On April 20, a pseudonymous security researcher, dm557, raised an alarm about a nefarious project on GitHub, highlighting the presence of an AI bot designed to steal crypto assets.

How This AI Bot Steals Crypto

dm557 discovered a “checkrug.py” file within the ai bot, containing an encrypted binary script designed to decrypt data and transmit private keys. Private keys are crucial in cryptocurrency transactions, acting as digital signatures. If these keys fall into the wrong hands, it can result in significant financial losses.

Evilcos, the pseudonymous founder of SlowMist, a well-known blockchain security firm, confirmed dm557’s findings and explained the bot’s operation. He noted the presence of a backdoor code within the bot, allowing it to steal users’ private keys.

Evilcos warned the crypto community to be cautious when encountering complex code, as it could hide malicious intent. He emphasized that in the open-source world of cryptocurrency, code should be readable and understandable. Complex or “garbled” code could indicate something fishy.

Current Status and Risks

As of press time, the project’s developer has removed the backdoor code. However, experts have cautioned against downloading the AI bot, suggesting that the removal of the malicious code might be a ploy to deceive unsuspecting users into downloading it.

Crypto developer Greysign advised staying away from repositories with a history of malicious activity. Despite the apparent removal of the backdoor, there’s a risk that it could be reinstated once more users download the bot.

Remarkably, the project’s author blocked attempts to flag it as risky, indicating an attempt to conceal its true nature.

Implications and Context

In the cryptocurrency market’s volatile and complex environment, AI bots have become essential tools for traders. The rapid fluctuations in prices pose challenges for manual trading strategies. Consequently, traders are increasingly turning to AI-powered bots for their ability to quickly analyze market data and execute trades.

However, the discovery of this malicious AI bot serves as a stark reminder of the risks involved in relying on such tools. Traders and users must exercise caution when downloading and using software, especially from unverified sources.

The incident also underscores the importance of vigilance within the cryptocurrency community. With the rise of innovative technologies, security measures must continuously evolve to combat new threats and protect users’ assets.

The post Crypto Stealing AI Bot Discovered on GitHub appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Tether, the firm behind the leading stablecoin USDT, has made a significant move by issuing $60 million worth of USDT on The Open Network (TON) since April 19, making it the 11th largest blockchain for Tether out of 16 supported blockchains.

This development follows Tether’s collaboration announcement with the TON Foundation at the Token2049 crypto conference in Dubai. The partnership signals a pivotal moment for both Tether and TON, introducing the stablecoin to Telegram’s vast user base of 900 million.

Tether Partners with TON Foundation

Tether CEO Paolo Ardoino expressed satisfaction with the progress, stating that they had made a “great start” with $35 million USDT issued on TON. However, the authorized supply has since grown to $60 million, as per the latest Tether Transparency report.

One of the key features highlighted by the TON team is the instant, free, and user-friendly nature of cross-border payments, compared to sending a text message. This accessibility is expected to facilitate seamless transactions among Telegram users.

Fully Integrated On-Ramps

Moreover, Tether’s integration on TON includes fully integrated on-ramps from various fiat currencies globally, simplifying the process of acquiring USDT. Additionally, plans for integrated global off-ramps will allow users to withdraw supported fiat currencies directly to their bank accounts or cards.

Despite TON’s emergence as a new blockchain for Tether, the majority of Tether’s circulating supply remains on the Tron network, followed closely by Ethereum. However, the increasing deployment of Tether on various blockchains aims to alleviate the high network fees on Ethereum.

Tether USD Deployed on Several Other Blockchains

Besides TON, Tether has been deployed on several other prominent blockchains, including Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo. 

Tether’s dominance in the stablecoin market is evident, with a market share of 69% of the entire stablecoin market capitalization, estimated at around $159.5 billion according to CoinMarketCap.

It is important to note that Tether is also entering new industries, recently announcing plans to launch a new arm that will be focused on providing courses, workshops, and other resources for skill development in blockchain technology.

TON Price Action

In response to the Tether-TON collaboration, Toncoin (TON) prices initially surged by 22% but quickly stabilized. As of writing, TON is trading down 0.48% on the day at $6.19, according to CoinMarketCap data.

The issuance of USDT on TON signifies a significant milestone for both the stablecoin firm and TON, underscoring the growing importance of stablecoins in facilitating efficient and cost-effective transactions within the cryptocurrency ecosystem.

The post Tether Issues $60M on TON, A Great Start: CEO Says appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Price fluctuations are not uncommon in the crypto space, but several altcoins, including Celestia (TIA) and Ripple (XRP), have struggled more than others recently. The chips are down for both projects as bearish trends intensify as we go further into the month. Despite, the price swings, one project that stood strong was DTX, an emerging hybrid exchange platform that has presented a stronger resistance to the altcoin price hemorrhage that has hit the market. 

Celestia Downtrend

Celesita’s market cap has been on a consistent decline in recent days. The token witnessed a 20.8% drop in value in the past month and in an unfortunate turn of events, the coin has continued to lose momentum rather than gaining it. 

In the past week, the token has lost 15.3% of its value, and most recently, it recorded a 9.8% drop. It is currently selling at $9.51, but that figure is expected to go even lower following the halving. 

Celestia reached its ATH in February and has since plummeted 46% below its peak. Investor enthusiasm is at its lowest, and many are seeking to diversify their portfolios and cut their losses with the token. 

Ripple Down and Out 

XRP hit an ATH in March at $0.7440 and has since then been on a downward spiral crashing 18.5% in the past month. The token is currently selling at $0.4893 indicating a 20.8% drop from its price seven days ago. 

The volatility of the coin is on the high side as it also reached its all time low in March after recording its ATH days before. The price is expected to decline further and the chances of a bullish reversal are slim. 

It’s not looking optimistic for investors and current token holders as the Balance of Power (BoP) technical indicator shows that sellers are dominant in the market at the moment. 

DTX Scaling Through 

Cost-effective, scalable, and innovative, DTX Exchange is shaping up to be one of the next big projects on the market. 

The platform is a decentralized hybrid exchange that combines the best features of centralized and decentralized exchanges. Since its introduction to the crypto space, the project has been drawing attention of investors and gaining traction in the market. 

The platform has garnered so much attention so quickly, partially due to the laudable performance of its token presale. Raising over $100K in two days and over $250K in a week, the project’s outstanding performance has caught the eye of many traders and investors alike. Over 60% of its token offering has been sold, and it seems the project is only going to keep gaining momentum. 

Anticipation of the coin’s growth has led to many analysts projecting gains of over 1000x ROI. With such glowing potential for massive returns, it’s no wonder that investors are taking notice of this project. 

Conclusion

With Celestia and Ripple struggling to break out of a downtrend, investors want to diversify their portfolios and make up for their losses. DTX has drawn the attention of these investors with its eye-catching features and impressive potential. 

Participate in the DTX Exchange presale or join the DTX Community on Telegram to keep up with other investors exploring the new project. 

The post New Presale DTX Outshining Celestia and Ripple with Impressive Performance appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Abu Dhabi, UAE, April 18, 2024 – In an ambitious move that reiterates its commitment to innovation and sustainability, Diamante Blockchain today announced its strategic roadmap for the next 2-3 years with DiamCircle, its subsidiary, poised to lead a transformative journey in the global digital landscape. Leveraging its proprietary Diamante Net, the proprietary blockchain network of Diamante Blockchain aims to introduce groundbreaking security measures, scalability solutions, interoperability, and eco-friendly initiatives that are set to redefine industry standards.

The strategy also involves expanding into new geographic markets, specifically around India, the UAE, and the USA, where there is an expected upturn in demand for their offerings. The Fintech Blockchain market, currently valued at $4.66 billion in 2024,  is projected to surge to $31.84 billion by 2029 (Mordor Intelligence). This would represent an increase of 46.92% CAGR. (Mordor Intelligence).

By integrating innovative payment gateway solutions and tapping into its existing infrastructure for tailored services around finance, digital payments, and trade, including highly competitive credit solutions without traditional banking constraints, Diamante aims to streamline operations and also lower transaction costs while increasing transaction speed and security.

A group of experienced professionals spearhead Diamante’s strategic advances. Co-founder and CEO Dinesh Patel leads the way in company direction and growth. Operations are managed by Co-founder and COO Chirag Jetani, CTO Arijit Biswas is responsible for the technology strategy, centering system architectures as a priority. Digital banking and blockchain expert Prasanna Lohar operates as CIO, while CMO Lalit Choudhary oversees marketing strategies and branding initiatives.

“Diamante’s roadmap is meticulously designed to expand our technological footprint and also to offer a richer, more integrated financial experience to our users worldwide,” said Dinesh Patel, CEO. “We are excited about the possibilities our next-phase growth strategies will unlock, particularly in enhancing user engagement and satisfaction,” he added.

Diamante Blockchain’s proprietary blockchain platform Diamante Net supports its move to become a payments super-app, Paycircle, which combines banking, payment, investment, and accounting services. Diamante Net’s multi-layered authentication and anti-spam controls ensure robust security for both individual users and businesses. Diamante Blockchain also focuses on being eco-friendly, shifting toward sustainable proof of stake consensus and carbon offset programs.

Diamante also continues to push boundaries beyond traditional finance into sectors like e-commerce, healthcare, and insurance, using blockchain tech to secure transactions and enhance data management. CreditCircle, another flagship product of Diamante Blockchain, leverages cryptocurrencies as collateral for instant credits, thereby positioning the company as a comprehensive provider of digital solutions.

“Our focus is clear — to integrate cutting-edge technology with user-centric financial solutions, creating a seamless and secure, decentralized environment that caters to all aspects of personal and corporate needs,” added Prasanna Lohar, CIO. He also said, “Our strategic geographical and product expansions are geared towards setting new standards in the blockchain ecosystem.”

So far, Diamante Blockchain has celebrated several major milestones that demonstrate its growing influence in the industry. The integration of BNB Chain’s Greenfield, raising over $5 million in the DIAM presale, and the launch of the Diamante Grant under Diamante Labs all show that the company is committed to nurturing innovation and development across blockchain, AI, and Web3 spaces.

In coming years, Diamante Blockchain plans significant expansions and enhancements. In 2024, PayCircle will support cross-chain transactions, broadening its utility across major networking and introducing MetaCircle for gamified services in collaboration with Bollywoodirect. For 2025, Diamante Blockchain plans to integrate Diamante Net into human resources and asset management, as well as enhancing customer relations and logistics traceability and in 2026, the company aims to initiate a quantum blockchain roadmap, paving the way for next-generation blockchain technology. 

About Diamante Blockchain

Diamante Blockchain is committed to innovating with its protocol, Diamante Net, aiming to drive blockchain adoption globally. They focus on creating an inclusive, open-source environment that empowers developers and users alike, facilitating value creation and efficiency across borders. With a strong belief in community and collaboration, Diamante Blockchain strives to enhance the security and scalability of blockchain infrastructure, ensuring a sustainable and equitable digital future for all.

Contact Details: 

Name: Lalit Choudhary

Title: Chief Marketing Officer

Email: lalit@diamanteblockchain.com

Phone Number: 9833103731

Telegram: @oldmonnk86

Website URL: www.diamanteblockchain.com |  www.diamcircle.com | www.paycircle.io

 

The post Diamante Blockchain Announces Strategic Blueprint for Revolutionizing Global Finance by 2026 appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Renowned for his skepticism towards Bitcoin, Peter Schiff continues to critique the cryptocurrency, particularly in light of the recent halving event. 

Peter Schiff highlighted what he perceives as fundamental flaws in Bitcoin’s role as a digital currency, focusing on the substantial increase in transaction costs and processing times.

Peter Schiff Once Again Slams Bitcoin

He pointed out that completing a Bitcoin transaction now costs around $128, a significant rise from previous levels. Additionally, he noted a significant delay in transaction processing times, with transactions taking over an hour to confirm. 

These developments, according to Peter Schiff, render Bitcoin impractical for everyday transactions, challenging its viability as a digital currency.

“The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure,” he said.

Crypto Community Expresses Skepticism

However, in response to Schiff’s assertions, the cryptocurrency community has expressed skepticism. Schiff’s claims, especially regarding transaction costs and processing times, have faced scrutiny. 

Users have pointed out inconsistencies in Schiff’s statements and questioned the reliability of his sources. Schiff himself admitted that his information is sourced from online platforms, raising doubts about the accuracy of his claims.

Controversy and Peter Schiff

Peter Schiff had earlier sparked controversy with cryptic remarks teasing Bitcoiners on the occasion of the halving. 

His comments, which included his absence from halving parties and an analogy equating the halving to a reduction in Bitcoin HODLers’ net worth, elicited mixed reactions within the cryptocurrency community.

Market Remains Bullish

Despite criticism from figures like Peter Schiff, Bitcoin continues to demonstrate resilience and strong market performance following the recent halving event. Bitcoin stands at an impressive $66,000, underscoring its enduring appeal to investors and its status as a leading cryptocurrency.

Moreover, recent market data reveals a surge in trading volume, reaching $23.9 billion within the last 24 hours alone. 

This surge in trading activity indicates significant liquidity and interest in the Bitcoin market. Furthermore, Bitcoin’s market capitalization remains formidable, currently standing at $1.3 trillion. This figure reaffirms Bitcoin’s position as a dominant force within the cryptocurrency landscape, despite ongoing debates and criticisms.

Peter Schiff’s critique of Bitcoin raises valid concerns. However, the cryptocurrency’s strong market performance and continued resilience indicate that it remains a potent force in the digital currency space. 

As Bitcoin continues to evolve, its ability to address issues such as transaction costs and processing times will be crucial in shaping its future adoption and utility.

The post Peter Schiff Highlights the Post-Halving Flaws of Bitcoin appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

It has been quite a face-off between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), as the legal tussle continues. 

The recent update in the case focuses on the SEC’s remedies briefing, where the regulatory agency laid out its proposed actions. These proposed remedies aim to recover profits from XRP sales to institutional investors and impose civil penalties. 

Ripple Labs Expected Response To SEC

After the SEC’s briefing, Ripple has the opportunity to submit its vital response to these proposed remedies within the next 24 hours, specifically on April 22. It is a big moment in the lawsuit that has grabbed the attention of the crypto community. 

Recall that Judge Torres ruled in favor of Ripple when she said XRP is not securities and this is indeed significant as it was established by Stuart Alderoty, Ripple CLO in the SEC vs Govil case that SEC must demonstrate actual monetary losses to investors before seeking substantial sanctions. This is relevant because the SEC is pursuing nearly $2 billion in sanctions from Ripple for alleged violations of federal securities laws related to the sale of XRP. 

As the digital payment protocol gets ready to submit its reply, there’s a lot of speculation about what their response will entail. Market watchers are expecting the digital payment company to strongly challenge the SEC’s proposed remedies. 

Possible Outcomes from Ripple Filing 

Some key arguments in Ripple’s filing might be challenging the SEC’s claim that XRP is a security, emphasizing the lack of fair notice given to market participants, and highlighting the absence of financial harm to XRP buyers. These arguments aim to contest the SEC’s allegations and defend Ripple’s position. 

The outcome of the Ripple lawsuit will certainly be influenced by this precedent. One possibility is that Ripple successfully defends itself and the lawsuit is dismissed. Another outcome could be that Ripple reaches a settlement with the SEC, which could involve fines or other penalties. 

It is also possible that the court ruling could have broader implications for the cryptocurrency industry as a whole. 

Filing update and Expected brief reply 

It will be a step-by-step process as Ripple plans to submit a publicly redacted version of their opposition brief on April 22nd. If the materials don’t include anything confidential according to the SEC, they will be made public. 

However, if there are confidential materials, they might be filed under seal. In that case, on April 24th, Ripple will submit a provisional redacted version of the opposition brief. Then, on May 6th, the SEC is expected to file their reply brief under seal.

Nevertheless, It would be such a relief and a massive win for Ripple if its CLO’s projection holds and the SEC’s lawsuit comes to an end in 2024. 

The post Looming Faceoff: Ripple vs SEC Gears Up as Crucial Filing In View appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The first impact of Bitcoin’s halving is positive for miners as some of the most valuable blocks in the cryptocurrency’s history recorded $2.6 million in fees and block rewards alone. This is despite the split in the miner’s reward due to the halving event.

Impact of Bitcoin Halving on Miners’ Rewards

A crypto enthusiast on X, Clark Moody, first drew the attention of the crypto community to the monetary reward of the mined block in terms of U.S. dollar value at the time the block was mined. The first halving block alone generated $2.6 million in fees and block rewards surpassed only by the $3 million overpayment in November 2023, a record-high block value caused by an apparent error.

Nine of the top 10 most valuable blocks have been mined today pic.twitter.com/0W5zbLOHx0

— Clark Moody (@clarkmoody) April 20, 2024

Meanwhile, subsequent blocks ranged in value from $1.3 million to $2 million. This clearly shows that purposeful transactions were driving these high-value blocks. Now, the focus is on creating premium Bitcoin units and inscribed data.

Bitcoin’s Unique Epic Sats and Rare Sats

One of the unique incentives for mining the first halving block is the “epic sat,” a specially inscribed unit of Bitcoin. Epic sats, which are created only once every halving, are much rarer than “rare sats,” one of which was auctioned for over $100,000 by Sotheby’s.

The first epic sat, since the Bitcoin Ordinals protocol’s invention, could be sold at an auction as well and potentially fetch a record-breaking price.

Renewed Interest in Runes and Inscribed Data

The quadrennial halving event also introduced renewed interest in Runes. This is a protocol that allows users to inscribe data on the Bitcoin blockchain. The first Rune deployed was worth $430,000 in an airdrop to specific holders of Ordinals collections. The others cost hundreds of thousands of dollars to deploy them on the Bitcoin blockchain.

The resultant influx of high-value transactions has dramatically increased the value of Bitcoin blocks, with 9 out of the top 10 most valuable blocks being mined directly after the halving. The single exception was a $500,000 overpayment by Paxos, which was later returned by the mining pool involved.

These record-breaking figures in blocks mined do not, however, mean that miners’ reward for verifying transactions is not impacted. The mining difficulty has increased and their profitability will drop significantly leading to reliance on transaction fees to meet costs. Regardless, Grayscale, a prominent firm specializing in digital asset management believes miners are well-positioned to thrive in the changed landscape.

The post Bitcoin Latest Halving Creates Record-Breaking Blocks appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

There is a cloud of uncertainty over the possibility of the U.S. Securities and Exchange Commission (SEC) likelihood to approve spot Ethereum ETF this May. Nate Geraci, president of the ETF Store, stated that the SEC’s lack of communication with issuers is enough indication of its unwillingness to advance spot Ethereum ETFs.

Ethereum ETF: SEC Silence Raises Concerns

This silence of the regulatory body starkly contrasts the engagement seen in discussions about Bitcoin ETFs, where the “back-and-forth” dialogue was consistent and stakeholders could deduce that approval was imminent.

Financial magazine, Barron’s recently reported that conversations around spot Ethereum ETF have been “very one-sided.” This is a clear indication that the SEC is unwilling to offer any feedback on the asset approval. Meanwhile, in Hong Kong, spot Ethereum ETF got approval by the Securities and Futures Commission (SFC).

Eerily quiet on spot eth ETFs…

Consensus is SEC will disapprove in May. Reason = lack of engagement w/ issuers.

Logic says that’s correct, but also wonder if SEC learned lesson from clown show w/ spot btc ETFs.

Either way, options are either A) approve or B) face lawsuit IMO.

— Nate Geraci (@NateGeraci) April 21, 2024

Summarizing the SEC’s current approach, Eric Balchunas, Bloomberg’s senior ETF analyst, described it with a pointed remark: “silence is violence.” The continued silence of the SEC is frustrating industry stakeholders, who are looking for more clarity and responsiveness from the regulatory body.

Will SEC’s Stance Trigger Legal Battle?

Analysts and stakeholders such as Jan van Eck, the CEO of investment firm VanEck, are speculating that the SEC’s reluctance to offer feedback suggests that approval for spot Ethereum ETFs remains elusive for the foreseeable future. According to Balchunas, the stance of the SEC could trigger another lawsuit.

The regulator has faced litigation in the past over its rejection of ETF applications, notably when Grayscale secured a legal victory against the SEC. In August, the U.S. District of Columbia Court of Appeals ruled that the SEC was incorrect in denying Grayscale’s Bitcoin ETF application, setting a precedent for future legal challenges.

Ethereum’s Attraction

Given the success of Bitcoin ETFs and Ethereum’s significant market cap of $379 billion, Geraci suggests that the SEC could be sued if it continues to resist approving spot Ethereum ETFs. Grayscale and other major issuers with substantial resources may view litigation as a strategic investment to position themselves as “pro-crypto” and advocates for innovation.

Despite skepticism about the value of spot Ethereum ETF, especially considering the lukewarm response to futures-based ETFs for Ethereum, many in the industry view spot ETFs as a crucial step toward mainstream acceptance and broader investor participation in the cryptocurrency market.

The post Top Analyst Crushes Hopes for May Ethereum ETF appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Kathryn Haun, a prominent figure in the cryptocurrency space and a long-serving board member at Coinbase, has announced her departure from the company later this year. 

After more than seven years with Coinbase, Haun revealed her decision in a post on X, stating that she will be stepping down to concentrate on her venture, Haun Ventures, a platform supporting the crypto stack.

In her announcement, Haun emphasized the rapid expansion of the crypto industry, with the exchange well-positioned for continued success. 

Haun Leaves Coinbase Board

She also highlighted the growth of Haun Ventures, indicating that now is the opportune moment for her to increase her efforts in supporting the platform’s growing portfolio of founders. Additionally, Haun expressed her ambition to build a lasting venture franchise through Haun Ventures.

Reflecting on her time at Coinbase, Haun described it as an “incredible journey.” Joining the the exchange’s team in 2017, she witnessed the company’s evolution alongside the broader cryptocurrency market. 

“Crypto is in a remarkable expansion state, and Coinbase is well-positioned to thrive. Haun Ventures is similarly expanding, and this feels like the right time for me to  double-down on supporting our growing portfolio of founders and building a lasting venture franchise,” Haun said.

Haun and Coinbase

Haun played a significant role when Coinbase became the first publicly traded crypto company and led efforts for global regulatory clarity. She was also involved in the launch of various market and technology infrastructure pieces, including the recent addition of Base.

Haun expressed gratitude to the exchange’s founder Brian Armstrong, fellow board members, and the entire leadership team in her post. She acknowledged herself as fortunate to have several Coinbase alumni on the Haun Ventures team and among the platform’s portfolio founders, highlighting the company as an exceptional incubator for entrepreneurial talent.

Support for the Exchange

In her closing remarks, Haun assured that she would continue to support Coinbase and maintain close ties with the company’s leadership even after her departure. She expressed appreciation for her time at the company, describing it as an “amazing ride.”

Haun’s decision to step down from the Coinbase board marks a significant transition in her career. 

As she shifts her focus to Haun Ventures, her experience and expertise will undoubtedly continue to shape the crypto landscape. Her departure from Coinbase underscores the dynamism of the industry, with key figures like Haun exploring new avenues for innovation and growth.

The post Kathryn Haun Steps Down from Coinbase Board appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The tax evasion trial involving cryptocurrency exchange Binance and two of its executives has encountered a delay, with proceedings adjourned to May 17. This postponement stems from Binance not being formally served with the charges by the Nigerian authorities.

The Federal Inland Revenue Service (FIRS) has yet to serve Binance with tax evasion charges, as reported by local news agency BusinessDay. In court, there was a dispute over whether Tigran Gambaryan, representing Binance as the primary defendant, had been served.

Binance Tax Evasion Trial

Gambaryan’s lawyer, Chukwuka Ikuazom, argued that according to Nigerian law, pleading couldn’t occur until Binance, as the primary defendant, was served. Consequently, the judge, Emeka Nwite, adjourned the proceedings to May 17 for a ruling.

Binance and its executives, including Gambaryan and Nadeem Anjarwalla, were arrested on Feb. 28, and charged with four counts of tax evasion during a visit to Nigeria. 

Ban on Crypto Channels in Nigeria

Their arrest followed the government’s ban on cryptocurrency channels, part of an effort to combat currency speculation. On the other hand, the Nigerian government has launched the first-ever multilingual large language model (LLM) in Africa, making history.

The court mandated Binance to provide the Nigerian government with access to data and details about Nigerian traders using its platform.

The charges revolve around Binance’s failure to register with Nigeria’s Federal Inland Revenue Service (FIRS) for tax remittance. While Gambaryan was present in court, Anjarwalla wasn’t, having escaped detention and left the country in March 2024.

Binance and Execs Face Accusations

Besides the tax evasion charges, Binance and its executives also face accusations of laundering over $35 million, as stated by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC). The trial for this matter is scheduled to resume on May 2.

Binance, though not represented in court, stated at the Token2049 crypto conference in Dubai that it’s closely cooperating with Nigerian authorities following Gambaryan’s detention.

Gambaryan is Fighting Back

In a separate development, a federal high court in Abuja has postponed the bail application hearing for Binance executive Tigran Gambaryan, who remains in custody at the Kuje correctional center. 

However, Gambaryan is fighting back by suing the government for violating his fundamental human rights. His motion alleges that his detention and passport confiscation contravene the country’s constitution, which guarantees personal liberty.

As the legal battle unfolds, the case underscores the complex relationship between cryptocurrency exchanges and regulatory authorities, particularly in emerging markets like Nigeria, grappling with the implications of digital currencies.

The post Binance Tax Evasion Trial Postponed: Details appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Bitwise CEO Hunter Horsley has made a prediction regarding the increase in Bitcoin exchange-traded funds (ETFs) holdings by wealth management firms. His forecast comes at a time when BTC ETFs are anticipated to gain even more traction following the halving.

Horsley’s prediction is in line with the general market sentiment suggesting a growing demand for ETFs, particularly evident in the recent data. 

Bitcoin investments in the United States ETF market recorded a net positive inflow just before the BTC halving day, following five consecutive days of outflows. Currently, BTC is trading at approximately $64,904.

BlackRock vs. Grayscale

BlackRock’s iShares Bitcoin Trust (IBIT) is closing in on Grayscale’s Bitcoin Trust (GBTC), standing just $2 billion shy. This positions BlackRock to potentially overtake Grayscale as the world’s largest BTC fund. 

GBTC has experienced a 68-day period of value decline, shedding nearly $16 billion and reducing its assets to $19.4 billion.

Bitcoin ETFs and Asset Growth

In contrast, IBIT has seen continuous asset growth, reaching approximately $17.3 billion in total assets. As reported earlier by TheCoinRise, the cumulative trading volume for spot BTC ETFs surpassed the $200 billion mark earlier in April.

Notable capital outflows have been observed from Grayscale’s spot Bitcoin ETF, with investors withdrawing $89.9 million over the last five days alone, contributing to a net outflow of $1.6 billion since January.

Despite its early lead, Grayscale’s dominance in the BTC ETF market appears to be waning. Fidelity and BlackRock have quickly gained substantial market shares since the onset of trading. 

New Inflows in Spot Bitcoin ETFs

For instance, Fidelity and BlackRock Bitcoin ETFs experienced net inflows of $37.3 million and $18.7 million, respectively, in the same week, alleviating some of the market’s liquidity issues.

Horsley describes the adoption of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices as “stealthy but significant.” He notes that major financial entities are discreetly conducting thorough assessments of the Bitcoin market.

Grayscale Outflows

According to Farside data, GBTC saw outflows of $17.5 million on April 10, a significant decrease from the $154.9 million outflows recorded on April 9. The previous low was on Feb. 26 when GBTC experienced outflows of $22.4 million. The daily average outflow from GBTC since January has been $257.8 million.

GBTC, which launched in 2015, converted to an ETF in January, alongside the launch of nine other spot Bitcoin ETFs, after Grayscale won a lawsuit against the United States Securities and Exchange Commission, compelling it to review a GBTC conversion bid it previously denied.

Recently, bankrupt crypto lending firm Genesis offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

The post Bitcoin ETF Holdings of Wealth Management Firms to Increase: Bitwise CEO appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Amid the Binance Executive and Nigeria saga, the Nigerian Government has launched the first-ever multilingual large language model (LLM) in Africa. Dr. Bosun Tijani, the Minister for Communications, Innovation and Digital Economy of the Federal Republic of Nigeria posted the exciting news on his X account on Friday, April 19. 

Launching a multilingual large language model in Nigeria would bring numerous benefits like enabling easier access to information in different languages, facilitating cross-cultural communication, and enhancing language translation capabilities. This would promote inclusivity, foster collaboration, and drive technological advancements in the country.

Partnership drives Nigeria LLM innovation

The Minister highlighted that the introduction of the AI tool was made possible through a partnership with awarritech, DataDotOrg, The National Information Technology Development Agency (NITDA), and the National Center for Artificial Intelligence and Robotics (NCAIR).

ANNOUNCEMENT 3 – Nigerian Multilingual Large Language Model

The launch of Nigeria’s first Multilingual Large Language Model (LLM) through a partnership between @awarritech, @DataDotOrg, @NITDANigeria and @NCAIRNigeria.

The LLM will be trained on 5 low resource languages and… pic.twitter.com/97THQGnPmc

— Dr. 'Bosun Tijani (@bosuntijani) April 19, 2024

The aim is to train the LLM in five low-resource languages and accented English, which will contribute to a more comprehensive representation of languages in existing data sets. The project will also receive valuable support from over 7,000 fellows participating in the 3MTT Nigeria program. He also mentioned that 21st Century Technologies and Galaxy Backbone teamed up to fast-track the crucial AI projects.

Beyond Nigeria, Africa is growing in terms of tech evolution. Recently, Cardano (ADA) announced its second major partnership in Africa as it looks to extend its adoption to the continent. It is incredible to see how these collaborations are shaping the future of technology in Africa as this exciting news complements the launching of the AI tool in Nigeria.

Major funding and NCAIR re-launch

The four-day AI workshop held in Abuja played a vital role in establishing the groundwork for this groundbreaking development. The workshop was instrumental in setting the foundation for this exciting progress. This significant step showcases Nigeria’s commitment to taking a leadership position in artificial intelligence (AI) development in Africa. 

21st Century Technology is stepping up by providing funding to purchase GPUs, which will greatly enhance the computing capacity in Nigeria. These resources will support local researchers, startups, and government entities in their AI projects at the GBB Data Center in the country’s capital. 

Additionally, the relaunch of NCAIR, a dedicated entity for promoting research and development in AI, robotics, UAV, and IoT, will further drive digital innovation in Nigeria’s key sectors. The National AI Strategy has also secured $3.5 million in seed funding from various partners, including UNDP, UNESCO, Meta, Google, Microsoft, and more. This investment will undoubtedly propel Nigeria’s AI initiatives forward.

Nigeria and Pioneering CBDC Innovation

Besides launching an LLM to drive AI innovations to bolster its digital economy, the country has also registered a prior history by being the first in Africa to launch a Central Bank Digital Currency (CBDC).

Dubbed the e-Naira, the Central Bank of Nigeria championed the move and though adoption has been at a very low pace, its leadership role in the African tech scene remains profound.

The post Nigeria Makes History with Africa’s First Multilingual LLM Launch appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The Bitcoin halving event, occurring roughly every four years, has just been completed, with miners and market participants closely analyzing its implications. As per a report, this year’s first major implication on miners is the reduction in block rewards by 50%. 

According to Blockchain.com, the halving block happens to be from the crypto mining pool ViaBTC with an additional 37.6256 BTC ($2,401,399) reward paid as fees for the 3,050 transactions that were included in the block. 

Understanding Bitcoin Halving

At the halving event, rewards for miners were reduced from 6.25 BTC to 3.125 BTC per block. This automatic reduction is programmed to occur every 210,000 blocks. With each halving, the rate of new Bitcoin issuance decreases, ultimately leading to a maximum supply of 21 million Bitcoins. 

For miners, the halving brings both challenges and opportunities. The reduction in block rewards means that miners receive half the number of bitcoins for verifying transactions. This directly impacts their profitability, especially for miners operating on thin margins. As the reward diminishes, smaller and less efficient miners might find it increasingly difficult to sustain operations, leading to consolidation within the mining industry.

On the other hand, the halving can also lead to a supply shock, potentially driving up the price of Bitcoin. Historically, each halving has been followed by a surge in the cryptocurrency’s value, as the reduced supply meets growing demand. 

Bitcoin Halving is Different This Time

In February, Grayscale, a leading digital asset management firm noted that Bitcoin halving is different this time, as the introduction of spot Bitcoin Exchange-Traded Funds (ETFs) has changed the market fundamentals. 

In his words, “Despite miner revenue challenges in the short term, fundamental on-chain activity and positive market structure updates make this halving different on a fundamental level.” While Grayscale adds that Bitcoin is not just surviving, “it is evolving,” the firm noted that the halving event will create troubles for miners. 

However, the miners have already prepared for the situation ahead. 

Potential Shifts in Bitcoin Mining

Galaxy’s mining analysts foresee potential disruptions in the mining space following the halving, with up to 20% of Bitcoin’s current hash rate projected to become inactive. The anticipated exodus of less efficient miners should lead to a reshuffling of the industry, leaving only the most efficient and well-capitalized mining operations operational.

Consequently, a decreased hash rate may prompt an adjustment in mining difficulty as the network seeks to maintain its target block production rate of approximately 10 minutes, further highlighting the dynamic interplay between mining economics and network stability.

The post Bitcoin Halving 2024 Completed, Miners Analyze the Implications appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Renowned investor Anthony Scaramucci recently offered his perspective on the trajectory of the price of Bitcoin (BTC) following the recent halving event.

In a recent interview, Scaramucci emphasized the significance of Bitcoin’s halving event, a predetermined reduction in the reward miners receive for validating transactions. This event occurs roughly every four years, and historically, it has led to significant price movements in Bitcoin.

Bitcoin as a Store of Value 

Although Scaramucci acknowledged Bitcoin’s inherent volatility and cyclical nature, he remains bullish on its long-term prospects. He envisions Bitcoin evolving into a digital store of value comparable to gold, with the potential for its market capitalization to reach half of gold’s valuation.

Regarding the immediate impact of the halving event on Bitcoin’s price, Scaramucci cautioned against expecting an immediate surge. Instead, he emphasized the importance of long-term trends and fundamentals in determining Bitcoin’s value proposition.

The legendary investor also sees Bitcoin Exchange-Traded Funds (ETFs) as a significant catalyst for institutional adoption, drawing parallels between Bitcoin and gold as viable stores of value. His optimistic outlook, grounded in Bitcoin’s scarcity and increasing institutional adoption, reinforces the narrative of Bitcoin as a disruptive force in global finance.

Anthony Scaramucci Tips Bitcoin Price to Soar to $8M

Recall that at the beginning of the month, the BTC advocate predicted that in the current market cycle, Bitcoin could soar to $170,000 and in the long run, with a six to ten times move, hit the $ 8 million mark. 

Drawing parallels with gold’s market capitalization, the investor noted that in the long term, Bitcoin’s valuation will soar to as much as 10 times from its current level. However, he cautions that the price projections would not occur in the short term. Bitcoin was recently ranked the eighth-largest asset globally ahead of silver. As of the time of writing, Bitcoin is trading at $63,815.20, a 0.62% decrease in the past 24 hours, according to CoinMarketCap.

Miner’s Perspective on Bitcoin Halving

Notably, the halving event prompted miners to intensify their efforts, as reflected in the recent 3.9% increase in BTC mining difficulty which reached a new all-time high. Although miner’s revenues have appreciated amid the Bitcoin price increase this year,  questions still linger regarding the impact of the halving on less efficient mining operations and overall network metrics. 

The three halving events in Bitcoin history recorded significant price fluctuations. These were often proceeding notable bull runs in the cryptocurrency market. Meanwhile, ahead of the halving, about 6,000 obsolete Bitcoin mining machines in the United States are being refurbished and sold off to foreign buyers on the lookout for a cost-effective environment for mining.

The post Anthony Scaramucci Shares Insights on Bitcoin Price Post-Halving appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

As we hurtle deeper into 2024, investors are curious about where the leading digital assets are headed. We’re about to dive into two exciting predictions: a bullish forecast for Bitcoin ($BTC ) and a potential moonshot for  Galaxy Fox.

Bitcoin Price Top at $180K?

Renowned quantitative trading expert Laurent Benayoun, CEO of Acheron Trading, has caused a stir with his prediction that Bitcoin could surge another 150% during this bull market cycle, reaching a peak of $180,000. This optimistic outlook hinges on several key factors.

Benayoun highlights the long-awaited arrival of spot Bitcoin exchange-traded funds (ETFs). These investment vehicles will introduce a wave of passive demand from institutional investors, potentially mirroring the gold rush witnessed during the 2021 bull run.

On top of that, the upcoming Bitcoin halving, scheduled for this April, will significantly reduce the new supply of $BTC entering the market. This classic economic principle of scarcity often leads to price appreciation.

Beyond these specific events, Benayoun believes improving financial policy in the United States will create a more Bitcoin-friendly environment. He anticipates a potential decrease in interest rates, which has historically been a positive catalyst for riskier assets like cryptocurrency.

It’s worth noting that Benayoun’s forecast aligns with other prominent voices in the industry. Bitfinex analysts predict a price range of $100,000 to $120,000 by the end of 2024, while wealth management giant Bernstein leans towards a $150,000 peak by mid-2025 following the halving.

For the truly adventurous, some analysts envision a much higher ceiling. Willy Woo, a respected Bitcoin analyst, posits a potential peak of $337,000, suggesting this bull market is still in its early stages. And let’s not forget the audacious prediction from Cathie Wood of Ark Invest, who now sees a $1 million Bitcoin price as a possibility by 2030.

With Bitcoin recently reclaiming the $70,000 mark, these forecasts paint a captivating picture of the world’s leading cryptocurrency.

Why Galaxy Fox Could Be Your Next Big Win

While Bitcoin continues its ascent, the true potential for explosive returns might lie within the realm of lesser-known altcoins. Introducing Galaxy Fox, the best upcoming project poised for a meteoric rise in 2024 and beyond. Here’s why this token has captured the attention of savvy investors:

Did you know that this best cheap crypto to buy right now is launching amidst a confluence of powerful trends? The memecoin craze continues to rage, with investors drawn to the potential for quick gains and the undeniable cultural cachet. Furthermore, the burgeoning GameFi sector, where players earn rewards through gameplay, is attracting significant interest. Finally, the market is experiencing a resurgence of Ethereum ($ETH) dominance, and Galaxy Fox wisely builds upon this robust blockchain.

Galaxy Fox transcends the limitations of the typical memecoin. It boasts a unique play-to-earn game, an endless runner where skilled players compete for a share of a prize pool at the end of each season. This ingenious design injects a layer of utility and fosters a passionate user base. Players arrive for the thrill of competition, but they stay for the opportunity to earn rewards through their gaming prowess. The game has been pegged to launch at the beginning of May, and has a thriving community of evangelists waiting to play the game and stake the tokens.

It also offers a compelling staking program, allowing holders to generate passive income on their assets. This feature is further amplified by the project’s built-in token burn mechanism, which steadily reduces the total supply of $GFOX in circulation. This deflationary model incentivizes long-term holding and has the potential to drive the price upwards.

Conclusion

Both $BTC and $GFOX present unique opportunities for savvy investors. For those intrigued by the potential of Galaxy Fox, the next steps are clear. Visit the website or join the project’s vibrant community on Telegram to stay up-to-date on the newest developments of this best upcoming ICO and how you can participate in the growth of what may be the highest-return crypto of 2024.

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

The post Trading Firm Sees $BTC at $180K This Year; $GFOX Closing in on P2E Game Launch appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

TLDR:

Following the recent crypto market decline, whales returned to purchasing several top DeFi coins.

The biggest purchases among the big-cap DeFi projects were recorded in Avalanche and Polygon.

Whales are banking on the new project, NuggetRush, for big returns after its airdrop.

The Decentralized Finance (DeFi) sector continues to attract a ton of attention even through the recent market wipeout. There has been a rise in whale activity as signs of recovery appear on the horizon. Avalanche (AVAX), NuggetRush (NUGX), and Chainlink (LINK) are the top DeFi projects gaining a ton of whale interest. Let’s find out why.

>> Buy NuggetRush Now <<

NuggetRush (NUGX) To Record Boost in Price After Airdrop

NuggetRush (NUGX) is one of the new DeFi projects sending waves of optimism across the cryptocurrency market. NuggetRush recently completed its presale and received massive support from whales and retail investors. Over 270 million NUGX tokens were purchased during the crypto ICO, helping the project raise over $3.8 million.

The innovative GameFi model of the NuggetRush platform is the reason why it is on the radar of every DeFi enthusiast. NuggetRush is a mining game where the user turns into a miner who explores the virtual world, seeks out gold and other precious minerals, digs them up, and sells them for real money or even exchange for other valuable items. 

NuggetRush is not only confined to its virtual world, but also affecting the lives of real-world artisanal miners via the impact gaming model. Many investors consider NuggetRush as one of the best presale tokens to buy, as the project has dedicated a portion of its profit to be sent to these miners in underdeveloped countries.

Following a very successful presale, NuggetRush is just days away from its highly anticipated airdrop. While the NUGX token will be listed at $0.020 per coin, analysts have forecast a potential rally to $0.50 in the first few weeks after its launch.

>> Buy NuggetRush Now <<

Whale Interest in Avalanche (AVAX) Rises in Anticipation of Rally

On-chain data tracker IntoTheBlock has reported a surge of whale activity for Avalanche (AVAX). In early April, IntoTheBlock reported that over $2.1 billion worth of AVAX tokens were snapped up by whales. The report came amidst the belief that Avalanche will be one of the top bullish altcoins in Q2.

The bullish sentiment has continued, with 1k-10k AVAX addresses increasing by 4.89%, while 10k-100k AVAX holders have increased by 5.75% over the past 30 days. Lookonchain also confirms the ongoing accumulation spree. 

The on-chain analytics firm reported that AVAX was the most-bought altcoin following the recent crypto market decline. While the DeFi coin price has remained around the $35.00 region, analysts expect Avalanche to retest the $50.00 resistance level after the Bitcoin halving.

Chainlink (LINK) Investors Remain Bullish Despite Price Drops

Although Chainlink (LINK) has struggled over the past month, dropping from $22.00 to the $13.50 range, investors are still bullish about this DeFi coin. A key reason for this is the continuous expansion of the project. In a bid to become one of the best DeFi projects, Chainlink recently launched the Transporter tool.

This new tool is designed to make transfers easier across blockchains. In addition, Chainlink has recently launched on Base and added Strader to its network to boost liquidity staking across chains. Based on its expansive growth, The Crypto Wolf has placed the DeFi crypto among the potential “mooners” in the next bull market.

Closing Thoughts

Crypto whales are anticipating a massive increase in the months that follow the Bitcoin halving, hence their increased purchase of Chainlink, Avalanche, and NuggetRush. These are some of the best DeFi coins attracting a ton of interest as they have shown the potential to yield big returns in the next bull market.

Visit the NuggetRush Presale Website

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Coinscribble – April 16, 2024 / Certo is excited to announce the official launch of its highly anticipated testnet, marking a significant milestone in the development of its groundbreaking p2p lending project. Designed to revolutionize digital transactions by offering unparalleled security, transparency, and stability of funds collateralized by Real-World Assets (RWAs), Certo’s testnet is now open for community participation and feedback.

Setting New Standards for Digital Currency

The testnet phase is crucial for Certo, aiming to rigorously test the network’s capabilities, assess its performance under various conditions, and ensure that the final launch meets the highest standards of efficiency and reliability. Certo is committed to redefining the landscape of digital finance, and the testnet is a pivotal step towards achieving this vision.

Test net Objectives

– Performance Assessment: Evaluate the scalability, speed, and stability of the network, ensuring it can handle transactions swiftly and reliably.

– Community Feedback: Collect valuable insights from the community to refine and enhance the user experience based on real-world interaction.

– Smart Contract Testing: Test the functionality and reliability of smart contracts on the network, ensuring they operate as intended without issues.

Roadmap and Milestones

The launch of the testnet marks the start of an exciting journey, with the following key milestones outlined in the project’s roadmap:

Testnet Launch: Opening the network for user participation and initial testing.

Feature Rollouts: Gradual rollout of additional features, including advanced smart contract capabilities and cross-chain integrations.

Mainnet Transition: After comprehensive testing and optimization, transitioning to the mainnet launch, signifying the full operational launch of Certo.

How to Participate and Resources Available

Community involvement is instrumental in the testnet phase. Interested users, developers, and enthusiasts are encouraged to participate by following these steps:

Visit Certo website to connect to the testnet.

Explore our detailed guide on interacting with the testnet, using a faucet, and more here.

Join the Certo Discord to connect with other testers, share feedback, and get support.

Stay informed about updates and progress through our official channels on Xand sign up to our regular email updates on our website.

About Certo

Certo is at the forefront of developing a secure, stable, and scalable platform, aiming to bridge the gap between traditional fiat currencies and the digital economy. With a focus on security, transparency, and community-driven development, Certo seeks to provide a robust foundation for financial transactions worldwide.

Contact

Name – Certo

Email – info@certo.finance

Website – https://certo.finance/

Certo Testnet – https://test.certo.finance/

The post Certo Announces Launch of its Testnet: Pioneering the Future of p2p lending and Stablecoins appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

David Schwartz, Ripple’s Chief Technology Officer and a prominent figure in the development of the XRP Ledger has laid to rest questions about his loyalty to the broader XRP ecosystem. David noted that his loyalty is hinged on his personal and professional values.

Ripple CTO Will not Compromise His Values 

According to a tweet post where he recounted how he came to be hired as Ripple’s CTO, David noted that his allegiance is solely to his employer – Ripple Labs. Schwartz joined Ripple Labs after an invitation from co-founder Chris Larsen on account of his loyalty. He has since pledged to remain loyal to the firm as long as it continues to earn his loyalty.

In response to worries regarding possible conflicts of interest due to his significant investment in Ripple stock, Schwartz stressed that his allegiance is not driven by financial motives. He restated his dedication to transparency and ethical behavior, stating his willingness to distance himself from Ripple if his values are compromised.

Schwartz Regrets Picking Ripple Stock Over XRP Token

Even though he owns 2% of the company’s stock Schwartz has tagged his choice of the stock over XRP tokens as a big mistake seeing that he is yet to become a billionaire. In contrast to Schwartz other executives of the firm including Chris Larsen, Arthur Britto, and Jed McCaleb who opted for XRP have a combined total of 20 billion XRP between the trio.

Meanwhile, Schwartz sought to elucidate Ripple’s operational strategies and their influence on the market dynamics of XRP. His clarification was important at the time when Ripple was advancing its payment services in the United States, aiming to transform cross-border transactions within the country. 

Ripple CTO Emphasizes XRPL’s Value

Recall that in February, David Schwartz passionately defended the XRP Ledger against a critic’s claim that it operates as a “zero-sum game.” The Ripple executive engaged with the critic to dispel misconceptions and highlight the intrinsic value and utility of the XRP Ledger. 

He countered the criticism by explaining the fundamental operations of the XRP Ledger, portraying it as a platform facilitating the seamless transfer of XRP and issued assets. Also, David emphasized that the XRP Ledger is not solely a tool for transferring value but a sophisticated platform supporting various financial activities. 

The post David Schwartz Says He Remains Loyal to Ripple Labs appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

It was exciting news as the global digital asset exchange, Crypto.com announced on April 2nd that they would be launching a local trading platform in South Korea, one of the largest crypto markets hosted in the world. The crypto exchange aims to fill the void left by the winding down of OK-BIT, a licensed crypto exchange that Crypto.com acquired in 2022.

However, South Korean local media has reported that Crypto.com has hit a little snag entering its crypto market. The Financial Intelligence Unit of South Korea (FIU) decided to delay the approval of their leadership transition as they were supposed to pass the torch from Co-founder Rafael Melo to President and COO Eric Anziani. 

Crypto.com faces more regulatory hurdles

Foris DAX Korea Limited, the South Korean company that Crypto.com acquired, actually made a change in leadership on January 25th. The FIU has this rule where crypto companies have to report such changes within 30 days, however, the crypto exchange could not meet this requirement as they filed the report in February. 

The operating license obtained by OK-BIT is set to expire in November and Crypto.com will need to renew the license. However, since OK-BIT didn’t meet the qualifications for launching a fiat-to-crypto platform, Crypto.com will have to meet stricter local compliance requirements to operate fully in the country. 

Overcoming Hurdles, Launching Strong

Amidst the challenges, the digital asset exchange has shared that is moving forward with the planned launch as it is working on meeting the specific compliance requirements for the license renewal process ensuring robust security measures, implementing effective anti-money laundering (AML) and know-your-customer (KYC) procedures, maintaining proper record-keeping practices, and demonstrating compliance with relevant financial regulations. 

By addressing these specific requirements, Crypto.com aims to meet the necessary standards, successfully renew its license, and continue its operation in the country. 

Binance is also not problem-free

Crypto.com’s arrival introduces a new contender in the fiercely competitive crypto market of South Korea. Similar to Binance’s move last year, it acquired a significant stake in Gopax, a local exchange facing liquidity hurdles. Gopax is among the country’s five licensed exchanges, facilitating fiat-to-crypto transactions. 

Binance has been working towards addressing compliance matters locally by intending to reduce its stake in Gopax. In March, Binance CEO Richard Teng visited South Korea and held discussions with financial regulators as the transfer of ownership within Gopax has faced multiple delays from South Korean authorities, allegedly due to concerns over Binance’s legal matters in the United States.

The post Crypto.com Battling Regulatory Hurdle Amid Korean Leadership Haul appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

In recent developments, U.S. Spot Bitcoin ETF products experienced a cumulative outflow of $4.3 million, marking a five-day streak of withdrawals. This notable trend comes ahead of the upcoming Bitcoin mining reward halving. 

As per reports from April 12 to date, spot BTC ETFs have witnessed a total net outflow of over $319 million, with Grayscale GBTC having the highest amount of withdrawals. 

Grayscale Bitcoin Trust Dominates Outflows

Grayscale is still leading the outflows with its higher-fee converted spot Bitcoin ETF dubbed GBTC. As of January 22, blockchain analytic platform Lookonchain reported that Grayscale holds 566,973 BTC, valued at $23.21 billion, BlackRock and Fidelity hold 33,431 BTC ($1.37 billion), and 24,857 BTC ($1.02 billion), respectively, and Bitwise boasts of 10,152 BTC ($415.6 million).

From January till March, more than $2.2 billion has left the ETF as outflows. Some of Grayscale’s BTC holdings are said to have been moved to its custodian Coinbase Prime.

Analysts Still Optimistic About Bitcoin

Notably, the outflow suggests a cautious approach from investors in the lead up to the halving. Despite the recent withdrawals, many analysts still remain optimistic about the future of Bitcoin. The halving event is widely expected to have a long-term positive impact on the cryptocurrency’s value. Investors may also be waiting for clearer regulatory and market conditions before making new commitments to Bitcoin ETFs. 

It’s important to note that Bitcoin’s overall market dynamics can be influenced by a variety of factors beyond halving events, such as macroeconomic trends, regulatory changes, and technological developments. These factors can lead to short-term volatility, but many experts view Bitcoin’s long-term prospects as strong.

Impact of Spot Bitcoin ETFs Approval

Recall that the regulator approved the 19-b applications from prominent entities like VanEck, Fidelity Investments, Valkyrie, BlackRock, Hashdex, Ark 21Shares, WisdomTree, Invesco Galaxy, Grayscale Investments, Bitwise, and Franklin Templeton. 

Interestingly, the approval signals a growing acceptance and recognition of the legitimacy of digital assets in mainstream financial markets. It also leads to an influx of institutional capital into the cryptocurrency market, further legitimizing and mainstreaming digital assets.

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