Crypto News
Ripple Unveils Plans to Launch USD-Pegged Stablecoin on XRP Ledger
Ripple, the enterprise-focused blockchain service, has announced its intention to introduce a new stablecoin pegged to the U.S. dollar later this year. The stablecoin will initially be deployed on the XRP Ledger and the Ethereum blockchain. Key points: Ripple anticipates a clear demand for stablecoins that offer trust, stability, and utility as the stablecoin market …...
Coinbase Receives Restricted License in Canada Amid U.S. Regulatory Challenges
Coinbase achieved a significant milestone in its global expansion efforts by obtaining a registration license in Canada. Canadian Securities Administrators (CSA) has registered Coinbase as a restricted dealer, as the company recently informed CNBC. This authorization allows Coinbase to operate legally in the country and deepens its international presence as it faces regulatory hurdles in …...
Google Sues Alleged Chinese Scammers for Cryptocurrency Fraud
Alphabet Inc.’s Google has filed a lawsuit against two individuals based in China. The tech giant accused them of using the company’s platforms to distribute and advertise fraudulent cryptocurrency apps, according to Bloomberg. The lawsuit, filed in federal court in New York on Thursday morning, alleges that the defendants engaged in racketeering, violating the Racketeer …...
Coinbase Warns of Hidden Risks to Ethereum Network Stability
The rapidly growing EigenLayer protocol, spearheading the rise of restaking on the Ethereum blockchain, has the potential to become a crucial component of the ecosystem’s infrastructure. However, a recent research report by Coinbase highlights the hidden risks associated with this emerging sector. The report also points out that it could threaten the stability and security …...
U.S. Government Moves $2 Billion in Silk Road Bitcoin
The U.S. government has reportedly transferred 30,175 Silk Road Bitcoin to a wallet associated with Coinbase. The transaction, which took place late Tuesday morning, is valued at approximately $2 billion based on BTC’s current price of around $65,000 per coin. Key points: Also read: Crypto Funds Bounce Back With $862,000,000 Inflows The massive movement of …...
Crypto Funds Bounce Back with $862,000,000 Inflows
Crypto funds have experienced a significant rebound in sentiment, with inflows reaching $862 million last week. The inflow has nearly erased the previous week’s record outflows of $931 million, according to a recent report by CoinShares. The report notes that ETF activity is slowing down, with daily trading turnover now at $5.4 billion, a 36% …...
Dormant Bitcoin Wallet Transfers $35 Million Worth of BTC After 12 Years
A Bitcoin wallet that has been inactive for 11.7 years has suddenly sprung to life. The wallet has transferred its entire balance of 500 BTC, worth just under $35 million at current prices, to multiple new addresses. Key points: According to data provided by Lookonchain, a blockchain analytics platform, the wallet in question originally received …...
Solana Foundation Weighs In on Racist Meme Coin ControversyÂ
The recent proliferation of meme coins on the Solana blockchain with racist themes and offensive names has ignited a heated debate within the cryptocurrency community. During a panel discussion at the BUIDL Asia summit in Seoul, experts weighed in on the issue. They discussed whether wallet apps, decentralized exchanges, and nodes should take steps to …...
UK Judge Freezes $7.6M of Craig Wright’s Assets Amid Satoshi Nakamoto Claim Fallout
A UK judge has approved the freezing of £6 million ($7.6 million) worth of assets belonging to Craig Wright. Wright is an Australian computer scientist who claimed to be Satoshi Nakamoto, the creator of the Bitcoin network. Judge James Mellor issued the court order to stop Wright from moving his assets offshore and avoid court …...
Ethereum Co-Founder Vitalik Buterin Calls for Positive-Sum Meme Coins
In a recent blog post, Ethereum co-founder Vitalik Buterin called for a more positive approach to meme coins and crypto games. Buterin also urged developers to create projects that contribute positively to the ecosystem and the world at large. Buterin’s post comes amidst growing concerns about the rise of meme coins, particularly on the Solana …...
Detained Binance Executive Sues Nigerian Authorities
Tigran Gambaryan, a detained executive from the global cryptocurrency exchange Binance, has filed a lawsuit against Nigeria’s National Security Adviser and the Economic and Financial Crimes Commission (EFCC). Gambaryan accused the government of allegedly violating his basic human rights. Local sources state that Gambaryan’s move alleges violations of the Nigerian constitution in relation to his …...
US and UK Investigate $20B USDT Transactions Linked to Russia’s Garantex
The US and the UK are currently reviewing more than $20 billion worth of USDT transactions that have passed through Garantex, a Russia-based crypto exchange, according to Bloomberg. This investigation is part of the ongoing efforts by the allies to clamp down on sanctions evasion that has been supporting Russian President Vladimir Putin’s war in …...
$336.3M Lost in Crypto Hacks and Fraud in Q1 2024: Immunefi
In a recent report, Immunefi, a leading web3 bug bounty and security services platform, stated that the crypto ecosystem experienced a 23.1% decrease in losses during the first quarter of 2024 compared to the same period in 2023. Despite this decline, the report highlights that the industry still lost $336.3 million to hacks and fraud …...
Sam Bankman-Fried Sentenced to 25 Years in Prison for FTX Fraud
Sam Bankman-Fried, the disgraced founder and former CEO of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison by a Manhattan court. The sentencing comes after Bankman-Fried’s conviction in November on seven counts of fraud and conspiracy related to the operation and subsequent collapse of FTX. The collapse of FTX resulted in the …...
Nexo Introduces Free, Instant Crypto Transfers via Email And Phone
Nexo has announced a new feature that allows users to send and receive cryptocurrencies and stablecoins between accounts instantly and without fees. This addition to the platform enables individuals to transfer crypto by simply entering the recipient’s Nexo platform-registered email or phone number, facilitating seamless peer-to-peer (P2P) transactions. Read more: Dutch Prosecutors Recommend 64-Month Jail …...
UK Cracks Down on Crypto Memes and Social Media Influencers
The UK Financial Conduct Authority (FCA) has released finalized guidance that brings social media influencers and crypto memes under the radar of the country’s financial promotion rules. The move comes as part of the regulator’s efforts to combat the rise in financial scams and misleading advertisements, particularly in the crypto sector. Key highlights: Published on …...
Dutch Prosecutors Recommend 64-Month Jail Time For Tornado Cash Developer
Dutch prosecutors have recommended a 64-month jail sentence for Alexey Pertsev, a developer of Tornado Cash. The two-day trial, held in the ‘S-Hertogenbosch court in the Netherlands on Tuesday and Wednesday, centered on accusations that Pertsev had engaged in money laundering activities. Key points: Read more: Tether (USDT) Leads Cryptocurrencies In Illegal Transactions: TRM Labs …...
Tether (USDT) Leads Cryptocurrencies in Illegal Transactions: TRM Labs
A recent report by blockchain analytics firm TRM Labs sheds light on the state of illicit activity within the cryptocurrency ecosystem in 2023. The report, titled “The Illicit Crypto Economy,” reveals that the total amount of illicit funds in the crypto space has decreased by 9% compared to 2022. However, criminals still managed to handle …...
Judge Allows SEC’s Lawsuit Against Coinbase to Proceed, Dismisses Exchange’s Motion
In one of the most recent developments in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Coinbase, a federal judge has ruled that the SEC’s case against the cryptocurrency exchange can move forward. Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York denied …...
KuCoin Indicted for Alleged Multi-Billion Dollar Criminal Conspiracy
Global crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang, have been indicted by U.S. authorities for allegedly conspiring to operate an unlicensed money transmitting business and violating the Bank Secrecy Act. The indictment accuses KuCoin of failing to maintain adequate anti-money laundering (AML) programs and knowingly serving U.S. customers without …...
