Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

You’re receiving this email because some time in the not too distant past you’ve opted-in to receive our newsletter… but I’ll be honest.. we kinda’ dropped the ball and never sent any out until recently!

So going forward, what can you expect from us?

• Simplified Insights: We break down complex crypto concepts into easy-to-understand English.

• Timely Updates: Stay informed with the most important news in the crypto world.

• Quick Reads: We respect your time. Get all you need to know in less than five minutes, 5 days per week (plus occasional surprises on weekends or holidays).

We're excited to start this journey with you and promise to keep our content informative, concise, and enjoyable.

So without anymore delay lets dive right into the most exciting crypto news stories of the day.

Let's get started!

📰 News Highlights:

🔒 OKX Swiftly Addresses Critical RCE Vulnerability – CertiK Confirms Resolution (Link) (Link)

Blockchain security firm CertiK has issued a warning to all iPhone users of OKX, urging them to update their iOS application immediately due to a critical security vulnerability discovered earlier this month. CertiK identified a Remote Code Execution (RCE) flaw in the OKX iOS App, posing a risk of compromising sensitive data and crypto assets.

OKX promptly addressed the issue with a crucial upgrade on December 19, urging users to switch to iOS version 6.45.0. CertiK confirmed the vulnerability was resolved, and OKX assured users that customer assets were unaffected. RCE vulnerabilities can potentially lead to malicious code execution, risking stolen funds or data breaches.

OKX, recently ranked 10th in CoinGecko's trust score, experienced a $2.7 million hack on its OKX DEX on December 13. 

🕵️‍♀️ Sen. Warren Places Crypto Industry In Hot Seat: Eyes Links Between Crypto And Washington (Link)(Link)(Link)(Link)(Link)

In a scathing move that's sending ripples through the crypto world, Senator Elizabeth Warren has spotlighted what she calls a "revolving door" between Washington insiders and the crypto industry.

According to Warren, certain entities within the crypto space are deploying a "small army" of former defense, national security, and law enforcement officials to block regulations on digital assets.

Citing concerns about crypto's alleged involvement in funding U.S.-designated terrorist organizations, including Hamas, Senator Warren is pushing for transparency.

Warren's recent letters to advocacy groups Coin Center and the Blockchain Association demand answers on the industry's employment of former government officials.

The controversy extends to Coinbase's Global Advisory Council, including former Senator Patrick Toomey and Representatives Tim Ryan and Sean Patrick Maloney. The crypto industry, now faces heightened scrutiny as Senator Warren seeks information on the compensation of former government officials in the sector.

In response Blockchain Association CEO Kristin Smith fires back, urging a focus on perpetrators, not those collaborating with law enforcement.

As the industry braces for potential fallout, Warren continues to intensify her push to approve the Digital Asset Anti-Money Laundering Act, facing both support and criticism from lawmakers and advocacy groups.

️👮 Montenegro Court Halts Extradition Approval for Terraform Labs Co-Founder (Link)(Link)

In a legal twist, the Montenegro appeals court has hit the brakes on the extradition approval for Do Kwon, co-founder of Terraform Labs. The High Court of Podgorica's November decision, greenlighting Kwon's extradition to the U.S. or South Korea, is nullified. 

The appellate court cites a "significant violation" of Montenegro's Criminal Procedure Code, demanding a retrial at the Podgorica Basic Court. Kwon, the former Terra CEO accused of orchestrating a fraudulent scheme leading to a $40 billion market value loss, faces a complex legal saga.

As Montenegro reevaluates the extradition, Kwon's defense celebrates a successful appeal, adding another layer of uncertainty to this high-profile case.

💼 UK Finance Minister Dives into Crypto Banking Challenges (Link)(Link)(Link)

Across the pond, the UK's finance minister, Jeremy Hunt, is gearing up to tackle a growing concern in the crypto landscape. Licensed crypto firms in the country reportedly face obstacles in opening business accounts, prompting Hunt to meet with Economic Secretary Bim Afolami. 

Hunt emphasizes the UK's ambition to be a global crypto hub, advocating responsible regulation for the market's takeoff. Having passed legislation to transform into a crypto hub, the UK continues its stride with regulations for the Digital Securities Sandbox, effective January 8, 2024.

As Prime Minister Rishi Sunak's vision unfolds, the spotlight is on fostering an environment where the crypto market can flourish responsibly. The financial watchdogs, armed with rules for supervising tokenized securities, are ready to propel the UK into the crypto limelight.

💡 Feature of the Day:

Atomic Wallet Launches $1M Bug Bounty Amid Hacking Lawsuit 🔐 (Link)

In the aftermath of a staggering $100 million hack, the developer of Atomic Wallet is on the offensive, launching a $1 million bug bounty program. 

This comes in the midst of a class-action lawsuit against the developer. Ethical hackers globally are invited to scrutinize the wallet's open-source code, with rewards reaching up to $100,000 for uncovering critical vulnerabilities.

Amid cybersecurity challenges, Atomic Wallet's founder, Konstantin Gladych, stresses the dynamic nature of cybersecurity and the need for community expertise. As victims of the hack pursue legal action, the bug bounty program emerges as a proactive step to fortify the wallet's security.

🔍 Industry Insights: 

Michael Saylor Envisions Spot Bitcoin ETF as Wall Street Game-Changer 🚀 (Link)(Link)(Link)(Link)(Link)

Bitcoin evangelist Michael Saylor foresees a potential seismic shift on Wall Street with the approval of a spot Bitcoin exchange-traded fund (ETF). In an interview, Saylor draws parallels to the creation of the S&P index, emphasizing the ETF's potential to open doors for mainstream investors. Predicting a major bull run in 2024, Saylor anticipates a surge in demand, catalyzed by the ETF and a looming supply shock during the Bitcoin halving event in April.

MicroStrategy, led by Saylor, stands firm in its Bitcoin investment strategy, currently owning 174,530 BTC. Saylor's journey from skepticism to advocacy showcases the evolving landscape of crypto, with the potential ETF approval marking a historic milestone.

As Saylor positions the spot Bitcoin ETF as a game-changer, Wall Street braces for transformative developments, potentially reshaping the financial landscape for years to come.

Today’s Sponsor:

With the latest drama unfolding with Ledger many people are looking for a safe place to store their crypto.

This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

Protect your crypto assets today with Trezor.

😂 Crypto Memes of the Day: 

And that’s it for this today.

See you all for Thursday’s edition!

Jonathan Gibson
UseTheBitcoin.com