Crypto as a cause of the global economic crisis and the FTT as security: top crypto and Web3 news for December 22

Once again, here is the latest major data from the crypto world. Today we have another weirdness from the U.S. Securities and Exchange Commission (SEC), some hacking news, and new achievements (good and not-so-good).

FTT has become a security

SEC calls the FTT token of bankrupt crypto exchange FTX a “security.”

Here is what Miles Deutscher – crypto analyst and investor – thinks about it:

1. You can’t even buy an FTT token in the U.S.
2. This sets a dangerous precedent for other tokens.
3. If it is indeed security, many influencers, counterparties, and venture capital funds have broken the law.

First state recognition of DAO

For the first in the world, the Republic of the Marshall Islands passed the Decentralized Autonomous Organizations (DAO) Act of 2022, which legally recognizes DAOs and allows legal entities to formally adopt DAO structures and governance tools. 

What do you know about North Korean crypto hackers?

North Korean hackers have stolen $1.2 billion in crypto worldwide over the past five years. South Korean experts say the DPRK resorted to this to bolster its fragile economy and finance its nuclear program in the face of UN sanctions. This was reported by local media, citing Seoul’s main spy agency, NIS. More than half of the roughly $1.2 billion in assets stolen since 2017 were stolen this year, with $78 million coming from South Korea.

KYC-Oscars for “KYC-actors”!

According to Certik research, a total of more than 500,000 people have become buyers or sellers of fake KYC services. The price of an actorThird-party individuals who are hired by dishonest project owners and perform KYC verification on their behalf. can be as low as $8. The lowest prices in Southeast Asia. 

Are private cryptocurrencies (not) dangerous?

The next financial crisis could be caused by private cryptocurrencies if these assets are allowed to grow, warned Shaktikanta Das, governor of the Reserve Bank of India. His main concern is that cryptocurrencies have no underlying value, calling them “speculative” and adding that they should be banned.

“It should be prohibited, because if it is allowed to grow…say it’s regulated and allowed to grow…please mark my words that the next financial crisis will come from private cryptocurrencies,” he said.

Das’ comments came at a time when the central bank is seeking to introduce its own digital version of the Indian rupee