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🔁 SEC's Secret Uno Card
Plus, the rise of BNPL in 2024, how the SEC managed to get hacked on X and more.
Sebastian Soran
January 23, 2024
Happy Tuesday, Zingernation! Jim Cramer's bearish take on Bitcoin hitting $40K has the crypto buzzing on X. An account by the name @CramerTracker, famous for highlighting his misfires, chimed in to poke the bear. “Legend, thanks Jim!” It seems that on X, a Cramer downturn prediction is the equivalent of a bullish green light for some people.
Today, we’ll be diving into the rise of BNPL in 2024, how the SEC managed to get hacked on X and more.
Plus, here are some tips & tricks to save more money.
And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.
MARKET SNAPSHOT
FINTECH FOCUS
Briefly: Millennials and Gen Z increasingly adopt BNPL, signaling a shift in finance.
Numbers: This year, these services are not just growing but reshaping how consumers approach shopping, especially online. BNPL payments in the United States are expected to grow by 19.0% to reach $112.9 billion in 2023, with a forecasted steady growth over the next five years.
What Else: Major players like PayPal and Amazo have robustly embraced BNPL. PayPal’s acquisition of the Japanese BNPL platform Paidy for $2.7 billion is a testament to its commitment to this sector. This move expanded PayPal’s reach to Paidy’s 6 million registered users, extended its BNPL services to the U.S., France, Germany, and the U.K.
What Next: Looking at the big picture, it’s clear that BNPL is more than just a passing trend; it’s a shift in consumer finance. Its impact on spending habits, e-commerce, and the broader financial world is profound and likely to continue evolving to cater to all consumers. Read more here.
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You want to save money. Maybe for a vacation. Or a new car. But … saving money is tough. And many struggle to do it well. So here’s what to do: Read the list of money-saving strategies below, and try to implement at least one today. Even doing just one could help you save money!
FIVE ZINGERS
Timberrr: Bitcoin plunge below the $39,000 mark signifies a downturn in market value.
Not Unemployed: The gig economy seems to be here to stay. In the U.S. alone, there are more than 70.4 million freelancers, and that number has been growing for the past few years.
Crypto Grocery Payments: A case study in mass adoption countries.
Threat Of Extinction? The European Central Bank warns banks of severe risks from not preparing for a low-carbon economy transition.
Please Judge: Binance has formally requested U.S. Judge Amy Berman Jackson to reject a lawsuit filed by the SEC, which accuses the exchange of rule violations and fraud.
CRYPTO CORNER
Briefly: The Securities and Exchange Commission (SEC) yesterday revealed that a fake tweet sent from the agency's official account on Jan. 9, which falsely announced the approval of spot Bitcoin ETFs, was the result of a "SIM swap" attack.
Back Up: The erroneous tweet, released just after the markets closed on Jan. 9, was received with celebration on social media. However, inconsistencies soon emerged – there were no supporting filings, and no updates appeared on the SEC's website. SEC Chair Gary Gensler swiftly clarified via his account that the SEC's account had been "compromised," and no ETFs had been approved.
How Did It Happen? SIM swaps typically involve cybercriminals convincing a mobile service provider to transfer control of a phone number to a new SIM card, enabling them to reset passwords and hijack accounts.
What Next: An SEC spokesperson said that the agency had multifactor authentication enabled on its X account but had to remove it in July due to access issues. The feature has since been reinstated on all SEC social accounts where possible. Click to read more.
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