Weekly Crypto Wrap: 20th June 2024

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Rachael Lucas
Weekly Crypto Wrap: 20th June 2024


  • We’re celebrating 11 years in crypto with a $5,000 Bitcoin giveaway!
  • BTC Markets announces sponsorship of Australian heptathlete, Tori West.
  • Australian Securities Exchange (ASX) approves first spot Bitcoin ETF.
  • ETH’s move to US$10K seen as top asymmetric bet, according to analyst.
  • AI-related coins slide as Google searches peak.
  • RBA holds rates steady amid inflation concerns.

BTC Markets announcements

BTC Markets announces sponsorship of Australian heptathlete, Tori West.

We're excited to announce our sponsorship of Australian heptathlete Tori West, supporting her "Path to Paris" as she aims to represent Australia in the 2024 Olympic Games.

Tori, ranked #1 in Oceania and 24th globally, competes in the heptathlon, which includes seven track and field events. She is currently in Germany seeking to solidify her Olympic qualification, we are proud to support her dedication and excellence. Read the full announcement here.

Stay tuned for updates on Tori's journey and follow us on social media for more exciting news.

Celebrating 11 years in crypto with a $5,000 Bitcoin giveaway!

$5000 Bitcoin Giveaway

This month, BTC Markets has reached an incredible milestone - 11 years in the crypto market! To celebrate we're giving away AU$5,000 worth of Bitcoin to 10 lucky winners!

It’s easy to enter:

  • Follow us on X (Twitter).
  • Retweet the giveaway post.
  • Comment ‘#BTCMarkets is celebrating 11 years in #crypto.’

You will automatically go in the running to win! T&Cs apply. Enter now!

This journey has been nothing short of extraordinary, and it’s all thanks to you, our loyal clients. Your unwavering trust and support have been the cornerstone of our success.

From our humble beginnings as a startup, we’ve grown into a powerhouse in the Australian cryptocurrency landscape. We’re honoured to have you as a vital part of our journey and are excited to continue being a part of yours.

BTC Markets x Ticker News ‘Crypto Corner’ featuring the Litecoin Foundation.

BTC Markets has partnered with Ticker News to produce a ground-breaking news series called ‘Crypto Corner’. Each episode, we talk to thought leaders in the cryptocurrency and blockchain industry, to discuss the latest innovations and their impact on you and the industry.

In this episode, Caroline Bowler interviews Robbie Coleman, Creative Director of the Litecoin Foundation. They explore Litecoin's role and its comparison to 'digital silver,' discuss its use cases such as remittance payments and micro-transactions and highlight the benefits of permissionless technology.

Watch on YouTube or Ticker News.

Did you know…that BTC Markets has a Mobile App?

BTC Markets has a mobile app for iOS and Android, enabling users to trade crypto anytime, anywhere. Key features include:

  • Quick and easy deposits: Deposit AUD via Osko PayID or direct deposit, and fund accounts with crypto from external wallets.
  • Trading options: Use Simple Buy/Sell for quick transactions or Advanced settings for limit, market, and stop limit orders.
  • Price monitoring: Track cryptocurrency prices and market movements and personalise with the Watch List feature.
  • Portfolio management: View portfolio holdings, values, trade history, and order status in real-time.
  • Security: Secure access with PIN or biometric security, maintaining the same high security standards as the web app, including 2FA, data encryption, internal controls, and cold wallet storage.

BTC Markets ensures a secure and convenient trading experience through its mobile app.

Download the app from the Google or App store and start trading on the go today.

BTC Markets in the news

Bloomberg: Bitcoin Touches a One-Month Low in a Broad Crypto Market Selloff.

“Crypto is becoming increasingly exposed to macro triggers,” said BTC Markets Pty Chief Executive Officer Caroline Bowler, while adding that she remains upbeat about the longer term outlook.

Read the full article here.

ausbiz: First bitcoin ETF to list on ASX this week.

Caroline Bowler, CEO of BTC Markets, discusses the recent approval of the first Bitcoin exchange traded funds (ETF) on the ASX, the VanEck Bitcoin ETF.

She sees this as a significant development for the local market, stating that it bolsters the narrative that cryptocurrency is moving into the mainstream.

Watch the interview here.

The Block: TON blockchain’s TVL surges above $600 million to set record high.

“This massive potential user base, about 100 times larger than the current on-chain user base of all other blockchains combined, provides a strong foundation for a thriving ecosystem,” Rachael Lucas, crypto analyst at Australian crypto exchange BTC Markets, told The Block.

Read the full article here.

State of crypto

  • Crypto market sees nearly US$500 million in long liquidations on Tuesday.
  • Australian Securities Exchange (ASX) approves first spot Bitcoin ETF.
  • US based crypto advisors cautious about Bitcoin ETFs, says BlackRock exec.
  • SEC closes Ethereum 2.0 investigation: major win for blockchain industry.
  • ETH ETF issuers to address SEC comments, targeting potential July launch.
  • ETH’s move to US$10K seen as top asymmetric bet, according to analyst.
  • NAB invests in Zodia Custody to enhance institutional crypto security.
  • AI-related coins slide as Google searches peak.

Crypto market sees nearly US$500 million in long liquidations on Tuesday.

In a tumultuous week in the crypto market, Bitcoin retested the US$64,000 support zone before rebounding to close the day at US$65,175 in Tuesday's trading session. BTC reached a one-month low due to outflows from digital-asset investment products and the likelihood of prolonged higher US borrowing costs, which weighed heavily on the market.

The largest digital asset shed as much as 3.68% on Tuesday, reaching a level last seen in mid-May when there was a market-wide rally spurred by positive news regarding the ETH ETF listing in the US. Bitcoin closed the last weekly trading session at a loss of 4.27%, while ETH dropped 2.21%, Solana declined 6.67%, and XRP fell 1.91%.

Bitcoins sharp decline, lead to the liquidation of over US$420 million in long positions within 24 hours. Data from CoinGlass revealed that 190,144 traders were liquidated, with total liquidations reaching US$480.93 million. Major exchanges saw approximately US$372 million in long positions liquidated.

Ethereum led the overall liquidation surge with US$92.5 million, followed by Bitcoin with US$72.8 million and Dogecoin with US$60.3 million. Around 200,000 traders were affected, with the largest single liquidation order being a US$6.4 million long bet on Ethereum on Binance.

Australian Securities Exchange (ASX) approves first spot Bitcoin ETF.

The Australian Securities Exchange (ASX) has granted approval for VanEck's spot-Bitcoin exchange-traded fund (ETF), marking a significant milestone in Australia's cryptocurrency market. The fund will primarily operate as a 'feeder fund,' using a passive management strategy to invest in the VanEck Bitcoin Trust listed on the Cboe BZX Exchange in the US.

This approval comes shortly after Monochrome Asset Management’s Bitcoin ETF received approval from Cboe Australia. Unlike VanEck’s ETF, Monochrome’s product holds Bitcoin directly. VanEck plans to launch the ETF on 20 June, touting it as the lowest-cost Bitcoin ETF in Australia.

US based crypto advisors cautious about Bitcoin ETFs, says BlackRock executive.

Bitcoin exchange-traded funds (ETFs) made their debut in January, but financial advisors have been slow to adopt them, according to BlackRock's chief investment officer of ETF and index investments, Samara Cohen.

Speaking at the Coinbase State of Crypto Summit, Cohen noted that approximately 80% of Bitcoin ETF purchases have been made by self-directed investors, often through online brokerage accounts. Hedge funds and brokerages have also been buyers, as evidenced by recent 13-F filings, but registered investment advisors remain cautious.

Cohen emphasised that advisors in the US are doing their due diligence, which is essential given their fiduciary responsibility to clients. She sees Bitcoin ETFs as a bridge between cryptocurrency and traditional finance, particularly for investors interested in Bitcoin without managing risk across two different ecosystems.

At the summit, Coinbase CFO Alesia Haas echoed the sentiment that Bitcoin is on a slow journey of adoption. Blue Macellari, head of digital assets strategy for T. Rowe Price, highlighted that some investors see a 1% allocation to Bitcoin as safe, while others view portfolio allocations as binary – greater than 1% or none. Macellari acknowledged the cautious approach but noted the psychological shift required for broader adoption.

Spot Bitcoin ETF Total Net Flows


SEC closes Ethereum 2.0 investigation: major win for blockchain industry, says Consensys.

The U.S. SEC has closed its investigation into Ethereum 2.0, marking a significant victory for the blockchain industry, according to Consensys. This decision follows a request from Consensys for clarification on Ethereum’s regulatory status, particularly considering the recent spot Ethereum ETF approvals, which suggest ether is treated as a commodity rather than a security.

The investigation began in March 2023, with concerns over ether transactions potentially being classified as securities. Consensys had filed a lawsuit against the SEC in April, seeking clarity on this issue.

Despite the investigation's closure, Consensys continues to seek a legal declaration that its MetaMask swaps and staking interfaces do not violate securities laws. This development aligns with the CFTC's view of Ethereum as a commodity and highlights the ongoing need for regulatory clarity in the cryptocurrency industry.

ETH ETF issuers to address SEC comments, targeting potential July launch.

Prospective Ethereum ETF issuers are addressing "light" and "reasonable" comments from the SEC, with plans to respond by Friday, according to sources. Although their 19b-4 forms were approved in May, their S-1 forms must also be approved before trading can begin. Issuers are reworking the forms based on the SEC's feedback and aim to submit them promptly.

Bloomberg Senior ETF Analyst Eric Balchunas suggested the launch of these ETFs might occur around July 2, though this is an estimate. The initial drafts of the S-1 forms were submitted on May 31, and while the SEC has not provided a specific approval timeline, it indicated that it depends on the issuers' response speed.

The impact of the Ethereum ETFs is uncertain, but analysts suggest they could capture up to 20% of the flows seen by Bitcoin ETFs.

Ethereum's potential move to US$10K seen as top asymmetric bet in crypto according to analysts.

Ethereum (ETH) reaching the US$10,000 mark could be the most promising bet in the current cryptocurrency market, according to popular analyst Tyler. This potential move represents a 194% price increase from current levels.

However, ETH has been struggling to break the US$4,000 mark, currently trading below US$3,400 after a downtrend that began in late May, along with the wider market.

The first spot Ether ETFs, expected to start trading by July 2, could drive institutional inflows and boost ETH’s price. SEC Chair Gary Gensler has indicated that spot ETH ETFs might begin trading by the end of September.

Whilst ETH supply on exchanges has reached an eight-year low, suggesting a potential supply squeeze that could drive prices higher. Analyst Quinten François notes the increased institutional demand through the upcoming ETH ETF as a significant factor.

AI-related coins slide as Google searches peak.

Top AI-related cryptocurrencies, including FET, RNDR, TAO, and GRT, have dropped over 20% in the past week. This decline coincides with a peak in Google search interest for artificial intelligence, suggesting heightened retail investor interest. Historically, spikes in search queries have occurred at market tops, validating Warren Buffet's mantra of buying in doom and selling in boom.

FET is the fourth-worst performing among the top 100 cryptocurrencies, with a 30% drop. Google Trends shows AI search interest reached a score of 100 last week, indicating maximum popularity.

The excitement around AI has surged, with increasing interest in Nvidia (NVDA) and related technologies. Retail investors often drive these trends, entering bull markets late and exiting bear markets too soon. Past spikes in searches for BTC and Solana (SOL) coincided with price peaks in May and November 2021, respectively.

Bitcoin, which correlates with NVDA, bottomed out with tech stocks in late 2022 after the rise of ChatGPT boosted AI awareness. According to GMO's Chief Investment Strategist Jeremy Grantham, the current AI rally may represent a bubble within a bubble, potentially set to deflate, advising caution for investors.

NAB invests in Zodia Custody to enhance institutional crypto security.

National Australia Bank (NAB) has taken an equity stake in Zodia Custody, signalling its strategy to safeguard digital assets for institutional investors rather than launching its own stablecoin. Joining the likes of Standard Chartered, Northern Trust, and SBI Holdings, NAB aims to leverage Zodia’s expertise to enhance digital asset security.

Zodia Custody, headquartered in London, announced the launch of SAF3 in Australia in October 2023. This platform, built for institutions, offers bank-grade cold wallet storage, real-time access, and enhanced fraud detection. NAB has reportedly tested and confirmed the platform’s robust integration and compliance capabilities.

The expansion into Australia is part of Zodia’s global strategy to provide safe and secure access to digital assets, with the support of NAB’s innovation and blockchain maturity efforts.

The weekly crypto close on Tradingview

The crypto market continues to slide, as all majors close in the red on the weekly close.

Last week, Bitcoin (BTC), Solana (SOL), Cardano (ADA), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Chainlink (LINK) all saw single digit decline.

Overall, the total crypto market capitalisation lost 4.09% on the week, closing at a valuation of US$2.385 trillion.

Weekly crypto close

The weekly trading stats as of Monday, June 17th at 10:00 am AEST, based on data from Tradingview in USD.

Year-to-date in the crypto space from TradingView

The year-to-date performance summary for selected cryptocurrencies is as follows:

  • Ethereum (ETH) leads the pack with an impressive gain of 55.95%.
  • Bitcoin (BTC) follows closely with a 53.31% increase.
  • Solana (SOL) not far behind, holding onto a 32.92% gain.
  • Litecoin (LTC) is sitting on a 1.12% annual increase.
Year to date

Year-to-date performance as of Thursday, June 20th at 10:00 am AEST approximately. Based on data from Tradingview in USD.

Crypto Fear& Greed Index

Fear & Greed Index


The week ahead: economic events

June 19th: United Kingdom Inflation Rate.

June 20th: United Kingdom Interest Rate. United States Building Permits.

June 21st: Japan Inflation Rate. United Kingdom Retail Sales MoM. Germany Manufacturing PMI.

June 24th: Germany Ifo Business Climate Index.

June 25th: Australia Consumer Confidence MoM. Canada Inflation Rate.

June 26th: Germany GfK Consumer Climate.

Source: trading economics

Market reflections


The RBA held rates steady amid inflation concerns, as Australia saw strong job growth in May with a surge in full-time employment. In the US, disappointing retail sales data contrasted with a manufacturing surge, and consumer sentiment hit a seven-month low in June amid rising inflation concerns. Factory gate prices in the US dropped in May due to a sharp decline in gasoline prices. China's industrial production slowed while retail sales rebounded in May. The Bank of Japan maintained its short-term interest rate, signalling a cautious approach. Germany's economic sentiment showed a slight uptick in June, and the UK inflation rate dropped to 2% in May, the lowest since July 2021.


  • RBA holds rates steady amid inflation concerns.
  • Australia sees strong job growth in May, as full-time employment surges.

RBA holds rates steady amid inflation concerns and economic softening.

The Reserve Bank of Australia (RBA) has kept the cash rate at 4.35% for the fifth consecutive period since November 2023, aligning with market expectations. The central bank cited ongoing inflation concerns, with costs still above the 2-3% target range, particularly driven by high service costs.

Despite softening economic activity, evidenced by slower GDP growth, rising unemployment, and tepid wage increases, the RBA has adopted a cautious, data-dependent approach to future rate adjustments.

The interest rate on Exchange Settlement balances remains at 4.25%. Recent data shows the unemployment rate rose to 4.0% in May, the highest in two years, signalling a cooling economy. While wage growth has peaked, it remains above sustainable levels considering trend productivity growth.

The RBA's next meeting in August is expected to see rates unchanged, with a focus on monitoring global trends, domestic demand, and the labour market to achieve a sustainable decrease in inflation without triggering a recession.

Australia sees strong job growth in May, full-time employment surges.

Employment in Australia surpassed market expectations in May, with the highest increase in three months. Full-time employment rose following a decline in the previous month, while part-time employment decreased.

Over the year to May, Australia saw a job growth rate of 2.5%. The seasonally adjusted unemployment rate edged down as anticipated, with a decrease in the number of unemployed individuals.

Those seeking part-time jobs decreased, while those looking for full-time jobs increased. The labour force participation rate remained unchanged at its highest level in six months, slightly exceeding expectations.

The underemployment rate held steady at 6.7%, which is 2.0 percentage points lower than in March 2020. However, monthly hours worked in all jobs decreased by 0.5%.


  • Disappointing retail sales data in the US contrasts with manufacturing surge.
  • US consumer sentiment hits 7-month low in June amid rising inflation concerns.
  • US factory gate prices drop in May, led by a sharp drop in gasoline prices.
  • China's industrial production slows as retail sales rebound in May.
  • Bank of Japan maintains short-term interest rate, signalling cautious approach.
  • Germany's economic sentiment shows a slight uptick in June.
  • UK inflation rate drops to 2% in May, reaching lowest level since July 2021.

Disappointing retail sales data in the US contrasts with manufacturing surge.

US retail sales rose only 0.1% in May, with April sales revised down significantly, indicating a sluggish economic performance in the second quarter. Lower gasoline prices contributed to the decline, reflecting reduced receipts at service stations.

Despite stable labour markets, inflation and higher interest rates are testing consumer resilience, leading to prioritisation of essential over discretionary spending. Economists have revised GDP growth estimates to 2.0% for the quarter.

In contrast, manufacturing production surged by 0.9% in May, showing a broad-based recovery across the sector. This revival in manufacturing, which accounts for 10.4% of the economy, saw durable goods production increase by 0.6% and nondurable goods by 1.1%. The sustainability of this growth, however, remains contingent on borrowing costs and consumer spending trends.

US consumer sentiment hits 7-month low in June amid rising inflation concerns.

The University of Michigan's consumer sentiment survey for June marked its third consecutive monthly decline, dropping to its lowest level since November and significantly below economists' expectations. This suggests that consumer confidence has weakened more than anticipated.

The decline in sentiment is primarily attributed to heightened concerns over high prices (inflation) and declining incomes. These factors have contributed to a less optimistic outlook among consumers regarding their financial situations. These findings could potentially impact consumer spending patterns and pose challenges for economic growth in the near term.

US factory gate prices drop in May, led by a sharp drop in gasoline prices.

Factory gate prices, also known as PPI, declined by 0.2% compared to April, indicating a slight decrease in the average prices that producers receive for their goods and services during this period. This decrease contrasts with market analysts' expectations of a 0.1% increase, suggesting that prices did not rise as anticipated.

Goods prices fell sharply by 0.8% in May, marking the largest decline since October 2023. This drop was primarily influenced by a significant 7.1% decrease in gasoline prices. In contrast, prices for final demand services remained unchanged in May following a 0.6% increase in April, indicating stability in the pricing of services during the period. These trends have implications for inflationary pressures and economic activity moving forward.

China's industrial production slows as retail sales rebound in May.

China's industrial production experienced a slowdown in May, marking a decline from the previous month and is below market expectations. This rate is also significantly lower than the historical average growth rate observed from 1990 to 2024, indicating a deceleration in the industrial sector's performance.

Conversely, China's retail sales showed a strong rebound, increasing by 3.7% year-on-year in May. This represents a significant rise from the fifteen-month low of 2.3% growth in April and surpasses market forecasts of a 3% gain. The retail sector has now marked its 16th consecutive month of growth, with May seeing the sharpest increase since February 2024. Monthly retail trade grew by 0.51%, the highest rate since October 2023. For the first five months of 2024, retail turnover has expanded by 4.1%.

Bank of Japan maintains short-term interest rate, signalling cautious approach.

The Bank of Japan (BOJ) has maintained its short-term interest rate, signalling a cautious approach following a recent rate hike. The potential reduction in bond purchases indicates a gradual move towards normalising monetary policy, with careful consideration of economic conditions. Despite robust private consumption and inflation within target ranges, challenges in export growth and public investment persist, influencing future policy decisions. The BOJ aims to balance economic recovery support and manage inflationary pressures, with decisions contingent on ongoing economic performance and global trends.

Meanwhile, the country recorded a trade deficit in May, underscoring a period where imports outpaced exports. Historically, from 1963 to 2024, Japan's trade balance has averaged a surplus, indicating a tendency for exports to exceed imports. The highest trade surplus was recorded in September 2007, reflecting robust export performance, while the largest deficit occurred in January 2023, highlighting a period of elevated imports.

Germany's economic sentiment shows a slight uptick in June.

The ZEW Indicator of Economic Sentiment for Germany rose in June, to the highest level since February 2022, up from May but below the forecast. However, the Current Situation subindex worsened, significantly missing expectations, indicating ongoing economic challenges. Inflation expectations also increased slightly due to higher-than-expected inflation rates in May.

This mixed outlook reflects marginal optimism for future economic conditions but highlights persistent difficulties and uncertainties in the current economic landscape. Despite the slight increase in sentiment, the stagnation in the situation indicators and rising inflation expectations suggest a cautious economic outlook.

UK inflation rate drops to 2% in May, reaching lowest level since July 2021.

In May, the UK's annual inflation rate slowed to 2%, its lowest level since July 2021, down from 2.3% in April, matching expectations. This decrease brings inflation back to the Bank of England's target of 2%, largely due to a slowdown in food prices.

The core inflation rate, which excludes volatile items like food and energy, also fell to 3.5%, its lowest since October 2021, down from 3.9% in April. Month-on-month, the Consumer Price Index (CPI) increased by 0.3%.

Crypto news

Bitcoin NFTs outpace Ronin in all-time sales.

Bitcoin has climbed to third place in the all-time non-fungible token (NFT) sales rankings, surpassing Ronin blockchain. On June 18, CryptoSlam reported Bitcoin-based NFTs achieved a record all-time sales volume of US$4.27b, surpassing Ronin, solidifying Bitcoin among the top three blockchain networks for NFT transactions alongside Solana and Ethereum.

Despite Bitcoin's US$148 million in NFT sales over the last month, placing it second behind Ethereum's US$157 million, the overall NFT market has seen a downturn with a 40% decline in sales across the top three chains according to CryptoSlam data.

Jeff Zirlin, co-founder of Sky Mavis, which operates the Ronin network, expressed his view that Bitcoin NFTs are still in a "primitive" stage and not connected to gaming. Zirlin sees potential in Web3 technologies, suggesting they could create longer-lasting games through better alignment with core audiences and revenue models based on ownership.

Trade BTC/AUD on BTC Markets.

Hashdex files with SEC for combined spot Bitcoin and Ethererm ETF.

Hashdex, a Brazil-based investment manager, has filed with the United States Securities and Exchange Commission (SEC) to introduce a new exchange-traded fund (ETF) on Nasdaq that combines Bitcoin (BTC) and Ether (ETH). The ETF will mirror their market capitalizations as of May 27, with BTC comprising 70.54% and ETH 29.46%. It will adopt a passive investment strategy tied to the Nasdaq Crypto US Settlement Price Index, aiming to track daily market movements without active management to outperform.

Hashdex initially filed for an ETH ETF with the SEC but later withdrew its application. They currently offer an indexed crypto ETF in Brazil consisting of nine cryptocurrencies, where Bitcoin (BTC) and Ethereum (ETH) make up nearly 92% of the portfolio. Hashdex is awaiting SEC approval on an S-1 application, with a 90-day review period (19-b4) for public and institutional feedback. Analysts anticipate a final SEC decision on the fund by March 2025.

Trade ETH/AUD on BTC Markets.

Solana faces decline amid bearish sentiment and trader rotation to larger cryptos.

SOL has been underperforming, approaching monthly lows around $140 and experiencing a 17% decline over the past 30 days. The perpetual swap funding rates for SOL have turned negative, indicating a bearish sentiment among traders.

Analysts suggest that traders are rotating out of SOL in favor of larger cryptocurrencies like Bitcoin (BTC) and Ether (ETH), especially following the approval of spot ETH ETFs by the SEC.

Factors contributing to SOL's price decline include the fallout from the FTX collapse and the lack of immediate catalysts. However, future developments like the Firedancer validator client could boost Solana's performance.

The regulatory environment also plays a crucial role, with potential changes in sentiment towards SOL impacting its market outlook.

Buy SOL/AUD on BTC Markets.

Regulation roundup

New South Korean law mandates regular review of token listings on exchanges.

South Korea's Financial Service Commission (FSC) has notified 29 registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, to regularly evaluate their listed tokens ahead of enforcing a new law for user protection by July 19.

The law introduces stringent penalties, including jail terms exceeding one year or fines between three to five times the illegal profits, for non-compliance. Under this legislation, the 29 registered exchanges must assess the over 600 crypto tokens currently listed on their platforms. They must follow stricter token listing guidelines and conduct regular reviews every six months, then every three months.

These moves reflect South Korea's proactive approach to cryptocurrency regulation, with updates to the Virtual Asset Users Protection Act issued earlier. In April, the FSC's hinted at stricter guidelines and market monitoring improvements like preventing tokens from compromised projects.

The FSC is developing additional regulatory guidelines for crypto transactions on exchanges, expected to be implemented alongside the user protection law by July. To streamline policies for the cryptocurrency sector, authorities are restructuring their organisational frameworks. The FSC plans to establish a dedicated bureau focused on virtual assets to oversee the industry's whole regulatory framework.

Compliance conversations

Trump supporters targeted by sophisticated crypto scams amid campaign endorsement.

Following Donald Trump's endorsement of cryptocurrency and his campaign's acceptance of crypto donations, scammers have targeted his supporters with fake crypto websites and misleading donation centres. Netcraft, a crypto cybersecurity firm, has identified various scams, including misspelled websites and fake domains, used in phishing and smishing attacks aimed at siphoning off funds intended for Trump's campaign.

Scammers are using slightly misspelled web domains, such as “donalbjtrump[.]com” and “doonaldjtrump[.]com,” to exploit Trump supporters. These domains, registered soon after Trump's campaign announced it would accept crypto donations, feature fake donation centres. Netcraft highlights the potential significant financial loss, noting that with the Trump campaign raising over US$50M in 24 hours, a substantial amount could have been lured away by these fraudulent activities.

Scammers are mimicking legitimate crypto payment systems used by the Trump campaign to deceive donors. While the campaign uses Coinbase for payments, fraudulent pages impersonate services like Coingate, Plisio, and Oxapay to facilitate fake crypto donations. Netcraft also uncovered scams targeting traditional payment options, selectively redirecting users to the genuine campaign site only for non-crypto payments, enhancing their deceptive tactics.

Scammers are exploiting the Trump's campaign by sending numerous emails and texts to deceive potential donors into visiting fake websites. Netcraft, engaging with a scammer posing as the "Trump National Committee," uncovered valuable threat intelligence, including bank account details for money laundering and payment app information. This interaction revealed that criminals are enhancing their techniques using AI to create more sophisticated and convincing scams.

The ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.

Discover more on our ‘Compliance conversation’ blog page, where we share the latest updates on safeguarding against scams and protecting your assets. Stay informed and stay protected!

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Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice.

The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties, and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document.To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.

Weekly prices are accurate as of 10:00 AM AEST on 17/06/2024.

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