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Markus Thielen, Head of Research at Matrixport, believes that the SEC is not targeting stablecoins. The charge against Paxos is indirect. The regulators are planning an attack on Binance, which stored customer funds in the same wallet with its collateral for some in-house tokens.
The regulations require that exchanges' corporate assets must be recorded in separate accounts and cannot form part of the proof-of-reserves calculations.
That's simple: Binance cannot confirm its BUSD reserves. Paxos Trust Company, which is the only issuer of the exchange's stablecoin, serves as a witness in this case, not a defendant.
Has CZ fallen into curly-haired Sam’s trap by mixing up customers' wallets with his own? We find it hard to believe. Hopefully, his accounting skills are way better. 
Previously, we reported about a shocking hack where a scammer stole a $4 million NFT collection by just taking a photo.
That case left us with many questions about the technical vector of the attack. The Trust Wallet conducted an investigation and revealed the scheme.
The day before the affair, the perpetrator shared the NDA file with the victim and requested KYC information. The fake NDA contained malware that targeted the smartphone.
The criminal then persuaded the victim to transfer funds from the multi-sig wallet to a single Trust Wallet to confirm NFT ownership and copied the information he needed.
The balance photo was just smoke and mirrors. But damn, this scheme deserves an episode in the new James Bond series. 
The SEC accuses Paxos Trust, the Pax Dollar, and BUSD stablecoins issuer, of illegal trading securities. You sound like a broken record, Mr. Gensler!
The Commission seems to have a hard time in court: Paxos has been authorized by the New York Department of Financial Services (NYDFS); it operates under its supervision, and its stablecoins are actively used by institutional investors in the United States.
The crypto community will see an epic battle between SEC prosecutors and NYDFS lawyers! We’re wondering who has more powerful attorneys: Paxos or Ripple? 
Looks like we have a new kind of wallet asset theft: taking a picture of the balance screen. A scammer claiming to be an investor stole an entire collection of NFTs worth about $4 million from a Webaverse founder.
The fraudster explained that he needed to see the proof of NFTs before signing a partnership agreement.
The victim insists that he only showed the scammer the Trust Wallet balance interface. He revealed no seed phrases or private keys. The thief took some pictures of the screen and went out for a smoke. A few minutes later the funds were drained from the wallet, and the potential partner had never returned.
The weird story is confirmed by Etherscan.
The odd thing is that the theft happened on Nov. 26, but was reported only now. Did the victim hope to wake up one fine day and realize that everything was just a dream? SEC charges Genesis and Gemini with violating the Securities Act
On January 12, the regulator published an indictment against crypto lender Genesis Global Capital and cryptocurrency exchange Gemini Trust. According to the SEC, companies illegally offered and sold securities through the Gemini Earn program. 
Parfin, Gnosis Safe, Hex Trust and GK8 in business: MetaMask expands offer for customers due to new partners
Managing a decentralized finance wallet (DeFi. ed.) and browser extension, MetaMask was able to reach agreement on partnerships with major players in the crypto industry. Currently the company is integrating Parfin, Gnosis Safe, Hex Trust and GK8 to expand offerings for its customers.