JUST IN: CRYPTOGRAPHY UPDATE

This week’s top headlines:

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Criminals Prefer Cash for Money Laundering

Despite the perception that crypto is preferred for money laundering, a new report by SWIFT (Society for Worldwide Interbank Financial Telecommunication) says cryptocurrency is seldom used for illegal activities compared to other traditional methods.

"Identified cases of laundering through cryptocurrencies remain relatively small," SWIFT noted, in the report titled "Follow The Money", published last week.

The authors observed that privacy-centered digital assets like Monero or Zcash could boost the appeal of cryptocurrency for nefarious purposes.

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Jim Rogers Predicts End of Dollar Dominance

Rogers shared his view in an interview stating, "The US is now the largest debtor nation in the history of the world, and it's getting higher and higher every day".

According to Rogers, the dollar has the potential to still show strength next year once the current turmoil in the U.S. ends, but warns China could potentially "Sell all of its US bonds in an extreme case like a military conflict" - emphasizing that China reducing American debt will put pressure on U.S. interest rates.

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Bitcoin Beats Gold on Every Single Measure: Raoul Pal

Swiss asset management company 21Shares announced this week that its new products, ABTC and SBTC, are now available for trading on the three leading exchanges of the DACH economic bloc.

With 11 total crypto-related ETP’s available, the management firm’s Short BTC product is the first to offer investors the opportunity to capitalize on negative bitcoin price movements on a regulated exchange.

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$700 Million worth of synthetic Bitcoin on Ethereum

According to onchain data, there are now almost 70K synthetic bitcoin tokens circulating on the Ethereum blockchain, allowing individuals to have exposure to various financial instruments without holding the underlying asset.

Despite the massive growth and popularity, Ethereum cofounder Vitalik Buterin detailed that he has concerns about synthetic bitcoin projects saying "I continue to be worried about the fact that these wrapped BTC bridges are trusted".

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Sushiswap Founder called out for exit-scam

The anonymous founder of Sushiswap reportedly converted all of his sushi tokens to ETH on September 5, sending the price tumbling from $10 dollars down to $2.30.

Chef Nomi, the self-professed creator, has denied the allegations tweeting "People asked if I exit scammed. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration."

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