Bitcoin News and Finance: What You Need to Know

According to several reports, Wyre, a cryptocurrency payments firm, is allegedly sunsetting its business. Wyre’s purported wind down follows Bolt, another payments company, canceling its plan to acquire Wyre in September. Wyre CEO Ioannis Giannaros, however, told Axios that the company is “still operating” and is simply “scaling back.” Wyre Cryptocurrency Payments Firm Allegedly Shutting Down, CEO Denies Reports of Winding Down Operations On Jan. 4, 2023, Axios published a report that said Wyre, the digital currency payments platform, was winding down the company’s operations. Furthermore, several other reports about the situation stemmed from former employees and known associates. JD Ross, the founder of the music investment platform Royal.io said : Looks like Wyre just shut down their business. Everyone in our shared Slack channel disabled except the GC. Hearing no severance. “We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we...

A major Ukrainian chain of pharmacies has started accepting cryptocurrency through Binance Pay. The new payment method will be available online, according to the company, which operates hundreds of drugstores across the war-torn Eastern European nation. Pharmacy Offers Ukrainians Option to Pay With Crypto Using Binance Pay Customers of the Ukrainian pharmacy chain ANC can now buy medicines and other items using a number of cryptocurrencies. The new payment option is accessible since Tuesday, the company announced , claiming it has become the first pharmacy chain in Europe to offer it. From Jan. 3, you will be able to enjoy instant payments when purchasing pharmacy products. It will be possible to pay for orders with cryptocurrency on Anc.ua! The coin transactions will be processed through Binance Pay, the payment system developed by the world’s largest digital asset exchange by trading volume. It allows users and businesses around the world to spend, send, and receive over 70 di...

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the regulators detailed. U.S. Regulators Warn About Crypto Risks The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on crypto risks to banking organizations Tuesday. They explained that events in the past year showed “significant volatility and the exposure of vulnerabilities in the crypto-asset sector.” The regulators named many risks, including fraud and scams, legal uncertainties, inaccurate or misleading representations by crypto companies, significant volatility in crypto markets, run ...

The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocurrencies it seized from the bankrupt crypto exchange was not $3.5 billion. The new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing,” the Bahamian regulator stressed. Bahamas Regulator and FTX Disagree on the Value of Seized Crypto Assets The Securities Commission of the Bahamas issued a statement Monday to “correct material misstatements” made by the new FTX CEO, John J. Ray III, regarding the value of the cryptocurrencies it seized from FTX. Ray represents U.S. FTX debtors in the crypto exchange’s bankruptcy filing (Chapter 11 Debtors). The Bahamian regulator explained that on Dec. 30, 2022, FTX and Ray “publicly challenged the Commission’s calculations” of the value of the crypto assets transferred to its digital wallets on Nov. 12. According to the Commission, over $3.5 billion in cryptocurrencies were seized from FTX....

The Nigerian crypto exchange Roqqu recently announced that it obtained a virtual currency license that allows it to offer its services in 28 European countries. According to Israel Ololade, the head of product at Roqqu, the European Union license “aligns with the brand’s drive to become the number one blockchain and crypto company globally.” Crypto Adoption Lags Behind in Europe The Nigeria-based cryptocurrency exchange Roqqu was recently granted a European Union (EU) virtual currency license, enabling it to offer its services to users in 28 European countries, a statement released by the firm has said. The license allows Roqqu users, including non-Nigerians, to trade digital currencies as well as to participate in the non-fungible token (NFT) market. According to the statement, the crypto exchange’s EU license means Roqqu is one of the first digital asset exchange platforms from Africa to expand into Europe. In a statement, the Nigerian crypto exchange also shared a few reasons wh...

The World Economic Forum (WEF) has reviewed what happened in 2022 in crypto, making several predictions about the future of the ecosystem. Dante Disparte, CSO of Circle, in an article published for the WEF, states that while 2022 has been a terrible year, the building blocks of the industry will continue to be “integral parts” of the modern economic toolkit. WEF Believes in Crypto’s Resilience The World Economic Forum (WEF) believes that the disastrous year that 2022 represented for the cryptocurrency industry can lead to growth and recovery of the ecosystem. An article written by Dante Disparte , published on WEF’s weforum.org, explains that while the recent downfall of FTX and the demise of the Terra blockchain affected millions of consumers in 2022 — with the market losing $2 trillion in that period — this has not changed the core of these technologies, which are currently being tested by financial institutions all over the world. On this subject, Disparte explains: While the...

Square Enix, the Japanese gaming giant, is preparing to announce more blockchain-based titles in 2023. As part of a now traditional new year’s letter issued by Yosuke Matsuda, CEO of the company, the executive announced some of the moves Square Enix will make regarding blockchain tech, and also pondered several situations which surrounded blockchain in 2022. Square Enix Reflects on 2022 Blockchain-Related Shortcomings Blockchain tech is becoming an important part of several entertainment-based companies all over the world. Square Enix, the Japanese gaming company responsible for franchises like Final Fantasy and Dragon Quest, revealed it has some games using this tech prepared to be announced during 2023. The statements come from a new year’s letter published by Square Enix’s CEO Yosuke Matsuda, who considers 2022 a year in which blockchain tech acquired a bigger significance. Matsuda explains that last year might have been the year of consolidation for decentralized tech in gamin...

An executive of the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home. He allegedly committed suicide by jumping off a building while under investigation by Korean prosecutors for embezzlement and stock market manipulation. Executive Found Dead Amid Investigation of Embezzlement and Stock Price Manipulation An executive linked to South Korea’s largest cryptocurrency exchange, Bithumb, was found dead in front of his home in southern Seoul Friday, Yonhap News reported. The executive, surnamed Park, is the vice president of KOSDAQ-listed broadcast equipment supplier Vidente Co., the largest shareholder of Bithumb Holdings Co. that controls South Korea’s largest cryptocurrency exchange. Vidente also holds a stake in Bithumb Korea. According to local media, the executive committed suicide by jumping off a building while being investigated by South Korean prosecutors for embezzlement and stock price manipulation. Park’s investigations involved alleg...

The government of India is launching a crypto awareness campaign that will educate investors about the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets. Indian Government’s Cryptocurrency Awareness Campaign The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs. A government official was quoted by ET as saying: The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk. The government of India has been working on a crypto policy since 2019 but nothing has been finalized . Indian Finance Minister Nirmala Sitharaman said the government plans to discuss crypto regula...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the price of gold will soar to $3,800 this year while silver will hit $75. He also shared why he became “a gold bug” and “a silver nut.” Robert Kiyosaki’s 2023 Gold and Silver Price Predictions The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his prediction on how high he thinks the prices of gold and silver will reach in 2023. 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 tweeted Thurday: I predict silver going to $75 and gold to $3,800 in 2023. He explained: “I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same...

According to blockchain security company Certik, the number of cryptocurrency incidents involving exit scams, hacks, and code exploits in Dec. 2022 was the lowest monthly figure of the year. Certik noted that the combined incidents amounted to $62.2 million “lost to exploits, hacks, and scams.” Record Low Cyber Attacks in December 2022 Result in $62.2 Million in Losses On Dec. 31, 2022, Certik tweeted that the last month of the year saw the least amount of exploits, hacks, and scams. All the incidents combined added up to roughly $62.2 million, and Certik noted it was the “lowest monthly figure” of the year. Certik detailed that exit scams accounted for $15.5 million, and flashloan attacks represented $7.6 million. The largest flashloan attack came from the Lodestar exploit , and the largest exit scam was Defrost Finance. The following day, on Jan. 1, 2023, Certik said that the exploits, hacks, and scams from the previous month stemmed from “23 major attacks.” The largest incid...

OVER has launched the Map2Earn Beta program : revolutionary 3D mapping is now available to everyone. It is an innovation that solves the geo-location problem in Augmented Reality (AR). Over Map2Earn Is Now Live in Its Beta Version OVER Map2Earn has launched its program for geo-location in Augmented Reality (AR) in its Beta version. Specifically, it is geo-locating with 20 cm accuracy outdoors and indoors , compared to GPS, which offers above 6 meters outdoors, allowing immersive experiences in the metaverse to be increasingly perfect. And indeed, the Map2Earn program of the decentralized infrastructure for the AR metaverse aims to achieve the ideal system for mapping and creating geo-localized experiences integrated into the real world . In this sense, OVER will be able to offer placement of, for instance, digital artworks on a specific anchor point on a wall, overlaying AR experiences on existing buildings, as well as geo-localizing assets within a building by recognizing d...

Maruti Suzuki, one of the biggest car manufacturers in India, has announced that it is taking its customer retail experience to the metaverse. The company announced on Jan. 1, it would launch a VR (virtual reality) network for its Arena showroom series, allowing its users to experience the Maruti Suzuki Cars online or via authorized dealers. Maruti Suzuki to Prepare Metaverse Showrooms Car companies are beginning to take advantage of virtual reality and the metaverse to allow customers to have a different approach to their products. Maruti Suzuki, one of the leading car manufacturers in India, has announced that it will start delivering immersive experiences in metaverse-based showrooms for its lineup of cars. The company, which has produced millions of cars for the Indian market, announced that it is launching its Arena verse network, which allows customers to interact with any of the cars offered by the company. Customers can configure these cars with different options, apprecia...

Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand for class arbitration in a case that pits three Gemini Earn users against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading has been filed with the American Arbitration Association (AAA). According to a statement released by Silver Golub & Teitell, the law firm representing the claimants. GGC and the related entities are accused of breaching the terms of the so-called Master Agreement. According to the Dec. 30, 2022 statement , the claimants allege the initial breach of contract “when GGC became insolvent in the summer of 2022 but concealed its insolvency from lenders.” The stat...

PRESS RELEASE. As financial markets worldwide confront major challenges, the crypto market has remained sluggish in 2022. Meanwhile, along with the slowing global economic growth, the crypto market has also entered a prolonged bear period. Despite the continued sluggishness of crypto this year, the industry raised more funds in the first half of the year than it did in 2021. This indicates that the bear market also offers premium categories and projects, which allow us to prepare for the next crypto bull. 2022 in Review: Unlocking Potential in the Blockchain Space Since its inception, ViaBTC Capital, a new institutional investor focusing on blockchain, has always aimed to leverage the technology, talent, project, and capital of the blockchain space and build an all-encompassing, globalized blockchain investment ecosystem through steady efforts. Looking back on its track record in 2022, we can tell that ViaBTC Capital has invested in many distinctive, promising projects, including ...

A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), has said. Adoption of crypto by Moroccan residents is now inevitable hence a regulatory framework is needed. BAM to Hold Discussions With the Capital and Insurance Market Regulators According to Abdellatif Jouahiri, the governor of the Moroccan central bank also known as Bank Al-Maghrib (BAM), the country’s draft law on crypto is now ready, and will soon be presented to interested parties. In his comments reportedly made during a press conference, Jouahiri insisted the draft law seeks to protect individuals from risks that come with crypto investing. As per a report by Morocco World News, the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS) are some of the stakeholders the central bank is expected to...

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says inflation has peaked in the U.S. but there will be another inflation spike. He expects the U.S. economy to be in a recession “by any definition.” Michael Burry’s 2023 Economic Predictions Famous investor and founder of investment firm Scion Asset Management, Michael Burry, has shared his 2023 economic predictions. Burry 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 tweeted Sunday: “Inflation peaked. But it is not the last peak of this cycle.” He continued: We are likely to see CPI lower, possibly negative in 2H 2023, and the U.S. in recession by any definition. Fed will cut and government will stimulate. And we will have another inflation spike. It’s not har...

Before FTX collapsed it was assumed that Alameda Research was one of the top quantitative trading firms and market makers within the industry. However, much of that perception may have been a facade as a recent report details that Alameda suffered from financial troubles as early as 2018. People familiar with the matter said Alameda was losing money back then and a massive loss from a failed xrp trade in mid-2018 cut the company’s assets by more than two-thirds. Alameda Research’s Façade as a Top Quantitative Crypto Trading Firm Crumbles with Reveal of Early Financial Struggles Sam Bankman-Fried ’s (SBF) Alameda Research reportedly lost large sums of money as early as 2018, according to a report published by the Wall Street Journal (WSJ). Alameda Research was a quantitive trading firm that was officially launched in Sept. 2017 with Tara Mac Aulay. Prior to launching Alameda, SBF worked for Jane Street and he traded international exchange-traded funds (ETFs) until he started his posi...

The status of the Venezuelan gold currently being held by the Bank of England might fall into regulatory limbo after the dissolution of the interim government of Juan Guaido. The 31 tons of gold have been the subject of dispute between the current president Nicolas Maduro and Juan Guaido since 2019, when Guaido integrated a parallel government. Status of Venezuelan Gold in the Bank of England Uncertain The status of the Venezuelan gold stash guarded in the vaults of the Bank of England in London is uncertain after the dissolution of the interim government of the country. The 31 tons of gold (1.02 millon troy ounces), valued at more than $1.85 billion, were disputed by the two governments of the country, one presided over by Nicolas Maduro, and the other by interim president Juan Guaido, who integrated a provisional government in 2019 after disputing the legality of the presidential ballot. While U.K. courts had decided in favor of Guaido in July, the dissolution of the government ...

The Italian Parliament has introduced a 26% capital tax on cryptocurrency gains as part of the 2023 budget law, which was approved on Dec. 29. The document also offers incentives for taxpayers to declare their cryptocurrency holdings, proposing a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each additional year. Italian Parliament Passes Capital Gains Tax for Crypto The Italian parliament greenlighted a new tax for cryptocurrency on Dec. 29, as part of its budget law for the year 2023. Senators approved the document presented on Dec. 24, which approved a 26% aliquot for cryptocurrency gains above 2,000 euros (approx. $2,060) during a tax period. The capital gains tax for crypto had been proposed since Dec 1, when the draft for the budget law was presented. The approved document includes a series of incentives for taxpayers to declare their cryptocurrency holdings, proposing an amnesty on gains achieved, paying a “substitute tax” of 3...

Although they grabbed less media attention than the collapse of centralized organizations, the so-called bridge exploit incidents in 2022 again proved that the decentralized finance (defi) ecosystem still lacks sufficiently secure solutions, Hugo Philion, the co-founder and CEO of Flare Networks, has argued. Philion insists that the lack of such secure solutions has constrained the growth and use of defi products. Lack of Communication Between Chains In written responses sent to Bitcoin.com News, Philion claimed that the large-scale, cross-chain experimentation primarily seen in 2020 and 2021 potentially explains why more than $2 billion has been lost via the so-called bridge exploits of the past 12 months. However, according to the Flare Network CEO , while it may not be possible to completely eliminate risks for users, bridges could “be made substantially safer.” Besides addressing security-related issues, Philion also offered his thoughts on many other issues that range from the...