Coinbase’s director of product strategy and business operations, Conor Grogan, revealed that billions of dollars worth of Ether had been permanently lost due to bugs and human errors. The director noted that mistakes and glitches were the cause of losing 636,000 ETH or $1.15 billion on the Ethereum blockchain. Gone With No Recovery According to…
The Republican U.S. Senator, Cynthia Lummis, representing Wyoming, revealed at a recent crypto event in Washington D.C. that the U.S. is losing out on the crypto space. Dubbed “Crypto Queen,” Lummis disclosed that she bought her first Bitcoin in 2013 and wished she had bought more of the token. Supporting Crypto Regulation It is not…
Binance has recently come under increasing regulatory scrutiny from various countries worldwide due to allegations of regulatory violations. This has led some nations to impose restrictions or outright bans on the exchange’s services. These regulatory concerns stem from money laundering, market manipulation, and other illegal financial activities. In February, the United States Securities and Exchange…
Deribit, a cryptocurrency derivatives exchange, is set to introduce Bitcoin volatility futures, providing investors with a means of assessing and engaging in trading the BTC market. Deribit’s New Product Allows Investors To Trade BTC Deribit’s BTC DVOL futures is a derivative contract based on the Deribit BTC Volatility Index. The index evaluates the implied volatility…
The U.S. banking system is currently in turmoil, with several banks struggling to stay afloat and others facing unprecedented financial difficulty. Banks are closing, mergers are happening, and bailouts are becoming the norm. It is an alarming situation and one that is causing serious concern within the banking industry, particularly concerning the long-term implications for…
In a new memo delivered to the House Committee about Financial Services, the Republicans admit that the digital asset market is a flourishing trillion-dollar domain. Part of the memo reads, “The current market value of digital assets is estimated to be over $1.05 trillion, out of which Ether and Bitcoin contribute to roughly 60% of…
According to reports, Meta Platforms Inc, the parent company of Facebook, may soon release its decentralized social network, P92, which would compete directly with Twitter Inc, a company Elon Musk bought last year. According to sources familiar with the matter, the upcoming launch will support ActivityPub, a decentralized social networking protocol used by Mastodon, a…
Binance, which many regards as a leading cryptocurrency exchange, has recently taken a bold step in the fight against the rising tide of crypto-related scams. In a commendable move, the exchange has joined forces with law enforcement agencies from around the world to launch its Joint Anti-Scam Campaign. The campaign, which has already yielded impressive…
Dubai’s daring roadmap has taken on an impressive array of ventures aimed at attracting companies seeking to navigate the regulatory landscape with ease. The crypto sphere in Dubai is abuzz with excitement, as the emirate has at last disclosed its comprehensive regulatory framework. The framework provides a definitive licensing system for digital asset issuers and…
Alchemy Pay has recently shared an update in regard to the expansion of its operational reach. The cryptocurrency gateway has confirmed that it has acquired an operational license in a new country. Permission to Enter Indonesia As confirmed by the company officials, they now have access to the Indonesian market. They have reportedly gained access…
The enforcement action taken against the crypto exchange Kraken by the Securities and Exchange Commission (SEC) in the previous week has thrown the future of the practice of crypto staking in doubt. Coinbase, the crypto exchange based in the US, is prepared to launch its own crypto staking services after the incident. The CEO On…
IMF’s Take on Bitcoin Tender Adopted in El Salvador International Monetary Fund (IMF) issued a comprehensive mission statement on 10th February 2023 on Bitcoin’s adoption as a ‘Legal Tender’ by El Salvador. In this connection, a delegation of IMF visited El Salvador for a week-long consultation on the subject of 2023 Article IV. The consultation…
According to data from CoinGecko, Bitcoin was under pressure once more on Thursday morning, as the leading crypto sank to a low of four weeks at $22,408 briefly. But, it had climbed back up once more at the time of writing to a value of $22,715, still below the $23,000 mark. Price action This latest…
Leading operators conducted a survey, which revealed that the past year has seen Russian crypto mining facilities expand their capacity, even though sanctions have been imposed and the market is facing a downturn. The major factors that have contributed to this trend are the increased interest from domestic users and the decline in the prices…
On Wednesday, US District Judge Lewis Kaplan ordered that Sam Bankman-Fried was no longer permitted to use encrypted communications with employees of FTX and Alameda Research. The restrictions came after prosecutors had claimed on Friday that the co-founder of FTX and Alameda had used Signal, an encrypted messaging platform, earlier this month to reach out…
On Wednesday, Senator Elizabeth Warren had some strong words to say regarding the crypto industry, as she called on the SEC to take more action in countering crypto fraud. The Massachusetts Senator delivered the prepared remarks to the American Economic Liberties project and said that a strong Securities and Exchange Commission (SEC) was the biggest…
Cornerstone Research, a consulting firm, recently released a report showing that a record number of enforcement actions related to crypto were brought by the US Securities and Exchange Commission (SEC) last year. The report discovered that during the course of 2022, a total of 30 enforcement actions had been brought by the SEC. Enforcement actions…
Central bankers are scheduled to begin testing the digital euro this year, which has prompted EU finance ministers to demand that it offer both transparency and privacy. The idea of a digital euro had first been introduced back in October 2020 and the European Central Bank (ECB) is spearheading its development. In 2021, the ECB…
SEC Initiates Enforcement Action against Fraudulent Crypto Investment Scheme In 2018, a crypto scheme called “Coindeal” surfaced which was originally launched by a person named Neil Chandran. Amongst the promoters of the scheme were notable individuals Linda Knott, Garry Davidson, and Michael Glaspie. The scheme was found to be nothing but a fraud i.e. another…
Federal prosecutors have been investigating the largest crypto exchange in the world, Binance, for about four years now. However, the exchange’s close proximity to the now-defunct crypto exchange FTX, has prompted them to ask for new information in the said investigation. The investigation In the last couple of months, financial firms have been contacted by…
