Bitcoin News and Finance: What You Need to Know

While the number of ransomware hits may not have decreased significantly, the revenue from such attacks has fallen sharply last year, according to Chainalysis. The blockchain forensics firm believes that to a large extent the trend can be attributed to more of the targeted organizations refusing to pay the perpetrators. Chainalysis Registers Significant Decline in Revenue From Ransomware Attacks Over the course of 2022, ransomware actors have managed to extort at least $456.8 million from victims, Chainalysis revealed in a report published Thursday. The estimated amount is down from $765.6 million the year before, the analytics company pointed out, noting that the true total is likely much higher, as many crypto addresses controlled by attackers have yet to be identified. “The trend is clear: Ransomware payments are significantly down,” the authors of the study said while emphasizing that this finding doesn’t mean fewer attacks have been carried out. They believe instead that much...

An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament. He explained that India has no issue with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying: There is nothing today that outlaws crypto as long as you follow the legal process. The Indian government has not yet established a regulatory framework for cryptocurrency. In December last year...

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins. JPMorgan’s CEO on Bitcoin and Its Supply Cap The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed: Bitcoin itself is a hyped-up fraud. It’s a pet rock. Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.” Dimon also reiterated his doubt about BTC ’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. He said: How do you know it’s going to stop at 21 million? Maybe it’s going to ...

Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156. This equates to a more than 18% redemption of the circulating supply of WBTC since Nov. 27, 2022. WBTC Remains Largest Operation in Terms of Bitcoin Custody Despite Recent Redemptions The Bitgo-backed Wrapped Bitcoin (WBTC) project has been officially in operation since the end of January 2019 and has grown significantly since its launch. At the time of writing, it is the largest operation in terms of the number of bitcoin ( BTC ) custodied to back the WBTC token value. On January 20, 2023, WBTC is the 19th largest crypto asset by market capitalization, valued at $21,278 per unit. WBTC’s market valuation on Friday afternoon Eastern Time was around $3.8 billion. According to the project’s website and transparency dashboard , at 3:00 p.m. Eastern Time on Jan. 20, 2023, there were approximately 180,197 WBTC in circulation on the Ethereum chain. ...

Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the firm remains “focused on providing value-added services for [its] core institutional customers.” Confidence Crisis Less than a month after Silvergate Bank reported a massive drop in customer deposits, the crypto-focused financial institution’s parent firm, Silvergate Capital Corporation, said on Jan. 17 that a “transformational shift” seen in the fourth quarter (Q4) had helped to “create a crisis of confidence across the ecosystem.” This, in turn, sparked the shift to a “risk off position across digital asset trading platforms,” the parent firm said. As a consequence of this changed environment, Silvergate said the group incurred a Q4 ...

Binance has unveiled intentions to broaden its activities in Poland, another EU member state where the global cryptocurrency exchange is registered. The coin trading platform plans to develop its Polish entity, recruit local talent and launch educational initiatives. Crypto Exchange Binance Moves Forward With Plans to Expand Operations in Poland Binance, the world’s largest digital asset trading platform, is enhancing its presence in Poland, noting in an announcement that it maintains its commitment to comply with the country’s rules for virtual asset service providers (VASPs). The expansion in 2023 will be facilitated by the development of the company’s local entity which adheres to the regulatory requirements. Polish customers will have to sign new Terms and Conditions with Binance Poland in order to continue using the platform’s services. The subsidiary aims at full compliance with the Polish standards for VASPs and will adopt risk and anti-money laundering policies to match ...