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The CEO of cryptocurrency exchange Cryptsy has been indicted in the U.S. The 17-count indictment charges the crypto exchange executive with “tax evasion, wire fraud, money laundering, computer fraud, tampering with records, documents, and other objects, and destruction of records in a federal investigation,” the DOJ said. Cryptsy’s CEO Faces 17-Count Indictment The U.S. Department of Justice (DOJ) announced Wednesday that Paul E. Vernon, the founder, operator, and chief executive officer (CEO) of Project Investors Inc., doing business as Cryptsy, has been indicted. A 17-count indictment was unsealed charging Vernon, 48, “with criminal violations for his involvement in a sophisticated theft scheme involving his cryptocurrency exchange,” the announcement details, adding: The charges include tax evasion, wire fraud, money laundering, computer fraud, tampering with records, documents, and other objects, and destruction of records in a federal investigation. According to the indictment, Vernon solicited investors to store and trade cryptocurrencies on the Cryptsy platform. However, “Between May 2013 through May 2015, Vernon used his control over Cryptsy’s accounts, known as wallets, to steal over one million dollars from Cryptsy’s cryptocurrency wallets,” the DOJ said. He then deposited the stolen funds into his personal crypto wallet, which he subsequently transferred to his personal bank account. The DOJ emphasized: At no time during this time period did Vernon disclose this theft of his customers’ funds from his customers’ Cryptsy wallets. In July 2014, Vernon informed Cryptsy employees that the exchange had been hacked by unidentified hackers and more than five million dollars’ worth of bitcoin and other cryptocurrencies were stolen. Nonetheless, the platform continued to operate normally for six months, soliciting new customers, without disclosing to them that its security had been compromised, the justice department explained. In November 2015, Vernon abruptly moved to China and publicly told Cryptsy customers about the 2014 hack and loss of bitcoins and other cryptocurrencies. The Department of Justice further noted that after being notified that Cryptsy was in receivership in April 2016: Vernon hacked into Cryptsy servers from a remote location, stole Cryptsy’s database containing customers’ funds, and destroyed the customer database to conceal his illicit activity. Furthermore, the indictment alleges that Vernon attempted to evade his federal income tax obligations for 2014 and 2015. What do you think about this case? Let us know in the comments section below. View the full article

CoinFLEX, a leading derivatives exchange and yield platform, has announced the second iteration of their innovative AMM+ (Automated Market Maker) platform—making the yield-earning product more accessible to everyday investors. AMM+: Leveling up the AMM model on a CeFi platform AMM+ Statistics The revamped AMM+ page now offers users a statistical summary they can easily reference to access relevant information when selecting a market pair. This includes key figures such as average TVL (total value locked), volume, and APR across both 24-hour and 7-day time periods. Tips and Guidance AMM+ emphasizes an educational user experience, equipping users with the necessary skills and tools to navigate around both the product and relevant markets. The ‘Tips and Guidance’ toggle is turned on by default to provide users with simple explanations for different AMM+ features. Setting Your Price Range The live price chart offers users the ability to set their price range while directly referencing live, real-time prices from the CoinFLEX platform. For those who choose to use the ‘Capital Boost’ feature, an associated liquidation price can be seen on the chart in the form of a dotted red line. The more Capital Boost used, the closer the liquidation price will be to the limits of the chosen price range. Impermanent Loss Calculator Calculating impermanent loss (IL) has long been a headache for AMM users across the DeFi space. The AMM+ platform includes an innovative built-in IL calculator, so that users can simulate impermanent loss at specific prices—and the prices at which impermanent loss is eliminated. Providing this information upfront is key to making informed decisions when deploying capital through AMM+, and highlights the company’s commitment to accessibility and ease-of-use. Yield Below the IL calculator, users can see a simulated yield on their particular AMM+ position based on information such as the selected trading pair, price range, deposit amount, and for those utilizing leverage—the amount of Capital Boost. This gives traders a chance to estimate their returns before deploying any capital, and incorporate this information into their decision-making. At the Forefront of Crypto Yield 2.0 Crypto yield opportunities are quickly evolving and expanding. Crypto Yield 2.0 is an indication of the shift from yield opportunities sourced through centralized intermediaries to those accessed “direct-from-market” across CeFi and DeFi. These opportunities are becoming more accessible to the mainstream through improved platform tools, dApps, and education. CoinFLEX remains at the forefront of this transition, building out the next generation of Crypto Yield 2.0 opportunities. What is Crypto Yield 1.0? Staking assets through third-party lending platforms and earning fixed or variable interest. DeFi yield-farming and (often unsustainable) liquidity incentivization. Farming-as-a-service products through clunky CeFi integrations. What are some issues with Crypto Yield 1.0? Higher double- or triple-digit rates of return are associated with smaller low-cap coins, while on AMM+ these numbers can be achieved on ‘blue-chip’ coins such as BTC, ETH, or XRP. DeFi risks such as impermanent loss are more easily mitigated on AMM+ as impermanent loss only exists in one direction, i.e. for users who choose a price direction that is “overall increasing” or “overall decreasing”. What is Crypto Yield 2.0 about? Allowing users to source yield directly from the crypto futures market versus centralized intermediaries, resulting in higher yields for end-users. Accessing transparent, market-based, sustainable yields. How will AMM+ drive forward Crypto Yield 2.0? Generating yield directly from futures market activity, allowing users to earn continuous yield over the long-term without relying on arbitrary liquidity incentives that can change at any time. Offering higher APRs compared to standard DEXes due to higher trading volumes on futures orderbooks vs. lower volumes on blockchain-based spot DEXes. Enabling users to be more capital-efficient with the use of leverage. About CoinFLEX Founded in 2019, CoinFLEX is the Home of Crypto Yield and is committed to provide passive investors and active traders an accessible platform to earn and trade crypto. CoinFLEX creates innovative solutions to bring investors and crypto markets together through intuitive yield products such as flexUSD, the world’s first interest-earning stablecoin, and AMM+, the most capital-efficient automated market maker in the world. CoinFLEX is backed by crypto heavyweights, including Roger Ver, Mike Komaransky, Polychain Capital, and Dragonfly Capital. In 2021, the platform achieved $9 billion in daily trading volume. Telegram | Twitter | Discord | LinkedIn | Facebook | Youtube | Reddit This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The recently elected government of Bulgaria has found itself in the position of answering questions about the fate of billions of dollars’ worth of cryptocurrency reportedly confiscated by the country’s law enforcement five years ago. Meanwhile, the new finance minister has revealed that authorities in Sofia are now exploring options to implement a crypto payment mechanism. Finance Ministry of Bulgaria Has No Information About Alleged Bitcoin Stash The mystery surrounding the 213,576 bitcoins believed to have been seized by Bulgaria has entertained the global crypto community for years and raised questions in the Southeast European nation. Club Z, a local news and analysis outlet, and a member of the parliament, have recently asked three Bulgarian ministries to account for the country’s missing crypto fortune. In May 2017, the Southeast European Law Enforcement Center (SELEC) announced that Bulgarian authorities had captured the staggering amount of cryptocurrency in bitcoin wallets owned by suspects targeted in a joint cybercrime investigation in several countries on the Balkans. The operation codenamed “Pratka/Virus” dismantled a scheme to compromise the customs’ computer systems for tax evasion purposes. The information about the confiscated crypto funds was later denied by the head of the Specialized Prosecutor’s Office, Ivan Geshev, now serving as Bulgaria’s Prosecutor General, who attributed the false claim to SELEC. His statement was also supported by Ivailo Spiridonov, then director of the country’s organized crime combating agency, GDBOP. In mid-January this year, local media reported that U.S.-based crypto exchange Kraken had listed Bulgaria as the nation with the largest cryptocurrency holding in its “2021’s Crypto-in-Review: Going Mainstream” report. However, the country is not featured in the ranking published with the current version of the document on Kraken’s website. While the press release from SELEC mentions a price of $2,354 per BTC, Bulgaria’s bitcoin, if it exists, should now be worth around $7.7 billion in today’s prices. This week, Club Z reported it had asked the Ministry of Finance and the Ministry of Interior for details on the case. The publication has so far received a response only from the finance ministry, which stated that it “has no information on bitcoins confiscated in favor of the state.” The department added that Finance Minister Asen Vasilev had ordered the National Revenue Agency and the National Customs Agency to conduct checks. In correspondence received by the department last August, a deputy prosecutor general confirmed that the Specialized Prosecutor’s Office had not seized and did not keep the said amount of cryptocurrency. Bulgarian Government Mulls Crypto Payments in Talks With Central Bank and Industry Vasilev, who was a caretaker minister at the time, is now the minister of finance in Bulgaria’s new coalition government led by the “We Continue the Change” party he co-founded. In a recent interview with Bloomberg, where he said the EU member state intends to join the eurozone on Jan. 1, 2024, Vasilev revealed the executive power in Sofia is also exploring options to facilitate cryptocurrency payments. A crypto payment mechanism may be introduced “in the short to medium term,” the government official added. Vasilev, who also serves as Deputy Prime Minister, noted that the cabinet is now discussing the matter with the Bulgarian National Bank and crypto industry players. At the same time, he ruled out the possibility of Bulgaria becoming a crypto mining hub. Another request to shed light on the fate of the country’s alleged bitcoin stash has been made by Ivaylo Mirchev, a lawmaker from the “Democratic Bulgaria” coalition which is also part of the ruling majority. Mirchev has asked the Interior Minister Boyko Rashkov a number of questions including about the exact amount of seized bitcoins and other cryptocurrencies. He wants to know how they are stored and whether Bulgarian authorities have access to the wallets. The deputy also seeks answers from the Ministry of Electronic Government. Do you think authorities in Sofia will be able to unravel the mystery of Bulgaria’s missing bitcoins? Tell us in the comments section below. View the full article

Crypto exchange Binance has partnered with Paysafe to allow EUR deposits and withdrawals via the SEPA payment network. “The full re-opening of SEPA channels will scale up across the markets in due course,” Binance noted. Binance Resuming SEPA Transfers in Phases Cryptocurrency exchange Binance announced Wednesday that it has “reopened EUR bank transfer by SEPA.” The company explained: Binance has partnered with Paysafe to launch the pilot program for EUR deposit and withdrawal via the SEPA payment network, effective 2022-01-26 13:00 (UTC). “Users are selected based on a range of testing criteria to participate in the pilot program,” Binance added. “The full re-opening of SEPA channels will scale up across the markets in due course.” A person familiar with the matter told Bloomberg that the rollout will begin in Belgium and Bulgaria, and could potentially be extended to other uses in the weeks ahead. Binance suspended transfers via the single euro payments area (SEPA) in June last year. The cryptocurrency exchange has been facing scrutiny in a number of jurisdictions worldwide, including Pakistan, Canada, the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania. In August, Binance said it is making regulatory compliance a top priority. The company is moving from a decentralized business model to a centralized one, as it pivots from a technology company to a financial services company. Earlier this month, Binance partnered with a Thai company to launch a cryptocurrency exchange in Thailand. Binance also received in-principle approval from the central bank of Bahrain in December to operate a cryptocurrency service provider in the country. What do you think about Binance resuming SEPA transfers? Let us know in the comments section below. View the full article

While Bitcoin’s hashrate has been coasting along above 175 exahash per second (EH/s) and recently reached an all-time high, a global shortage of semiconductor chips could slow the growing industry. The shortfall of supply worldwide has disrupted major industries, and manufacturers like Taiwan Semiconductor Manufacturing Company Limited (TSMC) have seen stocks sink in value. At the same time, application-specific integrated circuit (ASIC) manufacturers are dependent on these chips. Ongoing Semiconductor Shortage Creates Skyrocketing Demand, US Bureaucrats Want to Strengthen American Competitiveness During the last 12 months, bitcoin mining operations have been securing million-dollar deals so they can pre-order thousands of ASIC bitcoin mining rigs. ASIC manufacturers such as Microbt, Bitmain, and Canaan have been selling batches of new models by the thousands to operators running data facilities. Meanwhile, the semiconductors ASIC bitcoin mining rigs leverage are extremely hard to obtain as hundreds of industries worldwide are suffering from a global chip shortage. According to a U.S. Department of Commerce survey of 150 companies, the firms only had five days of supply left when usually they have 40 days of supply on hand. “With sky-rocketing demand and full utilization of existing manufacturing facilities, it’s clear the only solution to solve this crisis in the long-term is to rebuild our domestic manufacturing capabilities,” Gina Raimondo, the U.S. secretary of commerce, said on Wednesday in a press release. The same day, reports showed that China plans to establish a Shenzhen sourcing strategy for semiconductors. China’s issues with the U.S. and the semiconductor shortage have reportedly led to the America Competes Act of 2022. The controversial bill’s proponents, like the speaker of the United States House of Representatives, Nancy Pelosi, claim the bill could help ease supply chain woes and the semiconductor shortage by strengthening American competitiveness. The Biden administration agrees and the U.S. president said the proposals will “help bring manufacturing jobs back to the United States, and they’re squarely focused on easing the sort of supply chain bottlenecks like semiconductors that have led to higher prices for the middle class.” Recently Revealed Next-Generation ASICs and Sold Out Units Meanwhile, the ASIC bitcoin mining rig manufacturer Bitmain announced the launch of two new bitcoin mining machines in the last three months. In mid-November, Bitmain revealed the Antminer S19 XP and on January 17, 2022, the company announced the launch of the Antminer S19 Pro+ Hyd. Moreover, it was said that five companies had exclusive access to the S19 XP pre-orders and firms like Greenidge Generation Holdings and Bitnile were two participants. Neither of the Bitmain-manufactured machines are due to ship until May and July 2022. Two of the largest ASIC bitcoin mining rig suppliers, Bitmain and Microbt, are sold out of most of their latest models. At the time of writing, Bitmain has Antminer S19j Pro (104 TH/s) machines available for spot orders at $11,024 per machine with a maximum purchase limit of 50 units per user. The company promises units will ship in five working days after they are fully paid. Canaan’s website details the customer must inquire with a representative in order to find out about available stock. The ASIC manufacturer Innosilicon’s supply is currently sold out, according to the website’s miner shopping section. This leads interested customers to deal with the ASIC bitcoin mining device secondary markets where mining rigs can be more expensive and the supply is not as good as it is with direct batches from the producers. Currently, the semiconductor crunch has not affected miners a great deal and past scares and chip supply shortages have been happening since 2020. This week the shortage has caused semiconductor company shares to fall as a few manufacturers like TSMC, Qualcomm, and Micron saw stocks drop in value. What do you think about the semiconductor chip shortage? Do you think it could affect the supply of ASIC bitcoin miners in the future? Let us know what you think about this subject in the comments section below. View the full article

Al Fardan Exchange, a money transfer firm, has joined up with Ripplenet in a deal that will see the company use the Ripplenet blockchain when sending funds across national borders. Al Fardan’s Reasons for Joining Ripple A United Arab Emirates (UAE)-based money transfer platform, Al Fardan Exchange, has partnered with Ripple in a deal in which the remittances firm will use the latter’s blockchain to send funds across borders in real-time. According to a report in The National News, Al Fardan will become part of the Ripplenet Cloud, the blockchain firm’s cloud-based global financial network. In his comments following an announcement of the agreement, the money transfer firm’s chief executive, Hasan Al Fardan, explained why his company went into this partnership. He said: We are well into a digital future and payments powered by technology, which is becoming key in the region. This partnership underscores our commitment to offering new channels and opportunities for people to remit money more securely, with more flexibility and convenience. Region’s Outward Remittances Rebound The report meanwhile notes that Al Fardan’s partnership with Ripple was announced after it was reported that the UAE, just like other countries in the Gulf Cooperation Council (GCC), had seen a rebound in their outward remittances in the past year. This recovery in the region’s outbound remittances has been attributed to stronger oil prices as well as the subsequent increase in economic activity. In remarks following the partnership agreement announcement, Ripple’s managing director for South Asia and the Middle East North Africa (MENA) region, Navin Gupta, said: “We are proud to partner … to leverage blockchain technology to revolutionise cross-border payments and the thriving payments industry in the UAE and the Middle East.” Meanwhile, in its report, The National News suggests that by signing an agreement with Ripple, Al Fardan is now making good on its promise to partner with fintechs that “offer inroads into brand new customer segments.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan. Turkish President Wants the Ruling Party to Study Crypto and the Metaverse Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship. The Justice and Development Party (AK Party) is the largest party in Turkey, and President Erdoğan is its current leader. During the meeting, President Erdoğan directed the AK Party to analyze new developments, including cryptocurrency and the metaverse, local media reported Wednesday. He also instructed the party members to organize a forum to focus on these areas. President Erdoğan reportedly said at the meeting: It is a sensitive subject. A good and meticulous study should be done. AK Party spokesperson Ömer Çelik, a former Turkish Minister of European Union Affairs, explained that there are many issues that directly affect people’s lives and the economy. “When all these issues are discussed, it will be seen that there are some threats as well as benefits. All of these need to be regulated legally,” he emphasized, elaborating: The president has also given instructions regarding the study of the legal infrastructure of these issues. Stating that cryptocurrencies and the metaverse should be followed closely, Ömer Çelik added: “A forum will be held in the near future under the chairmanship of our president. The technological, philosophical, political, and economic dimensions of these concepts (cryptocurrency and metaverse) will be comprehensively discussed.” What do you think about Turkish President Erdoğan instructing the ruling party to study crypto and the metaverse? Let us know in the comments section below. View the full article

Lloyd Blankfein, a former Goldman Sachs CEO who is now the firm’s senior chairman, says his view on cryptocurrency is evolving. “I look at the crypto, and it is happening,” he added. Goldman Sachs Executive Lloyd Blankfein Says Crypto ‘Is Happening’ Lloyd Blankfein, a former Goldman Sachs CEO who has voiced skepticism about cryptocurrency in the past, said in an interview with CNBC this week that his view on crypto is “evolving.” Blankfein served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018, and remained chairman through December 2018. He is now senior chairman of the Goldman Sachs Group. He was asked whether his view on cryptocurrency has changed given the current market condition and traditional banks, including Goldman Sachs, starting to offer crypto services, such as trading and custody. The Goldman executive replied: Look, my view of it is evolving … I can’t predict the future, but I think it’s a big thing to be able to predict the present, like, ‘What is happening?’ And I look at the crypto, and it is happening. “As an intellectual matter, I can’t think differently about it,” Blankfein insisted. However, he clarified: “As a pragmatist and somebody who’s skeptical not only about the market but skeptical of my own views, I try to get on board and acknowledge that I don’t know everything. Strange things, things that I think are strange, actually happen.” Commenting on the crypto market, the former Goldman Sachs CEO said: “It’s lost a lot of value, but at a point, it’s trillions of dollars of value contributing to it, and whole ecosystems are growing around it. And, of course, we have the benefits of instantaneous transfers and reduction of credit risk and all the benefits of blockchain.” Blankfein concluded: I may be skeptical, but I’m also pragmatic about it. And so guess what, I would certainly want to have an oar in that water. In January last year, Blankfein warned about regulators coming after the crypto sector. “If I were a regulator, I would be kind of hyperventilating at the success of it at the moment and I’d be arming myself to deal with it,” he said. What do you think about the former Goldman Sachs CEO’s comments? Let us know in the comments section below. View the full article

A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mountains of fraud” in the cryptocurrency space. The IRS criminal investigation unit is trying to train all of its agents on crypto and non-fungible token (NFT) issues because “this space is the future,” he stressed. IRS Special Agent Says Crypto Is Rife With ‘Mountains and Mountains of Fraud’ A special agent in charge of the IRS’ criminal investigation division in Los Angeles, Ryan Korner, talked about cryptocurrency at a virtual event hosted by the USC Gould School of Law Tuesday. He was quoted by Bloomberg as saying: We’re just seeing mountains and mountains of fraud in this area. He explained that non-fungible tokens (NFTs) and crypto in general are prone to market manipulation, adding that high-profile individuals could influence crypto prices with just one tweet. Noting that celebrities are not immune to the tax authority’s criminal probes, the special agent clarified: “We’re not necessarily out there looking for celebrities, but when they make a blatant or open comment that says ‘Hey, IRS, you should probably come look at me,’ that’s what we do.” Korner detailed that a range of crypto-related activities are of concern to law enforcement agencies, such as people paying millions of dollars for assets, like NFTs, that don’t seem to have that kind of inherent value. He noted that criminals can use that to their advantage to launder money. The IRS seized $3.5 billion in crypto during the fiscal year 2021, which represents 93% of all funds seized by its criminal investigation unit during the same time period. The tax agency expects to seize billions of dollars more in cryptocurrency this year. The IRS’ criminal investigation division is trying to train all of its agents on crypto and NFT issues because “this space is the future,” the special agent opined, adding that the agency is also looking to increase collaboration and share information with other federal agencies. What do you think about the IRS special agent’s comments? Let us know in the comments section below. View the full article

PRESS RELEASE. INTERNET CITY, DUBAI, Jan. 27, 2022 – LBank Exchange, a global digital asset trading platform, will list Shibnobi (SHINJA) on January 30, 2022. For all users of LBank Exchange, the SHINJA/USDT trading pair will be officially available for trading at 21:00 (UTC+8) on January 30, 2022. DeFi has caught widespread attention across the globe in recent years, but there are still many problems needed to be addressed in the DeFi space, like the lack of user-friendly tools across networks. As an innovative passive income token aiming to revolutionize DeFi, Shibnobi (SHINJA) focuses on building its own blockchain and developing a user-friendly multi-chain swap in the DeFi ecosystem, whilst rewarding users for holding. SHINJA will be listed on LBank Exchange at 21:00 (UTC+8) on January 30, 2022, to further expand its global reach and help it achieve its vision. Introducing Shibnobi Shibnobi is an innovative passive income token aiming to revolutionize DeFi by building its own blockchain and introducing a multi-chain swap across Ethereum, Binance, Cronos, and Polygon. It vows to change the crypto space, making it safe, fair, and more informative for the average investors and vetted projects, with a vision of growing into the leading DeFi protocol, a one-stop-shop for all traders on EVM-compatible networks, and ushering in an era of user-friendly and intuitive cryptocurrency trading for DeFi novices and experts alike. The investment value of Shibnobi shows in 4 major projects it’s currently developing, which include a multi-chain DEX named DojoSwap, its own Kusari Blockchain (K-Chain), an in-built 2FA Katana Wallet, and a P2E virtual ecosystem named Dojoverse. DojoSwap is here to bring user-friendly tools across EVM-compatible networks in DeFi, it will be built on a decentralized AMM system leveraging liquidity pools powered by users to enable seamless crypto trades across multiple chains. Hard forked from the Ethereum blockchain, Kusari Blockchain is Shibnobi’s proof-of-stake blockchain that consists of Kusari mainnet, testnet, and the Kusari Explorer. It will offer cheaper gas fees and faster transactions than Ethereum. Katana Wallet is a game changing 2FA (two factor authentication) wallet that will integrate with Shibnobi’s blockchain and DEX. It requires a code entered from user’s authenticator app on the phone before any transaction can occur out of their wallet. And last but not least, Dojoverse is a place that allows users to enter Shibnobi virtual reality Metaverse. When the user arrives, they will find themselves on the DojoDisc. From there, the user will be able to explore all things ShibnobiStyle and find directories of establishments on other discs in the Dojoverse. About SHINJA Token SHINJA is Shibnobi’s native token. The total supply of SHINJA is 69 sextillion (i.e. 69,000,000,000,000,000,000,000), and the majority of these tokens will be used for liquidity on UniSwap, FEGex and other exchanges. It taxes a total of 13% on each transaction, 5% of it goes directly into liquidity pool to forever strengthen the project’s price floor, 3% of it goes directly into each and every holder proportionately from each and every transaction, and the rest 5% is provided for further marketing the project. The SHINJA token will be listed on LBank Exchange at 21:00 (UTC+8) on January 30, 2022. Due to setting issues, the amount of SHINJA assets shown in the LBank Exchange user’s wallet is 1/1000000 of the actual amount. And the value of user’s assets remains unchanged. So, for example, if a user deposit 1,000,000 SHINJA tokens, the number shown in the wallet will be 1 SHINJA(1M). When a user applies a withdrawal, the actual amount the user withdraws to the account is 1,000,000 times the withdrawal amount. For example, if a user applies a withdrawal of 1 SHINJA(1M) token at LBank Exchange, the user will receive 1,000,000 SHINJA tokens. Investors who are interested in Shibnobi investment can easily buy and sell SHINJA on LBank Exchange once it’s listed. The listing of SHINJA on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market. Learn More about SHINJA Token: Official Website: https://shibnobi.com/ Telegram: https://t.me/ShibnobiCommunity Twitter: https://twitter.com/Shib_nobi Facebook: https://www.facebook.com/Shibnobi Instagram: https://www.instagram.com/shibnobi/ About LBank Exchange LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world. Start Trading Now: lbank.info Community & Social Media: l Telegram l Twitter l Facebook l Linkedin Contact Details: LBK Blockchain Co. Limited LBank Exchange media@lbank.info 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

President Vladimir Putin has joined the debate on the future of cryptocurrencies in Russia, calling on the government and central bank to work out a common position on their regulation. The Russian leader also emphasized Russia’s strengths as a crypto mining destination. Putin Asks Ministers and Bankers to Report Back With Consensus on Cryptocurrencies Russian President Vladimir Putin has added his comments to the ongoing discussion on how to put Russia’s growing crypto space in order. At the start of a video conference with the members of the Russian government, Putin gave his take on “an issue that is currently in the spotlight – the regulation of cryptocurrencies.” The Central Bank of Russia has its own position, Putin said, acknowledging some of the concerns expressed by the monetary authority. The head of state noted that the bank’s experts believe the expansion of crypto-related activities carries certain risks, first of all for Russian citizens, given the high volatility and other aspects. The president also pointed out that Bank of Russia does not stand in the way of progress and is making the necessary efforts to introduce the latest technologies in this field. His remarks come after the CBR recently launched the pilot phase of its digital ruble project. A week ago, Russia’s central bank proposed a blanket ban on a range of operations involving other digital coins including the issuing, use, investing, trading, and mining of cryptocurrencies like bitcoin. Its hardline stance, elaborated in a consultation paper on the matter, was met with opposition from members of the government and parliament in Moscow. This week, the Ministry of Finance joined the front against the CBR. The head of its Financial Policy Department, Ivan Chebeskov, insisted that the crypto market needs to be regulated, not banned. In his view, the main task is to provide protection for the interests of investors and citizens who use cryptocurrencies, which requires regulation, not prohibition. According to a report by the business news portal RBC on Thursday, the finance ministry has prepared its own proposal for the regulation of cryptocurrencies without their prohibition. The department suggests all crypto-related transactions should be carried out through Russian banks. It also calls for introducing identification for Russians owning crypto wallets and dividing investors into two groups — qualified and non-qualified. In his address to the members of the Russian cabinet, Vladimir Putin also stated: I would ask both the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion, and I would ask you to hold this discussion in the near future, and then report on the results that will be achieved. The Russian president also highlighted his country’s “competitive advantages” as far as crypto mining is concerned. Putin pointed to the surplus of electricity in energy-rich Russia as well as the availability of a qualified workforce. Russia’s significance on the bitcoin mining map has increased since China launched a crackdown on the industry last year. Do you think Russian government institutions will agree on a common policy regarding cryptocurrency regulation? Share your thoughts on the subject in the comments section below. View the full article

The price of cosmos (ATOM) continued to decline on Thursday, while sandbox rallied following its partnership with Warner Music Group. Overall, crypto prices were trading 3% lower in today’s session, after yesterday’s FOMC announcement. Biggest gainers The token sandbox (SAND) was one of Thursday’s biggest gainers, climbing by as much as 8 %, as prices rose following news of a partnership with WMG. It was announced that the partnership was made with the hopes of creating a concert venue/theme park within the metaverse. SAND/USD hit an intraday high of $3.54 on the news, which is its highest level in five days, and comes after a rally from support of $2.99. Today’s move has helped to propel SAND into the crypto top 40, replacing helium (HNT) in the process. Looking at the chart, prices have somewhat tailed off from today’s earlier highs, and now sit below a short-term ceiling of $3.57. Many now wait to see the impact this partnership will have on the future of the metaverse. Biggest Losers Cosmos (ATOM) was down for a second consecutive session, falling to an intraday low of $30.14 in the process. This decline pushed cosmos below DAI, resulting in it becoming #20 in cryptocurrency market cap. The move saw ATOM/USD extend its recent selloff, which began at the resistance level of $36.30 earlier in the week. Over the weekend, ATOM attempted to break above this ceiling, however, market strength faded, once the RSI level of 50 impeded any further gains. This level has acted as a point of uncertainty in the past, and coincided with a cross of moving averages which shifted momentum. Looking at the chart below, the recent decline seems to have started just as the 10-day (red), and 25-day (blue) moving averages crossed downwards. As a result, prices are now nearing support of $29.20 and were trading over 10% lower as of writing. Will bears continue to push ATOM/USD lower in tomorrow’s session? Let us know your thoughts in the comments. View the full article

The crypto economy has shed enormous value over the last three months and the leading crypto asset bitcoin is down more than 46% since it’s all-time high (ATH) at $69,044 per unit. The same can be said for a great number of digital currencies as the so-called crypto bear market has lasted 78 days so far. 78 Days Into the Current Downturn, Crypto Supporters Question How Long the Bear Market Will Last At the time of writing, a great number of crypto proponents are wondering whether or not the current crypto economy downturn is a bear market. Following a phenomenal 2021, bitcoin’s price fell after reaching a $69K ATH on November 10, and because BTC’s value has been well below 20% from the ATH for a prolonged period of time, most assume this is a bear market. If we are to count the days between now and BTC’s last ATH, it would be approximately 78 days. Currently, bitcoin is more than 46% down from the $69K ATH and ethereum (ETH) is down 48% lower than its $4,878 ATH. If we are to assume the crypto economy is in a bear market following BTC’s ATH, 78 days is a lot shorter than the long crypto bear markets of the past. Bitcoin’s bear run in July 2013 lasted 89 days and after the ATH in 2013, the following crypto bear market was extended for 406 days. In 2017, after BTC tapped an ATH at just below $20K per unit, the following bear market lasted 251 days until prices started to turn bullish again. 2017 was fueled by the initial coin offering (ICO) boom, which largely deflated when many of the projects were found to be vaporware. Questioning the Crypto Industry’s Maturity, Downturn Is the Second Deepest Drawdown in This Halving Cycle This time around, many people believe the crypto industry has matured a great deal and decentralized finance (defi) projects, Web3, and non-fungible token (NFT) technology have seen a boom over the last 12 months. While all three have become billion-dollar industries, crypto supporters don’t know how many of them will actually become solid foundations in the blockchain sphere. There’s been significant criticism toward Web3 and more than $60 billion has left the defi economy since November 2021. During the last seven days, NFT sales have dropped 5.73% according to today’s metrics. It’s assumed the crypto industry’s maturity, its software applications, and the current interest in blockchain tech is a lot more robust than in 2017. Meanwhile, bitcoin already had a small bear run in between its 2021 April ATH and the mid-November ATH of 97 days. All of the past downturns have been much longer than the current 78-day period. However, market stats from Glassnode show that the current downturn is the second deepest drawdown in this halving cycle. “Corrections in 2017, and early-2021 were much shallower between 20% and 40%, whilst July 2021 reached a drawdown of -54%,” Glassnode wrote on its Telegram channel on January 23. What do you think about the current price cycle? Do you think this is an extended bear market scenario? Let us know what you think about this subject in the comments section below. View the full article

Cryptocurrency markets were volatile on Thursday as traders appeared to react to the Federal Reserve’s decision to keep interest rates unchanged. Bitcoin and ethereum both saw price uncertainty, as markets now expect a March hike. Bitcoin After making a run towards the $40,000 resistance on Wednesday, trading above $38,000 in the process, BTC/USD fell to a low of $35,690.05 earlier in today’s session . Thursday’s move comes as market uncertainty within crypto increased, resulting in today’s candlestick forming a doji, which typically means prices are neither bullish nor bearish. Following this uncertainty, market strength now hovers at the 30 RSI level, which means we are still within oversold territory. This RSI level appears to be a point of resistance, which may be the cause of today’s inaction in prices, resulting in traders waiting to see if a breakout could be on the cards. Overall, short-term momentum continues to point upward, as can be seen with the current ascending triangle, which is keeping hopes of a $40,000 resistance target alive. Many will now wait to see if this momentum continues on Friday, into the upcoming weekend. Ethereum ETH was trading nearly 5% lower from yesterday’s high, however prices seemed to be consolidating, opposed to selling off. Following a high of $2,705.78 on Wednesday, which saw ETH/USD briefly break into the 0.236 Fibonacci resistance level, prices today fell to a low of $2,366.13. This drop in price saw markets hit what appeared to be a short-term support point of $2.390, which is an area where ETH has mostly traded this week. Looking at its current RSI trend, similarities can also be drawn with BTC, with both tracking at or below 30. Is this the key indicator traders are currently looking at before taking on new positions? Leave your thoughts in the comments below. View the full article

While reserve-based crypto assets like gold tokens and stablecoins have been able to weather the crypto market carnage over the last two weeks, rebase tokens like wonderland (TIME), and Olympus (OHM) have seen massive losses. Wonderland is down more than 96% since the crypto asset’s all-time high (ATH), and OHM is down over 95% since it’s own ATH. Furthermore, the Wonderland project is surrounded by controversy as it’s been assumed that one of the founding members was a former Quadrigacx employee. Rebase Token Economy Drops From $3.2 Billion to $1.74 Billion The total value locked (TVL) across all the decentralized finance (defi) protocols in existence today is just under the $200 billion mark. While many defi projects have managed to stave off the recent crypto market rout, others have seen their valuations slide during the last two weeks. Lots of funds have moved into reserve-based crypto assets like stablecoins and gold-backed tokens in order to hedge against the price fluctuations. Stablecoins and gold tokens have been able to hold their pegs, specifically to the specific asset the tokens are connected to, such as the U.S. dollar or one troy ounce of .999 fine gold. On the other hand, reserve-based rebase tokens have seen massive losses over the last few months and even more so during the last two weeks. The entire list of more than two dozen rebase tokens listed by market valuation is worth $1.63 billion, as it lost 11% over the last day. The crypto asset olympus (OHM) has dropped 39.3% this past week and is down 95.3% from the crypto asset’s $1,415 per unit ATH. Wonderland, an Avalanche project based on the Olympus protocol, has seen its two native crypto-assets wonderland (TIME) and wonderland (WMEMO) follow the same fate as OHM. TIME’s falter over the last two days has been worse than OHM’s drop, as weekly metrics indicate TIME’s price is down 61.8%. Wonderland (TIME) has lost 96.4% of its value since tapping a $10,063 ATH three months ago. Wonderland Project Surrounded by Controversy In addition to the major losses, Wonderland creators have been under scrutiny in recent times. According to a crypto supporter on Twitter, Wonderland team member @0xsifu or “Sifu” helped co-found the bankrupt Canadian crypto exchange Quadrigacx with its founder Gerald Cotten. Quadrigacx collapsed in 2019 and there was a lot of controversy surrounding Gerald Cotten’s death and his associates. Sifu has been operating Wonderland’s treasury with the project’s founder, Daniele Sestagalli. In a blog post, Sestagalli confirmed the accusations concerning Sifu and further stressed that Sifu must step down from his Wonderland role. Sestagalli wrote: Now having taken some time to reflect, I have decided that he needs to step down till a vote for his confirmation is in place. Wonderland has the say to who manages its treasury not me or the rest of the Wonderland team. Sestagalli also discussed the community’s issues with Sifu on Twitter. “I have no bias about @0xsifu he has became a friend and part of my family and if my reputation of judgment will be hit by his dox, than be it. All frogs for me are equal,” Sestagalli said. “As I fight for him I will fight for anyone else that has proven to me to be a good actor despite the past,” he added. Hardcore Wonderland supporters are referred to as “frogs” and besides the contentious issues with Sifu, frogs are also upset about the falling price. Wonderland-based Twitter threads and the team’s Discord and Telegram channels are filled with angry frogs. “We should not have to pay for your error in judgment,” one individual wrote on Twitter. “Just offer [a] clear refund or right the ship. You say he needs [a] second chance. Wake up there are dodgy doings in the project as well.” The Wonderland protocol itself is also connected to popular defi projects like the stablecoin magic internet money (MIM), Popsicle Finance, and Abracadabra.money. As OHM, TIME, and WMEMO have shed enormous amounts of value, rebase token market caps below them have also shuddered significantly. Ampleforth (AMPL) shed 17.4% this past week and redacted cartel (BTRFLY) lost 69% in seven days. Klima dao (KLIMA) lost 34.2% over the last seven days and temple dao (TEMPLE) has decreased in value by 31.2% this past week. What do you think about the rebase token market rout and the controversy surrounding the Wonderland project? Let us know what you think about this subject in the comments section below. View the full article

A new bill introduced in the U.S. has a provision that “would essentially give the Treasury Secretary unchecked and unilateral power” to ban cryptocurrency transactions, warned crypto advocacy organization Coin Center. Treasury Secretary Janet Yellen will be able to prohibit any crypto transactions “without any process, rulemaking, or limitation on the duration of the prohibition.” America COMPETES Act of 2022 ‘Disastrous’ for Crypto Jerry Brito, executive director of Coin Center, a D.C.-based think tank focused on the public policy issues facing cryptocurrencies, warned about the “America COMPETES Act of 2022” in a series of tweets Wednesday. The bill was introduced in the House of Representatives on Tuesday. Noting that the America COMPETES Act of 2022 “will very likely pass in some form,” Brito explained that it contains the “special measures” provision proposed by Connecticut Congressman Jim Himes “that would be disastrous not just for cryptocurrency but for privacy and due process generally.” He continued: The so-called ‘special measures’ provision … would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions. Currently, “the law requires that Treasury engage in a public rulemaking before instituting a prohibition,” Brito said, adding that “the secretary can impose a surveillance special measure through a simple order, but its duration is limited to 120 days and must be accompanied by a public rulemaking.” The Coin Center executive outlined that the new provision would do three things. Firstly, it would “Add ‘certain transmittal of funds’ to the list of things that can be banned by the Secretary.” Secondly, it would “Eliminate all public notice and comment requirements.” Moreover, it would “Eliminate the 120-day limitation for measures imposed without regulation.” He warned that “If adopted into law, this provision would be disaster not just for crypto but for privacy and democratic public process related to *all* types of financial transactions,” elaborating: It empowers the Secretary to prohibit any (or indeed all) cryptocurrency transactions (or any other kind of transaction) without any process, rulemaking, or limitation on the duration of the prohibition. What do you think about the America COMPETES Act of 2022? Let us know in the comments section below. View the full article

A bitcoin seller has been sentenced to one year and one day in jail for defrauding customers, according to a notice by the U.S. Department of Justice (DOJ). The man took money from customers but did not provide them with the agreed-upon bitcoin. Fraudulent Bitcoin Seller Going to Jail The U.S. Department of Justice (DOJ) announced last week that Michael Yusko has been sentenced to one year and one day in prison “for defrauding customers through unlicensed bitcoin business.” The 47-year-old resident of New Orleans sold bitcoin and other cryptocurrencies to customers in May 2018. “Yusko would promise customers any amount of bitcoin in exchange for U.S. dollars at five percent above market price for a five percent fee,” the DOJ detailed, emphasizing that he failed to follow through on transactions. According to the Justice Department, customers subsequently complained about their bitcoin purchases, stating: Yusko had defrauded them by not providing them with the agreed-upon bitcoin after taking their money. In addition, the New Orleans resident did not register his company as a money transmitting business with the Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury, the DOJ added, elaborating: Yusko also instructed his clients not to tell any bank employees that the purpose of their wire transfer was to purchase cryptocurrency. Noting that the bitcoin seller had pleaded guilty in this case pursuant to a plea agreement and “admitted to being responsible for $201,399.00 in losses to victims,” the DOJ concluded: Judge Ashe sentenced Yusko to one year and one day of prison, as well as three years of supervised release and a $100 mandatory special assessment fee. As part of his sentence, Yusko was ordered to make full restitution to victims in the amount of $411,009.00. Do you think this bitcoin seller should go to jail for one year? Let us know in the comments section below. View the full article

Equities, crypto markets, and precious metals did well during the early morning trading sessions on Wednesday, just before the U.S. central bank wrapped up its Federal Open Market Committee (FOMC) meeting. While the Fed said in a statement that the benchmark interest rate would rise soon, the central bank’s lead Jerome Powell said the committee “is of a mind to raise the federal funds rate at the March meeting.” Powell’s statements following the meeting, alongside discussions of reducing the balance sheet, were viewed as hawkish among investors and global markets dipped in value. FOMC Says It Plans to Raise the Federal Funds Rate ‘Soon,’ Fed Chair Jerome Powell Insists Rates Will Change in March Following a week of dismal markets, the highly anticipated Federal Open Market Committee (FOMC) meeting took place, and members of the committee unanimously approved the decision to keep rates at near-zero levels. “With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the FOMC said in a statement on Wednesday. While the financial institution’s statement highlighted “soon,” it meant that the U.S. central bank plans to keep the baseline interest rate range untouched, at least for now. Fed chairman Jerome Powell spoke after the meeting and explained that the benchmark rate may rise in March. Powell also noted that getting the Fed’s balance sheet down will take some time. “The balance sheet is substantially larger than it needs to be,” Powell told the press. “There’s a substantial amount of shrinkage in the balance sheet to be done. That’s going to take some time. We want that process to be orderly and predictable.” As everyone was still clinging to the FOMC’s “soon” statement, Powell stressed: The committee is of a mind to raise the federal funds rate at the March meeting assuming that the conditions are appropriate for doing so. Stocks, Crypto Markets, Precious Metals Sink Lower Following Fed Statements When stock markets closed, NYSE dipped 103 points, and the Dow Jones Industrial Average was down about 129 points. Nasdaq’s index managed to stay above a few percentages and S&P 500 shed a few percentages. The price of one ounce of .999 fine gold slipped 1.77%, and the value of one ounce of .999 fine silver lost 2.48%. Of course, gold bug and economist Peter Schiff threw in his two cents about the Fed’s meeting and Powell’s statements. “Powell said the Fed will begin shrinking its balance sheet at the appropriate time,” Schiff tweeted. “He then said he really has no idea when that may be as the FOMC hasn’t even discussed that yet. Really? What exactly do they talk about when they meet, sports? We’re screwed and they know it.” A few people trolled Schiff because the price of gold slipped after Powell’s statements. The global cryptocurrency market capitalization didn’t do too well either, as it dropped more than 2% to 1.71 trillion. The leading crypto asset bitcoin (BTC) was quite volatile and within two five-minute candles before the Fed’s statements were published, BTC jumped from $37,400 to $38,946 on Bitstamp. Metrics show bitcoin (BTC) had a 24-hour price range between $35,300 and $39,310 per unit during the course of the day. Many other top ten crypto assets lost between 2% to 7% a few hours following Powell’s statements. What do you think about the FOMC meeting and Jerome Powell’s statements? What do you think about the market reaction that followed? Let us know what you think about this subject in the comments section below. View the full article

The main utility company in Irkutsk is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in electricity consumption in the Russian region. The supplier accuses the miners of burning cheap household electricity in what is, in fact, a business activity. Power Utility Takes Crypto Miners to Court Irkutskenergosbyt, the local power distributer in Irkutsk Oblast, has filed 137 lawsuits against customers using subsidized electricity to mint digital currencies in mining facilities set up in basements and garages. Taking the cases to court, the utility hopes to recover 63 million Russian rubles (over $790,000) in compensation, Tass reported quoting its director, Andrey Kharitonov. The company says these home miners are engaged in entrepreneurial activities while paying for their electricity at the tariffs for the population, which are four times lower than commercial rates. The owners of the underground crypto farms are also increasing the load on the grid in residential areas leading to breakdowns and outages. In 2021 alone, over 1,200 cases of ‘gray’ mining were identified, Kharitonov told the news agency. Of the 137 filed lawsuits, 19 claims in the amount of 21 million rubles were satisfied. All other claims are still being considered and no cases have been lost so far, he detailed. The executive pointed out that cryptocurrency mining significantly increases the volume of consumed electrical energy in the region. While in 2020, Irkutskenergosbyt’s customers used about 7 billion kilowatt-hours (kWh), in 2021 the figure approached 8 billion kWh. At the same time, the number of private households and apartment buildings has remained almost unchanged. The power utility has registered the highest concentration of mining farms in the Irkutsky and Shelekhovsky districts. Electricity tariffs in these rural areas are lower than those in the city of Irkutsk. At only 0.86 rubles ($0.01) per kWh, households in these parts of the region have access to the cheapest electricity in Russia while businesses have to pay 3.6 rubles per kWh. The miners who lost in court will now have to not only cover the price difference for the power they have already consumed but also sign new contracts with Irkutskenergosbyt at commercial rates. Their region became known as the “mining capital of Russia” after a large amount of mining hardware was imported from China when Beijing launched a nationwide crackdown on the industry in May last year. In October 2021, the governor of Irkutsk Oblast, Igor Kobzev, joined mounting calls to recognize cryptocurrency mining as a type of entrepreneurial activity and make miners pay higher electricity tariffs and taxes. In December, the federal government in Moscow allowed Russian regions to determine local electricity tariffs in residential areas. The future of mining in Russia, among other crypto-related activities, is still undecided. A working group at the State Duma has been tasked to prepare legislation to fill the regulatory gaps remaining after the adoption of the law “On Digital Financial Assets.” Last week, the Central Bank of Russia proposed the prohibition of bitcoin mining as part of a blanket crypto ban but media reports revealed its hardline stance is not gaining support from other government institutions. Do you expect Russia to legalize crypto mining and introduce higher electricity rates for miners? Tell us in the comments section below. View the full article

PRESS RELEASE. Not too long ago, Dvision Network had successfully initiated their LAND sale, and now it is time for the second sale to commence as the first month of 2022 nears its end. On January 27th, 11:00 AM UTC, the Polygon Ecosystem will witness the Dvision’s second LAND Sale via Dvision Marketplace and the NFT marketplace known as OpenSea. The NFTs, which are key units for the initiative’s Meta-Cities, shall be distributed fairly for sale through the native Dvision Marketplace and OpenSea via the Polygon Ecosystem. Moreover, the ERC-721 compliant LAND NFTs will be minted on the Polygon Mainnet in addition to all ecosystem-related operations taking place in their native chain-supported marketplaces. Furthermore, the team will continue to integrate Polygon Partners through a mutual LAND NFT Grant Program that will provide increased access and exposure to the metaverse through the allocation of LAND NFTs. The first project to receive the grant LAND NFT is Project Galaxy – Decentralised Data Sharing Network, which has recently closed their funding round co-led by Multicoin Capital and Dragonfly Capital for 10 million USD financing. Finally, the 2nd LAND Sale is set to begin on January 27th at 20:00 PM KST and it is going to occur on OpenSea and Dvision Marketplace for a total amount of 4651 LAND NFT Lots. The team has also prepared the guideline document for those planning to participate in the sale. What exactly is LAND NFT? Dvision World is the definitive gateway to each Meta-City, which is made up of multiple Meta-Spaces that are solely controlled by the users. Users that own LAND would be allowed to personalise and supply content for their Meta-Space. The users will thus be rewarded for their contributions to the Metaverse by incorporating the most valuable NFTs into its newly launched P2E (Play To Earn) concept. Each Meta-City LANDs will hence be divided on a 40/40/20 basis. As such, 40% will be for P2E, another 40% will be for the LAND sale, and the last 20% will be for management and given to the Dvision team. The LAND NFT also has various utilities and benefits, such as being used for forums, conferences, galleries, exhibitions, gaming, entertainment and even lease-oriented purposes by renting out LAND to different creators who show promise and have potential. Details of the 2nd LAND sale The initial LAND Sale was solely supported BSC (BEP-721), however according to Dvision’s roadmap, this LAND sale shall support both ERC-721 as well as BEP-721 standards. The new LAND sale is thus being held to distribute the LAND NFTs belonging to the Tokyo and London Meta-Cities, which are the third and fourth Meta-Cities respectively in the metaverse. Aside from Binance Smart Chain, every LAND NFT provided in this second sale is minted on Polygon Mainnet, which thereby becomes the second supported network for the LANDs. All LAND NFTs will thus be interconnected in the future by native bridges, allowing unrestricted transfer of digital assets between various chains. Lastly, the industry’s future would indeed appear to be multichain, as Dvision Metaverse is a futuristic idea and vision which offers all kinds of rewards and benefits associated with blockchain to end-users by constructing bridges and providing support for NFTs on multiple chains. This in turn enables diverse ecosystem members to be granted smooth and easy access. Finally, for the purposes of liquidity, the LAND NFTs developed on Polygon shall be linked to various other Polygon secondary marketplaces as well. Dvision will sell about 4,600 LAND Lots via the second LAND Sale, spreading them evenly between the aforementioned two platforms so as to ensure fairness. The LANDs shall be auctioned in MATIC tokens and completely executed on the Polygon Mainnet. To highlight the upcoming sale and to deliberate on the essence of the virtual plots in Dvision’s Social Metaverse, the Head of Business Development at Dvision Network – Boburjon Muydinov has joined the LIVE Interview with the award-winning journalist, author, and futurist Paul Barron, where they have revealed the crucial facts and insights regarding the upcoming 2nd LAND Sale on Polygon Ecosystem. For more information, be sure to check out the official website along with Dvision’s Twitter, Facebook and Telegram. 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 leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention Cryptocurrencies As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators of Ponzi schemes, a leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged the country’s lawmakers to consider crafting a law to govern the cryptocurrency industry. He argued that an “unregulated crypto space is not in anyone’s best interest.” Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), however, concedes that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what the lawmakers call “prohibited schemes.” The remarks by the leader of SIBAN follow reports that Nigerian lawmakers had passed a bill to repeal and re-enact the country’s Capital Markets, Investment and Securities Act for a second reading. Ibrahim Babangida, one of the lawmakers leading the push to have the law changed, is quoted in a Premium Times report explaining why this needs to be changed. He said: The bill prohibits Ponzi/Pyramid Schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes. In addition to seeking a custodial sentence, lawmakers also want the new law to grant the Nigeria Securities and Exchange Commission the power to shut down Ponzi schemes. The lawmakers also insist the current law is not compatible with present trends in capital markets regulation, hence the need to revamp the act. Most Alleged Crypto Ponzis Have Nothing to Do With Cryptocurrencies Meanwhile, Ihenyen explained to Bitcoin.com News that even though so-called crypto Ponzi schemes have dominated headlines, it later turned out that some of these investments had nothing to do with cryptocurrencies. He said: The tricky part with most so-called crypto Ponzi schemes, however—which I must point out—is that many of these so-called ‘crypto ponzis’ have nothing to do with crypto, except that crypto was used to collect the unsuspecting participants’ funds, just the same way these bad actors could have used fiat currencies. In instances when crypto is actually involved, if such crypto is not a scam or scam-coin, then “you find that it is often not the crypto invested that failed.” Rather it is the promoters or marketers, who eventually misappropriate participants’ funds or simply disappear, thus causing the investment to collapse, Ihenyen said. In conclusion, the SIBAN president said “as long as this [proposed law] seeks to protect investors and consumers, it is welcomed.” What are your thoughts on this story? You can share your views in the comments section below. View the full article

Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to the company’s latest financial statement. Tesla is holding bitcoin worth $1.26 billion. The company still has not resumed accepting bitcoin payments but now accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise. Tesla Did Not Sell Bitcoin in Q4 Tesla released its Q4 and FY2021 financial statements Wednesday. The company’s unaudited balance sheet shows net digital assets of $1.26 billion at the end of December last year. This amount is unchanged from the third quarter. Tesla’s unaudited statement of cash flows also shows that there was no purchase or sale of digital assets in the last three quarters. The only cryptocurrency purchase Tesla made was bitcoin in the first quarter in the amount of $1.5 billion. The only sale the company made was also in the first quarter. While Tesla never disclosed how much bitcoin it owns, Musk previously hinted that it is close to 42K BTC. The electric car company started accepting bitcoin for payments in March 2021. However, the company halted accepting the crypto in May citing environmental issues. Musk subsequently said that Tesla will resume accepting BTC when bitcoin miners can confirm clean energy usage. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said. However, Tesla still has not resumed accepting bitcoin. Meanwhile, Tesla is now accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise. Musk, also known in the crypto community as the Dogefather, has been a longtime supporter of dogecoin. He recently tried to tempt McDonald’s to accept DOGE by offering to eat a happy meal on television if the fast-food chain accepts the meme coin. However, McDonald’s replied to Musk that it will only accept DOGE if Tesla accepts “grimacecoin.” What do you think about Tesla holding bitcoin but accepting dogecoin for payments? Let us know in the comments section below. View the full article

Ripple has bought back shares from its Series C funding round, which raised the company’s valuation to $15 billion, according to CEO Brad Garlinghouse. He added that despite the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency, Ripple had the best year on record. Ripple’s $15 Billion Valuation and ‘Best Year on Record’ Ripple CEO Brad Garlinghouse announced via Twitter Wednesday that Ripple has bought back its Series C shares at a $15 billion valuation. The CEO described that “Even with 2021’s headwinds, it was our best year on record,” adding that Ripple’s financial position is the strongest it has ever been, with $1 billion dollars in the bank. In December 2019, the company raised $200 million in the Series C funding round, led by Tetragon. SBI Holdings and Route 66 Ventures also participated. According to reports, the company’s valuation was $10 billion after the Series C funding round. Noting that “slow down” is not in Ripple’s vocabulary for 2022, Garlinghouse proceeded to explain the progress of Ripplenet and Ripplex in follow-up tweets Wednesday. Regarding Ripplenet, he said that the network has a volume run rate of more than $10 billion today. In addition, Ripplex is “establishing a multitude of capabilities to the XRP ledger – NFTs, CBDCs, interoperability bridges, sidechains, and so much more,” the executive explained. In December, Garlinghouse similarly said that Ripple had their strongest year ever despite the ongoing lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency. The SEC filed the lawsuit against Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020 alleging that the sale of XRP was an unregistered securities offering. Garlinghouse believes that the lawsuit will conclude this year. What do you think about Ripple’s achievements despite the SEC lawsuit over XRP? Let us know in the comments section below. View the full article

The number of global crypto owners is expected to exceed one billion by the end of the year, according to a report by Crypto.com. “Nations can no longer afford to ignore the growing push to crypto by the public. We may in many cases expect a friendlier stance towards the crypto industry,” the company said. There Will Be More Than 1 Billion Crypto Owners Worldwide This Year, Report Shows Crypto.com released its “Crypto Market Sizing” report last week showing an analysis of cryptocurrency adoption worldwide. The global crypto population increased by 178% in 2021, rising from 106 million in January to 295 million in December, the analysis shows, elaborating: The number of crypto users is expected to break one billion by the end of 2022. The report explains that crypto adoption in the first half of 2021 was “remarkable,” adding that the main driver of growth was bitcoin. Furthermore, “Nations can no longer afford to ignore the growing push to crypto by the public. We may in many cases expect a friendlier stance towards the crypto industry,” the report states. “We expect developed nations to devise clear legal and taxation frameworks for crypto assets,” Crypto.com noted, adding: More nations facing a highly inflationary economy and depreciating currency may adopt cryptocurrency as legal tender, following the example of El Salvador. El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year. Since then, the country has bought 1,801 BTC for its treasury. However, the International Monetary Fund (IMF) is concerned and has urged El Salvador to drop BTC as a national currency. Despite the IMF’s bitcoin stance, several people have predicted that more countries will make the cryptocurrency legal tender this year, including Salvadoran President Nayib Bukele. Financial giant Fidelity recently said it expects other sovereign nation states to acquire bitcoin this year “as a form of insurance.” Do you think the number of crypto owners will reach one billion worldwide this year? Let us know in the comments section below. View the full article

ETH in Mellieha is the latest in a long line of NFT experiments that aim to challenge traditional values and concepts of art and ownership. This particular project is being advised by Mamo TCV Advocates, one of Malta’s leading law firms. At the core of ETH in Mellieha is an Oil Painting that No Longer Exists Local artist Debbie Bonello was commissioned to create an oil painting of a car that featured ETH on its number plate. After the painting was finished, it was to be burnt during a ceremonial bonfire event attended by Bonello’s friends and family, as well as members of the local and national Malta government. Before the ceremonial destruction of the painting and all associated sketches, it was digitized by photographer Matthew Mirabelli and minted as an NFT. This NFT will now go on to be auctioned off to the highest bidder, along with the legal ownership rights to the actual ETH number plate under Malta law. Mamo TCV Advocates Involvement is Key to the Project Although NFTs that are bundled with rights to assets have been done before, ETH in Mellieha endeavoured to make sure this project was of sound legality, by drafting in one of Malta’s leading law firms to draft the terms and conditions and oversee the eventual transfer. Mamo TCV has confirmed via liaison with Transport Malta that whoever wins the auction will be entitled to ownership of the customised number plate, regardless of whether they own a car and/or whether they are a resident of Malta themselves. The Country of Malta’s Laws and Culture have Made ETH in Mellieha Possible Malta’s status as the ‘blockchain hub of Europe’ has made projects like ETH in Mellieha possible. Each strand of this project has been made up from Maltese origins, from the artist of the painting themselves, all the way to the legal terms and conditions overseen by Mamo TCV. Along the way, a documentary was made by Maltese videographer Eric Bartolo too. Once again, Malta is front and center of the burgeoning crypto sphere, which undoubtedly won’t be for the last time either. Bidding for “ETH in Mellieha” begins on February 2, 2022 at 4pm UTC on Opensea. For further information about the project, please visit the website. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article