US charges two brothers who studied at the Massachusetts Institute of Technology (MIT) with fraud-related offenses for allegedly attacking the Ethereum blockchain and stealing $25 million in cryptocurrency in only about 12 seconds. Watch in for more details!

US charges two brothers for stealing $25 million worth of cryptocurrency

Australia’s tax office has sought from crypto currency exchanges the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on users who may be failing to pay their taxes. Watch in for more details!

Australia targets 1.2 mn crypto accounts in major tax crackdown

Australia is intensifying its fight against tax fraud now the Australian government is cracking down on tax defaulters especially those who trade and sell cryptocurrency.

Crypto tax crackdown in Australia

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017.

This came after he admitted guilt over his actions before US District Judge Richard Jones in Seattle. According to crypto market data firm CCData, Binance emerged as the leading cryptocurrency exchange globally in 2023, boasting an impressive $18.1 trillion in trading volume.&nbsp;

Approximately a month ago, another cryptocurrency entrepreneur, Sam Bankman-Fried, was sentenced to 25 years in prison for orchestrating a fraud that affected hundreds of thousands of customers and culminated in the collapse of FTX.

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Although prosecutors had initially sought a three-year sentence for Zhao, the judge imposed a shorter term. Despite the reduced sentence, prosecutors expressed satisfaction with the outcome of the extensive investigation into Binance. Zhao, a Canadian, had been residing outside the jurisdiction of the United States in the United Arab Emirates.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/biden-administration-mulls-over-reclassifying-marijuana-as-a-low-risk-drug-716819">Biden administration mulls over reclassifying marijuana as a low-risk drug</a>

Binance allegedly failed to prevent transactions connected to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas, as per investigations conducted by two Treasury agencies.&nbsp;Zhao resigned from the company late last year while Binance agreed to a substantial $4.3 billion settlement in February.

Justice Department lawyers earlier said that Zhao's sentencing, "will not just send a message to Zhao but also to the world."&nbsp;In a post in 2023, Zhao said, "I made mistakes, and I must take responsibility."&nbsp;Binance was initially founded in China, however, it shifted its operations globally after a crackdown on the cryptocurrency sector by Beijing.&nbsp;

Zhao's defence attorneys had urged for probation without any prison sentence.&nbsp;Judge Richard A Jones who presided over the case said, “Your conduct does not warrant a 36-month sentence" and said that the former Binance founder is “a dedicated family man and a giving person”. The judge also hailed his “staggering accomplishment” in a bid to grow the crypto company.

(With inputs from agencies)

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017.

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017. This came after he admitted guilt over his actions before US District Judge Richard Jones in Seattle. According to crypto market data firm CCData, Binance emerged as the leading cryptocurrency exchange globally in 2023, boasting an impressive $18.1 trillion in trading volume. Approximately a month ago, another cryptocurrency entrepreneur, Sam Bankman-Fried, was sentenced to 25 years in prison for orchestrating a fraud that affected hundreds of thousands of customers and culminated in the collapse of FTX. Also Read | UK sends first voluntary asylum seeker to Rwanda amid anti-migration agenda Although prosecutors had initially sought a three-year sentence for Zhao, the judge imposed a shorter term. Despite the reduced sentence, prosecutors expressed satisfaction with the outcome of the extensive investigation into Binance. Zhao, a Canadian, had been residing outside the jurisdiction of the United States in the United Arab Emirates. Also Read | Biden administration mulls over reclassifying marijuana as a low-risk drug Binance allegedly failed to prevent transactions connected to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas, as per investigations conducted by two Treasury agencies. Zhao resigned from the company late last year while Binance agreed to a substantial $4.3 billion settlement in February. Justice Department lawyers earlier said that Zhao's sentencing, "will not just send a message to Zhao but also to the world." In a post in 2023, Zhao said, "I made mistakes, and I must take responsibility." Binance was initially founded in China, however, it shifted its operations globally after a crackdown on the cryptocurrency sector by Beijing. Zhao's defence attorneys had urged for probation without any prison sentence. Judge Richard A Jones who presided over the case said, “Your conduct does not warrant a 36-month sentence" and said that the former Binance founder is “a dedicated family man and a giving person”. The judge also hailed his “staggering accomplishment” in a bid to grow the crypto company. (With inputs from agencies)

Former Binance crypto chief gets four months in prison after pleading guilty to money laundering

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter.<o:p></o:p>

Following the US Treasury Department's decision not to renew a general license due to a lack of electoral reforms, PDVSA's customers and providers have until May 31 to conclude transactions, setting the stage for a major shift in payment methods. <o:p></o:p>

The reappearance of oil sanctions complicates Venezuela's efforts to strengthen oil output and exports, prompting PDVSA to accelerate its transition to digital currencies, particularly USDT, to mitigate the risk of frozen proceeds in foreign bank accounts. <o:p></o:p>

Venezuelan Oil Minister Pedro Tellechea confirmed the adoption of various currencies, including digital ones, in accordance with contractual agreements.<o:p></o:p>

PDVSA's gradual transition to digital currencies gained momentum last year, with a particular focus on USDT, a stablecoin tied to the value of the US dollar. <o:p></o:p>

The recent escalation of sanctions hastens this transition, as PDVSA seeks to safeguard its revenue streams from possible disruptions caused by restrictive measures imposed by the US. <o:p></o:p>

Notably, the move towards digital currencies aims to address concerns stemming from a corruption scandal that rocked PDVSA last year, involving unaccounted receivables amounting to $21 billion, partly associated with transactions involving other cryptocurrencies.<o:p></o:p>

Under Minister Tellechea's leadership, Venezuela's oil exports saw a resurgence, reaching about 900,000 barrels per day in March, the highest level in four years. <o:p></o:p>

In order to move in line with the market dynamics and regulatory requirements, PDVSA implemented a contractual model demanding prepayment in USDT for half of each cargo's value, transitioning away from traditional spot oil deals. <o:p></o:p>

Moreover, new customers seeking to engage in oil transactions with PDVSA are mandated to hold cryptocurrency in a digital wallet, a requirement enforced even in existing contracts that do not explicitly specify the use of USDT. <o:p></o:p>

While such measures aim to align with evolving payment preferences, traders have voiced challenges in complying with PDVSA's USDT transaction demands, often requiring the involvement of intermediaries to facilitate transactions.<o:p></o:p>

The reliance on intermediaries for oil transactions, particularly along with US sanctions, offers PDVSA a means to sidestep restrictive measures, albeit at the cost of reduced proceeds from oil sales. <o:p></o:p>

Minister Tellechea remains optimistic about Venezuela's resilience in the face of renewed sanctions, expressing confidence in PDVSA's trading capabilities and its preparedness to navigate challenging market conditions. <o:p></o:p>

However, oil analysts expect that Venezuela's oil output, exports, and revenue may encounter limitations, notwithstanding potential individual authorisations issued by the US. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter.

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter. Following the US Treasury Department's decision not to renew a general license due to a lack of electoral reforms, PDVSA's customers and providers have until May 31 to conclude transactions, setting the stage for a major shift in payment methods. The reappearance of oil sanctions complicates Venezuela's efforts to strengthen oil output and exports, prompting PDVSA to accelerate its transition to digital currencies, particularly USDT, to mitigate the risk of frozen proceeds in foreign bank accounts. Venezuelan Oil Minister Pedro Tellechea confirmed the adoption of various currencies, including digital ones, in accordance with contractual agreements. PDVSA's gradual transition to digital currencies gained momentum last year, with a particular focus on USDT, a stablecoin tied to the value of the US dollar. The recent escalation of sanctions hastens this transition, as PDVSA seeks to safeguard its revenue streams from possible disruptions caused by restrictive measures imposed by the US. Notably, the move towards digital currencies aims to address concerns stemming from a corruption scandal that rocked PDVSA last year, involving unaccounted receivables amounting to $21 billion, partly associated with transactions involving other cryptocurrencies. Under Minister Tellechea's leadership, Venezuela's oil exports saw a resurgence, reaching about 900,000 barrels per day in March, the highest level in four years. In order to move in line with the market dynamics and regulatory requirements, PDVSA implemented a contractual model demanding prepayment in USDT for half of each cargo's value, transitioning away from traditional spot oil deals. Moreover, new customers seeking to engage in oil transactions with PDVSA are mandated to hold cryptocurrency in a digital wallet, a requirement enforced even in existing contracts that do not explicitly specify the use of USDT. While such measures aim to align with evolving payment preferences, traders have voiced challenges in complying with PDVSA's USDT transaction demands, often requiring the involvement of intermediaries to facilitate transactions. The reliance on intermediaries for oil transactions, particularly along with US sanctions, offers PDVSA a means to sidestep restrictive measures, albeit at the cost of reduced proceeds from oil sales. Minister Tellechea remains optimistic about Venezuela's resilience in the face of renewed sanctions, expressing confidence in PDVSA's trading capabilities and its preparedness to navigate challenging market conditions. However, oil analysts expect that Venezuela's oil output, exports, and revenue may encounter limitations, notwithstanding potential individual authorisations issued by the US. (With inputs from Reuters)

Venezuela accelerates shift to cryptocurrency amid return of oil sanctions

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. <o:p></o:p>

According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.<o:p></o:p>

What is ‘Pig Butchering’?<o:p></o:p>

The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. <o:p></o:p>

Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. <o:p></o:p>

However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment.<o:p></o:p>

What happened to the Brooklyn victims?<o:p></o:p>

The Brooklyn-based victims have reported losses amounting to $5 million. <o:p></o:p>

The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. <o:p></o:p>

Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. <o:p></o:p>

However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. <o:p></o:p>

Subsequent complaints led to her expulsion from the chat group, with no news about her funds.<o:p></o:p>

What are officials saying?<o:p></o:p>

According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. <o:p></o:p>

By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. <o:p></o:p>

Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive.<o:p></o:p>

Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. <o:p></o:p>

Those targeted particularly included Chinese and Russian communities in Brooklyn.<o:p></o:p>

The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.<o:p></o:p>

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam. What is ‘Pig Butchering’? The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment. What happened to the Brooklyn victims? The Brooklyn-based victims have reported losses amounting to $5 million. The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. Subsequent complaints led to her expulsion from the chat group, with no news about her funds. What are officials saying? According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive. Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. Those targeted particularly included Chinese and Russian communities in Brooklyn. The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.

Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing&nbsp;Russia's committee which is investigating the tragic incident that took place on March 22.&nbsp;

Apart from that, Russian authorities reported on Friday (Mar 29) that they had detained three individuals for allegedly plotting another attack in the southern part of the country. This is separate from the earlier attack on Crocus City Hall in suburban Krasnogorsk that claimed nearly 144 lives. The hall was located about 12 miles west of the Kremlin.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/committed-to-working-with-pakistan-us-president-joe-biden-writes-to-pakistan-pm-for-the-first-time-705894">"Committed to working with Pakistan," US President Joe Biden writes to Pakistan PM for the first time</a>

In connection to the latest attack which was thwarted by the Russian authorities, the Federal Security Service (FSB) disclosed that they foiled "terrorist activities of three nationals from a Central Asian country," as per reports.&nbsp;

The security agency also revealed that the now-detained individuals were&nbsp;"planning to commit a terrorist act by blowing up a device in a public place in the Stavropol region."&nbsp;

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Notably, the Stavropol region is located in the southern part of Russia and is situated in the North Caucasus region and borders multiple other regions, including Dagestan and Chechnya. As per reports, images broadcast&nbsp;on Russian television depicted several men restrained on the ground by FSB officials.

The reports also added that materials for making an improvised explosive device (IED) were also discovered at the residence of one of the suspects.&nbsp;

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Meanwhile,&nbsp; the attack on the concert hall, as per Russian authorities, were carried out by "radical Islamists".

So far, Russia has detained 12 individuals. This includes four alleged assailants from Tajikistan. Eight of them have been charged with terror-related offences.

Russia has also cast suspicion on Ukraine and alleged involvement in the attack without substantiating the claims up until now.&nbsp;ISIL (IS) has claimed responsibility for the attack. United States had also issued warnings prior to the assault regarding potential extremist activities targeting mass gatherings in Russia.

(With inputs from agencies)

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing Russia's committee which is investigating the tragic incident that took place on March 22.

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing Russia's committee which is investigating the tragic incident that took place on March 22. Apart from that, Russian authorities reported on Friday (Mar 29) that they had detained three individuals for allegedly plotting another attack in the southern part of the country. This is separate from the earlier attack on Crocus City Hall in suburban Krasnogorsk that claimed nearly 144 lives. The hall was located about 12 miles west of the Kremlin. Also Read | "Committed to working with Pakistan," US President Joe Biden writes to Pakistan PM for the first time In connection to the latest attack which was thwarted by the Russian authorities, the Federal Security Service (FSB) disclosed that they foiled "terrorist activities of three nationals from a Central Asian country," as per reports. The security agency also revealed that the now-detained individuals were "planning to commit a terrorist act by blowing up a device in a public place in the Stavropol region." Also Read | Be more attentive: Kremlin's note of caution to Telegram owner following Moscow terror attack Notably, the Stavropol region is located in the southern part of Russia and is situated in the North Caucasus region and borders multiple other regions, including Dagestan and Chechnya. As per reports, images broadcast on Russian television depicted several men restrained on the ground by FSB officials. The reports also added that materials for making an improvised explosive device (IED) were also discovered at the residence of one of the suspects. Watch | US: Democrats criticise Joe Biden's support to Israel × Meanwhile, the attack on the concert hall, as per Russian authorities, were carried out by "radical Islamists". So far, Russia has detained 12 individuals. This includes four alleged assailants from Tajikistan. Eight of them have been charged with terror-related offences. Russia has also cast suspicion on Ukraine and alleged involvement in the attack without substantiating the claims up until now. ISIL (IS) has claimed responsibility for the attack. United States had also issued warnings prior to the assault regarding potential extremist activities targeting mass gatherings in Russia. (With inputs from agencies) Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Russia says it has proof ‘Ukrainian nationalists’ made cryptocurrency payments for Moscow concert hall attack

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. <o:p></o:p>

Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. <o:p></o:p>

The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve.<o:p></o:p>

"The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying.<o:p></o:p>

DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." <o:p></o:p>

Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8.<o:p></o:p>

As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. <o:p></o:p>

This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. <o:p></o:p>

Such halving events historically provide support to the cryptocurrency's price. <o:p></o:p>

Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset.<o:p></o:p>

The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. <o:p></o:p>

The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. <o:p></o:p>

The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products.<o:p></o:p>

Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. <o:p></o:p>

The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. <o:p></o:p>

Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024.<o:p></o:p>

Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters.

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve. "The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying. DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8. As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. Such halving events historically provide support to the cryptocurrency's price. Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset. The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products. Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024. Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively. (With inputs from Reuters)

Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand

A trial unfolding this week in the UK centers on the biggest open question in the cryptocurrency world: who invented Bitcoin? Watch in for more details!

UK court's trial to uncover mystery around 'who invented Bitcoin'

Bitcoin's recent rally has sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies. Watch in for more details!

Chinese state-run media warns against cryptocurrency trading

Despite being banned, the Chinese crypto market recorded an estimated $86.4 billion in raw transaction volume between July 2022 and June 2023, dwarfing Hong Kong, which witnessed $64 billion in crypto trading, Chainalysis said.

How effective is China's crypto trading ban?

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.<o:p></o:p>

As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. <o:p></o:p>

The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital.<o:p></o:p>

NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. <o:p></o:p>

The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. <o:p></o:p>

Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. <o:p></o:p>

Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. <o:p></o:p>

However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. <o:p></o:p>

NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. <o:p></o:p>

NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. <o:p></o:p>

Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. <o:p></o:p>

Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported. As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital. NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. (With inputs from Reuters)

Crypto exchange Gemini agrees to return $1.1 billion to customers in regulatory settlement

Both Bitcoin and Ethereum have soared to two-year highs, fueled by recent ETF approvals and a notable investment push from Reddit. However, amid the excitement, concerns linger regarding regulatory scrutiny and the potential risks associated with such rapid price escalation.

Bitcoin & ether lead charge with double-digit gains

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. <o:p></o:p>

The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. <o:p></o:p>

Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets.<o:p></o:p>

As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. <o:p></o:p>

Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." <o:p></o:p>

The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors.<o:p></o:p>

The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. <o:p></o:p>

Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. <o:p></o:p>

Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs.<o:p></o:p>

Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. <o:p></o:p>

Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." <o:p></o:p>

However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products.<o:p></o:p>

The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. <o:p></o:p>

Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. <o:p></o:p>

The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. <o:p></o:p>

The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million.

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets. As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors. The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs. Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products. The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance. (With inputs from Reuters)

Bitcoin hits two-year high surpassing $57,000 with strong institutional interest

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

In the latest blow to the digital asset ecosystem, Fixed Float, a coin mixer and decentralized crypto exchange, has fallen victim to a massive scam. The crypto hack resulted in the loss of around $26 million worth of Bitcoin (BTC) and Ethereum (ETH). Moreover

Crypto exchange Fixed Float confirms hack, loses around USD 26 million in Bitcoin and Ether

Bitcoin, the enigmatic cryptocurrency, has captivated the world with its wild price swings and promises of revolutionizing finance. But with recent developments like exchange-traded funds and the looming block reward halving, the question arises: can bitcoin truly reach new heights, or is it destined for another tumble?

Why you shouldn't fall for wild crypto predictions

Decoded: Pros and cons of investing in Crypto

New York Attorney General Letitia James has tripled the size of her fraud lawsuit against Digital Currency Group (DCG) and its affiliates. The accusation is about allegedly misleading investors in the popular Gemini earn program, a crypto lending initiative promising high returns. Watch to know more!

NY attorney general targets DCG & Genesis in $3 bn lawsuit

Crypto stablecoin investments are making regulators nervous. Stablecoins are crypto tokens whose value is typically pegged to a currency such as the US Dollar. Watch in for more details!

Crypto Stablecoins have the potential to rock real-world markets

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. <o:p></o:p>

Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30.<o:p></o:p>

Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. <o:p></o:p>

Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market.<o:p></o:p>

Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&amp;P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. <o:p></o:p>

Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs."<o:p></o:p>

Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. <o:p></o:p>

Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report.

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report. This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30. Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market. Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs." Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy." (With inputs from Reuters)

Bitcoin plummets to $40,000, hits lowest point since ETF debut

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market.

Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold.

Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. 
 
WATCH:&nbsp;Bitcoin enters its sweet sixteen

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&nbsp;

An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia.

 
ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock.

Also read: <a href="https://www.wionews.com/business-economy/us-sec-claims-its-x-account-hacked-after-giving-fake-nod-to-bitcoin-etfs-678529">US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs</a> 
 
 
Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold.

 
According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin.

 
"BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported.

 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-etfs-make-a-splash-on-debut-trading-at-46-billion-in-the-first-day-679243">Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day</a> 
 
Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's&nbsp; "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets".

&nbsp;

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Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/AtL0lgzI3C">https://t.co/AtL0lgzI3C</a>
— Ophelia Snyder (@OpheliaBSnyder) <a href="https://twitter.com/OpheliaBSnyder/status/1748071064578466083?ref_src=twsrc%5Etfw">January 18, 2024</a></blockquote>
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<h2>How big is the 10bn volume of Bitcoin ETF? Putting things in context</h2>

"Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X.

He pointed out that 500 ETFs were launched in 2023.&nbsp;

"Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going."

<div class="ui-state-default" contenteditable="false">
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Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> alone is seeing more activity than the entire '23 Freshman… <a href="https://t.co/wV1zQFtPW1">https://t.co/wV1zQFtPW1</a>
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1747385703971860617?ref_src=twsrc%5Etfw">January 16, 2024</a></blockquote>
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&nbsp;

 
But there's a note of caution: Bitcoin prices are still falling in the spot market.

 
The cryptocurrency fell another 4.5 per cent&nbsp;on Thursday (Jan 18) to $40,800. That's the lowest in a month.

(With inputs from agencies)

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account. The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold. Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. WATCH: Bitcoin enters its sweet sixteen × An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia. ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock. Also read: US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold. According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin. "BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported. Also read: Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets". Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! #Bitcoin https://t.co/AtL0lgzI3C — Ophelia Snyder (@OpheliaBSnyder) January 18, 2024 × How big is the 10bn volume of Bitcoin ETF? Putting things in context "Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X. He pointed out that 500 ETFs were launched in 2023. "Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going." Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1 — Eric Balchunas (@EricBalchunas) January 16, 2024 × But there's a note of caution: Bitcoin prices are still falling in the spot market. The cryptocurrency fell another 4.5 per cent on Thursday (Jan 18) to $40,800. That's the lowest in a month. (With inputs from agencies)

ETFs for Bitcoin are now second only to gold, ahead of silver: Digital gold?

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space. <o:p></o:p>

The court hearing, scheduled for Wednesday, will be a pivotal moment in the ongoing legal tussle, with Coinbase arguing that the SEC should drop its case. <o:p></o:p>

The central contention is that the tokens traded on Coinbase's platform should not be classified as securities, challenging the SEC's jurisdiction over the rapidly evolving digital asset landscape.<o:p></o:p>

Coinbase plans to underscore a fundamental argument in its defense: that the SEC is overreaching its regulatory boundaries. The exchange asserts that the crypto assets it lists for trading are distinct from traditional securities like stocks and bonds, emphasising that the SEC's attempt to oversee these assets constitutes an overstep. <o:p></o:p>

This perspective aligns with the broader sentiment within the crypto industry, where various firms share similar views on the need for a more nuanced regulatory framework tailored to the unique characteristics of digital assets.<o:p></o:p>

The SEC initiated legal action against Coinbase in June, accusing the platform of facilitating the trading of crypto tokens that, according to the regulator, should have been registered as securities. The SEC contended that Coinbase was operating illegally as a national securities exchange, broker, and clearing agency without proper registration.<o:p></o:p>

&nbsp;Additionally, the regulator targeted Coinbase's "staking" program, arguing that it should have been registered with the agency. Coinbase's response, expected to be reiterated in the court hearing, is rooted in its assertion that the SEC's claims are unfounded, emphasising distinctions between crypto assets and traditional securities.<o:p></o:p>

The outcome of this legal battle holds far-reaching implications for the broader crypto sector. The case may provide clarity on the SEC's jurisdiction over digital assets, affecting how various crypto platforms operate and whether they fall under traditional securities regulations. <o:p></o:p>

Coinbase's strategy to challenge the SEC's authority is part of a broader resistance within the crypto industry against the SEC's characterisation of many crypto assets as securities.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space.

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space. The court hearing, scheduled for Wednesday, will be a pivotal moment in the ongoing legal tussle, with Coinbase arguing that the SEC should drop its case. The central contention is that the tokens traded on Coinbase's platform should not be classified as securities, challenging the SEC's jurisdiction over the rapidly evolving digital asset landscape. Coinbase plans to underscore a fundamental argument in its defense: that the SEC is overreaching its regulatory boundaries. The exchange asserts that the crypto assets it lists for trading are distinct from traditional securities like stocks and bonds, emphasising that the SEC's attempt to oversee these assets constitutes an overstep. This perspective aligns with the broader sentiment within the crypto industry, where various firms share similar views on the need for a more nuanced regulatory framework tailored to the unique characteristics of digital assets. The SEC initiated legal action against Coinbase in June, accusing the platform of facilitating the trading of crypto tokens that, according to the regulator, should have been registered as securities. The SEC contended that Coinbase was operating illegally as a national securities exchange, broker, and clearing agency without proper registration. Additionally, the regulator targeted Coinbase's "staking" program, arguing that it should have been registered with the agency. Coinbase's response, expected to be reiterated in the court hearing, is rooted in its assertion that the SEC's claims are unfounded, emphasising distinctions between crypto assets and traditional securities. The outcome of this legal battle holds far-reaching implications for the broader crypto sector. The case may provide clarity on the SEC's jurisdiction over digital assets, affecting how various crypto platforms operate and whether they fall under traditional securities regulations. Coinbase's strategy to challenge the SEC's authority is part of a broader resistance within the crypto industry against the SEC's characterisation of many crypto assets as securities. (With inputs from Reuters)

Coinbase challenges SEC's authority in landmark court battle

We look at what next for the crypto industry after US spot Bitcoin Exchange-Traded Funds (ETFs) were approved. The US regulator has authorised Bitcoin funds. But with all the hype now being fully realised, what's next? And how will these Bitcoin funds realistically impact the digital assets industry?

Crypto: What next after Bitcoin ETF approval?

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.<o:p></o:p>

The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. <o:p></o:p>

According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes.<o:p></o:p>

While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. <o:p></o:p>

The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. <o:p></o:p>

Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin.<o:p></o:p>

The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. <o:p></o:p>

Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. <o:p></o:p>

Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management.<o:p></o:p>

Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. <o:p></o:p>

Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. <o:p></o:p>

While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community.<o:p></o:p>

The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. <o:p></o:p>

Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. <o:p></o:p>

The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products.<o:p></o:p>

Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data. The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes. While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin. The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management. Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community. The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products. Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product. (With inputs from Reuters)

Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. <o:p></o:p>

The move is set to kick off a fierce competition for market share among these prominent financial institutions.<o:p></o:p>

Institutionalisation of Bitcoin as an Asset Class<o:p></o:p>

The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. <o:p></o:p>

Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." <o:p></o:p>

Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. <o:p></o:p>

The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday.<o:p></o:p>

Market Dynamics: Fees, Liquidity, and Competition<o:p></o:p>

As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. <o:p></o:p>

Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. <o:p></o:p>

The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. <o:p></o:p>

Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment.<o:p></o:p>

Unprecedented Approvals Amid Social Media Controversy<o:p></o:p>

The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. <o:p></o:p>

The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. <o:p></o:p>

Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day."<o:p></o:p>

Industry Reactions and Potential Impact on Crypto Products<o:p></o:p>

Industry leaders and experts have shared their perspectives on the approval. <o:p></o:p>

Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. <o:p></o:p>

Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." <o:p></o:p>

Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. <o:p></o:p>

Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach."<o:p></o:p>

SEC's Unusual Decision and Chairman Gensler's Position<o:p></o:p>

The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. <o:p></o:p>

SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. <o:p></o:p>

Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. <o:p></o:p>

The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application.<o:p></o:p>

Investor Protection and Ongoing Scrutiny<o:p></o:p>

To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. <o:p></o:p>

However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. <o:p></o:p>

The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. <o:p></o:p>

Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report.

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report. The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. The move is set to kick off a fierce competition for market share among these prominent financial institutions. Institutionalisation of Bitcoin as an Asset Class The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday. Market Dynamics: Fees, Liquidity, and Competition As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment. Unprecedented Approvals Amid Social Media Controversy The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day." Industry Reactions and Potential Impact on Crypto Products Industry leaders and experts have shared their perspectives on the approval. Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach." SEC's Unusual Decision and Chairman Gensler's Position The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application. Investor Protection and Ongoing Scrutiny To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters. (With inputs from Reuters) WATCH WION LIVE HERE

US SEC approves Bitcoin ETFs, paving the way for Crypto market revolution

Will 2024 be the year of crypto? Just 3 days into 2024, crypto currencies are beginning to soar. Bitcoin has surpassed $45,000 for the first time in 2 years. Molly Gambhir reports.

Gravitas | 2024 to be the year of crypto currency?

In a big set back for crypto firms in the united states, the US Securities and exchange commission has denied a petition by Coinbase, which sought new rules for the digital asset sector. The crypto exchange is all set to challenge this decision in court.

Crypto thefts reach $2 billion in 2023

In a big set back for crypto firms in the united states, the US Securities and exchange commission has denied a petition by coinbase, which sought new rules for the digital asset sector. The crypto exchange is all set to challenge this decision in court.

US Securities regulator says no to crypto rules

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. <o:p></o:p>

Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. <o:p></o:p>

Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings.<o:p></o:p>

The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. <o:p></o:p>

Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. <o:p></o:p>

If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election.

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings. The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June. (With inputs from Bloomberg) WATCH WION LIVE HERE

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally

Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds. &nbsp;

According to Reuters, the guilty plea, entered before U.S. District Judge Eric Vitaliano in Brooklyn, was part of a deal where Legkodymov agreed to forfeit $23 million in assets. The case, brought by U.S. authorities, sheds light on the alleged criminal activities within Bitzlato, a platform that has recently come under scrutiny.

In court, Legkodymov, a 41-year-old Russian national, admitted to being aware that some Bitzlato clients had used the platform to transfer cryptocurrency derived from illicit activities. He specifically acknowledged the presence of ransomware proceeds from Hydra Market on Bitzlato. &nbsp;

Hydra Market, described by prosecutors as an online marketplace involved in drugs, stolen financial information, and money laundering services, was shut down by U.S. and German law enforcement in April 2022. Breon Peace, the top federal prosecutor in Brooklyn, highlighted that Legkodymov knew Bitzlato was being utilised as an "open turnstile by criminals". &nbsp;

Bitzlato's website no longer functions, as it has been seized by French authorities as part of an international law enforcement operation. Legkodymov's guilty plea is the latest development in the U.S. law enforcement's ongoing efforts to combat fraud and illicit finance in the cryptocurrency markets. &nbsp;

FTX founder Sam Bankman-Fried recently faced conviction on charges of stealing billions, and Binance, a top counterparty of Bitzlato, settled for $4.3 billion, with its CEO pleading guilty to violating U.S. anti-money laundering laws.

An important detail revealed in the case is that Binance was among Bitzlato's significant counterparties, as per U.S. authorities. The interconnection between these major cryptocurrency exchanges raises questions about the broader implications and interconnected nature of illicit financial activities within the crypto sphere. Bitzlato's downfall adds to the recent legal troubles faced by prominent figures in the cryptocurrency industry.

Legkodymov, who ran Bitzlato from Shenzhen, could face up to five years in prison pending his sentencing. The sentencing date has not been set. He has been in custody since his arrest in Miami on January 17 and has been held at the Metropolitan Detention Centre in Brooklyn.

Russia's embassy in Washington had called for Legkodymov's release in April, emphasising diplomatic tensions surrounding his detention. However, the U.S. State Department revealed on Tuesday that Russia rejected a recent proposal for the release of two Americans, including Wall Street Journal reporter Evan Gershkovich, considered to be wrongfully detained in Russia.

(With inputs from Reuters)

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Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds.

Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds. According to Reuters, the guilty plea, entered before U.S. District Judge Eric Vitaliano in Brooklyn, was part of a deal where Legkodymov agreed to forfeit $23 million in assets. The case, brought by U.S. authorities, sheds light on the alleged criminal activities within Bitzlato, a platform that has recently come under scrutiny. In court, Legkodymov, a 41-year-old Russian national, admitted to being aware that some Bitzlato clients had used the platform to transfer cryptocurrency derived from illicit activities. He specifically acknowledged the presence of ransomware proceeds from Hydra Market on Bitzlato. Hydra Market, described by prosecutors as an online marketplace involved in drugs, stolen financial information, and money laundering services, was shut down by U.S. and German law enforcement in April 2022. Breon Peace, the top federal prosecutor in Brooklyn, highlighted that Legkodymov knew Bitzlato was being utilised as an "open turnstile by criminals". Bitzlato's website no longer functions, as it has been seized by French authorities as part of an international law enforcement operation. Legkodymov's guilty plea is the latest development in the U.S. law enforcement's ongoing efforts to combat fraud and illicit finance in the cryptocurrency markets. FTX founder Sam Bankman-Fried recently faced conviction on charges of stealing billions, and Binance, a top counterparty of Bitzlato, settled for $4.3 billion, with its CEO pleading guilty to violating U.S. anti-money laundering laws. An important detail revealed in the case is that Binance was among Bitzlato's significant counterparties, as per U.S. authorities. The interconnection between these major cryptocurrency exchanges raises questions about the broader implications and interconnected nature of illicit financial activities within the crypto sphere. Bitzlato's downfall adds to the recent legal troubles faced by prominent figures in the cryptocurrency industry. Legkodymov, who ran Bitzlato from Shenzhen, could face up to five years in prison pending his sentencing. The sentencing date has not been set. He has been in custody since his arrest in Miami on January 17 and has been held at the Metropolitan Detention Centre in Brooklyn. Russia's embassy in Washington had called for Legkodymov's release in April, emphasising diplomatic tensions surrounding his detention. However, the U.S. State Department revealed on Tuesday that Russia rejected a recent proposal for the release of two Americans, including Wall Street Journal reporter Evan Gershkovich, considered to be wrongfully detained in Russia. (With inputs from Reuters) WATCH WION LIVE HERE

Russian co-founder of crypto exchange Bitzlato pleads guilty to money laundering charges 

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