Bitcoin News and Finance: What You Need to Know

The U.S. Federal Bureau of Investigation (FBI) issued an industry-wide warning about possible attacks on exchanges and crypto holders this week. The institution declared that there are threats actively tracking virtual asset platforms in order to take hold of these assets, causing financial losses in the process. Sim swapping, account theft and tech support staff are the means to accomplish these attacks. FBI Anticipates Cryptocurrency Attacks The FBI issued a warning against upcoming attacks on cryptocurrency exchanges and holders last week. The warning was distributed using the TLP protocol , designed to distribute the desired information with certain groups. It received the Green designation, meaning the FBI allows peers and partner organizations in the crypto community to share this information. The FBI states there are groups actively tracking vulnerabilities in these companies to take action. It explains these groups are using a group of techniques to achieve these means. Th...

Ghana’s proposed central bank digital currency is similar to fiat cash and therefore financial institutions, as well as fintech start-ups, can still create value based on it, a Bank of Ghana (BOG) official has said. Still, the official, Maxwell Opoku-Afari, the BOG’s deputy governor, says approval for the use of the digital currency will depend on the outcome of the piloting phase. Maintaining Ghana’s Lead As previously reported by Bitcoin.com News, BOG announced it was in the advanced stages of introducing a digital currency. At the time, BOG governor, Ernest Addison said the central bank’s move to introduce the CBDC fits with its objective of maintaining the central bank’s position as Africa’s leader when it comes to embracing emerging financial technologies. However, as one local media outlet reports , the first deputy governor has now revealed that Ghana will start piloting the digital cedi in a sandbox environment in September 2021. CBDCs and Value Additions Meanwhil...

Guggenheim CIO Scott Minerd has made another prediction about where the price of bitcoin will be, a lower estimate from his previous “real bottom” price prediction. The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, returned last week with another bearish prediction for bitcoin. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with about $270 billion in total assets under management. Minerd predicted last month that the “real bottom” of bitcoin would be $15K, based on its technicals. He discounted the $10K price level at the time, calling that level “a little extreme.” However, in an interview with CNBC Friday, Minerd indicated that the $10K level is now possible. “When we look at the history of crypto and we look at where we are,” he said: I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80% which, let’s just say that’s between $10,000 and $...

Major asset management firm Capital International has gained exposure to bitcoin through investing in almost 1 million shares of Microstrategy which now holds more than 100K bitcoins. Capital International Investors (CII) informed the SEC in a filing dated July 12 that it has purchased shares of Microstrategy’s Class A common stock (MSTR). The filing states: CII is deemed to be the beneficial owner of 953,242 shares or 12.2% of the 7,782,568 shares believed to be outstanding. Capital International is a division of Capital Group, a global investment management firm established in Los Angeles, California, in 1931. The firm ranks among the world’s oldest and largest investment management organizations, with over $2.2 trillion in assets under management as of Dec. 31, 2020. Microstrategy has been acquiring bitcoin as its key strategy. On June 21, CEO Michael Saylor announced that his company’s bitcoin holdings had reached 105,085 BTC acquired for about $2.741 billion ...

The U.S. SEC charged three individuals that allegedly conducted insider trading related to the Long Blockchain company back in 2017. One of the individuals allegedly traded stocks ahead of the name change that gave the company a price boost. The other two individuals were tipped and took advantage of the data to trade accordingly, the U.S. regulator says. Long Blockchain, formerly Long Island Iced Tea, made big gains just from rebranding, taking advantage of blockchain’s growing popularity. SEC Sues Three on Long Blockchain Insider Trading The Securities and Exchanges Commission (SEC) is charging three individuals that allegedly profited from Long Blockchain’s name change back in 2017. The lawsuit claims the three individuals profited from inside information and traded stocks before the famous rebranding happened. Among these is Eric Watson, who according to the complaint, was responsible for the rebranding scheme. Watson allegedly tipped off Oliver Barret-Lindsay, a friend and bro...

At the end of 2020, darknet markets (DNM) set new records as marketplaces like White House and the Russian-language DNM Hydra led the pack. A report published on May 25, shows Hydra saw a 624% year-over-year growth rate in three years, and researchers estimate roughly 75% of illicit DNM transactions stem from the Russian marketplace. Moreover, the privacy coin monero is seeing a lot more vendor acceptance on DNMs these days. On June 29, monero captured 84% of vendor acceptance on three of the top marketplaces. The Complex Russian Darknet Market Hydra Eclipses 26 Marketplaces While cryptocurrency markets are down in value, the use of darknet markets has continued to rise. DNMs have managed to stay lucrative throughout Covid-19 and stats indicated that while the world was locked down, DNM use was flourishing. Many DNMs are operational today as reports and data show that the two largest darknet markets are Hydra and White House Market. Other notable DNMs in the second half of 2021, in...

The U.S. has sentenced a creator of video streaming and downloading websites to prison for 12 months and one day. The feds also seized $3.9 million from him, including more than $1 million in cryptocurrency. Man Sentenced to Jail for Copyright Infringement and Tax Evasion, His Cryptocurrency Seized The U.S. Department of Justice (DOJ) announced Friday that Talon White from Newport, Oregon, has been “sentenced to federal prison for creating illegal video streaming and downloading websites.” The DOJ further described that the 31-year-old built the websites to “illegally distribute thousands of copyright-protected movies and television shows and evading taxes on the profits of his illicit endeavor.” The case started when investigators received information in October 2013 regarding numerous illegal websites linked to White allowing paid subscribers to stream and download copyright-protected content. The Motion Picture Association of America (MPAA) subsequently demanded White cease and...

China, which has arguably the most advanced digital currency project among leading nations, has so far handed out more than $40 million in red envelopes with digital yuan. The promotional campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities. Beijing Gives Away 269 Million Yuan in Digital Currency Chinese Authorities are rapidly moving forward with the pilot implementation of the digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. Since the announcement of the concept in 2014, the project has entered its seventh year of development, with large-scale trials across the mainland and cross-border tests with Hong Kong . The ‘red envelope’ campaign, which was launched to put the digital yuan into the hands of Chinese consumers, has been expanding. The amount of funds distributed to Chinese citizens in digital RMB red envelopes has exceeded 269 million yuan, or around $41.5 milli...

Following the infamous meme that shows one of the Bogdanoff twins on the phone telling whales to initiate a crypto-market dump, the Bogdanoff brothers now claim they took part in inventing the leading cryptocurrency bitcoin with Satoshi Nakamoto. During an interview hosted on L’Heure des Pros, the Bogdanoff twins said as mathematicians the two were able to “participate in the elaboration of some of the source code.” Igor and Grichka Bogdanoff Claim to Have Helped Satoshi Elaborate on Bitcoin’s ‘Predictive Code’ There’s been a long-running joke that the Bogdanoff twins have the power to manipulate crypto markets after a meme started a few years ago showing one of the twins ordering a substantial dump on the market. The meme has been seen by the twins, according to a recent interview on L’Heure des Pros and a recent appearance on the French television show “Non Stop People.” Igor and Grichka Bogdanoff said they have seen the meme, and explained that Satoshi Nakamoto probably has s...

A survey conducted among financial professionals has indicated that the industry wants Ukraine’s future digital currency to be used as a tool in the crypto space. The financial sector also favors a blockchain design for the e-hryvnia that would allow peer-to-peer transfers and fuel e-commerce. Financial Experts Define Potential Uses of Ukraine’s Digital Currency The National Bank of Ukraine (NBU) has published the results of a survey aimed to establish the potential demand for a central bank digital currency ( CBDC ). The regulator sent out a set of 30 questions to 100 financial experts with various backgrounds – financial markets, corporate and retail business, public sector, and crypto business. The poll also had to identify possible use cases for the e-hryvnia. NBU was among the first central banks to start exploring options to issue its own digital currency. It launched a study back in 2016 and then tested a CBDC in retail payments two years later. “We already have practical e...

The digital asset trading platform Crypto.com has announced the firm has become the first global cryptocurrency exchange to obtain an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com’s EMI license will allow the firm to issue cards and bank transfers to consumers in the region. Crypto.com Receives the First EMI License from Malta Crypto.com details in its latest announcement that the digital asset exchange has been working closely with the MFSA. Two months ago, the exchange received a Class 3 Virtual Financial Assets (VFA) license from the MFSA. On Friday, the trading platform revealed the EMI license has been approved and the company believes it is a “watershed moment for the cryptocurrency industry.” Working with the MFSA, Crypto.com notes that it aims to provide a “compliant crypto trading environment.” “We have been committed from day-one to building a fully regulated business,” Kris Marszal...

The parliament of the Economic Community of West African States (ECOWAS) has joined the list of African organizations that have cautioned against the use of cryptocurrencies. In its warning to West Africa crypto users, the legislative body insists these digital assets are too volatile and as such “their use on the African continent is not without dangers.” Refusing to Accept Crypto Not a Violation of Legal Provisions According to a report , this parliamentary warning came after the joint committee meeting that was held in Ouagadougou, Burkina Faso. The meeting, according to the report, had been convened to explore “the prospects of cryptocurrencies as a facilitator for investment.” However, following the meeting that was also attended by “cryptocurrency experts and resource persons,” the joint committee reminded crypto users in the sub-region of the digital currency’s many shortcomings. According to the report, one of the shortcomings of cryptocurrencies is that while they m...

An eco-friendly toilet that pays people in digital currency for using it has been installed at a university in South Korea. The toilet is connected to a laboratory that uses excrement to produce biogas, which is used as a source of energy at the university. Get Paid in Digital Currency to Use a Toilet There is now a toilet that pays you in digital currency for using it. It was designed by a South Korean professor of environmental engineering at the Ulsan National Institute of Science and Technology (UNIST) and is already in use, Reuters reported Friday. The institute is one of the four public universities in South Korea dedicated to research in science and technology. The toilet is called Beevi, a portmanteau of the words bee and vision. It is connected to a laboratory that uses excrement to produce biogas and manure. When in use, a vacuum pump sends feces into an underground tank, reducing water use, and the excrement is broken down to methane by microorganisms. This turns into a...

U.S. Senator Patrick Toomey has declared investments in Grayscale’s bitcoin and ethereum trusts. His declaration shortly followed one by fellow congressman, U.S. Representative Barry Moore, who declared that he had invested in dogecoin, ether, and cardano. Senator Pat Toomey’s Cryptocurrency Investments A growing number of U.S. lawmakers are investing in cryptocurrencies or crypto-related investments. According to a Periodic Transaction Report filed on July 7, U.S. Senator Patrick Toomey from Pennsylvania declared two personal cryptocurrency investments, each worth between $1,000 and $15,000. One was in Grayscale Bitcoin Trust (GBTC) and the other in Grayscale Ethereum Trust (ETHE). Senator Pat Toomey’s Periodic Transaction Report showing investments in Grayscale’s bitcoin and ethereum trusts. Source: US Senate. The senator’s investments have decreased in value since his purchases. He invested in Grayscale Bitcoin Trust (GBTC) on June 15 when the price was around $33.23. At the...

Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services” on Thursday. The notice explains that some enterprises have recently begun soliciting payments for goods and services in cryptocurrencies, naming bitcoin ( BTC ) and ether ( ETH ) as examples. The Thai central bank reiterated its stance that digital assets are not legal tender and it does not support their use as a means of payment for goods and services. The bank detailed that using cryptocurrencies as a means of payment leads to risks for both buyers and sellers, “such as price volatility, cyber theft, and money laundering.” Thailand’s central bank clarified: Should the use of...

The Security Service of Ukraine (SBU) has located a massive coin minting facility that was illegally connected to the power grid in Vinnytsia. Law enforcement officials claim it’s the largest underground crypto mining farm they have found so far. Ukraine Seizes Thousands of Video Game Consoles Mining Crypto With Stolen Electricity Ukraine’s main law enforcement authority, SBU, announced this week it exposed a large-scale electricity theft in the city of Vinnytsia, in west-central Ukraine. The stolen power was used to mint digital coins in what officials described as the country’s largest illegal crypto farm uncovered to this day. Source: SBU The mining facility was set up by residents of Vinnytsia and the capital Kyiv in a former warehouse of JSC Vinnytsiaoblenerho, the agency said in a press release published on its website. They were able to conceal the theft from the distribution company using electricity meters that did not show the true energy consumption. During the sear...

During the last week, crypto enthusiasts and traders have been discussing the stock-to-flow (S2F) bitcoin price model created by the pseudonymous crypto analyst “Plan B.” Despite Plan B’s worst and best case scenario calls on June 20, a touch over a week later the analyst said the “next 6 months will be make or break for S2F.” Currently, the S2F model has seemingly run off course and resembles the levels it saw in January 2019. S2F Skepticism and the ‘Make or Break’ S2F Timespan There’s some skepticism toward Plan B’s infamous stock-to-flow (S2F) bitcoin price model ever since the closing price in June recorded below the S2F’s projected course. The model’s creator, however, would not necessarily use the terms “off course” but “just touching lower bands.” Plan B’s price model chart shared on July 1, 2021. Plan B recently explained his “worst case scenario for 2021,” where he predicts prices to end up being around “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.” Ho...