Singapore aims to streamline financial watchdog's authority over crypto firms.
"We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets," said Alvin Tan.
The Singaporean government has approved legislation that will give the Monetary Authority of Singapore, or MAS, additional power to respond to crypto firms doing business outside the country.
Records from the Parliament of Singapore show the government passed the Financial Services and Markets Bill on Tuesday following a second reading on Monday. According to the MAS, the legislation will require virtual asset service providers doing business outside Singapore to be licensed and subject to Anti-Money Laundering and Combating the Financing of Terrorism requirements, or AML and CFT, respectively.
“Digital token service providers could easily structure their businesses to evade regulation in any one jurisdiction, as they operate mainly online,” said MAS board member Alvin Tan, speaking on behalf of senior minister Tharman Shanmugaratnam. “We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets such as Bitcoin outside Singapore.”
The financial watchdog will have the power to conduct inspections of digital token service providers related to AML/CFT compliance and assist financial regulators and enforcement agencies in other countries. Cointelegraph reported in December that the MAS denied license applications from more than 100 crypto firms seeking to operate in Singapore.
“DT service providers created in Singapore without providing any DT services in Singapore are currently unregulated for AML/CFT,” said Tan. “These entities may claim to be headquartered here to take advantage of Singapore’s global reputation. This creates reputational risks for Singapore.”
The bill will also expand the MAS’ authority to issue prohibition orders against financial industry figures “who have shown themselves to be unfit to perform key roles, activities and functions.” In addition, financial institutions could be fined 1 million SGD — roughly $736,589 — “for a serious cyberattack or disruption to essential financial service.”
Singapore’s monetary authority issued guidelines in January that effectively barred crypto firms from advertising in areas including public transportation, public websites, social media platforms and broadcast and print media.
"We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets," said Alvin Tan.
The Singaporean government has approved legislation that will give the Monetary Authority of Singapore, or MAS, additional power to respond to crypto firms doing business outside the country.
Records from the Parliament of Singapore show the government passed the Financial Services and Markets Bill on Tuesday following a second reading on Monday. According to the MAS, the legislation will require virtual asset service providers doing business outside Singapore to be licensed and subject to Anti-Money Laundering and Combating the Financing of Terrorism requirements, or AML and CFT, respectively.
“Digital token service providers could easily structure their businesses to evade regulation in any one jurisdiction, as they operate mainly online,” said MAS board member Alvin Tan, speaking on behalf of senior minister Tharman Shanmugaratnam. “We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets such as Bitcoin outside Singapore.”
The financial watchdog will have the power to conduct inspections of digital token service providers related to AML/CFT compliance and assist financial regulators and enforcement agencies in other countries. Cointelegraph reported in December that the MAS denied license applications from more than 100 crypto firms seeking to operate in Singapore.
“DT service providers created in Singapore without providing any DT services in Singapore are currently unregulated for AML/CFT,” said Tan. “These entities may claim to be headquartered here to take advantage of Singapore’s global reputation. This creates reputational risks for Singapore.”
The bill will also expand the MAS’ authority to issue prohibition orders against financial industry figures “who have shown themselves to be unfit to perform key roles, activities and functions.” In addition, financial institutions could be fined 1 million SGD — roughly $736,589 — “for a serious cyberattack or disruption to essential financial service.”
Singapore’s monetary authority issued guidelines in January that effectively barred crypto firms from advertising in areas including public transportation, public websites, social media platforms and broadcast and print media.
EU bans providing 'high-value crypto-asset services' to Russia.
Prohibiting crypto services was one of three financial measures the European Commission proposed in addition to an import ban on Russian coal.
The Council of the European Union has cut Russians off from certain cryptocurrency services as part of a package of restrictive measures against Russian President Vladimir Putin’s “brutal aggression against Ukraine and its people.”
In a Friday announcement, the EU council said it would be closing potential loopholes in using digital assets for Russian entities and individuals to evade sanctions with a “prohibition on providing high-value crypto-asset services” to the country. The action was one of three financial measures the European Commission proposed alongside banning transactions and freezing assets connected to four Russian banks as well as a “prohibition on providing advice on trusts to wealthy Russians.”
Russian Prime Minister Mikhail Mishustin claimed on Thursday that Russians hold more than $130 billion in crypto assets — an amount reportedly comparable to the country’s gold holdings, valued at roughly $140 billion as of March 2022. Though it’s unclear whether the Russian nationals and banks named in sanctions from both the United States and the European Union are attempting to use crypto to evade these restrictions, the narrative persists among many lawmakers and regulators.
The European Commission included crypto assets as part of its sanctions targeted against Russia and Belarus in response to the invasion of Ukraine announced in March. In the United States, the Treasury Department warned companies and individuals not to facilitate crypto transactions sent to certain Russian nationals and banks.
While lawmakers continue to hint at crypto’s possible role in evading sanctions, oil and gas exports from Russia to EU member nations remain a major source of income for the country currently attacking Ukraine. The package of restrictive measures from the Council of the European Union included an import ban on Russian coal but did not mention oil or gas. The United States Congress passed a bill on Thursday to ban oil and gas imports from Russia, which represents roughly 2% of the U.S. supply compared to an average of 20% across Europe.
Prohibiting crypto services was one of three financial measures the European Commission proposed in addition to an import ban on Russian coal.
The Council of the European Union has cut Russians off from certain cryptocurrency services as part of a package of restrictive measures against Russian President Vladimir Putin’s “brutal aggression against Ukraine and its people.”
In a Friday announcement, the EU council said it would be closing potential loopholes in using digital assets for Russian entities and individuals to evade sanctions with a “prohibition on providing high-value crypto-asset services” to the country. The action was one of three financial measures the European Commission proposed alongside banning transactions and freezing assets connected to four Russian banks as well as a “prohibition on providing advice on trusts to wealthy Russians.”
Russian Prime Minister Mikhail Mishustin claimed on Thursday that Russians hold more than $130 billion in crypto assets — an amount reportedly comparable to the country’s gold holdings, valued at roughly $140 billion as of March 2022. Though it’s unclear whether the Russian nationals and banks named in sanctions from both the United States and the European Union are attempting to use crypto to evade these restrictions, the narrative persists among many lawmakers and regulators.
The European Commission included crypto assets as part of its sanctions targeted against Russia and Belarus in response to the invasion of Ukraine announced in March. In the United States, the Treasury Department warned companies and individuals not to facilitate crypto transactions sent to certain Russian nationals and banks.
While lawmakers continue to hint at crypto’s possible role in evading sanctions, oil and gas exports from Russia to EU member nations remain a major source of income for the country currently attacking Ukraine. The package of restrictive measures from the Council of the European Union included an import ban on Russian coal but did not mention oil or gas. The United States Congress passed a bill on Thursday to ban oil and gas imports from Russia, which represents roughly 2% of the U.S. supply compared to an average of 20% across Europe.
Philippines' fintech achieves unicorn status after embracing crypto payments.
Voyager reportedly plans to integrate cryptocurrencies, micro investments and insurance products into PayMaya, which already includes a digital wallet.
Voyager Innovations, the firm behind the Philippines' top digital payments app Paymaya, has announced it has achieved unicorn status after a recent round of funding, surpassing a $1 billion valuation.
Voyager Innovation announced Tuesday that the new $210 million capital boosted its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the crypto offerings, which it recently added to its flagship digital payments app PayMaya.
According to the news release, the recent financing round was led by SIG Venture Capital. It included well-known firms such as KKR, First Pacific Co., Tencent Holdings Limited and PLDT Inc., the Philippines' largest telecom provider.
As reported by Cointelegraph, PayMaya recently introduced crypto services into the app, allowing consumers to buy, sell and earn crypto. The money will be used to develop the crypto offerings further. PayMaya also recently obtained a Virtual Asset Services Provider (VASP) license from the Philippine Central Bank. The firm will also invest the cash in PayMaya-branded digital bank services, such as savings and credit.
According to Voyager, most of the Philippine population is "underserved" in terms of internet and digital finance. It aims to take advantage of this by extending its market reach. As of March 31, PayMaya has over 47 million users.
Over the past two years, the Philippines' digital economy has increased, thanks largely to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippines ' digital economy increased 94% from 2020 to 2021 and it is projected to reach $40 billion by 2025.
The expansion of internet commerce in the country will likely increase cryptocurrency adoption. The Philippines does not currently have any regulations restricting the trade of digital currencies. However, the central bank has repeatedly warned investors about the risks in the nascent market.
Voyager reportedly plans to integrate cryptocurrencies, micro investments and insurance products into PayMaya, which already includes a digital wallet.
Voyager Innovations, the firm behind the Philippines' top digital payments app Paymaya, has announced it has achieved unicorn status after a recent round of funding, surpassing a $1 billion valuation.
Voyager Innovation announced Tuesday that the new $210 million capital boosted its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the crypto offerings, which it recently added to its flagship digital payments app PayMaya.
According to the news release, the recent financing round was led by SIG Venture Capital. It included well-known firms such as KKR, First Pacific Co., Tencent Holdings Limited and PLDT Inc., the Philippines' largest telecom provider.
As reported by Cointelegraph, PayMaya recently introduced crypto services into the app, allowing consumers to buy, sell and earn crypto. The money will be used to develop the crypto offerings further. PayMaya also recently obtained a Virtual Asset Services Provider (VASP) license from the Philippine Central Bank. The firm will also invest the cash in PayMaya-branded digital bank services, such as savings and credit.
According to Voyager, most of the Philippine population is "underserved" in terms of internet and digital finance. It aims to take advantage of this by extending its market reach. As of March 31, PayMaya has over 47 million users.
Over the past two years, the Philippines' digital economy has increased, thanks largely to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippines ' digital economy increased 94% from 2020 to 2021 and it is projected to reach $40 billion by 2025.
The expansion of internet commerce in the country will likely increase cryptocurrency adoption. The Philippines does not currently have any regulations restricting the trade of digital currencies. However, the central bank has repeatedly warned investors about the risks in the nascent market.
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KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are listed in big exchanges @BitrueOfficial and @Bitmartexchange
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchange , next listing is Hotcoin Global.
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads,They Launched their own NFT MARKETPLACE
With World Famous MUSIC ARTISTS
On the Occasion of their NFT platform they 2nd time burned 10% of their supply
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
This is something that we've been waiting for.
Wait for more announcement coming in, should be epic in upcoming months
JOIN
@KunciGlobalOfficial
Contract address
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchange , next listing is Hotcoin Global.
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads,They Launched their own NFT MARKETPLACE
With World Famous MUSIC ARTISTS
On the Occasion of their NFT platform they 2nd time burned 10% of their supply
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
This is something that we've been waiting for.
Wait for more announcement coming in, should be epic in upcoming months
JOIN
@KunciGlobalOfficial
Contract address
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
Montenegro makes Vitalik a citizen, part of plans to promote it as a blockchain hub.
The small southeast European nation is beginning to sift through the murky waters of blockchain regulation by granting the Ethereum co-founder citizenship.
The Montenegrin government has begun fulfilling its pledge to become a hub for blockchain innovation by reportedly making Ethereum creator Vitalik Buterin its newest citizen.
Montenegrin news outlet RTCB reported that Prime Minister Zdravko Krivokapić recommended Buterin receive the privilege to help the southeastern European nation promote its efforts to become a blockchain innovation hub.
There does not appear to be an official announcement, however, this photo was reportedly shared by the Minister of Finance and Social Welfare Milojko Spajić when Buterin received his passport.
Vitalik Buterin receiving citizenship to Montenegro from the Minister of Finance and Social Welfare Milojko Spajić. Source: Twitter
Montenegro hosted the Ethereum (ETH) co-founder on April 7 at the Future Now! panel discussion hosted by Minister Spajić. There, panelists Buterin, Ethereum researcher Vlad Zamfir, University of Memphis professor of law Boris Mamlyk and Minister Spajić spoke on the legality of the blockchain identity, smart contracts in government and other topics.
In an April 4 meeting, Prime Minister Krivokapić, Buterin and several other government officials also discussed Montenegro’s options in terms of the blockchain industry, as reported by local news outlet Mina. One important aspect brought up was how to regulate crypto for its citizens.
Minister Spajić stated that he wishes his country to be strict on criminals in the industry, but feels fairness would stimulate growth and “reduce the gray economy in all areas.” He added:
"Montenegro strives to become a center of innovation in blockchain technology with an emphasis on all the advantages of a legitimate industry that will bring attractive regulations.”
Montenegro’s government is now starting to dig into the complicated regulatory entanglements that come from integrating blockchain technology into its various systems.
During the Future Now! event, the panelists focused on the issue of how people can legally create a community using blockchain, verify their identity and stay protected against identity theft.
The small southeast European nation is beginning to sift through the murky waters of blockchain regulation by granting the Ethereum co-founder citizenship.
The Montenegrin government has begun fulfilling its pledge to become a hub for blockchain innovation by reportedly making Ethereum creator Vitalik Buterin its newest citizen.
Montenegrin news outlet RTCB reported that Prime Minister Zdravko Krivokapić recommended Buterin receive the privilege to help the southeastern European nation promote its efforts to become a blockchain innovation hub.
There does not appear to be an official announcement, however, this photo was reportedly shared by the Minister of Finance and Social Welfare Milojko Spajić when Buterin received his passport.
Vitalik Buterin receiving citizenship to Montenegro from the Minister of Finance and Social Welfare Milojko Spajić. Source: Twitter
Montenegro hosted the Ethereum (ETH) co-founder on April 7 at the Future Now! panel discussion hosted by Minister Spajić. There, panelists Buterin, Ethereum researcher Vlad Zamfir, University of Memphis professor of law Boris Mamlyk and Minister Spajić spoke on the legality of the blockchain identity, smart contracts in government and other topics.
In an April 4 meeting, Prime Minister Krivokapić, Buterin and several other government officials also discussed Montenegro’s options in terms of the blockchain industry, as reported by local news outlet Mina. One important aspect brought up was how to regulate crypto for its citizens.
Minister Spajić stated that he wishes his country to be strict on criminals in the industry, but feels fairness would stimulate growth and “reduce the gray economy in all areas.” He added:
"Montenegro strives to become a center of innovation in blockchain technology with an emphasis on all the advantages of a legitimate industry that will bring attractive regulations.”
Montenegro’s government is now starting to dig into the complicated regulatory entanglements that come from integrating blockchain technology into its various systems.
During the Future Now! event, the panelists focused on the issue of how people can legally create a community using blockchain, verify their identity and stay protected against identity theft.
🚨🚨🚨BREAKING NEWS (For #AQRU)🚨🚨🚨
🤩🤩🤩The critically acclaimed (By the economic times and many more) AQRU is launching an AMA coming this Friday!
Founder Phil Blows will be taking all your questions and answering them.
This will be your chance to ask any #AQRU questions, that will hopefully get answered!
In addition to speaking to a crypto project founder🚀🔥
Follow our accounts for more details.
Telegram: https://t.me/AQRU_Official
Twitter: https://bit.ly/AMAAQRU
🤩🤩🤩The critically acclaimed (By the economic times and many more) AQRU is launching an AMA coming this Friday!
Founder Phil Blows will be taking all your questions and answering them.
This will be your chance to ask any #AQRU questions, that will hopefully get answered!
In addition to speaking to a crypto project founder🚀🔥
Follow our accounts for more details.
Telegram: https://t.me/AQRU_Official
Twitter: https://bit.ly/AMAAQRU
Russian bankers reportedly want to outlaw noncustodial crypto wallets.
The Association of Banks of Russia has previously collaborated with Binance as part of its expert center focused on crypto regulation.
A major Russian banking association wants to criminalize keeping your own cryptocurrency keys.
The Association of Banks of Russia, an organization that includes more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of centralized exchanges on noncustodial wallets, local news agency Izvestia reported on Monday.
In contrast to accounts at centralized crypto exchanges, noncustodial or self-custodial wallets allow users to store crypto without relying on a third party that is able to freeze, block or seize the user's crypto assets. This essentially enables investors to “be their own bank” by getting full control over their crypto and the associated private key.
But the Association of Banks of Russia apparently is not a big fan of letting people control their crypto. The association has developed a framework for foreclosure on crypto stored on noncustodial wallets due to the “serious difficulties” of seizing crypto on such wallets from debtors and criminals, the association’s vice president Anatoly Kozlachkov said.
Developed jointly with the Ministry of Internal Affairs, the framework aims to introduce criminal liability for not storing cryptocurrencies like Bitcoin (BTC) on noncustodial wallets. The association also proposed to introduce criminal liability for refusing to provide keys to authorized agencies.
The association reportedly sent out a letter with the proposed framework to several agencies and regulators including the Bank of Russia and the Federal Financial Monitoring Service in mid-April.
The bankers admitted that their proposal is complicated by technical difficulties associated with forced access to noncustodial wallets due to the anonymity of owners and the technical complexity of accessing such funds without the consent of their owners. “This makes it practically impossible to enforce seizure of such assets,” the report notes.
The Association of Banks of Russia has previously collaborated with Binance as part of its expert center focused on crypto regulation.
A major Russian banking association wants to criminalize keeping your own cryptocurrency keys.
The Association of Banks of Russia, an organization that includes more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of centralized exchanges on noncustodial wallets, local news agency Izvestia reported on Monday.
In contrast to accounts at centralized crypto exchanges, noncustodial or self-custodial wallets allow users to store crypto without relying on a third party that is able to freeze, block or seize the user's crypto assets. This essentially enables investors to “be their own bank” by getting full control over their crypto and the associated private key.
But the Association of Banks of Russia apparently is not a big fan of letting people control their crypto. The association has developed a framework for foreclosure on crypto stored on noncustodial wallets due to the “serious difficulties” of seizing crypto on such wallets from debtors and criminals, the association’s vice president Anatoly Kozlachkov said.
Developed jointly with the Ministry of Internal Affairs, the framework aims to introduce criminal liability for not storing cryptocurrencies like Bitcoin (BTC) on noncustodial wallets. The association also proposed to introduce criminal liability for refusing to provide keys to authorized agencies.
The association reportedly sent out a letter with the proposed framework to several agencies and regulators including the Bank of Russia and the Federal Financial Monitoring Service in mid-April.
The bankers admitted that their proposal is complicated by technical difficulties associated with forced access to noncustodial wallets due to the anonymity of owners and the technical complexity of accessing such funds without the consent of their owners. “This makes it practically impossible to enforce seizure of such assets,” the report notes.
KunciCoin (BSC) || 🟨⬜️
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
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They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
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@KunciGlobalOfficial
Announcement channel
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CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
3 Big Exchanges
SOON THEY ARE RELEASING THEIR 2ND BATCH OF NFT ARTISTS AND MUSIC ALBUMS FROM BAND IFAN SEVENTEEN AS THEIR FIRST NFT RELEASE SOLD IN 7 MINUTES On
http://kuncinft.com
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Russian central bank needs to ease up digital asset projects, governor says.
Elvira Nabiullina is concerned about the Bank of Russia not treating digital asset projects softly enough to attract funding and maintain the economy.
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.
On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.
At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.
As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.
She emphasized that Russia adopted its crypto-related law, “On Digital Financial Assets,” more than a year ago, but it didn’t help the country get many “real projects.” The Russian government is set to pass another legal initiative, the bill “On Digital Currency,” which is designed to clarify regulations around crypto trading and mining.
Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:
“We need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.”
Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a “responsible person” issuing them, in contrast to private cryptocurrencies, which don’t have a responsible party.
She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.
Elvira Nabiullina is concerned about the Bank of Russia not treating digital asset projects softly enough to attract funding and maintain the economy.
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.
On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.
At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.
As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.
She emphasized that Russia adopted its crypto-related law, “On Digital Financial Assets,” more than a year ago, but it didn’t help the country get many “real projects.” The Russian government is set to pass another legal initiative, the bill “On Digital Currency,” which is designed to clarify regulations around crypto trading and mining.
Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:
“We need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.”
Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a “responsible person” issuing them, in contrast to private cryptocurrencies, which don’t have a responsible party.
She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.
Binance recovers $5.8M in funds connected to Ronin bridge exploit.
Unfortunately, a vast majority of the stolen funds still remain in the hands of the hacker.
Via a Twitter post on Friday, Changpeng Zhao, CEO of Binance, said that the cryptocurrency exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. Last month, the North Korean cyber-criminal group allegedly stole 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth over $600 million at the time, belonging to Axie Infinity's Ronin bridge.
As of Friday, the wallet address associated with the Ronin has around $280 million in digital assets remaining. Blockchain forensics company Elliptic recently uncovered that the hackers have been sending the money to centralized exchanges and cryptocurrency trail-mixer decentralized application, or DApp, Tornado Cash. In addition, it appears the hackers also swapped the stolen USDC for Ethereum on decentralized exchanges, or DEXs.
Possibly in response to alleged acts of money laundering, Uniswap DEX announced it was screening addresses that might be associated with moving "hacked or stolen funds" based on intelligence provided by TRM Labs.
Similarly, via Chainalysis, Tornado Cash is blocking wallets linked to illicit activity from accessing its DApp.
However, as told by its founder, Roman Semenov, the new screening process only blocks users from accessing its DApp user interface and does not prevent the movement of funds into its underlying smart contract.
Despite the incident, Axie Infinity creator Sky Mavis recently closed a $150 million funding round led by Binance. The funds will partly be used to reimburse investors who suffered losses in the exploit. In addition, the remaining amounts will be compensated via Sky Mavis' own money. If the stolen funds are not fully recovered within two years, the Axie decentralized autonomous organization will vote on the next steps for the treasury.
Unfortunately, a vast majority of the stolen funds still remain in the hands of the hacker.
Via a Twitter post on Friday, Changpeng Zhao, CEO of Binance, said that the cryptocurrency exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. Last month, the North Korean cyber-criminal group allegedly stole 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth over $600 million at the time, belonging to Axie Infinity's Ronin bridge.
As of Friday, the wallet address associated with the Ronin has around $280 million in digital assets remaining. Blockchain forensics company Elliptic recently uncovered that the hackers have been sending the money to centralized exchanges and cryptocurrency trail-mixer decentralized application, or DApp, Tornado Cash. In addition, it appears the hackers also swapped the stolen USDC for Ethereum on decentralized exchanges, or DEXs.
Possibly in response to alleged acts of money laundering, Uniswap DEX announced it was screening addresses that might be associated with moving "hacked or stolen funds" based on intelligence provided by TRM Labs.
Similarly, via Chainalysis, Tornado Cash is blocking wallets linked to illicit activity from accessing its DApp.
However, as told by its founder, Roman Semenov, the new screening process only blocks users from accessing its DApp user interface and does not prevent the movement of funds into its underlying smart contract.
Despite the incident, Axie Infinity creator Sky Mavis recently closed a $150 million funding round led by Binance. The funds will partly be used to reimburse investors who suffered losses in the exploit. In addition, the remaining amounts will be compensated via Sky Mavis' own money. If the stolen funds are not fully recovered within two years, the Axie decentralized autonomous organization will vote on the next steps for the treasury.
KunciCoin(BSC)🟨⬜️
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
Twitter
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
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Gibraltar rolls out new virtual asset regulation to combat market abuse.
The document will require crypto companies to seek and prevent insider trading and market manipulation.
The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading.
On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country's financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory.
The regulation, crafted by a special working group that included both government officials and industry experts, sets operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant virtual asset holdings and the publication of information that could be aimed at generating false or misleading market signals and to investigate whether algorithmic-based systems are being used to generate deceptive data around transaction volumes.
The regulation also requires crypto companies to seek and prevent any insider trading activities and inform the public of any relevant information “as soon as possible.” Proposed trading standards also include putting in place measures to reduce the liquidity providers' and market makers' capacity to significantly alter asset prices.
Albert Isola, Gibraltar's minister for Digital and Financial Services, expressed his confidence that the introduced measures will help the jurisdiction maintain its already strong relationship with the crypto sector. Isola commented to Cointelegraph:
"The introduction of the 10th Principle, with a significant input from industry, will develop further our regulatory framework. It provides permissioned firms with clear guidance on the standards that are required of them as well as providing consumer and jurisdictional protection."
The document will require crypto companies to seek and prevent insider trading and market manipulation.
The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading.
On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country's financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory.
The regulation, crafted by a special working group that included both government officials and industry experts, sets operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant virtual asset holdings and the publication of information that could be aimed at generating false or misleading market signals and to investigate whether algorithmic-based systems are being used to generate deceptive data around transaction volumes.
The regulation also requires crypto companies to seek and prevent any insider trading activities and inform the public of any relevant information “as soon as possible.” Proposed trading standards also include putting in place measures to reduce the liquidity providers' and market makers' capacity to significantly alter asset prices.
Albert Isola, Gibraltar's minister for Digital and Financial Services, expressed his confidence that the introduced measures will help the jurisdiction maintain its already strong relationship with the crypto sector. Isola commented to Cointelegraph:
"The introduction of the 10th Principle, with a significant input from industry, will develop further our regulatory framework. It provides permissioned firms with clear guidance on the standards that are required of them as well as providing consumer and jurisdictional protection."
NFT DROP COMPETITION for first skill-based racing game on Solana IS ON🔥
🚀Road2Moon - is launching its first utility NFTs! Game Alpha already developed, Doxxed team, deflationary tokenomics, guilds & scholarships coming soon! Check out their sick gameplay & Litepaper on https://road2moon.io/
Road2Moon Game NFT Holders get:
✅ Early game access to the Play2Earn game launching In May 2022
✅ Passive income from using NFTs to farm native game token ISRM
✅ Level up system to boost farming income
NFTs will be released in 4 waves. First wave of ONLY 100 NFTs at 0.5 SOL starting April 2022 (Whitelist spots disappearing FAST!)‼️
🔥DROP COMPETITION🔥
Win 3 Whitelist spots for NFT Drops starting April 2022. Whitelist spots are released as NFTs and can be traded on Magic Eden Marketplace https://magiceden.io/marketplace/road_2_moon
Competition ending: 02/05/2022 at midnight CET
⚠️ How to WIN?
Enter Givelab competition HERE https://giv.gg/cryptoj
It is only required to join a telegram.
The rest are optional. Complete more steps for higher chances of the drop. Good luck.
🚀Road2Moon - is launching its first utility NFTs! Game Alpha already developed, Doxxed team, deflationary tokenomics, guilds & scholarships coming soon! Check out their sick gameplay & Litepaper on https://road2moon.io/
Road2Moon Game NFT Holders get:
✅ Early game access to the Play2Earn game launching In May 2022
✅ Passive income from using NFTs to farm native game token ISRM
✅ Level up system to boost farming income
NFTs will be released in 4 waves. First wave of ONLY 100 NFTs at 0.5 SOL starting April 2022 (Whitelist spots disappearing FAST!)‼️
🔥DROP COMPETITION🔥
Win 3 Whitelist spots for NFT Drops starting April 2022. Whitelist spots are released as NFTs and can be traded on Magic Eden Marketplace https://magiceden.io/marketplace/road_2_moon
Competition ending: 02/05/2022 at midnight CET
⚠️ How to WIN?
Enter Givelab competition HERE https://giv.gg/cryptoj
It is only required to join a telegram.
The rest are optional. Complete more steps for higher chances of the drop. Good luck.
4-digit ENS domains spike in demand this week and continue soaring.
Ethereum users rushing to purchase scarce three- and four-digit names have been driving NFT market sales activity.
Ethereum Name Service, or ENS, .eth domains ranging from 0000 to 9999 have recently been causing a stir among nonfungible token (NFT) investors, speculators and enthusiasts alike. Even though three- and four-digit names have been around for years, the number of people registering for ENS domains and purchasing these digit number names on secondary markets over the past week has significantly affected the market’s trading volume.
According to a Dune Analytics dashboard for ENS, the spike in sales began on April 21, and the number of eth. name registrations have since jumped from 2,721 to 21,188 by Thursday. Over the last seven-day period, ENS domains’ trading volume on OpenSea climbed by 3,333% to 2,613 Ether (ETH), or $7.3 million at the time of writing. The last 48 hours have seen the most ENS NFT trading in the secondary market, with the most expensive domain so far, “555.eth,” selling for 55.5 ETH, or $156,821.91 on Thursday.
Each ENS web name is an NFT that is minted and sold like any other nonfungible token. These decentralized domains that end in .eth can act like Ethereum wallet addresses, cryptographic hashes and website URLs. Since decentralized applications (DApps), wallets, exchanges and marketplaces increasingly support NFT usernames, whether from ENS or from competitors like Unstoppable Domains, Web3 users are embracing the value that can be tied to a digital identity.
Holders who have scooped up ENS names from 0-9999 have formed an exclusive Discord channel called the 10kClub. At the time of writing, nearly 4,000 ENS holders had joined this social club. Members even created a refrain that was continuously posted throughout the Discord chat stating, “I AM MY NUMBERS AND MY NUMBERS ARE ME.” According to the 10kClub Twitter page, there is no roadmap.
Consequentially, the appensdomains website has been crashing this past week and leading users to a 404 error page because the website couldn’t be found on the server. On Thursday, the ENS team tweeted multiple times that they are working to resolve the issue.
Ethereum users rushing to purchase scarce three- and four-digit names have been driving NFT market sales activity.
Ethereum Name Service, or ENS, .eth domains ranging from 0000 to 9999 have recently been causing a stir among nonfungible token (NFT) investors, speculators and enthusiasts alike. Even though three- and four-digit names have been around for years, the number of people registering for ENS domains and purchasing these digit number names on secondary markets over the past week has significantly affected the market’s trading volume.
According to a Dune Analytics dashboard for ENS, the spike in sales began on April 21, and the number of eth. name registrations have since jumped from 2,721 to 21,188 by Thursday. Over the last seven-day period, ENS domains’ trading volume on OpenSea climbed by 3,333% to 2,613 Ether (ETH), or $7.3 million at the time of writing. The last 48 hours have seen the most ENS NFT trading in the secondary market, with the most expensive domain so far, “555.eth,” selling for 55.5 ETH, or $156,821.91 on Thursday.
Each ENS web name is an NFT that is minted and sold like any other nonfungible token. These decentralized domains that end in .eth can act like Ethereum wallet addresses, cryptographic hashes and website URLs. Since decentralized applications (DApps), wallets, exchanges and marketplaces increasingly support NFT usernames, whether from ENS or from competitors like Unstoppable Domains, Web3 users are embracing the value that can be tied to a digital identity.
Holders who have scooped up ENS names from 0-9999 have formed an exclusive Discord channel called the 10kClub. At the time of writing, nearly 4,000 ENS holders had joined this social club. Members even created a refrain that was continuously posted throughout the Discord chat stating, “I AM MY NUMBERS AND MY NUMBERS ARE ME.” According to the 10kClub Twitter page, there is no roadmap.
Consequentially, the appensdomains website has been crashing this past week and leading users to a 404 error page because the website couldn’t be found on the server. On Thursday, the ENS team tweeted multiple times that they are working to resolve the issue.
Global private bank LGT opens Bitcoin and Ether trading.
LGT Bank has partnered with the Swiss crypto bank Seba to offer custody and trading services for Bitcoin and Ether.
LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
Managing over $292 billion of assets, LGT Bank has debuted digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,” Seba Bank’s chief marketing officer Sandra Frank told Cointelegraph.
LGT Bank will initially offer custody and trading services for BTC and ETH. Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, enabling clients to easily exchange assets in their existing portfolios. The new offering will be initially available to selected client groups of LGT Bank. In order to access the new services, clients must be based in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager.
Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest wealth managers and investment companies. The banking giant traces its history back to 1920 and has a key presence in Switzerland in addition to more than 20 offices around the globe.
LGT Bank’s entrance into crypto aligns with the firm’s commitment to meet the increasing demand for investment opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:
“The demand for cryptocurrencies has also increased among our clients in recent years. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central for dealing with this dynamic and still quite young asset class.”
LGT Bank has partnered with the Swiss crypto bank Seba to offer custody and trading services for Bitcoin and Ether.
LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
Managing over $292 billion of assets, LGT Bank has debuted digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,” Seba Bank’s chief marketing officer Sandra Frank told Cointelegraph.
LGT Bank will initially offer custody and trading services for BTC and ETH. Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, enabling clients to easily exchange assets in their existing portfolios. The new offering will be initially available to selected client groups of LGT Bank. In order to access the new services, clients must be based in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager.
Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest wealth managers and investment companies. The banking giant traces its history back to 1920 and has a key presence in Switzerland in addition to more than 20 offices around the globe.
LGT Bank’s entrance into crypto aligns with the firm’s commitment to meet the increasing demand for investment opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:
“The demand for cryptocurrencies has also increased among our clients in recent years. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central for dealing with this dynamic and still quite young asset class.”
Nvidia to pay $5.5M as part of SEC case concerning 'inadequate disclosures' around crypto mining.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
Analyst claims that exchanges sell your Bitcoin, crypto trading platforms respond.
A crypto analyst claimed that staking Bitcoin through exchanges allows them to sell it to someone else. Cointelegraph reached out to exchanges for their response.
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst has even claimed that keeping BTC on exchanges is also a factor for price dips.
Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on why keeping BTC on an exchange lowers the coin’s price. Kamau believes that buying BTC on exchanges only amounts to buying an “I owe you,” or IOU, which he describes as “paper Bitcoin.”
The analyst also pointed out that exchanges create many ways to discourage withdrawing BTC, such as high withdrawal fees. On the other hand, exchanges encourage keeping BTC on the exchanges by providing staking services.
According to Kamau, this is done because the exchanges sell the Bitcoin they custody to other buyers while the owner of the IOU stays happy earning an annual percentage yield on their BTC.
Kamau claimed that because of this process, investors who keep BTC on exchanges suffer a deficit, as it enables exchanges to “print” Bitcoin — and as the supply goes up, the price goes down. He also urged users to keep their holdings off of exchanges, calling it the “logical thing to do if you want to change the world with Bitcoin.“
While many accounts liked and retweeted Kamau’s thread on Twitter, not everyone agreed with his remarks. Twitter user KoningMarc responded, calling the allegations “wild speculation at best.” Additionally, Twitter user Felipe Encinas replied that if this were the case, exchanges would be able to short BTC without having it, which “can’t happen.”
Crypto exchanges did not deny that this may be happening at some exchanges. However, LBank chairman Eric He told Cointelegraph that exchanges that do this will be taught a lesson. He explained:
“The market will teach exchanges that sell users’ Bitcoin a lesson because they will not be able to buy back the Bitcoin they sold. Exchanges like this will surely fail."
A crypto analyst claimed that staking Bitcoin through exchanges allows them to sell it to someone else. Cointelegraph reached out to exchanges for their response.
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst has even claimed that keeping BTC on exchanges is also a factor for price dips.
Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on why keeping BTC on an exchange lowers the coin’s price. Kamau believes that buying BTC on exchanges only amounts to buying an “I owe you,” or IOU, which he describes as “paper Bitcoin.”
The analyst also pointed out that exchanges create many ways to discourage withdrawing BTC, such as high withdrawal fees. On the other hand, exchanges encourage keeping BTC on the exchanges by providing staking services.
According to Kamau, this is done because the exchanges sell the Bitcoin they custody to other buyers while the owner of the IOU stays happy earning an annual percentage yield on their BTC.
Kamau claimed that because of this process, investors who keep BTC on exchanges suffer a deficit, as it enables exchanges to “print” Bitcoin — and as the supply goes up, the price goes down. He also urged users to keep their holdings off of exchanges, calling it the “logical thing to do if you want to change the world with Bitcoin.“
While many accounts liked and retweeted Kamau’s thread on Twitter, not everyone agreed with his remarks. Twitter user KoningMarc responded, calling the allegations “wild speculation at best.” Additionally, Twitter user Felipe Encinas replied that if this were the case, exchanges would be able to short BTC without having it, which “can’t happen.”
Crypto exchanges did not deny that this may be happening at some exchanges. However, LBank chairman Eric He told Cointelegraph that exchanges that do this will be taught a lesson. He explained:
“The market will teach exchanges that sell users’ Bitcoin a lesson because they will not be able to buy back the Bitcoin they sold. Exchanges like this will surely fail."
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BattleVerse Open Beta Launch
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
▫️Their main goal is to give everyone the opportunity to earn through fun gameplay, even if you are not an experienced player in the world of Play-to-Earn (P2E) games.
To celebrate this significant event the team launches another raffle in which 10 of the luckiest can win a cool Battle Shroom NFT🍄 and get to the battle arena among the first!
👉Link to participate: https://battleverse.io/gleam4/sltg1205
⏰Deadline: May 17
🤩More entries – more chances to win! All winners' entries will be checked by us manually! So don't miss your chance to earn!
💰Also this project offers an interesting and profitable staking system! You can stake $BVC (project token) and get tokens of four projects with income level up to 250% APY!
⚔️Let's blow up the Arena!⚔️
🌐BattleVerse Universal link
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
▫️Their main goal is to give everyone the opportunity to earn through fun gameplay, even if you are not an experienced player in the world of Play-to-Earn (P2E) games.
To celebrate this significant event the team launches another raffle in which 10 of the luckiest can win a cool Battle Shroom NFT🍄 and get to the battle arena among the first!
👉Link to participate: https://battleverse.io/gleam4/sltg1205
⏰Deadline: May 17
🤩More entries – more chances to win! All winners' entries will be checked by us manually! So don't miss your chance to earn!
💰Also this project offers an interesting and profitable staking system! You can stake $BVC (project token) and get tokens of four projects with income level up to 250% APY!
⚔️Let's blow up the Arena!⚔️
🌐BattleVerse Universal link
No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks.
GAM Investments has called fake news on a fabricated announcement claiming it would invest $3 billion to help Luna/UST recovery efforts.
GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.
An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.
Cointelegraph has confirmed with GAM Investments that the press release was fabricated, even including fake quotes from GAM CEO Peter Sanderson. GAM’s head of communications and investor relations, Charles Naylor, categorically labeled the release as fake news.
The ongoing LUNA/UST debacle has been the focal point of the cryptocurrency space this week, with the collapse of the Terra ecosystem reverberating through the markets. DeFi protocols that were tied to UST saw losses of up to 80%, while Bitcoin (BTC) holdings backed by UST were also forced into a sell-off that saw the price of BTC go as low as $24,000 before recovering.
Terra founder Do Kwon and his team released a proposed recovery strategy for the LUNA ecosystem midweek that involved burning $1.4 billion UST while staking 240 million LUNA tokens in an effort to stem the devaluation of the UST dollar peg.
A day later, LUNA validators made the decision to take the network offline as the volatility of the LUNA/UST pair provided the potential for further governance attacks. Cryptocurrency exchange Binance decided to suspend LUNA/BUSD and UST/BUSD on its spot trading platform following the halting of the Terra blockchain.
GAM Investments has called fake news on a fabricated announcement claiming it would invest $3 billion to help Luna/UST recovery efforts.
GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.
An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.
Cointelegraph has confirmed with GAM Investments that the press release was fabricated, even including fake quotes from GAM CEO Peter Sanderson. GAM’s head of communications and investor relations, Charles Naylor, categorically labeled the release as fake news.
The ongoing LUNA/UST debacle has been the focal point of the cryptocurrency space this week, with the collapse of the Terra ecosystem reverberating through the markets. DeFi protocols that were tied to UST saw losses of up to 80%, while Bitcoin (BTC) holdings backed by UST were also forced into a sell-off that saw the price of BTC go as low as $24,000 before recovering.
Terra founder Do Kwon and his team released a proposed recovery strategy for the LUNA ecosystem midweek that involved burning $1.4 billion UST while staking 240 million LUNA tokens in an effort to stem the devaluation of the UST dollar peg.
A day later, LUNA validators made the decision to take the network offline as the volatility of the LUNA/UST pair provided the potential for further governance attacks. Cryptocurrency exchange Binance decided to suspend LUNA/BUSD and UST/BUSD on its spot trading platform following the halting of the Terra blockchain.
80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
Swiss asset manager Julius Baer eyes crypto and DeFi potential.
Swiss asset manager Julius Baer is set to offer cryptocurrency exposure to its high-net-worth clientele.
The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients.
The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.
Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.
“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”
Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use.
“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it's exactly the right moment to invest in the long-term potential of digital asset technology.”
The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance.
Rickenbacher was particularly enamored with the potential of the DeFi sector — which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem.
The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance:
“On the other hand, it's also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.”
Swiss asset manager Julius Baer is set to offer cryptocurrency exposure to its high-net-worth clientele.
The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients.
The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.
Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.
“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”
Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use.
“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it's exactly the right moment to invest in the long-term potential of digital asset technology.”
The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance.
Rickenbacher was particularly enamored with the potential of the DeFi sector — which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem.
The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance:
“On the other hand, it's also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.”
