roadrunner

Bitcoin was higher for a second consecutive session, as the world’s largest cryptocurrency was pushing towards the $40,000 level. Ethereum also rallied, as it moved away from its three-week low. Bitcoin Bearish pressure seems to have eased in BTC, as bulls were firmly present to start Wednesday’s trading session. Following a low below $36,400 yesterday, BTC/USD hit an intraday high of $38,917.27 earlier in today’s session. The move sees bitcoin edge closer to the key $40,000 level, which it broke below on Monday, following rising tensions with Ukraine and Russia. Looking at the chart, the 14-day RSI has also gained, and now sits at 43.73, which is marginally below resistance of 44.74. Bulls hoping that BTC enters the $40,000 level will likely wait to see if the momentum of the last two days extends. If so, they could look to boost price strength even further. We may now see some tentative action around the current level, until a clear break of this ceiling takes place. Ethereum ETH also moved higher, as the world’s second largest cryptocurrency rallied away from recent lows. As of writing, ETH/USD is up close to 3%, after rising to an intraday high of $2,741.30, which is its highest level since Monday. Price strength also climbed, with the 14-day RSI breaking beyond its own resistance point at 40, currently tracking at 43.35. Despite the climb, there is another ceiling close by, with the 44.42 level seen as a major hurdle, due to the level of bears which have lived there in the past. Markets now wait to see if history will repeat itself, or if we will have a breakout, and potentially head towards $3,000. Could these gains extend heading into the latter part of the week? Leave your thoughts in the comments below. View the full article

The Luna Foundation Guard (LFG) has raised $1 billion in a private token sale to allow the group to safeguard the peg of UST, Terra’s flagship stablecoin, against market instabilities. While the token has an algorithmic method to maintain its dollar value, this decentralized reserve — which will be stored in BTC — aims to allow the foundation to intervene if these methods prove to be insufficient. Luna Foundation Guard Introduces $1 Billion BTC Decentralized Reserve The Luna Foundation Guard (LFG), a nonprofit organization established in January with the objective of helping to develop the Terra ecosystem, has revealed it is building a decentralized forex reserve to safeguard the peg of UST to the dollar. For this purpose, the foundation hosted one of the biggest private token sales in the crypto world, raising $1 billion from several VC companies. According to reports from the official Terra Twitter account, the sale was led by Jump Crypto & Three Arrows Capital, with participation from Defiance Capital, Republic Capital, GSR, and Tribe Capital among others. The foundation was created with a donation of $4 billion worth of LUNA made by Terraform Labs. The reserve, that will be stored in the form of BTC, will be used by the foundation in times when the natural stability mechanisms of the token fail due to extreme market conditions, such as caused by a hypothetical bank run on the native coins of the Terra ecosystem. Do Kwon, CEO of Terraform Labs, revealed that the Luna Foundation Guard has plans to scale this decentralized reserve to even larger numbers in the future. UST Market Cap Goes Over $12 Billion As these events unfold, the market cap of UST keeps growing. Since January 24, the token has added more than $1 billion in value and remains the most valuable decentralized stablecoin project on the market. As of writing, according to numbers from Coingecko, UST’s current market cap is $12.3 billion dollars. Do Kwon remarked on the importance of the Terra ecosystem and the existence of UST as a decentralized stablecoin as a consequence of the recent bank account seizures happening in some countries, stating: Every headline these days is an inadvertent endorsement for UST. No doubt in the advantages of decentralized money remains today. The second most-valuable decentralized stablecoin by market cap, the ethereum-based DAI, has a current market cap of $9.6 billion, more than $2 billion behind Terra’s stablecoin. One of the founders of Maker, the organization behind DAI, declared in January that UST was a “solid Ponzi” that would go to zero in a bear market. What do you think about the $1 billion BTC reserve started by the Luna Foundation Guard? Tell us in the comments section below. View the full article

At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide. What Is VAF Compliance? The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily. Whilst having an industry swept with technological advancements is good, it is also necessary to ensure that the digital assets and the teams behind them are compliant. Being compliant in this sector means that organizations and investors can safely interact with emerging technologies such as DeFi and a risk assessment is undertaken to safeguard a business and its customers from financial crime. VAF stands for virtual assets forensics and the team behind VAF Compliance has 10+ years of expertise in the banking and virtual assets space. Its mission and aspiration is to be the leading provider of compliance services to retail investors, banks and financial institutions. VAF Compliance operates in Dubai – the top regional area for technological developments and a city that is positioning itself to be an early adopter of blockchain and an innovation hub for fintech and crypto products. Being licensed and based in Dubai, United Arab Emirates enables VAF Compliance to have international exposure, giving the team a chance to create tailor-made forensic reports for clients worldwide and helping them to develop long-lasting relationships with banking partners. Gilson Ribeiro Da Costa, Co-founder and Managing Partner at VAF Compliance, added: “The UAE is a global leader in digital assets and blockchain technology, with the recent Virtual Assets Federal License announcement and the Emirates Blockchain Strategy 2022, we now have a clear path that will reinforce the UAE as the global hub for blockchain and Virtual Assets innovation. We chose to be based in the UAE because we know that the country is working to establish a clear regulatory framework which will allow companies in the digital assets space to operate easily and with clarity. As a DIFC licensed entity, VAF Compliance acts as a trusted partner to those interested in digital assets both within the region and worldwide. How Can VAF Help You? Our process will help you become KYC/AML compliant in the most efficient manner. VAF Compliance serves a broad spectrum of clients, including law enforcement agencies, government entities, NFT projects, cryptocurrency millionaires, financial institutions, banks and law firms. The Services Which VAF Provides Forensic Reporting Early adopters of digital assets often have a complex transactional history. They all face the same challenge of accessing the banking industry. VAF will build the client’s case for them, consolidate their transactional history and ensure that all wallets are KYC and KYT compliant and ready for onboarding. The forensic reports are built by experienced compliance professionals that speak the same language as the regulators and the institutional banks. Consulting VAF Compliance can help you become part of the mass cryptocurrency adoption. The team believes that decentralized currencies and the blockchain technology that powers them, will be the driving force that transitions us into the digital age. • Learn how to navigate the world of cryptocurrencies • Learn how to protect your investment • Prepare your organization for the future Crypto Transaction Monitoring VAF Compliance provides you with an integrated, automated virtual asset compliance solution that is tailored to your risk appetite and enables you to meet regulatory standards. The team can: • Screen crypto transactions for AML/CFT and sanctions risk • Detect and analyze unusual transactions in real-time • Create a full audit trail of virtual assets transactions • Based on your settings, risk scores are calculated in real-time for each entity • A business-friendly approach with a rigorous compliant monitoring system VAF Compliance has successfully helped different clients with their token sales, transaction monitoring and other cryptocurrency-related issues. The solutions offered are comprehensive and after thorough investigative reporting, enables clients to verify their source of funds, guarantee that no illicit activities are involved and provides the entire transactional history of a client’s wallets to satisfy governmental and banking regulations. The team is skilled in helping both private clients and financial institutions. If you require a compliance solution, contact VAF Compliance. To learn more about the service visit VAF.Global, book a phone call or send an email to info@vaf.global. Make sure to follow the team on LinkedIn and Twitter. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A Congo-based Web3 app developer, Jambo, recently said it raised $7.5 million in a seed funding round. According to a report, the startup’s successful seed round is the latest by an Africa-based firm that is working towards developing Web3. Startup’s Partnership With Social Media Companies Jambo, the Congo-based developer of a Web3 app, has raised $7.5 million in seed funding, a report has said. Parties that participated in the funding include Coinbase Ventures, Three Arrows Capital, Alameda Research, Tiger Global, Delphi Ventures, Alliance DAO, Defiance Capital, Yield Guild Games, and Polygon Studios. The startup, which was co-founded in November 2021 by current CEO James Zhang and his sister, aims to replicate the success of Web3 projects in Africa. To achieve this, the CEO said Jambo will partner with a telecoms provider and social media companies. He also said: The reason we can do that is via partnerships with these companies as we tokenize a part of their advertising budget and directly provide to the end-user. Many web2 incumbents or even web3 are having a $100-200 user acquisition costs so we can lower that by order of magnitude by directly incentivizing the end-user. Still, unlike other startups’ business models, Jambo doesn’t plan on taking a cut from user earnings, the report added. Instead, the startup’s revenues are expected to come from advertising and from commissions earned selling airtime and data. Conditions Favor Play-to-Earn Models Reports of Jambo’s capital raise come just over a month after another Web3-focused African startup, Nestcoin, was reported to have raised $6.4 million from investors. Meanwhile, a Techcrunch report states that both startups’ successful funding rounds suggest that Africa is set to follow in Southeast Asia’s footsteps. To back this assertion, the report cites the African continent’s combination of a fast-growing population, high smartphone penetration, and the growing adoption of crypto as positives that favor the adoption of crypto and play-to-earn models. On the other hand, negatives such as the low Gross Domestic Product (GDP) per capita and the continent’s perennial problem of high unemployment are listed as factors that make Africa an ideal place to launch Web3 projects. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The Governor of the Bank of Spain has alerted the public about the risks mixing traditional banks with crypto assets might bring to the economic system. Pablo Hernández de Cos stated that the direct or indirect exposure to these assets would increase the risks associated with the financial institutions. De Cos also stated that while this exposure is still low, it is constantly going up due to the integration of crypto services within these platforms. Governor of Bank of Spain Notes Risks Associated With Banks Integrating Crypto Services The Governor of the Bank of Spain, Pablo Hernández de Cos, has noted risks related to introducing cryptocurrencies into the traditional banking system. De Cos made these statements during the inauguration of the II Finance Observatory, an event that focuses on analyzing the state of the finance and insurance sectors. The Governor declared that: An increase in the direct and indirect exposure of banks to the crypto-assets sector would increase both their equity and reputational risks. Expanding on his views, he explained that some crypto assets have become competitors for banks and financial institutions, principally stablecoins that, due to their peg to national currencies, can become a store of value. While this exposure of banks to these assets is still limited, de Cos believes it is currently growing due to the expansion of third-party crypto products and the services that banks must lend to cryptocurrency organizations. More Risks Explained According to the governor, however, these would be the first effects of cryptocurrency mass adoption on the economy. The following effects would be even worse. De Cos explains that in a volatility event, “a generalized panic could stress the money markets and, by extension, infect the entities that act as custodians of the hedge assets.” De Cos also stated that ultimately one of the worst effects of crypto adoption would be the “Cryptoization” of the nation, which would leave the country unable to manage monetary policies. On this issue, he stated: This type of process compromises monetary autonomy and erodes the ability to exercise effective control over international capital movements, among other aspects. Such mass adoption would also ostensibly affect the capacity of regulators to enforce AML controls due to the use of these tools. Spain has been developing a cryptocurrency regulatory framework that seeks to control the use of digital assets for illegal purposes, introducing an obligatory registry for VASPs operating on Spanish soil last year. What do you think about the opinions of the governor of the Bank of Spain on crypto assets and the risk derived from their introduction to the traditional banking system? Tell us in the comment section below. View the full article

FTX, a leading cryptocurrency exchange, has announced it will enter the gaming field. The company revealed it is launching its own gaming unit to focus on lending crypto services to gaming companies, acting as a middleman. This means that the exchange will support other companies launching tokens and offering NFTs via its platform. FTX Gets Into Gaming FTX, one of the leading cryptocurrency exchanges, is branching out into gaming. The company will reportedly launch a gaming unit that will be focused on offering crypto-related services to traditional gaming companies. This would allow gaming companies to focus on development, leaving token launches and NFT commercialization to FTX. The company began hiring positions this month, seeking programmers with experience using Unity, a popular game engine. An FTX spokesperson commented on the issue, stating: We are launching FTX Gaming because we see games as an exciting use case for crypto. There are 2 billion+ gamers in the world who have played with and collected digital items, and can now also own them. The ownership mentioned refers to the introduction of NFTs as elements that can be leveraged by players to establish secondary economies and profit from their activities. The interest of the company in gaming is not new, as it partnered with Solana Ventures and Lightspeed to establish a $100 million gaming fund last November, that has already funded Faraway, its first company, with $21 million. Crypto and Gaming While cryptocurrency companies and some traditional gaming developers have been making moves to introduce token economies and NFTs into gaming experiences, the reception by some segments of the gaming community has been largely negative. This was acknowledged by Amy Wu, who manages a $2 billion VC fund for the exchange. Wu stated: I wouldn’t have been able to predict kind of how fierce the animosity has been with some gamers against NFTs and it’s unfortunate, but it’s interesting. To some, the introduction of NFTs is seen as a cash grab, while others believe the use of NFTs puts a strain on the environment due to the energy consumption associated with their use. However, companies such as Ubisoft are still pushing to see these elements integrated into their franchises. To Ubisoft executives, one of the big issues with gamers is that they fail to see the convenience of NFTs. Yosuke Matsuda, president of Square Enix, also favored the introduction of these new elements in upcoming games to power a “contribute to earn” economy with user-generated content. What do you think about FTX’s foray into gaming? Tell us in the comments section below. View the full article

Authorities in Kazakhstan have gone after illegal crypto mining operations amid ongoing issues with electricity supply. Working together with law enforcement, the country’s energy ministry announced the closure of over a dozen facilities minting digital currencies. Government Shuts Down Unauthorized Crypto Mining Operations Across Kazakhstan Local departments of the Committee for Atomic and Energy Supervision of Kazakhstan’s Ministry of Energy have carried out a number of inspections to identify illegal coin mining operations in the country, the department said. Members of the country’s law enforcement and other government agencies also took part in the joint checks. “As a result of the inspections over the past 5 days, mobile groups have identified and stopped 13 mining farms with a total consumption of 202 MW,” the ministry stated in a press release. The closed-down facilities are located in different regions of the Central Asian nation. In the Karaganda region, authorities found mining facilities with a total capacity of over 31 MW and in the Pavlodar region – another 22 MW of mining equipment. They also unplugged hardware in the Turkistan region – 3.28 MW, Akmola region – 1.03 MW, Kostanay region – 0.82 MW, in the capital Nur-Sultan – 1.8 MW, Kazakhstan’s largest city, Almaty – 3.5 MW, and Shymkent – 4 MW. The ministry also revealed that some miners have introduced “self-restrictions” for a total capacity of 91 MW in West Kazakhstan and another 44 MW in Karaganda. Inspectors will continue their efforts to detect and disconnect illegal crypto farms but also identify authorized mining facilities, the announcement emphasized. The news about the government checks comes after earlier in February, President Kassym-Jomart Tokayev instructed authorities to account for all coin minting enterprises in the country and verify their tax, customs, and technical documents. He tasked the Financial Monitoring Agency with the job and the watchdog is expected to report back to the executive power by mid-March. Offering capped electricity rates, Kazakhstan became a magnet for crypto miners, following China’s crackdown on the industry. They were initially welcomed but later the growing power deficit was blamed on their energy-intensive production. The country had to increase electricity imports from Russia and recently shut down legal mining farms amid winter blackouts. Mass protests over rising energy costs, mainly fuel prices, erupted in the first days of the year, threatening Tokayev’s rule. To quell the unrest, his administration temporarily closed down banks and restricted access to the internet, affecting mining and the global bitcoin hashrate. The political turmoil and power supply interruptions have already forced some mining companies to seek more stable conditions elsewhere. Do you think more crypto miners will leave Kazakhstan following the latest government moves? Tell us in the comments section below. View the full article

NFTs have emerged as the biggest trend on the blockchain industry due to their massive popularity with mainstream users. This novelty form of digital assets have enabled artists and creators to mint and monetize their creations without going through complex processes associated with traditional platforms. Therefore, it is unsurprising that the NFT trade volume increased nearly three-fold from $2.67 billion in December 2021 to $6.86 billion in January 2022, according to data from The Block Research. Adoption by social media platforms Twitter, Reddit and Meta, have also accelerated the growth of NFTs. As a result, the demand for social media NFT avatars is at its peak, and Novatar, an innovative NFT project, offers a solution for everyone to own their NFTs. Own your digital avatar Novatars is a unique project that enables users to own digital avatars that can be deployed on social media, play-to-earn protocols and Metaverses. Unlike other NFT platforms, the Novatars enables users to purchase, grow, and nurture their NFT avatars. Its ecosystem consists of a limited collection of 25,000 baby avatars that will grow on the blockchain and transform into adults. The avatars included on Novatars are diverse and have different races, genders and sexual orientations. This makes it the first of its kind project that imitates the real-life cycle using blockchain technology. All that is needed is to purchase a baby avatar. Each baby Novatar character has nine basic genes in its DNA and as it becomes an adult it will acquire up to 14 genes. Owners can decide to age their baby Novatars 30 days after thee NFT reveal, and this process is irreversible. The beauty of this process is that users can acqure unique genes that determine the character of their avatar and mint heterosexual and homosexual avatars. Novatars also stands out from others with its user-friendly, accessible platform for beginners and advanced users. All that is required is to visit the website and connect a supported wallet. Once connected, the entire features related to the avatar becomes active, and users can go to their page to perform relevant actions. Novatar presale begins February 27 Novatars has already revealed the presale of its NFTs on February 27, 2022, by 2 PM EST. An initial pool of 10,000 Novatars will be made available in the first round of the presale, and participants will be able to purchase them for 0.1 ETH per piece. Novatar presale represents an excellent opportunity for crypto enthusiasts to become a stakeholder in one of the top NFT projects in the crypto world. Several analysts have already stated that Novatars have the potential to become one of the top NFT collections like CryptoPunks and Bored Ape Yacht Club. More developments in the horizon Novatar has developed a vast community on Discord, Twitter and Reddit. In addition, its smart contracts have been verified, and users can be assured of the safety of their NFTs. As the demand for NFT avatars keeps expanding, Novatar ecosystem will continue to evolve in utility and features. To learn more about Novatar, visit the links below. Website Twitter This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

El Salvador’s tourism has grown more than 30% after adopting bitcoin as legal tender, according to the country’s ministry of tourism. “Cryptocurrency multiplies the opportunities to do business with more partners anywhere in the world,” the Salvadoran government explained. El Salvador’s Economy Boosted by Bitcoin Law The Salvadoran government has outlined some economic benefits resulting from adopting bitcoin as legal tender. The country’s bitcoin law went into effect in September last year, making BTC a national currency alongside the U.S. dollar. A notice posted on the government website Monday explains that during the first months of bitcoin being legal tender in El Salvador, “it was possible to identify the advantages of having added innovation and financial freedom.” The notice adds that tourism was one of the first sectors where it was possible to verify how bitcoin has helped the country’s economy. The head of the Ministry of Tourism (MITUR), Morena Valdez, commented: “The implementation of bitcoin benefited the sector. More tourists and investors have come to see how cryptocurrency works.” She elaborated: We did a poll to check the activity before and after bitcoin. The tourism sector increased, in November and December, more than 30%. The tourism minister continued: “Expectations of recovery in this sector have been exceeded since 1.1 million visitors had been projected and 1.4 million have been received.” Minister Valdez noted that 60% of the visitors to El Salvador came from the U.S. The notice on the government website adds that together with other initiatives undertaken by the Salvadoran government, “cryptocurrency multiplies the opportunities to do business with more partners anywhere in the world.” Adopting bitcoin as legal tender has also boosted the country’s GDP growth, according to El Salvador’s president, Nayib Bukele. He explained that El Salvador achieved a double-digit GDP growth for the first time in history after it adopted the bitcoin law. Bukele tweeted Saturday: El Salvador’s GDP grew 10.3% in 2021 … El Salvador never had a double digit GDP growth before 2021. Furthermore, the Salvadoran president noted that El Salvador’s “exports (a main driver of economic growth) grew 13% this January, compared to January 2021.” What do you think about El Salvador’s economy after making bitcoin legal tender? Let us know in the comments section below. View the full article

The creator of Ruby on Rails says the situation in Canada is “terrifying” and “a real wakeup call.” He admits that he was wrong about bitcoin and cryptocurrency. “A few months ago, I would not have found it credible if you said a three-week peaceful protest in Canada could have led to martial law, frozen bank accounts, and terrorist-financing laws being used to hunt protest donors,” he stressed. ‘I Was Wrong, We Need Crypto’ The creator of Ruby on Rails, David Heinemeier Hansson (DHH), has admitted that he was wrong about bitcoin and cryptocurrency. Ruby on Rails, or Rails, is a server-side web application framework written in Ruby under the MIT License. Hansson, a Danish programmer, is also a partner at the web-based software development firm Basecamp. Hansson outlined why he changed his mind about bitcoin and crypto in an opinion piece titled “I was wrong, we need crypto,” published Monday. “To say I’ve been skeptical about Bitcoin and the rest of the crypto universe would be an understatement of epic proportions,” Hansson began, noting that he has been condemning bitcoin since the early 2010s. He cited many reasons for his opposition, including “Bitcoin’s grotesque energy consumption, the ridiculous transaction fees and low throughput, the incessant pump ‘n’ dump schemes in shitcoins,” and the Tether “fraud.” However, he now admitted: My bigger beef was actually fueled by a lack of imagination. The programmer explained that while he could see the benefits of bitcoin and cryptocurrency in countries like Venezuela, China, or Iran, the vast number of bitcoin boosters are “living in stable Western democracies governed by the rule of law.” However, recent events in Canada have changed his mind, led by the Trudeau government invoking the Emergencies Act in order to end the Freedom Convoy trucker protest. One of the provisions afforded by the Act is allowing financial institutions and crypto exchanges to freeze bank accounts and crypto wallets tied to the protest with no consequences. Hansson stated: A few months ago, I would not have found it credible if you said a three-week peaceful protest in Canada could have led to martial law, frozen bank accounts, and terrorist-financing laws being used to hunt protest donors. Unbelievable then, undeniable now. “This is crazy. Absolutely bonkers. Terrifying,” he described the situation. “Is France really that different from Canada? Is Austria? Is Denmark? This is a real wake-up call,” he exclaimed. “I still can’t believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto’s fundamental necessity in Western democracies,” Hansson conceded, concluding: It’s clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment. Instead of appreciating the fundamental freedom to transact that it’s currently our best shot at protecting. Does the situation in Canada change your mind about bitcoin and cryptocurrency? View the full article

On Tuesday, the Solana-based non-fungible token (NFT) marketplace Magic Eden announced the project is airdropping NFT tickets to existing Magic Eden users and plans to form a decentralized autonomous organization (DAO). On February 21, the Magic Eden project airdropped around 4,000 NFTs to active wallets, and the following day the team announced the DAO roadmap. The Magic Ticket Airdrop and DAO According to the developers of the Solana-based Magic Eden NFT marketplace, a DAO is in the making and the fundamentals behind the change. The team detailed that it started distributing thousands of NFTs to active wallets. Magic Eden (ME) developers created three levels of “Magic Tickets,” which includes “OGs – people who first transacted on ME from Sep 17 – Oct 17,” “Degens – people who first transacted on ME between Oct 18 – Dec 18,” and “Normies – people who first transacted on ME Dec 19 onwards.” The Magic DAO has three fundamentals which include: A mission and set of rules to which will operate Funding and treasury that can be used to fund and reward certain activities Voting rights to establish operation rules and make key decisions Magic Eden is a popular NFT market and 24-hour statistics indicate it’s the 12th largest market by NFT sales volume, according to dappradar.com. Metrics further show the Solana-based NFT marketplace Magic Eden is the sixth largest, in terms of all-time sales volume with $704.15 million. The NFT market has seen 411,539 traders and the average NFT price on ME today is $291.16 or roughly 3.40 solana (SOL). Magic Eden’s the top Solana NFT marketplace as well as it competes with markets like Solanart and Solsea. According to the developers, Magic Eden’s newly announced DAO aims to empower the ME community. “Magic DAO’s purpose is to work together with our community to create a stronger Solana NFT ecosystem,” the team’s blog post on Tuesday details. “Of course, we have a vested interest in the health of Magic Eden as a platform. However, we think that as a platform, we have the opportunity to make the ecosystem better.” While giving 4,000 NFT to active wallets, Magic Eden’s team also noted it was airdropping NFTs on Tuesday and on Wednesday, February 23 as well. “This will conclude our first drop. By the nature of what we’ve described, we do not have a final # for a set quantity,” the Magic Eden team’s blog post discloses. Soon, or in the “next two weeks,” Magic Eden will have a dedicated treasury wallet to fund initiatives. What do you think about Magic Eden’s Magic Ticket NFT airdrop and the project forming a decentralized autonomous organization (DAO)? Let us know what you think about this subject in the comments section below. View the full article

Looking to kick start a crypto journey? It’s never too late to sign up for a Bybit account to join a global community of traders. Not only does ByBit offer beginner-friendly products and services, but a person can also earn up to $20 worth of BTC when they register and complete tasks on Bybit. Bybit Evergreen Campaign Sounds like a good deal? No doubt it is. Here’s the steps to follow: Step 1: Register for an account on Bybit Step 2: Verify identity via KYC Level 1 Step 3: Make a first-time deposit or trade with P2P a minimum of $500 to receive $5 in BTC. The more the deposit or trade, the bigger the reward, capped at $20 in BTC. Plus, complete all three (3) steps and stand to win an extra $600 bonus! Sign up with Bybit today! About Bybit Established in March 2018, Bybit is one of the fastest-growing cryptocurrency exchange and trading platforms. It is trusted by more than five million users worldwide. Built on customer-centric values of “Listen, Care, Improve”, Bybit offers a wide range of crypto products — from Spot and Derivatives trading across three contracts, to the ByFi Center for high-yield asset management. Bybit aims to become the crypto ark of the world, empowering crypto believers to achieve their dreams and their freedom. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

At the end of December 2021, the stablecoin economy’s market valuation was around $168.3 billion and since then, it has increased 9.92% to $185 billion in value. A number of stablecoins have issued more assets during the last seven days, as some of the top dollar-pegged coins have swelled by more than 20% since the past week. Stablecoin Economy Continues to Grow As cryptocurrencies have dropped in value during the last two weeks and the crypto economy fell below the $2 trillion range, stablecoins issuance continues to fill demand. At the time of writing, the entire stablecoin economy is valued at $185 billion and it increased by 9.92% since December 30, 2021. The current value of all the stablecoins in existence today, represents 10.41% of the $1.77 trillion crypto economy. Moreover, the trade volume stablecoins are seeing on February 22, 2022, is around $62.7 billion, which equates to 61.47% of today’s crypto trade volumes worldwide. While tether (USDT) is the largest stablecoin, in terms of market capitalization, the $79.6 billion dollar cap only increased by 1.3% this past week. On the other hand, usd coin’s (USDC) market capitalization swelled by 21.6% and BUSD’s cap grew by 27.9%. Terra’s UST has seen issuance increase by 11% and Makerdao’s DAI spiked by 6.1%. The Avalanche-based magic internet money (MIM) saw its market capitalization fall by a whopping 40.6% during the last seven days. Variety of Stablecoin Market Caps Declined, Tether Commands 84% of Today’s Stablecoin Trade Volume Besides frax (FRAX), the rest of the top stablecoins under MIM, all the way to the 12th position, have seen their market caps decline. FRAX increased by 2.6% this past week accruing an overall valuation of around $2.66 billion. The biggest stablecoin USDT is nearing $80 billion and just recently, the second largest stablecoin by market cap, USDC jumped over the $50 billion mark. Meanwhile, the Binance Smart Chain stablecoin asset BUSD is steadily nearing the $20 billion mark at $18.3 billion today. BUSD and USDC were the third and fourth largest stablecoin gainers this week, but gemini dollar (GUSD) saw an increase of 50.4% this week. Another stablecoin called bean (BEAN) saw its valuation swell by 30.8%. Furthermore, due to this week’s increase, BUSD has entered the top ten crypto assets by market capitalization. While there’s a myriad of stablecoins today, statistics indicate that tether (USDT) commands $53.2 billion of today’s $62.7 billion in dollar-pegged token swaps. This means that out of all the stablecoins in existence today, USDT’s massive trade volume represents 84.84% of the aggregate stablecoin trades on Tuesday. What do you think about the stablecoin economy growth over the last two months and during the last week? Let us know what you think about this subject in the comments section below. View the full article

An article published by journalist Laura Shin, and research stemming from the blockchain surveillance firm Chainalysis, claims to identify the alleged identity of The DAO hacker who drained millions of dollars worth of ethereum from the decentralized autonomous organization on June 17, 2016. Shin’s and Chainalysis’s findings accuse the former Tenx CEO, Toby Hoenisch, of being behind the $60 million hack that saw the loss of 3.6 million ether, which is now worth close to $10 billion using today’s exchange rates. Uncovering the 2016 Genesis DAO Hack In the summer of 2016, there were two significant hacks that shocked the cryptocurrency community — The DAO hack and the Bitfinex breach. Following the recent apprehension of the couple who allegedly possessed the stolen Bitfinex BTC, journalist Laura Shin has published new findings on The DAO hacker and she claims to have identified the person behind the notorious hack. The DAO, also referred to as the Genesis DAO was a decentralized autonomous organization that managed to raise $150 million in ethereum (ETH). EXCLUSIVE: With the publication of my book today, I can finally announce: in the course of writing my book, my sources and I believe we uncovered the identity of the Ethereum's 2016 DAO hacker. — Laura Shin (@laurashin) February 22, 2022 However, on June 17, 2016, an individual discovered a bug in the code that allowed the person to drain funds from the organization’s stash. In a matter of hours, the hacker drained 3,600,000 ether worth roughly $60 million, and using today’s exchange rates the 3.6 million ether is worth $9.3 billion. The Genesis DAO hack not only wreaked havoc on the price of ethereum (ETH), it also caused a divide within the Ethereum community and ultimately caused the chain to split. Now more than five years later, Shin’s book called “The Cryptopians” claims to have discovered the identity of the hacker. “We identify the apparent hacker — he denies it — by following a complicated trail of crypto transactions and using a previously undisclosed privacy-cracking forensics tool,” Shin’s Forbes report about the person’s alleged identity. The Forbes article indicates that Shin leveraged a “powerful and previously secret forensics tool from crypto tracing firm Chainalysis” in order to help uncover the mystery. The findings discuss a blockchain transaction that allegedly derived from the former Tenx CEO Toby Hoenisch. When Shin and her friends approached Hoenisch, he denied the claims entirely and stressed: “Your statement and conclusion is factually inaccurate.” Despite Hoenisch’s denial, Shin included the story in her book and did an expose on the investigation as well. “Since Hoenisch won’t talk to me, I can only speculate about his possible motives,” Shin said. The Forbes journalist continued: Back in 2016 he identified technical vulnerabilities in The DAO early and may have decided to strike after concluding his warnings weren’t being taken seriously enough by the creators of The DAO. Chainalysis Discovers DAO Attacker Sent 50 BTC to a Wasabi Wallet, Shin Claims Transactions Were “De-Mixed” by the Blockchain Intelligence Firm Shin’s article has also surprised the community as she reports that Chainalysis discovered the attacker sent 50 BTC to a Wasabi wallet. Wasabi is a privacy wallet and Shin claims that the Coinjoin wallet’s transactions were “de-mixed” by Chainalysis, “using a capability that is being disclosed here for the first time,” she added. “In a final, crucial step, an employee at one of the exchanges confirmed to one of my sources that the funds were swapped for privacy coin Grin and withdrawn to a Grin node called grin.toby.ai. (Due to exchange privacy policies, normally this sort of customer information would not be disclosed),” Shin wrote. The journalist added: The IP address for that node also hosted Bitcoin Lightning nodes: ln.toby.ai, lnd.ln.toby.ai, etc., and was consistent for over a year; it was not a VPN. It was hosted on Amazon Singapore. Lightning explorer 1ML showed a node at that IP called Tenx. As mentioned above, Toby Hoenisch denied the accusations, after Shin sent him a document that described her evidence. She wrote that he said he would give more details but never responded after the initial email. “In addition, after receiving the first document detailing the facts I’d gathered, he deleted almost all his Twitter history (though I’ve saved the relevant tweets),” Shin adds. In the meantime, many crypto supporters are discussing the underlying parts of Shin’s story which detail the blockchain surveillance methods. The privacy-centric bitcoin wallet Samourai criticized Wasabi over the wallet’s mixing scheme after Shin’s article published. “It should be *impossible* for a user to combine a pre-mix coin with a post-mix coin,” Samourai tweeted on Tuesday. “This scenario is impossible due to the architecture of both JoinMarket and Whirlpool. Why is it possible in Wasabi?” In addition to the statement, Samourai attached a tweet from July 2019, which describes the alleged problem. What do you think about the journalist Laura Shin’s discovery about the 2016 Genesis DAO hack? Let us know what you think about this subject in the comments section below. View the full article

XRP fell by over 10% on Tuesday, as bearish pressure once again intensified in crypto markets. As of writing, the global cryptocurrency market capitalization was almost 5% lower, following marginal gains this morning. Biggest gainers The bleeding in crypto markets continued this afternoon, as such, it was difficult to find any remaining bulls due to the sea of red candles. Relatively speaking, there were a few which managed to stand out, the most notable of them being anchor protocol. As of writing, anchor protocol (ANC) is up almost 9%, after hitting an intraday high of $2.78, which is its highest level in almost six weeks. This move comes just as ANC/USD rallied above its resistance of $2.60, and made a move for a higher ceiling of $2.90. Tuesday’s run also saw the 14-day Relative Strength Index (RSI) climb, and now tracks at 64, which is marginally below its own resistance level of 68. ANC has lost some ground from earlier highs, as profit takers chose to liquidate positions, however, if the RSI moves towards 68, we may see these highs return. Biggest losers There were dozens upon dozens of losers in the crypto top 100 on Tuesday. As of writing, SHIB and ADA were down 7.5%, with DOT and MATIC falling between 4-6% respectively. Although, the biggest to fall was XRP, which was over 10% lower during the course of the session, and 15% over the last 7 days. XRP fell to an intraday low point of $0.6788 on Tuesday, following a high of $0.7732 to start the week. Today’s low was its weakest since its opening candle on February 6, where it then climbed to a 1-month high of $0.8390. Unlike three weeks ago, momentum in crypto has significantly shifted, with bearish momentum continuously picking up. This has pushed price strength deep into oversold territory, with the 10-day, short-term moving average also showing signs of further declines. Could a $0.6020 floor be next for XRP? Let us know your thoughts in the comments. View the full article

Grayscale Investments, the world’s largest digital asset manager, has launched a campaign aimed at convincing the U.S. Securities and Exchange Commission (SEC) to approve its bitcoin spot exchange-traded fund (ETF) application. Grayscale seeks to convert its $25.7 billion bitcoin trust (GBTC) to a bitcoin spot ETF. Asset Manager Campaigns to Get Bitcoin Spot ETF Approved Grayscale Investments announced Tuesday the launch of a campaign “to educate and encourage American investors to submit comments” on its application with the SEC to convert Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot bitcoin ETF. GBTC is the company’s largest investment product with $25.7 billion in assets under management. The application was filed on Oct. 19 by NYSE Arca, the exchange that will list and trade shares of the new bitcoin ETF, if approved. On Dec. 15, the SEC designated a longer period to consider Grayscale’s application. On Feb. 4, the Commission asked the public for comments on the application. The SEC has only approved bitcoin futures ETFs so far. The securities watchdog continues to reject bitcoin spot ETF applications. Grayscale CEO Michael Sonnenshein commented, “American investors should have a choice in how to obtain bitcoin exposure,” emphasizing: It is clear we have reached a tipping point in the adoption of digital assets. “Maintaining the regulatory status quo may feel like the safe option, but the reality is that failing to keep pace with change is the far riskier path for main street investors and our country,” he continued. Grayscale has set up a dedicated campaign page to educate and inspire American investors to take action and convince the SEC to approve its application to convert GBTC to a spot bitcoin ETF. The CEO added: The hundreds of comments already submitted on behalf of GBTC’s conversion to an ETF further demonstrates that this issue is of the utmost importance to investors. Do you think the SEC will soon approve a bitcoin spot ETF? Let us know in the comments section below. View the full article

Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. The law “On Digital Currency” aims to introduce rules for investment in cryptocurrencies while at the same time cementing a ban on their use in payments. Draft Law ‘On Digital Currency’ to Regulate Crypto Turnover in Russia The Ministry of Finance of the Russian Federation has presented to the federal government in Moscow legislation tailored to fill the regulatory gaps in the country’s crypto space, remaining after last year’s enforcement of the law “On Digital Financial Assets.” According to an announcement published this week, the draft law “On Digital Currency” has been filed with the White House on Friday, Feb. 18. The Treasury Department and the Central Bank of Russia (CBR) were tasked by the government to develop the new legal framework together. However, as the two institutions have supported opposing approaches, last week the ministry suggested the adoption of two laws to regulate the crypto market while media reports revealed the monetary authority had been working on its own bills to implement its proposal for a wide-ranging ban on crypto activities. Minfin’s legislation is based on its regulatory concept, approved by the executive power earlier this month. Most other regulators and relevant government bodies have also sided with its view that the industry needs regulation, not a blanket ban. Under the new law, the use of cryptocurrencies as a means of payment will remain prohibited, one of the few common positions with the CBR, and they will be regarded mainly as an investment tool. The ministry confirmed it had received Bank of Russia’s legislative amendments, noting that those which don’t contradict its approach will be considered. New Bill to Impose Mandatory Identification of Cryptocurrency Investors The bill introduces requirements for crypto exchanges and other platforms involved in the turnover of digital currencies. These will be added to a special register of digital asset operators. Service providers will have to meet certain standards pertaining to corporate governance, information storage and reporting, internal audit, risk management, and available capital. The entities will be licensed and supervised by an authorized body and foreign exchanges will be obliged to establish a presence in Russia. According to the Finance Ministry’s document, only customers who pass identification should be allowed to purchase and sell cryptocurrencies. Furthermore, deposits and withdrawals for crypto platforms will be made only through traditional financial institutions. “Thus, the identification of customers will be carried out both by [crypto] operators when accepting customers and by banks when opening a bank account,” the department elaborated, adding that banks and crypto firms will notify the Rosfinmonitoring watchdog about suspicious transactions. Crypto exchanges will also have to inform citizens about the risks associated with the acquisition of digital assets. Non-qualified investors will be able to buy up to 600,000 rubles’ worth of cryptocurrency a year (approx. $7,600) only after passing an online test. Otherwise, the annual limit will be just 50,000 rubles (a little over $600). No such restrictions are envisaged for qualified investors and legal entities. Minfin has also thought about the status of crypto mining, defining it as an activity aimed at obtaining cryptocurrency. While Bank of Russia has suggested that it should be banned, officials in Moscow and energy-rich Russian regions have called for recognizing it as an economic activity which would allow the government to tap into its profits. In January, President Putin highlighted the country’s “competitive advantages” in regards to the minting of digital currencies. Do you expect the Russian parliament to support the finance ministry’s draft law “On Digital Currency?” Tell us in the comments section below. View the full article

Ethereum found support on Tuesday, following a drop to a three-week low earlier in today’s session. This comes as the price of bitcoin also consolidated, following recent bearish pressure. Bitcoin The selloff in BTC momentarily eased on Tuesday, as global markets continued to closely monitor the Russia/Ukraine situation. BTC/USD dropped to a low of $36,488.93 earlier in today’s session, which is over $3,000 lower than its high to start the week. The move saw BTC briefly break out of its long-term floor of $37,315, in what looks like a false drop, before once again re-entering this support point. As this move in price took place, price strength in bitcoin moved deeper into oversold territory, with the 14-day RSI tracking at 33, which is its lowest point in 20 days. As anticipated yesterday, price momentum has also firmly shifted, with the 10-day (red) moving average and 25-day (blue) MA meeting for what appears to be a downside cross. For now bitcoin is holding steady at support, as bulls look to fend off the bearish pressure, however this could shift, if the recent trend extends. Ethereum ETH also fell to a three-week low during today’s session, however the bullish resistance to the recent declines has helped prices find a floor. Today saw ETH/USD fall to an intraday low of $2,510.68, which is its weakest level since January 31. Despite this, prices rebounded from those earlier lows, climbing above support of $2,550 in the process. Similar to BTC/USD, a downward cross of the moving averages has also firmly occurred, however today’s bounce has pushed the 14-day RSI slightly higher. Price strength now stands at 39, and is approaching the 40 point, which looks to be a ceiling, however if this could be breached, then more bulls could return. Is $2,550 the true floor for ethereum, or could prices move lower? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. High-performance computing (HPC) company Solidus AI Tech has raised $5.4 million and are now entering their 3rd round of funding. Solidus AI Tech is working to solve the problem of the lack of European HPC facilities in the global top 10. Only producing 5% of computing power despite being the consumer of one-third of HPC resources. It is bridging the gap across a number of industries such as the automotive industry, face & voice recognition, medical industry, sales automation & lead generation, among others. It is an advocate of the “Crypto Climate Accord”, an initiative to de-carbonise the crypto industry by 2024. Its data centres are 40% more energy-efficient due to their use of unique IP and evaporating cooling methods. Solidus’ AI infrastructure enables government authorities, corporations, SMEs, as well as professionals to purchase artificial intelligence (AI) & High performance computing power (HPC) services using its utility token AITECH. Solidus is currently in its public sale phase, from which the project has raised $5.4 million so far. Solidus AI Tech and Its Partners Solidus AI Tech has partnered with some heavy-hitters in the space which include Microsoft Azure to help bring its vision to life. Each partner is carefully vetted for the value that they add to the company. Solidus AI Tech recently announced its partnership with three organizations, namely, Crowdcreate, Cyber Smart Defence, and Sinofy in Asia. Each one of these partners serves a unique purpose. Crowdcreate is an award winning growth marketing service and was named “Top Crypto Marketing Firm” by Forbes, CoinBureau, and Clutch. They help to accelerate funding and influencer sales for businesses. They connect projects to the right investors by creating a brand and image that appeals to people willing to help grow a business. the company has worked with some of the largest organisations n the world to raise investor funds, rapidly increase sales, create buzz, acquire users and expand their online community. To date the company has raised $133 million, reached 7.1 million people and successfully managed more than 300 projects. Cyber Smart Defence is a penetration testing and ethical hacking company. Its team of experts helps to find vulnerabilities and bugs in projects before attackers can exploit them. They help strengthen the security of a platform by finding and stopping cyber attacks before they happen. CEO Madalin Dumitru has over 20 years experience in Cyber Security and is a regular speaker on well known news channels. Last but not least is Sinofy. Sinofy is a company that works with brands seeking to expand their reach in the digital sphere. Based in Asia, it helps to fund and empower companies in what is the world’s most digitally connected region – China and South East Asia. It will help expand Solidus AI Tech’s reach into the region. Solidus AI Tech is audited by leading smart contract auditing firm Certik. It has received the stamp of approval from the firm which has confirmed that it is a safe project to interact with. About Founded in December 2017, Solidus Technologies started as a cryptocurrency mining firm with a particular focus on mining Ethereum (ETH) via GPU-based mining rigs. In the wake of the 2020 financial crash and the significant boost in demand for AI services, the company shifted its core focus to Artificial Intelligence and incorporated Solidus AI Tech to become the AI arm of the business. Solidus’ Artificial Intelligence infrastructure will enable Government Authorities, Megacorps, SME’s and Professionals to purchase AI services. Solidus AI Tech is launching its eco-friendly AITECH token to operate seamlessly with their AI infrastructure. AITECH can be bought, staked or held. The Solidus AI Tech public sale is still ongoing. Visit https://www.ai-tech.io/ to participate. 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

While Venezuela has been a leading country for cryptocurrency adoption in Latam, its citizens don’t have access to cryptocurrency ATMs. However, this might change in the future, as Bitbase, a crypto ATM company, is currently in talks with Venezuelan authorities and banks to install some of its machines and stores in the country. Bitbase in Talks to Bring Crypto ATMs to Venezuela Bitbase, a cryptocurrency services company, is in talks with government and banking authorities to offer crypto ATM services in Venezuela. Enrique de los Reyes, the Bitbase representative in the country, told Criptonoticias they have been eyeing Venezuela since 2017, and are now trying to take advantage of the clear cryptocurrency laws offered by the government. De los Reyes stated: I have never taken my eyes off Venezuela in terms of opportunity and business, especially now that a commercial opening is taking place. Bitbase, which is a Spain-based company, is seeking to expand into new markets in Latam, including Mexico, Colombia, and Venezuela. The company is seeking to fill the market that is currently non-existent in Venezuela. In the past, there were two Crypto ATMs installed in the capital, but these stopped offering deposit and withdrawal services. Bitbase explained it expects to finalize talks before Q3 2022, to start installing their machines in the country. De los Reyes didn’t specify the number of machines the company expects to install, but he did state they also hope to open stores in malls around the country to be closer to the customer. National Crypto Adoption Could Benefit From ATMs While the cryptocurrency adoption in the country is very high according to different reports, Bitbase thinks that the establishment of these ATMs and stores might give an opportunity to people still unaware of crypto to conduct operations with the help of a trusted company. This would be the task of the aforementioned stores, that would help users download their first crypto wallet and teach them how to use cryptocurrencies. This also would ostensibly aid elderly people and users that still are unsure of using cryptocurrencies due to distrust in the system or lack of training. However, numbers show that Venezuelans are already accustomed to the use of crypto in P2P markets, such as Localbitcoins and Binance P2P, for conducting their business and even paying for products and services without the need for crypto ATMs. What do you think about the talks that Bitbase is having with authorities regarding the installation of crypto ATMs in Venezuela? Tell us in the comments section below. View the full article

U.K. law firm, Gunnercooke, claims to be one of the first major law firms in the country to accept crypto payments. Crypto Asset Payments A United Kingdom-based commercial law firm, Gunnercooke, has become the latest practice to accept cryptocurrency as payment for services, a report has said. The firm also claims to be one of the first major U.K.-based law firms to give its clients the payment choice. We’re delighted to announce that we are now the first major UK law firm to officially accept payment in cryptoassets. We’ve partnered with @coinpassglobal to make the exchanges and have now accepted our first payment from client @AttestantIO. https://t.co/3rIK4ZfS9d #CryptoNews pic.twitter.com/enH10N8O13 — gunnercooke (@gunnercooke) February 21, 2022 As explained in a Law Society Gazette report, Gunnercooke will now route any such payments via Coinpass, a registered cryptocurrency exchange platform. The report also names, Attestant, a cryptocurrency transactions verification service, as one of the law firm’s clients that are paying for services using cryptocurrency. In his comments after the law’s firm formal confirmation that it will accept cryptocurrencies, Naseer Patel, finance director at Gunnercooke, explained the reasons that prompted the law firm to make this move. The report quotes Patel who said: Up to now, only a few U.S. law firms allow for crypto asset payments, so we are proud to be at the forefront of innovation in the U.K. — We will now be able to work with a wider variety of clients across different jurisdictions, plus offer our partners the flexibility to be paid securely in the way they choose. The Highly Volatile Cryptocurrencies Meanwhile, the report suggested that several other niche practices including Quinn Legal had also previously signaled their plan to accept crypto payments. However, the report also said some law firms were reluctant to accept highly volatile cryptocurrencies as payment. On the other hand, an unnamed spokesperson of the Solicitors Regulation Authority is reported to have stated that “how firms get paid is not something within our remit, as long as it’s legal.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Chinese authorities continue to crackdown against bitcoin miners after they seized 49 second-hand Bitmain ASIC Antminers from unnamed individuals that recently attempted to smuggle in the devices using falsified documents. Devices to Be Disposed of in Accordance With Regulations Huangpu Customs of China’s Guangdong Province has said it seized 49 used bitcoin (BTC) miners from an unnamed party that was attempting to smuggle the devices into the country. Local reports say the old machines will be disposed of in accordance with local regulations. According to a report published on Monday, the alleged smugglers had used false information in their export documents. However, upon inspection, authorities discovered the consignment was not comprised of shoe materials, as stated in the “export document,” the report said. Instead, the consignment consisted of what some reports say are old ASIC miners. This latest seizure of the mining devices by Chinese authorities comes as the country continues its crackdown against bitcoin miners. The crackdown has already seen China relinquish its status as the world’s number one bitcoin mining country. Also as reported by Bitcoin.com News, the crackdown has also spurred crypto mining activities in China’s neighboring states like Thailand and Kazakhstan. Rectification of Mining Activities Meanwhile, the announcement of Huangpu Customs’ seizure of the old ASIC Antminers came just days after another Chinese regulator, Shandong Development and Reform Commission (SDRC), announced the release of a document titled “Report on Rectification of Virtual Currency Mining Activities.” According to the China-based website 8btc, the regulator, through this document announced the start of the supervision of telephone lines for “rectification” of crypto mining activities at the provincial and municipal levels. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say that almost $10 million more will be returned to victims. So far, 127 more people have filed a claim to recoup their investments. Police Return Funds to Crypto Scam Victims The U.K.’s Greater Manchester Police (GMP) announced Friday that about $5.4 million of the funds seized from an international cryptocurrency scam rumbled by its police officers in July last year have been returned to rightful owners. The announcement details: Over four million pounds have been returned to 23 verified victims and another 127 reported claims are currently being investigated by officers alongside partners in international law enforcement across the globe. The police noted, “another seven million pounds to be returned to rightful owners.” However, the announcement does not specify whether the victims will receive cryptocurrency or fiat currency from the police. “A sum of $22.25 million (equivalent to just over £16 million) was seized by specialist officers from Greater Manchester Police’s Economic Crime Unit in July 2021, after intelligence led to the discovery of USB sticks containing huge amounts of Ethereum,” the police detailed, adding: A total of 150 victims from all over the world contacted officers in the unit. Crypto investors based in the U.K., U.S., Europe, China, Australia, and Hong Kong deposited money, including life savings, into what they thought was an online savings and trading service using Binance Smart Chain, the police explained. However, the scammers subsequently shut down the scheme’s website and transferred the funds into their own accounts. A 23-year-old male and a 25-year-old female were arrested for fraud and money laundering offenses, but have been released under investigation pending further inquiries. Detective Chief Inspector Joe Harrop from GMP’s Economic and Cyber Crime Unit opined: Cryptocurrency saving and trading services are becoming increasingly popular, with projects offering incentives to people to invest significant amounts of money, offering tokens that can then be sold for a profit. However, he cautioned: “Anyone involved in these cryptocurrency and trading services are urged to take extreme caution and do a lot of research as there are still huge risks … If it seems too good to be true, it probably is.” Harrop noted: “We believe there may still be victims out there from all over the world who are owed some of this money we rumbled half a year ago.” What do you think about the police returning cryptocurrency to victims? Let us know in the comments section below. View the full article

Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency scheme that has duped about 2,000 investors out of $5.4 million. 11 People Arrested so Far in Cryptocurrency Scam in India Indian police have cracked down on a cryptocurrency investment scheme that has duped over 2,000 investors out of 40 crore rupees ($5.4 million). The number of arrests reached 11, seven of whom were arrested on Sunday in Maharashtra’s Nagpur, according to PTI. The main accused, Nishid Wasnik, and his wife Pragati, along with two other associates, Gajanan Mungune and Sandesh Lanjewar, were arrested one day prior in Pune. They went into hiding in March last year and had been on a run until they were arrested Saturday, the police said. An official described that Wasnik used to flaunt his luxurious lifestyle to lure people to invest in a firm he claimed to be dealing in ether (ETH) cryptocurrency. The official was quoted as saying: He manipulated the website of the firm to show a steady rise in the value of investments while transferring money into his accounts fraudulently between 2017 and 2021. The police said all 11 people were charged under IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology Act provisions by Yashodhara Nagar police. Referring to the accused, the official added: He had even organized a seminar on cryptocurrency investment in Pachmarhi in Madhya Pradesh. What do you think about this case? Let us know in the comments section below. View the full article

The co-founder of crypto exchange Huobi has shared his view about the current state of the bitcoin market and when the next bull run will be. “We are now at the early stage of a bear market,” he said, expecting the next bitcoin bull market to be around the end of 2024 or the beginning of 2025. Huobi’s Executive on the Next Bitcoin Bull Market Du Jun, co-founder of cryptocurrency exchange Huobi, discussed when the next bitcoin bull market might be in an interview with CNBC, published Sunday. The exchange executive explained that bitcoin bull markets are closely tied to the halving, which occurs every 210,000 blocks or approximately every 4 years. The next one will take place in 2024. He detailed that the last halving took place in May 2020, and bitcoin topped an all-time high above $68,000 in 2021. Similarly, the halving that took place in 2016 saw BTC hitting a record high the following year. The price of bitcoin then tumbled after hitting record highs. Noting that bitcoin has fallen about 40% since its all-time high in November last year, Du was quoted by the news outlet as saying if the pattern continues: We are now at the early stage of a bear market … Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin. Nonetheless, he admitted: “It is really hard to predict exactly because there are so many other factors which can affect the market as well — such as geopolitical issues including war, or recent Covid, also affect the market.” A number of people believe that we are in a crypto winter, including the analysts at Switzerland’s largest bank, UBS, who recently warned of a crypto winter amid expectations of Fed rate hikes and regulation. Last week, veteran trader Peter Brandt also pointed out that bitcoin’s price corrections “can be lengthy.” What do you think about the Huobi co-founder’s comments? Let us know in the comments section below. View the full article