Morning Post - October 17

headlines

▌Bloomberg : Celsius has received a US grand jury subpoena

Bankrupt cryptocurrency lending service provider Celsius has received a U.S. grand jury subpoena, which means that U.S. prosecutors and several federal regulators will seek more evidence from Celsius Network Ltd. The subpoena shows that the SEC, CFTC and The FTC also sent inquiries to Celsiu.It is understood that grand juries can use court powers to subpoena evidence, although they can also invite (rather than command) witnesses to testify. If a subpoena is received, but believes that one should not testify, or that the request for the subpoena is "unreasonable or oppressive," a motion can be filed to silence that voice. Celsius said it was cooperating with all regulatory inquiries.

cryptocurrency

▌North Korean hackers attack multiple exchanges in Japan

Citing information provided by the National Police Agency of Japan, several exchanges in Japan have been hit by cyberattacks by the Lazarus Group, which is believed to be directly controlled by the North Korean government, according to a report by The Japan Shimbun, citing information provided by the National Police Agency. Employees of the affected companies were tricked into opening phishing emails sent by the hackers. Their computers end up infected with a virus.Following investigations by the regional police and the NPA's cybercrime unit, it was determined that Lazarus was behind the hacking incident.

▌ FSB: Stablecoins may speed up the reduction of X-Border payments

The Financial Stability Board (FSB) sees stablecoins as a way to achieve its goal of reducing the cost and time required to make cross-border payments. In a report, the FSB said it was “considering whether and how the use of well-designed and risk-managed stablecoin arrangements could enhance cross-border payments by addressing existing frictions, including long transaction chains, legacy technology platforms, fragmentation and truncated data formats, and capital costs depending on their design.Furthermore, the FSB added, the possibility of introducing new risks needs to be carefully weighed and the need to make the legal and regulatory frameworks of different jurisdictions compatible is difficult. Among them The most difficult may be the large economies that have banned payments in stablecoins.

▌Report : Young adults are 7.5 times more likely to hold cryptocurrencies in their portfolio than investors aged 43 and over

Bank of America this week released its 2022 report on the private banking of America's richest people. According to the report, Bank of America found that wealthy young Americans are 7.5 times more likely to hold cryptocurrencies in their portfolios than investors aged 43 and older. Furthermore, conventional investment advice suggests that younger investors own more stocks, not fewer, than older investors. However, those in the 21- to 42-year-old age group hold only a quarter of their stock portfolios, compared to 55% of investors aged 43 and over, although 29% of young people say crypto is wealth-creating major opportunities, but only 7% of seniors agree that younger cohorts are generally more interested in private equity or debt, as well as sustainable or environmental, social and governance (ESG)-related investments.

important economic developments

▌ECB Management Committee Kazaks: It is more appropriate for the ECB to raise interest rates by 75 basis points in October

On October 16, ECB Governing Council Kazaks said that it is more appropriate for the ECB to raise interest rates by 75 basis points in October, and 50 or 75 basis points in December. There is no reason for the ECB to pause rate hikes after December. Big rate hikes are needed this year, and the pace of hikes can be slowed after that. The ECB no longer has to maintain a large balance sheet.