Forbes - How the bears stole Christmas 🐻 🎄

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	Happy Friday! Billy Bambrough here with what's driving the day in the world of bitcoin and cryptocurrency.


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24-hour crypto market snapshot

$47,265

$3,841

$25.03

$0.1703

Slip and slide 💦


	Cryptocurrency traders dreaming of a green Christmas look set to be disappointed as prices sink heading into the pre-holiday weekend. The bitcoin price is down almost 4% on this time yesterday as the stark reality of a new hawkish Federal Reserve sets in. The Bank of England rattled markets when it (slightly) increased interest rates yesterday, taking some market watchers off guard. The rest of the crypto top ten is down by between 3% and 10% this morning, with ethereum and polkadot raking up the biggest losses. Dogecoin and its rival shiba inu are both slipping further from the top ten as new ethereum rivals proliferate. Watch out today... for market-moving comments from Federal Reserve board governor Christopher Waller who's set to speak on the economic outlook at the Forecasters Club of New York and Mary Daly, president of the Federal Reserve Bank of San Francisco, who will be discussing the 2022 economic outlook during a virtual question-and-answer session hosted by the Wall Street Journal. Now read this: Tether’s CEO—from IT sales to calling the shots in crypto land

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Who hasn't been rugged once? 🪢

Loose change: Around $2.8 billion was lost to so-called "rug pulls" in 2021, according to a report by Chainalysis as scammers, thieves and criminals flooded the crypto space due to the sharp rise in crypto prices and the growth of decentralized finance (DeFi).

Why it matters: This week influential senator Elizabeth Warren described DeFi as "one of the shadiest parts of the crypto world" during a U.S. Senate hearing on stablecoins in which she called for stablecoins to be regulated in order to safeguard the financial system. "DeFi is where the regulation is effectively absent […] it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto investors," she said. "Shoot, in DeFi, someone can’t even tell if they’re dealing with a terrorist."

By the numbers: Rug pulls—in which apparently legitimate crypto projects attract investors via decentralized exchanges only for the developers to disappear with the funds—accounted for 37% of the over $7.7 billion in total illicit revenue from crypto scams this year, according to the report published on Thursday. In 2020, rug pulls accounted for just 1% of the under $5 billion in total illicit revenue.

Big rugs: Turkish crypto exchange Thodex was responsible for a majority of the lost funds on Chainalysis's s 2021’s top 15 rug pulls in order of value stolen list after its founders went missing with over $2 billion in client funds in April. This was followed by dogecoin-inspired AnubisDAO at $58 million, and Binance Smart Chain-based exchange Uranium Finance at $50 million.

The bottom line: This report is fresh ammunition for lawmakers and regulators looking to crackdown on the crypto market.

Listen to this: Do digital currencies need policing?

India’s crypto bill delayed 🚧


	🇮🇳 India's closely-watched cryptocurrency bill isn’t expected until next year, according to local media reports, with any crackdown now unlikely before the first quarter of 2022. Quartz published a good primer on crypto in India this week. 📜 The country's Cryptocurrency and Regulation of Official Digital Currency Bill has been batted around almost a year now, regularly sparking wild speculation India could impose an outright crypto ban. 📈 However, crypto companies are continuing to expand into the country of 1.4 billion which is fast becoming one of the world's most important crypto markets. NFT watch: Melania Trump Joins NFT Craze—Selling Image Of Her ‘Cobalt Blue Eyes’—For Crypto / Early Theranos investor will sell his stock certificate in the company as NFT

Justin Sun's got a new gig 🛫



	Tron founder Justin Sun gets political © 2021 Bloomberg Finance LP


	🌎 Justin Sun, the Tron founder who's one of the most recognizable and influential figures in the world of crypto, is quitting to campaign for crypto adoption in South America following El Salvador's bet on bitcoin and his frustration at what he sees as a hostile U.S. regulatory environment. 🗣️ "My career in the future … will focus on the legitimization of blockchain technology on a nation-state level," Sun, whose first role is an ambassador of the Grenada government to the World Trade Organization (WTO), told Coindesk in an interview this week. ⛓️ As part of the move Sun will hand some of his power over the tron blockchain to TRON token holders. Good to know: Coinbase CEO Brian Armstrong is co-founding a life-extension startup

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

Follow me on Twitter or email me.

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