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The chief investment officer of global fixed income at Blackrock, the world’s largest asset manager, says bitcoin and crypto are durable assets. “I think there’s a healthy recalibration going on,” he said, noting that “if you look two to three years hence, they will be higher than today.” Blackrock’s Executive on Bitcoin and Crypto Rick Rieder, chief investment officer (CIO) of global fixed income at Blackrock, shared his view on bitcoin and cryptocurrency in an interview with Yahoo Finance Live on Thursday. Blackrock is the world’s largest asset manager with about $10 trillion in assets under management (AUM). Rieder was asked how the crypto market is going to react as the Federal Reserve begins tightening aggressively. The Fed hiked its benchmark rate by 75 basis points this week — the largest increase since 1994. The CIO explained: “I think people underestimate. When you leave rates at such low levels for such an extensive period of time … when you keep policy too easy, the leverage builds in the system slash ‘how do I capture return quickly’ — and you are seeing a lot of the leverage that was built up around crypto come unglued pretty darn quickly.” However, he emphasized: I still think bitcoin and crypto are durable assets. It’s a durable business, but there was so much excess built around it. Rieder described: “It’s not terribly dissimilar from the internet bubble … if you go back to the ’99 and 2000, was the internet a bad idea? No, it wasn’t a bad idea. But you created so much excess around it and you just have to de-gear that dynamic, and I think we are seeing that today.” He noted: “Markets go down five times faster than they go up … That’s why you were seeing this incredible unwind.” While reiterating that he still thinks bitcoin and crypto are durable assets that are “going to go on,” the Blackrock executive opined: I think there’s a healthy recalibration going on. It’s a question of how much that recalibration is going to go. When asked about the prices of major cryptocurrencies, he admitted that for crypto: “It’s pretty hard when there is no true intrinsic value. So, what is it worth? It’s worth what the next person will pay.” He continued: “My sense is, in all these situations, you overshoot, and my guess is you have probably got some downside to go from here. But it’s hard to say what fair value is.” The Blackrock chief investment officer further shared: My sense is like a lot of assets, if you look two to three years hence, they will be higher than today. “But it could overshoot on the downside. This is hard to figure out, just like gold, because I can’t figure out my free cash flow multiple and what my security is underneath it,” he concluded. Rieder has made some pro-bitcoin comments in the past. In November 2020, he said cryptocurrency is here to stay, noting that bitcoin could replace gold. He also said BTC is “so much more functional than passing a bar of gold around.” In September last year, he revealed that he owns “a small piece of bitcoin,” emphasizing: “I like assets that are volatile that have upside convexity. I could see bitcoin go up significantly.” What do you think about the comments by Blackrock’s chief investment officer? Let us know in the comments section below. View the full article

In the world of cryptocurrencies, decentralized finance (defi), and Web3, airdrops have become commonplace in the industry. However, while airdrops sound like free money, there’s been a growing trend of airdrop phishing scams that steal people’s money when they attempt to get the so-called ‘free’ crypto assets. The following is a look at two different ways attackers use airdrop phishing scams to steal funds and how you can protect yourself. Airdrops Don’t Always Mean ‘Free Crypto’ — Many Airdrop Giveaway Promotions Are Looking to Rob You Airdrops have been synonymous with free crypto funds, so much so that a rising crypto scam called airdrop phishing has become prevalent. If you are a participant in the crypto community and use social media platforms like Twitter or Facebook, you’ve probably seen a number of spam posts advertising airdrops of all kinds. Usually, a popular Twitter crypto account makes a tweet and it is followed by a slew of scammers advertising airdrop phishing attempts and plenty of accounts saying that they have received free money. Most people won’t fall for these airdrop scams but because airdrops are considered free crypto, there’s been a bunch of people who have lost funds by falling victim to these types of attacks. The first attack uses the same advertising method on social media, as a number of people or bots shill a link that leads to the airdrop phishing scams web page. The suspicious website may look very legitimate and even copy some of the elements from popular Web3 projects, but in the end, the scammers are looking to steal funds. The free airdrop scam could be an unknown crypto token, or it could also be a popular existing digital asset like BTC, ETH, SHIB, DOGE, and more. The first attack usually shows that the airdrop is receivable but the person must use a compatible Web3 wallet to retrieve the so-called ‘free’ funds. The website will lead to a page that shows all the popular Web3 wallets like Metamask and others, but this time, when clicking on the wallet’s link an error will pop up and the site will ask the user for the seed phrase. To get support, open MetaMask and navigate to “Support” or “Get Help” within the dropdown menu. Do not trust anyone who has sent you a direct message. UNDER NO CIRCUMSTANCES should you ever give your Secret Recovery Phrase to anyone or input it into any site! — MetaMask Support (@MetaMaskSupport) April 29, 2022 This is where things get shady because a Web3 wallet will never ask for the seed or 12-24 mnemonic phrase unless the user is actively restoring a wallet. However, unsuspecting airdrop phishing scam users may think the error is legitimate and enter their seed into the web page which eventually leads to the loss of all the funds stored in the wallet. Basically, the user just gave the private keys to the attackers by falling for the Web3 wallet error page asking for a mnemonic phrase. A person should never enter their seed or 12-24 mnemonic phrase if prompted by an unknown source, and unless there’s a need to restore a wallet, there’s really never a need to enter a seed phrase online. Giving a Shady Dapp Permissions Is Not the Best Idea The second attack is a bit more tricky, and the attacker uses the technicalities of code to rob the Web3 wallet user. Similarly, the airdrop phishing scam will be advertised on social media but this time when the person visits the web portal, they can use their Web3 wallet to “connect” to the site. However, the attacker has written the code in a way that makes it so that instead of giving the site read access to balances, the user is ultimately giving the site full permission to steal the funds in the Web3 wallet. This can happen by simply connecting a Web3 wallet to a scam site and giving it permissions. The attack can be avoided by simply not connecting to the site and walking away, but there are lots of people who have fallen for this phishing attack. Here’s the latest phishing scam 1️⃣ Airdrop a token 2️⃣ Build a website with same name so it’s easily found 3️⃣ When you find what appears to be staking for this token, the Approve txn gives unlimited spending of other tokens (ie SNX) Then they drain your wallet of the token. pic.twitter.com/vICIeC5rGk — DeFi Dad ⟠ defidad.eth (@DeFi_Dad) December 20, 2021 Another way to secure a wallet is by making sure the wallet’s Web3 permissions are connected to sites the user trusts. If there are any decentralized applications (dapps) that seem shady, users should remove permissions if they accidentally connected to the dapp by falling for the ‘free’ crypto scam. However, usually, it is too late, and once the dapp has permission to access the wallet’s funds, the crypto is stolen from the user via the malicious coding applied to the dapp. The best way to protect yourself from the two attacks mentioned above is to never enter your seed phrase online unless you are purposely restoring a wallet. Alongside this, it is also good form to never connect or give Web3 wallet permissions to shady Web3 websites and dapps you are unfamiliar with using. These two attacks can cause major losses to unsuspecting investors if they are not careful of the current airdrop phishing trend. Do you know anyone who has fallen victim to this type of phishing scam? How do you spot crypto phishing attempts? Let us know your thoughts in the comments. View the full article

Russian crypto mining operator Bitriver will use electricity generated from associated gas provided by Gazprom Neft to mint digital coins. As part of a new agreement, the mining company will in return develop the digital infrastructure at the oil producer’s wells in Russia. Crypto Mining Operator Bitriver to Cooperate With Russian Oil Giant Gazprom Neft Russia’s third largest oil producer, Gazprom Neft, will power data centers operated by the country’s leading crypto mining company, Bitriver. The electricity needed for the production of digital currencies will be generated using associated petroleum gas, a form of natural gas found with oil deposits. The arrangement is part of a memorandum of cooperation signed by the two companies during the St. Petersburg International Economic Forum, RBC Crypto reported, quoting a Bitriver representative. The announcement comes after the Russian mining operator was recently placed under U.S. sanctions. In accordance with the agreement, the mining firm will develop the digital infrastructure at Gazprom Neft’s oil fields and provide services relying on computing hardware, the report details. Gazprom Neft’s business model does not encompass digital currencies but the oil giant is seeking solutions that would allow the “beneficial use” of the associated gas obtained during oil extraction. The infrastructure necessary to utilize the associated gas for the energy-intensive mining of crypto assets has been built already at Gazprom Neft enterprises in three Russian regions. Gazprom Neft is the oil subsidiary of the Russian state-controlled natural gas giant Gazprom. Initial reports that the company is offering bitcoin miners an opportunity to use the excess gas from oil drilling came out in January, last year. U.S. companies have been using stranded gas to mint crypto, too. Oil-rich Oman announced a plan to employ associated gas to mine bitcoin, with the goal of reducing harmful emissions into the atmosphere where this gas is usually vented or burned. The country bought a $350-million stake in the U.S. firm Crusoe Energy Systems Inc., which specializes in crypto mining with energy from excess fuel. Do you expect other oil companies to start cooperating with cryptocurrency miners to utilize associated petroleum gas? Tell us in the comments section below. View the full article

On a day where bitcoin broke out of its $20,000 support point, BCH bounced on its own floor, climbing higher on Saturday. BCH was up by nearly 7% to start the weekend, whilst MATIC fell to its lowest point since last April. Bitcoin Cash (BCH) Despite yet another red wave in crypto markets on Saturday, BCH was able to evade this, and instead rose by almost 10%. BCH/USD hit an intraday peak of $123.31 earlier in the day, which came less than a day after falling to a low of $109.11. Friday’s bottom was the lowest level BCH has traded at since February 2019, and came as prices fell below the recent support at $110. However, following this three-year low, bulls made a concerted effort to lift prices away from this point. As of writing, earlier gains have somewhat eased, with bitcoin cash trading around $5 lower than today’s previous peak. Overall, prices are down nearly 30% from the same point last week. Polygon (MATIC) Whilst BCH moved away from a multi-year low, MATIC moved towards one, as prices slipped to start the weekend. On Saturday, MATIC/USD fell to a low of $0.3631, which is nearly 10% lower than yesterday’s high of $0.406. Today’s decline saw MATIC hit its lowest level in 15 months, following a rough three months which saw prices drop from $1.37. Despite this intense sell-off, MATIC continues to remain in the cryptocurrency top 20, however should this level of declines persist, it may face challenges to remain there. As of writing, the 14-day RSI is hovering slightly above its floor of 27, which is a point that hasn’t been broken since May 12. Should this change, then bears will look to take prices towards, and eventually below, $0.3000. Will MATIC ever trade above $1 again? Let us know your thoughts in the comments. View the full article

Bitcoin fell below $20,000 on Saturday, as the sell-off in cryptocurrency markets continued to start the weekend. ETH was also trading below a key level, as prices fell below $1,000 for the first time in over 18 months. Bitcoin Bitcoin fell below $20,000 on Saturday, as bearish momentum extended entering the weekend. Despite the best effort of bulls to hold the line, the recent price support of $20,200 finally gave way earlier today. As a result of this, BTC/USD fell to an intraday low of $18,905.98 earlier in today’s session, which is the lowest level BTC has traded since December 2020. Overall, BTC has fallen by nearly $13,000 since the beginning of the month, with the price now down 30% in the last seven days. In addition to this, the Relative Strength Index (RSI) is trading at 20.9, which is its lowest point in over five years. Bulls will likely see this as an opportunity, however with the current volatility in the market we may see more turbulence in upcoming weeks. Ethereum Similar to bitcoin, ETH fell below a key point on Saturday, with prices dropping below $1,000 for the first time since January 2020. ETH/USD slipped to an intraday low of $986.85 to start the weekend, which is nearly marginally lower than yesterday’s peak at $1,105.23 This drop saw ETH breakout from its recent price floor of $1,050, which we outlined yesterday was one of the last lines of defense preventing a drop into the $900 region. Percentage wise, the drop in ETH over the past seven days has been greater than in BTC, with prices here falling by nearly 40% since last Saturday. As of writing, ethereum is trading over 50% lower than at the start of June, following a streak of almost two weeks worth of back-to-back declines. Currently, prices have moved back above $1,000, however there will likely be more moves below this point as the weekend progresses. Where will the next support point be in ETH? Leave your thoughts in the comments below. View the full article

Laurentino Cortizo, president of Panama, has exercised his veto powers to make a series of objections to the recently approved cryptocurrency law. The observations of the president only touch on certain articles and do not affect the law in its entire scope. However, these articles of the bill will have to be re-discussed, taking into account the observations of Cortizo. Cortizo Vetoes Crypto Law in Panama Laurentino Cortizo, the president of Panama, has vetoed the recently approved cryptocurrency law, sending it back to the National Assembly to be discussed. The veto was a partial one, with Cortizo having second thoughts about the legality of several, but not all, articles in the approved bill. The announcement was made by Gabriel Silva, one of the proponents of the law, on social media. Silva criticized the decision taken by Cortizo, stating it was : A lost opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector. The country deserves more opportunities and also financial inclusion. Silva also explained he was studying the needed changes for the bill and that it would be going now to two committees of the National Assembly — the Government Commission and the Trade Commission. After this, it will have to be discussed twice, again. However, he did not indicate which articles of the law had been vetoed by Cortizo. The so-called crypto law, which was the result of an amalgamation of two different cryptocurrency law projects, defined a blockchain-based ID system and also the use of blockchain technologies to improve the transparency of public spending. Concerns Expressed The veto of a part of the law by Cortizo’s team was not a total surprise. The president of Panama had expressed concerns about the scope and some of the definitions of the law. In an interview given in May, when asked about the approval of the crypto law, Cortizo stated: If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law. Cortizo stated that unresolved money laundering issues would prevent the law from being sanctioned, as the country maintains a difficult relationship with the Financial Action Task Force, which has included it in its gray list along with countries like the Philippines, Yemen, and Turkey. However, he also pointed out that the bill was an innovative and good law. What do you think about the crypto law and its veto in Panama? Tell us in the comments section below. View the full article

KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app. KBC Issues Digital Coin for Clients and Partners KBC, the Brussels-based financial group with extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it’s preparing a large-scale test of the token, with the participation of thousands of employees who will be able to spend it at a festival in Belgium this week, and it will eventually roll it out throughout the group. The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now developing on the basis of technologies such as web 3.0, cryptocurrencies and non-fungible tokens (NFTs). With its latest initiative, KBC wants to enter this new world and confirm its position as a leader in digital banking insurance. As a bank-insurer, KBC is focusing on private clients and small to medium-sized enterprises in Belgium, Bulgaria, Hungary, Slovakia, and the Czech Republic. Its customers will be able to acquire Kate coins and use them via their digital wallets and mobile accounts. The token will initially be available in KBC’s ‘closed loop’ banking and insurance environment. Eventually, it will be introduced into a wider ecosystem, which includes some KBC enterprise customers, third parties and partners that are offering services through the bank’s mobile platform to 1.8 million users. “Powered by the digital assistant Kate, the Kate Coin will proactively make life easier for our customers throughout the KBC group, today and in the future. The combination of the digital assistant Kate and the Kate Coin will enable KBC customers to save time and money,” KBC Group said in a statement published Thursday. This isn’t the first time a large banking corporation creates its own digital currency. In 2020, the global investment bank and financial services company JPMorgan announced its own crypto, JPM Coin, also based on blockchain technology and enabling payments between institutional clients. Do you expect other major financial companies to issue their own digital coins? Tell us in the comments section below. View the full article

A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat currency. Not Protected by Law A Chinese court has ruled that a vehicle sale contract, in which the parties agreed that the buyer would pay via a virtual currency, violated mandatory provisions of laws and administrative regulations and is therefore invalid. According to the court, a virtual currency “cannot be circulated in the market as [a] currency.” As stated in one Chinese language report, the Shanghai court’s ruling was made after an aggrieved vehicle buyer sought the court’s intervention. According to the report, a buyer only identified as Huang had signed a sale agreement with Shanghai Automobile Service Co Ltd in May 2019. As part of the agreement, Huang would purchase an Audi sports vehicle “with Yurimi as a currency payment.” Upon receipt of 1,281 units of the Yurimi virtual currency, the seller was, as per the agreement, expected to deliver the vehicle. However, after the seller failed to deliver, Huang sought redress via the Shanghai Fengxian Court. Arguing his case before the court, Huang insisted that Yurimi is a virtual commodity that could be exchanged for goods thus it “does not violate the prohibitive provisions and should be valid.” However, in its counterargument, Shanghai Automobile Service Co Ltd insisted the sale agreement is an invalid contract and therefore should not be protected by the law. Virtual Currencies Lack ‘Legal Compensation and Compulsion’ In its ruling, the Shanghai Fengxian Court said the country’s token issuance and finance regulations that were implemented in 2017 stipulate that tokens or “virtual currency” used in the financing of token issuance, are not issued by monetary authorities hence they lack attributes such as “legal compensation and compulsion.” In addition, such virtual currency does not have the same legal status as national fiat currency, the report said. This, therefore, means they “cannot and should not be circulated in the market as a currency.” According to the report, Huang, who was not pleased with the decision, went on to file an appeal with Shanghai No. 1 Intermediate Court. However, after reviewing Huang’s appeal, the superior court still ruled to uphold the lower court’s decision. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Decentralized finance (defi) has been hit hard by the recent crypto market rout as the total value locked (TVL) across 118 different blockchains has slipped below the $100 billion mark to today’s $74.27 billion. The TVL in defi today is down more than 70% from its December 2, 2021, all-time high (ATH) at $253.91 billion. Moreover, since December 2021, the top smart contract platform tokens have lost 70% in value against the U.S. dollar as well, sliding from $823 billion to today’s $245 billion. Defi Continues to Get Slammed by the Market Carnage, Top Smart Contract Platform Tokens Record Significant Losses While a great number of cryptocurrencies including the leading crypto asset in terms of market valuation, bitcoin (BTC), slid significantly in value, smart contract platform tokens and decentralized finance (defi), in general, suffered a great deal. While Terra’s LUNA and UST fallout primed the flames, issues with Celsius, Three Arrows Capital (3AC), and the lack of trust in algorithmic stablecoins have continued to keep defi fires roaring. Six days ago, Bitcoin.com reported on how defi and smart contract coins got slammed by significant blows and at the time, there was still $104 billion in value locked into a myriad of defi protocols. Today, the total value locked (TVL) in defi is $74.27 billion, down 70.74% since the all-time high 197 days ago on December 2, 2021. The defi protocol Makerdao dominates the pack with 10.43% in terms of the application’s TVL of $7.75 billion out of the $74.27 billion. During the past 24 hours, the entire TVL across 118 different blockchain networks dropped by 6.03%. Makerdao’s TVL shed 15.19% during the past seven days and the second-largest protocol in terms of TVL size Aave lost over 40% last week. Today, ethereum commands the largest TVL size out of all the blockchains with $47.33 billion or 64.18% of the aggregate locked. The second-largest defi blockchain as far as TVL size is concerned is Binance Smart Chain (BSC) with $6.06 billion or 8.22% of the $74.27 billion locked in defi today. Tron is the third-largest blockchain network in terms of TVL size with 3.99 billion or 5.42% of the aggregate locked across the 118 chains. Furthermore, the total value locked in cross-chain bridges from Ethereum has dropped more than 60% during the past month, according to Dune Analytics metrics. The tokens often leveraged in defi, smart contract platform coins have also shed more than 70% since December. At that time, the market capitalization of all the smart contract platform tokens was $823 billion and today it is hovering just above $245 billion. Ethereum (ETH) is the leading smart contract platform token as it commands $131.50 billion of the $245 billion. ETH is down 39.3% over the last seven days and most smart contract tokens have seen considerable losses during the past week. Avalanche (AVAX) shed 34%, binance coin (BNB) lost 25%, cardano (ADA) dropped by 22.5%, polkadot (DOT) slid by 20.7%, and solana (SOL) lost 22.3% in seven days. One of the only smart contract coins not down this past week is chia (XCH) as it is up by 1.2% against the U.S. dollar. What do you think about the value locked in defi slipping to fresh lows and the losses smart contract platform tokens have seen during the last year? Let us know what you think about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals. U.S. Securities Regulators Investigate Celsius’ Withdrawal Freeze The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday. Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night. Noting that the investigation is a “priority,” Rotunda said: I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts. “The inability to access their investment may result in significant financial consequences,” he stressed. Rotunda said he and his team learned about Celsius’ accounts freeze from the company’s tweet and blog post Sunday night. “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the company wrote. Alabama Securities Commission Director Joseph Borg told the publication that the SEC has also been in communication with Celsius, adding that the crypto lender has been responsive to questions from the regulators. Last year, regulators in a number of states, including Alabama, Kentucky, New Jersey, and Texas hit Celsius with a cease and desist order over the lender’s interest-bearing products, which they said should be registered as a security. After freezing withdrawals, Celsius reportedly sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. The crypto lender is also reportedly hiring Citigroup as an advisor. Moreover, Ben Armstrong, aka Bit Boy, announced a class-action lawsuit against Celsius and CEO Alex Mashinsky on Wednesday via Twitter. What do you think about U.S. securities regulators investigating Celsius’ accounts freeze? Let us know in the comments section below. View the full article

PRESS RELEASE. EverStart, a DAO-controlled multi-chain launchpad built on the Everscale blockchain network and Revoland, a blockchain-based MOBA & Battle Royale video game, are partnering for an initial DEX offering. In the IDO, participants will be able to acquire REVO, a governance token that provides a payment and settlement method to interact with Revoland’s ecosystem. Revoland is the first blockchain-based MOBA game on Huawei Cloud, developed and published by Chain X Game, and backed by a solid set of investors and partners such as Alameda Research, HashKey Capital, Polygon, SEAGM, KhalasPay, and Huawei to name but a few. The Revoland team is completing its busy community development schedule with a series of IDO events on multiple exchanges, platforms and launchpads. EverStart is a decentralized launchpad based on Everscale smart contracts. It has reached an agreement with Chain X Game to run the IDO on its platform. Running an IDO for Revoland is an important milestone for EverStart as part of its strategy to work with best-in-class blockchain projects by providing them with a decentralized, transparent, and secure token distribution process. With a great variety of game modes in Revoland, availability of a free-to-play version, and tons of opportunities to compete for real value rewards paid in native game tokens, the game is taking a clear path to mass adoption. The Revoland IDO opens a great opportunity for gaming and blockchain enthusiasts to play an active role in the development of Revoland’s ecosystem and to act as its governors. During the IDO, a total of 83,330 REVO tokens will be distributed. The event opens at 6:00 p.m. UTC+3 on June 18, 2022 and closes at 6:00 p.m. UTC+3 on June 20, 2022. Payment is available via the Everscale, Ethereum, BNB Chain, Polygon, and Fantom networks. Join the Revoland IDO on EverStart using this link. GLHF! This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Two Kenyan students accused of hacking credit cards and using the ill-gotten funds to buy bitcoin have been arrested by the Directorate of Criminal Investigations, a statement from the law enforcement agency has said. After converting the cryptocurrency to local currency, the two students would use the fraudulently acquired funds to sustain their lavish lifestyle. The Students’ Lavish Lifestyle A Kenyan law enforcement agency, the Directorate of Criminal Investigations (DCI) said it has arrested two university students it accuses of hacking credit cards and using these to “purchase bitcoins and convert them to Kenyan currency.” In a statement, the agency said the so-called notorious gang of two was nabbed in Milimani, an affluent neighborhood in Kenya’s fourth-largest city, Nakuru. In a Twitter thread explaining how the offense was carried out, the DCI revealed that the two — Francis Maina Wambui aka Nick, 26, and Zellic Alusa, 25 — had resorted to a growing criminal practice. The agency explained: The students create fake email accounts which they use to hack credit cards of innocent persons, especially those living in foreign countries and use them to buy bitcoins. According to the DCI, the two students would then use the stolen funds to sustain their lavish lifestyle. The students also reportedly used the stolen money to entertain women and buy properties. Following the raid on an apartment where the duo was operating, the DCI said among the documents recovered was “a land sale agreement entered on May, 25, for a property valued at Sh 850,000 [$7,240] in Juja.” Strengthening of Cyber and Digital Forensic Lab The statement added that the other items which were recovered include five laptops, four mobile phones, two wifi gadgets, three hard drives, and SIM cards. Meanwhile, the DCI’s announcement of the arrest has come just a few days after Kenyan President Uhuru Kenyatta called for the “strengthening of the Cyber and Digital forensic lab to deal with contemporary crimes that involve misuse of technology.” The announcement of the arrests also came after local media reports warned that Kenyans may have lost funds to another crypto Ponzi outfit. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Two days ago, Bitcoin.com News reported on the crypto hedge fund Three Arrows Capital (3AC) after reports claimed that the company was allegedly struggling with financial hardship and possible insolvency. Now the crypto firm Finblox is feeling the effects of 3AC’s troubles, and a few digital currency companies have liquidated the hedge fund’s leveraged positions. Speculation Concerning Financial Hardships Tied to Three Arrows Capital Continue There’s a lot of rumors and speculation surrounding the crypto hedge fund Three Arrows Capital (3AC), and it seems to be affecting other crypto companies as well. Arguably, 3AC’s problems started with its investment into the Terra blockchain, as it purchased $559 million worth of locked LUNA (now luna classic), which is now worth just under $700. The Twitter account called The Defi Edge (@thedefiedge) explained in a Twitter thread that after the Terra fallout, 3AC allegedly tried to get funds back by using more leverage to earn back its Terra investment losses. Although, markets shuddered even more after the Terra LUNA and UST implosion, causing a significant amount of liquidations across the entire crypto industry. Another account called Degentrading (@hodlkryptonite) said 3AC borrowed from every major lender and the firm faced significant liquidations this week. Furthermore, there’s been speculation that 3AC was dumping a great deal of Lido’s wrapped ether product called stETH, which was putting a burden on the stETH peg. Then a company backed by 3AC called Finblox detailed that it had to pause rewards (up to 90% APY) for all of its users, and the platform upped withdrawal limits as well. Furthermore, after The Defi Edge finished his Twitter thread, a company (Protocol X) that 3AC invested in and wished to remain anonymous, told The Defi Edge that 3AC was holding the project’s treasury. “3AC invests in different seed rounds of companies. The protocol raises money usually in USDC / USDT. Well, the treasury is usually sitting around doing nothing. So a common deal 3AC did with their protocols is ‘manage’ their treasury,” The Defi Edge wrote. The Twitter account added: 3AC’s Treasury Management. 3AC gave an 8% APR guarantee on the treasury. So protocols would park the funds raised by 3AC + additional parts of their treasury. The protocols felt safe because well…it’s 3AC. Protocol X has mentioned that the ghosting is real. They’ve talked to two other protocols who also mentioned that they’re being ghosted too by them. 3AC now holds part of their treasury, and they have no idea what’s the state of their cash. Bitmex and Deribit Liquidate 3AC Positions, Co-Founder Kyle Davies Says the Hedge Fund Is ‘Finding an Equitable Solution for All Constituents’ Additionally, a report published by The Block notes that Bitmex liquidated 3AC’s positions but did not disclose how much was liquidated. “This was collateralised debt and did not involve any client funds,” a Bitmex spokesperson told The Block. “We are not going to be like other brands and wax poetic about our limited exposure and strong capital position — instead, we will demonstrate it by providing our users a reliable and liquid trading venue every day, no matter the situation.” On Twitter, the crypto derivatives exchange Deribit also disclosed information about 3AC’s business dealings. “We can confirm that Three Arrows Capital is a shareholder of our parent company since February 2020,” Deribit said on Thursday. “Due to market developments, Deribit has a small number of accounts that have a net debt to us that we consider as potentially distressed. Even in the event that none of this debt is repaid to us, we will remain financially healthy and operations will not be impacted. We can confirm all customer funds are safe and the full insurance fund will remain intact as is. Any potential losses will be covered by Deribit,” the exchange added. The same report published by The Block notes that the editorial’s author contacted both FTX and Bitfinex about 3AC dealings as well. FTX told The Block author Yogita Khatri that they do not comment on their customers, and Bitfinex explained that it “had closed its positions at a loss without having to be liquidated,” Khatri’s report details. According to the Bitfinex statement, 3AC has removed all of its funds from the company’s exchange. Since the rumors and speculation started to swirl around 3AC’s business dealings, so far, the public has only heard from the company’s co-founder Su Zhu once on Twitter. The cryptic tweet doesn’t really get into any specifics, but says: “We are in the process of communicating with relevant parties and fully committed to working this out.” 3AC’s co-founder Kyle Davies has not tweeted since June 9. Davies, however, did speak with the Wall Street Journal (WSJ) and said: “We have always been believers in crypto and we still are. We are committed to working things out and finding an equitable solution for all our constituents.” The WSJ report noted that 3AC was looking for help from “legal and financial advisers” in order to quell the company’s financial burdens. What do you think about the alleged financial issues surrounding the crypto hedge fund 3AC during the last week? Let us know what you think about this subject in the comments section below. View the full article

Following a slight surge in price, bitcoin was trading lower on Friday, as bearish momentum returned to crypto markets. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day. Bitcoin BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets. Following a slight increase in price on Thursday, BTC/USD fell to an intraday low of $20,265.23 heading into the weekend. As a result of Friday’s move, BTC moved towards what seems to be its new floor at $20,200 for the third day on the bounce. Today’s decline also coincided with the 14-day RSI failing to break out of its ceiling close to the 26.35 area. Whilst this indicator is currently tracking at 25.30, bears will likely attempt to take this to a support point at 22. Should this occur, we will likely be looking at bitcoin trading below $20,000, which is something that could happen in the next few days. Ethereum In addition to declines in BTC, ETH was also marginally lower in today’s trading session, as it fell below a key price level. ETH/USD slipped to an intraday low of $1,058.78 during Friday’s session, which is less than a day after it hit a peak of $1,138.27. This drop sees ETH now trade marginally above its recent price floor of $1,050, which seems to be one of the last lines of defense preventing a move below $1,000. As of writing, ETH has moved away from earlier lows, and is currently trading at $1,095.12, which is 1.48% lower than yesterday’s high. Looking on the chart, the Relative Strength Index is tracking at 22, which is higher than its floor at 20.35. If ETH is to remain above $1,000 during this upcoming weekend, price strength will need to stay above this point. Could ETH fall below $1,000 this weekend? Leave your thoughts in the comments below. View the full article

A crypto enthusiast and organizer of the Binance-sponsored Blockchain and Cryptocurrency Awareness Tour (BCAT) recently held in Nigeria, has rejected reports he was arrested by security agents reportedly spooked by large crowds that were following the campaign. The enthusiast said the high number of people that attended the BCAT tour proves that Nigerians “want to continue to explore blockchain and cryptocurrency and improve their lives.” Nigerian Interest in Crypto and Blockchain Growing A Nigerian blockchain and crypto educator, Tony Emeka, has clarified that the security agents that made an appearance at a Binance-sponsored educational event, which he organized, did not arrest him as per reports. He suggested that the massive crowds that attended the Blockchain and Cryptocurrency Awareness Tour (BCAT) Africa function, in volatile Southeast Nigeria, had unnerved security agents which prompted their search for the event’s organizer. According to Emeka, who is also the founder of crypto publication Cryptotvplus, he explained to the security agents the purpose of the event and why Nigerians had attended the tour in such large numbers. “We made them understand what we were doing. The BCAT Africa event was to show Nigerians the opportunities in the digital space, specifically in the blockchain and cryptocurrency industry. They were excited about what we were doing. I wouldn’t say I was arrested,” explained Emeka. Emeka also told Bitcoin.com News that the unexpectedly high number of people attending the BCAT Africa tour — over 7,000 people according to some estimates — showed that despite the Central Bank of Nigeria (CBN)’s directive of February 5, 2021, Nigerians are still very much interested in cryptocurrencies and their underlying technology, the blockchain. He said: People are hungry for knowledge, they want to continue to explore blockchain and cryptocurrency and improve their lives. The CBN directive of Feb. 5th, 2021 came as a shock to a lot of people, and it affected a lot of crypto businesses, and for individual investors, it made it difficult to convert crypto to fiat, but that was where P2P came to the rescue, and since then, this has been the means for converting crypto to fiat and vice-versa. Although he concedes that CBN restrictions had initially made it tough for individual investors, Emeka asserts many Nigerians have since adjusted well to the new reality. Still, Emeka said the Nigerian government must “remove the limitation.” Interest Beyond Cryptocurrencies When asked if the BCAT Africa educational tour had been a success, Emeka said: “Yes! I believe 100%. In fact, after the event, we were doing a ticking of our lists to see if we achieved everything we planned. The result was beyond our imagination. We wanted to show Nigerians the things that are possible and within their reach, and we did.” Meanwhile, Chiagozie Iwu, the CEO of Naijacrypto, a local cryptocurrency exchange, told Bitcoin.com News that the huge crowds seen in Enugu are evidence that interest in digital currencies remains strong. “The crowd I saw at the recently concluded Enugu BCAT shows that there is a strong enthusiasm among youths in the southeastern part of Nigeria to learn about blockchain. We have seen that the interest goes beyond cryptocurrencies but understanding how to build a career in the blockchain sector,” Iwu said. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Foresight Ventures launches 200m Foresight Secondary Fund I to invest in private round crypto assets that are looking to access liquidity during current volatile market conditions. The fund is launched with Bitget Exchange as the largest single LP. Current market conditions have not diminished our long-term outlook on the development of the crypto market, we want to cooperate with investors and projects to help improve liquidity and price discovery during these uncertain periods. This fund aims to purchase unvested tokens, SAFTs and other illiquid forms of investments that are looking for short term liquidity. Foresight Ventures backs innovative and disruptive crypto/Web3.0 projects. We believe crypto will define the next few decades of innovation. We invest early, make decisions fast, and provide wide-ranging support from our ecosystem. For any enquiries please email: fv@foresightventures.com About Foresight Ventures: Foresight Ventures believes crypto will define the next few decades of innovation. The fund invests early and makes decisions quickly, providing wide-ranging support for projects from its robust ecosystem that includes major market players crypto exchange Bitget, and crypto wallet BitKeep. Its founding and partnership team includes veterans of some of the top financial and technology firms dedicated to sourcing and supporting the next generation of disruptive innovations across Web3. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Colombian Financial Superintendence, the securities and financial watchdog of the country, is working on a document to regulate the transactions and operations made using cryptocurrency assets in the country. The organization announced that it will present the document in the coming weeks, which will issue norms for the treatment of these assets in the Colombian financial system. Colombian Financial Superintendence to Issue Crypto Norms Latam governments are now taking cryptocurrency regulation as a serious matter, as adoption in their countries is starting to reach relevant numbers. The Financial Superintendence of Colombia, an organization that deals with the oversight of the financial system in the country, is preparing a set of norms that would apply to the use of crypto in the country. The announcement was made by Jorge Castaño, head of the organization, during an event in Barranquilla. The document, that must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and feedback. This is not the first time that the institution has dealt with cryptocurrencies. The Financial Superintendence was responsible for a pilot test called “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with private banks in the country, making it easier for users to purchase crypto with their fiat funds. Regulation Coming While Colombia was not known for being a crypto hotbed not so long ago, the country has been slowly leaning into crypto. This has made it interesting for Latam exchanges like Ripio and Bitso, which have recently expanded their operations to the country. Also, Colombia is one of the countries in Latin America ranking high in number of crypto ATMs, only second to El Salvador, which has deployed a number of Chivo ATMs to power its national wallet infrastructure. This is why regulators are now involved in bringing a cryptocurrency bill to bring order to the industry in the country. This month, the first bill that seeks to regulate the actions of cryptocurrency exchanges in the country was passed in its first discussion, with regulators praising it as a way of fighting scams and Ponzi schemes that are common. The relation of the new norms and how these will work with that regulation is still not known. What do you think about the new cryptocurrency norms being prepared by the Colombian Financial Superintendence? Tell us in the comments section below. View the full article

About 22% of South Africa’s adult population, or 7.6 million people, are cryptocurrency investors, findings by a study done by Kucoin cryptocurrency exchange have shown. According to the study, 72% of the respondents said they get information concerning particular crypto projects via social media. Influencers and media personalities were also found to be key opinion leaders that are promoting cryptocurrencies. Influencers and Media Personalities Found to Be Key Opinion Leaders According to the findings of a new Kucoin study, about 22% of South Africa’s adult population aged between 18 and 60 (or about 7.6 million people) are cryptocurrency investors. The study also found that 65% of crypto investors “consider crypto to be the future of finance.” The report added that a large percentage of the users appear to prefer digital assets as their favored means of savings to earn stable returns. Explaining how South Africans are sourcing information concerning crypto projects that they choose to invest in, the study findings reveal that nearly three-quarters (72%) of respondents are getting this information via social media. Besides social media, influencers and media personalities were found to be the main opinion leaders in the crypto promotion space. Commenting on South Africans’ apparent preference for social media platforms as their first-choice information source, Kucoin CEO Johnny Lyu told Bitcoin.com News: The data revealed by Statists shows that 30 million South Africans are social network users, and this figure is projected to grow to 40 million users by 2026. The country is seeing a rapid growth of influencers, TikTok bloggers and creators for whom social media have proven to be an easy and accessible source of income. The examples of well-known bloggers of African descent such as Khaby Lame are encouraging many Africans to spend more and more time on social networks in search of work, earnings and dating. Lyu also noted that social media has become the quickest way for users to obtain information. He said this is particularly true now when “users’ time is now fragmented, and obtaining information quickly and effectively has become a mainstream way of life.” South Africa’s Unequal Wealth Distribution Meanwhile, in demographic terms, the cryptocurrency exchange’s study found that South African crypto investors are predominantly “male and younger generations.” Men are estimated to account for 60% of crypto investors while some 42% of the investors are thought to be aged 18 to 30. The study meanwhile exposes South Africa’s unequal wealth distribution and how low-income earners appear to use crypto as a tool for redressing the situation. “The unequal distribution of wealth in the country is well illustrated by the findings of the report, as 22% of crypto investors earn less than $5,000 a year, while 16% earn more than $50,000 during the same period,” the study report explained. While the study’s findings do suggest that interest in cryptocurrency is growing, the constant reports of South African crypto investors losing funds to scammers have nonetheless attracted the attention of regulators who have responded by either cracking down on crypto entities or warning the public against investing in cryptocurrencies. However, despite the response from regulators, the study still found that South African crypto investors are “maintaining a positive attitude” towards cryptocurrencies as these are proving to be “capable of improving people’s standing financially.” Such adoption of cryptocurrencies is having the right impact on the local crypto market in general and this, in turn, helps to remove fraudulent individuals and players, the report said. What are your thoughts on this study’s findings? Let us know in the comments section below. View the full article

Government officials in Kazakhstan have approved regulations that will govern interactions between authorized coin trading platforms and traditional financial institutions. The new rules will allow registered cryptocurrency exchanges to have bank accounts in the country. Pilot Project to Develop Kazakhstan Into Regional Crypto Hub Regulations allowing crypto exchanges registered at the Astana International Financial Center (AIFC) to be serviced by second-tier banks in Kazakhstan have been adopted by a working group comprised of representatives of the Ministry of Digital Development, the central bank, financial regulators, as well as members of the financial and digital asset sectors, the ministry announced. The initiative is part of a project aimed at introducing a regulatory framework that will facilitate the development of Kazakhstan’s potential as a regional crypto hub. It will be implemented as a pilot throughout 2022 with the participation of crypto trading platforms licensed by the AIFC Financial Services Authority (AFSA), a press release detailed. Kazakhstan attracted cryptocurrency miners when China cracked down on the industry in May last year. According to Digital Development Minister Bagdat Musin, however, the crypto industry is not only mining but also includes crypto exchanges, digital wallets, and other blockchain platforms. The high-ranking government official elaborated: It is like other industries, which can and should work for the benefit of our economy. We must make money on crypto exchange — this is the next level of development of financial technologies. Musin insisted that the Central Asian nation needs to create a full-fledged ecosystem so that the digital assets extracted using Kazakhstan’s electricity are traded on local exchanges and the respective income remains in the country. The Digital Ministry emphasized that the pilot project will allow the regulated trading of digital currencies, which will ensure proper protection for both retail and professional investors. If its implementation is successful, the authorities in Nur-Sultan plan to introduce amendments to the country’s legislation and the acts governing the AIFC. The AIFC Financial Services Regulatory Committee is now the only body overseeing activities of fintech firms in Kazakhstan, AFSA Director Nurkhat Kushimov pointed out. All entities applying for a license are thoroughly checked and supervised, he stressed. “Our goal is to create an environment in which only trustworthy and stable companies that enjoy the trust of customers would operate,” the official stated. The positive development for the local crypto industry comes after a recent statement by the National Bank of Kazakhstan which announced it’s closely following the market while noting it’s too early to talk about legalization of cryptocurrencies. At the same time, the monetary authority said it intends to capitalize on the potential for innovation that crypto technologies offer. Do you expect Kazakhstan to adopt more crypto-friendly regulations in the future? Tell us in the comments section below. View the full article

PRESS RELEASE. Bastyon as the Web 3.0 Social Platform Most crypto projects are nothing but cones of a few successful coins. Bastyon, on the other hand, is a fast-growing social platform that combines elements of Youtube, Twitter and Torrent; it recently passed four hundred thousand users and growing fast. Bastyon is built on the premise that social media should be Web 3.0, decentralized with an open-source code, distributed node infrastructure and no corporate entity to control it, like the Bitcoin model. In Bastyon the users enjoy the content and moderate that content based on transparent rules, while bloggers and node operators earn Pocketcoin (PKOIN). Bastyon can be accessed on Bastyon.com, but the most censorship resistant way is to use the Bastyon desktop app, which can be downloaded here: https://bastyon.com/applications Integration of Tor Network into Bastyon desktop app The desktop app does not rely on centralized DNS servers or Web 2.0 domains but instead connects directly to the nodes. That setup already reduces reliance on centralized services, such as DNS. And now, there is one more layer with the Tor network being integrated directly into the app. This integration greatly increases the privacy of users (Bastyon already doesn’t require a phone number), while also increasing its resilience. Bastyon app that uses Tor network if other methods are not working or if the user chooses to use Tor for privacy reasons. It is worth noting that privacy is central to Bastyon even without Tor, because Bastyon registration does not require a mobile number or other id verification. However, adding Tor connections ensures that even if many nodes in the network were to track IP addresses of users (difficult to pull of as it is), Tor’s onion routing would break the link between the user and its IP address. On-Chain Promotion of Content with PKOIN Additionally, Bastyon Core team just implemented a feature that allows users to promote their posts by using PKOIN, the internal token. This is a first in the series of enhancements that are adding utility to the Pocketcoin. Utility is core to the value of any cryptocurrency, as many crypto projects are finding out. With significant growth in registrations, up to 400 thousand, PKOIN content promotion provides another organic use for Pocketcoin. Bastyon Core team is working on a decentralized ad marketplace to help bloggers be independent of the legacy financial system and of the Web 2.0 centralized power structures. Pocketcoin (PKOIN) is currently traded on Digifinex, Bitforex, Bilaxy and Mercatox. It can be purchased directly for 19 different cryptocurrencies at https://pkoin.net/ PKOIN can also be purchased for Visa/Mastercard at https://buy.pkoin.indacoin.io/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Rock band Kiss’ lead singer Gene Simmons has revealed that he owns 14 cryptocurrencies and has not sold any since the crypto market downturn. Gene Simmons Says ‘I am a Hodler’ Gene Simmons has reaffirmed that he is a hodler and has not sold any of his 14 cryptocurrencies since the crypto market downturn. Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist, and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley. According to IMDB, Simmons has appeared in films and TV 121 times. He tweeted Wednesday that he is a hodler, adding: “I have not sold a single position since the downturn. I believe in the future. The near future.” In a follow-up tweet, he said he owns litecoin (LTC) and 13 other cryptocurrencies. While Simmons did not reveal on Wednesday which cryptocurrencies he owns, he said in February last year that he owned bitcoin (BTC), litecoin (LTC), ether (ETH), dogecoin (DOGE), XRP, and cardano (ADA). He noted at the time that he likes cardano because its price was lower than $1 so anyone can invest in it. Bitcoin, on the other hand, is expensive in comparison, so it is “beyond the reach of most people,” the singer said. Nonetheless, he stressed that investors should do their own research before investing in any cryptocurrency, advising: Of course, it’s always up to you to do research. In an interview with American Songwriter in May, Simmons said he found himself thinking about cryptocurrency most often. He was quoted as saying: Yeah, it’s a game-changer. I’m in it big. I’ve done very well. He opined: “Governments, as you know now print money whenever they need it. So, inflation keeps getting bigger and bigger.” In February, Simmons put up his $13.5 million Las Vegas home for sale and said buyers can pay with cryptocurrencies, including bitcoin, ethereum, litecoin, uniswap, polkadot, litecoin, and aave. What do you think about Gene Simmons owning 14 cryptos without selling any? Let us know in the comments section below. View the full article

Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the price of bitcoin falls to $10K. “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” he explained. ‘Bond King’ Jeff Gundlach Discusses Bitcoin Falling to $10K Billionaire investor Jeff Gundlach shared his bitcoin outlook in an interview with CNBC Wednesday. Gundlach is the CEO of Doubleline Capital, which has over $137 billion in assets under management (AUM). He is sometimes referred to as the “bond king” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, his net worth is currently $2.2 billion. The billionaire bond king explained that when the price of bitcoin fell below $30K, its chart indicated that $20K “was going to happen quickly, and it did.” Emphasizing that “The trend in crypto is clearly not positive,” Gundlach opined: I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000. The Doubleline Capital CEO explained: “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems.” There have recently been several disturbing events in the crypto space. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency. Crypto lender Celsius Network also froze withdrawals abruptly early this week, citing extreme market conditions and volatility. In May, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed; their implosion has led to investigations by various authorities. Gundlach previously said that bitcoin was only for speculators. In January, when BTC was trading at about $42K, he said the crypto was massively overvalued and advised against buying it. The billionaire said at the time: “Maybe you should buy it at $25,000.” In July last year, he predicted that bitcoin’s price would fall below the $23K level, stating: I’ve got a feeling you’re going to be able to buy it below $23,000 again. What do you think about the comments by Jeffrey Gundlach? Let us know in the comments section below. View the full article

Cryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country. Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements Cryptocurrencies can be employed in international payments if they do not “penetrate” the financial system of the Russian Federation, according to Elvira Nabiullina, governor of the Central Bank of Russia (CBR). The official added that these digital assets are subject to high price fluctuations and emphasized: Cryptocurrency should not be traded on organized marketplaces because this asset is too volatile, too risky for potential investors. Quoted by RBC Crypto, the banker said that digital coins listed on Russian exchanges must be compliant with all regulations designed to protect investors. Hence, the projects behind the traded assets should have a prospectus, a responsible person, and meet information disclosure requirements. Nabiullina’s statement comes after last month when her deputy, Ksenia Yudaeva, announced that the CBR is not against the use of decentralized digital assets in “international transactions and the international financial infrastructure,” signaling a softening of the regulator’s stance on crypto payments amid expanding financial sanctions on Russia. A provision allowing crypto payments in foreign trade has since been added to a new draft law, expected to comprehensively regulate Russia’s crypto sector. The bill “On Digital Currency” is likely to be filed with the State Duma in September, the head of the house’s Financial Market Committee Anatoly Aksakov revealed this week. The legislation has been delayed by the ongoing debate on the future of cryptocurrencies in the Russian Federation, which led to multiple revisions in the past few months since it was submitted by the Ministry of Finance in February. Aksakov told the daily Izvestia that lawmakers are now leaning towards stricter rules for the crypto market. Do you think Russia will employ cryptocurrencies for international payments? Share your expectations in the comments section below. View the full article

PRESS RELEASE. Paris, France, 15 June 2022: Ternoa is a layer 1 open-source blockchain ecosystem that facilitates the adoption of utilitarian NFTs by giving developers full technological stack, access to independent infrastructure, nodes, developers’ community, and funding. The project is guided by principles of security and ownership, made possible with a combination of decentralization and encryption. Since 2021, the role of NFTs has transformed dramatically: from mere cultural assets to building blocks that allow developers to incorporate utility in the next generation of decentralized applications and Web3 NFT-based projects. As exciting as this evolution is, it also comes with challenges for programmers such as the need to learn a new language, high infrastructure costs, and difficulties accessing relevant information for newcomers. These obstacles are particularly prominent for NFT utility-based projects, as most blockchains rely upon complex smart contracts to build standalone use cases. “On most blockchains, building NFT dapps can prove at best cumbersome, at worst complex. Ternoa is designed to break barriers for developers and empower them to save time and money. Mass adoption of NFTs is only possible with a fundamental tech evolution,” Mickael Canu, Co-Founder & CEO of Ternoa. Ternoa just deployed Mainnet as a ready-to-use version of the blockchain network with an NFT-first mindset. The first-phase of Mainnet marked successful implementation of native CAPS, nodes, and governance features to the multi-chain network. With this foundational step, developers can already experiment with concepts using the JS SDK, allowing them to build dapps and scale their Web3 projects using Ternoa to cut costs and save time. In addition, an entire range of tools has been developed and launched over the last few months to help user adoption: an explorer for users to monitor transactions, a status page to watch real-time status of Ternoa networks, a wallet to interact with native Capsule Coins and NFTs, and a Token bridge for erc20 holders to swap their CAPS to native and use the blockchain. To ensure a maximum security to users, the infrastructure was successfully pentested by Hacken, and the Token bridge has been audited by Chainsulting. “Reaching this milestone is a crucial step for Ternoa and all teams working tirelessly to make Mainnet happen. We’re proud to offer an open-source specialized NFT infrastructure and easy-to-use JS SDK to accelerate adoption of NFTs by developers across the world,” Mickael Canu, Co-Founder & CEO of Ternoa. Now, blockchain developers can save time and program faster, leveraging Ternoa’s highly secure, scalable, Metaverse-ready infrastructure. With more developer-friendly features to be released in the subsequent phases, Ternoa actively expands their community of builders. This fast-growing project is set to disrupt the NFT economy by making next-generation NFTs easy-to-build on the blockchain. Early contributors who joined the Ternoa ecosystem already started developing first dapps with many going live on Mainnet in the upcoming months. Ternoa looks forward to working alongside early adopters of the NFT-first blockchain and invites developers to join their Discord community, contribute, and build upon its open-source infrastructure. If you want to learn more about this fast-growing project, attend Ternoa CEO Mickael Canu’s keynote at NFT.NYC 2022 for more big announcements. About Ternoa Ternoa is a layer 1 open-source blockchain ecosystem that facilitates the adoption of utilitarian NFTs by giving developers full technological stack, access to independent infrastructure, nodes, developers’ community, and funding. https://www.ternoa.com/ https://t.me/ternoa For further media queries, please contact: press@ternoa.network This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Tron’s stablecoin USDD has remained below the $1 parity for well over 24 hours and around 3:00 a.m. (ET), USDD hit a low of $0.958 per unit. The Tron DAO Reserve has deployed more tron tokens and USDC to defend the peg and the DAO’s reserve web page shows the coin is overcollaterized by 314% at the time of writing. Tron’s USDD Has Been Unable to Surpass $0.98 During the Past 24 Hours The stablecoin USDD, issued on the Tron blockchain, is an algorithmic stablecoin that also leverages overcollateralization to hold a $1 peg. However, USDD has not been able to keep the $1 parity over the last 24 hours, and the price has wobbled during the last 72 hours. On Monday, USDD showed signs of weakness, slipping just below the $1 parity, and then on Tuesday, the value of USDD hit a low of $0.974 per unit. On Wednesday, the Tron DAO Reserve deployed more USDC and TRX to help defend the peg. “To safeguard the overall blockchain industry and crypto market, Tron DAO Reserve has transferred 100 million USDC on Tron to Binance to purchase TRX,” the organization tweeted. Not too long after that tweet, the Tron DAO Reserve wrote: “To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will withdraw 2.5 billion TRX out of Binance.” Tron Founder Tells DAO Reserve to ‘Keep Withdrawing,’ While Supporters Claim It’s Not Fair to Compare USDD With UST As the Tron DAO Reserve withdrew more assets to add to the collateral, Tron’s founder Justin Sun wrote: “Keep withdrawing,” like a captain at the helm. Speculation and concerns about USDD are swirling constantly on forums and social media and the tokens celsius network (CEL) and Tron’s USDD are the most searched coins on coingecko.com during the last 24 hours. Throughout the thick of it, speculation concerning USDD collapsing and comparing USDD to terrausd (UST) is some of the most prominent conversation. However, some USDD supporters believe the discussions and speculation surrounding Tron’s stablecoin stem from fear, uncertainty, and doubt (FUD) tactics. “There’s so much FUD about Tron [and] USDD as people compare them to LUNA [and] UST,” the Twitter account Thanx Finance wrote on Wednesday. “Wake up, it’s not gonna collapse, just check the stats and buy the dip. 300% + total collateral ratio. 700 [million] USDD supply [is less than the] 4.5B TRX [market capitalization],” the Tron supporter added. At the time of writing, USDD is swapping for $0.974 per unit, but it has not been able to surpass $0.987 during the past 24 hours. What do you think about Tron’s USDD falling to $0.95 on Wednesday? Let us know what you think about this subject in the comments section below. View the full article