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Tether unveiled as key player in global criminal networks

The United Nations has shed light on Tether, one of the largest cryptocurrency platforms globally, as a central player in facilitating money laundering and fraudulent activities across south-east Asia. The UN’s office on drugs and crime issued a report on Monday, highlighting the alarming rise of Tether’s crypto token in an expanding industry of scams, including deceptive romantic schemes known as “pig butchering.”

According to the report, law enforcement and financial intelligence authorities have observed a surge in the use of sophisticated, high-speed money laundering teams specializing in underground tether operations. The report also outlines the longstanding practice of south-east Asia’s organized crime groups utilizing black market casinos for laundering illicit funds, a trend that has accelerated with the integration of Tether.

You can read more on the matter here.

What’s going on?

• Chinese Entities Still Acquire Nvidia Chips Despite U.S. Bans (theDeepDive)

• Red Sea trade disruption hits energy sector after strikes on Houthis (Reuters)

• Guatemala’s New President Bernardo Arevalo Takes Oath Despite Opposition’s Last-Minute Attempts (theDeepDive)

• Canada Home Sales Rise for First Time in Five Months With Rates Easing (Bloomberg)

• Ukraine Claims Downing of Russian Military Spy Plane (theDeepDive)

• IMF warns AI to hit almost 40% of jobs worldwide and worsen overall inequality (CNBC)

• Nigerian Inflation Hits Three-Decade High (theDeepDive)

• German economy dodges recession despite shrinking 0.3% in 2023 (Reuters)

• Court Dismisses r/wallstreetbets Creator’s Lawsuit Against Reddit (theDeepDive)

• Turkey’s Bayegan Plans $1.9 Billion Petchem Plant to Cut Imports (BNN)

• Trump Targets Fanboy Vivek Ramaswamy, Says He’s ‘Deceitful,’ ‘Don’t Get Duped’ (theDeepDive)

What’s the latest?

• Nvidia: Chinese military bodies, state-run AI research institutes, and universities have been purchasing Nvidia semiconductors banned by the U.S. from export to China. Despite U.S. bans, buying or selling high-end U.S. chips is legal in China, with various Chinese entities acquiring Nvidia semiconductors, including banned A100, H100, A800, and H800 chips.

• Inflows: Crypto asset manager Bitwise said on Friday that $240 million flowed into its spot bitcoin exchange-traded fund, the most of the 10 such products that began trading on Thursday.

• Red Sea: Qatar has suspended liquefied natural gas (LNG) shipments through the Red Sea, and six oil tankers changed course due to disruptions in the trade route after U.S.-led strikes against Houthi militants. In response to the heightened instability, QatarEnergy, the world's second-largest LNG exporter, has held back at least four gas tankers from the Red Sea.

• Apple: Apple is offering rare discounts on its iPhones in China, reducing retail prices by up to 500 yuan ($70) to address increasing competitive pressure in the country's largest smartphone market. The price cuts, around 5%, are part of a time-limited Lunar New Year promotion from January 18 to January 21. Apple's latest iPhone 15 series has faced weaker sales in China compared to previous models, with local rivals like Huawei and Xiaomi offering competitive alternatives.

• Home Sales: In December, Canadian home sales increased by 8.7% compared to November, providing a positive conclusion to the year. The data from the Canadian Real Estate Association revealed a year-over-year increase of 3.7%, marking the most substantial year-over-year gain since August.

The rise and fall of F45

The stock market and stuff

• Microsoft Surpasses Apple as World’s Most Valuable Company (theDeepDive)

• Apple Offers Rare iPhone 15 Discount in China Amid Demand Fears (Bloomberg)

• Chile’s SQM Suspends Lithium Operations Amidst Atacama Salt Flat Protests (theDeepDive)

In the juniors

• Frank Callaghan to Head Golden Cariboo (theDeepDive)

• Thomson Reuters raises offer for Pagero Group, acquires majority stake (BNN)

• Scorpio Gold announces extension of private placement (SA)

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