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first_img Galaxy launches crypto asset collateralized credit lines for retail customers

On August 25, Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit (PLOC) product for eligible U.S. customers. Users can pledge BTC, ETH, and SOL (including staked SOL) to borrow cash within a single revolving credit limit, without having to sell any crypto assets. The product has no initiation fees, features a variable annual interest rate of 8.99%, and a 50% initial loan-to-value ratio, meaning that $100,000 in pledged assets can borrow approximately $50,000.Galaxy stated that the value of the pledged assets will be continuously monitored, and warnings will be issued in advance if the assets decline; withdrawals are typically credited instantly, and funds can be used on the platform or withdrawn as USD and USDC stablecoins. The staked crypto assets will not be re-pledged or lent out, and staked SOL can continue to earn rewards while being used as collateral. Zac Prince, Managing Director of GalaxyOne, stated that with Galaxy's institutional infrastructure, they are able to launch this product with competitive rates, security, and flexibility.This product is offered by GalaxyOne Lending LLC in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota. This move is seen as an attempt to restart retail crypto lending on a regulated track after the collapses of Celsius, BlockFi, and Voyager in 2022, contrasting with the model of freezing customer funds and forced liquidations that year.

Large U.S. banking organizations propose to include customer identification requirements for the secondary market of stablecoins

The Bank Policy Institute (BPI) is an organization representing large banks such as JPMorgan, Bank of America, Wells Fargo, and Citi. BPI proposed that the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury should expand customer identification program requirements to the secondary market for stablecoins, covering exchanges and other platforms that establish direct account relationships with retail investors.BPI stated that the relevant exchanges and platforms engage in a significant amount of buying and selling activities within the payment stablecoin ecosystem, where most illegal activities related to stablecoins occur. If the proposal is incorporated into the rules, the relevant platforms will be required to collect customer information in accordance with the Bank Secrecy Act, and decentralized exchanges may also fall under regulatory oversight. The proposed rules by FinCEN indicate that transactions in the secondary market for stablecoins on the blockchain typically use anonymous or pseudonymous identities, and there are no centralized nodes for collecting identity information, limiting the ability of issuers to gather customer data from the secondary market. BPI has also opposed the current version of the Digital Asset Market Structure Bill along with other banking organizations.

hot_img Samsung Electro-Mechanics' customer evaluation for glass substrates encounters obstacles, delaying equipment investment schedule

According to The Elec, Samsung Electro-Mechanics' investment schedule for semiconductor glass substrates has been delayed due to bottlenecks in the reliability assessment of customer prototypes. As a result, the construction schedule for the production line of GlaSSEM, the glass core joint venture between Samsung Electro-Mechanics and Dongyu Fine Chem, has also been postponed, and the timeline for ordering related equipment has become uncertain.The report states that GlaSSEM has failed to communicate the equipment order schedule to its partner manufacturers. Previous orders have been postponed from December last year to March and June this year, and this has happened more than three times. After June, no further schedule guidance has been provided. Industry insiders believe that the main reason is that global communication semiconductor customers have not passed the reliability assessment certification for glass substrate prototypes. Samsung Electro-Mechanics is still producing prototypes at its Sejong plant, and most of the suppliers for key processes required for building the mass production line, such as deposition, etching, laser drilling, and inspection, have already been selected.Since the prototypes need to be remade and resubmitted, the originally planned investment schedule will inevitably be further delayed. Samsung Electro-Mechanics had set a target for mass production in the second half of 2027 when establishing GlaSSEM earlier last month, but during last month's financial report meeting, this timeline was adjusted to 2028, and now the mass production time is expected to be further postponed.

ZachXBT: American female scammer impersonates customer service to steal over 5 million dollars in cryptocurrency assets

On-chain detective ZachXBT posted that U.S. threat actor Tiffany Milanovich participated in the theft of approximately $5 million in crypto assets by impersonating hardware wallet and centralized exchange customer service.Her methods included disguising as Bitcoin IRA email support, during one attack transferring about $1.2 million in BTC and ETH from the victim's Trezor wallet, and in another case stealing about $500,000 in BTC from a Coinbase account. Tiffany induced victims to hand over access to their funds under the guise of "customer service calls," later boasting about the stolen money on social media and Telegram groups, mocking victims with recordings, and collaborating with other threat actors to launder money using phishing panels and instant exchange services, with some of the stolen funds still dormant on-chain.The threat actor codenamed "Tiffany" is suspected of participating in multiple crypto asset thefts, gambling the stolen funds at crypto casinos. The platform Shuffle has frozen related accounts based on evidence submitted by ZachXBT; Tiffany previously shared a search and seizure warrant from Connecticut, dated before some of the incidents involved.ZachXBT has obtained chat logs, recordings, and on-chain evidence, anticipating that this individual may face further legal consequences. This threat actor is also linked to the John Daghita (Lick) case, who is suspected of stealing over $46 million in crypto assets from a U.S. government-seized wallet.
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