Vast Bank shuts down its crypto banking app / Haru Invest executives arrested in South Korea / Apple co-founder shares prediction on Bitcoin's future price [EN]

Show Notes

Vast Bank exits the crypto industry and shuts down its mobile app following regulatory pressures, Singapore-based Oobit's token surges after a $25M funding round, Solana blockchain recovers from a major outage, South Korean prosecutors arrest Haru Invest executives over a nearly $830M crypto embezzlement, and a new website, OnlyFake, challenges crypto exchanges' KYC processes by generating fake IDs through AI.

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Host 1:"Hello there, you inquisitive crypto enthusiasts! It's your tech-savvy host, poised to lead you through the untamed world of cryptocurrency!"
Host 2:"And I'm your digital sleuth, all set to unravel some crypto enigmas! Quite a lot of scintillating news on the menu today, wouldn't you agree?"
Host 1:"Indeed! First off, we have Vast Bank bidding adieu to the crypto world. Regulatory pressure has prompted them to pack their bags and close down their mobile app. Quite a surprising turn of events, wouldn't you say?"
Host 2:"Indeed! Let's not linger on the somber tidings for too long. Shall we instead delve into the triumph of Singapore's Oobit? Their token is soaring after a staggering $25M funding round!"
Host 1:"Talk about a crypto rocket launch! And on the note of bouncing back, let's give a shout out to the Solana blockchain! They've brushed themselves off after a major glitch and are back in action."
Host 2:"Ah, your pun game is truly unparalleled! However, my dear audience, it's imperative to remember that the world of cryptocurrency isn't all about triumphs and comebacks. Take, for instance, the predicament of South Korea's Haru Invest, embroiled in a scandal with their executives apprehended for an $830M crypto swindle!"
Host 1:"Goodness gracious! That's quite the real-life crime thriller, wouldn't you say? And for those who enjoy a touch of mischief in their crypto news, we have OnlyFake, a novel website utilizing AI to fabricate counterfeit IDs and posing a challenge to crypto exchanges' KYC processes."
Host 2:"That's absolutely mind-blowing, isn't it? We find ourselves in a world where even our counterfeit IDs are being generated by artificial intelligence! So, fasten your seatbelts, ladies and gentlemen, because we have a great deal more to delve into!"
Host 1:"Absolutely spot on! So, brace yourselves, crypto enthusiasts! It's going to be quite the exhilarating journey!"
Host 1:"Have you caught wind of the latest maneuver by Vast Bank?"
Host 2:"Ah, you're referring to the U.S.-based banking institution, are you? Pray, do tell me, what's the latest scoop?"
Host 1:"Quite the bold move by Vast Bank, I must say. They've made the decision to discontinue their mobile crypto banking app, Vast Crypto Mobile Banking, as part of their strategic departure from the crypto industry altogether."
Host 2:"Quite the audacious move, I must say. They were the pioneering U.S. banking institution to offer customers the ability to buy, sell, and hold cryptocurrencies alongside their traditional checking account. Quite the trailblazers, wouldn't you agree?"
Host 1:"Indeed. They even forged partnerships with Coinbase, the largest U.S. crypto exchange, and SAP, a prominent German software company, for their crypto banking app. But it appears they've had a change of heart."
Host 2:"Or perhaps a strategic shift in their approach? After all, they did find themselves on the receiving end of a consent order from the Office of the Comptroller of the Currency, citing their involvement in unsafe or unsound practices."
Host 1:"Indeed, they mentioned the ambiguous regulatory landscape in the realm of digital banking and the prevailing macroeconomic challenges as the rationale behind their departure."
Host 2:"It's a rather challenging period for crypto firms, isn't it? U.S. regulators have been clamping down on the industry, and we've witnessed a slew of enforcement actions against major players such as Binance, Coinbase, KuCoin, Bittrex, Kraken, and Gemini. Quite the tumultuous time for the crypto world, wouldn't you say?"
Host 1:"Quite right. The United States is still grappling with the absence of a regulatory framework for the crypto market. The Securities and Exchange Commission, or SEC, contends that crypto firms ought to adhere to existing securities laws. Quite the conundrum, wouldn't you say?"
Host 2:"It's a rather intricate matter, isn't it? The cryptocurrency industry is undeniably grappling with some formidable challenges."
Host 1:"It's a realm we'll certainly be keeping a keen eye on, wouldn't you agree?"
Host 1:"Let's now delve into the realm of cryptocurrency, focusing our attention on Oobit, a mobile crypto payment app that's causing quite a stir all the way from Singapore."
Host 2:"Ah, Oobit! That's the one with the native token OBT, isn't it? I say, it seems to have taken quite the exhilarating rollercoaster ride of late, wouldn't you agree?"
Host 1:"Quite the rollercoaster ride indeed! OBT experienced a remarkable surge, soaring to as high as $0.1309 on Monday, marking a staggering 63% increase from its previous level of $0.079 just a few hours earlier. It's almost as if it had indulged in a double shot of espresso!"
Host 2:"Quite the caffeine kick indeed! But didn't it experience a bit of a downturn afterward, akin to my own post-third-cup-of-coffee slump?"
Host 1:"Quite right, it did experience a slight dip and settled above the $0.10 mark, but it managed to hold its ground above the levels of the previous day."
Host 2:Fascinating. Any inkling as to what might have precipitated this abrupt surge in OBT's value? Did it stumble upon a hidden treasure trove, perhaps?
Host 1:"Quite the intriguing development, wouldn't you say? Oobit managed to secure a handsome $25 million in its most recent funding round. The round was spearheaded by Tether's investment arm, the Hong Kong-based VC firm CMCC Global's Titan Fund, the tech investment firm 468 Capital, and Anatoly Yakovenko, co-founder of the Solana blockchain network."
Host 2:That's quite an illustrious consortium of investors. Now, what grand plans does Oobit have in store for this substantial windfall?
Host 1:"They've got grand designs, I say! Their sights are set on broadening their horizons, venturing into new territories such as the Asia Pacific, the UAE, Canada, and Australia, in addition to their established strongholds in the EU and the U.K. Furthermore, they intend to utilize the funding to enhance their app's functionalities and incorporate third-party wallets, thereby evolving their platform into a non-custodial crypto payments app."
Host 2:"Non-custodial? That does sound quite formidable. Would you be so kind as to elucidate this rather complex concept for our esteemed audience?"
Host 1:"Absolutely! In layman's terms, a non-custodial wallet is a type of crypto wallet where the user alone holds the keys to the kingdom. It's akin to having a personal safe for your crypto, where only you hold the key to unlock its treasures."
Host 2:"Ah, splendid explanation, old chap! So, who ought to be keeping a keen eye on this news, then?"
Host 1:"In recent months, a number of other crypto-related firms, including Sygnum, Blockchain.com, Line Next, Wormhole, GFO-X, Fnality, and HashKey Group, have successfully completed fundraising rounds, securing millions of dollars in new investments. So, for those with an interest in the crypto space, it would be wise to keep a keen eye on these developments. It's akin to a modern-day crypto gold rush, wouldn't you say?"
Host 1:"Always on top of the latest in tech, aren't you? Heard about the recent hiccup in the Solana blockchain?"
Host 2:"Oh, you're referring to the incident when it went offline? Indeed, I witnessed that spectacle. The primary network encountered its inaugural major outage of the year, resulting in a complete cessation of block progression. It was akin to observing a high-speed train abruptly coming to a screeching halt!"
Host 1:"That's quite the apt comparison! And it wasn't just a minor hiccup. The network remained offline for a good five hours before it finally sprung back to life."
Host 2:"Indeed, quite the eagle-eyed observers on social media, weren't they? It was when they noted that Solana had failed to produce a block for over 25 minutes. Now, one might think 25 minutes isn't much, but when you consider that Solana typically churns out a block every 400 milliseconds, that's a rather substantial delay. It's akin to waiting for a bus that never arrives, isn't it?"
Host 1:"Indeed, it wasn't just the blockchain users who found themselves in a spot of bother. Crypto exchanges such as Upbit were also caught in the crossfire, having to put the kibosh on deposits and withdrawals for Solana-based tokens. Quite the domino effect, wouldn't you say?"
Host 2:Impressive, isn't it? The Solana team's rapid response was quite the spectacle. They promptly acknowledged the outage and assured everyone that their top-notch engineers and validators were already on the case. It's almost as if they have a superhero team on standby!
Host 1:"And they didn't just stop at acknowledging the issue, did they? Oh no, they went a step further and rolled out a new validator software with a patch to address the problem. It's almost as if they wielded a magic wand to swiftly resolve the issue!"
Host 2:"Indeed, after a swift upgrade and a reboot, Solana was back in the game. However, this isn't the first instance of Solana facing an outage. It endured an almost 18-hour offline spell in 2021 and grappled with a series of outages in 2022. Remarkably, this recent incident marked the 11th outage in the past two years. It's almost as if Solana is vying to set a new world record!"
Host 1:"Quite the impressive track record, I must say. It's rather heartening to witness their resilience in bouncing back each time. Let's trust that they can endeavor to minimize the occurrence of such outages in the future."
Host 2:Absolutely. In the realm of blockchain, maintaining uptime is paramount. It's akin to the steady rhythm of a beating heart, essential for the sustenance of the entire system!
Host 1:"Ah, my dear tech whiz, let's veer away from Solana's tribulations and plunge into the depths of the crypto world. There's quite the commotion stirring in South Korea with Haru Invest, a crypto investment platform."
Host 2:"Indeed, quite the enthralling drama, isn't it? It's almost like a gripping soap opera, but set in the world of blockchain. For our esteemed audience members who may not be well-versed in this realm, blockchain serves as a foundational database utilized in the realm of cryptocurrencies. Now, brace yourselves for this astonishing revelation: three high-ranking executives from Haru Invest, including the CEO, have found themselves in hot water, having been apprehended on charges of embezzlement. The allegations suggest that they've absconded with a staggering $830 million in crypto assets belonging to a whopping 16,000 customers. Yes, you heard that right, ladies and gentlemen – a mind-boggling eight hundred million dollars!"
Host 1:Goodness gracious! That's an exorbitant amount of zeros. It appears they've been engaged in this perilous game for quite some time, haven't they?
Host 2:"Absolutely. The prosecution contends that the executives siphoned off the majority of customer deposits from March 2020 to June 2023. They were touting Haru Invest as a risk-free investment platform, which, as we are well aware, raises a crimson flag in the capricious realm of crypto."
Host 1:"And didn't they put the kibosh on user withdrawals at one point? It's akin to a restaurant insisting that you stay until you've polished off every last morsel of their woefully overcooked pasta!"
Host 1:"Absolutely spot on! OnlyFake has managed to hoodwink numerous crypto exchanges' Know Your Customer, or KYC, identity verification checks by churning out counterfeit driver's licenses and passports using AI. And brace yourselves, ladies and gents, here's the kicker – procuring a forged ID on the site will set you back a mere $15 and takes less than a minute. Quite the eyebrow-raising revelation, wouldn't you say?"
Host 2:Ah, what a clever comparison! Indeed, they did. Haru Invest and its partner, Delio, halted user withdrawals approximately eight months ago. Haru Invest even made the regrettable decision to lay off over 100 employees shortly thereafter. They attributed the suspension of services to alleged fraudulent activity at their partner B&S Holdings, while Delio pointed to market volatility and issues at Haru Invest.
Host 2:"But here's the crux, my dear audience. This remarkable platform has the capacity to generate a staggering 100 counterfeit IDs simultaneously using Excel spreadsheet data. What's more, they even provide image metadata spoofing, enabling users to fabricate location, date, time, and device data that is scrutinized by certain identity verification services to ascertain legitimacy."
Host 2:"Absolutely astounding! And these aren't just your run-of-the-mill counterfeit IDs. The platform has the capability to produce authentic-looking driver's licenses and passports from 26 different countries, including the United States, Canada, the United Kingdom, Australia, and various European Union nations. Quite the impressive feat, wouldn't you agree?"
Host 2:"Indeed, quite right. Despite the valid concerns, Wozniak lauded Bitcoin, hailing it as the prominent figure in the room and a bastion of stability. He posits that Bitcoin, as the leading cryptocurrency by market cap, exhibits greater resilience than other digital assets owing to its well-established presence and conservative allure."
Host 1:"The enigmatic figure behind OnlyFake, known by the pseudonym John Wick, asserts that the forged IDs produced by the platform have the capacity to circumvent the verifications of numerous prominent crypto-related platforms, including industry giants such as Binance, Kraken, Bybit, HTX, Coinbase, Revolut, Bitget, PayPal, and OKX."
Host 2:"Quite a relief indeed! However, it does give rise to concerns regarding the widespread availability and accessibility of AI tools. They could potentially be exploited by unscrupulous individuals to create accounts on crypto exchanges using forged documents, effectively shielding their true identities."
Host 2:"Quite the legal tangle, isn't it? Delio, Haru Invest, and their clients have all taken to the courts. Haru Invest has accused B&S Holdings of furnishing false management reports. Meanwhile, the local authorities have barred key figures from Delio, Haru Invest, and B&S Holdings from departing the country."
Host 2:"Quite the audacious forecast, indeed. However, he did make a pertinent observation that cryptocurrencies are unlikely to completely supplant traditional fiat currencies. For our esteemed audience, fiat currencies refer to the conventional money that a government has designated as legal tender."
Host 1:"Ah, but here's the twist, my dear audience. OnlyFake insists that its templates are intended solely for use in the realm of cinema, television, and digital art, emphasizing that it refrains from producing images for the purpose of document falsification, as that would be quite unlawful."
Host 2:In January, South Korean prosecutors issued an arrest warrant for an individual who holds the majority of B&S Holdings shares. They are facing charges of fraud and breach of trust. This is all part of the investigation into the ongoing suspension of withdrawals on Delio and Haru Invest.
Host 2:Absolutely. It's a cautionary tale for all our esteemed listeners out there. Always ensure you conduct thorough research before diving into investments, particularly in the realm of cryptocurrencies. Remember, dear audience, not everything that sparkles is necessarily gold!
Host 1:"And to add a touch of absurdity, ladies and gentlemen, these spurious IDs are displayed on kitchen countertops, bedsheets, carpets, and desktops, as if they were being snapped for an online verification request. Quite the audacious display, wouldn't you say?"
Host 1:"Indeed, it's quite enlightening to glean insights from tech pioneers like Wozniak regarding these burgeoning technologies. And to our esteemed listeners, do remember to conduct your own thorough research before delving into the realm of cryptocurrencies."
Host 1:"Indeed, it's a bit of a conundrum, isn't it? AI holds the promise of transforming numerous industries, yet it also presents the peril of potential misuse with far-reaching consequences. A topic ripe for further contemplation, wouldn't you agree?"
Host 1:"And to think, Haru Invest, launched in 2019, promised to offer annual interest rates of up to 12% on crypto deposits to investors. It's a stark reminder that if something sounds too good to be true, it probably is."
Host 1:"It's rather intriguing to note that Wozniak openly confessed to delving into Bitcoin during its nascent phase, not with the aim of financial gain, but rather to unravel the intricacies of digital transactions."
Host 1:"Absolutely! He even went so far as to assert that Bitcoin is a more secure asset class in comparison to other digital assets such as NFTs. And he's quite confident that Bitcoin will surpass the $100,000 mark."
Host 2:"Quite right, my dear audience. And do bear in mind, as captivating as the world of technology may be, it's imperative to remain well-informed and vigilant. Until our next rendezvous, this is signing off!"
Host 1:"That's a rather balanced perspective, wouldn't you agree? However, he did raise valid concerns about the proliferation of scams and fraudulent schemes targeting investors in the crypto and NFT space."
Host 2:"It's as if they've covered all the bases. They even accept payments through Coinbase's commercial payments service for crypto exchanges. Quite the meticulous operation, wouldn't you say?"
Host 1:"It's quite the intricate entanglement, isn't it? And if memory serves me right, there was indeed an arrest warrant issued for a key person of interest earlier this year, was there not?"
Host 1:"Let's divert our attention to another intriguing facet of the crypto world. Have you caught wind of the buzz surrounding a new website called OnlyFake? Quite the hot topic, isn't it?"
Host 2:"Oh, you're referring to the one that's been shaking up the crypto exchanges, aren't you? Yes, I'm familiar with it. It's a rather intriguing yet concerning development, isn't it?"
Host 2:Absolutely! The Woz? Quite the insightful chap, I must say. He shared some rather captivating perspectives on Bitcoin and other digital assets.
Host 1:"It's akin to a chain reaction, isn't it? And rumor has it that lawsuits are fluttering about like seagulls at a beach picnic."
Host 1:"Have you had the pleasure of listening to the recent podcast featuring Steve Wozniak, the esteemed co-founder of Apple?"
Host 2:"Ah, that's quintessential Woz for you. Always the visionary and intrepid explorer at heart."