Tether Dismisses Ripple CEO's Claims Amid US Regulatory Scrutiny

Here are some of the major developments in the world of crypto over the past few days.
some of the major developments in the world of crypto
some of the major developments in the world of crypto

Tether CEO Paolo Ardoino has fired back at Ripple CEO Brad Garlinghouse for his recent remarks suggesting that the U.S. government is targeting Tether, the world's largest stablecoin issuer. Arduino took to social media to address the concerns raised by Garlinghouse and defended Tether against what he sees as fear-mongering about USDT.

Arduino emphasized that USDT is the dominant stablecoin by market share, serving millions of users globally and providing crucial banking services to users in developing countries. He noted that Tether has cooperated with 339 requests over the past three years, including 158 from U.S. law enforcement agencies.

Garlinghouse's comments came during a podcast interview where he predicted a 100% chance of another crypto-related black swan event. While he hinted at U.S. government actions against Tether, Garlinghouse also acknowledged the stablecoin's significance in the cryptocurrency market. Some observers view Garlinghouse's statements as part of a competitive strategy, especially considering Ripple's upcoming stablecoin launch.

Blockdaemon Approved for Expansion into Abu Dhabi, UAE

Blockchain infrastructure firm Blockdaemon revealed that it will be expanding its presence in the United Arab Emirates with a new office and entity in Abu Dhabi. This will also entail making its node and validator infrastructure solutions available in the region, along with its self-hosted MPC wallet technology.

Amor Sexton, the chief operating officer of Blockdaemon, said the move is a significant stride for the company blistering its presence in the UAE region. Blockdaemon focuses on developing institutional-grade infrastructure for blockchain protocols, crypto native and traditional financial institutions.

In September 2021, Blockdaemon secured the status of unicorn with a $155 million raise, which increased its total valuation to around $1.255 billion at the time. Though there is still room for growth, saying that although it may be at its highest it still doesn’t mean that there are loads. On May 5, Blockdaemon became one of eight companies to commit to using the Stacks software - which is one of the leading Bitcoin layer-2 networks with smart contract functionality.

North Korean Hackers Use 'Dorian' Malware to Attack Crypto Firms

North Korean hackers have reportedly begun using a new malware variant called 'Dorian' to target South Korean crypto companies. The hacker group Kimsky, known for previous attacks, has employed this malware in recent targeted attacks against at least two crypto companies, as detailed in a May 9 threat report from cybersecurity firm Kaspersky.

The newly discovered Durian malware functions as an installer, continually delivering malware payloads, including a backdoor named 'Appleseed,' a custom proxy tool called 'LazyLoad,' and other legitimate tools like Chrome Remote Desktop. Kaspersky's report describes Durian as having extensive backdoor functionality, enabling it to execute commands, download additional files, and exfiltrate data.

In a separate incident, independent blockchain expert ZachXBT revealed on April 29 that the Lazarus Group successfully laundered over $200 million in fraudulently obtained cryptocurrencies between 2020 and 2023. The Lazarus Group is suspected of stealing more than $3 billion worth of crypto assets over six years ending in 2023, accounting for more than 17% of the total funds stolen in 2023, or just over $309 million.

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