Bitcoin News and Finance: What You Need to Know

Cryptocurrency exchange Binance has warned investors of a “massive phishing scam via SMS.” The scammers sent SMS messages to crypto users informing them of a withdrawal request from an unknown IP address they may want to cancel. Massive Phishing Scam Targeting Crypto Investors Binance CEO Changpeng Zhao (CZ) tweeted Friday: There is a massive phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to harvest your credential as in the screenshot below. According to the Binance boss, scammers sent SMS messages to cryptocurrency investors stating that a withdrawal has been requested from an unknown IP address. The message then asks investors to click a link to cancel the withdrawal request. However, the link leads to a phishing website that will attempt to steal credentials from investors. The Binance CEO further advised that users should always go directly to the Binance website via a bookmark or type the URL into the browser. He stressed: Never...

PRESS RELEASE. The world of e-commerce is rapidly transitioning to that of social commerce, where demand for products is driven by videos and posts from social media. Both brands and their consumers can benefit from advertising products through social media, with stronger sales and valuable insights into product use cases, which further encourage online shopping. Video commerce already accounts for 10% of Chinese e-commerce – a trend that is already making its way to the West. That’s why we are thrilled to be hosting the seed sale of Meloot ($LADA) on the KICK.IO launchpad . Meloot is the first decentralized e-commerce platform on the Cardano blockchain, powered by its native utility token $LADA. You can think of Meloot as Amazon driven by TikTok, where e-commerce capabilities are utilised in synergy with video-based shopping, and Meloot algorithm connects people to the brands they like through an interactive medium. Meloot offers a platform for the sale and purchase of physical ...

Nike has filed a lawsuit against an online reseller using unauthorized Nike shoe images in non-fungible tokens (NFTs). “Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks,” Nike alleges. Nike Sues Online Retailer Over NFT Sales Sneaker giant Nike filed a lawsuit against online reseller Stockx in New York federal court last week for selling non-fungible tokens (NFTs) using unauthorized images of Nike shoes. Detroit-based Stockx, valued at more than $3.8 billion last year, began selling NFTs last month, Nike detailed, adding that the reseller has sold over 500 unauthorized Nike-branded NFTs. The sneaker giant further noted that Stockx told buyers they would be able to redeem the tokens for physical versions of the shoes “in the near future.” Nike claims that by minting “Vault” NFTs based mostly on popular Nike sneakers, Stockx is infringing upon and diluting its trademarks. Acc...

U.S. Senator Ted Cruz has declared his bitcoin purchase worth up to $50,000. “I’m also particularly proud that my home state, Texas, is becoming an oasis for the blockchain community, for bitcoin miners, for innovators and entrepreneurs in the crypto world,” said the senator. Senator Ted Cruz Declares Bitcoin Purchase U.S. Senator Ted Cruz has bought the bitcoin dip. A Periodic Transaction Report filed on Friday shows that the senator from Texas personally bought bitcoin worth between $15,001 and $50,000 on Jan 25. On the date of the transaction, the price of bitcoin was hovering around $37,000 based on data from Bitcoin.com Markets. At the time of writing, the price of bitcoin is $41,708. BTC is up 10.5% over the past seven days but down 4.2% over the last 30 days. The senator from Texas has long been a vocal bitcoin proponent. In June last year, he said that people are flocking to BTC because the U.S. is on the verge of an inflation crisis. In November last year, he introd...

Google has shared some details of its web3 and blockchain strategies. “As a company, we are looking at how we might contribute to the ecosystem and add value,” said Sundar Pichai, the CEO of Google and its parent company, Alphabet Inc. Google’s Web3 and Blockchain Strategies The CEO of Alphabet Inc. and its subsidiary Google, Sundar Pichai, shared some information on the group’s blockchain strategy during the company’s Q4 earnings call last week. Pichai was asked about his view on web3 and Alphabet’s approach to the industry. “Anytime there is innovation, I find it exciting,” the Google CEO began, elaborating: On web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications, so much broader, again, than any one application. “As a company, we are looking at how we might contribute to the ecosystem and add value,” he continued, adding: Just one example, our Cloud team is looking at how they can support our customers’ need...

The U.S. treasury department has warned that non-fungible tokens (NFTs) may present new illicit finance risks. According to industry estimates, the NFT market could reach $35 billion in 2022 and more than $80 billion by 2025. NFTs May Present Illicit Finance Risks The U.S. Department of the Treasury announced Friday the release of a “study on illicit finance in the high-value art market.” The study was mandated by Congress in the Anti-Money Laundering Act of 2020. “This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the U.S. financial system,” the Treasury wrote, adding: The emerging digital art market, such as the use of non-fungible tokens (NFTs), may present new risks, depending on the structure and market incentives. In order to combat the risks, the study recommends several options, including updating training for law and customs enforcement, enhancing private sector informa...

The federal government of Russia should be ready with different regulatory scenarios for the country’s crypto market by the end of next working week, documents from a recent meeting have indicated. The executive power in Moscow favors regulation over the prohibition of cryptocurrencies and related activities. Government Inclined to Legalize Rather Than Ban Cryptocurrency in Russia The Russian government, which is hosting the ongoing debate on the future of decentralized digital money in Russia, is going to produce alternative scenarios for crypto regulation by Feb. 11. The Russian business daily Kommersant broke the news, quoting documents from a meeting held at the White House in Moscow last week. The fate of cryptocurrencies in the country is likely to be decided by the outcome of a clash between two opposing views. While the Central Bank of Russia proposes a blanket ban on crypto-related activities such as issuance, exchange, and mining, the Ministry of Finance pushes for lega...

Following a two-year hiatus, the American magazine that’s dedicated to music, politics, and popular culture, Rolling Stone, announced the return of Rolling Stone Live. According to the publication, the Rolling Stone Live event marks the company’s first collaboration with Coinbase and the two firms will be dropping exclusive non-fungible tokens (NFTs). Rolling Stone Live 2022 Will be Presented by Coinbase This Year, Event Will Feature a Limited Edition Collection of NFTs Crafted by 12 Digital Artists Rolling Stone has teamed up with Coinbase in order to drop an exclusive Rolling Stone Live NFT collection featuring 12 digital artists in the blockchain space. According to Rolling Stone, the artists were tasked with creating the NFTs that also showcase the Rolling Stone logo. Artists include Deadfellaz, Elise Swopes, Boss Beauties, Kideight, Mikegrillmadeit, Markthehabibi, Domino, Giant Swan, Alida Sun, Jeff Manning, Mister Goldie, and Emonee LaRussa. The American magazine says the...

Two reports claim that the creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC) are in talks of raising funds from investors such as the venture capital firm Andreessen Horowitz. The alleged funding round is expected to be around $200 million, but sources further say “the deal is not yet closed.” Bored Ape Yacht Club’s Yuga Labs in Talks of Raising $200 Million, Multiple Sources Say According to the news outlet Axios, the Bored Ape Yacht Club (BAYC) creators have been in talks of raising funds from investors. Axios contributors Kia Kokalitcheva, and Dan Primack write that the investment firm Andreessen Horowitz “is in advanced talks to lead a large funding round for Yuga Labs.” Yuga Labs created the BAYC NFT project alongside the associated NFT collections like Mutant Ape Yacht Club (MAYC). There are 10,000 NFTs, in the case of BAYC, and each ape has different properties. At the time of writing, 6,296 unique addresses own at least one BAYC out o...

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has shared his view on cryptocurrency investing and the future of money. He believes that crypto will be banned by different governments. Ray Dalio on the Future of Money and Crypto Bridgewater Associates founder Ray Dalio discussed cryptocurrency regulation and the future of money in an interview with David Rubenstein Thursday. Dalio currently serves as the Bridgewater Associates chairman and cochief investment officer. His firm’s clients include endowments, governments, foundations, pensions, and sovereign wealth funds. He was asked, “How do you foresee crypto impacting the world order?” The Bridgewater chairman replied, “I think it’s interesting,” disclosing that he has “a tiny percentage” of his portfolio in crypto. He explained: “I wanted to diversify but it’s a very vulnerable incident because they can track who is operating on it. It can be tracked.” He added: It’ll be outlawed,...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve and the Treasury are destroying the U.S. dollar. Noting that they are sending billions of dollar savers and uninformed investors to “financial hell,” he advised, “Save gold, silver, and bitcoin.” Robert Kiyosaki’s Warning and Advice Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted this week that the Federal Reserve and the U.S. Treasury Department are “destroying the dollar.” Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote, “There are a million paths to financial heaven and a billion paths to financial hell,” adding: Fed and Treasury [are] destroying the dollar sending billions of dollar savers and uninformed to financial hell. Go to fina...

Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments. Virtual Currency Tax Fairness Act Introduced in the US Representatives Suzan DelBene and David Schweikert introduced the “Virtual Currency Tax Fairness Act of 2022” on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer. The bill “would create a workable structure for taxing purchases made with virtual currency, also known as cryptocurrency,” the lawmakers explained. It will also expand the use of cryptocurrency for payments and further strengthen “the legitimacy of virtual currency in our digital economy.” The current legislation states that any crypto gains must be reported as taxable income regardless of the size or purpose of the transaction, the lawmakers stressed, emphasizing that “This includes purchases as small as buying...

A group of cypherpunks recently initiated a decentralized autonomous organization (DAO) in order to try and free the incarcerated Wikileaks founder and activist Julian Assange. So far, the DAO has raised $7.5 million in ether and the funds will be used to help with Assange’s legal fees and raise public awareness about his case. Assangedao Raises Nearly $6 Million to Help Fund Julian Assange’s Legal Efforts and Shine a Light on the Systemic Failure of Our Justice Systems. A decentralized autonomous organization (DAO) has been created that aims to help Julian Assange gain freedom. Assange is a well known journalist and activist that founded the website Wikileaks and he’s been investigated by the U.S. government for publishing a series of 2010 Army intelligence leaks that were given to him by Chelsea Manning (formerly Bradley Manning). The United States would like to see Assange extradited to the U.S. due to his involvement with publishing classified American intelligence documents. ...

Konami, one of the leading Japan-based game developers, elaborated on its future policy regarding NFTs. In its latest financial results meeting, Konami touched briefly on the subject of NFTs, and explained it would go on with its activities involving this technology as a preservation tool for some of its beloved franchises. Konami to Use NFTs as ‘Preservation Tool’ Konami, the Japanese developer responsible for franchises such as Castlevania, has shed some light on its stance when it comes to the use of NTFs. In its latest financial results meeting, the company indicated it will continue leveraging NFTs as a form of preservation, stating that: We will also be selling Non-Fungible Tokens (NFTs) in an effort to preserve content that has been loved by our customers as commemorative art. This statement resonates with what Konami has done with NFTs in the past. The company organized a commemorative NFT auction for the 35th Anniversary of the Castlevania franchise last year, raising ...

The crypto-friendly nation of Belarus is preparing to permit investment funds to put money into digital currencies. A proposal to do so is part of a package of necessary legal changes tailored to attract such institutions to the country. Finance Ministry Takes Steps to Facilitate Crypto Investments in Belarus Amendments aimed at luring investment funds to Belarus have been published by the Ministry of Finance for public consultations. Despite having in place a regulatory framework for collective investments, not a single fund has been registered in the country so far, the department noted in its motives for the initiative. One of the main reasons for the absence of such funds is that they are currently prevented from investing in crypto assets, representatives of professional circles have pointed out. The market for “digital signs (tokens),” the legal term used to describe cryptocurrencies, has been growing at a fast pace, the finance ministry has acknowledged. To lift the restri...

Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse analytics firm. The company expects real estate sales on four major metaverse platforms, which surpassed $501 million last year, to double this year. $1 Billion Metaverse Real Estate Sales Expected This Year Real estate sales on metaverse platforms surpassed half a million dollars last year, according to metaverse analytics firm Metametric Solutions. The company added that real estate sales on four major metaverse platforms — Sandbox, Decentraland, Cryptovoxels, and Somnium — reached $501 million in 2021. The four platforms have a total of 268,645 parcels of varying sizes on them. The analytics company has projected that real estate sales in the metaverse could double this year, reaching nearly $1 billion in 2022. The metaverse real estate market is expected to grow at a compound annual rate of 31% from 2022 to 2028, according to a report from Brandessence Market Researc...

U.S. Senator Pat Toomey says that crypto assets are here to stay and “a thoroughly diversified portfolio should have some.” The lawmaker added that he has a “very simple” investing strategy — diversify. US Lawmaker Says Crypto Is Here to Stay U.S. Senator Pat Toomey talked about cryptocurrency on CNBC Wednesday. The senator was asked whether he was actively trading cryptocurrency. While admitting that crypto assets are part of his diversified investment portfolio, he clarified that “Actively trading would be a huge exaggeration.” The senator from Pennsylvania explained: Ever since I could accumulate any savings, I had a very simple strategy — diversify. He described that he is taking this strategy because he has been “doing other things rather than evaluating companies and picking stocks.” Senator Toomey opined: It seems to me that crypto assets are here to stay and a thoroughly diversified portfolio should have some. In June last year, Toomey disclosed that he had invest...

The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have jointly published the initial findings of their central bank digital currency (CBDC) research. They also published the open-source code for the CBDC project. Boston Fed and MIT Publish Initial Findings of Their CBDC Research The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology (MIT) released the initial findings of their central bank digital currency (CBDC) research on Thursday. This research is separate from the digital dollar research conducted by the Federal Reserve Board. The Federal Reserve also recently published its long-awaited CBDC report. The collaboration between the Boston Fed and MIT, known as Project Hamilton, “focuses on technological experimentation and does not aim to create a usable CBDC for the United States,” they explained. The initiative was announced in 2020. Boston Fed Executive Vice President and Interi...

Platforms listing ads for mining hardware have been registering declining demand since Bank of Russia’s call for a ban on the minting of digital currencies among other crypto activities. While mining may eventually be legalized, miners can expect to pay higher electricity bills. Supply Exceeds Demand on Russian Market for Mining Chips Mining hardware is now more often offered than sought, Russian online marketplaces have noticed. The trend began after the Central Bank of Russia (CBR) published a consultation paper this month, in which the regulator proposed a blanket ban on operations with cryptocurrencies, including mining, citing threats to financial stability and risks for investors. A major online platform has recently told the business news portal RBC that the number of ads for the sale of coin minting equipment has increased in January while demand decreased. A drop in the purchases of video cards was also registered by Marvel Distribution, one of Russia’s leading retailers...

The Central Bank of Ecuador is planning to issue cryptocurrency-specific regulation later this year. According to statements from Guillermo Avellan, the manager of the Central Bank of Ecuador, this will bring more clarity to the cryptocurrency scene in the country, and will contribute to preventing crimes such as money laundering. Central Bank of Ecuador Has Eyes Set on Crypto The Central Bank of Ecuador is planning to prepare and issue cryptocurrency-related regulations this year. The announcement was made by Guillermo Avellan, manager of the Central Bank in an interview on January 30th. When asked about the state of the cryptocurrency regulation of the country and how it seems to be lagging as compared to other countries in the region, Avellan stated: The Central Bank is working on a project to regulate cryptocurrencies, bearing in mind that the Monetary Code establishes that the dollar is the only legal tender in the country. Avellan further explained that the new regulation...

Crypto exchange Valr has announced it has closed its crypto arbitrage service to new customers in order to comply with the requirements of its banking partner. This announcement makes Valr the latest South African crypto exchange platform to close its arbitrage business. Ovex was one of the first exchanges to announce its exit from the market. Banking Partner Requirements Push Exchange out of Arbitrage Market The South African cryptocurrency exchange, Valr, will be exiting the crypto arbitrage market on February 28 in order to comply with its banking partner’s requirements, a report has said. The exchange also revealed it stopped offering crypto arbitrage to new customers on January 31. With this announcement, Valr becomes the latest South African cryptocurrency exchange to exit the crypto arbitrage market in 2022. Ovex became one of the first exchanges to state it would be exiting the crypto arbitrage business after it issued a statement informing its clients of the decommissioni...

PRESS RELEASE. ADALend and Robatz Network sign the contract for development of the decentralized lending protocol. Robatz Network and ADALend represents a significant milestone for developing the lending protocol and will allow both companies to work together to further the development of the protocol, which will ultimately increase the utility of the platform for users. ADALend is a scalable, trustless, and decentralized lending protocol built on the Cardano blockchain. The partnership will allow developers to perform further research to analyze the aggregate protocol environment, including liquidity, swap, UI, and UX. Robatz Network will also be involved in the design and deployment of the platform, with an expected date to commence development of the protocol architecture around the 1st of April 2022. Robatz Network plans to improve the user experience on the ADALend platform, allowing users to conduct self-governed lending transactions with greater ease. About Robatz Network R...

Grayscale Investments has launched its first exchange-traded fund (ETF). The Grayscale Future of Finance ETF “seeks to invest in the companies and technologies shaping the ‘future of finance.'” Grayscale’s First ETF Grayscale Investments, the world’s largest digital currency asset manager, announced Wednesday the launch of its first exchange-traded fund (ETF) called Grayscale Future of Finance ETF (symbol: GFOF). The company explained that its new ETF “seeks to invest in the companies and technologies shaping the ‘future of finance.'” In addition, it is “the first equity ETF to track the investment performance of the Bloomberg Grayscale Future of Finance Index.” David LaValle, global head of ETFs at Grayscale Investments, opined: Through GFOF, investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system. 22 Holdings but No Microstrategy The fund has 22 holdings as of Feb. 2. The top holdings a...

The Nasdaq-listed company Microstrategy sees “evidence of a lot more institutional adoption” of bitcoin. The firm cited various reasons including “The circumstances and the currency volatility” in Turkey, South America, and Africa — “all of these things have elevated institutional awareness of bitcoin.” Microstrategy Outlines Future Outlook for Bitcoin The Nasdaq-listed software company Microstrategy discussed the future outlook for bitcoin during the company’s Q1 earnings call Wednesday. “With regard to the outlook for bitcoin, I think that in the past 12 months, the asset class has evolved and matured,” Microstrategy CEO Michael Saylor explained, elaborating: I see evidence of a lot more institutional adoption, greater adoption amongst macro and other hedge funds. “We’ve made great progress with corporations,” he continued. “There will be 24 publicly traded bitcoin miners by the end of the quarter, so lots of publicly traded companies in the Bitcoin space.” Saylor also predi...

A commissioner with the U.S. Securities and Exchange Commission (SEC) has voiced concerns regarding a new proposal that could give the securities regulator new powers to regulate cryptocurrency platforms and decentralized finance (defi) protocols. New SEC Proposal Could Hurt the Crypto Industry, Commissioner Peirce Cautions U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has warned that a recent proposal could be devastating for the crypto industry, Bloomberg reported Tuesday. Peirce is a pro-bitcoin commissioner, who is also known in the crypto community as “crypto mom.” The SEC proposed amendments to regulate “significant Treasury markets platforms” within Regulation ATS last week. The 654-page proposal seeks to “expand Regulation ATS for alternative trading systems (ATS) that trade government securities, NMS [National Market System] stock, and other securities.” It also proposes to “extend Regulation SCI to ATSs that trade government securities” and “ame...

Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin. Silvergate Purchases Diem Operations Silvergate Capital, a payments services company, has acquired Diem, a stablecoin payments system originally put in motion by Facebook (now Meta), to integrate it into its operations. The announcement was made on January 31st, when the company explained the details of the rumored operation. The deal includes the purchase of intellectual property and other technology assets related to running a blockchain-based payment network from the Diem Group, according to a press release. Silvergate Capital aims to leverage the acquired assets to issue a stablecoin of its own, with the support of a California-chartered and Federa...

The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. “Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross border finance.” China Establishes Blockchain Testing Zones Sixteen Chinese governmental bodies jointly announced Sunday a list of national blockchain pilot zones “in order to further carry out the innovative application of blockchain” technology. The 16 governmental bodies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission. The list has 15 pilot zones, including areas in Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern Guangdong and Sichuan provinces respectively. It also names 164 entities, including hospitals, universities, and companies that have been selected for blockchain pilot projects. Among the companies ...

Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding tax. “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback … It is much more friendly to both investors and the industry,” said the CEO of a crypto exchange. Thailand’s New Crypto Tax Rules Thailand has scrapped its plan to impose a 15% withholding tax on cryptocurrency transactions after facing pushback from the crypto industry. The Thai Revenue Department has also published a manual outlining the new tax rules applicable to cryptocurrencies and digital tokens. Tax officials said Monday that income from cryptocurrency could be reported as capital gains, the Financial Times reported, adding that the new rules will allow traders to offset their annual losses against gains made in the same year. The crypto community welcomes Monday’s announcement. Pete Peeradej Tanruangporn, CEO of cryptocurrency exchange Upbit and co-chair of the Tha...

Fidelity Digital Assets has released a report explaining why bitcoin is a superior form of money. The report discusses the future of the digital asset ecosystem and compares bitcoin to newer and smaller cryptocurrencies. Fidelity Says ‘Bitcoin First’ Fidelity Digital Assets, a subsidiary of Fidelity Investments, published a report this week titled “Bitcoin First: Why investors need to consider bitcoin separately from other digital assets.” The report addresses some concerns investors have including whether bitcoin “may be vulnerable to innovative destruction from competitors (such as the story of Myspace and Facebook)” or whether the cryptocurrency “offers the same potential reward or upside as some of the newer and smaller digital assets.” Report authors Chris Kuiper and Jack Neureuter explained: Traditional investors typically apply a technology investing framework to bitcoin, leading to the conclusion bitcoin as a first-mover technology will easily be supplanted by a superior...