The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is among that list and investors are on the fence about whether the token has strong enough fundamentals to warrant buying SOL at its current value. Data …
Monthly archives: June 2022
CFTC brings $1.7B fraud case involving Bitcoin against South African national
The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its “largest fraudulent scheme involving Bitcoin.” In a Thursday announcement, the CFTC said it had filed a civil enforcement action in federal court for fraud and registration violations against Cornelius Johannes …
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Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism
In its latest financial stability report published on Thursday, the Reserve Bank of India, or RBI, reiterated its skepticism of digital assets, writing: “We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated …
Reporting ‘limited progress,’ FATF urges countries to introduce legislation for travel rule
The Financial Action Task Force (FATF) reported that 11 out of 98 responding jurisdictions have started enforcing its standards on Combating the Financing of Terrorism, or CFT, and Anti-Money Laundering, or AML. In an update released Thursday on the “Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers,” the FATF reported …
Deutsche Bank believes Bitcoin could see $28K by year end
Deutsche Bank analysts Marion Laboure and Galina Pozdnyakova predict that Bitcoin could see $28,000 by the end of 2022 because it has been closely trading with U.S. stocks. Cryptocurrencies have been growing more and more similar in terms of market sentiment, especially to Nasdaq 100 and S&P 500, since November 2021. Analysts Labourse and Pozdnyakova …
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Coinbase plans European expansion as crypto downturn continues
Crypto exchange Coinbase plans to expand its operations in Europe and is actively registering in key European countries, including Italy, Spain, France, and the Netherlands, Bloomberg News reported June 29. On June 13, the firm said it would cut 1,100 U.S. workers, representing 18% of its workforce, citing the importance of staying lean during recessionary …
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Three Arrows Capital gets a slap on the wrist from Singapore financial watchdog
Singapore’s financial regulator has reprimanded three Arrows Capital (3AC) for providing false information about its operations in the country. The Monetary Authority of Singapore (MAS) said that 3AC exceeded the threshold for how many assets under management (AuM) an investment fund in the country can have. According to the official statement from MAS, 3AC has …
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Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application
Bitcoin (BTC) fell below $20,000 after the SEC rejected Grayscale’s application to turn its Bitcoin trust into a spot Bitcoin ETF. BTC was trading at $18,934 at its lowest following the news but has since marked a small recovery and was trading at $19,047 as of press time, according to CryptoSlate data. Source: TradingView SEC rejects Grayscale and …
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OpenSea experiences email data breach, warns users of phishing scams
OpenSea, the world’s largest NFT marketplace, suffered an email data breach that would affect the majority of its customers. An employee of Customer.io, an email vendor contracted by OpenSea, reportedly misused their access to download and share email addresses with an unauthorized external party. The company said that the email addresses users and newsletter subscribers …
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CoinFlex backtracks on resuming withdrawals
CoinFlex will likely not resume withdrawals for its users on June 30, CNBC reported, citing the exchange’s CEO Mark Lamb. Lamb said that the crypto derivatives exchange would not be resuming withdrawals on June 30 and needs more time, according to the report. According to Lamb, We will need more time. And it’s unlikely that …
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North Korea’s Lazarus Group linked to $100M Harmony exploit
Notorious North Korean hacker group Lazarus is likely behind the recent exploit of Harmony horizon bridge, leading to the loss of $100 million, says Elliptics. In its report on the hack, the blockchain analytics firm said the strategies employed for the attack are similar to those used for the Ronin Bridge exploit a few months …
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EU Agreement Reached on Anti-money Laundering Rules for Cryptocurrencies
European institutions have reached an interim consensus on a set of EU regulations that will burden crypto companies with the obligation to help prevent money laundering, among other illicit activities potentially involving digital assets. The progress comes as the Union seeks to comprehensively regulate the continent’s cryptocurrency market. EU Officials and Lawmakers Agree on AML …
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Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection
Grayscale Investments, the world’s largest digital currency asset manager, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s decision to reject its application to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF). Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application Grayscale Investments …
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Russia’s Financial Watchdog Investigates 400 Crypto-Related Cases, Director Tells Putin
Rosfinmonitoring is conducting hundreds of investigations into cases involving cryptocurrencies, the head of the agency announced. Hundreds of thousands of Russians take part in crypto deals abroad, the top regulator also reported to the Russian president. Russian Authorities Initiate 20 Criminal Cases Linked to Crypto Assets The Federal Financial Monitoring Service of the Russian Federation, …
Can Xchange Monster (MXCH) Become Crypto Giants Like Binance Coin (BNB) and Cardano (ADA)?
press release PRESS RELEASE. The cryptocurrency industry has certainly become oversaturated with hundreds of crypto projects being established everyday with many of them failing before ever reaching any significant milestone. The mass success of the industry has led to many believing they can achieve that very same amount of success despite not putting in as …