Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the
Month: January 2023
Although the XRP Ledger (XRP) is an open-source, public, and decentralized layer 1 blockchain run by a global community of developers, there has been a history of criticism for perceived centralization; the most high-profile case being the U.S. Securities and Exchange Commission accusing Ripple Labs of issuing an unregistered security. Critics cite the original distribution
The SEC has once again rejected a proposal to list the ARK 21 Shares Bitcoin ETF on equities exchange Cboe BZX, according to Jan. 26 statement from the SEC. The SEC rejected a similar proposal in April, 2022. The SEC has just now once again rejected ARK’s and 21Shares spot bitcoin, $BTC ETF listing. —
Buying DAO tokens? That’s no longer risk-free: Courts might consider you a partner in the business and judge you liable for millions in hacked funds. Another legal trap may be found simply working for a DAO — and implementing community decisions that turn out to be illegal in some far-flung jurisdiction. With many DAO communities
Stablecoins in the cryptocurrency market help provide U.S. dollar-pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets; and in bear markets, investors seek shelter in low-volatility stablecoins, thus increasing their market caps. On Jan. 26, the total market capitalization for
On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow
Lawyers representing FTX in bankruptcy court have reportedly argued that former CEO Sam Bankman-Fried’s immediate family should face questioning regarding their personal wealth. According to a Jan. 26 report from Bloomberg, FTX’s lawyers requested Judge John Dorsey in the District of Delaware allow them to question Joseph Bankman, Barbara Fried and Gabriel Bankman-Fried — the
Bitcoin (BTC) is seeing new records in network activity as volatility sends BTC price action to fresh five-month highs. Data from resources including MiningPoolStats confirms that Bitcoin’s hash rate hit new all-time highs on Jan. 26. Hash rate passes 300 EH/s threshold In another example of Bitcoin’s blitz recovery from the pits of post-FTX woes,
ChatGPT is a powerful new AI tool, capable of problem-solving, advanced coding, answering complicated questions and now–spelling out the end of fiat currencies. Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin (BTC) would bring about the end of government-issued fiat currencies and shared the results in a Twitter thread. You’re not going
Financial authorities in Kazakhstan have targeted at least five online platforms exchanging cryptocurrencies outside the law. Documents, computer equipment, and cryptocurrency wallets have been seized during searches in the northern part of the country. Kazakhstan’s Financial Watchdog Goes After Unlicensed Crypto Exchange Services The Financial Monitoring Agency (FMA) of the Republic of Kazakhstan has dismantled
Authorities in the United States might have discovered yet another possible component of Sam Bankman-Fried’s cryptocurrency empire. U.S. federal prosecutors have alleged that Bankman-Fried has used money from FTX exchange to invest in the venture capital (VC) firm Modulo Capital, according to The New York Times. As previously reported, SBF’s hedge fund and FTX’s sister firm,
Kevin Rose, the co-founder of the nonfungible token (NFT) collection Moonbirds, has fallen victim to a phishing scam leading to more than $1.1 million worth of his personal NFTs stolen. The NFT creator and PROOF co-founder shared the news with his 1.6 million Twitter followers on Jan. 25, asking them to avoid buying any Squiggles
Electric vehicle manufacturer Tesla refused to offload any more Bitcoin (BTC) during the latter half of 2022 despite selling off 75% of its holdings in the second quarter. In its Q4 results report on Jan. 25, Tesla’s financials show it neither bought or sold any of its Bitcoin for the second quarter in a row.
A spokesperson for USD Coin (USDC) issuer Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) over its failed $9 billion plan to go public in December. The stablecoin issuer representative was responding to a Jan. 25 Financial Times article which characterized Circle as having “blamed” the securities regulator for its “derailed”
Cryptocurrency exchange Binance has reportedly processed nearly $346 million in crypto transactions for Bitzlato, the coin trading platform that was shut down in an international law enforcement operation. U.S. authorities say the world’s largest trading platform for digital assets was among Russian-owned Bitzlato’s major counterparties. Blockchain Data Indicates Binance Moved Over 20,000 BTC for Bitzlato
Bitcoin (BTC) saw weakness at the Jan. 25 Wall Street open as United States equities fell in step. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price faces stiff resistance Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading below $22,500 after failing to crack resistance near five-month highs. U.S. stocks saw a weak
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