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Crypto farms in Kazakhstan will remain unplugged until Feb. 7, as the local utility has extended power cuts for miners. The company points to ongoing difficulties with electricity supply as the main reason for the measure, which was supposed to expire at the end of January. Mining Facilities in Kazakhstan Still Shut Down Data centers authorized to mint digital currencies in Kazakhstan will not be able to operate at least until next Monday, Feb. 7, after the country’s power distribution company extended previously introduced supply restrictions for another week. The state-run Kazakhstan Electricity Grid Operating Company (KEGOC) has informed mining enterprises about the continuing restrictions in a notice quoted by Forklog. The utility cites unresolved problems with maintaining stable electricity supply. The measure was initially imposed on Jan. 24, when mining farms were shut down until Jan. 31. Almost 70 companies were affected by the power cuts caused by winter shortages. Blackouts due to a damaged power line hit Southern Kazakhstan and neighboring countries. The mining businesses are expecting clarification from the Ministry of Energy before they plan their future operations in the country, the head of the National Association of Blockchain and Data Center Industry of Kazakhstan, Alan Dorjiyev, told the crypto news outlet. His organization unites dozens of registered mining entities. Kazakhstan has been struggling with a growing power deficit since last year when it became a major mining hotspot after China cracked down on the industry. The influx of miners, which increased the country’s share in the global bitcoin hashrate to over 18%, has been blamed for the electricity shortages. In January, Dorjiyev stated that miners have become an excuse for KEGOC and the Energy Ministry when in reality the problems are caused by aging infrastructure and insufficient generation capacity. Kazakhstan maintains capped electricity rates and the sector has been suffering from lack of investments. Interruptions in power supply have already forced some mining businesses to leave the Central Asian nation. To deal with the issue, Kazakhstan increased electricity imports from the Russian Federation. The government in Nur-Sultan is also planning to revive a decade-old project to construct a nuclear power plant. Rising energy prices, those of fuels such as natural gas, sparked mass protests in Kazakhstan in the first days of the year. To suppress the civil unrest, the government closed down banks and restricted access to the internet. The turmoil affected the crypto mining industry but as the situation began to stabilize, miners restarted their operations until they faced the recent power cuts. Do you expect more crypto miners to leave Kazakhstan if its problems with power shortages persist? Share your thoughts on the subject in the comments section below. View the full article

The Coachella Valley Music and Arts Festival is stepping into non-fungible token (NFT) technology space, according to the festival’s official Twitter account. Coachella partnered with the crypto exchange FTX US, and the NFTs are minted on the Solana blockchain. Coachella Partners With FTX US to Mint Solana-Based Digital Collectibles Since 1999, the festival co-founded by Rick Van Santen and Paul Tollett called Coachella has been a popular music and arts event with its highest attendance in 2017, peaking at 250,000 attendees. Music acts that have played at various Coachella festivals include performers like the Chemical Brothers, Rage Against the Machine, Tool, Morrissey, A Perfect Circle, and Jurassic 5. Coachella celebrated its 20th anniversary in 2019 and had to cancel the 2020 event over the Covid-19 pandemic. Goldenvoice — the firm that operates Coachella — revealed on June 1, that the event will return on April 15–17 this year, featuring artists like Swedish House Mafia, Billie Eilish, Harry Styles, and Ye. On February 1, Coachella’s official Twitter account announced it was launching NFTs minted on the Solana (SOL) blockchain. “We have partnered with FTX US to build an environmentally friendly marketplace on Solana,” Coachella tweeted. The festival organizers have also published a web portal dedicated to the NFTs. Nft.coachella.com says that participants can “unlock lifetime Coachella passes, art prints, photo books, digital collectibles, and more.” The festival’s website asserts that Coachella collectibles are “a first of its kind opportunity to own lifetime festival passes, unlock unique on-site experiences, physical items, and digital collectibles.” Limited Coachella digital collectibles will drop on Friday, February 4, at 10 a.m. (PT) and NFT drop participants need to have an FTX US account. The NFT sale proceeds will be given to givedirectly.org, liderescampesinas.org, and findfoodbank.org. Coachella further details that the festival’s NFT art was created by Emek Studios. As far as the unlock-able lifetime Coachella passes are concerned, there are 10 NFT keys that grant you lifetime access to Coachella available. “This includes passes to one festival weekend every April and Coachella produced virtual experiences… forever,” the website details. Coachella’s NFT key description adds: These keys also include unique experiences for 2022 like front and center views at the Coachella Stage, lifetime Safari camping, or a dinner prepared by a professional chef in the Rose Garden. There’s no telling what else these NFT keys will unlock in the near future. What do you think about Coachella partnering with FTX US and issuing Solana-based NFTs and lifetime pass NFT keys? Let us know what you think about this subject in the comments section below. View the full article

Immutable X avoided Thursday’s red wave, and was one of this week’s biggest crypto gainers, following news of a partnership with Gamestop. IMX climbed by over 35% today, with QNT also extending recent gains. As of writing, crypto markets were almost 4% lower. Biggest gainers Despite the bearish pressure on crypto markets this Thursday, there were a few big movers during the course of today’s trading session. Quant was once again higher, climbing by as much as 14% early in the session, however it was immutable x which stole today’s headlines. As of writing, IMX was trading over 30% on Thursday, after news broke of a partnership with Gamestop, which would see the two link to build a NFT marketplace. Today’s rally saw IMX/USD break past 2 resistance levels, before finally falling short at the third hurdle, as traders likely took profits. Looking at the chart, price initially rallied beyond resistance of $3.00, before blowing past the $3.79 ceiling, hitting an intraday high of $4.25 thereafter. Although the gain has somewhat eased, late entrants may still attempt to get in on the swing, and this could see further surges. Biggest losers Although there were many bears present in today’s session, you had to scroll to the very bottom of the top 100 to find Thursday’s biggest. Render token took today’s honors, and was down close to 13% as of writing, hitting an intraday low of $3.18 in the process. Following a recent streak of rallies, RNDR/USD finally paused for breath, with prices selling off close to resistance of $3.96. This selloff saw prices fall to support of $3.14, and pushed the 14-day RSI below 50,after being relatively overbought in recent weeks. Will we continue to see further decline in render token this week? Let us know your thoughts in the comments. View the full article

Last May it was discovered that the video game retail giant Gamestop was stepping into the world of non-fungible token (NFT) technology. Nine months later, Gamestop has revealed it is partnering with the layer two (L2) Ethereum scaling project, Immutable X. The two teams have also established a $100 million fund dedicated to NFT creator grants. Gamestop Partners With Immutable X Gamestop has finally revealed its blockchain partner on February 3, 2022, after the company hinted about the creation of a Gamestop NFT marketplace built on top of Ethereum. Gamestop’s announcement on Thursday says the video game retailer is collaborating with the Ethereum-based L2 project Immutable X. Immutable X previously worked with the social media company Tiktok in September. The project’s website claims that it’s the “first layer two for NFTs on Ethereum” and Immutable X participants experience “zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise.” Gamestop and Sydney-based startup Immutable X are also launching a grant fund worth $100 million in IMX tokens that will be used for creator grants. “We seek to fund game changers,” Gamestop says about the $100 million grant fund. “We are calling on builders and creators to power the future of Web3 gaming. Apply for grant consideration.” “The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token (“NFT”) content and technology,” Gamestop’s announcement details. The company added: “Immutable X will also become a layer-2 partner and platform for Gamestop and the company’s NFT marketplace that is expected to launch later this year. In addition, the terms provide for Immutable X providing up to approximately $150 million in IMX tokens to Gamestop upon the achievement of certain milestones.” Gamestop also says that the collaboration deal will be filed with the U.S. Securities and Exchange Commission (SEC). “The partnership agreement and other relevant information will be disclosed on Form 8-K with the [SEC],” the video game retailer notes. What do you think about Gamestop’s partnership with Immutable X and the $100 million creator fund? Let us know what you think about this subject in the comments section below. View the full article

India’s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained. India’s Prime Minister Modi Sees Benefits of Digital Rupee Indian Prime Minister Narendra Modi reportedly highlighted the potential benefits of India’s central bank digital currency (CBDC), the digital rupee, on Wednesday while addressing Bharatiya Janata Party (BJP) members and leaders at a virtual conference on the federal budget. The country’s finance minister, Nirmala Sitharaman, announced during her budget speech Tuesday that the central bank, the Reserve Bank of India (RBI), will launch a digital rupee in the financial year 2022-23. Prime Minister Modi was quoted by local media as saying: The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable an exchange of physical currency with digital currency. “Central bank digital currency will strengthen the digital economy … If anyone makes a payment in digital currency, you will be able to change it to cash,” the prime minister emphasized. Noting that “CBDC will make digital payments and online transfers of funds more secure and risk-free,” Prime Minister Modi said, “This will also lead to ease in development of global digital payment systems.” The prime minister added: The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash. A growing number of central banks worldwide are exploring central bank digital currencies. According to the Atlantic Council’s central bank digital currency tracker, 87 countries are now working on a CBDC. India would become one of the world’s first major economies to introduce a central bank-backed digital currency if the RBI issues the digital rupee this coming financial year. What do you think about the RBI issuing a digital rupee? Let us know in the comments section below. View the full article

Bitcoin and ethereum saw recent losses extended on Thursday, as global cryptocurrency markets declined during today’s session. Solana was also in the red, trading nearly 15% lower today. Bitcoin Following Wednesday’s drop in prices, BTC/USD declined for the second consecutive session, trading 5.25% lower as of writing. This selloff saw prices hit an intraday low of $36,375.54, following a high of $38,437.68 during Wednesday’s market session. As a result, the move saw bitcoin prices move closer to support of $35,000, which is a point it hasn’t reached since January 27. In addition to this, the 14-day RSI once again dropped lower, this time falling below the mid-level floor of 35, creeping deeper into oversold territory in the process. The RSI currently tracks at 34, however if this week’s momentum continues to extend downward, we could see this indicator hit as low as 29. Bulls may need to reassess short-term positions as there seems to be a re-emergence of the red wave. Ethereum Following a strong start to February, which saw ethereum move to an 11-day high this past Tuesday, prices have now moved back toward bear territory. ETH/USD initially broke out of the resistance level of $2,600 to start the week, however after two consecutive days of selling, it is once again back to trading at that level. Prices fell to an intraday low of $2,589.55 during today’s session, dropping by as much as 6% in the process, with the RSI now tracking at 38. As of writing, ETH/USD appears to be using the current price point as support, with the RSI level of 37 also acting as a floor. Will we see the selloff ease at these current levels? Leave your thoughts in the comments below. View the full article

Roughly nine months ago, Coinbase’s initial public offering (IPO) via a direct listing on Nasdaq launched, and shares swapped for $342 per share on April 16, 2021. Since then, Coinbase shares have dropped by close to half that value and today, COIN is swapping for more than 45% lower at $187 per unit. Coinbase Follows Bitcoin With Shares Down 45% From ATH Coinbase (Nasdaq: COIN) is a popular crypto firm and digital asset exchange with 8.8 million monthly transacting users during its height in Q2 2021. The business founded by Fred Ehrsam and Brian Armstrong in 2012 officially went public on Nasdaq on April 14, 2021, via a direct listing. As the company heads into its tenth operational year, COIN shares have been trading for much less than the stock’s value on April 16 and November 12, 2021. When COIN first launched, the stock exchange Nasdaq decided on an initial $250 per share reference price. Two days later — and while bitcoin (BTC) reached $64K per unit — COIN tapped a high of $342 per share. The Coinbase stock dropped in value after that day, and dipped to a consolidated low of $242 during the months of May through September, with a few jumps to the $250-278 range during that time. The Nasdaq-traded stock follows alongside BTC’s fluctuations like many crypto-asset firms that have exposure to this new asset class. So when BTC ran up to another price high beyond $64K to an all-time high of $69K, COIN hit another $342 price high. The stock is now close to half the $342 price high, and is 45.16% lower in value, trading at $187 per share. Similar to BTC, the price is much lower than the ATH and in December COIN had a brief Holiday rally alongside the crypto economy’s passing comeback that month. ‘Fed’s Stance on Interest Rates Could Hurt the Stock’s Momentum,’ Says Boston Data Analyst Firm Trefis In a recent blog post, the Boston-based data and analytics firm Trefis asked if the Coinbase stock was a good buy after such a sizeable correction. “The stock currently trades at just about 22x our projected 2021 earnings, which is not a particularly rich valuation for a highly profitable and futuristic stock with solid long-term earnings potential,” Trefis said on Wednesday. “For perspective, Coinbase’s net margins stood at an incredible 57% over the first three quarters of 2021.” The data and analytics firm added: However, the cryptocurrency market is inherently cyclical, and the odds are that we could be approaching a market peak given the Fed’s stance on interest rates. This could hurt momentum for Coinbase in the near term. That said, the stock could still be worth a look for long-term investors. What do you think about the current value of Coinbase’s stock and the sizeable correction shares have seen since its ATH? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. GensoKishi Online Metaworld is a GameFi and metaverse incarnation of GensoKishi Online, which received the ‘Game of the Year Gold Award’ in Taiwan 10 years ago. The game leverages blockchain technology to build a digital world ecology, and GenoKishi Online Metaworld thus blends characteristics of Web 3.0 with the metaverse. Its ultimate goal is to create a metaverse environment that is larger than the physical world and will continue to develop in the foreseeable future. Most recently, GensoKishi has announced the launch of its first ever NFT auction, scheduled to take place from February 7th at 08:00 AM UTC to February 14th till 07:59 AM UTC. The auction shall be for GensoKishi’s ‘Cosplay’ NFTs. Auction details This auction shall accept bids for a range of Cosplay NFTs as aforementioned, including Legendary, Super Rare, Rare, and Normal NFTs. Legendary NFTs in particular are unique creations and are highly sought after as only one has been minted within the entire metaverse so far. Moreover, following its record-breaking debut and listing, GensoKishi anticipates a surge of bids on the day of the auction itself and hopes to see many of its fans and supporters in attendance. Also, once the auction officially begins, the wallet addresses which will be used for bidding purposes shall be released to the public. The bids will be accepted by either USDT (Polygon) or USDT (ERC-20). Furthermore, after a bid has occurred, the wallet address as well as the bid amount will be updated and published to the auction every few minutes. Bidding will be closed once the auction ends, and the NFTs would then be distributed as per the ranking. Additional details can be found on the official auction page, as well as the Twitter, Discord, and Telegram channels. GensoKishi ‘Cosplay’ One of the game’s key features is ‘Cosplay’. In an RPG, for instance, a swordsman fights with a sword in his right hand. However, in GensoKishi, the swordsman can modify his appearance by wearing a ‘Wand Cosplay’ in his right hand, making it appear as if he is fighting with a wand. Naturally, each Cosplay also has distinct stats that impact its strength, and some of the wearable equipment possess unique abilities as well depending on rarity. Finally, as GensoKishi is a game in which players from all walks of life connect with one another in a singular large-scale metaverse, the team believes that each player would therefore strive to go beyond the restrictions of RPG roles and personalise their character’s look to their taste. The NFT auction shall hence presumably assist in reaching this goal. More information and regular updates are expected as the date for the auction approaches. 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

The Financial Sector Conduct Authority (FSCA) has warned the investing public to be cautious when trading on the cryptocurrency platforms FTX and Bybit. The FSCA alleges that neither entity has been licensed to trade in Contracts for Difference (CFD) or to provide financial advisory and intermediary services in South Africa. FTX Not Authorized to Give Financial Advice South Africa’s financial services regulator, the FSCA, recently stated that the public must be cautious when dealing with the cryptocurrency exchange platform FTX. According to the regulator, FTX is not authorized to give any financial advice or render any intermediary services in terms of the country’s laws. In its February 1 media release, the regulator emphasized that before any party starts to offer CFD or intermediary services, it needs to be licensed by the FSCA. The media statement explained: Without commenting on the business of FTX or its products and services, the FSCA points out that, for a company to offer CFD (Contracts for Difference) trading in South Africa, it must be licensed to do so by the FSCA. The FSCA wishes to inform the public that FTX is not authorised to trade in CFDs or to provide financial advisory and intermediary services in South Africa. The regulator added that efforts to contact FTX, which is headquartered in the Bahamas, have been unsuccessful. The FSCA, in the meantime, says “members of the public should always check that an entity or individual is registered with the FSCA to provide financial advisory & intermediary services.” The regulator also warned the public to be on the lookout for persons or companies that are registered “to provide basic advisory services for a low-risk product” but still proceed “to offer services of a far more complex and risky nature.” Warning About Bybit Meanwhile, another media statement that warns the public about dealing with Bybit was similarly issued by the regulator on February 1, 2022. Again, in this statement, the regulator reiterates that Bybit is not licensed to provide financial services to South Africans. However, according to the FSCA’s statement, Bybit, unlike FTX, has already indicated its “willingness to apply for authorisation to provide financial advisory and intermediary services in South Africa.” In this statement, the FSCA concludes by urging members of the public “to remain cautious when dealing with Bybit until they have applied for and received authorisation from the FSCA.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Leading exchanges, polled by the Russian press, have indicated they are not afraid of the upcoming strict crypto regulations. A requirement for coin trading platforms to establish a local office is one of the proposals in a regulatory roadmap drafted by the government in Moscow. Cryptocurrency Exchanges to Set Up Shop in Russian Federation Some of the world’s largest digital assets exchanges, interviewed by Kommersant, are not objecting to a potential requirement to establish permanent presence in Russia in order to continue to offer services to its citizens. The idea to oblige foreign-based platforms to do so is part of the government’s roadmap to regulate the country’s crypto space. The document, reportedly signed by Deputy Prime Minister Dmitry Chernyshenko, has been prepared as an alternative approach to Bank of Russia’s call for a ban on trading, among other crypto operations. With its hardline stance, the central bank has found itself in isolation as most other government institutions, including the Finance Ministry, favor regulation over prohibition. Among other requirements envisaged in the roadmap are those related to anti-money laundering efforts such as the sharing of transaction data with Rosfinmonitoring, Russia’s financial watchdog. Crypto market players will also have to put in place mechanisms to verify information about the ownership of the digital assets they are dealing with. Binance, the largest crypto exchange by volume, told the business daily it’s ready to open a branch or even register a legal entity in Russia, “if this contributes to the convenience of users and the security of operations.” Olga Goncharova, head of government relations for Russia and the CIS countries, said that Binance supports the regulatory roadmap as a step that “will make operations more understandable, transparent, and user-friendly” while also noting the proposals need further “calibration.” Another major crypto trading platform, Huobi, stated that it hopes for an “open dialogue with Russian regulators.” Its team believes that a constructive cryptocurrency law would help increase confidence in digital assets and exchanges in both individual and institutional investors. Crypto exchange AAX revealed it has no immediate plans to establish an office in the Russian Federation but it also said it may start working in this direction in case the regulations are approved. AAX is ready to comply with what it described as “legitimate” regulatory requirements. The exchange, which serves around half a million Russian residents, remarked that it keeps information about its clients, their balances, transactions, and trading activities. Russian lawmakers are now working on a new bill to fill the regulatory gaps remaining after the adoption of the law “On Digital Financial Assets.” The authors aim to define which entities will be allowed to work with cryptocurrencies, including crypto exchanges. Trading platforms incorporated abroad will be subject to a “special” registration regime, the Deputy Chair of the Security and Anti-Corruption Committee Andrey Lugovoy, one of the sponsors, told Russian media. Do you think crypto exchanges will be able to adapt to Russia’s upcoming rules for the sector? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. As the first month of 2022 draws to a close, many would agree that NFTs became a brand new way of ownership of an asset on the internet space. As groundbreaking a year for NFTs as 2021 was however, it does beg the question as to what the future of this sector will be like, specifically regarding the music & entertainment sector. The year 2022 is promising us to be the year of the content creators/artists/musicians, with control over the masterpieces never going to middlemen without the original creators’ permission. Thanks to the unique features of Non-Fungible Tokens, artists began to commercialize their digital artworks by assigning a monetary value. And by selling those NFTs on specialized markets like OpenSea and Rarible and receive 100% of the fair profit vs 14% in the traditional music industry. How is the LABEL Foundation pioneering in the NFT sector? Using all the benefits of the Web 3.0 and blockchain technology, the South-Korean NFT infrastructure known as the LABEL Foundation, operated by the founders of the OPENTRACK platform, is paving the way for a content industry revolution by bringing the most well-known IPs to their respective NFT platform. Label Foundation is allowing direct P2P investments to fund prospective musicians in a completely decentralized and permissionless state. LABEL is a blockchain-based, NFT platform incubating entertainment and music that provides various easy investment tools for users, fair revenue distribution, and promotion processes. According to their whitepaper, the LABEL Foundation seeks to break through the massive barriers that have been constructed across the existing entertainment sector, where artists are often burdened by intermediation costs and get only ⅙ of the total revenue. LABEL would hence like to be viewed as a rescuer of sorts, disrupting industry standards by removing the requirement for intermediation procedures and returning control of the whole system to musicians, artists, and other types of content producers. It should additionally be mentioned that the LABEL Foundation had already announced a successful financing round in which they raised $1 million (USD) and received additional funding from Solanium Ventures. Additionally, LABEL has formally established a deal with Ankr to use their nodes and Curvegrid’s MultiBaas middleware to support its own infrastructure, reaffirming the overall vision and commitment to providing multichain NFT technology to their platform. Lastly, regardless of the current state of the market, the LABEL Foundation appears to be developing in accordance with their initial goal, as they continue to create key agreements, receive investment capital required for company growth, and bring over prominent IPs to their platform. The recent upgrade of the Ableton certified OPENTRACK 2.0 version, which is the LABEL’s direct provider of the IP promises that the music sector is going to integrate with NFTs in the long-term perspective. All in all, the future would indeed appear to be bright for LABEL and NFTs. 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

The Web3 analytics platform Dune Analytics has announced it has closed a $69.4 million Series B fundraise led by Coatue. The firm’s latest fundraise follows the company’s Series A last August when Dune Analytics raised $8 million. With the Series A and B combined, the firm has been propelled to unicorn status with a post-money valuation of $1 billion. Dune Analytics Secures $69.4 Million in Series B Financing Round, Plans to Offer Financial Compensation to Contributors On Wednesday, the decentralized finance (defi), non-fungible token (NFT), and Web3 analytics platform Dune Analytics revealed the company has raised $69.4 million in a Series B led by Coatue. Dune Analytics further detailed that Multicoin Capital and Dragonfly Capital participated in the Series B fundraise as well. Dune Analytics is a community-based analytics platform that allows users to access Web3 data and filter it into convenient charts, graphs, and comparative metrics. Dune Analytics says the new funds will help bolster infrastructure but also help hone a concept that offers financial incentives. “Dune will leverage the funds to create an infrastructure that distributes financial rewards for user-generated content, attracting and incentivizing engagement from up to one million new web3 analysts, known as Dune Wizards, within the community,” the company’s announcement notes. The analytics firm’s announcement adds: Dune Wizards will not only be able to create customized visualizations that communicate real-time on-chain intelligence, [but] they will also receive financial compensation for their ongoing engagement and contributions. Venture Capital Flocks to Crypto Analytics Providers — Dune Analytics Co-Founder Says Crypto Ecosystem Data Is Extremely Valuable Analytics platforms have done very well over the last 12 months and a myriad of blockchain and crypto-related analytics companies have raised millions of dollars in financing. The NFT data and analytics platform Cryptoslam raised $9 million during the first week of January. The crypto analytics business Coin Metric secured $15 million in May 2021 and the analytics provider Messari raised $21 million in August 2021. Currently, Dune Analytics offers data queries for five blockchains including Ethereum, Binance Smart Chain, Xdai, Polygon, and Optimism. The company said it plans to “incorporate all Layer-1 and Layer-2 smart contract platforms.” Dune Analytics co-founder and CTO, Mats Olsen said that the data in the crypto ecosystem is “extremely valuable” and the firm hopes to boost the platform’s performance this year. “Ever-increasing amounts of capital flows through the crypto ecosystem, in turn producing extremely valuable data. The Dune community is extracting knowledge from this data at scale. Dune will provide the necessary tools so that users of all skill levels will be able to conduct more thoughtful, impactful analysis and gain deeper insight into the ever-evolving world of Web3,” Olsen remarked in a statement sent to Bitcoin.com News. What do you think about Dune Analytics raising $69.4 million from investors? Let us know what you think about this subject in the comments section below. View the full article

Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin. Silvergate Purchases Diem Operations Silvergate Capital, a payments services company, has acquired Diem, a stablecoin payments system originally put in motion by Facebook (now Meta), to integrate it into its operations. The announcement was made on January 31st, when the company explained the details of the rumored operation. The deal includes the purchase of intellectual property and other technology assets related to running a blockchain-based payment network from the Diem Group, according to a press release. Silvergate Capital aims to leverage the acquired assets to issue a stablecoin of its own, with the support of a California-chartered and Federal Reserve member bank like the Silvergate Bank, a subsidiary of the company. On this, the company stated: We identified a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers. It remains our intention to satisfy that need by launching a stablecoin in 2022, enabled by the assets we acquired today and our existing technology. The acquisition, which valued Diem at $182 million, included the issuance of 1,221,217 shares of Class A common stock and $50 million in cash. New Objectives in Sight Diem, which was originally called Libra, faced opposition from regulators worried about its original conception. However, some think that under the wing of a licensed banking institution, this vision might change. This is the opinion of Alan Lane, CEO of Silvergate Capital. The executive declared that this new stablecoin would be designed to satisfy different needs. Lane stated: We think the potential worth is off the charts when we think about using the blockchain technology for payments and remittance. Lane further explained that this stablecoin would be designed for “folks to pay for things,” instead of for trading purposes. Currently, Silvergate has an operation called the Silvergate Exchange Network, where stablecoin issuers can create and redeem their own stablecoins. The executive compared this use case with the original idea of bitcoin, but without the volatility characteristic of the first crypto asset, that can hurt consumers and merchants using it for payments. What do you think about the purchase of Diem by Silvergate Capital? Tell us in the comments section below. View the full article

The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. “Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross border finance.” China Establishes Blockchain Testing Zones Sixteen Chinese governmental bodies jointly announced Sunday a list of national blockchain pilot zones “in order to further carry out the innovative application of blockchain” technology. The 16 governmental bodies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission. The list has 15 pilot zones, including areas in Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern Guangdong and Sichuan provinces respectively. It also names 164 entities, including hospitals, universities, and companies that have been selected for blockchain pilot projects. Among the companies chosen are SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd. Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance, the announcement details. The regulators emphasized “the need to focus on collaborative advancement.” They added that supervisory bodies “in all regions should focus on promoting the pilot construction work together, and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building a credible system.” The announcement also requires that all pilot regions “give priority to adopting blockchain software and hardware technologies and products that are interoperable and capable of sustainable development.” The Cyberspace Administration of China, national industry supervisory authorities, and provincial industry supervisory authorities will organize relevant units and experts to provide guidance on the planning and construction of the pilot, training exchanges, and standardization construction. Meanwhile, China’s central bank has been testing the digital yuan. In January, the PBOC revealed that its central bank digital currency (CBDC) has 261 million unique users. In addition, transactions worth almost $14 billion have been made using the digital yuan and more than 8 million merchants now accept e-CNY. What do you think about China designating blockchain pilot zones? Let us know in the comments section below. View the full article

Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding tax. “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback … It is much more friendly to both investors and the industry,” said the CEO of a crypto exchange. Thailand’s New Crypto Tax Rules Thailand has scrapped its plan to impose a 15% withholding tax on cryptocurrency transactions after facing pushback from the crypto industry. The Thai Revenue Department has also published a manual outlining the new tax rules applicable to cryptocurrencies and digital tokens. Tax officials said Monday that income from cryptocurrency could be reported as capital gains, the Financial Times reported, adding that the new rules will allow traders to offset their annual losses against gains made in the same year. The crypto community welcomes Monday’s announcement. Pete Peeradej Tanruangporn, CEO of cryptocurrency exchange Upbit and co-chair of the Thailand Digital Asset Operators Trade Association, commented: “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback.” He elaborated: It is much more friendly to both investors and the industry. Last week, the Bank of Thailand, the Thai Securities and Exchange Commission, and the country’s finance ministry announced plans to regulate cryptocurrency as a means of payment. While Thailand is making its tax rules more friendly to cryptocurrency investors, the government of India has just proposed taxing crypto transactions at 30%, the highest tax band in the country. What do you think about Thailand making tax rules more crypto-friendly? Let us know in the comments section below. View the full article

Fidelity Digital Assets has released a report explaining why bitcoin is a superior form of money. The report discusses the future of the digital asset ecosystem and compares bitcoin to newer and smaller cryptocurrencies. Fidelity Says ‘Bitcoin First’ Fidelity Digital Assets, a subsidiary of Fidelity Investments, published a report this week titled “Bitcoin First: Why investors need to consider bitcoin separately from other digital assets.” The report addresses some concerns investors have including whether bitcoin “may be vulnerable to innovative destruction from competitors (such as the story of Myspace and Facebook)” or whether the cryptocurrency “offers the same potential reward or upside as some of the newer and smaller digital assets.” Report authors Chris Kuiper and Jack Neureuter explained: Traditional investors typically apply a technology investing framework to bitcoin, leading to the conclusion bitcoin as a first-mover technology will easily be supplanted by a superior one or have lower returns. They noted, “Bitcoin is currently the most secure and decentralized network but, at the base or native network layer, it is not the most scalable.” This has led to a boom in the digital asset ecosystem, they continued. The report proceeds to discuss two dominant narratives for envisioning the future of the digital asset ecosystem. The first is “a multi-chain world.” The authors described: “In a world of multiple winning chains, it still appears that Bitcoin is likely the best equipped to fulfill the role of the ecosystem’s non-sovereign monetary good with relatively less competition than other digital assets attempting to fulfill alternative use cases.” The second is “a winner-take-all or most world” narrative. The report details: “Given that Bitcoin is arguably the most decentralized and immutable blockchain in existence, it appears as a prime candidate to be one of, or perhaps even the sole winner if this situation were to play out.” After discussing various aspects of Bitcoin, including the Bitcoin network, “its enforceable scarcity,” the Lindy Effect, the blocksize war, the Lightning Network, and Ethereum, the authors wrote: Bitcoin’s first technological breakthrough was not as a superior payment technology but as a superior form of money. As a monetary good, bitcoin is unique. “Therefore, not only do we believe investors should consider bitcoin first in order to understand digital assets, but that bitcoin should be considered first and separate from all other digital assets that have come after it,” the Fidelity report concludes. Do you agree with Fidelity about Bitcoin? Let us know in the comments section below. View the full article

Blockchain is among six emerging technologies that will be prioritized by the Kingdom of Saudi Arabia (KSA)’s IT decision makers in 2022 and beyond, according to a recent study. Effect of Covid-19 The government of Saudi Arabia’s IT decision makers have named blockchain as one of the six technologies they plan to prioritize in 2022 and beyond, a survey study has found. In addition, the study found that an overwhelming majority of the decision makers agreed that Covid-19 has accelerated Saudi Arabia’s digital transformation. According to a Datatechvibe report, which cites the latest Yougov survey, artificial intelligence and machine learning are the technologies that 77% of the respondents plan to prioritize. About 65% of the respondents said they will prioritize the internet of things (IoT), while 51% said they will focus on cloud technology. Predictive analytics (38%), robotic process automation (36%), and blockchain (35%) complete the list of the six technologies that IT leaders plan to prioritize starting this year. Concerning the top three areas of priority that will be on the agenda of the Saudi government organizations, the report said 67% of the respondents listed human capital management, while 61% cited enterprise resource planning. About 56% said core solutions while 41% said customer experience and predictive analytics were the priority. Diversified Entrepreneurship in Emerging Sectors Meanwhile, in his interpretation of the study’s findings, Ahmed Al-Faifi, whose firm conducted the survey, said: “The Kingdom’s National Strategy for Data and AI is already seeing a ripple effect, with 77 per cent of government IT decision-makers prioritising artificial intelligence and machine learning for the next year to optimise operations, talent development, and citizen experiences.” Al-Faifi, senior vice president at the global technology company SAP, added that as Saudi Arabia starts to emerge from the pandemic, the kingdom will continue to play its role of providing “a platform for diversified entrepreneurship in emerging sectors.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

A Tanzanian fintech startup revealed it has raised $10 million in its latest funding round and is planning to use the funds to finance an expansion into other African countries. Fintech Plans to Enter 12 More Countries by Year’s End The Tanzanian fintech behind an app that enables payments from the U.K. to Africa, Nala, recently revealed it raised $10 million in a funding round backed by Amplo, Accel, and Bessemer Partners. So-called angel investors that participated in this round include the founder of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo. According to a report published by Fintechnews Africa, the fintech’s app already enables payments from the U.K. to five African countries: Tanzania, Kenya, Uganda, Rwanda, and Ghana. However, following the latest fundraise, Nala will have added twelve more African countries by the end of 2022, according to the report. The publication also revealed that Nala has just begun piloting a version of its app suited for business people that wish to make payments to Africa. In addition to this new feature, the app already comes embedded with a multi-currency accounts function which allows users in the diaspora to store local African currencies when abroad, the report said. Cost of Sending Funds to Africa Meanwhile, in his comments following the fundraise, Nala co-founder and CEO, Benjamin Fernandes, explained why his firm chose to build this app. He said: “Payments in Africa are 1% build. It’s 2022 and Africa’s still the most expensive place in the world to send money in and out of, until this changes we are limited by the opportunities of trade across the continent. Over the next 5 years, while logistics gets better, more places around the world are going to trade in and out of Africa, we are positioning ourselves to be at the forefront of this change.” What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

The DIAN, the Colombian tax authority, has announced it is taking special measures to tighten controls on taxpayers currently using cryptocurrencies to transact. With these actions, the organization seeks to detect any taxpayers that have used crypto assets and failed to report these activities, or reported them erroneously. This action seeks to thwart cryptocurrency-related tax evasion in the country. Colombian Tax Authority Targets Tax Evaders The Colombian tax authority, called the DIAN, has announced that its next target is cryptocurrency-utilizing tax evaders. According to a PR statement released January 28, the institution stated that it was undertaking a series of measures to tighten controls on taxpayers using cryptocurrencies for transacting or trading purposes. While these actions have not been specifically disclosed, the measures follow the objective of gaining more clarity about the movement of cryptocurrency users and traders in the country. The DIAN stated: These actions seek to establish a tax control for omitted or inaccurate taxpayers who in the Income and Complementary Tax did not record the income obtained from operations with cryptocurrencies or recorded them inaccurately. The organization further explained this is part of the anti-money laundering and terrorism financing policies of the Colombian state. For this objective, the institution also announced that an agreement signed between Colombia and Finland would be key, allowing the free trade of information between the institutions of both countries. Localbitcoins, one of the leading peer-to-peer (P2P) based cryptocurrency exchanges in the world, is based in Finland. Colombia and Crypto The presence of cryptocurrencies in Colombia has been steadily growing, though the adoption is still small compared with other countries on the continent — like Venezuela or Argentina. However, there have been attempts to integrate crypto into traditional finance with the objective of easing the introduction of the new assets into the ecosystem. One project, called the crypto sandbox, allowed exchanges to work in tandem with banks, giving the opportunity for cryptocurrency users to make crypto purchases with direct support from banking institutions. Also, Colombia ranks second in Latam for the highest number of cryptocurrency ATMs, just behind El Salvador, which raised its numbers due to the establishment of Chivo wallet ATMs. What do you think about the statements of the Colombian tax authority on cryptocurrency-related tax evasion? Tell us in the comments section below. View the full article

The Indian government has announced the upcoming launch of the country’s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech. RBI’s Digital Currency, the Digital Rupee, Coming Soon India’s finance minister, Nirmala Sitharaman, announced Tuesday while presenting the federal budget 2022 in Parliament that the Reserve Bank of India (RBI) will issue a central bank digital currency (CBDC) in the new financial year. Noting that the “Introduction of central bank digital currency (CBDC) will give a big boost to the digital economy” and “Digital currency will also lead to a more efficient and cheaper currency management system,” She said: It is, therefore, proposed to introduce digital rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23. Following the finance minister’s announcement, Union Commerce and Industry Minister Piyush Goyal explained to ANI publication: The digital currency issued by the Reserve Bank of India will be the official and legal tender. RBI will issue this official digital currency so that India does not lag behind as new technologies like blockchain and others that are evolving in the world. He continued: “The government does not recognize private cryptocurrencies as legal tender. If people keep those as assets they can but there will be a 30% tax on them.” The Indian government refers to all non-RBI-issued cryptocurrencies, including bitcoin and ether, as “private” cryptocurrencies. During her budget speech Tuesday, the finance minister also proposed taxing income from cryptocurrency transactions at 30%. She also noted that “No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.” A growing number of central banks worldwide are exploring central bank digital currencies. According to the Atlantic Council’s central bank digital currency tracker, 87 countries are now working on a CBDC. India will become one of the world’s largest economies to introduce a CBDC if the digital rupee is launched this coming financial year. Meanwhile, China has been trialing its digital yuan over the past two years. The People’s Bank of China (PBOC) said in January that its central bank digital currency now has over 261 million unique users. In addition, transactions worth almost $14 billion have been made using the digital yuan and more than 8 million merchants now accept e-CNY. What do you think about India’s plan to issue a central bank digital currency? Let us know in the comments section below. View the full article

El Salvador has rejected the recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender. The country’s finance minister reportedly “angrily” said, “No international organization is going to make us do anything, anything at all.” El Salvador Says No to IMF on Bitcoin The government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country. The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and dissolve Fidebitcoin, the $150 million trust fund created for the Bitcoin law. El Salvador’s Finance Minister Alejandro Zelaya told a local television station that bitcoin is an issue of “sovereignty.” According to the media, he “angrily” said: No international organization is going to make us do anything, anything at all. “Countries are sovereign nations and they take sovereign decisions about public policy,” the finance minister added. According to its analysis, “In the near-term the actual costs of implementing Chivo and operationalizing the Bitcoin law exceed potential benefits,” the IMF stated in its recent report on El Salvador. The International Monetary Fund also recommended that El Salvador’s government start charging fees for the use of its digital wallet, Chivo. In addition, the IMF wants the Salvadoran government to stop giving away $30 in bitcoin to anyone signing up to use the Chivo wallet. According to the IMF’s recent report on El Salvador, the government did not see a need to scale back the scope of its Bitcoin law but agreed that regulation could be strengthened. El Salvador adopted bitcoin as a national currency with legal tender status alongside the U.S. dollar in September last year. Since then, the country has purchased 1,801 BTC for its treasury. In early January, El Salvador said 20 bills are being drafted for the legal structure of its bitcoin bonds which President Nayib Bukele expects to be oversubscribed. He also expects two more countries to adopt BTC as legal tender this year. Furthermore, he predicted “a gigantic price increase” for bitcoin. What do you think about El Salvador rejecting the IMF’s recommendation to drop bitcoin as legal tender? Let us know in the comments section below. View the full article

Nasdaq-listed Microstrategy has bought 660 more bitcoins at an average price of $37,865 per coin, bringing the total crypto holdings of the company to 125,051 bitcoins. “Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin.” Microstrategy Adds 660 Bitcoins to Its Treasury The Nasdaq-listed software company Microstrategy has bought the dip again. CEO Michael Saylor tweeted Tuesday: Microstrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per bitcoin. As of 1/31/22 we hodl ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the purchase was made during the period between Dec. 30, 2021, and Jan. 31, 2022. At the time of writing, the price of bitcoin is $39,121.89 based on data from Bitcoin.com Markets. It is up almost 2% within the past 24 hours, 6.4% in the last 7 days, but down 18% over the past 30 days. Microstrategy’s chief financial officer, Phong Le, said last week: Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin. Last week, the SEC made public its letters to Microstrategy about the company’s accounting of bitcoin. “We object to your adjustment for bitcoin impairment charges in your non-GAAP measures,” the securities regulator wrote in a Dec. 3 letter. The SEC then told Microstrategy to revise the way it discloses its bitcoin holdings in future filings. What do you think about Microstrategy buying more bitcoins? Let us know in the comments section below. View the full article

PRESS RELEASE. It is surprising how many NFT enthusiasts are also into role-playing games. In retrospect, it was only really a matter of time before someone combined these two passions into one. That’s why KICK.IO launchpad is excited to announce a new fun and promising project – AdaQuest, an NFT-based role-playing game. AdaQuest is a unique RPG project that utilizes collectable NFT-hero cards within the Cardano blockchain to allow you to go on adventures within the fictional world of Ada. Each card represents a unique character, allowing the owner to use it like in a classic Pen & Paper adventure. NFT-hero cards are collectable and are tradeable on the AdaQuest Marketplace. Upcoming releases will also include new unique items, special cards, and everything you need to geek out and build your own role-play character and go on adventures within the different game modes. The ecosystem’s native QT token offers metaverse access, cosmetics, and provides discounts on all NFTs within the AdaQuest Marketplace. Public sale on KICK․IO QT seed stage will kick off on February 8, 12PM UTC and will run until February 12, 12PM UTC, with priority round starting on February 7, 12PM UTC. Priority round details: Ticker: QT Start: February 7, 12PM UTC End: February 8, 12PM UTC KYC: Yes Price: $0.008 Available for sale: 10,000,000 $QT Lock up period: 12 weeks & 6 weeks of biweekly release vesting. Payment options: ADA Requirements to participate: 10000 KICK staked in a locked pool In order to participate in the endorsement system for the priority round, 10000 KICK has to be staked in one of the locked pools. Public sale details: Ticker: QT Start: February 8, 12PM UTC End: February 12, 12PM UTC KYC: Yes Price: $0.01 Available for sale: 25,000,000 $QT Lock up period: 12 weeks & 6 weeks of biweekly release vesting. Payment options: ADA In order to participate in the endorsement system for the public sale, 10000 KICK has to be staked in one of the locked pools. About KICK.IO KICK.IO is a Cardano-based fundraising platform and project accelerator, designed to provide transparent, efficient, and fully decentralized crowdfunding services. KICK.IO is set to mature into a cornerstone of the new Cardano-dominated DeFi landscape, becoming the place where Cardano’s extensive community can come together to fund projects characterized by the immense potential for future success. Our next-generation decentralized launchpad will be built according to the best DeFi industry practices, ensuring real-time settlement, top-notch security, interoperability, true decentralization, zero counter-party risk, while also being fully scalable to meet the needs of institutional investors. Unlike our competitors, we offer full support of Cardano native tokens and a suite of advanced DeFi tools that upcoming projects need to thrive and prosper. Twitter | Telegram | Medium | Website 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

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by Consensys. In mid-December 2021, Consensys revealed a rollups scaling solution with the payments giant Mastercard. Dan Finlay, co-founder of Metamask believes that combining Mycrypto and Metamask will give ethereum users a robust wallet interface. “Mycrypto has consistently been one of the most reliable and intercompatible wallets in Ethereum, often shipping cutting-edge Ethereum features ahead of other wallets, while Metamask has focused on general-purpose dapp interactions,” Finlay said in a statement sent to Bitcoin.com News. Finlay added: With our talents combined, and our strong sense of shared ethics and goals for this ecosystem, I think we’ll be able to provide a wallet experience that is much more able to help its users make the best decisions through this rapidly evolving Web3 wallet landscape. Web3 Wallets From Alternative Chains Nip at Metamask’s Heels, Consensys Believes ‘Mycrypto Wallet Will Make Rich Integrations in Metamask Possible’ While Metamask has been widely popular among not only Ethereum network users but those leveraging cross-chain technology as well. However, many other blockchain’s and their Web3 wallets are starting to nip at Metamask’s heels. Wallets such as the Binance Smart Chain wallet, Keplr, Terra Station, and Phantom. The Solana-based Phantom wallet revealed on January 31, it raised $109 million in a Series B led by Paradigm. The alternative blockchains leveraged by the aformentioned Web3 wallets are all supported by Metamask as well. Consensys believes the acquisition of Mycrypto will “make it possible to have more rich integrations in Metamask.” For now, Mycrypto and Metamask will remain separate entities under the Consensys wing. “With the rapid growth of the ecosystem and products racing to ship slick features, it is imperative that the leading wallet continues to build foundational and secure self-custody tools that empower the user,” Taylor Monahan, founder and CEO of Mycrypto said. “Combining our years of experience and shared values allows us to accelerate our mission of providing a way for users to fully realize their self-sovereignty.” What do you think about Consensys acquiring the Mycrypto wallet? Let us know what you think about this subject in the comments section below. View the full article

$3.6 billion or 94,643.29 bitcoin stemming from the 2016 Bitfinex hack was moved and consolidated into a single wallet following 23 transfers. At the time of writing, the $3.6 billion in bitcoin remains idle and the trading platform Bitfinex says it “continues to work globally with law enforcement agencies” in regard to the matter. More Than 79% of the 2016 Stolen Bitfinex Bitcoin Moves Into 1 Address On February 1, 2022, stolen Bitfinex bitcoins were transferred to a wallet and after 23 transactions the wallet held approximately 94,643.29 BTC. The misappropriated stash of BTC, at the time of writing, is worth over $3.6 billion using today’s BTC exchange rates. The wallet address and the 94,643 BTC movement was caught by the blockchain parser Btcparser.com. The first transaction of 1 BTC took place at 4:14 a.m. Tuesday, Coordinated Universal Time (UTC) and the last transfer of 0.00001297 BTC took place at 9:33 a.m. UTC. The 23 transactions were split into various fractions of bitcoin and Blockchair’s privacy-o-meter tool indicates the transfers were sent with seven “critical issues” including “matched addresses.” The wallet has also been flagged and is listed as being involved in the 2016 Bitfinex breach by specific blockchain explorers. The last time the Bitfinex hackers moved stolen coins was when bitcoin (BTC) was nearing its $64K price high in mid-April. The transfer in April 2021 was tracked by Btcparser.com, members of the Gold Found In Sand (GFIS) Telegram research group, and the blockchain parser Whale Alert. At the time GFIS told Bitcoin.com News that the “awakening was done in purpose to dump the price a little bit.” When the 94,643 BTC was transferred, the GFIS group observed the transactions consolidate into the wallet address: bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt. “At the moment, we can observe these awakenings in batches of 10-15 thousand bitcoins and subsequent sending to [bc1q],” the GFIS researchers noted during the transfer. “At the time of writing this post, the address has already collected more than 94 thousand bitcoins. And the revivals continue.” In a note sent to Bitcoin.com News, the crypto exchange Bitfinex said that it is still working with law enforcement on the 2016 case. “Bitfinex continues to work globally with law enforcement agencies, digital token exchanges, and wallet providers to recover the bitcoin stolen in the 2016 hack,” the message sent to our newsdesk said. Data shows that the 94,643 BTC moved on Tuesday represents 79.03% of the 119,756 BTC stolen on August 2, 2016. What do you think about the stolen 94,643 BTC from the Bitfinex hack that moved on Tuesday? Let us know what you think about this subject in the comments section below. View the full article