Tether, the stablecoin with nearly $100 billion in circulation, has reported record profits of $6.2 billion in 2023. However, concerns are rising about Tether’s impact on the crypto sector, with JPMorgan analysts criticizing its lack of regulatory compliance and transparency. In other news, Google has updated its advertising policy to allow Bitcoin ETFs to advertise on its platform. Ripple co-founder Chris Larsen’s wallet was hacked, resulting in the theft of $112 million in XRP. Former UK Chancellor George Osborne has joined Coinbase as a global advisor, highlighting the increasing influence of former policymakers in the crypto industry. German authorities have seized a record-breaking 2 billion euros worth of Bitcoin, while US Bitcoin mining operations now consume as much electricity as the entire state of Utah. FTX has abandoned plans to relaunch and is focusing on liquidating assets to repay customers. A Chainalysis report reveals the high failure rate of illicit pump-and-dump schemes on the Ethereum DEX ecosystem, with malicious entities making $240 million but with an average profit per token of just $2,600.
