Connect with us

Published

on

According to JPMorgan analysts, the overall increase in the market value of stablecoins is a positive development, but Tether’s dominance in this increase raises concerns.

According to the report, Tether’s concentration due to its regulatory non-compliance and lack of transparency creates a negative situation for the stablecoin universe and the crypto ecosystem.

Stablecoin issuers around the world are exposed to increasing regulatory risks. The pending approval of the Clarity for Payment Stablecoins Act in the US and the Markets in Crypto Assets (MiCA) regulation, which is expected to be partially implemented in Europe in June 2024, may result in an advantage for issuers that comply with these rules.

Tether CEO Paolo Ardoino opposed the criticism and stated that he found the JPMorgan report contradictory. According to analysts, Circle, the issuer of the USDC stablecoin, is preparing for regulations by applying for an IPO.

The expansion of stablecoins connects traditional finance with the crypto world, bringing more money into the crypto space and increasing the stability of the financial system.

Tether

SIM swap attackers linked to FTX’s $400 million Hack are on trial in the US

US prosecutors have linked Robert Powell, Carter Rohn and Emily Hernandez to the $400 million FTX hack in 2022, accusing them of staging SIM swap attacks.

This attack took place just hours after FTX filed for bankruptcy. According to the court file on January 24, these people stole the identities of 50 people and carried out SIM swap attacks on telecom providers by transferring numbers to their phones with these identities.

It is stated that in an attack dated November 11-12, 2022 against a company called “Victim Company-1”, Hernandez accessed Powell’s AT&T account, logged into the company accounts and transferred “over $400 million of virtual money” from crypto wallets.

According to a Feb. 1 Elliptic blog post, there are suspicions that FTX is calling this incident “Victim Company-1.” Just a few hours after filing for bankruptcy, $400 million worth of unauthorized transactions took place in FTX wallets. Powell, Rohn and Hernandez are charged with wire fraud conspiracy and identity theft.

Tether

The US Energy Information Administration is examining cryptocurrency mining and electricity use.

The U.S. Energy Information Administration (EIA) will begin collecting data labeled “emergency” to investigate cryptocurrency miners’ electricity use. The EIA plans to seek public input on the energy use of crypto miners in the country, citing the recent rise in Bitcoin price as an urgent reason.

EIA aims to measure the electricity resources used, especially by analyzing the effects of cryptocurrency mining demand on energy and examining growth in geographical areas. Stating that the increase in electricity demand was further encouraged by the rise in Bitcoin price, EIA stated that the cold climate conditions of the USA increased the demand for electricity.

Riot Platforms’ Vice President of Research, Pierre Rochard, disagreed with the EIA’s assessment and cited a report containing the impact of cryptocurrency mining on power grids.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto

Bitcoin Exceeds $1 Trillion Market Cap

The total value of the cryptocurrency market reached 1.89 trillion dollars with the rise in the market; Bitcoin’s market value increased to $1.02 trillion and Ethereum’s market value increased to $334 billion.

Published

on

The total value of the cryptocurrency market reached 1.89 trillion dollars with the rise in the market; Bitcoin’s market value increased to $1.02 trillion and Ethereum’s market value increased to $334 billion.

With court order, Genesis may sell $1.3 billion worth of shares in Grayscale’s GBTC fund

Court, allowed Genesis Global Holdco LLC to sell 35 million shares in Grayscale’s GBTC fund for $1.3 billion. Judge Sean Lane announced that Genesis could convert these shares into Bitcoin or cash. Genesis, a subsidiary of Digital Currency Group (DCG), also plans to sell 11 million shares in its Grayscale Ethereum Trusts fund for over $200 million. DCG attempted to delay the sale before the court approved the debt payment plan. DCG stated that it was not against the sale, but that the sale could happen early if the court plan was rejected.

Big Bitcoin transfer

Popular Layer 2 solution Starknet announces STRK token distribution plan to 1.3 million wallets

Starknet Foundation announced its plan to distribute STRK tokens to approximately 1.3 million wallets. Owners of these wallets, including early dapp users and network contributors, will receive rewards. Distribution will begin on February 20 and users will be able to request it until June 20. A total of 700 million STRK tokens will be distributed, accounting for 7% of the total supply. STRK Token aims to make STARK-based scaling more decentralized. The Foundation wants to encourage community participation in the management of the network.

DeFi lender Moonwell offers USDC lending across Ethereum

The Moonwell platform now lets you lend and borrow USDC coins from different Ethereum networks in one place, thanks to its USDC Anywhere tool. Moonwell can detect USDC in users’ wallets and transfer them to the Moonwell platform. In this way, USDC usage is facilitated within the entire Ethereum ecosystem without the need for manual transfers between wallets and networks. Bitcoin Exceeds $1 Trillion Market Cap.

Continue Reading

Crypto

Bitcoin hits new resistance level before $52,000

Bitcoin is trading at $48,200 with a 13% increase since last week, while Ethereum is trading at $2,500 with a 10% increase.

Published

on

Bitcoin is trading at $48,200 with a 13% increase since last week, while Ethereum is trading at $2,500 with a 10% increase.

Bitcoin ETFs reached $10 billion in asset management volume in a month after approval. Nine ETFs stood out with net inflows of $2.7 billion on Jan. 9, led by BlackRock’s iShares Bitcoin Trust.

Fidelity’s Wise Origin Bitcoin Fund manages $3.4 billion worth of BTC. ARK 21Shares Bitcoin ETF has achieved billion-dollar success with its $1 billion portfolio. Grayscale Bitcoin Trust has experienced an outflow of $6.3 billion in the last 30 days.

Bitcoin’s price consolidated above technical support levels in January, gaining 0.6% to $42,585, according to analysis from ARK Invest. ARK Invest believes that Bitcoin is replacing gold and its role in financial markets is increasing.

According to the analysis, the price of Bitcoin has increased twentyfold in the last 7 years compared to gold. The asset manager predicts that Bitcoin will remain resilient if inflation decreases and real interest rates rise.

Bitcoin step of the giant company

FTX plans to sell Digital Custody for $500 thousand during bankruptcy process

FTX plans to sell its Digital Custody (DC) company, which is in bankruptcy process, to CoinList for $10 million to $500 thousand. Although FTX acquired DC for FTX US and LedgerX, it went bankrupt before the integration was completed.

The company attributes the reason for selling DC to the fact that FTX US has not yet been launched and DC is no longer valuable. The prominent offer for the sale came from CoinList, funded by Terence Culver.

FTX emphasizes that it is pursuing a restructuring plan focused on full payment to customers. However, users oppose the company’s valuation of cryptocurrency deposits at 2022 prices and demand intervention.

Ethereum gas fees reach 8-month high

Ethereum Gas fees on the network have reached an eight-month high amid a burst of interest around a new, unofficial token standard called ERC-404.

On February 9, Ethereum gas prices rose as high as 70 gwei ($60) for a standard transaction. ERC-404 refers to an experimental standard that aims to connect ERC-721 NFTs to ERC-20 tokens.

This wave, initiated by the Pandora project, brought over $600 million in transaction volume and over 6,100% gains in the last 6 days. While the increase in Ethereum gas fees with the popularity of ERC-404 draws attention, the developers of the project state that they focus on reducing gas costs.

Legal warning

The investment information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are offered individually, taking into account people’s risk and return preferences. The content, comments and recommendations contained herein are of a general nature and are not guiding in any way. These recommendations may not suit your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results that meet your expectations.

Continue Reading

Crypto

Criminals Are Increasingly Turning to Crypto Assets

According to the report published by the US Treasury Department, criminals and fraudsters are increasingly turning to crypto assets. The 2024 National Risk Assessments Report highlights the threats of illicit financial activities in the United States.

Published

on

According to the report published by the US Treasury Department, criminals and fraudsters are increasingly turning to crypto assets. The 2024 National Risk Assessments Report highlights the threats of illicit financial activities in the United States.

To the report According to reports, malicious actors are laundering illicit funds using cryptocurrencies as well as cash. The Treasury plans to share a strategic plan with solution suggestions soon.

The money laundering report noted that although the proceeds from the drug trade were cash-based, the use of virtual assets was a concern for US law enforcement and virtual assets were volatile but recovered in the fall of 2023.

crypto-

While it is emphasized that virtual asset service providers must comply with the regulations, it is stated that many services of decentralized finance (DeFi) do not comply with the regulations. It is stated that criminals target DeFi and online games, and online games pose unique money laundering risks.

The terrorist financing report states that terrorists have adapted to technology but also stick to the methods they know. and the content, comments and recommendations are of a general nature and are not of a guiding nature in any way. These recommendations may not suit your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results that meet your expectations.

Both verbal and visual cryptocurrency information within the scope of this report that you have accessed has been compiled in good faith from the first accessible sources and for the sole purpose of obtaining information without creating any guarantee or warranty regarding its accuracy, validity, effectiveness, in short, as a basis for any decision in any form or manner. .

Continue Reading

Trending

Copyright © 2022 RAZORU NEWS.
Project by V