⚖️ Binance accused of tax fraud in France
Welcome to the Daily Tribune of Wednesday, January 29, 2025 ☕️
Happy New Year to Cointribu! 🚀
Today is Wednesday, January 29, 2025, and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
🐶 Elon Musk invites the founder of Dogecoin for a bold collaboration
Elon Musk sparked a wave of reactions in the crypto community by inviting, via a tweet, Shibetoshi Nakamoto, the creator of Dogecoin, to join the "Department of Government Efficiency" (DOGE). This offer was made in response to a humorous post by Nakamoto about his unemployment. Result: Dogecoin experienced an immediate increase of 5%, reaching $0.3343 with a daily peak of $0.3386.
While some analysts foresee a progression towards $1, others remind of Musk's past trends of mixing jokes and strategies.
⚖️ Binance in the crosshairs of French justice
French authorities have opened a judicial investigation targeting Binance, the largest cryptocurrency exchange platform in the world. The accusations include money laundering, tax fraud, and alleged links to drug trafficking. Investigators suspect Binance of facilitating the transfer of illicit funds through complex mechanisms and failing to meet its tax obligations in France.
This case comes as the French government tightens regulations for crypto actors, demanding more transparency on financial flows and tax declarations. Binance denies these accusations, but this process could severely harm its reputation and prompt European regulators to adopt stricter standards.
🤖 DeepSeek AI at the heart of a crypto scam explosion
The viral launch of the Chinese artificial intelligence application DeepSeek AI on January 20 has triggered a wave of sophisticated scams in the crypto ecosystem. In just 24 hours, 75 fraudulent tokens impersonating DeepSeek's identity were created, representing a 300% increase. Some of these tokens briefly reached high capitalizations, with a peak of $48 million for one of them.
In addition to tokens, cybercriminals have developed fake DApps, mimicking DeepSeek's official site and trapping investors through fraudulent functions like "Connect Wallet." In response to this situation, DeepSeek issued a warning on its social networks, stating that it has not issued any official tokens.
🚀 Solana breaks records in the stablecoin market
Solana marks a historic milestone with a capitalization of $11.06 billion in its stablecoin market, dominated by USDC, which represents 77.9% of this value ($8.26 billion). This rapid rise, supported by low transaction fees and the ability to process 350 million transactions per day, reflects Solana's technological attractiveness. In December 2024, the blockchain had already generated $1 billion, consolidating its place among the industry leaders.
However, this ascent is accompanied by speculative phenomena related to memecoins like TRUMP and MELANIA, which temporarily inflated the visibility of the ecosystem, with a growth of 77.45% in one week, well above the performances of Tron or Ethereum.
Crypto of the day: Movement (MOVE)
Movement is a next-generation blockchain ecosystem based on modular rollups compatible with the Move language, while being interoperable with Ethereum's EVM environment. Its main innovation lies in the combination of the security and flexibility of Move smart contracts with the power and accessibility of Ethereum, thus offering a high-performance and scalable infrastructure for developers.
The native token MOVE plays a key role in this ecosystem: used to pay transaction fees, secure the network via staking, and incentivize developers to deploy their applications on Movement. Its distribution is based on a mixed model combining allocations to investors, incentives to validators, and airdrops to encourage adoption. MOVE holders benefit from advantages such as returns via staking, reduced transaction fees, and privileged access to new protocols deployed on the blockchain.
Recent performances
Current price: €0.83
24h change: +13.9 % 📈
Market capitalization: €1.91 billion
Rank on CoinMarketCap: #67
🚀 Trump boosts Bitcoin: $1.9 billion in inflows to crypto ETPs!
Donald Trump's recent pro-crypto decree has triggered a massive influx into exchange-traded products (ETPs), with $1.9 billion recorded in just a few days.
Bitcoin largely dominates these flows, capturing $1.6 billion, or 92% of the total, thanks to a record price of $109,000 reached on January 20. Inverse ETPs, which allow betting on the decline of Bitcoin, also attracted $5.1 million, showcasing the persistent volatility of the market. This renewed interest illustrates a quest for yield and protection in an uncertain economic environment, positioning cryptocurrencies as increasingly strategic assets for institutional investors.
As Bitcoin leads the charge, Ethereum attracted $205 million last week, consolidating its status as the second most sought-after asset among ETPs. Altcoins like Solana, Chainlink, and Polkadot are also showing signs of vitality, albeit at more modest levels. However, not all players benefit from this dynamic: Grayscale, for instance, suffered net outflows of $124 million over the same period. In contrast, BlackRock stands out with $1.5 billion in weekly inflows and affirms its dominant position among crypto ETP managers.
Donald Trump's opposition to Central Bank Digital Currencies (CBDCs) and his declared support for cryptocurrencies resonate strongly with investors. This stance redefines the regulatory landscape and opportunities for the U.S. crypto market. While the massive flows into ETPs reflect a renewed confidence, this trend may herald a new phase of growth for the crypto industry, with promising prospects but also challenges in terms of regulation and upcoming volatility.
