Hamas' Interest in Cryptocurrency and Its Potential Impact on Digital Asset Regulation in the USA
Date: 2023-10-18 Author: Dima Zakharov Categories: IN WORLD
On the morning of October 18th, several significant events unfolded in the cryptocurrency market, capturing the attention of market participants and investors. Let's explore the key highlights and their impact on the cryptocurrency landscape.
1. Reddit's Closure of the Community Points Program
One of the noteworthy developments in the world of cryptocurrencies was Reddit's decision to discontinue its program that rewarded users with Community Points. This blockchain-based program was designed to incentivize content creators and developers. However, Reddit's representatives announced their intention to shut down the program and shift their focus to other initiatives that they consider more scalable. This decision means that Community Points will cease to operate by November 8, 2023.
Community Points were launched in 2020 and offered a way for users to obtain a piece of the community through interchangeable tokens on the Ethereum platform. These tokens could be stored in a Reddit wallet, resembling a cryptocurrency wallet.
This event underscores the dynamic and ever-changing nature of the cryptocurrency industry. Even major platforms can alter their strategies and priorities, impacting cryptocurrency communities and investors.
2. Hamas' Interest in Cryptocurrencies
Another significant development worth noting is the interest of the Hamas group in cryptocurrencies. This information raises concerns regarding the development of clear and transparent regulations for digital assets in the United States. Analyst Mark Palmer from Berenberg expressed concerns about the potential use of cryptocurrencies by Hamas for illicit financial operations. Such events can create additional challenges for American regulators and underscore the need to strengthen measures to combat the unlawful use of cryptocurrencies.
This also raises questions about the necessity of developing more effective security and control measures to prevent potential abuse of cryptocurrencies by terrorist organizations.
3. The Exploit Incident at Fantom Foundation
Yet another important event in the cryptocurrency market was the exploit encountered by the Fantom Foundation. An employee of the project lost $7 million in cryptocurrency due to an attack. This event highlights not only the risks associated with the storage and management of cryptocurrency assets but also the importance of robust security measures for projects and users. Despite the loss, Fantom Foundation representatives assured the cryptocurrency community that 99% of the funds remained secure, and the amount stolen as a result of the exploit was approximately $550,000.
