Crypto Investigator Signs Off 🛑
ZachXBT vanishes, fake memecoins emerge. Solana continues unstoppable rally, blasts past $100 barrier. SEC's changing stance and crypto stocks surge. Spain sees a surge in crypto companies.
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Everything ends up in the creation of memecoins.
Prominent crypto investigator ZachXBT temporarily vanishes from social media.
And the result? Fake memecoins.
Who is he?
Read this: ZachXBT vs Big Bro🍿🔍
Read this: Sued, doxxed ... but up for a fight 🤼♂️
Why the Disappearance?
ZachXBT is a respected figure in the crypto world, renowned for unmasking over 100 crypto and NFT scams. His investigations have even aided law enforcement agencies, and he's considered a potential member of the Polygon protocol committee.
His sudden departure from social media left followers speculating. He urged caution, advising against buying any ZachXBT memecoins, saying that he would never launch one.
Crypto Community's Reaction
ZachXBT's absence prompted strong reactions within the crypto community, with many praising his contributions and integrity. Some suggested that harassment from projects he exposed as "pump and dump" might have driven him away.
Crypto influencer Adam Cochran hailed his work and noted that the crypto space would be worse off without him.
Similarly, others pointed out that ZachXBT had done more than most to protect inexperienced retail investors from scams and memecoins, despite being blamed by some for their investments.
Surprisingly, even as ZachXBT's account eventually reappeared on social media without new content, over 180 memecoins emerged across Ethereum, Solana, and BNB Chain. This occurred despite his clear declaration that he would never initiate a token.
One Solana-based memecoin experienced a staggering 13,000% surge in value, demonstrating the fervour surrounding these unauthorised tokens.
The Impersonation Scare
Reports are surfacing on social media platforms regarding numerous accounts posing as ZachXBT.
This comes in the wake of his official account deactivation.
The fraudulent accounts often mimic popular profiles like ZachXBT to deceive users. Their tactics often include enticing users to click on phishing links and engage with scams.
TTD SOL 📶
Solana is on fire.
Blasting past $100 mark.
First time in 20 months.
100% gain in a month.
This surge continues an impressive run, with SOL posting a staggering 770% gain compared to the same time last year.
Breaking the $100 Barrier
Solana's rally doesn't seem to be slowing down, as it gained 6% in a single day, according to CoinGecko data.
Trading miles above $100 mark at the time of writing.
Just days ago, SOL had been hovering just below the $100 mark.
Climbing the Crypto Rankings
Solana's meteoric rise led it to overtake XRP earlier in the week, securing its position as the fifth-largest cryptocurrency by market capitalisation. Remarkably, it then surpassed Binance Coin (BNB) to claim the #4 spot.
This surge was partly driven by the popularity of meme coins like BONK and Dogwifhat (WIF) on Solana.
BONK, for instance, reached an all-time high on December 15th but has since dipped by nearly 45%, showcasing the volatile nature of meme coins. Nonetheless, it remains up by a whopping 347% over the past month.
WIF, another Solana-based token, is up an impressive 294% in just one week, despite a 28% dip from its recent all-time high.
Data from The Block reveals that Solana's network has already broken records for monthly new and active addresses.
Former SEC official and cryptocurrency critic, John Reed Stark, has changed his stance on spot Bitcoin ETFs due to rumours from internal SEC calls👇🏻
SEC Chair, Gary Gensler.
"far too many frauds and bankruptcies out there”
Gary Gensler stirred the crypto community when he took to X to declare rampant noncompliance in the crypto space.
He also expressed concerns about the prevalence of fraud and bankruptcies in the crypto industry.
Crypto enthusiasts clap back, highlighting the SEC's lack of clarity on compliance standards, noting that companies like Coinbase have been seeking regulatory clarity for years.
A little confession
The SEC has admitted to making inaccurate statements in a lawsuit against crypto startup DEBT Box. However, the SEC still believes that the firm's assets should be frozen.
The admission came after a federal judge in Utah criticised the SEC for its handling of the case and demanded an explanation for the "false or misleading" statements made by the regulator. The SEC admitted to misstating some accusations, such as DEBT Box allegedly closing accounts during the ongoing litigation.
TTD Stocks 💹
Crypto stocks? Pretty good.
Marathon Digital, a prominent Bitcoin mining company, has witnessed an impressive upswing in its stock price throughout the past year.
Surged by 628.82% since the beginning of the year.
Coinbase's stock returns in 2023 have surpassed 400%, outperforming tech giants and Bitcoin.
Interest is growing in hash-rate derivatives, offering volatility hedging for Bitcoin miners, and staking rate derivatives that allow clients to earn interest when staking Ethereum.
These products are likely to see increased attention as the crypto market continues its bullish run.
Here's a good read.
This surge aligns with two significant factors that are fueling speculation about Bitcoin's future price.
Bitcoin ETF Approval: Analysts anticipate the potential approval of a spot Bitcoin ETF by the US SEC by January 10.
Bitcoin Halving: The Bitcoin halving, which occurs approximately every four years, has historically triggered price surges. This event reduces the rate of new Bitcoin issuances by 50%.
TTD Spain 🇪🇸
Spain has witnessed 56% surge in the number of officially registered crypto companies in 2023.
According to the official registry published on the website of Spain's central bank, 30 companies were granted licenses as virtual asset service providers in 2023.
In comparison, 53 companies were added to the registry in 2022, reflecting the continuous growth of the crypto industry in Spain.
Notable international platforms, including Revolut, Bitpanda, Crypto.com, and Vivid, joined the registry in 2023, showcasing a global interest in the Spanish crypto market.
Despite international entries, domestic companies maintain a strong presence, holding 61 licenses out of a total of 85.
Spanish regulators have taken an active stance toward crypto regulation, with the early adoption of the European Union's Markets in Crypto-Assets Regulation in October.
The National Securities Market Commission opened its first case against a technology provider for violating crypto promotion rules in November.
The Spanish Tax Administration Agency introduced Form 721, a tax declaration form for digital assets held abroad.
TTD Surfer 🏄
The Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks facilitating cryptocurrency transactions.
Crypto exchange MEXC has reassured users that the deletion of its Twitter account under the name "MEXC_CEO" does not indicate any trouble at the firm.
The Japanese government has approved revised taxation laws that provide tax relief to companies holding cryptocurrencies.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.