Bitcoin News and Finance: What You Need to Know

Russian marketplaces on the dark web have continued to operate despite Western sanctions and efforts to shut them down, according to a report accessing the illicit blockchain space amid the world’s “first crypto war.” Ransomware actors and high-risk crypto exchanges have also remained active. Underground Russian Crypto Platforms Adapting to Disruptions Caused by Ukraine War Before Russia invaded Ukraine a year ago, cryptocurrency exchanges linked to the two countries accounted for over half of the international volumes of illicit crypto funds. Cybercrime organizations were full of Russian-speaking members and Russian-language darknet markets (DNMs) dominated the global drugs trade in cryptocurrency, TRM Labs noted in a new report . Over the past year, the blockchain intelligence firm analyzed changes in the illicit crypto ecosystem to find out how cybercriminals are adjusting to the financial, political, and logistical disruptions caused by the conflict. The company describes the l...

The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a split-decision victory. Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout On Feb. 26, 2023, in Diriyah, Saudi Arabia, YouTuber-turned-boxer Jake Paul’s winning streak was stopped by Tommy Fury, the half-brother of Mike Tyson. The fight was a close bout, with Fury winning by split decision (74-75, 76-73, 76-73), despite Paul knocking Fury down in the eighth round. Paul had six straight wins under his belt before losing to Fury on Sunday. Before the fight, the rap star and actor Drake placed a $400,000 bitcoin wager, or roughly 17 BTC , on Paul winning the fight by knockout (KO). Drake took to Instagram and showed off his bet, which was placed on the crypto betting platform Stake. “Knock knock,” Drake said, with a door emoji. The screen...

U.S. Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting for finance ministers and central bank governors. “We haven’t suggested outright banning of crypto activities,” Yellen added. Janet Yellen on ‘Strong’ Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban. The treasury secretary said: We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework … We’re working with other governments. Crypto regulation was among the key topics discussed by the G20 finance ministers ...

Billionaire Jeffrey Gundlach, aka the “Bond King,” has warned of “painful outcomes that are coming in the next recession.” Commenting on the Federal Reserve’s attempt to curb inflation, he cautioned: “The more you try to reduce the severity of problems, you’re going to end up ultimately having a very high severity problem.” ‘Bond King’ Jeffrey Gundlach on the Next Recession Jeffrey Gundlach, chief executive officer and chief investment officer of investment management firm Doubleline, shared his outlook on the U.S. economy in an interview with Yahoo Finance last week. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. According to Forbes, his net worth is currently $2.2 billion. “It doesn’t matter if it’s a soft landing or a hard landing,” he began. “People are always asking me this question: ‘How bad is the recession going to be?’ It doesn’t matter, as long as we’re going into a recession, you have to have a certain deg...

In spite of turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the U.S. Federal Reserve, creativity in crypto has found a new boon in the form of controversial inscriptions, called Ordinals, on the Bitcoin blockchain. All this and more, just below, in the latest Bitcoin.com News Week in Review. Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies — Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations — are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.” Read More Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes ...

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks. A Setback for South Africa The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list. As reported by Bitcoin.com News, a South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of s...

The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally. Adoption of Russian Crypto Mining Legislation Postponed Again A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy. The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog. Russian parliamentarians and other offici...