Bitcoin News and Finance: What You Need to Know

Dmitry Vasiliev, co-owner and former chief executive of the now defunct Russian crypto exchange Wex, has been arrested upon entering Croatia, local media reported. The crypto entrepreneur is wanted by Kazakhstan where he is accused of stealing money from an investor. Wex Executive Vasiliev Apprehended at the Airport in Zagreb Belarus-born Dmitry Vasiliev, former CEO of Wex, once the largest crypto trading platform in the former-Soviet space, has been detained at Franjo Tudjman Airport in the Croatian capital on Wednesday, May 25, the Jutarnji List reported. According to the daily, the authorities in Zagreb have acted on a red warrant issued by Interpol on a request from Kazakhstan. Vasiliev, who resides in the Russian Federation, is wanted in the Central Asian country for defrauding an investor of $20,000. Kazakhstan’s law enforcement has been seeking Vasiliev’s extradition for some time, but the crime he is accused of there is relatively minor compared to other suspected offenses

PRESS RELEASE. Bexplus Exchange is a leading crypto derivatives trading platform offering 100x leverage futures trading on a variety of trading pairs – BTC , ETH , ADA , XRP , DOGE, etc. Bexplus doesn’t require KYC and is trusted by over two million traders from over 200 countries/regions and is accredited by the U.S. MSB license (Money Services Business). The Most Novice-friendly Exchange If you want to be familiar with the market and trading rules as soon as possible, an exchange with a demo account may be a good help. With a demo account, you can practice trading strategies, familiar with the trading rules, and analyze the markets. Successful traders are always those who learn to analyze the market, keep themselves abreast of market news, and keep trying out different strategies. Bexplus provides you with comprehensive simulated trading services. Every user is given 10 BTC at the beginning, and they are replenishable, so you can try out different trading strategies as much as

Europe’s top securities regulator has warned that soaring inflation could drive investors to cryptocurrencies. Stressing that there is “an imbalance” in how each EU country deals with crypto, the regulator calls for a common regulatory framework across European countries. Inflation Could Drive Investors to Crypto, EU Regulator Says The European Securities and Markets Authority (ESMA), the EU’s top securities markets regulator, has warned that soaring inflation may drive retail investors into cryptocurrencies, Bloomberg reported Thursday. The regulator has also called for a formal legal framework to govern the crypto industry across all EU countries. ESMA Chair Verena Ross said in an interview last week: With inflation rising, investors will look to find investments which are able to try to compensate for inflation and bring greater returns, which might lead to greater risk taking. “That is something we are monitoring very closely,” she emphasized. Many investors believe that

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that a depression and civil unrest are coming. He also warned of the stock and bond markets crashing. Robert Kiyosaki on Markets Crashing, Depression, and Civil Unrest The author of Rich Dad Poor Dad, Robert Kiyosaki, has issued more warnings about the U.S. economy. 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 claims that liberals and environmentalists are to blame for a reduction in oil production, which he said caused inflation, while stimulus checks paid workers not to work. Besides predicting that the stock and bond markets are crashing, he warned that a depression and civil unrest are coming. The famous author also noted that inflation is killing retailers, even giant

PRESS RELEASE. Clesson, the operating company behind OPENTRACK and LABEL Foundation, has officially established a memorandum of understanding (MoU) with CJ Entertainment & Media . The new collaboration has the potential to benefit both parties involved as CJ Entertainment & Media is essentially an entertainment and mass media organization founded by the CJ Group, which is among South Korea’s major conglomerate corporations. What is there to know? Joining Clesson is Hen, the composer of the Netflix serial ‘ My Liberation Notes ’. Hen is from O’PEN CJ Entertainment & Media has reportedly joined LABEL Foundation’s operating company after Clesson successfully managed to enlist the services of the renowned composer as part of the collaboration, much to everyone’s delight as Hen has performed in a number of South Korean music projects and is also well known for creating the soundtrack for the aforementioned Netflix series. Clesson also serves as the main operating company be

The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other institutions in the country in increasing public transparency. The launch, which was also assisted by the Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023. Brazilian Blockchain Network Launch Completed The Brazilian Blockchain Network, a public and distributed blockchain, was launched on May 30. The event, which was hosted by the Brazilian Development Bank and the Court of Accounts of the Union, serves as a starting point to call other institutions to collaborate with the development and growth of the network. Gustavo Montezano, the president of the Brazilian Development Bank, who is in charge of the development of the network, declared that the organization will sign agreements with other government institutions to collaborate on this task, stating that “the m

PRESS RELEASE. Miami, Florida. – Vybe, LLC announced today that they are building an app that lets people mine their social media for cryptocurrency. “What if you earned crypto for every like you earned on social media?” Vybe Business Development Manager Blake Marum said, “That’s what Vybe does. It connects your content creator sites to a cryptocurrency wallet and automatically deposits VYBE into your wallet for every like you get on social media.” VYBE is a token, or Algorand Standard Asset (ASA), on the Algorand blockchain. It operates like Algo, and has been verified by Algorand’s official wallet, Pera. “The app disperses 222,603 VYBE every six hours for 20 years,” Vybe Lead Developer, Ravi Dhar, explained, “It calculates the total number of likes, posts, followers and other metrics that each user gets in six hours and awards them a proportion of this mining pool. So it measures content quality. The more likes you get from the world, the more VYBE you get from the app. Users a

Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions. New Turkish Crypto Legislation Underway Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter. According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks. Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies. The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Trea

After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency’s latest slide is expected to worsen Lebanon’s economic challenges. Pound Depreciation In a sign that Lebanon’s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese pound is reported to have plunged to an all-time low of 35,600 against the dollar. According to an Al Jazeera report, it took just two weeks for the pound’s black market exchange rate to drop from 26,800 to the latest rate. At the time of writing, the pound’s official exchange rate was 1,510 for every dollar. The pound’s reported quickfire depreciation has worsened Lebanon’s already difficult economic situation. Also as noted in an Al Jazeera report , the currency’s plunge was preceded by a 25% increase in petrol prices. Plans to scrap subsidies — which in turn can lead to further price increases — are expected to worsen the plight of the country’s

In the crypto industry, investors are always on the search for undervalued projects that have the greatest potential for increasing early investors’ returns. Finding these hidden gem initiatives just before noteworthy launches is an easy way to profit. Mars4 is one of these projects to keep an eye on, as the team behind it is working on exciting new releases that will be available the next month. These updates will boost the game’s economy and provide players with a sneak peek at the upcoming game. The community should expect the Mars4 project to acquire credibility as a result of these changes, bringing additional investors to the initiative. What exactly is Mars4? Mars4 offers non-fungible tokens (NFTs) that represent virtual Mars . All NFTs are unique in terrain and were modeled using NASA data to make them accurate representations of the Red Planet. The planned Mars metaverse game will make use of these land parcel NFTs. In the game, you can explore your virtual property, g

India’s economic affairs secretary has reportedly revealed that the government’s consultation paper on cryptocurrency is “fairly ready.” He explained that the Indian government is looking at “a global paradigm on digital assets,” emphasizing that “There has to be a broad framework on which all economies have to be together.” Economic Affairs Secretary Ajay Seth on Crypto Indian Economic Affairs Secretary Ajay Seth provided an update Monday on the government’s progress to establish India’s crypto policy. Speaking about the government’s consultation paper on crypto, he was quoted by CNBC TV18 as saying: Our consultation paper is fairly ready and we went into a deep dive and have consulted not just the domestic institutional stakeholders but also the World Bank, and the International Monetary Fund. “So we hope that we will soon be in a position to finalize our consultation paper,” the economic affairs secretary added. In April, Bitcoin.com News reported that Indian finance minis

The CEO of Bank of America says that his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto. “The reality is that we can’t do it by regulation,” he said. Bank of America’s CEO on Crypto Bank of America (BOA) CEO Brian Moynihan talked about cryptocurrency in an interview with Yahoo Finance Live at the recent World Economic Forum event in Davos, published Saturday. He was asked about his bank’s plans for cryptocurrencies. “The reality is that we run a payments business across our platform. It’s trillions of dollars a day, and almost all of it is digital,” the executive replied, adding: If you think about the blockchain, we have hundreds of patents on blockchain as a process and as a tool and as a technology. However, with regard to cryptocurrency, he revealed: “We’re not engaging in accounts for people in cryptocurrency … we’re not allowed to, frankly.” The Bank of America chief explained: “Because we’re regulated and they [regulators]

Federal Reserve governor Christopher Waller has detailed he is ready to get behind 50 bps rate hikes until the extreme inflationary pressures plaguing the U.S. economy subsides. Waller stressed that until inflation is reduced he doesn’t “see the point of stopping” 50 bps rate hikes. Furthermore, statistics from the U.S. Bureau of Economic Analysis show that American savings have plummeted to levels not seen since the ‘Great Recession’ in 2008. Christopher Waller Advocates for 50 Bps Rate Hikes at Every Fed Meeting Until Inflation Is Under Control Inflation is wreaking havoc on the wallets of everyday Americans as the cost of goods and services has skyrocketed during the past few months. Inflation is so bad that president Joe Biden will host a rare Oval Office meeting on May 31, with Federal Reserve chair Jerome Powell to discuss inflation and the state of the U.S. economy. Meanwhile, Federal Reserve governor Christopher Waller is of the opinion that raising the benchmark interest

Frodo Tech aims to create an environmentally-friendly blockchain ecosystem based on a unique cryptocurrency service that all the people in the world can access, without any limitations based on race, region or country. Frodo Will Have No Limitations and No Mining Frodo Tech is an IT and Financial blockchain services company based in Auckland, New Zealand, and a member of the Blockchain Association of NZ (BANZ). Since 2018, it has provided best-fit and trustful solutions around AI, cybersecurity, data analysis, custom applications, mobility, migration, and managed services. The goal of Frodo Tech is to create an online platform of services that brings tomorrow’s business today that is secure, trustable, and excellent. In 2021, the team at Frodo Tech decided to start a blockchain-based business providing a unique crypto service. The goal is simple: allow all kinds of people access to services without any race or region limitation – become an open, free platform and sustain an ecosys

A new study has found that nearly 43% of Turkish individuals surveyed consider gold to be the best form of investment, while just 1.9% said they would invest in cryptocurrencies. Real estate is the next most-preferred after gold, with 27.4% of the respondents saying they would invest. Fewer Turks Now View Gold as Best Investment A recent study by Areda Survey has found that a significant number of Turks — about 42.9% — still consider gold to be the best form of investment. The figure is almost 15 percentage points lower than the number of Turkish individuals that viewed gold as the ideal investment in April 2021. In terms of the gender of those that said they would invest in gold, the study found that 45.9% of the respondents were women, while men constituted 42.2% of such respondents. Besides gold, the Turkish newspaper Hurriyet reported that Turks’ next most-preferred investment is real estate at 27.4%. The number is marginally higher than the 26.9% that said they would invest

Former Nintendo of America President, Reggie Fils-Aimé, believes that the gaming industry is steadily going to integrate metaverse elements into its games. Fils-Aimé thinks that established gaming companies, like Nintendo, are better suited to be leading the race for the metaverse than other companies due to their experience in building interactive and persistent worlds. Former Nintendo President Thinks Gaming Companies Will Lead the Metaverse The race toward the metaverse space is on, and some think that gaming companies have the upper hand to lead the space in the short term. Reggie Fils-Aimé, former executive and president of Nintendo of America from 2006 until 2019, believes that gaming companies like Nintendo and Sony are better suited and equipped to lead this metaverse race due to the experience they have when designing and building immersive experiences for games. About metaverse and gaming companies, Fils-Aimé told Yahoo Finance: I do believe it’s going to be led by gam

Nigerian presidential hopeful, Bukola Saraki, recently said he supports the digital currency industry which he claimed has created opportunities for the country’s youth. However, he insisted that there is a need for the enactment of laws that guide players in this space. Digital Currencies Create Opportunities for the Youth One of Nigeria’s presidential aspirants, Bukola Saraki, was recently quoted saying he supports digital currencies and that he does not think they will wreck the economy. The presidential hopeful nevertheless suggested that there must be legislation and policies in place to guide players in this space. In his remarks during an interview , Saraki, one of the fifteen individuals seeking to become the opposition’s candidate in Nigeria’s upcoming presidential elections, acknowledged that digital currencies have created opportunities for the country’s youth. He said: I also think it has helped especially the young generation in creating jobs and opportunities. And a

PRESS RELEASE. In a radically different approach to handling an NFT sale, PlanetQuest, has just launched its community friendly Planet Sale at planetquest.io. The Cinematic Multiverse and Blockchain Game, backed by Hollywood and Gaming talent, top tier investors and a community of over 215.000 Explorers, is pioneering a whole new sales approach that promises to eliminate gas wars, frustration and front running bots, while ensuring their first ever, real-time 3D Planet NFTs end up in the hands of deserving buyers and community members. After coming out of stealth on the 15th of December of 2021, PlanetQuest had already built a massive fanbase. With its interactive storyline, that saw community members voting to decide the fate of beloved characters, closing in on the end of its first season, an ancient artifact, known as The Cradle, has been discovered and activated, opening wormholes to unexplored galaxies, and setting the stage for the next phase of the PlanetQuest journey: The Co

The average Ethereum network fee has dropped to the lowest value recorded in over ten months, after fees hit a low of $2.96 per transaction on Sunday afternoon (ET). The last time ethereum transfer fees dropped below the $3 mark was last year on July 11, 2021. Moreover, median fees are even cheaper, as the median-sized ethereum transaction fee on May 29 is around 0.00086 ether or $1.56 per transfer. Ethereum Gas Costs Sink to Lowest Levels Since July 2021 Ethereum network fees are the cheapest they have been in over ten months and around 12 p.m. (ET) on Sunday, the average ETH transfer fee slid to a low of $2.96 per transaction . As the day continued on, average ether fees have jumped a bit higher to 0.002 ether or $3.56 per transfer. Ethereum’s transaction fees have not been this low in quite some time. Bitcoin.com News has been covering the fact that gas costs have been dropping since mid-February and during the first week of March, ethereum transaction fees slid to just above

Crypto exchange Binance has received regulatory approval from Italy’s financial regulator to operate as a cryptocurrency service provider in the country. “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” said Binance CEO Changpeng Zhao. Binance Now Licensed in Italy Binance announced Friday that Binance Italy “has received regulatory approval” through registration as a Cryptocurrency Service Provider with the Organismo Agenti e Mediatori (OAM), as required by the Italian legislation on crypto assets. The announcement states: The registration of Binance Italy … allows the company to offer crypto products to its customers in Italy. Binance Italy, established in recent months, is the legal entity of the Binance Group in Italy. Earlier this month, Binance said it has received approval from the French financial regulator , the Autorité des marchés financiers (AMF), to operate as a registered Digital Asset Service Provider (DASP). The crypto

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of a looming consumer recession and more earnings trouble. He cited falling U.S. personal savings and record-setting revolving credit card debt despite trillions of dollars in stimulus money. Michael Burry’s Recession Warning Famous investor and founder of investment firm Scion Asset Management, Michael Burry, warned on Friday about a looming consumer recession and more earnings trouble ahead. He is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Burry explained on Twitter Friday: US Personal Savings fell to 2013 levels, the savings rate to 2008 levels – while revolving credit card debt grew at a record-setting pace back to the pre-Covid peak despite all those t

Allianz Chief Economic Advisor Mohamed El-Erian says the Federal Reserve will have to “decide between two policy mistakes.” One risks triggering a recession and the other could prolong inflation well into 2023. “I think the time has passed for a soft landing,” the economist stressed. Mohamed El-Erian on Inflation, Recession, and the U.S. Economy Economist Mohamed El-Erian discussed where the U.S. economy is headed and the Federal Reserve’s plan to bring inflation under control in an interview with Bloomberg Friday. El-Erian is Chief Economic Advisor at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer. He is also the president of Queens’ College, Cambridge University. He was asked what’s feasible for Federal Reserve Chairman Jerome Powell under the current economic environment. The economist replied that “at best,” it is “what Chair Powell called a ‘softish’ landing, and the ‘ish’ is really important.”

From a desperate investor’s ill-advised visit to Terra co-founder Do Kwon’s house resulting in an arrest, the announcement of a new Terra network, and blockchain talk at Davos, to predictions of U.S. economic collapse if inflation isn’t reigned in quickly, there’s no shortage of action-packed crypto stories this past week. Without further ado, this is the Bitcoin.com News Week in Review. LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments. Read More A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens According to a recent announcement from the Terra blockchain team,