roadrunner

U.K. lawmakers have formed the Crypto and Digital Assets Group to ensure that new rules for the crypto industry support innovation. “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said the British parliament member who will chair the group. British Lawmakers Form Crypto and Digital Assets Group U.K. parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported Friday. Scottish National Party (SNP) MP Lisa Cameron, who will chair the cross-party group of lawmakers, explained that the group will work to ensure that new rules for the crypto industry “support innovation.” She detailed: We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated. The new crypto group officially registered with parliament last week. Its members include former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive. Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat. The association has been lobbying lawmakers for a year for positive crypto regulation in the U.K. Crypto advocates have warned that the U.K. government has been too slow to establish rules for digital asset businesses, which risks driving them offshore. The U.K. financial watchdog, the Financial Conduct Authority (FCA), has banned crypto derivatives for retail investors and opposed crypto funds. Regulators have repeatedly warned about the risks from crypto scams and unregulated companies. According to blockchain data analytics firm Chainalysis, scams involving cryptocurrencies cost investors $7.8 billion globally this year. What do you think about British lawmakers establishing the Crypto and Digital Assets Group? Let us know in the comments section below. View the full article

PRESS RELEASE. XRPayNet is a cryptocurrency built on the XRP Ledger, with an upcoming global team focused on one goal: a globally adopted interface and ecosystem for payment settlements that is suitable for stores, businesses, peer to peer transactions and those who sell products and services. Whilst aiming to challenge existing technology such as Klarna, ClearPay/AfterPay. This will allow consumers to be able to ‘buy now, pay later’ which is an almost first in the entire crypto industry. The XRPayNet app currently under development promises just that, a world class payment interface for micropayments with transactions processed by the XRP ledger, ensuring very low transaction costs at just a fraction of a penny and ultra-fast speeds. We aim to capture and overcome the current needs of real-life and on-demand crypto payment systems that are increasingly demanded by people and businesses across the globe. About XRPayNet The XRPayNet team does not aim to compete with Ripple or XRP. Our goal is to change the world of payments forever by focusing on transforming the world of online and in-store payments, enterprise-to-consumer payment markets (plumbers, electricians, etc.), and peer-to-peer transactions.. Ripple and XRP are currently entering the market with a focus on the interbank and international payment markets. We aim for the market for everyday transactions and micropayments. Key features Payment interface for online and instore transactions for retail environments. Business to consumer payments. Built in solutions for direct payments Buy now, pay later Our forthcoming globally adopted interface and ecosystem for settlements gives XRPayNet the opportunity to become the best payment system in the world. We hope you will take a look at our vision and future, where XRPayNet is a big part of our daily lives. If you want to participate our team has just launched its first token sale with a limited release. You don’t want to miss out on this project. For more information, the whitepaper and updates please check out: Website: https://xrpaynet.com/ Twitter: https://twitter.com/XRPayNet 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 situation across Kazakhstan, hit by anti-government protests in the first week of the year, is normalizing, central authorities claim. The country’s massive crypto mining industry, which faced an internet blackout during civil unrest on top of power shortages, now hopes that the country will nevertheless remain an attractive location for miners. President Tokayev Has Nation Under Control After days of turmoil, the embattled administration of Kazakhstan’s President Kassym-Jomart Tokayev says it now has the country stabilized. Law enforcement agencies have retaken all administrative buildings that were attacked by protesters and communal services are being restored, officials informed the head of state during a meeting on Sunday, according to a released statement. The troubles in Kazakhstan began on Jan. 2 with demonstrations in the western Mangistau province against the increase of prices of natural gas and other fuels which turned into mass political protests engulfing the Central Asian republic. An unconfirmed number of people have died in the clashes and 5,800 individuals, including foreign nationals, have been arrested, official sources indicated. Tokayev has been quoted as emphasizing that the security forces will implement all necessary measures to fully restore public law and order in the country, Russian news agency Interfax reported. The president has issued an order to establish a special government commission tasked to address the consequences of the riots in the affected regions. Despite Challenges, Crypto Miners See Future in Kazakhstan With its low, capped electricity rates and generally positive attitude towards the crypto industry, Kazakhstan attracted numerous mining companies amid the massive exodus caused by the government crackdown on the sector in China since May 2021. However, the influx of miners, which increased the country’s share in the global bitcoin hashrate by over 18%, has been blamed for a growing deficit of electricity, exceeding 7% in the first three quarters of last year. According to the Data Center Industry and Blockchain Association of Kazakhstan (NABCD), which unites two-thirds of the legal miners in the country, the riots have not affected the regions where official crypto mining companies are operating. The recent decrease in the bitcoin hashrate was caused by the temporary internet outages, the industry organization explained in a press release provided through Coinstelegram, insisting that the effect the current situation has on the sector and crypto prices is a short-term one. NABCD President Alan Dorjiyev commented: At the current time, the companies, members of the Association, work as usual. For our part, we are working to ensure that the social responsibility of business makes a positive contribution to the lives of residents of the regions where the data centers are based. “In a strategic perspective, Kazakhstan will remain one of the most attractive areas for the development of cryptocurrency mining,” the NABCD believes. It assures it’s now maintaining dialogue with relevant government authorities and announced that previously imposed restrictions on electricity supply have been relaxed for legal mining entities. The news comes after a report in December revealed that some mining businesses have started to move equipment out of the country due to power outages. Do you expect Kazakhstan to remain a major crypto mining hotspot? Tell us in the comments section below. View the full article

According to the 2018 Tesla Model 3 owner, Siraj Raval, he mined up to $800 a month in crypto assets with his hacked-out electric car. Similarly, Chris Allessi, the owner of a Tesla Model S tethered a Bitmain Antminer S9 to his car’s electrical system to mine bitcoin, and he’s mined monero with the car’s internal computer as well. Tesla Owners Mining Bitcoin, Ethereum, and Monero This week, two Tesla owners explained how they rigged their cars to mine digital currencies. According to Siraj Raval, he connected graphics processing units (GPUs) to his 2018 Tesla Model 3, in order to mine crypto assets with his car. While the modification to the Tesla system voids his warranty, Raval stressed that “it’s worth it” and claims to have raked in $800 a month in ethereum (ETH) during last year’s ether price highs. The electric car dealer from Wisconsin, Chris Allessi, started doing the same thing in 2018. Allessi has been tinkering with ideas like this for a while, and he operates a Youtube channel called “K-Man Auto” working on custom electronic vehicles. “I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product,” Allessi told CNBC on January 8. Allessi claims he leveraged a power inverter and a Bitmain Antminer S9, and tied them directly into his Tesla Model S battery to mine bitcoin (BTC). Moreover, Allessi also reports that he leverages Tesla’s onboard internal firmware to mine crypto assets like monero (XMR). “It was no big deal,” Allessi said during his interview. “I could run the mining program within the browser,” he further remarked. Electric Vehicle Company Daymak’s Electric Car Built to Mine Crypto, BMW i8 Mines Ethereum Raval has also hacked his Tesla Model 3 onboard internal firmware to mine crypto, and he noted that the process, alongside using GPUs, was the most profitable method. Allessi and Raval are not the only ones that have thought of mining digital assets with an electric vehicle. This past June, the Canada-based electric vehicle company Daymak revealed plans to launch an electric car called the Spiritus that is able to mine cryptocurrencies. Last year in January, the publication PC Gamer reported that Simon Byrne’s BMW i8 could mine ethereum (ETH) with the electric battery system. Byrne’s car utilized a total of six Nvidia RTX 3080 GPUs to mine the second leading crypto asset. According to Byrne, he hacked out his hybrid-electric BMW i8 with crypto miners “just to annoy gamers.” What do you think about the Tesla owners mining cryptocurrencies with their electric cars? Let us know what you think about this subject in the comments section below. View the full article

Maria Muñoz, a Spanish deputy from the country’s Congress, wants to position its country as a reliable alternative to miners that are facing a dire situation in Kazakhstan, after their internet service was suspended, affecting their operative capacity. Muñoz sent a letter to the congress, inquiring about the possible actions that Spain might take to attract fleeing miners, and about the impact this event has had on the Spanish mining sector. Spanish Deputy Maria Muñoz Inquires About the Consequences of the Kazakhstan Situation Maria Muñoz, a deputy of the Spanish Congress, has directed a letter to the institution inquiring about the possible actions that the government could take to take advantage of the situation and absorb the business of bitcoin miners fleeing from Kazakhstan. The country, that is facing civil unrest and protests after a fuel price hike, also suspended internet access, affecting bitcoin miners settled in the country. This caused a drop in the bitcoin hashrate, which some reports stated fell 12% after these events. Muñoz takes this situation as a backdrop to inquire about the information that the Spanish government has regarding these developments and how they are affecting the cryptocurrency mining operations that are currently happening in Spain. Furthermore, in the same letter, she also asks about the growth of this sector in the country and the energy used for this purpose in Spanish soil. A Crypto Veteran The cryptocurrency cause is not new for Muñoz, who has been interested in the sector and its possible regulation in Spain since before the Kazakhstan situation. The deputy, who is part of the liberal faction from the Ciudadanos party, was included in a law proposal last October to design a national strategy for the cryptocurrency sector that would allow them to establish a clear framework to attract investors and protect citizens from cryptocurrency frauds. The proposal, as convened in local media, exposed that while cryptocurrencies had an important growth in Spain last year, there was no concrete institution to regulate the industry, and as a consequence, there might be false expectations from the citizens on this matter. On this, the party asked to establish campaigns to inform citizens about what cryptocurrencies really are, and to coordinate efforts to establish a coordinated cryptocurrency regulation with the European Union and cryptocurrency companies in Europe. What do you think about the letter sent by this Spanish deputy inquiring about the situation in Kazakhstan? Tell us in the comments section below. View the full article

In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the adoption of cryptocurrencies. To support this assertion, Reitz points to Kenya’s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running. Kenya’s Booming Crypto Market Kenya is set to lead the world’s peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has reportedly predicted. In justifying his selection of Kenya ahead of the usual heavyweights, the GM is quoted in a report pointing to the East African country’s booming crypto market as well as Kenyan people’s familiarity with digital payment solutions. “The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022,” Reitz is quoted in the report explaining. Bitcoin.com News has previously reported on the surge in Kenya’s peer to peer cryptocurrency volumes which had seen topple South Africa to become the country with the second-highest P2P volumes in Africa. Cryptos as an Alternative Currency Besides predicting Kenya’s continued dominance of the P2P cryptocurrency market, Reitz is also quoted in the report explaining the continuing difficulties faced by African companies that wish to access foreign currency from formal markets. He predicts that such Africa based companies will be forced to “look towards cryptocurrencies as an alternative means of handling cross-border transactions.” However, Reitz is quoted in the same report warning that real progress in this area will also depend on the progress on the regulatory front. He said: Similar to most aspects of the crypto industry, progress in this area will be heavily dependent on a favourable regulatory climate and should this materialise, cryptocurrencies could emerge as a major asset for companies with extensive operations throughout Africa. Despite these and other potential hurdles, Reitz still reiterated his belief that Africa is in a better position to adopt cryptocurrencies than other continents. What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. London, England, January 10, 2022: Moviecoin.com brings movie funding and decentralized finance (defi) to both independent movie-makers and larger budget movies. Moviecoin.com will allow any budding movie producer, director, or writer to finance their own script and movie. Moviecoin.com is decentralizing and democratizing the world of movie finance, giving movie makers and consumers more control. The Moviecoin.com platform already boasts some top Hollywood films starring Russell Crowe and Mel Gibson with many more in the pipeline. Moviecoin.com offers people the chance to become early investors and holders of the MOVIE coin. Selling 5% of their available coins (5m MOVIE coins) on Uniswap on Jan 10th 2022. See their roadmap here as well as their tokenomics, whitepaper and litepaper. MOVIE coin holders will be able to invest in films on Moviecoin.com, owning a profit share of the movie they choose to support. Moviecoin.com will also offer NFT’s on Opensea and Rarible representing a profit-share of the movie they are from. These NFT’s will consist of BTS shots, props and memorabilia from the movies. Moviecoin.com is part of a growing trend of NFT’s with actual utility. Moviecoin.com will also offer props from the financed movies attached to special NFT’s, giving investors the opportunity to own movie memorabilia IRL. Imagine owning Rocky Balboas gloves and the digital NFT version of them too! In an industry first, Moviecoin.com has developed a revolutionary three-dimensional primary, secondary and utility based NFT marketplace. Not only will movie funders and movie makers benefit from the secondary sales of the NFT’s, but when you buy a Moviecoin.com NFT, you are also buying an unlimited profit-share of the movie forever. In a groundbreaking move Moviecoin.com will be selling actual frames from the movies as NFT’s so you can personally own a part of the movie. Whether you’re a movie fan or a movie maker Moviecoin has your back. Moviecoin.com is built on the Ethereum blockchain allowing easy integration in to an already established NFT and token marketplace. Moviecoin.com is fully audited and being built out of London by an experienced, fully doxxed team. DEX launch on the 10thJanuary 2022. Find out more on moviecoin.com. DISCORD TELEGRAM WHITEPAPER INSTAGRAM FACEBOOK Contact: press@moviecoin.com 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

An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.” Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23 Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major cryptocurrency exchanges in India, including Coinswitch Kuber, Wazirx, and Coindcx. In its letter, the association asked the finance minister for clarity regarding crypto taxation in Union Budget 2022-23. The industry body also urged the government to amend existing tax laws to include crypto assets. Indiatech’s president and CEO, Rameesh Kailasam, told Ettech: The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion. Some cryptocurrency exchanges have been accused of evading goods and services tax (GST). India’s Directorate General of Goods and Services Tax Intelligence (DGGI) is scrutinizing several crypto firms for tax evasion. The DGGI recently raided major cryptocurrency exchanges and discovered “massive” GST evasion. The crackdown reportedly uncovered tax evasion worth about Rs 70 crore ($9.4 million). Crypto exchanges blamed confusion over tax laws as the reason for failing to pay taxes properly. Indiatech has urged Finance Minister Nirmala Sitharaman to recognize cryptocurrencies as digital assets, instead of currencies. The industry association has also recommended levying a flat 18% GST only on exchanges’ commissions. India still has no law directly governing crypto assets. A cryptocurrency bill was listed to be considered in the winter session of parliament but it was not taken up, and the Indian government is now reportedly reworking the bill. Do you think the government will mention cryptocurrency in the Union Budget this year? Let us know in the comments section below. View the full article

Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to bottom at around $38K-$40K. “I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,” he said. Mike Novogratz on Future Outlook of Crypto Market The CEO of Galaxy Digital, Mike Novogratz, talked about the outlook for the cryptocurrency market in an interview with CNBC last week. He was asked about the falling prices of cryptocurrencies, particularly bitcoin. “Part of the bitcoin story was the debasement of fiat currency and as the Fed looks to get more hawkish, some of that comes off,” he explained. “Crypto had a monster year last year. It’s hard to think you’re going to grow to the sky nonstop. This is a pullback,” he stressed, adding: We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term. Nonetheless, Novogratz cautioned, “We are going to have a lot of volatility in the next few weeks.” Novogratz was also asked if he thought there was a floor at $38,000 for bitcoin after he said, “you will find a lot of support for bitcoin” around $38K to $42K. The Galaxy Digital executive replied: I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy. “On the charts, $38,000, $40,000 feel like where we should bottom,” he emphasized. On Friday, Novogratz tweeted, “We entered the buy zone…” The price of bitcoin fell more than 12% over the past week. At the time of writing, the price of BTC is $41,955.39. This was not the first time Novogratz said institutional investors see bitcoin’s declining price as an opportunity to buy. He made a similar statement in June when the price of BTC fell below the $30K level. In September, he said that the crypto market was in good shape despite the falling prices of cryptocurrencies. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature,” he explained. “Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients.” Do you agree with Mike Novogratz? Let us know in the comments section below. View the full article

Global investment bank JPMorgan has published a report on the future outlook of crypto markets, including Ethereum’s upgrades, decentralized finance (defi), and non-fungible tokens (NFTs). The bank sees “the cryptocurrency markets as increasingly relevant to financial services,” its analyst described. JPMorgan Outlines Future Outlook for Crypto Markets JPMorgan analyst Kenneth Worthington published a report on the 2022 outlook for crypto markets Friday. The analyst wrote: The applications from crypto have only just begun. Web3.0, greater use of NFTs tokenization are in the line-of-sight for 2022. JPMorgan sees “the tokenization and fractionalization as holding particularly large promise as transactions speeds in crypto become more competitive with trad-fi networks,” the analyst continued. The report adds: Defi was a bit of a flop in 2021, but still has strong potential in 2022 and beyond. The analyst explained that the development of crypto technology will continue, driven by the scaling of Layer-1 and the introduction and growth of Layer-2. He added that Ethereum’s Merge and Layer 2.0 introduction will speed up transactions and could significantly cut energy consumption. Worthington detailed: The use cases for crypto markets will continue to grow and new projects and tokens with more and different use cases will surface. Furthermore, the JPMorgan analysts noted that with these projects attached to tokens and Coinbase being a leading exchange to buy and sell tokens, “we see Coinbase as a leading direct beneficiary of crypto market growth.” Worthington additionally said that if 2021 was the year of non-fungible tokens, then 2022 may be the year of the “blockchain bridge (driving greater interoperability of various chains) or the year of financial tokenization.” The JPMorgan analyst opined: As such, we see the cryptocurrency markets as increasingly relevant to financial services. A different JPMorgan report, published last week, states that Ethereum may lose its defi dominance due to scaling issues. Nonetheless, the global investment bank doubled down on its bitcoin price prediction of $146K in November last year. Meanwhile, JPMorgan CEO Jamie Dimon is still skeptical about cryptocurrency. He repeatedly warned about investing in cryptocurrencies, particularly bitcoin, stating that they have no intrinsic value. Do you agree with the JPMorgan analyst? Let us know in the comments section below. View the full article

Mai Capital Management’s chief equity strategist and regional president, Chris Grisanti, has predicted that this year will be tough for crypto largely due to regulations. However, he expects established cryptocurrencies, such as bitcoin and ether, to “do quite well” once regulations come into focus. Equity Strategist’s Crypto Predictions Mai Capital Management’s Chris Grisanti shared his outlook for the cryptocurrency market in an interview with CNBC Thursday. Grisanti, CFA, is chief equity strategist and regional president of Mai Capital Management, a wealth management firm that provides planning and investment advisory services. Noting that crypto is “almost a victim of its own success,” Grisanti detailed: I think it’s going to be a tougher year for crypto … There will be calls for regulation from all over the place — from China, from Europe, and here in the United States. Nonetheless, the equity strategist sees some cryptocurrencies coming out ahead. “I do think there will be a great winnowing as well. I think the more established coins like bitcoin and ethereum will do quite well after regulations come into focus,” he described. The strategist elaborated: Once regulations are in place, institutional investors, I think, will get more comfortable treating bitcoin not like a currency but like gold, which is a hedge against inflation and other things. A recent survey by Nickel Digital Asset Management, a regulated European digital asset hedge fund manager, also shows that institutional investors are optimistic about more regulation coming to the crypto industry. Commenting on the U.S. Securities and Exchange Commission (SEC) being granted more power to regulate the crypto space, “73% of institutional investors and wealth managers believe this will have a positive impact on the price of crypto and digital assets and 32% believe it will have a very positive effect.” What do you think about the predictions by the equity strategist? Let us know in the comments section below. View the full article

China’s social media giant, Wechat has said it will support the digital yuan in a move that is expected to increase the of Chinese residents that use the central bank’s digital currency (CBDC). Wechat’s support of the digital yuan potentially avails the digital currency to the social media’s 800 million active users. New App Provides Access to CBDC Wechat, one of China’s biggest messaging and payment apps, is reportedly set to support the digital yuan, China’s CBDC. The addition of the CBDC to the social platform is expected to boost the adoption rate of the digital yuan. The messaging giant’s decision to support the CBDC comes shortly after the central bank’s launch of the e-cny app that gives users in certain Chinese regions and cities access to the digital yuan. However, as the report in the Coinrivet notes, Wechat’s announcement, as well as the inclusion of Alibaba’s Alipay in the digital currency’s ecosystem, suggests that the e-cny app alone may not achieve the central bank’s goal of getting more Chinese to use the CBDC. Central Bank’s Reasons for Partnering Wechat and Alipay To support this assertion, the report quotes Linghao Bao, an analyst at consultancy Trivium China who says he sees the sense in the central bank’s decision to co-opt the two internet giants. He said: Chinese consumers are so locked in Wechat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app. So it makes sense for the central bank to team up with Wechat Pay and Alipay as opposed to doing it on its own. Wechat’s support of the digital yuan adds to the social media app’s growing list of use cases which already includes a payment service, Wechat Pay. The social media giant’s addition of the CBDC to payments services also potentially gives the digital currency access to Wechat’s approximately 800 million active users. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. Chicago, IL – 9th January, 2022 – Denjary Watru, the creator of the Game On NFT has dropped an NFT that is sure to become highly sought after by all those who know and understand Bitcoin, its implications for society going forward, and who have an appreciation for the value of digital art. According to Denjary, the inspiration for the Game On NFT happened during his routine treadmill workout and while talking on the phone to a friend, attempting to explain Bitcoin. Surrounded by sports themed pictures on the walls of the exercise area of his home, he had the thought of using a football metaphor to help his friend (who loves football) to better understand Bitcoin. At the end of the call, when the friend said the metaphor had really helped him to get it, Denjary went to his desk and began sketching some of the ideas expressed during the call. Eleven months later, after assembling a team of creatives, the Game On NFT was born. The artwork is titled Game On because it symbolically characterizes the date that Satoshi (Bitcoin’s inventor) introduced Bitcoin to the world as the first provably scarce digital cash, making the concept of a digital asset a reality, as the beginning of a gutsy resolve to provide an exit from the fiat system. The Game On NFT tagline is “Its Game On…Until Its Game Over”. The artist incorporates more than twenty-one (21) different elements within the artwork that personify the Bitcoin story and its supporters. Knowledgeable Bitcoin enthusiast will recognize the symbolism used throughout the piece and appreciate the deep thought that went into each carefully selected image or meme that represents some key attribute of Bitcoin or the network. Since Bitcoin enthusiast are more than likely to own or have owned Bitcoin for some extended period, they are stakeholders in its success and will find value in an NFT that celebrates the story of the Bitcoin (the cryptocurrency that created the digital asset category). Also, since the Game On NFT is an inspired, custom, work of art, it differentiates itself from the crowd of randomized computer-generated groupings of pixelated art, that are presently an over-represented segment of the NFT art category. Many others in the crypto community will find the Game On NFT highly desirable, since besides being a piece of custom artwork, it can also be used as an educational tool to help others understand Bitcoin and grow its adoption. The Game On NFT is available on the OpenSea platform where prospective owners can choose a one of one seat and row in any of the eight sections, Cypherpunks, Full Nodes, Miners, Developers, Speculators, Maximalist, Merchants, or Consumers. For more information about Game On NFT, please visit our website at https://gameonnft.com or email us at info@gameonnft.com. 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 government in Turkey does not intend to impose a 40-percent levy on crypto-related gains as has been alleged, members of the ruling AKP party have indicated to the local press. They have also emphasized that the current regulatory efforts are aimed at creating a sustainable environment for the blockchain industry. Turkey to Establish Regulatory Base for Cryptocurrency Market A legislative proposal tailored to regulate cryptocurrency trade in Turkey is likely to be submitted to the parliament in the upcoming weeks. Sources from the Justice and Development Party (AKP), the country’s ruling political force, have “strongly denied” allegations that authorities in Ankara are going to tax cryptocurrency gains at a rate of 40%, the Turkish newspaper Hürriyet reported. One of the AKP representatives, the deputy leader of the party’s parliamentary group Mustafa Elitaş, commented on social media last month that the new law will serve to regulate Turkey’s crypto system, while “preventing malicious acts, protecting investors and countering grievances” as he put it. He remarked that drafts prepared by other institutions have also been mentioned by the media but stressed that the legislature will have the final say. On Dececmber 29, Elitaş organized a meeting with 13 representatives of cryptocurrency platforms operating in Turkey at the parliament in Ankara. It was also attended by officials from the Treasury and Finance Ministry, the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), and the Central Bank of Turkey. The participants voiced their support for the adoption of a regulatory framework that would allow further amendments to reflect changes in the space. AKP Examines UK, US Crypto Regulations According to a report by another major Turkish daily, Milliyet, senior members of the AKP have been reviewing current regulations in the U.K., U.S., and Japan this week. Achieving transparency, safety and auditability of crypto exchange platforms will be the first priority of Turkey’s own regulations, Hürriyet revealed, quoting party officials who chose to remain anonymous. Establishing a suitable financial environment to accommodate a growing blockchain sector is the next key goal, they added. More than 30 crypto trading platforms are currently operating in Turkey, the publication noted, and the country’s crypto assets market is among the world’s top five with almost 5 million user accounts. The daily trading volume on the largest exchange, Binance, amounts to around $320 million. Last month, MASAK fined Binance’s Turkish platform, BN Teknoloji, 8 million lira (over $750,000 at the time) for violations established during liability inspections. In May of 2021, MASAK issued a set of guidelines for crypto service providers, obliging digital asset exchanges to carry out identity verification of their customers and report suspicious transactions, including high-volume trading. The agency can impose fines on platforms that fail to fulfill their duties and even prosecute their owners. The rules were adopted after two Turkish crypto exchanges, Thodex and Vebitcoin, suddenly stopped trading, inflicting losses on thousands of investors, and were targeted in anti-fraud investigations. In October, another platform, Coinzo, also closed down. The popularity of crypto trading and investing in Turkey has increased significantly amid the rising inflation of the lira, but crypto payments were banned by the Turkish central bank. What kind of regulations do you expect Turkey to adopt? Share your thoughts on the subject in the comments section below. View the full article

After the electronics giant Samsung disclosed the firm’s upcoming 2022 smart televisions would boast non-fungible token (NFT) support, the company has revealed it has opened a virtual store inside the Decentraland metaverse. Modeled from the physical store Samsung 837, Samsung’s metaverse store is called “Samsung 837X.” Samsung Steps Into the Metaverse Samsung is all about the metaverse and NFTs these days, as the company has opened a store within the blockchain virtual metaverse Decentraland. The Samsung 837X store is modeled from the physical location in New York City, and the virtual store will be open to Decentraland visitors for a limited time. “Samsung’s new metaverse experience brings its spirit as an experiential playground for people to discover the amazing possibilities when technology and culture collide,” the electronics manufacturer’s announcement explains. The company further details that the visitors will be able to experience the Connectivity Theater, the Sustainability Forest, and the Customization Stage. Samsung NFT Badges and Metaverse Mixed Reality Live Dance Party According to Samsung, fans perusing through the theater and forest can “complete quests along the way for 837X Non-Fungible Token (NFT) badges.” The theater will showcase Samsung news and the stage will feature a “metaverse mixed reality live dance party” hosted by the DJ Gamma Vibes. “At Samsung 837X, we’re excited to tell our connectivity, sustainability and customization stories in a novel way, in a one-of-a-kind space,” Michelle Crossan-Matos the senior vice president of corporate marketing and communications at Samsung Electronics America said in a statement. Crossan-Matos added: The metaverse empowers us to transcend physical and spatial limits to create unique virtual experiences that could not happen otherwise. Innovation is in our DNA, and we can’t wait for you all to experience this burgeoning virtual world. Meanwhile, metaverse tokens stemming from projects like Decentraland and The Sandbox have seen decent gains in recent weeks. Decentraland (MANA), the native token for the blockchain metaverse has gained 2,304% year-to-date. Both projects have seen significant land sales in recent times as well as metaverse lands have been selling for a great deal of money. Samsung’s newly launched 837X store follows the firm announcing that its upcoming smart TVs will boast NFT support. Samsung’s 2022 Smart TVs will come with a new Smart Hub that features a “Gaming Hub,” “Watch All,” and an “NFT Platform.” Samsung has been into blockchain technology for a few years now and has also added crypto wallet support to the firm’s Galaxy smartphones. What do you think about Samsung’s entry into the metaverse space and the virtual store in Decentraland? Let us know what you think about this subject in the comments section below. View the full article

On January 8, 2022, the price of bitcoin dropped to $40,517 per unit just after 1 p.m. (EST) on Saturday afternoon. According to the Crypto Fear & Greed Index (CFGI), sentiment shows “extreme fear” is in the air, and the CFGI score is a 10. The last time the CFGI score was this low was 171 days ago on July 21, 2021. Current CFGI Sentiment Shows ‘Extreme Fear’ — Bitcoin’s Price 39% Lower Than All-Time High Digital currency markets shed billions in value this past week and the leading crypto asset bitcoin (BTC) lost close to 10% during the last seven days. On Saturday, January 8, 2022, the price hit its lowest point since the end of September 2021, tapping a low of $40,517 per unit this afternoon. Bitcoin’s global trade volume on Saturday is roughly $23.6 billion. BTC’s largest trading pair is tether (USDT) which commands 61.46% of all trades today. This is followed by USD (14.73%), BUSD (6.79%), KRW (3.64%), JPY (3.27%), and EUR (3.21%). BTC’s top exchange on Saturday is FTX.US, followed by Coinbase, Bitfinex, Kraken, and Bitstamp. BTC’s global trade volume today only represents 23.69% of the $99.6 billion in trades among all the assets in the crypto economy. While BTC commands $23.6 billion in trade volume, tether (USDT) captures $46.7 billion in trade volume worldwide. Bitcoin Fear and Greed Index is 10 – Extreme Fear Current price: $42,290 pic.twitter.com/j477q3iSjV — Bitcoin Fear and Greed Index (@BitcoinFear) January 8, 2022 BTC’s 24 hour range on Saturday has been between $40,517.66 to $42,702.09. The Crypto Fear & Greed Index (CFGI) hosted on the web portal alternative.me indicates the current CFGI score is 10. This points to “extreme fear” as the tool “analyzes emotions and sentiments from different sources and crunch them into one simple number.” The CFGI score hasn’t been this low since the summer, on July 21, 2021, which was roughly 171 days ago. The score has changed a great deal since even yesterday, when the CFGI recorded the “extreme fear” sentiment score at 18. Last week the CFGI score was 21, and 30 days prior it was 29. Year-to-date, bitcoin (BTC) on Saturday, January 8, 2022, BTC is only up 6.4%. However, BTC is down 39% lower since its all-time high (ATH) two months ago on November 10, 2021. Bitcoin is up, however, 61,932.6% since July 6, 2013, or eight years ago when it was $67.81 per coin. What do you think about the Crypto Fear & Greed Index score today? Let us know what you think about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has charged an Australian citizen who called himself the “Man behind the Machine” in a fraudulent crypto scheme that raised almost $41 million. He and his companies made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.” ‘Man Behind the Machine’ Charged by SEC The SEC announced Thursday charges against Australian citizen Craig Sproule and two companies he founded for “defrauding Investors.” The two companies are Crowd Machine Inc. and Metavine Inc. The SEC alleged that they made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.” The securities regulator explained that Sproule referred to himself in social media postings as the “Man behind the Machine.” He claimed to have raised $40.7 million in an initial coin offering (ICO) of Crowd Machine Compute Tokens (CMCTs). The offering occurred between January and April 2018. Instead of using the ICO proceeds for the purpose he told investors, the SEC described: Crowd Machine and Sproule began diverting more than $5.8 million in ICO proceeds to gold mining entities in South Africa – a use that was never disclosed to investors. The securities watchdog also said that Crowd Machine and Sproule did not register their offers and sales of CMCT tokens. In addition, they knowingly sold the tokens without determining whether the investors were accredited. Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, commented: Sproule and Crowd Machine misled investors about how they were using ICO proceeds, spending funds on an entirely unrelated scheme. The SEC’s complaint “charges Sproule and Crowd Machine with violating the antifraud and registration provisions of the federal securities laws.” The two and relief defendant Metavine Pty. Ltd., an affiliated Australian entity, consented to judgments without admitting or denying the allegations. They are prohibited from participating in future securities offerings. Sproule is also prohibited “from serving as an officer or director of a public company, and [will be ordered] to pay a $195,047 civil penalty.” Furthermore, the CMCT tokens must be disabled and removed from crypto trading platforms. What do you think about this case? Let us know in the comments section below. View the full article

Paypal is reportedly working on a stablecoin backed by the U.S. dollar to expand its cryptocurrency offerings. “We will, of course, work closely with relevant regulators,” the company stressed. Paypal Is Exploring Launching Its Own USD-Backed Stablecoin Paypal Holdings Inc. is reportedly exploring the launch of its own stablecoin backed by the U.S. dollar as part of the company’s cryptocurrency push, Bloomberg reported Friday. Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at Paypal, confirmed to the publication: We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators. The evidence of Paypal’s stablecoin was first spotted by developer Steve Moser, who shared his findings with the news outlet. He noticed hidden code and images in Paypal’s app showing work on “Paypal coin” that is backed by the U.S. dollar. A Paypal spokeswoman explained that the images and code inside the Paypal app are from a recent internal hackathon. This means the final logo, name, and features of the stablecoin could be different from what’s currently shown in the code. Fernandez da Ponte recently said on the Unchained podcast that Paypal has “not yet seen a stablecoin out there that is purpose-built for payments,” the publication conveyed. Noting that a stablecoin would need to support payments at scale and have security for the payments giant’s use, he opined: There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space. What do you think about Paypal launching its own stablecoin? Let us know in the comments section below. View the full article

Veteran trader Peter Brandt has shared “a sacred trading rule” he uses in response to a comment about buying bitcoin as the price of the cryptocurrency continues to fall. “Never add to a losing trade,” he affirmed. Peter Brandt Offers Trading Advice Veteran trader Peter Brandt has a trading suggestion for anyone considering buying the dip. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar. Replying to a comment on Twitter stating that there may be additional opportunities for long-term hodlers to buy even cheaper bitcoin in the coming months, Brandt wrote: A sacred trading rule I have used is never add to a losing trade. He explained in a tweet that people were saying the same thing about silver futures in 1980 after it topped $50. “lt then sank to a low of $3.65 and did not start back up for 24 years,” he stressed. The trader clarified, however, that he is not predicting that bitcoin will follow the same path. The price of bitcoin has fallen significantly this week, losing over 10% in the past seven days. At the time of writing, the price is $41,657.45 based on data from Bitcoin.com Markets. Brandt commented on bitcoin’s violation of the parabolic advance on the Bitcoin Live discussion Thursday. However, he tweeted Friday: “I saw the violation of the parabolic advance and commented on it in real time to members of Bitcoin Live in real time, but in hindsight, I might not have taken the event seriously enough. We’ll see.” He followed up with another tweet. Noting that “Some view predictions as a ‘one-and-done’ event. I am [a] student of Bayesian probability. Predictions and analysis must always morph relative to the events of the time,” he concluded: When circumstances change, predictions must change. The parabola might not be the driving force in BTC. What do you think of Peter Brandt’s advice? Let us know in the comments section below. View the full article

Investors from Pakistan have become victims of a massive fraud using cryptocurrency. The country’s main law enforcement agency has issued a notice to crypto exchange Binance in relation to the scam which resulted in the loss of $100 million dollars for Pakistanis, media reports revealed. Fraudsters Lure Pakistanis to Invest in Cryptocurrency Through Binance Pakistan’s Federal Investigation Agency (FIA) has uncovered a crypto investment scam that has allegedly cost Pakistani citizens some 17.7 billion rupees (around $100 million). Providing details on the case, Imran Riaz, director of the FIA cybercrime wing, said on Friday that the organizers used cryptocurrency. Quoted by local media, Riaz announced: We launched a probe after receiving complaints regarding a fraud involving billions of rupees being committed using nine online applications. The fraudsters employed mobile apps offering Pakistanis crypto investment opportunities and people sent between $100 and $80,000, or an average of $2,000 per person. Investors were urged to register at Binance, the world’s leading crypto exchange, and transfer the money from the Binance wallet to accounts linked to the applications. On Dec. 20, authorities were contacted by many users who complained that around a dozen apps had suddenly stopped working. “During the inquiry, it was found that the fraudulent accounts of different applications, namely, MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91fp, TASKTOK, were linked with Binance wallets,” officials detailed. Each had an average of 5,000 customers. The FIA has issued a notice to Hamza Khan, identified as Binance’s representative for Pakistan, and summoned him to appear in person on Jan. 10. “The FIA Cyber Crime Sindh has issued order of attendance to Hamza Khan, General Manager/ Growth Analyst at Binance Pakistan (Crypto Currency Exchange) to explain his position on the linkage of fraudulent online investment mobile applications with Binance,” the FIA said, quoted by the Express Tribune and other news outlets. “A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,” the agency added in a press release. Authorities to Keep Close Eye on Pakistani Crypto Transactions The FIA claims that it has identified 26 wallet addresses at Binance used to transfer the money. “A letter has been written to Binance Holdings Limited to give the details of these blockchain wallet accounts as well as to debit block them,” the agency stated, adding it had also requested supporting documentation and information about the apps’ integration with the coin trading platform. Noting that Binance is the “largest unregulated virtual currency exchange” where Pakistanis have invested millions of dollars, the FIA warns that in case of non-compliance, its cybercrime unit could recommend the State Bank of Pakistan (SBP) impose financial penalties. It has now started to closely monitor transactions made by Pakistanis on the exchange. Law enforcement officials are also reaching out to the popular messaging app Telegram as members of the scheme were added to various groups spreading signals on the price fluctuations of bitcoin. The FIA is serving legal notices to social media influencers who have been promoting the apps and taking steps to block all bank accounts linked to the scam. In December, the Federal Investigation Agency froze over 1,000 bank accounts and cards used by crypto traders from Pakistan. The purchase and sale of cryptocurrencies is still prohibited in the country as per a circular issued by the SBP in April 2018. Despite the ban, a recent report revealed that Pakistanis have invested $20 Billion in crypto assets. Calls have been mounting for the government to regulate related transactions. Do you expect Pakistan to further restrict crypto investments and trading after this fraud case? Let us know in the comments section below. View the full article

Members of the U.S. Federal Reserve are getting criticized this week after the central bank published its minutes report from the policy meeting on December 14-15. Following the update, the outgoing vice chair of the Federal Reserve’s trading activities has reignited ethics conversations. Richard Clarida’s Trades Under Scrutiny The U.S. central bank can shake up markets and this was seen earlier this week when the Federal Reserve published last month’s policy meeting update which indicated the Fed’s plans to raise rates and cut back quantitive easing (QE). Not too long after, the New York Times (NYT) published a new disclosure report concerning the outgoing vice chair of the Federal Reserve, Richard Clarida. NYT author Jeanna Smialek wrote that “corrected disclosures show that Vice Chair Richard H. Clarida sold a stock fund, then swiftly repurchased it before a big Fed announcement.” The reporter further added that “Clarida, the departing vice chair of the Federal Reserve, failed to initially disclose the extent of a financial transaction he made in early 2020 as the Fed was preparing to swoop in and rescue markets amid the unfolding pandemic.” Trades Executed by Kaplan and Powell Criticized in the Past, Former Obama Administration Ethics Official Calls Clarida’s Trades ‘Peculiar’ It’s not the first time members of the U.S. central bank have been criticized for their trades. Last September, the Wall Street Journal (WSJ) published an article that revealed Dallas Fed president Robert Kaplan “made multiple million-dollar-plus stock trades in 2020, according to a financial disclosure form provided by his bank.” The controversy pushed Federal Reserve chairman Jerome Powell to direct his staff to start an ethics inquiry into the financial activities of Fed members. Smialek’s report shows that Clarida’s trades are described as “rebalancing” and Clarida called the discrepancies “inadvertent errors.” Peter Conti-Brown, a Fed historian at the University of Pennsylvania told Smialek that the issue with Fed members is “deeply problematic.” Norman Eisen, an ethics official for the Obama administration told the NYT reporter that it was “peculiar.” “It’s fair to ask — in what respect does this constitute a rebalancing?” Eisen further remarked. Fed members are being scrutinized a great deal for the trades they did prior to the advancement of Covid-19-related monetary easing policies. Clarida’s trades, in particular, were reportedly settled the day before Powell announced the Fed’s emergency measures to help bolster the economy. The Fed member’s alleged trades have caused politicians like Senator Elizabeth Warren (D-Mass.) to call on the Securities and Exchange Commission (SEC) to investigate the ethical issues. What do you think about the Federal Reserve members getting scrutinized and criticized this week for their stock trades? Let us know what you think about this subject in the comments section below. View the full article

This week Google Trends shows that the acronym NFT, which stands for non-fungible token, has reached a score of 100, the highest score a search query can get from the data analytics aggregator. Meanwhile, statistics indicate that during the last 30 days across ten different blockchains, there’s been $2.73 billion in NFT sales. NFT Monthly Volume Sees Close to $3 Billion in Sales — Axie Infinity, Clonex, MAYC Sales Reign While the crypto economy has seen a downturn, it’s too early to say whether or not it’s affecting NFT sales. However, monthly statistics show that across ten different blockchain networks including Ethereum, Ronin, Solana, Flow, Polygon, and more, there’s been $2.73 billion in NFT sales. The collection with the most sales stemmed from the Ronin chain or the Axie Infinity blockchain video game NFT compilation. Over the last 30 days, metrics indicate Axie Infinity saw $219.5 million in sales. Month-over-month, Axie Infinity sales are down 66.51%. The NFT collection Clonex pulled down $212 million over the last month according to cryptoslam.io metrics and Mutant Ape Yacht Club (MAYC) did $209.1 million in sales. MAYC was followed by Bored Ape Yacht Club (BAYC) with $196.2 million in 30-day sales. The BAYC collection is followed by Cryptopunks ($144M), The Sandbox ($90M), Doodles ($85M), Prime Ape Planet ($76.4M), RTFKT Clonex Mintvial ($66M), and Adidas Originals ($60.2M). Ethereum NFT Sales Rule the Roost, Cryptopunk #4156 Sells for $10.2 Million Out of the top 20 NFT collections in terms of sales, the biggest gainers include the Solana NFT collection Shadowy Super Coder, up 170.46% this month, Bored Ape Chemistry Club, up 212.60%, and ​​Bored Ape Kennel Club, up 159.19%. Notable collections during the last 30 days in the top 20 include Doodles (+72.50%), RTFKT Clonex Mintvial (+72.83%), and NBA Top Shot (+87.85%). The NFT collection Wolf Game lost 81.02%, Farmers World shed 89.51%, and Neo Tokyo Identities lost 53.05% this past month. The top blockchain in terms of NFT sales this month is Ethereum (ETH) with $2.3 billion in sales. ETH is followed by Ronin, with $219 million in sales, and Solana captured $109 million in sales this past month. ETH sales increased 34.41% and Flow sales spiked 87.33%, while the blockchain Polygon’s NFT sales jumped 98.93%. While Ronin sales are down 66.51%, cryptoslam.io stats indicate Solana sales are down 10.31%, Wax blockchain sales slipped 85.07%, and Theta chain NFT sales are down 90.31%. The most expensive sale this month was Cryptopunk #4156 for $10.2 million and three Mega NFTs sold for between $3.6 million and $5.6 million in ether. Cryptopunk #2681 sold for $3.07 million and Meka #2194 went for $1.8 million this month. The Meka NFT was followed by BAYC #3562 for $1.6 million, Cryptopunk #9953 for $1.57 million, and Cryptopunk #2964 for $1.5 million. What do you think about the NFT sales during the last 30 days? Let us know what you think about this subject in the comments section below. View the full article

Four days ago, the total value locked (TVL) in decentralized finance (defi) was coasting along at $255.84 billion and since then, the TVL has dropped ​​8.55% in value. During the last 24 hours, the TVL has slid 2.80%, and Curve’s $23 billion locked today represents 9.84% dominance. Value Locked in Defi Takes a Hit, TVL Down 2.8% in 24 Hours Since digital currency markets have been dropping in value during the last few days, the value locked in decentralized finance has slipped as well. In four days, the TVL in defi dropped 8.55% from $255.84 billion to today’s $233.95 billion. Curve Finance holds the largest TVL today and is dominant by more than 9.84% with $23 billion locked. This is followed by Convex Finance, Makerdao, Aave, WBTC, and Instadapp, respectively. The biggest seven-day drop in terms of a defi protocol’s TVL in the top ten protocols is Lido, which lost 14.03% this week. The decentralized exchange (dex) Uniswap lost 9.44% this week and WBTC shed 7.63% due to bitcoin’s (BTC) downward price drop. Ethereum still holds the most TVL in defi as far as blockchains are concerned with $147.9 billion on Saturday. Ethereum’s TVL represents 58.18% of the aggregate TVL in defi today. Ethereum is followed by Terra ($16.61B), Binance Smart Chain ($15.33B), Avalanche ($10.93B), Solana ($10.03B), and Fantom ($5.67B) respectively. 30-day statistics for cross-chain bridges today show the TVL has slipped 10.4%. The top cross-chain bridge with the most TVL on Saturday is Polygon’s TVL with $6.1 billion. This is followed by Avalanche ($5.4B), Ronin ($4.9B), and Arbitrum ($2.8B). The top six performing smart contract crypto assets during the last seven days include fuse (FUSE), cypherium (CPH), noah decentralized state coin (NOAHP), harmony (ONE), internet computer (ICP), and chainlink (LINK), respectively. The six worst-performing smart contract crypto assets this week include poa network (POA), gather (GTH), dusk network (DUSK), kadena (KDA), enigma (ENG), and oneledger (OLT). What do you think about the recent defi action this past week? Let us know what you think about this subject in the comments section below. View the full article

A group of investors in Africrypt are reportedly pushing to have criminal charges pressed against directors of the now-defunct cryptocurrency investment platform. Opponents of the move have argued that this push is unlikely to succeed because many of the investors have already been reimbursed part of their funds. Mystery Investor Injects More Than $5 Million Into Africrypt In a new twist to the Africrypt saga, a group of investors in the collapsed cryptocurrency investment platform is reportedly taking steps to ensure criminal charges are leveled against the firm’s two missing directors. The move by these investors comes just a few weeks after a mystery investor paid more than $5 million to rescue Africrypt. According to a Bloomberg report, this group of investors wants the matter resolved quickly and has raised the possibility of pursuing the case via a private prosecution. These investors are being represented by Sean Pierce of Coast to Coast Special Investigations. In an interview, Pierce explains why the investors want criminal charges pressed against the crypto platform’s two directors, Raees and Ameer Cajee. He said: We are pushing for the brothers to be charged for fraud, theft, possibly money laundering. They can get 10 to 15 years for a first-time offense. Criminal Charges However, some — including a lawyer that is representing Africrypt — have suggested that the push to have the Cajee brothers criminally charged is unlikely to succeed. They argue an arrangement that a majority of investors agreed to before being reimbursed effectively gives control of all their claims against Afrcrypt to the mystery investor. As previously reported by Bitcoin.com News, a majority of Africrypt investors had agreed to the terms proposed by Pennython Project Management LLC, a Dubai registered firm. Under the proposal, investors would be paid an equivalent of 65 cents for every dollar invested. Although Pierce is quoted in the report admitting that some of the investors he represents were indeed reimbursed, he insisted, however, that investors “are still pushing forward with the criminal case as there is still money lost.” Do you think these investors will succeed in their bid to have the Africrypt directors jailed? Tell us what you think in the comments section below. View the full article

Johann Steynberg, the wanted CEO of Mirror Trading International was recently arrested by Brazilian law enforcement after he was caught using a fake document. The arrest, which took place in the country’s Goiás province, was carried out by the Brazilian military police. Fake IDs, Laptops, and Credit Cards Seized Johann Steynberg, the CEO of Mirror Trading International (MTI), a bitcoin Ponzi scheme, was recently arrested by Brazilian law enforcement after he was caught using a false document, reports from the South American country have said. Following the arrest, credit cards, laptops, and fake identification were also seized. As per several Portuguese language reports, Steynberg, who is on Interpol’s wanted list, was apprehended in the Goiás province by members of an elite unit within Brazil’s military police. In a statement confirming the arrest, the Brazilian military police also shared details of the steps taken before the decision to capture Steynberg was made. The statement explains: After an intense work of identification and follow-up, and with the help of information passed on by the Federal Police, it was possible to identify and approach the suspect, who presented a false document at the time of the approach. Steynberg Fined for Using False Document On top of being arrested for his role as the key mastermind behind the MTI bitcoin Ponzi scheme, the Brazilian military police said Steynberg must also pay a fine relating to his use of a false document. As previously reported by Bitcoin.com News, Steynberg disappeared in late December 2020 when reports emerged that several MTI investors were unable to withdraw their funds. Shortly after his disappearance, a South African court ruled that MTI had to be placed under provisional liquidation. However, since then, other masterminds of MTI — which was named the biggest bitcoin scam in 2020 — have waged a battle to stall the process of liquidating the collapsed company. Meanwhile, a court ruling on a petition that seeks to have MTI declared an illegal business is still pending. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article