Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals
The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called an “asset share token (AST).”
Various reports, including an editorial about the subject published by Bloomberg on Jan. 24, reveal that Celsius lawyers have detailed that the bankrupt company would like to become a publicly traded recovery corporation that could issue a debt token in order to repay creditors.
According to Celsius attorney Ross M. Kwasteniet, the plan and the new asset would be called an “Asset Share Token” (AST). More specifically, Celsius creditors who meet certain threshold requirements would be eligible to receive the AST. Reportedly, this is not the first time Celsius has thought about issuing an IOU token.
Executives allegedly floated the idea to creditors back in September 2022. Leaked audio files summarizing a Celsius IOU token idea indicated that the IOU tokens would be similar to the AST concept. Tokens would essentially represent a ratio of what customers are owed and what the firm has left on its balance sheet.
The Asset Share Token (AST) won’t give creditors full recovery and they would receive a haircut on what they are owed. According to Celsius attorney Ross M. Kwasteniet, while it may not be a complete recovery, the proposal would be beneficial to creditors looking for liquid assets. He mentioned that the AST would be readily tradable, similar to many of the crypto assets today.
The news follows New York Attorney General Letitia James filing a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius, for allegedly misleading investors. The same day, the New York-based bankruptcy court ruled that Celsius owns the rights to depositor funds.
Tuesday’s court filings further show that Celsius has been approved to process a fraction of customer withdrawals. The bankruptcy court also gave Celsius permission to distribute airdropped flare (FLR) tokens to customers who held XRP.
The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called an “asset share token (AST).”
Various reports, including an editorial about the subject published by Bloomberg on Jan. 24, reveal that Celsius lawyers have detailed that the bankrupt company would like to become a publicly traded recovery corporation that could issue a debt token in order to repay creditors.
According to Celsius attorney Ross M. Kwasteniet, the plan and the new asset would be called an “Asset Share Token” (AST). More specifically, Celsius creditors who meet certain threshold requirements would be eligible to receive the AST. Reportedly, this is not the first time Celsius has thought about issuing an IOU token.
Executives allegedly floated the idea to creditors back in September 2022. Leaked audio files summarizing a Celsius IOU token idea indicated that the IOU tokens would be similar to the AST concept. Tokens would essentially represent a ratio of what customers are owed and what the firm has left on its balance sheet.
The Asset Share Token (AST) won’t give creditors full recovery and they would receive a haircut on what they are owed. According to Celsius attorney Ross M. Kwasteniet, while it may not be a complete recovery, the proposal would be beneficial to creditors looking for liquid assets. He mentioned that the AST would be readily tradable, similar to many of the crypto assets today.
The news follows New York Attorney General Letitia James filing a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius, for allegedly misleading investors. The same day, the New York-based bankruptcy court ruled that Celsius owns the rights to depositor funds.
Tuesday’s court filings further show that Celsius has been approved to process a fraction of customer withdrawals. The bankruptcy court also gave Celsius permission to distribute airdropped flare (FLR) tokens to customers who held XRP.
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Elon Musk Reaffirms Offer to Eat Happy Meal on TV if McDonald’s Accepts Dogecoin
Tesla and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on TV if the fast food chain accepts the meme cryptocurrency dogecoin (DOGE). Musk originally made the offer a year ago but McDonald’s responded with a counteroffer at the time.
Tesla, Spacex, and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on Television if the fast food giant starts accepting payments in dogecoin (DOGE).
It has been a year since the billionaire tweeted his offer on Jan. 25, 2022. However, McDonald’s did not accept his offer at the time. “Only if Tesla accepts grimacecoin,” the Twitter account for the fast food corporation replied to him. Grimace is a fluffy, purple character who tags along with Ronald McDonald in McDonaldland commercials.
The subject came up again this week when Twitter user Dogedesigner asked Musk on Thursday whether his offer is still open. The Tesla boss replied with the 100 emoji, indicating that he still stands by his offer.
Following the interaction between the McDonald’s Twitter account and Musk in January last year, grimacecoin (GRIMACE), a crypto token that has nothing to do with either McDonald’s or Musk, was launched. At the time of writing, each grimacecoin is trading at $0.5879.
Musk, who is known in the meme crypto community as the Dogefather, has long been a supporter of dogecoin. His electric car company, Tesla, currently accepts DOGE for some merchandise, and Musk has said that Spacex will follow suit. Moreover, his Boring Company accepts DOGE payments for some rides.
The billionaire previously revealed that he personally owns bitcoin, ether, and dogecoin. He said in June last year that he will keep buying and supporting DOGE. In July, he confirmed that Tesla has not sold any DOGE, and in November, he said: “Dogecoin to the Moon.”
Tesla and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on TV if the fast food chain accepts the meme cryptocurrency dogecoin (DOGE). Musk originally made the offer a year ago but McDonald’s responded with a counteroffer at the time.
Tesla, Spacex, and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on Television if the fast food giant starts accepting payments in dogecoin (DOGE).
It has been a year since the billionaire tweeted his offer on Jan. 25, 2022. However, McDonald’s did not accept his offer at the time. “Only if Tesla accepts grimacecoin,” the Twitter account for the fast food corporation replied to him. Grimace is a fluffy, purple character who tags along with Ronald McDonald in McDonaldland commercials.
The subject came up again this week when Twitter user Dogedesigner asked Musk on Thursday whether his offer is still open. The Tesla boss replied with the 100 emoji, indicating that he still stands by his offer.
Following the interaction between the McDonald’s Twitter account and Musk in January last year, grimacecoin (GRIMACE), a crypto token that has nothing to do with either McDonald’s or Musk, was launched. At the time of writing, each grimacecoin is trading at $0.5879.
Musk, who is known in the meme crypto community as the Dogefather, has long been a supporter of dogecoin. His electric car company, Tesla, currently accepts DOGE for some merchandise, and Musk has said that Spacex will follow suit. Moreover, his Boring Company accepts DOGE payments for some rides.
The billionaire previously revealed that he personally owns bitcoin, ether, and dogecoin. He said in June last year that he will keep buying and supporting DOGE. In July, he confirmed that Tesla has not sold any DOGE, and in November, he said: “Dogecoin to the Moon.”
India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’
India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated.
Indian Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament Tuesday. The Economic Survey is an annual flagship document of the Ministry of Finance that outlines the performance of the Indian economy in the previous financial year and presents an economic outlook for the current financial year.
Including cryptocurrency for the first time this year, the Economic Survey highlights the “necessity of a common approach to regulating the crypto ecosystem.”
The 414-page document explains, “The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem,” elaborating:
Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them.
India’s central bank, the Reserve Bank of India (RBI), has also repeatedly warned that crypto has no intrinsic value, adding that they pose risks to the country’s financial stability. The RBI has recommended banning cryptocurrencies like bitcoin and ether.
The Economic Survey also states that “U.S. regulators have disqualified bitcoin, ether, and various other crypto assets as securities.” However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has confirmed that bitcoin is a commodity but would not comment on ether. Nonetheless, he stressed that most other tokens are securities.
The Ministry of Finance’s Economic Survey then references a joint statement made on Jan. 3 by the U.S. Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) which highlighted the three agencies’ concerns about the risks cryptocurrencies pose to the banking system.
The Survey continues:
The geographically pervasive nature of the crypto ecosystem necessitates a common approach to the regulation of these volatile instruments. In this context, the global response to cryptos is evolving.
The document proceeds to discuss the current regulatory approaches worldwide, including in the European Union, Japan, Switzerland, the U.K., Albania, and Nigeria.
“Monitoring and regulating cryptocurrencies have been tricky, and regulators across the globe find it challenging to keep track of the new and emerging issues in the fast-moving uncharted field,” the Survey adds, noting:
There are minimal global standards applicable to unbacked crypto assets, which do not currently mitigate all risks and vulnerabilities.
The Survey details that standard-setting bodies have been making efforts to adjust and develop standards for regulating crypto. However, they focus on specific issues or sectors. “Thus, there are regulatory gaps at each stage when crypto assets are issued, transferred, exchanged, or stored by non-bank entities,” the document concludes.
India has been trying to develop a crypto policy for several years. A draft crypto bill was published in July 2019 but was not taken up in parliament. The finance minister previously said that the Indian government plans to discuss crypto regulation with the G20 members in order to establish a technology-driven regulatory framework for crypto assets. Last month, the government unveiled its plan to launch a crypto awareness program.
Meanwhile, the RBI is piloting its central bank digital currency (CBDC). A wholesale digital rupee pilot was started in November last year while a retail pilot began in December.
India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated.
Indian Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament Tuesday. The Economic Survey is an annual flagship document of the Ministry of Finance that outlines the performance of the Indian economy in the previous financial year and presents an economic outlook for the current financial year.
Including cryptocurrency for the first time this year, the Economic Survey highlights the “necessity of a common approach to regulating the crypto ecosystem.”
The 414-page document explains, “The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem,” elaborating:
Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them.
India’s central bank, the Reserve Bank of India (RBI), has also repeatedly warned that crypto has no intrinsic value, adding that they pose risks to the country’s financial stability. The RBI has recommended banning cryptocurrencies like bitcoin and ether.
The Economic Survey also states that “U.S. regulators have disqualified bitcoin, ether, and various other crypto assets as securities.” However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has confirmed that bitcoin is a commodity but would not comment on ether. Nonetheless, he stressed that most other tokens are securities.
The Ministry of Finance’s Economic Survey then references a joint statement made on Jan. 3 by the U.S. Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) which highlighted the three agencies’ concerns about the risks cryptocurrencies pose to the banking system.
The Survey continues:
The geographically pervasive nature of the crypto ecosystem necessitates a common approach to the regulation of these volatile instruments. In this context, the global response to cryptos is evolving.
The document proceeds to discuss the current regulatory approaches worldwide, including in the European Union, Japan, Switzerland, the U.K., Albania, and Nigeria.
“Monitoring and regulating cryptocurrencies have been tricky, and regulators across the globe find it challenging to keep track of the new and emerging issues in the fast-moving uncharted field,” the Survey adds, noting:
There are minimal global standards applicable to unbacked crypto assets, which do not currently mitigate all risks and vulnerabilities.
The Survey details that standard-setting bodies have been making efforts to adjust and develop standards for regulating crypto. However, they focus on specific issues or sectors. “Thus, there are regulatory gaps at each stage when crypto assets are issued, transferred, exchanged, or stored by non-bank entities,” the document concludes.
India has been trying to develop a crypto policy for several years. A draft crypto bill was published in July 2019 but was not taken up in parliament. The finance minister previously said that the Indian government plans to discuss crypto regulation with the G20 members in order to establish a technology-driven regulatory framework for crypto assets. Last month, the government unveiled its plan to launch a crypto awareness program.
Meanwhile, the RBI is piloting its central bank digital currency (CBDC). A wholesale digital rupee pilot was started in November last year while a retail pilot began in December.
Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis
Blockchain analytics firm Chainalysis says 2022 was “the biggest year ever for crypto hacking,” with $3.8 billion stolen from cryptocurrency businesses. The firm added that decentralized finance (defi) protocol hacks accounted for 82.1% of all cryptocurrency stolen by hackers during the year.
Blockchain analytics firm Chainalysis published a section of its upcoming 2023 Crypto Crime Report on Wednesday, stating:
2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses.
The firm explained that crypto hacking activity significantly increased in March and peaked in October — the month which “became the biggest single month ever for cryptocurrency hacking, as $775.7 million was stolen in 32 separate attacks,” Chainalysis described.
The firm added that “82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion” came from decentralized finance (defi) hacks. Noting that this percentage was up from 73.3% in 2021, the firm pointed out that $3.1 billion of 64% came from cross-chain bridge protocols specifically.
Chainalysis also detailed that “North Korea-linked hackers … have been by far the most prolific cryptocurrency hackers over the last few years,” elaborating:
In 2022, they shattered their own records for theft, stealing an estimated $1.7 billion worth of cryptocurrency across several hacks we’ve attributed to them.
Moreover, the blockchain analytics firm stated that North Korea-linked hackers stole $1.1 billion of that amount from defi protocols, making North Korea “one of the driving forces behind the defi hacking trend that intensified in 2022.” Besides defi protocols, Chainalysis noted that “North Korea-linked hackers also tend to send large sums to mixers, which have typically been the cornerstone of their money laundering process.”
The firm further detailed that “For much of 2021 and 2022, North Korea-linked hackers almost exclusively used Tornado Cash to launder cryptocurrency stolen in hacks.” Ethereum mixer Tornado Cash was sanctioned by the U.S. government in August last year.
Blockchain analytics firm Chainalysis says 2022 was “the biggest year ever for crypto hacking,” with $3.8 billion stolen from cryptocurrency businesses. The firm added that decentralized finance (defi) protocol hacks accounted for 82.1% of all cryptocurrency stolen by hackers during the year.
Blockchain analytics firm Chainalysis published a section of its upcoming 2023 Crypto Crime Report on Wednesday, stating:
2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses.
The firm explained that crypto hacking activity significantly increased in March and peaked in October — the month which “became the biggest single month ever for cryptocurrency hacking, as $775.7 million was stolen in 32 separate attacks,” Chainalysis described.
The firm added that “82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion” came from decentralized finance (defi) hacks. Noting that this percentage was up from 73.3% in 2021, the firm pointed out that $3.1 billion of 64% came from cross-chain bridge protocols specifically.
Chainalysis also detailed that “North Korea-linked hackers … have been by far the most prolific cryptocurrency hackers over the last few years,” elaborating:
In 2022, they shattered their own records for theft, stealing an estimated $1.7 billion worth of cryptocurrency across several hacks we’ve attributed to them.
Moreover, the blockchain analytics firm stated that North Korea-linked hackers stole $1.1 billion of that amount from defi protocols, making North Korea “one of the driving forces behind the defi hacking trend that intensified in 2022.” Besides defi protocols, Chainalysis noted that “North Korea-linked hackers also tend to send large sums to mixers, which have typically been the cornerstone of their money laundering process.”
The firm further detailed that “For much of 2021 and 2022, North Korea-linked hackers almost exclusively used Tornado Cash to launder cryptocurrency stolen in hacks.” Ethereum mixer Tornado Cash was sanctioned by the U.S. government in August last year.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, as Bulls Reject Breakout of Key Support Level
Bitcoin was trading in the green on Feb. 7, as prices rebounded following a near collision with a key support point. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.
Bitcoin (BTC) rebounded from Monday’s lows in today’s session, with prices racing back above the $23,000 level.
Following a low of $22,692.03 to start the week, BTC/USD raced to an intraday high of $23,119.28 earlier in the day.
The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500, and instead bought the dip.
Looking at the chart, today’s rebound sees BTC snap a five-day losing streak, which came following a six-month high last Thursday.
Tuesday’s reversal also coincided with the 14-day relative strength index (RSI) bouncing from a floor of its own at 60.00.
As of writing, the index is tracking at 62.04, and seems to be on course to collide with a ceiling at 68.00.
Since rejecting a move below $1,600 on Monday, ethereum (ETH) has continued to find stability, with prices edging higher today.
ETH/USD moved to a peak of $1,653.72 to start the day, which comes less than 24 hours after falling to a bottom at $1,611.32.
As a result of this surge, the world’s second largest cryptocurrency looks to be heading towards a ceiling at $1,670.
One of the reasons behind this jump has also been the RSI, which failed to move below a floor at 58.00, and is now at a reading of 60.16.
In addition to this, the 10-day (red) moving average continues to be upward facing, which traders see as a bullish signal.
If this momentum persists, there is a strong possibility that ethereum could be trading close to $1,700 in upcoming days.
Bitcoin was trading in the green on Feb. 7, as prices rebounded following a near collision with a key support point. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.
Bitcoin (BTC) rebounded from Monday’s lows in today’s session, with prices racing back above the $23,000 level.
Following a low of $22,692.03 to start the week, BTC/USD raced to an intraday high of $23,119.28 earlier in the day.
The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500, and instead bought the dip.
Looking at the chart, today’s rebound sees BTC snap a five-day losing streak, which came following a six-month high last Thursday.
Tuesday’s reversal also coincided with the 14-day relative strength index (RSI) bouncing from a floor of its own at 60.00.
As of writing, the index is tracking at 62.04, and seems to be on course to collide with a ceiling at 68.00.
Since rejecting a move below $1,600 on Monday, ethereum (ETH) has continued to find stability, with prices edging higher today.
ETH/USD moved to a peak of $1,653.72 to start the day, which comes less than 24 hours after falling to a bottom at $1,611.32.
As a result of this surge, the world’s second largest cryptocurrency looks to be heading towards a ceiling at $1,670.
One of the reasons behind this jump has also been the RSI, which failed to move below a floor at 58.00, and is now at a reading of 60.16.
In addition to this, the 10-day (red) moving average continues to be upward facing, which traders see as a bullish signal.
If this momentum persists, there is a strong possibility that ethereum could be trading close to $1,700 in upcoming days.
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Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank
The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.”
According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over $28 million (ZWD$20 billion) were sold between July 2022 — when the coins were initially introduced — and Jan. 13. From this total, acquisitions by the so-called corporates accounted for 84% “while purchases by individuals accounted for 16%.”
Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.”
Commenting on the gold coins’ impact since their introduction, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said:
The coins have proved to be an effective open market instrument for mopping up excess liquidity in the economy and a retail investment product for preserving value for investable funds.
The RBZ governor added that the coins, which have a 180-day vesting period, along with the bank’s high-interest rate policy, played a part in stabilizing inflation and the local currency’s exchange rate versus the greenback.
According to the local statistical office, Zimstats, the southern African country’s month-on-month inflation fell from a high of 30.74% in June 2022 to 1.1% in Jan. 2023. Despite this slowdown, Zimbabwe’s latest annual inflation rate of 230% remains one of the highest globally.
Concerning the Zimbabwean dollar’s exchange rate versus the U.S. dollar, the latest RBZ data suggests that the parallel market premium dropped from a high of nearly 100% on July 1, 2022, to well under 50% by Dec. 19, 2022. As shown by the data, the local currency’s auction market exchange rate, which stood at just over ZWL100:USD1 on Jan. 11, 2022, closed the year at approximately ZWL700:USD1. According to the RBZ data, the local currency’s parallel market exchange rate on Dec. 19 stood at approximately 900:1.
Meanwhile, in his 2023 monetary policy statement, RBZ governor Mangudya said the bank “will continue to avail gold coins on a demand-driven basis as it seeks to promote a savings culture.”
The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.”
According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over $28 million (ZWD$20 billion) were sold between July 2022 — when the coins were initially introduced — and Jan. 13. From this total, acquisitions by the so-called corporates accounted for 84% “while purchases by individuals accounted for 16%.”
Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.”
Commenting on the gold coins’ impact since their introduction, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said:
The coins have proved to be an effective open market instrument for mopping up excess liquidity in the economy and a retail investment product for preserving value for investable funds.
The RBZ governor added that the coins, which have a 180-day vesting period, along with the bank’s high-interest rate policy, played a part in stabilizing inflation and the local currency’s exchange rate versus the greenback.
According to the local statistical office, Zimstats, the southern African country’s month-on-month inflation fell from a high of 30.74% in June 2022 to 1.1% in Jan. 2023. Despite this slowdown, Zimbabwe’s latest annual inflation rate of 230% remains one of the highest globally.
Concerning the Zimbabwean dollar’s exchange rate versus the U.S. dollar, the latest RBZ data suggests that the parallel market premium dropped from a high of nearly 100% on July 1, 2022, to well under 50% by Dec. 19, 2022. As shown by the data, the local currency’s auction market exchange rate, which stood at just over ZWL100:USD1 on Jan. 11, 2022, closed the year at approximately ZWL700:USD1. According to the RBZ data, the local currency’s parallel market exchange rate on Dec. 19 stood at approximately 900:1.
Meanwhile, in his 2023 monetary policy statement, RBZ governor Mangudya said the bank “will continue to avail gold coins on a demand-driven basis as it seeks to promote a savings culture.”
Income Tax Applies to Crypto Trading in Bosnia, Tax Administration Says
Individuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets.
The taxation of crypto assets is not explicitly prescribed by Bosnia’s current legislation but the country’s tax authority has addressed the matter in communication with the finance ministry. The latter is responsible for initiating amendments to the tax regulations.
Cryptocurrencies have seen increasing media coverage in the Balkan nation, the capital city of which is soon going to have its first bitcoin ATM, the FENA news agency noted in a report. On this backdrop, the aspect of taxation has also come to the forefront.
According to the Tax Administration of the Federation of Bosnia and Herzegovina, natural persons — independent entrepreneurs and private citizens — should pay income tax on their capital gains from cryptocurrency transactions, in accordance with relevant provisions of the Income Tax Law.
In particular, the authority referred to Article 12, Paragraph 1 of the law which regulates the taxation of self-employed individuals. These are usually people engaged in various activities as their primary or supplementary occupation with the aim of generating income, including income from trading, freelance work, or other independent activities.
Tax officials also cited statements expressing the position of the Federal Ministry of Finance from January and March, last year, when the department indicated that cryptocurrency trading can be viewed as an independent activity with the goal of earning income.
While acknowledging that certain regulations remain ambiguous, the Bosnian tax administration highlighted that the executive power in Sarajevo is moving in the direction of solving the issue. For example, the Cabinet of Ministers decided in November, 2022, to establish a crypto working group under the Ministry of Security.
The body has been tasked to produce an assessment of the risks of money laundering and terrorism financing using virtual assets and crypto service providers in Bosnia in accordance with the methodology developed by the Council of Europe. Along with this report, the group is also expected to submit an action plan to overcome the existing challenges.
Individuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets.
The taxation of crypto assets is not explicitly prescribed by Bosnia’s current legislation but the country’s tax authority has addressed the matter in communication with the finance ministry. The latter is responsible for initiating amendments to the tax regulations.
Cryptocurrencies have seen increasing media coverage in the Balkan nation, the capital city of which is soon going to have its first bitcoin ATM, the FENA news agency noted in a report. On this backdrop, the aspect of taxation has also come to the forefront.
According to the Tax Administration of the Federation of Bosnia and Herzegovina, natural persons — independent entrepreneurs and private citizens — should pay income tax on their capital gains from cryptocurrency transactions, in accordance with relevant provisions of the Income Tax Law.
In particular, the authority referred to Article 12, Paragraph 1 of the law which regulates the taxation of self-employed individuals. These are usually people engaged in various activities as their primary or supplementary occupation with the aim of generating income, including income from trading, freelance work, or other independent activities.
Tax officials also cited statements expressing the position of the Federal Ministry of Finance from January and March, last year, when the department indicated that cryptocurrency trading can be viewed as an independent activity with the goal of earning income.
While acknowledging that certain regulations remain ambiguous, the Bosnian tax administration highlighted that the executive power in Sarajevo is moving in the direction of solving the issue. For example, the Cabinet of Ministers decided in November, 2022, to establish a crypto working group under the Ministry of Security.
The body has been tasked to produce an assessment of the risks of money laundering and terrorism financing using virtual assets and crypto service providers in Bosnia in accordance with the methodology developed by the Council of Europe. Along with this report, the group is also expected to submit an action plan to overcome the existing challenges.
Berkshire’s Charlie Munger Says ‘Ridiculous’ Anybody Would Buy Crypto — ‘It’s an Absolute Horror’
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says people who oppose banning cryptocurrencies are “idiots,” adding that it’s “just ridiculous” anybody would buy crypto. He also likened replacing national currencies to replacing air, stating that “It’s massively stupid.”
Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrency and its supporters Wednesday during a live-streamed interview with CNBC at the Daily Journal’s annual shareholders meeting.
Referencing his recent opinion piece in the Wall Street Journal stating that cryptocurrency should be banned, the 99-year-old executive insisted there is no “rational” argument against his position of banning crypto. He opined:
I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff.
“You can think of hardly nothing on Earth that’s done more good to the human race than currency — national currencies. They were absolutely required to turn man from a goddamn successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges,” Munger described, elaborating:
So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid.
“And of course, it’s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I’m not proud of my country for allowing this crap,” he stressed. “It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.”
The Berkshire executive continued: “The guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says ‘not in my China,’ and boom … there isn’t any crypto in China. He’s right and we’re wrong.”
While he believes that one should be able to state the arguments both for and against a particular subject, the Berkshire vice chair said crypto is an exception. “When you’re dealing with something as awful as crypto s*** … There’s only one correct answer for intelligent people — just totally avoid it and avoid all the people that are promoting it.” He emphasized:
It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.
“It’s totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat … It’s just crazy,” he concluded.
Munger has slammed cryptocurrency many times in the past. He previously called BTC “rat poison” and likened crypto trading to “trading turds.”
The Berkshire executive said in 2021 that he wished crypto had never been invented and praised China for banning cryptocurrencies. He also called bitcoin “disgusting and contrary to the interest of civilization.” In February last year, he urged the government to ban bitcoin and called crypto “venereal disease.” In July, he advised everybody to avoid crypto as if it were an “open sewer, full of malicious organisms.”
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says people who oppose banning cryptocurrencies are “idiots,” adding that it’s “just ridiculous” anybody would buy crypto. He also likened replacing national currencies to replacing air, stating that “It’s massively stupid.”
Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrency and its supporters Wednesday during a live-streamed interview with CNBC at the Daily Journal’s annual shareholders meeting.
Referencing his recent opinion piece in the Wall Street Journal stating that cryptocurrency should be banned, the 99-year-old executive insisted there is no “rational” argument against his position of banning crypto. He opined:
I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff.
“You can think of hardly nothing on Earth that’s done more good to the human race than currency — national currencies. They were absolutely required to turn man from a goddamn successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges,” Munger described, elaborating:
So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid.
“And of course, it’s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I’m not proud of my country for allowing this crap,” he stressed. “It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.”
The Berkshire executive continued: “The guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says ‘not in my China,’ and boom … there isn’t any crypto in China. He’s right and we’re wrong.”
While he believes that one should be able to state the arguments both for and against a particular subject, the Berkshire vice chair said crypto is an exception. “When you’re dealing with something as awful as crypto s*** … There’s only one correct answer for intelligent people — just totally avoid it and avoid all the people that are promoting it.” He emphasized:
It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.
“It’s totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat … It’s just crazy,” he concluded.
Munger has slammed cryptocurrency many times in the past. He previously called BTC “rat poison” and likened crypto trading to “trading turds.”
The Berkshire executive said in 2021 that he wished crypto had never been invented and praised China for banning cryptocurrencies. He also called bitcoin “disgusting and contrary to the interest of civilization.” In February last year, he urged the government to ban bitcoin and called crypto “venereal disease.” In July, he advised everybody to avoid crypto as if it were an “open sewer, full of malicious organisms.”
Sony and Astar Network Launch Web3 Incubation Program for NFT and DAO-Focused Projects
On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of NFTs and DAOs.
A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe.
➖“We are pleased to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group’s companies, which has been involved in the NFT sector and other Web3 initiatives within the Group”
➖ “We hope to share the knowledge and resources of both companies to provide value to the participants selected for the program and create new use cases and projects,” Sota Watanabe, CEO of Startale Labs and Astar Network, said in a statement.
Sony has been exploring the metaverse, NFTs, and crypto for some time. In May 2021, the company unveiled a patent that could enable it to incorporate a bitcoin-based betting system into its consumer electronics, such as the Playstation gaming system.
In November 2022, Sony filed a patent for using non-fungible token technology for in-game assets, and that same month, it acquired the 3D animation company Beyond Sports.
On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of NFTs and DAOs.
A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe.
➖“We are pleased to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group’s companies, which has been involved in the NFT sector and other Web3 initiatives within the Group”
➖ “We hope to share the knowledge and resources of both companies to provide value to the participants selected for the program and create new use cases and projects,” Sota Watanabe, CEO of Startale Labs and Astar Network, said in a statement.
Sony has been exploring the metaverse, NFTs, and crypto for some time. In May 2021, the company unveiled a patent that could enable it to incorporate a bitcoin-based betting system into its consumer electronics, such as the Playstation gaming system.
In November 2022, Sony filed a patent for using non-fungible token technology for in-game assets, and that same month, it acquired the 3D animation company Beyond Sports.
Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group
🇵🇾Paraguay, one of the smallest countries in Latam, has the conditions needed to become the next Bitcoin mining hub in the region, according to mining insight group Hashrate Index. The company notes there are many elements in favor of Paraguay, including the abundance of clean hydroelectric power sources. However, the stance that the government has taken toward cryptocurrency mining could slow this growth process.
🟢 Paraguay, a country not especially known for its crypto affiliations, is now being considered one of the most attractive destinations in Latam for bitcoin miners. According to mining insight company Hashrate Index, the country presents a series of benefits that could help it become one of the biggest cryptocurrency hubs in the region.
The first advantage that Paraguay has over other countries in the area, and what made it an attractive location for miners after the Chinese miner exodus, is the abundance of clean, cheap hydroelectric power, that can be used to build large bitcoin mining operations. Most of this power comes from the Itaipu Dam, with Paraguayans reportedly consuming only about 10% of the power produced.
While most of this energy gets exported to neighboring countries, it can be sourced to power big mining operations in the future, according to the group.
Hashrate Index says there are currently two different disadvantages of choosing Paraguay as a destination for establishing a bitcoin mining operation. One is the climate in the summer, which can reach high temperatures and high humidity, affecting the longevity of air-cooled mining rigs.
The other, and perhaps the most significant one, has to do with the unfavorable opinion that the government has of Bitcoin mining activity. The president of Paraguay, Mario Abdo, criticized the industry in the decree used to veto the cryptocurrency law approved by the Paraguayan congress last year.
🇵🇾Paraguay, one of the smallest countries in Latam, has the conditions needed to become the next Bitcoin mining hub in the region, according to mining insight group Hashrate Index. The company notes there are many elements in favor of Paraguay, including the abundance of clean hydroelectric power sources. However, the stance that the government has taken toward cryptocurrency mining could slow this growth process.
The first advantage that Paraguay has over other countries in the area, and what made it an attractive location for miners after the Chinese miner exodus, is the abundance of clean, cheap hydroelectric power, that can be used to build large bitcoin mining operations. Most of this power comes from the Itaipu Dam, with Paraguayans reportedly consuming only about 10% of the power produced.
While most of this energy gets exported to neighboring countries, it can be sourced to power big mining operations in the future, according to the group.
Hashrate Index says there are currently two different disadvantages of choosing Paraguay as a destination for establishing a bitcoin mining operation. One is the climate in the summer, which can reach high temperatures and high humidity, affecting the longevity of air-cooled mining rigs.
The other, and perhaps the most significant one, has to do with the unfavorable opinion that the government has of Bitcoin mining activity. The president of Paraguay, Mario Abdo, criticized the industry in the decree used to veto the cryptocurrency law approved by the Paraguayan congress last year.
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JPMorgan to Open Blockchain Innovation Lab in Greece
Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily on building applications that use Onyx, the platform launched by the bank in 2020.
This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for customers of the bank using Onyx’s technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engineers, a mobile app engineer, and a technical manager.
The company has been using blockchain-based solutions for some time. Back in 2022, Lobban stated that the bank was settling $1 billion daily using blockchain tech.
Lobban also stated that this new group will be core to the research and construction of digital identity solutions, to extend the capabilities that the institution has already piloted before. Digital identity is listed as one of the use cases that is part of the services supported by Onyx’s blockchain launch team.
About the significance that digital identity could have in the future, Lobban declared:
We believe that Digital Identity is key to unlocking scale for Web3 and can enable entirely new interactions and services for web2 and Web3 alike.
The interest of the institution in digital identity could be part of a move to avoid being left behind in the future. A report titled “The Rise Of Digital Identity Wallets” issued in January by the Mobey Forum, a global nonprofit insight group, explains that banks are uniquely positioned to be part of the digital identity structure of the future, adding this service to their already existent digital wallets.
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America, and four other financial institutions.
Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily on building applications that use Onyx, the platform launched by the bank in 2020.
This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for customers of the bank using Onyx’s technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engineers, a mobile app engineer, and a technical manager.
The company has been using blockchain-based solutions for some time. Back in 2022, Lobban stated that the bank was settling $1 billion daily using blockchain tech.
Lobban also stated that this new group will be core to the research and construction of digital identity solutions, to extend the capabilities that the institution has already piloted before. Digital identity is listed as one of the use cases that is part of the services supported by Onyx’s blockchain launch team.
About the significance that digital identity could have in the future, Lobban declared:
We believe that Digital Identity is key to unlocking scale for Web3 and can enable entirely new interactions and services for web2 and Web3 alike.
The interest of the institution in digital identity could be part of a move to avoid being left behind in the future. A report titled “The Rise Of Digital Identity Wallets” issued in January by the Mobey Forum, a global nonprofit insight group, explains that banks are uniquely positioned to be part of the digital identity structure of the future, adding this service to their already existent digital wallets.
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America, and four other financial institutions.
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Accept crypto payments easily and withdraw funds any time or store them securely in our crypto wallet. Whether on the website, in chatbots, apps or messengers, you can do it with Cryptomus. Service fees between 0% and 2%.
🎁 More interesting details:
• No KYC, complete anonimity
• The most profitable stacking feature — earn 5% interest
• Сonvenient wallet with an enhanced level of security
• Such an advanced tools as Convert and Auto-Convert
• Mass payouts for your employers or clients
• P2P exchange feature to buy crypto for fiat and vice versa (coming soon!)
And all of these features are fee free 💌
Subscribe to @cryptomus_com channel to not miss the important news and drops from the Cryptomus team.
Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection
On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold.
➖Ordinal inscriptions continue to be minted on the Bitcoin blockchain and on Monday afternoon at 1:02 p.m. (ET), the number of Ordinals surpassed the 200,000 mark. It took approximately 72 days to reach the 200,000 range, as the first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27.
➖At the time of writing, there are approximately 212,793 Ordinal inscriptions on the chain. Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well. Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable.
In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. Now, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFTs, are entering the world of Bitcoin-based digital collectibles with a new compilation of NFTs called Twelvefold. The collection consists of 300 generative creations inscribed by the Yuga Labs team. “The Twelvefold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing,” Yuga Labs explained on Twitter.
In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.” In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis.
On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold.
➖Ordinal inscriptions continue to be minted on the Bitcoin blockchain and on Monday afternoon at 1:02 p.m. (ET), the number of Ordinals surpassed the 200,000 mark. It took approximately 72 days to reach the 200,000 range, as the first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27.
➖At the time of writing, there are approximately 212,793 Ordinal inscriptions on the chain. Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well. Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable.
In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. Now, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFTs, are entering the world of Bitcoin-based digital collectibles with a new compilation of NFTs called Twelvefold. The collection consists of 300 generative creations inscribed by the Yuga Labs team. “The Twelvefold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing,” Yuga Labs explained on Twitter.
In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.” In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis.
The Spanish tax agency has included crypto as part of its new guidelines for this year’s upcoming tax collection season. Apart from boosting the channels for voluntary tax applications, the agency will potentiate the investigation of cryptocurrency in digital payments
The Spanish tax agency is preparing its crypto strategy for the upcoming tax collection season. On Feb. 27, the agency revealed several guidelines to increase the collection of taxes related to the use of cryptocurrency in digital payments, and also to curb criminal activity.
In the document, the agency declares that “this year, the intention of the collection area to promote actions to locate crypto assets subject to seizure is underlined.” This could mean that tax debtors will be tracked and have their cryptocurrency seized to amend their debts. However, the document does not offer more details about how the agency aims to do this, or the tools that it will use for this purpose.
In the same way, the institution indicates that it will develop “an investigation plan associated with the use of cryptocurrencies in the field of the digital economy in order to detect assets whose origin may be linked to criminal activities.”
Other tax agencies in the world are also including digital wallets and cryptocurrency as an important part of their investigative and seizure processes. For example, the Argentine tax authority has been able to confiscate funds from digital wallets since February 2022, when the organization included this kind of structure, very popular in Argentina, as part of the assets susceptible to seizure.
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Nigeria Fintech Flutterwave Denies Client Account Hacking Reports
🇳🇪The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover “an unusual trend of transactions on some users’ profiles.”
The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to “address the issue before any harm could be done to our users.”
Flutterwave’s statement denying the hacking claims followed a Techpoint report which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users’ accounts. According to the report, the hacking incident is thought to have occurred in early February and Flutterwave is believed to have reacted to this by filing a motion to freeze accounts in as many as 27 financial institutions.
While the statement suggested that Flutterwave is working with “other financial institutions and law enforcement agencies to keep our ecosystem safe and secure,” the fintech firm however insisted it only took action after detecting anomalies on some users’ accounts.
🗣“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible,” the fintech firm explained.
▪️ Flutterwave added that the preemptive steps it took helped it to address the issue before “any harm could be done to our users.”
🗣You are popular I will post evidence here, A hack confirmed by a flutterwave staff, my bank confirming flutterwave contacted them, flutterwave submitting a petition with a lawyer whose seal has expired since 2017. Their statement and Affidavit swearing this true.
Meanwhile, on Twitter, some users rejected Flutterwave’s version of what transpired and have insisted that the hacking incident is true. One user, known as Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from customer accounts. Another user, Ufedo, shared “evidence” which proved that the hacking incident did occur.
🇳🇪The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover “an unusual trend of transactions on some users’ profiles.”
The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to “address the issue before any harm could be done to our users.”
Flutterwave’s statement denying the hacking claims followed a Techpoint report which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users’ accounts. According to the report, the hacking incident is thought to have occurred in early February and Flutterwave is believed to have reacted to this by filing a motion to freeze accounts in as many as 27 financial institutions.
While the statement suggested that Flutterwave is working with “other financial institutions and law enforcement agencies to keep our ecosystem safe and secure,” the fintech firm however insisted it only took action after detecting anomalies on some users’ accounts.
🗣“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible,” the fintech firm explained.
▪️ Flutterwave added that the preemptive steps it took helped it to address the issue before “any harm could be done to our users.”
🗣You are popular I will post evidence here, A hack confirmed by a flutterwave staff, my bank confirming flutterwave contacted them, flutterwave submitting a petition with a lawyer whose seal has expired since 2017. Their statement and Affidavit swearing this true.
Meanwhile, on Twitter, some users rejected Flutterwave’s version of what transpired and have insisted that the hacking incident is true. One user, known as Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from customer accounts. Another user, Ufedo, shared “evidence” which proved that the hacking incident did occur.
🌖Coinbase Launches Wallet-as-a-Service to Bring Millions to Web3
🔈On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product. The WaaS product aims to “bring the next hundred million consumers into Web3 through a seamless wallet-onboarding experience.” The Coinbase WaaS offers wallet infrastructure application programming interfaces (APIs) to companies, enabling them to build their own custom Web3 crypto wallets.
Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offerings and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase stated that the WaaS “is a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets.” Additionally, the Coinbase wallet infrastructure provides “multi-party computation (MPC)” cryptography, which removes the need to manage a complicated 24-word recovery phrase.
➡️ Coinbase detailed that crypto firms such as Tokenproof, Floor, Thirdweb, and Moonray are already using its Wallet-as-a-Service (WaaS). Coinbase believes that the WaaS will aid in bringing the “next hundred million consumers into Web3.” “More and more companies are realizing that Web3 will generate a massive industry of new decentralized applications and services, and they want to empower their customers to access it,” Coinbase stated in the announcement.
“When users download the Tokenproof app, we’ll create their first wallet, powered by Coinbase, to welcome them into Web3,” said Fonz, the founder of Tokenproof, in a statement. “This is a significant step towards making the space more approachable and accessible, and we’re excited about the opportunity to work with such a highly trusted partner.” Besides the WaaS, Coinbase provides developers with a wallet software development kit (SDK), a payments SDK, the commerce API, and other blockchain integrations.
🔈On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product. The WaaS product aims to “bring the next hundred million consumers into Web3 through a seamless wallet-onboarding experience.” The Coinbase WaaS offers wallet infrastructure application programming interfaces (APIs) to companies, enabling them to build their own custom Web3 crypto wallets.
Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offerings and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase stated that the WaaS “is a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets.” Additionally, the Coinbase wallet infrastructure provides “multi-party computation (MPC)” cryptography, which removes the need to manage a complicated 24-word recovery phrase.
“When users download the Tokenproof app, we’ll create their first wallet, powered by Coinbase, to welcome them into Web3,” said Fonz, the founder of Tokenproof, in a statement. “This is a significant step towards making the space more approachable and accessible, and we’re excited about the opportunity to work with such a highly trusted partner.” Besides the WaaS, Coinbase provides developers with a wallet software development kit (SDK), a payments SDK, the commerce API, and other blockchain integrations.
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The development team behind Liquid Mining was pre-mining:
— Ergo - 631%
— FLUX - 402%
— FIRO - 457%
— TONCOIN - 531%
— Neoxa - 1214%
— Nexa - 318%
— Zano - 264%
— Rvn - 597%
— CFX - 417%
— Kaspa - 837%
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💰The average profit for users is now at 400%+/year!
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🌍South African Rand Plunges to New 2023 Low Versus the US Dollar
📌 Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide.
The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown. Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year.
However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without power.
The debilitating blackouts have since prompted South African president Cyril Ramaphosa to appoint the country’s first minister of electricity. Besides dealing with the crippling power cuts, president Ramaphosa said the new minister, Kgosientsho Ramokgopa, is expected to help facilitate the coordination of entities that are working towards finding a solution.
🗣“The Minister will be expected to facilitate the coordination of the numerous departments and entities involved in the crisis response, work with the Eskom leadership to turn around the performance of existing power stations, and accelerate the procurement of new generation capacity,” president Ramaphosa reportedly said.
Meanwhile, some South African commentators have argued that the recent addition of South Africa to the Financial Action Task Force (FATF)’s greylist could be one of the reasons why the rand has recently performed poorly against major global currencies.
The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown. Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year.
However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without power.
The debilitating blackouts have since prompted South African president Cyril Ramaphosa to appoint the country’s first minister of electricity. Besides dealing with the crippling power cuts, president Ramaphosa said the new minister, Kgosientsho Ramokgopa, is expected to help facilitate the coordination of entities that are working towards finding a solution.
🗣“The Minister will be expected to facilitate the coordination of the numerous departments and entities involved in the crisis response, work with the Eskom leadership to turn around the performance of existing power stations, and accelerate the procurement of new generation capacity,” president Ramaphosa reportedly said.
Meanwhile, some South African commentators have argued that the recent addition of South Africa to the Financial Action Task Force (FATF)’s greylist could be one of the reasons why the rand has recently performed poorly against major global currencies.
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