Bitcoin News and Finance: What You Need to Know

Two days after the notorious Poly Network hack, the hacker continues to send funds back to the project. On August 12, the Poly Network hacker so far has returned millions worth of ether, thousands of uni tokens, 1,032 wrapped bitcoins, and 96 million in stablecoins. The day prior, after returning $260 million in tokens, the hacker explained that the Poly Network has “well enough assets to start the recovery phase.” Poly Network Hacker Returns a Number of Defi Tokens On August 10, Bitcoin.com News reported on the massive decentralized finance (defi) hack that plagued the Poly Network project. The cross-chain protocol lost approximately $611 million from the attack and the news quickly went viral on forums and social media. At first, the Poly Network team sent a message to the hacker in an attempt to communicate with the individual. Furthermore, in the initial stages it didn’t seem like the hacker was going to cooperate and told the team it “ could have been ” a billion-dollar hack.

Following this year’s hype toward the meme-based digital currency dogecoin, a team of developers revealed the launch of an augmented reality (AR) mobile game called “Dogemon Go.” Similar to the AR game Pokémon Go, players catch virtual characters dubbed “Dogemons” and while characters level up they can earn dogecoin for rewards. Catching Dogemon and Earning DOGE There’s a new mobile phone video game that leverages augmented reality (AR) and the crypto asset dogecoin (DOGE) . The crypto community caught a whiff of the Dogemon Go game last month when the project’s official Twitter page started tweeting about the new game. The developers of the AR mobile game recently revealed that the game has been launched for iOS devices and an Android application is currently being constructed. The project’s website welcomes visitors to the game and also includes a map of the AR playing field. The web portal dogemongo.com says: Start now and catch your first Dogemon. Combine the playing expe

Crypto payment service provider Bitpay has updated its wallet app to include Google Pay for U.S. cardholders to spend their cryptocurrencies. The company has already added Apple Pay and Samsung Pay is expected in the near future. Bitpay Updates Wallet App to Include Google Pay Leading crypto payment service provider Bitpay announced Wednesday that it has updated its wallet app with Google Pay. The announcement details: US cardholders of the Bitpay Prepaid Mastercard can add their card to Google Wallet and spend using Google Pay. The company added Apple Pay back in February and Samsung Pay is expected to be added soon. The Bitpay card instantly converts cryptocurrencies into dollars, which are then loaded onto the card. It can be used anywhere Mastercard debit is accepted, as well as online for purchases and to withdraw cash from ATMs. The Bitpay Wallet app supports 12 cryptocurrencies and stablecoins: BTC , BCH , DOGE, ETH , LTC , WBTC, XRP , BUSD, DAI, GUSD, PAX, and USDC.

When Satoshi Nakamoto released the Bitcoin white paper in October 2008, it likely wasn’t with the idea that governments and central banks needed to recognize, adopt, and regulate Bitcoin for everyone’s benefit. To the contrary, if anything can be taken away from that document and the message encoded in the genesis block, it’s that centralized institutions need not have any place in our financial lives outside our freely chosen, express consent for them to do so. Separating Money From the Church of Politics “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” – Bitcoin white paper “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” -Bitcoin genesis block’s coinbase parameter message In the same way it would be absurd for the Catholic Church — or any church for that matter — to violently force their beliefs on others via a government, it is t

PRESS RELEASE. The blockchain-based metaverse Dvision Network is set to become part of history in what promises to be an action-packed event. The NFT metaverse will be hosting the ‘’Live debate’’ on the Cryptocurrency Legislation and Improvement Measures organized by the National Assembly of the Republic of Korea. Live Debate to be broadcasted within Dvision Metaverse The live debate will be conducted within the Dvision Metaverse on August 12, 2021, from 14:00 KST to 17:00 KST. The event is a landmark event initiated by the Korean Parliament in collaboration with the legislators from leading political parties such as the Democratic and People’s Power parties. The issue of legislation of cryptocurrencies has emerged as a hot topic globally. Many in the financial sphere see improving existing KYC and AML compliance practices and tax filings as the way forward towards ensuring proper crypto regulations. South Korea is regarded as an industry frontrunner in this aspect, and the de

The Security Service of Ukraine (SBU) has closed down a number of “underground” crypto exchangers in Kyiv. Officials say the platforms have been making a million dollars in monthly turnover and allegedly sending money to digital wallets operated by Russian payment providers. Law Enforcement Busts Cryptocurrency Exchangers in Ukraine Officers from Ukraine’s main law enforcement agency, SBU, have blocked a network of underground cryptocurrency exchangers operating out of the capital city, Kyiv. According to an announcement , the online platforms have been processing up to 30 million Ukrainian hryvnia (over $1 million) a month this year. The exchangers allowed anonymous payments and withdrawals. Their services were mostly used by private individuals who often received funds to their electronic wallets issued by Russia-based payment service providers such as Yandex.Money, Qiwi, and Webmoney which are banned in Ukraine. Part of the cash, the SBU claims, has been used to finance provoca

The Iranian National Tax Administration (INTA) has put forward a proposal to tax digital asset exchanges operating in the country. The authority calls for the legalization of their activities, fearing restrictions could negatively affect tax collection. Tax Agency Wants to Obtain User Data From Authorized Exchanges Seeing an opportunity to use exchange transactions as a basis for taxation, the INTA has urged regulators in Tehran to legalize crypto trading platforms. In an excerpt from its draft proposal quoted by Iranian media, the tax authority insists: Legalizing crypto exchanges is necessary [for levying tax]. Legal operations must be limited to authorized exchanges that are allowed to convert currency while keeping track of transactions. The tax administration also warns against imposing stringent measures regarding crypto exchanges as it believes they would have “reverse effects” and create conditions for a black market to form. At the same time, the INTA stresses that reg

Kucoin, one of the leading crypto exchanges, suffered a hacking incident in 2020 where over $250 million was stolen. However, immediately after the hacking was reported, Kucoin began cooperating with various players from the crypto industry. This cooperation ultimately led to the recovery of a large chunk of the stolen funds. Kucoin’s Recovery From Attack It is now close to a year since the hack, yet Kucoin remains one of the leading crypto exchanges in the world and one that is favored by many users in Africa. Kucoin’s quick recovery from the incident can be attributed to many factors. To learn more about this Kucoin experience, Bitcoin.com News recently reached out to the exchange’s CEO, Johnny Lyu. Below are Lyu’s responses to questions sent to him via Linkedin. Bitcoin.com News (BCN): It is getting close to a year since hackers stole from your exchange but as has been widely reported, most of the stolen funds were recovered. So can you now confirm how much was actually stolen

While non-fungible token (NFT) assets have been raking in millions, numerous NFT projects like Cryptopunks, Meebits, and Bored Ape Yacht Club (BAYC) have been outpacing the competition. The BAYC NFT collectibles is a collection of 10,000 Bored Ape NFTs and just recently the project sales volume has risen exponentially as it rests just below Cryptopunks with $49.5 million in sales last week. Moreover, BAYC’s official Twitter account revealed the project donated 66.45 ether (over $200K) to Orangutan Outreach. Bored Ape Yacht Club Sees Massive Sales This Week, Donates Over 66 Ether to Charity On August 3, Bitcoin.com News reported on the Cryptopunks project and how one punk owner wanted to sell a rare Cryptopunks NFT for $91 million. At the time, Cryptopunks held the top position in terms of seven-day NFT sales, and today the NFT project still holds the top spot with $117 million sold last week. Stats via nonfungible.com on August 11, 2021. However, the Bored Ape Yacht Club (BAYC)

Italian soccer club AC Milan and Bitmex have reached a long-term partnership agreement that will put the logo of the cryptocurrency exchange on Milan’s jerseys. As part of the sponsorship deal, Bitmex will become Milan’s ‘official sleeve’ and ‘crypto trading’ partner. Bitmex Brand to Feature on Sleeves of Milan Playing Kits Bitmex, a leading crypto derivatives platform, will be AC Milan’s Official Cryptocurrency Trading Partner, the Italian football grand announced on Tuesday. A press release published on its website reveals the two sides have agreed on a multi-year sponsorship. According to the agreement, the digital asset exchange will also become the soccer team’s “first-ever Official Sleeve Partner.” The Bitmex brand will appear on the sleeves of both the men’s and women’s team playing kits in all competitions, including the UEFA Champions League. The logo will also feature on the sleeve of Milan’s esports team AQM’s outfit. BitMEX becomes our first-ever Official Sleeve Part

On August 11, the blockchain intelligence firm Chainalysis published its findings on the recent Poly Network hack which saw the loss of approximately $611 million crypto tokens. The assessment from Chainalysis backed up the claims made by the security company called Slowmist that shows the hacker left a fingerprint on the relatively unknown exchange Hoo.com. As of August 11, at 4:18:39 p.m. (UTC), Poly Network details that the hacker has returned $260 million in assets so far. Chainalysis Observes Hackers Onchain Fingerprints The crypto community has been infatuated with the recent decentralized finance (defi) hack that exploited the Poly Network protocol. Bitcoin.com News reported on the aftermath of the hack and how the hacker started to troll the project with onchain messages. On Wednesday, the blockchain surveillance firm Chainalysis published an in-depth report on what it discovered when it investigated the situation. According to Chainalysis, the hacker stole ETH , WETH,

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, is increasing his cryptocurrency allocation. He is also taking an equity stake in the FTX crypto exchange and has signed a multi-year deal to become its ambassador and spokesperson. He will be paid in crypto for his services. Kevin O’Leary Increasing His Crypto Allocation Shark Tank’s Kevin O’Leary has revealed that he is increasing his cryptocurrency allocation. He tweeted Tuesday: Finally solved my compliance problems with cryptocurrencies. I’m going to use FTX to increase my allocation and use the platform to manage my portfolios. His tweet followed FTX Trading Ltd. and West Realm Shires Services Inc., owners and operators of FTX.com and FTX.us respectively, announcing “a long-term relationship” with O’Leary. Mr. Wonderful will be taking an equity stake in both companies and will be “paid in crypto to serve as an ambassador and spokesperson for FTX,” the announcement details, adding: He has asked that his compensation for

U.S. Congressman Patrick McHenry has slammed the U.S. Securities and Exchange Commission (SEC) for asking for jurisdiction over all crypto exchanges, including non-securities ones. He called it “a blatant power grab that will hurt American innovation,” adding, “We don’t need another backroom deal between Gensler and Elizabeth Warren.” Lawmaker Slams SEC for Blatant Power Grab Over Crypto Rep. Patrick McHenry from North Carolina released a statement Wednesday in response to a letter SEC Chairman Gary Gensler sent to Senator Elizabeth Warren about cryptocurrency regulation. Senator Warren shared the letter Wednesday. Gensler wrote : “I believe we need additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.” McHenry’s statement “on Gensler power grab over digital asset exchanges” explains that the SEC chairman is “asking for jurisdiction of all

The Nasdaq-listed auto insurance company Metromile has purchased $1 million in bitcoin. The company plans to “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.” Auto Insurance Platform Adds Bitcoin to Balance Sheet The Nasdaq-listed insurance company Metromile Inc. disclosed its bitcoin purchase in a filing with the U.S. Securities and Exchange Commission (SEC) dated Aug. 10. Metromile is a digital insurance platform and pay-per-mile auto insurer. The filing states: In June 2021, the company purchased and received $1.0 million of bitcoin. During the three months and six months ended June 30, 2021, the company recorded $0.1 million of impairment losses on bitcoin. “There were no realized gains or losses recognized during the three months and six months ended June 30, 2021,” the filing details. “As of June 30, 2021, the carrying value of the company’s bitcoin digital asse

The private investment management firm with $402 billion in assets under management (AUM), Neuberger Berman Group LLC, has revealed the company now has active exposure to cryptocurrencies like bitcoin. The multi-billion-dollar asset manager disclosed this information in a Form 497 in order to comply with the Securities and Exchange Commission’s EDGAR filing system. Neuberger Berman’s 497 Shows Bitcoin and Ethereum Exposure Neuberger Berman (NB) has detailed in a Form 497 filing with the Securities and Exchange Commission (SEC) that it is now permitting active exposure to crypto investments. The company is a well known wealth manager with $402 billion AUM today and in 2003 Neuberger Berman merged with Lehman Brothers. Following the collapse of Lehman Brothers on September 15, 2008, Neuberger Berman continued to operate and spinned itself away from the parent company. The filing with SEC shows the firm permits exposure to cryptocurrencies now and mentions the leading crypto assets

Following a number of statements this week from the U.S. Securities and Exchange Commission’s (SEC) Gary Gensler, wealth management firm Vaneck has filed for a bitcoin futures exchange-traded fund (ETF). Vaneck Files for a Bitcoin Futures-Focused Fund Called the Bitcoin Strategy ETF On August 10, the wealth manager Vaneck filed an application with the SEC in order to list the “Bitcoin Strategy ETF,” a fund that seeks “capital appreciation.” The fund will be an actively managed ETF that leverages bitcoin futures, pooled investment vehicles, and other ETFs that provide exposure to bitcoin (BTC) . The latest Vaneck bitcoin ETF filing stresses: “The Fund does not invest in bitcoin or other digital assets directly.” The Bitcoin Strategy ETF will utilize bitcoin futures under the laws of the Cayman Islands, and it may also invest in “ETFs listed and traded in Canada, and exchange-traded products that provide exposure to bitcoin through the subsidiary.” Vaneck currently commands $63 bil