Bitcoin News and Finance: What You Need to Know

The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, increasing their transparency. Bank of Spain Authorizes Digital Euro Token Tests Europe is becoming a hotspot for stablecoins and CBDC (central bank digital currency) experimentation. On Jan. 19, the Bank of Spain greenlighted a pilot program that involves the issuance of euro-pegged digital tokens. The project, which is being spearheaded by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes. Using Ethereum and Polygon blockchain technology, the eurm token will be issued with deposits coming from users, with each token being backed by real euros. The test, inscribed as part of the actions in the financial

Philippine authorities say that they have rescued alleged victims of a “crypto trafficking ring” who were recruited to work in a call center in Cambodia and scam people out of their cryptocurrencies. The authorities are also investigating government employees who may have assisted crypto trafficking syndicates. Alleged Victims of ‘Crypto Trafficking Ring’ Rescued The Philippine Bureau of Immigration (BI)’s travel control and enforcement unit (TCEU) announced Friday that it has rescued six alleged victims of a “cryptocurrency trafficking ring,” the Philippine government-owned news agency reported. Bureau of Immigration Commissioner Norman Garcera Tansingco explained that BI officers intercepted the alleged victims as they were about to board a plane to Phnom Penh on Jan. 15. Noting that these passengers had fake return tickets, the commissioner said they gave “inconsistent answers” to questions asked by BI officers, “which raised suspicions that they were merely disguised as tourist

The Federal Bureau of Investigation (FBI) says it has seized bitcoin worth millions of dollars from overseas scammers targeting the elderly. The scammers posed as members of U.S. law enforcement agencies and tricked the victims into transferring money to them for “safekeeping.” FBI Says It Has Seized Bitcoin From Scammers Overseas The U.S. Attorney for the District of Connecticut and the Acting Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation (FBI) announced Friday that bitcoin and other digital assets have been seized in connection with a fraudulent scheme targeting the elderly. They detailed: An investigation of a fraud scheme targeting vulnerable victims has resulted in the forfeiture of approximately 151 bitcoins, as well as other digital assets. The case is being investigated by the FBI, the U.S. Secret Service, and the U.S. Marshals Service. At the time of writing, the value of the allegedly seized bitcoin totaled approximately $3.5

The U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and the Department of Justice (DOJ) have charged an alleged attacker who stole $116 million from crypto trading platform Mango Markets. The defendant has been arrested and is currently detained in Puerto Rico. Mango Markets Manipulator Arrested, Detained The U.S. Securities and Exchange Commission (SEC) announced Friday that it has charged Avraham Eisenberg with “orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token.” The regulator noted that the crypto token was offered and sold as a security. The defendant is a 27-year-old U.S. citizen who is facing “parallel criminal and civil charges” brought by the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC), respectively, the SEC added. The CFTC filed a civil enforcement action against Eisenberg on Jan. 9. He has been arrested and detained at MDC Guayn

The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report. Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets The State Financial Monitoring Service (SFMS), a unit of Ukraine’s financial intelligence, has issued a special report on the results of its operations in 2022. Besides its peacetime activities such as combating money laundering, the agency revealed it has contributed to the country’s defense effort as part of the ongoing conflict with Russia. In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under

A Kenyan fintech that digitizes credit unions, Kwara, is reported to have raised $3 million via a seed extension round that was backed by DOB Equity, Globivest, and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round. Kwara’s Client Base Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed extension and has signed a digital solutions distribution agreement with an organization representing Kenyan cooperatives. The fintech, which more than doubled its client base in 2023, said it hopes to fund its growth with the capital raised. According to a Techcrunch report , existing investors participating in the startup’s seed extension round include DOB Equity, Globivest, and Willard Ahdritz. Also joining the fintech’s latest funding round were One Day Yes and Base Capital. The chief financial officer of Revolut, Mikko Salovaara, is reported to have joined this rou

A leading marketplace on the dark web, Solaris, has been hit by a rival, according to crypto analytics company Elliptic. The Russia-linked platform, which tried to occupy space vacated by the busted Hydra, is believed to have conquered up to a fifth of the illicit market before the hack. Solaris Allegedly Taken Over by Darknet Marketplace Called Kraken Solaris, a major marketplace for drugs and other illicit products, has been targeted in a hacking attack carried out by a similar enterprise, Kraken, not to be confused with the well-known cryptocurrency exchange with the same name. After in April last year law enforcement authorities shut down Hydra, the former leader in this business, seizing its servers in Germany and arresting an alleged operator in Russia, Solaris managed to gain between 20% and 25% market share, according to estimates quoted by Elliptic. This week, the blockchain forensics company reported that since Friday, Jan. 13, those who visited the onionsite were bein

Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies (CBDCs) and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in all phases of CBDC implementation.” Bank of America on Future of Money and Payments Bank of America (BOA)’s global research team published a report on global cryptocurrencies, digital assets, and central bank digital currencies (CBDCs) earlier this week. The bank wrote: Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today’s monetary and payment systems. “Our view is CBDCs that leverage distributed ledger technology have the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money,” BOA described. The report explains that there are currently 114 central

The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now. Jim Cramer Praises SEC Chairman Gary Gensler The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The Mad Money host tweeted Friday: Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy. Crypto lender Genesis Global Capital LLC is part of a subs

Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, major pivot” economically. Morgan Stanley’s CEO on U.S. Economy and Inflation The chairman and CEO of global investment bank Morgan Stanley, James Gorman, discussed the U.S. economy and China’s relationship with the U.S. in an interview with CNBC Thursday in Davos, Switzerland. “Two things have changed recently that really matter,” he began, noting that the first concerns inflation while the second concerns China’s recent pivot economically. “The inflation numbers are better,” the Morgan Stanley chief said, emphasizing: Clearly, inflation peaked. That’s no longer a question. It’s a fact. He added that the question is can the Federal Reserve get to its 2% inflation target and “how hard will they try to get to 2% vs. stabilizing around 3%, 4%.” Regarding the Fed hiking interest rates,

Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting. Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023 On Saturday, Jan. 21, 2023, at 2:45 p.m. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. The leading crypto asset, bitcoin (BTC) , had climbed 11.63% higher against the U.S. dollar in the past seven days. The second-leading digital currency in terms of market valuation, ethereum (ETH) , had risen 8.33% that week against t

The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product (FMP) license. According to the country’s minister of state for artificial intelligence and the digital economy, Omar Sultan Al Olama, no crypto entity has been “able to onboard any customers even last week.” VARA Has Yet to Grant a Full Market Product License The United Arab Emirates’ virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has not issued any operating license to date, the country’s digital economy minister Omar Sultan Al Olama has said. Speaking at the World Economic Forum (WEF), Al Olama reportedly said that no crypto exchange entity including Binance and FTX has been granted the full market product (FMP) license. As per Al Olama’s remarks published on Laraontheblock, no crypto is yet to complete the VARA’s four-step process. Accordingly, this means “no one was able to onboard any customers even last week.” In March 2022, the VA

A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated these present several limitations still to be addressed. WEF Panel Explains Advantages of CBDCs A central bank digital currency panel, part of the World Economic Forum (WEF) Davos meetings, stressed it has high expectations for central bank digital currencies (CBDCs) as part of the future of central bank money. The panel, consisting of central bankers like Julio Velarde, governor of the Central Bank of Peru, Lesetja Kganyago, governor of the South African Reserve Bank, and Amir Yaron, governor of the Central Bank of Israel, noted several supposed advantages these new financial tools might present, but also highlighted the difficulties in implementing them efficiently. Governor Velarde ex

While the number of ransomware hits may not have decreased significantly, the revenue from such attacks has fallen sharply last year, according to Chainalysis. The blockchain forensics firm believes that to a large extent the trend can be attributed to more of the targeted organizations refusing to pay the perpetrators. Chainalysis Registers Significant Decline in Revenue From Ransomware Attacks Over the course of 2022, ransomware actors have managed to extort at least $456.8 million from victims, Chainalysis revealed in a report published Thursday. The estimated amount is down from $765.6 million the year before, the analytics company pointed out, noting that the true total is likely much higher, as many crypto addresses controlled by attackers have yet to be identified. “The trend is clear: Ransomware payments are significantly down,” the authors of the study said while emphasizing that this finding doesn’t mean fewer attacks have been carried out. They believe instead that much

An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament. He explained that India has no issue with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying: There is nothing today that outlaws crypto as long as you follow the legal process. The Indian government has not yet established a regulatory framework for cryptocurrency. In December last year

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins. JPMorgan’s CEO on Bitcoin and Its Supply Cap The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed: Bitcoin itself is a hyped-up fraud. It’s a pet rock. Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.” Dimon also reiterated his doubt about BTC ’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. He said: How do you know it’s going to stop at 21 million? Maybe it’s going to

Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156. This equates to a more than 18% redemption of the circulating supply of WBTC since Nov. 27, 2022. WBTC Remains Largest Operation in Terms of Bitcoin Custody Despite Recent Redemptions The Bitgo-backed Wrapped Bitcoin (WBTC) project has been officially in operation since the end of January 2019 and has grown significantly since its launch. At the time of writing, it is the largest operation in terms of the number of bitcoin ( BTC ) custodied to back the WBTC token value. On January 20, 2023, WBTC is the 19th largest crypto asset by market capitalization, valued at $21,278 per unit. WBTC’s market valuation on Friday afternoon Eastern Time was around $3.8 billion. According to the project’s website and transparency dashboard , at 3:00 p.m. Eastern Time on Jan. 20, 2023, there were approximately 180,197 WBTC in circulation on the Ethereum chain.

Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the firm remains “focused on providing value-added services for [its] core institutional customers.” Confidence Crisis Less than a month after Silvergate Bank reported a massive drop in customer deposits, the crypto-focused financial institution’s parent firm, Silvergate Capital Corporation, said on Jan. 17 that a “transformational shift” seen in the fourth quarter (Q4) had helped to “create a crisis of confidence across the ecosystem.” This, in turn, sparked the shift to a “risk off position across digital asset trading platforms,” the parent firm said. As a consequence of this changed environment, Silvergate said the group incurred a Q4

Binance has unveiled intentions to broaden its activities in Poland, another EU member state where the global cryptocurrency exchange is registered. The coin trading platform plans to develop its Polish entity, recruit local talent and launch educational initiatives. Crypto Exchange Binance Moves Forward With Plans to Expand Operations in Poland Binance, the world’s largest digital asset trading platform, is enhancing its presence in Poland, noting in an announcement that it maintains its commitment to comply with the country’s rules for virtual asset service providers (VASPs). The expansion in 2023 will be facilitated by the development of the company’s local entity which adheres to the regulatory requirements. Polish customers will have to sign new Terms and Conditions with Binance Poland in order to continue using the platform’s services. The subsidiary aims at full compliance with the Polish standards for VASPs and will adopt risk and anti-money laundering policies to match

The cryptocurrency lender, Nexo, has agreed to pay $45 million to the U.S. Securities and Exchange Commission (SEC) and several state regulators after charges were levied against the firm for failing to register the company’s Earn Interest Product (EIP). Nexo detailed that the settlements are on a “no admit, no deny” basis and that the arrangement “closes all multi-year-long inquiries into Nexo.” Nexo Pays $22.5 Million to SEC, $22.5 Million to Several State Regulators for EIP Offering On Jan. 19, 2023, Nexo announced that it has agreed to settle with the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA) and several state regulators, including the Office of the New York Attorney General, over an unregistered offering. According to the SEC, around June 2020, Nexo started to offer the company’s Earn Interest Product (EIP), an interest-earning product that allows investors to earn interest on deposited crypto assets. The U.

NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.” Dr. Doom Warns Nearly 100% of Crypto Is a Scam Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland. Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet: Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust. Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced

PRESS RELEASE. INTERNET CITY, DUBAI, Jan 19, 2023 – LBank Exchange, a global digital asset trading platform, has listed CPCoin (CPC) on January 19, 2023. For all users of LBank Exchange, the CPC/ USDT trading pair is now officially available for trading. CryptoPerformance is disrupting the crypto industry through its internal and highly developed blockchain, the CPCx0 Chain, its native coin CPCoin, and a buy and hold platform – which together ensure a one-stop-shop for all crypto users and high-quality products and services. Its native coin CPCoin (CPC) has been listed on LBank Exchange at 9:00 UTC on January 19, 2023, to further expand its global reach and help it achieve its vision. Introducing CryptoPerformance Group CryptoPerformance Group is a one-stop solution for all crypto-related needs, setting it apart from competitors by offering multiple digital solutions and products to individuals and corporations. It has built and financed its own in-house developed blockchain the