some are calling the "memecoin heist of the year" on Solana's Pump.fun platform. And let me tell you, these numbers are spicier than wasabi!

These crafty traders turned a modest $14,600 investment into a whopping $20 million faster than you can say "FOMO." How? By allegedly snagging over 60.5% of the total FOCAI token supply before the price went to the moon. We're talking about a 136,000-fold return here, folks.

One particularly lucky (or shall we say, well-informed?) wallet, our friend "9DtTb," managed to rake in $3.47 million in just three hours. That's like winning the lottery while finding a four-leaf clover while being struck by lightning... if you catch my drift!

But before you rush to mortgage your house for some memecoin action, here's the cold, hard truth: over 99% of Pump.fun traders are about as profitable as a chocolate teapot. Out of 9.8 million wallets, only 50 have made up to $1,000, five have made between $1,000 and $10,000, and just one lonely wallet has crossed the $10,000 mark.

The token's market cap peaked at a jaw-dropping $46 million before taking a 14% nosedive to $39.6 million. While some traders are swimming in profits like Scrooge McDuck, this situation has blockchain analysts raising more red flags than a parade in Moscow.

15 suspected insider wallets turned $14.6K into $20M through alleged FOCAI token manipulation
One wallet made $3.47M in just three hours, showing suspicious trading patterns
99% of Pump.fun traders remain unprofitable, highlighting the risky nature of memecoin trading

XRP Suddenly Overtakes USDT After European Regulations Force Tether To Pull Back

XRP has just snatched the third-place crown from USDT in the market cap rankings! We're talking about a whopping high stake of $138.98 billion market cap.

Speaking of high stakes, XRP has been on an absolute tear, surging 280% over the past year and currently trading at a sweet $2.43. Meanwhile, USDT's been having a bit of a rough patch, especially in Europe where the new MiCA regulations are stricter than my grandmother's cookie recipe! These rules are basically telling stablecoin issuers to keep their books as clean as a whistle and get proper licenses to play in the EU sandbox.

XRP reaches close to $141 billion in market cap. Source: CoinGecko

The plot thickened when Coinbase Europe showed USDT the door on December 13th, citing MiCA non-compliance. It's worth noting that Coinbase has some skin in the USDC game, which had its own drama in March 2023 when it briefly lost its dollar peg.

XRP's recent rally got a Trump bump after the November election, and there's buzzing speculation about a potential spot XRP ETF. WisdomTree joined the party as the fourth company to file for one, following Bitwise, Canary Capital, and 21Shares.

Meanwhile, Ripple Labs isn't just sitting pretty - they've launched their own stablecoin, RLUSD, which has already accumulated a modest $72 million market cap. Talk about keeping busy!

But don't count USDT out just yet! Despite this flip-flop, Tether still dominates 67.21% of the $204-billion stablecoin market. In fact, USDT's user base grew by 11.7% in December, adding 21.9 million new users, which is more packed than a Tokyo subway during rush hour.

XRP reached $138.98B market cap, overtaking USDT amid European regulatory pressures
XRP's price surged 280% over the past year, boosted by potential ETF speculation and market sentiment
USDT remains king of stablecoins despite the flip, controlling 67.21% of the stablecoin market

Binance Secures Major Brazil Victory Despite Mounting Global Legal Pressure

Binance just scored its 21st regulatory trophy, this time in Brazil! They've pulled off quite the power move by acquiring Sim;paul (yes, that semicolon is supposed to be there, and no, I don't know why either! 😅). This licensed broker-dealer is basically Binance's golden ticket to the Brazilian crypto chocolate factory!

What makes this particularly spicy is that Brazil isn't just any market - we're talking about a country that's ranked 10th globally in crypto adoption.

The acquisition gives Binance some fancy new powers, including securities distribution and electronic money issuance. It's like getting both the Master Sword AND the Hylian Shield in one go! CEO Richard Teng is probably doing the victory dance right now, while Guilherme Nazar, Binance's Head of Latin America, is likely practicing his regulatory compliance samba moves.

Speaking of compliance, Binance has been flexing its regulatory muscles lately, expanding its compliance team by 34% in 2023. They now have over 1,000 professionals dedicated to keeping things squeaky clean - that's more people than my local DMV!

But it's not all carnival and confetti for our favorite crypto exchange. They're dealing with some drama in Australia (ASIC's not happy), India (tax troubles), and there's even a whistleblower throwing shade about alleged bribery.

However, Brazil's welcoming arms couldn't have come at a better time. The country is cooking up some fresh regulatory frameworks focused on asset segregation and stablecoins, proving they're serious about this whole crypto thing. Plus, they're already leading the Solana ETF conga line.

Binance secured its 21st global license through strategic acquisition of Sim;paul in Brazil
Brazil ranks 10th globally in crypto adoption, making it a crucial market for Binance
Despite ongoing legal challenges in other regions, Binance continues to expand its regulated operations

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And that's all the crypto tea I've got for you today, my wonderful PoI family! 🫖 From suspected insider trading making millions to XRP flipping USDT, and Binance dancing through regulations, it's been quite the rollercoaster! Remember, in the wild world of crypto, staying informed is like having a good investment strategy - it helps you avoid brain freeze! 🧊
Until next time, this is your favorite dessert-inspired crypto writer, Mochi, melting away!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

🍨📰 Catch you in the next issue! 📰🍨

Intel Drop #160

Disclaimer: The insights we share here at Proof of Intel (PoI) are all about stoking your tech curiosity, not steering your wallet. So, please don't take anything we say as financial advice. For all money matters, consult with a certified professional. -