The US Department of Justice on Monday revealed it had seized&nbsp;$3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website)&nbsp;in 2012.&nbsp;

James Zhong, the person accused of stealing the cryptocurrency has pleaded guilty to wire fraud. He has also agreed to&nbsp;renounce his stake in a real estate company, plus $661,900 and other items.

“Mr Zhong is extremely remorseful for his conduct that occurred over 10 years ago when he was just 22,” said&nbsp;Zhong's lawyer.&nbsp;

According to the authorities, it is the second biggest cryptocurrency theft after the $4.5 billion Bitcoin robbery that they managed to unearth earlier this&nbsp;year.&nbsp;

“For almost 10 years, the whereabouts of this massive chunk of missing bitcoin had ballooned into an over $3.3 billion mystery. We won’t stop following the money...even to a circuit board in the bottom of a popcorn tin,” said US attorney Damian Williams.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-backed-blockchain-theft-of-100-million-in-one-more-crypto-hack-523302">Read more:&nbsp;Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked</a>

The officials said that the Bitcoin were found dotted around Zhong's Georgia home on his hard drives. Additionally, more Bitcoin was recovered on a tiny computer hidden inside a popcorn tin in a bathroom closet.

The DoJ added that Zhong could face more than two years in prison according to the recommended federal guidelines.&nbsp;

Notably, Silk Road was seized by the US government in 2013 after it had turned into a major underground marketplace for illegal drug trade and money laundering.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-plus-bitcoin-cryptocurrency-blockchain-whats-driving-the-craze-380193">WATCH |&nbsp;Gravitas Plus: Bitcoin, Cryptocurrency &amp; Blockchain- What's driving the craze?</a>

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As reported by WION, in February earlier this year, the DoJ arrested a husband-wife team, accused of laundering $4.5 billion in Bitcoin.&nbsp;

Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan.&nbsp;They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors.&nbsp;

<a href="https://www.wionews.com/world/45-billion-in-bitcoin-us-uncovers-biggest-ever-cryptocurrency-theft-451587">Read more:&nbsp;$4.5 billion in bitcoin: US uncovers biggest-ever cryptocurrency theft</a>

The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in Bitcoin, but in February it stood at over $4.5 billion.

(With input from agencies)

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The US Department of Justice on Monday revealed it had seized $3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website) in 2012.

The US Department of Justice on Monday revealed it had seized $3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website) in 2012. James Zhong, the person accused of stealing the cryptocurrency has pleaded guilty to wire fraud. He has also agreed to renounce his stake in a real estate company, plus $661,900 and other items. “Mr Zhong is extremely remorseful for his conduct that occurred over 10 years ago when he was just 22,” said Zhong's lawyer. According to the authorities, it is the second biggest cryptocurrency theft after the $4.5 billion Bitcoin robbery that they managed to unearth earlier this year. “For almost 10 years, the whereabouts of this massive chunk of missing bitcoin had ballooned into an over $3.3 billion mystery. We won’t stop following the money...even to a circuit board in the bottom of a popcorn tin,” said US attorney Damian Williams. Read more: Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked The officials said that the Bitcoin were found dotted around Zhong's Georgia home on his hard drives. Additionally, more Bitcoin was recovered on a tiny computer hidden inside a popcorn tin in a bathroom closet. The DoJ added that Zhong could face more than two years in prison according to the recommended federal guidelines. Notably, Silk Road was seized by the US government in 2013 after it had turned into a major underground marketplace for illegal drug trade and money laundering. WATCH | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? × As reported by WION, in February earlier this year, the DoJ arrested a husband-wife team, accused of laundering $4.5 billion in Bitcoin. Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan. They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors. Read more: $4.5 billion in bitcoin: US uncovers biggest-ever cryptocurrency theft The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in Bitcoin, but in February it stood at over $4.5 billion. (With input from agencies) WATCH WION LIVE HERE:

$3 billion in Bitcoin seized by US Department of Justice in a decade old case

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. 
 
Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. 
 
The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/twitteratis-surprised-as-bengaluru-tea-seller-accepts-payment-in-crypto-520910">Twitterati surprised as Bengaluru tea seller accepts payment in crypto</a> 
 
“Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” 
 
A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan.&nbsp;Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development.&nbsp; 
 
Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/couple-entangled-in-legal-trouble-after-receiveing-erroneous-refund-of-105-from-a-crypto-company-524600">Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company</a> 
 
Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. 
 
Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group.&nbsp; 
 
He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources.

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. ALSO READ | Twitterati surprised as Bengaluru tea seller accepts payment in crypto “Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan. Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development. Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. ALSO READ | Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group. He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.” You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Hong Kong to legalise retail crypto trading, plans to become top digital assets' centre

Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it.&nbsp;

Recently, a TikToker who goes by the name @conspiracycubed&nbsp;revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010. It is now worth around $2 million.&nbsp;

He said that someone tried unsuccessfully log into his Hotmail account. And when he tried to log back in, he was asked to verify himself by answering a security question he set up in 2005, Ladbible reported.&nbsp;

Apparently, @conspiracycubed is being asked to name his best friend that he listed in the security question in 2005. But the main problem is that he can’t remember who it was.&nbsp;

"Guess who can't get into this wallet because the information is stored on their Hotmail account? Me," he said in his recorded clip shared on TikTok.&nbsp;

He further said, "Why can't I get onto this Hotmail account? Is it because you lost the password? No, I know the password. It's my account.&nbsp;

"So why can't I get on it? Well, it appears that somebody has tried logging into my account.&nbsp;

"Now it's asking me to send a text to verify that I am who I say I am, even though the profile picture on the account is of me.""&nbsp;

"My face is on the profile picture. I've got emails from my girlfriend, who I'm still with 12 years later. And that's not proof.&nbsp;

He is now seeking legal help, and would like to know if there are any lawyers who can help him launch a legal case against Hotmail.&nbsp;&nbsp;

"If there's any legal help out there. Please get in touch with me. I will cut you in. I swear to god."&nbsp;

(With inputs from agencies)

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Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it. Recently, a TikToker who goes by the name @conspiracycubed revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010.

Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it. Recently, a TikToker who goes by the name @conspiracycubed revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010. It is now worth around $2 million. He said that someone tried unsuccessfully log into his Hotmail account. And when he tried to log back in, he was asked to verify himself by answering a security question he set up in 2005, Ladbible reported. Apparently, @conspiracycubed is being asked to name his best friend that he listed in the security question in 2005. But the main problem is that he can’t remember who it was. "Guess who can't get into this wallet because the information is stored on their Hotmail account? Me," he said in his recorded clip shared on TikTok. He further said, "Why can't I get onto this Hotmail account? Is it because you lost the password? No, I know the password. It's my account. "So why can't I get on it? Well, it appears that somebody has tried logging into my account. "Now it's asking me to send a text to verify that I am who I say I am, even though the profile picture on the account is of me."" "My face is on the profile picture. I've got emails from my girlfriend, who I'm still with 12 years later. And that's not proof. He is now seeking legal help, and would like to know if there are any lawyers who can help him launch a legal case against Hotmail. "If there's any legal help out there. Please get in touch with me. I will cut you in. I swear to god." (With inputs from agencies) WATCH WION LIVE HERE:

Man can't access $1.8mn Bitcoin as he forgot security question answer 

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.&nbsp;

According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday.&nbsp;

A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down.

This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains.&nbsp;

Theft of tokens valued at roughly $100 million weighs on the currency.&nbsp;

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with."

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/data-lab-indias-supreme-court-legalises-abortion-regardless-of-marital-status-522735">Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status</a>

The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent&nbsp;on Friday.&nbsp;

Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business.&nbsp;

The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000.

(with inputs from agencies)

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In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies. According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday. A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down. This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains. Theft of tokens valued at roughly $100 million weighs on the currency. The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with." Also Read: Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent on Friday. Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business. The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000. (with inputs from agencies)

Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked

Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an eight-month experiment on different technologies and currencies.

The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.

Around 90 per cent of the world's central banks are now using, trialling or looking into CBDCs. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.

SWIFT's head of innovation Nick Kerigan said its trial, which will be followed by more advanced testing over the next year, resembled a bicycle wheel where 14 central and commercial banks in total connected spoke-like into its main hub.

The idea is that once scaled up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually.

"We believe that the number of connections needed is much fewer," Kerigan said. "Therefore, you are likely to have fewer breaks (in the chain) and you are likely to achieve greater efficiency."

The trial also tested different underlying CBDC technologies known as Distributed Ledger Technologies. The use of various technologies has also been raised as a potential hurdle for rapid global adoption.

There was a separate trial too carried out alongside Citi, clearing house Clearstream and Northern Trust on 'tokenised' assets, traditional assets like stocks and bonds transformed into digital tokens that can then be issued and traded in real-time.

Some countries such as the Bahamas and Nigeria already have CBDC's up and running. China is well advanced with real-life trials of an e-yuan, while central bank umbrella group, the Bank for International Settlements has also been running cross-border trials.

SWIFT's main advantage though is that its existing network is already usable in over 200 countries and connects more than 11,500 banks and funds.

The Belgium-based firm has gone from being virtually unknown outside banking circles to a household name this year after it cut most of Russia's banks off from its network as part of the West's sanctions for the country's invasion of Ukraine.

Kerigan said that kind of move could also happen in a new CBDC system, but doubted whether it would stop countries from joining one.

"Ultimately what most central banks are looking to do is to provide us with a CBDC for the people, the businesses and the organisations in their jurisdiction."

"So a solution that's fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one."

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Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an eight-month experiment on different technologies and currencies.

Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an eight-month experiment on different technologies and currencies. The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed. Around 90 per cent of the world's central banks are now using, trialling or looking into CBDCs. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities. SWIFT's head of innovation Nick Kerigan said its trial, which will be followed by more advanced testing over the next year, resembled a bicycle wheel where 14 central and commercial banks in total connected spoke-like into its main hub. The idea is that once scaled up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually. "We believe that the number of connections needed is much fewer," Kerigan said. "Therefore, you are likely to have fewer breaks (in the chain) and you are likely to achieve greater efficiency." The trial also tested different underlying CBDC technologies known as Distributed Ledger Technologies. The use of various technologies has also been raised as a potential hurdle for rapid global adoption. There was a separate trial too carried out alongside Citi, clearing house Clearstream and Northern Trust on 'tokenised' assets, traditional assets like stocks and bonds transformed into digital tokens that can then be issued and traded in real-time. Some countries such as the Bahamas and Nigeria already have CBDC's up and running. China is well advanced with real-life trials of an e-yuan, while central bank umbrella group, the Bank for International Settlements has also been running cross-border trials. SWIFT's main advantage though is that its existing network is already usable in over 200 countries and connects more than 11,500 banks and funds. The Belgium-based firm has gone from being virtually unknown outside banking circles to a household name this year after it cut most of Russia's banks off from its network as part of the West's sanctions for the country's invasion of Ukraine. Kerigan said that kind of move could also happen in a new CBDC system, but doubted whether it would stop countries from joining one. "Ultimately what most central banks are looking to do is to provide us with a CBDC for the people, the businesses and the organisations in their jurisdiction." "So a solution that's fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one." WATCH WION LIVE HERE:

After a 8-month experiment, SWIFT lays out blueprint for central bank digital currency network

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.&nbsp;

Investors were alarmed by the&nbsp;stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations.&nbsp;

In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency.
<img alt="Cryptocrash" data-align="center" data-caption="Terra Luna cryptocrash; Source: Bloomberg" data-entity-type="file" data-entity-uuid="337b16cd-edb1-4672-b436-d4853e660675" src="//cdn.wionews.com/sites/default/files/inline-images/1200x861.jpg" />
Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though.&nbsp;

Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch&nbsp;with the investigators."

Also Read:<a href="https://www.wionews.com/world/data-lab-fed-up-with-mundane-beer-options-a-brewing-revolution-is-underway-in-the-us-516212">&nbsp;Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US</a>

According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore.&nbsp;

Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin."&nbsp;

Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40.&nbsp;

A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result.

(with inputs from agencies) 
&nbsp;

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Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court. Investors were alarmed by the stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations. In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency. Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though. Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch with the investigators." Also Read: Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore. Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin." Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40. A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result. (with inputs from agencies)

South Korea issues arrest warrant for Terra Luna founder on charges of 'cryptocrash'

Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update.

Ethereum Merge, one of the biggest software upgrades in the world of cryptocurrency, has created a huge buzz among experts as it promises to cut down the energy usage by around 99 per cent. It is a step towards environmentally friendly crypto technology, and it can soon become the norm.

Also read |&nbsp;<a href="https://www.wionews.com/world/iran-to-sign-memorandum-to-become-shanghai-cooperation-organisation-sco-member-report-515297">Iran to sign memorandum to become SCO member: Report</a>

What is Ethereum Merge?

The developers have been working on creating a new version of the Ethereum blockchain which will be much more energy efficient. According to the official website, Ethereum, which powers the cryptocurrency token Ether,&nbsp;is a digital ledger that controls an ecosystem of “cryptocurrencies, digital tokens (NFTs), games and apps”. The Merge refers to the moment that Ethereum blockchain will "merge" with a system called the Beacon Chain.

When will Ethereum Merge take place?

The update is expected to happen between Tuesday and Thursday with the new version going live as soon as the Merge ends. Energy consumption has been a major problem for the adoption of cryptocurrencies in banks, but this new update can finally make it a lucrative proposition.

“This in turn may provide a boost to traditional financial institutions’ willingness to develop Ethereum-based services,” the ING bank told CryptoLedger.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/amid-economic-crisis-in-afghanistan-online-shopping-services-to-shut-after-taliban-takeover-515260" hreflang="en">Amid economic crisis in Afghanistan, online shopping services to shut after Taliban takeover&nbsp;</a>

Expected changes

The switch towards a more environment friendly technology will mean that Ethereum will get rid of crypto miners and their machines which are mostly responsible for the energy consumption. In place of them, Ethereum will have “validators” who will be rewarded for their work in the system.

Risks of the Merge

While the Ethereum Merge has been termed as a “monumental technological milestone” by many, a lot of concern remains regarding the execution. Historically, merges are followed by a short-term jump and a market dip that follows. Even on the technological side, people have expressed their concerns regarding the move considering the opposition from crypto mining companies.

Google Countdown

The Ethereum Merge has been dominating searches on Google for quite some time and the company has now introduced a countdown clock for the event. It shows the time remaining for the Merge to be completed and features all the information about this much-anticipated update.

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Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update.

Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update. Ethereum Merge, one of the biggest software upgrades in the world of cryptocurrency, has created a huge buzz among experts as it promises to cut down the energy usage by around 99 per cent. It is a step towards environmentally friendly crypto technology, and it can soon become the norm. Also read | Iran to sign memorandum to become SCO member: Report What is Ethereum Merge? The developers have been working on creating a new version of the Ethereum blockchain which will be much more energy efficient. According to the official website, Ethereum, which powers the cryptocurrency token Ether, is a digital ledger that controls an ecosystem of “cryptocurrencies, digital tokens (NFTs), games and apps”. The Merge refers to the moment that Ethereum blockchain will "merge" with a system called the Beacon Chain. When will Ethereum Merge take place? The update is expected to happen between Tuesday and Thursday with the new version going live as soon as the Merge ends. Energy consumption has been a major problem for the adoption of cryptocurrencies in banks, but this new update can finally make it a lucrative proposition. “This in turn may provide a boost to traditional financial institutions’ willingness to develop Ethereum-based services,” the ING bank told CryptoLedger. Also read | Amid economic crisis in Afghanistan, online shopping services to shut after Taliban takeover Expected changes The switch towards a more environment friendly technology will mean that Ethereum will get rid of crypto miners and their machines which are mostly responsible for the energy consumption. In place of them, Ethereum will have “validators” who will be rewarded for their work in the system. Risks of the Merge While the Ethereum Merge has been termed as a “monumental technological milestone” by many, a lot of concern remains regarding the execution. Historically, merges are followed by a short-term jump and a market dip that follows. Even on the technological side, people have expressed their concerns regarding the move considering the opposition from crypto mining companies. Google Countdown The Ethereum Merge has been dominating searches on Google for quite some time and the company has now introduced a countdown clock for the event. It shows the time remaining for the Merge to be completed and features all the information about this much-anticipated update.

Explainer: How Ethereum Merge can cut crypto energy consumption by 99 per cent

According to new regulations introduced in response to fears that bitcoin and other cryptoassets are being used to get over limitations put in place in response to Russia's invasion of Ukraine, cryptocurrency exchanges must notify suspected sanctions breaches to the UK authorities.&nbsp;

On August 30, official guidelines were revised to specifically include "cryptoassets" among the things that must be blocked if sanctions are placed on a person or business. Cryptoassets could include non-fungible tokens in addition to digital currencies like bitcoin, ether, and tether as well as other hypothetically valuable digital assets.

According to the regulations established by the Treasury's Office of Financial Penalties Implementation, cryptocurrency exchanges will be breaking the law if they fail to report customers who are subject to sanctions. According to the regulations, cryptocurrency exchanges have the same responsibility as professionals like estate agents, accountants, lawyers, and jewellers to take appropriate action if they suspect one of their customers is subject to penalties or if they suspect a breach of sanctions.&nbsp;

One of the UK's most notable responses to the invasion of Ukraine has been the imposition of financial penalties on individuals and businesses with ties to the Vladimir Putin administration.

Also Read:&nbsp;<a href="https://www.wionews.com/science/nasas-webb-telescope-captures-cosmic-tarantula-161000-light-years-away-513553">NASA’s Webb telescope captures cosmic tarantula 161,000 light-years away</a>

The stepdaughter of the foreign minister, Sergei Lavrov, Polina Kovaleva, and the daughter of Putin's spokesman, Dmitry Peskov, Elizaveta Peskova, had their accounts suspended, according to Binance, the largest cryptocurrency exchange in the world by trading volume. The exchange has allayed concerns that cryptocurrency may be used to circumvent sanctions.&nbsp;

The UK already has regulations against using cryptocurrency to circumvent sanctions and transfer money abroad. These laws cover all "economic resources." The modification highlights the authorities' worry about the relatively new assets, which may be helpful for avoiding sanctions because users do not rely on regulated firms to conduct transactions.

(with inputs from agencies)

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According to new regulations introduced in response to fears that bitcoin and other cryptoassets are being used to get over limitations put in place in response to Russia's invasion of Ukraine, cryptocurrency exchanges must notify suspected sanctions breaches to the UK authorities.

According to new regulations introduced in response to fears that bitcoin and other cryptoassets are being used to get over limitations put in place in response to Russia's invasion of Ukraine, cryptocurrency exchanges must notify suspected sanctions breaches to the UK authorities. On August 30, official guidelines were revised to specifically include "cryptoassets" among the things that must be blocked if sanctions are placed on a person or business. Cryptoassets could include non-fungible tokens in addition to digital currencies like bitcoin, ether, and tether as well as other hypothetically valuable digital assets. According to the regulations established by the Treasury's Office of Financial Penalties Implementation, cryptocurrency exchanges will be breaking the law if they fail to report customers who are subject to sanctions. According to the regulations, cryptocurrency exchanges have the same responsibility as professionals like estate agents, accountants, lawyers, and jewellers to take appropriate action if they suspect one of their customers is subject to penalties or if they suspect a breach of sanctions. One of the UK's most notable responses to the invasion of Ukraine has been the imposition of financial penalties on individuals and businesses with ties to the Vladimir Putin administration. Also Read: NASA’s Webb telescope captures cosmic tarantula 161,000 light-years away The stepdaughter of the foreign minister, Sergei Lavrov, Polina Kovaleva, and the daughter of Putin's spokesman, Dmitry Peskov, Elizaveta Peskova, had their accounts suspended, according to Binance, the largest cryptocurrency exchange in the world by trading volume. The exchange has allayed concerns that cryptocurrency may be used to circumvent sanctions. The UK already has regulations against using cryptocurrency to circumvent sanctions and transfer money abroad. These laws cover all "economic resources." The modification highlights the authorities' worry about the relatively new assets, which may be helpful for avoiding sanctions because users do not rely on regulated firms to conduct transactions. (with inputs from agencies)

Crypto for sanction evasion: Suspected breaches must be reported by Crypto exchanges in UK

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities.

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities. Ravi Menon, who is the managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday (August 29) that surveys show that consumers across the world are trading in cryptocurrencies. He said it is increasing with each day despite the warnings and measures shared by the government authorities and experts. ALSO READ | Charging EV in 10 minutes may be possible, but electric vehicle adoption depends on more such options He said, "They seem to be irrationally oblivious about the risks of cryptocurrency trading. Adding frictions” on retail access to cryptocurrencies was an area the MAS was contemplating." "These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading," Menon said at a seminar titled "Yes to digital asset innovation, No to cryptocurrency speculation." Menon also said that MAS is mulling over customer suitability tests and also restricting the use of leverage and credit facilities for the trading of cryptocurrencies. He added that the monetary authority regards cryptocurrencies as unsuitable for use as money and as "highly hazardous" for retail investors. But he further noted that since crypto trading is not bound by borders, putting bans on retail access to crypto might not work. ALSO READ | The HMS Prince of Wales breaks down a day after leaving Portsmouth Speculating on price movements via a trading account, or buying and selling the underlying coins via an exchange are the activities involved in Cryptocurrency trading. He said, "With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies." In several instances, the Singaporean monetary authority has been criticised for unclear rules and positions. The trading experts have also said that there is a tedious licensing regime. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Singapore planning to restrict retail access to cryptocurrencies amid a rise in trading

In pics - Major brands who accept cryptocurrencies as mode of payment

Bitcoin&nbsp;dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Also read |&nbsp;<a href="https://www.wionews.com/world/after-crypto-lender-celsius-blocks-all-redemptions-bitcoin-tumbles-488044">After crypto lender Celsius blocks all redemptions, Bitcoin tumbles</a>

The biggest cryptocurrency was down 7.1 per cent&nbsp;to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59 per cent&nbsp;this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.

Watch |&nbsp;Largest cryptocurrency Bitcoin is crashing – why?

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The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Also read |&nbsp;<a href="https://www.wionews.com/world/dogecoin-investor-sues-elon-musk-for-258-billion-over-alleged-pyramid-scheme-488940">Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme</a>

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

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Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates. Also read | After crypto lender Celsius blocks all redemptions, Bitcoin tumbles The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020. It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent. Watch | Largest cryptocurrency Bitcoin is crashing – why? The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts. Also read | Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bitcoin drops below $20,000 to lowest since December 2020

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." &nbsp;

The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. &nbsp;

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This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. &nbsp;

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. &nbsp;

(With inputs from agencies)&nbsp;

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Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot.

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. WATCH WION LIVE HERE This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Microsoft co-founder Bill Gates not a fan of cryptocurrencies and NFTs, prefers old investment options

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession.

"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post.

Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers.&nbsp;

Armstrong said employees would receive an email informing them if they had been affected, without giving further details.

Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.&nbsp;

The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year.&nbsp;

The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring.

Also Read:&nbsp;<a href="https://www.wionews.com/world/macron-asks-for-solid-majority-in-sundays-parliamentary-polls-amid-troubled-times-488211">Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’</a>

Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters.&nbsp;

"This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday.

Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits.

(with inputs from agencies)

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Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday. The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post. Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers. Armstrong said employees would receive an email informing them if they had been affected, without giving further details. Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions. The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year. The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring. Also Read: Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’ Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters. "This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday. Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Coinbase to lay off 18 per cent of its workforce as crypto winter sets in

A network of cyber-criminals is hijacking YouTube accounts and streaming fake Elon Musk videos to promote bogus cryptocurrency giveaways. These videos are being mass viewed.

One of the most common links to the website is https://elon-x2.live/, which invites people to double their money by sending Bitcoin or Ethereum to the digital-wallet addresses advertised.

The scammers made $243,000 (£194,000) in just over a week. They change names and display pictures of the channels to make them look like official Tesla channels, an American automotive and clean energy company headed by Elon Musk.

Youtube blocked these channels after being alerted and said, &nbsp;"We have strict Community Guidelines prohibiting scams, including Impersonation and hacking."

Tesla owner Elon Musk recently slammed the video streaming platform ‘YouTube’ over unnecessary advertisements on their platform. “YouTube seems to be nonstop scam ads” Elon Musk Tweeted on Tuesday.

Musk targeted YouTube over the number of ads the platforms deliver to the viewers, calling it all a scam. Soon after the tweet was published it gathered a lot of attention from the audience. Fans agreed to Musk and asked him to buy YouTube in addition to his Multi-Million Dollar Twitter deal.

Right after sharing his tweet Musk shared a meme, criticising YouTube for its ads and how the company reacts when there is an obvious scam going all over its website.&nbsp;

[with inputs from agencies]

 
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A network of cyber-criminals is hijacking YouTube accounts and streaming fake Elon Musk videos to promote bogus cryptocurrency giveaways. These videos are being mass viewed.

A network of cyber-criminals is hijacking YouTube accounts and streaming fake Elon Musk videos to promote bogus cryptocurrency giveaways. These videos are being mass viewed. One of the most common links to the website is https://elon-x2.live/, which invites people to double their money by sending Bitcoin or Ethereum to the digital-wallet addresses advertised. The scammers made $243,000 (£194,000) in just over a week. They change names and display pictures of the channels to make them look like official Tesla channels, an American automotive and clean energy company headed by Elon Musk. Youtube blocked these channels after being alerted and said, "We have strict Community Guidelines prohibiting scams, including Impersonation and hacking." Tesla owner Elon Musk recently slammed the video streaming platform ‘YouTube’ over unnecessary advertisements on their platform. “YouTube seems to be nonstop scam ads” Elon Musk Tweeted on Tuesday. Musk targeted YouTube over the number of ads the platforms deliver to the viewers, calling it all a scam. Soon after the tweet was published it gathered a lot of attention from the audience. Fans agreed to Musk and asked him to buy YouTube in addition to his Multi-Million Dollar Twitter deal. Right after sharing his tweet Musk shared a meme, criticising YouTube for its ads and how the company reacts when there is an obvious scam going all over its website. [with inputs from agencies] WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cybercriminals stream fake Elon Musk videos on YouTube to promote bogus cryptocurrency giveaways

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows.

Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.

The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap.

Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents.

Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system.

"I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing.

On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020.

In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021.

Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month.

Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700.

(With inputs from agencies)

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Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar.

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap. Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents. Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system. "I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing. On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020. In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021. Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month. Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Cryptocurrencies collapse, stablecoin Tether slumps against dollar

In the US, Gucci, the luxury brand of Italy, will start accepting payments carried out in cryptocurrencies in some stores, said media reports. &nbsp;

The payments will be allowed in some cryptocurrencies like Bitcoin, Ethereum and Litecoin, a BBC report said. &nbsp;

Later this month, the service will begin at some flagship outlets of France's Kering-owned Gucci. These include New York's Wooster Street and Rodeo Drive in Los Angeles, the report said. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/on-cloud-nine-bentley-witnesses-strongest-q1-registers-162-jump-in-operating-profit-to-179-million-476757" hreflang="en">Bentley witnesses strongest Q1, registers 162% jump in operating profit</a>

A number of companies have already started to accept virtual currencies as mode of payment. This firm is the newest addition to this list, as per the BBC report. &nbsp;

The payments will also be accepted in Shiba Inu and Dogecoin, the brand added. &nbsp;

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The customers, who will look to make payments in cryptocurrencies, will be sent a QR code in an email. It will have to be used with a digital asset wallet, a financial transaction app running on mobile devices. &nbsp;

In the near future, the firm looks to come up with the feature in all its North American stores directly. &nbsp;

This announcement by a high-profile brand is another step towards the acceptance of these cryptocurrencies. &nbsp;

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(With inputs from agencies)&nbsp;

In the US, Gucci, the luxury brand of Italy, will start accepting payments carried out in cryptocurrencies in some stores, said media reports. The payments will be allowed in some cryptocurrencies like Bitcoin, Ethereum and Litecoin, a BBC report said.

In the US, Gucci, the luxury brand of Italy, will start accepting payments carried out in cryptocurrencies in some stores, said media reports. The payments will be allowed in some cryptocurrencies like Bitcoin, Ethereum and Litecoin, a BBC report said. Later this month, the service will begin at some flagship outlets of France's Kering-owned Gucci. These include New York's Wooster Street and Rodeo Drive in Los Angeles, the report said. Also Read: Bentley witnesses strongest Q1, registers 162% jump in operating profit A number of companies have already started to accept virtual currencies as mode of payment. This firm is the newest addition to this list, as per the BBC report. The payments will also be accepted in Shiba Inu and Dogecoin, the brand added. Watch: How does WhatsApp make money? × The customers, who will look to make payments in cryptocurrencies, will be sent a QR code in an email. It will have to be used with a digital asset wallet, a financial transaction app running on mobile devices. In the near future, the firm looks to come up with the feature in all its North American stores directly. This announcement by a high-profile brand is another step towards the acceptance of these cryptocurrencies. WATCH WION LIVE HERE (With inputs from agencies)

In some US stores, Gucci to accept payments in cryptocurrencies soon

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack.

NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions.

It only exists on a blockchain, which serves as a public ledger, and is recorded on a network of computers.

However, Blockchain allows anyone to verify the authenticity of NFTs as well as their owner.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-charlie-bit-my-finger-video-to-be-sold-as-nft-386131/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The market of NFTs exploded in popularity last year with several digital tokens selling for millions.

The Bored Ape Yacht Club NFTs was created by a startup in the United States called Yuga Labs which uses a computer network of 10,000 for the generation of cartoons.

Andreessen Horowitz, a private American venture capital firm, helped Yuga labs to raise $450 million in March as funding.

Earlier, the official Instagram account of the Bored Ape Yacht Club was hacked after which scammers stole NFTs worth $3 million with the help of a phishing link they posted on it.

<a href="https://www.wionews.com/entertainment/hollywood/news-justin-bieber-gets-trolled-for-buying-bored-ape-nft-for-129-million-449643">Also read |&nbsp;Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million</a>

Malaysian artist mumu_thestan told AFP in a telephone interview, "You can't treat the whole NFT community as one."

"The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is."

On April 30, Yuga Labs released a new series of NFTs called the "Otherdeeds" priced at 305 ApeCoin each which were sold out minutes after they launched. Through the sale, the company raked in 16,775,000 ApeCoin or $285 million.&nbsp;

The company earned&nbsp;more than $1.3 million last week for an NFT it sold to pop star Justin Bieber&nbsp;from the collection known as "Bored&nbsp;Apes Yacht Club".

According to analytics firm Chainalysis, NFTS worth $40 billion were sold last year following a boom in the market.

Watch WION's live TV:

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

(With inputs from agencies)

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack. NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions.

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack. NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions. It only exists on a blockchain, which serves as a public ledger, and is recorded on a network of computers. However, Blockchain allows anyone to verify the authenticity of NFTs as well as their owner. The market of NFTs exploded in popularity last year with several digital tokens selling for millions. The Bored Ape Yacht Club NFTs was created by a startup in the United States called Yuga Labs which uses a computer network of 10,000 for the generation of cartoons. Andreessen Horowitz, a private American venture capital firm, helped Yuga labs to raise $450 million in March as funding. Earlier, the official Instagram account of the Bored Ape Yacht Club was hacked after which scammers stole NFTs worth $3 million with the help of a phishing link they posted on it. Also read | Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million Malaysian artist mumu_thestan told AFP in a telephone interview, "You can't treat the whole NFT community as one." "The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is." On April 30, Yuga Labs released a new series of NFTs called the "Otherdeeds" priced at 305 ApeCoin each which were sold out minutes after they launched. Through the sale, the company raked in 16,775,000 ApeCoin or $285 million. The company earned more than $1.3 million last week for an NFT it sold to pop star Justin Bieber from the collection known as "Bored Apes Yacht Club". According to analytics firm Chainalysis, NFTS worth $40 billion were sold last year following a boom in the market. Watch WION's live TV: (With inputs from agencies)

Bored Ape NFT company raises around $285 million of crypto after facing massive hack

Lawmakers in&nbsp;Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten&nbsp;Panama's reputation as a place lacking financial transparency.

The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva.

Also read |&nbsp;<a href="https://www.wionews.com/world/panama-says-three-ships-hit-by-russian-missiles-in-black-sea-since-start-of-ukraine-invasion-463051">Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion</a>

"We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies."

The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats.

Under the new legislation,&nbsp;Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country.

Watch |&nbsp;Panama: Lawmakers approve bill to regulate cryptos

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Panama&nbsp;is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&amp;B Family Office, said the crypto bill would not help it appear more transparent.

"Panama&nbsp;was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking&nbsp;Panama&nbsp;to embrace," he said.

The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against.

Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in&nbsp;Panama&nbsp;but only one in four people have bank accounts.

Also read |&nbsp;<a href="https://www.wionews.com/photos/february-23-in-history-first-mass-polio-vaccine-panama-canal-zone-and-more-365610">February 23 in history: First mass polio vaccine, Panama Canal Zone, and more</a>

The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services.

Still, K&amp;B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets.

In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services. The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten Panama's reputation as a place lacking financial transparency. The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva. Also read | Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion "We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies." The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats. Under the new legislation, Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country. Watch | Panama: Lawmakers approve bill to regulate cryptos Panama is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&B Family Office, said the crypto bill would not help it appear more transparent. "Panama was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking Panama to embrace," he said. The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against. Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in Panama but only one in four people have bank accounts. Also read | February 23 in history: First mass polio vaccine, Panama Canal Zone, and more The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services. Still, K&B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets. In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued. WATCH WION LIVE HERE

Panama passes bill to regulate the use and commercialisation of crypto assets

When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense. Economists estimated that sanctions imposed by Western nations cost Russia $50 billion a year.

Since then, the global market for cryptocurrencies and other digital assets has ballooned. That is bad news for enforcers of sanctions and good news for Russia.

On Tuesday, the Biden administration enacted fresh sanctions on Russia over the conflict in Ukraine, aiming to thwart its access to foreign capital. But Russian entities are preparing to blunt some of the worst effects by making deals with anyone around the world willing to work with them, experts said. And, they say, those entities can then use digital currencies to bypass the control points that governments rely on — mainly transfers of money by banks — to block deal execution.

“Russia has had a lot of time to think about this specific consequence,” said Michael Parker, a former federal prosecutor who now heads the anti-money laundering and sanctions practice at Washington, D.C., law firm Ferrari &amp; Associates. “It would be naive to think that they haven’t gamed out exactly this scenario.”

Sanctions are some of the most powerful tools the United States and European countries have to influence the behavior of nations they don’t consider allies. The United States in particular is able to use sanctions as a diplomatic tool because the dollar is the world’s reserve currency and used in payments worldwide. But American government officials are increasingly aware of the potential for cryptocurrencies to lessen the impact of sanctions and are stepping up their scrutiny of digital assets.

To apply sanctions, a government makes a list of people and businesses its citizens must avoid. Anyone caught engaging with a member of the list faces heavy fines. But the real key to any effective sanctions program is the global financial system. Banks around the world play a major role in enforcement: They see where money comes from and where it is bound, and anti-money laundering laws require them to block transactions with sanctioned entities and report what they see to authorities. But if banks are the eyes and ears of governments in this space, the explosion of digital currencies is blinding them.

Banks have to abide by “know your customer” rules, which include verifying their clients’ identities. But exchanges and other platforms that facilitate the buying and selling of cryptocurrencies and digital assets are rarely as good at tracking their customers as banks are, even though they are supposed to follow the same rules. In October, the U.S. Treasury Department warned that cryptocurrencies posed an increasingly serious threat to the U.S. sanctions program and that U.S. authorities needed to educate themselves about the technology.

Should it choose to evade sanctions, Russia has multiple cryptocurrency-related tools at its disposal, experts said. All it needs is to find ways to trade without touching the dollar.

The Russian government is developing its own central bank digital currency, a so-called digital ruble that it hopes to use to trade directly with other countries willing to accept it without first converting it into dollars. Hacking techniques like ransomware could help Russian actors steal digital currencies and make up revenue lost to sanctions.

And while cryptocurrency transactions are recorded on the underlying blockchain, making them transparent, new tools developed in Russia can help mask the origin of such transactions. That would allow businesses to trade with Russian entities without detection.

There is a precedent for these kinds of workarounds. Iran and North Korea are among countries that have used digital currencies to mitigate the effects of Western sanctions, a trend that U.S. and United Nations officials have recently observed. North Korea, for instance, has used ransomware to steal cryptocurrency to fund its nuclear program, according to a U.N. report.

In October 2020, representatives of Russia’s central bank told a Moscow newspaper that the new “digital ruble” would make the country less dependent on the United States and better able to resist sanctions. It would let Russian entities conduct transactions outside the international banking system with any country willing to trade in digital currency.

Russia could find willing partners in other nations targeted by U.S. sanctions, including Iran, that are also developing government-backed digital currencies. China, Russia’s largest trading partner in both imports and exports according to the World Bank, has already launched its own central bank digital currency. The country’s leader, Xi Jinping, recently described China’s relationship with Russia as having “no limits.”

The developing system of central banks directly exchanging digital currencies creates new risks, said Yaya Fanusie, a fellow at the Center for a New American Security who has studied the effects of cryptocurrency on sanctions. “The lessening of U.S. sanctions power comes from a system where these nation states are able to do transactions without going through the global banking system.”

In early February, independent sanctions monitors told the U.N. Security Council that North Korea was using cryptocurrencies to fund its nuclear and ballistic missile program, according to Reuters. (A spokesperson for Norway’s permanent mission to the U.N. confirmed the existence of the report, which has not yet been made public.) In May, consulting firm Elliptic described how Iran was using revenue from Bitcoin mining to make up for the limitations on its ability to sell oil because of sanctions.

Sanctioned Russian entities could deploy their own evasion strategy, using ransomware attacks. The playbook is straightforward: A hacker breaks into computer networks and locks up digital information until the victim pays for its release, usually in cryptocurrency.

Russia is at the center of the growing ransomware industry. Last year, about 74% of global ransomware revenue, or more than $400 million worth of cryptocurrency, went to entities that are probably affiliated with Russia in some way, according to a Feb. 14 report by blockchain-tracking firm Chainalysis.

Illegal funds have also flowed into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency and handled more than $1 billion in sales in 2020, according to Chainalysis. The platform’s strict rules — sellers are allowed to liquidate cryptocurrency only through certain regional exchanges — have made it difficult for researchers to follow the money.

“We know that there’s no questions asked, and we know that Hydra operates not just throughout Eastern Europe but throughout western Europe,” said Kim Grauer, director of research at Chainalysis. “There’s definitely cross-border business happening.”

Digital currencies all use blockchain technology, a form of computer code that is publicly viewable by anyone, anywhere. This public ledger keeps track of the movements of individual digital coins from one “wallet” — as online repositories for digital assets are called — to another. In theory, this should let authorities track all crypto transactions and keep sanctioned entities from completing them.

But the technology behind Hydra masks the source of transactions, offering a potential tool for Russian users to move money outside the country’s borders. On its own, Hydra is not yet big enough to handle the volume of transactions that Russia would need to successfully evade sanctions. But other money-laundering techniques — including “nesting,” in which an illicit marketplace buries itself within a larger, legitimate structure to hide its activities — could also help.

There are signs that the United States is stepping up its monitoring of cryptocurrency activity. On Feb. 17, the Justice Department announced it had created a new national cryptocurrency enforcement team, a move that seemed to emphasize that federal prosecutors were paying extra attention to bad behavior among cryptocurrency users.

Parker, the former prosecutor, said that the Feb. 8 arrests of a Manhattan couple for stealing $3.6 billion in Bitcoin from Hong Kong cryptocurrency exchange Bitfinex is “a tangible example of the government getting very good and up to speed on what they need to do to be able to trace this.”

Administration officials are also urging the cryptocurrency industry to implement internal controls that prevent bad actors from using their services. In October, the Treasury Department published a 30-page sanctions-compliance manual recommending that cryptocurrency companies use geolocation tools to weed out customers in sanctioned jurisdictions. In many cases, the report said, crypto companies have taken months or years to implement such compliance procedures.

That may change as the industry starts to mature. Chainalysis offers a “know your transaction” tool that alerts companies when blacklisted entities use their services. Last year, the company doubled its number of private-sector customers, many of whom use the compliance tool.

But savvy cryptocurrency users can find ways around a blacklist.

“A Treasury designation of a crypto wallet address is not foolproof,” said Fanusie of the Center for a New American Security. “That designated actor can still open up a new wallet elsewhere. You can do that quite easily.”

When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense.

When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense. Economists estimated that sanctions imposed by Western nations cost Russia $50 billion a year. Since then, the global market for cryptocurrencies and other digital assets has ballooned. That is bad news for enforcers of sanctions and good news for Russia. On Tuesday, the Biden administration enacted fresh sanctions on Russia over the conflict in Ukraine, aiming to thwart its access to foreign capital. But Russian entities are preparing to blunt some of the worst effects by making deals with anyone around the world willing to work with them, experts said. And, they say, those entities can then use digital currencies to bypass the control points that governments rely on — mainly transfers of money by banks — to block deal execution. “Russia has had a lot of time to think about this specific consequence,” said Michael Parker, a former federal prosecutor who now heads the anti-money laundering and sanctions practice at Washington, D.C., law firm Ferrari & Associates. “It would be naive to think that they haven’t gamed out exactly this scenario.” Sanctions are some of the most powerful tools the United States and European countries have to influence the behavior of nations they don’t consider allies. The United States in particular is able to use sanctions as a diplomatic tool because the dollar is the world’s reserve currency and used in payments worldwide. But American government officials are increasingly aware of the potential for cryptocurrencies to lessen the impact of sanctions and are stepping up their scrutiny of digital assets. To apply sanctions, a government makes a list of people and businesses its citizens must avoid. Anyone caught engaging with a member of the list faces heavy fines. But the real key to any effective sanctions program is the global financial system. Banks around the world play a major role in enforcement: They see where money comes from and where it is bound, and anti-money laundering laws require them to block transactions with sanctioned entities and report what they see to authorities. But if banks are the eyes and ears of governments in this space, the explosion of digital currencies is blinding them. Banks have to abide by “know your customer” rules, which include verifying their clients’ identities. But exchanges and other platforms that facilitate the buying and selling of cryptocurrencies and digital assets are rarely as good at tracking their customers as banks are, even though they are supposed to follow the same rules. In October, the U.S. Treasury Department warned that cryptocurrencies posed an increasingly serious threat to the U.S. sanctions program and that U.S. authorities needed to educate themselves about the technology. Should it choose to evade sanctions, Russia has multiple cryptocurrency-related tools at its disposal, experts said. All it needs is to find ways to trade without touching the dollar. The Russian government is developing its own central bank digital currency, a so-called digital ruble that it hopes to use to trade directly with other countries willing to accept it without first converting it into dollars. Hacking techniques like ransomware could help Russian actors steal digital currencies and make up revenue lost to sanctions. And while cryptocurrency transactions are recorded on the underlying blockchain, making them transparent, new tools developed in Russia can help mask the origin of such transactions. That would allow businesses to trade with Russian entities without detection. There is a precedent for these kinds of workarounds. Iran and North Korea are among countries that have used digital currencies to mitigate the effects of Western sanctions, a trend that U.S. and United Nations officials have recently observed. North Korea, for instance, has used ransomware to steal cryptocurrency to fund its nuclear program, according to a U.N. report. In October 2020, representatives of Russia’s central bank told a Moscow newspaper that the new “digital ruble” would make the country less dependent on the United States and better able to resist sanctions. It would let Russian entities conduct transactions outside the international banking system with any country willing to trade in digital currency. Russia could find willing partners in other nations targeted by U.S. sanctions, including Iran, that are also developing government-backed digital currencies. China, Russia’s largest trading partner in both imports and exports according to the World Bank, has already launched its own central bank digital currency. The country’s leader, Xi Jinping, recently described China’s relationship with Russia as having “no limits.” The developing system of central banks directly exchanging digital currencies creates new risks, said Yaya Fanusie, a fellow at the Center for a New American Security who has studied the effects of cryptocurrency on sanctions. “The lessening of U.S. sanctions power comes from a system where these nation states are able to do transactions without going through the global banking system.” In early February, independent sanctions monitors told the U.N. Security Council that North Korea was using cryptocurrencies to fund its nuclear and ballistic missile program, according to Reuters. (A spokesperson for Norway’s permanent mission to the U.N. confirmed the existence of the report, which has not yet been made public.) In May, consulting firm Elliptic described how Iran was using revenue from Bitcoin mining to make up for the limitations on its ability to sell oil because of sanctions. Sanctioned Russian entities could deploy their own evasion strategy, using ransomware attacks. The playbook is straightforward: A hacker breaks into computer networks and locks up digital information until the victim pays for its release, usually in cryptocurrency. Russia is at the center of the growing ransomware industry. Last year, about 74% of global ransomware revenue, or more than $400 million worth of cryptocurrency, went to entities that are probably affiliated with Russia in some way, according to a Feb. 14 report by blockchain-tracking firm Chainalysis. Illegal funds have also flowed into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency and handled more than $1 billion in sales in 2020, according to Chainalysis. The platform’s strict rules — sellers are allowed to liquidate cryptocurrency only through certain regional exchanges — have made it difficult for researchers to follow the money. “We know that there’s no questions asked, and we know that Hydra operates not just throughout Eastern Europe but throughout western Europe,” said Kim Grauer, director of research at Chainalysis. “There’s definitely cross-border business happening.” Digital currencies all use blockchain technology, a form of computer code that is publicly viewable by anyone, anywhere. This public ledger keeps track of the movements of individual digital coins from one “wallet” — as online repositories for digital assets are called — to another. In theory, this should let authorities track all crypto transactions and keep sanctioned entities from completing them. But the technology behind Hydra masks the source of transactions, offering a potential tool for Russian users to move money outside the country’s borders. On its own, Hydra is not yet big enough to handle the volume of transactions that Russia would need to successfully evade sanctions. But other money-laundering techniques — including “nesting,” in which an illicit marketplace buries itself within a larger, legitimate structure to hide its activities — could also help. There are signs that the United States is stepping up its monitoring of cryptocurrency activity. On Feb. 17, the Justice Department announced it had created a new national cryptocurrency enforcement team, a move that seemed to emphasize that federal prosecutors were paying extra attention to bad behavior among cryptocurrency users. Parker, the former prosecutor, said that the Feb. 8 arrests of a Manhattan couple for stealing $3.6 billion in Bitcoin from Hong Kong cryptocurrency exchange Bitfinex is “a tangible example of the government getting very good and up to speed on what they need to do to be able to trace this.” Administration officials are also urging the cryptocurrency industry to implement internal controls that prevent bad actors from using their services. In October, the Treasury Department published a 30-page sanctions-compliance manual recommending that cryptocurrency companies use geolocation tools to weed out customers in sanctioned jurisdictions. In many cases, the report said, crypto companies have taken months or years to implement such compliance procedures. That may change as the industry starts to mature. Chainalysis offers a “know your transaction” tool that alerts companies when blacklisted entities use their services. Last year, the company doubled its number of private-sector customers, many of whom use the compliance tool. But savvy cryptocurrency users can find ways around a blacklist. “A Treasury designation of a crypto wallet address is not foolproof,” said Fanusie of the Center for a New American Security. “That designated actor can still open up a new wallet elsewhere. You can do that quite easily.”

Russia could use cryptocurrency to blunt the force of US sanctions

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector.

Wormhole, a site that allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was "exploited" for 120,000 units of a version of the second-largest cryptocurrency, ether.

Wormhole did not immediately respond to a Reuters request for comment.

London-based blockchain analysis firm Elliptic said that attackers were able to fraudulently create the wETH tokens, almost 94,000 of which were later transferred to the ethereum blockchain, which powers transactions for ether.

Wormhole said in another tweet early on Thursday that it had fixed the vulnerability in its system but was still working to get the network back up.

So-called DeFi platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks.

Cash has poured into DeFi sites, mirroring the explosion of interest in cryptocurrencies as a whole. Many investors, facing historically low or sub-zero interest rates, are drawn to DeFi by the promise of high returns on savings.

Yet with their breakneck growth, DeFi platforms have emerged as a major hacking risk, with bugs in code and design flaws allowing criminals to target DeFi sites and deep pools of liquidity, and also to launder the proceeds of crime, while leaving few traces.

Fraud and theft at DeFi platforms surpassed $10 billion last year, research showed on Thursday, laying bare the risks in the fast-growing but mostly unregulated area of cryptocurrencies.

In August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network.

Hacks have long plagued crypto platforms. In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector.

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector. Wormhole, a site that allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was "exploited" for 120,000 units of a version of the second-largest cryptocurrency, ether. Wormhole did not immediately respond to a Reuters request for comment. London-based blockchain analysis firm Elliptic said that attackers were able to fraudulently create the wETH tokens, almost 94,000 of which were later transferred to the ethereum blockchain, which powers transactions for ether. Wormhole said in another tweet early on Thursday that it had fixed the vulnerability in its system but was still working to get the network back up. So-called DeFi platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks. Cash has poured into DeFi sites, mirroring the explosion of interest in cryptocurrencies as a whole. Many investors, facing historically low or sub-zero interest rates, are drawn to DeFi by the promise of high returns on savings. Yet with their breakneck growth, DeFi platforms have emerged as a major hacking risk, with bugs in code and design flaws allowing criminals to target DeFi sites and deep pools of liquidity, and also to launder the proceeds of crime, while leaving few traces. Fraud and theft at DeFi platforms surpassed $10 billion last year, research showed on Thursday, laying bare the risks in the fast-growing but mostly unregulated area of cryptocurrencies. In August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network. Hacks have long plagued crypto platforms. In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Crypto platform Wormhole hit by $320 million hack

The Delhi Police said a businessman's cryptocurrencies were stolen and allegedly transferred to the military wing of Palestinian organisation Hamas.

The police added that $3 million worth of cryptocurrencies were stolen three years ago in India's capital city. The police have been trailing the case since 2019 after a businessman in the capital's Paschim Vihar area complained that cryptocurrencies from his wallet were being fraudulently transferred.

Delhi Police said investigations revealed the "cryptocurrency trail" led to the wallets of the Palestinian Al-Qassam Brigade.&nbsp;

<a href="https://www.wionews.com/business-economy/this-altcoin-gained-1300-in-2021-so-what-is-this-cryptocurrency-segment-441378">Also Read:&nbsp;This 'Altcoin' gained 1,300 % in 2021. So what is this cryptocurrency segment?</a>

The wallets have reportedly been seized by Israel's national bureau for counter-terror financing. It allegedly belonged to a person named Mohammad Naseer Ibrahim Abdulla.

<a href="https://www.wionews.com/technology/cyber-criminals-used-google-ads-to-steal-500000-worth-of-cryptocurrency-426830">Also Read:&nbsp;Cyber criminals used Google ads to steal $500,000 worth of cryptocurrency</a>

Police said one e-wallet which had a "major share" of the cryptocurrencies was operated from Giza in Egypt&nbsp;by a person named Ahmed Marzooq and another by a resident at Ramallah in Palestinian territory.

The police said although most bitcoins were being used for terror financing it was also allegedly being used to access child pornography.

(With inputs from Agencies)

The Delhi Police said a businessman's cryptocurrencies were stolen and allegedly transferred to the military wing of Palestinian organisation Hamas. The police added that $3 million worth of cryptocurrencies were stolen three years ago in India's capital city.

The Delhi Police said a businessman's cryptocurrencies were stolen and allegedly transferred to the military wing of Palestinian organisation Hamas. The police added that $3 million worth of cryptocurrencies were stolen three years ago in India's capital city. The police have been trailing the case since 2019 after a businessman in the capital's Paschim Vihar area complained that cryptocurrencies from his wallet were being fraudulently transferred. Delhi Police said investigations revealed the "cryptocurrency trail" led to the wallets of the Palestinian Al-Qassam Brigade. Also Read: This 'Altcoin' gained 1,300 % in 2021. So what is this cryptocurrency segment? The wallets have reportedly been seized by Israel's national bureau for counter-terror financing. It allegedly belonged to a person named Mohammad Naseer Ibrahim Abdulla. Also Read: Cyber criminals used Google ads to steal $500,000 worth of cryptocurrency Police said one e-wallet which had a "major share" of the cryptocurrencies was operated from Giza in Egypt by a person named Ahmed Marzooq and another by a resident at Ramallah in Palestinian territory. The police said although most bitcoins were being used for terror financing it was also allegedly being used to access child pornography. (With inputs from Agencies)

Cryptocurrencies stolen from Delhi businessman & transferred to Hamas: Delhi Police

Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank&nbsp;has cited threats posed by cryptocurrency to financial stability,&nbsp;citizens' wellbeing and its monetary policy sovereignty.

Russia has for years, argued against cryptocurrencies claiming that they could be used to fund terrorism or for money laundering. Russia&nbsp;eventually gave cryptocurrencies&nbsp;legal status in 2020 but banned their use as&nbsp;means of payment.

In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.

Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.

Governments across the world are cracking down on cryptocurrencies due to worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems.

(With inputs from agencies)

Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank has cited threats posed by cryptocurrency to financial stability, citizens' wellbeing and its monetary policy sovereignty.

Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank has cited threats posed by cryptocurrency to financial stability, citizens' wellbeing and its monetary policy sovereignty. Russia has for years, argued against cryptocurrencies claiming that they could be used to fund terrorism or for money laundering. Russia eventually gave cryptocurrencies legal status in 2020 but banned their use as means of payment. In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens. The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges. Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion. Governments across the world are cracking down on cryptocurrencies due to worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems. (With inputs from agencies)

Russia mulls ban on cryptocurrency use and mining

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment.&nbsp;

"The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference.

India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed.

New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency.

In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability.&nbsp;

According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion).

Modi also stated that India is working on signing free trade deals with a number of countries.

India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year.

The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain.&nbsp;

(With inputs from agencies)

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges.

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference. India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed. New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency. In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability. According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion). Modi also stated that India is working on signing free trade deals with a number of countries. India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year. The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain. (With inputs from agencies)

PM Modi urges collective global effort to deal with cryptocurrencies

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron.

Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word.

According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27.

However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform.

Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens.

CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added.

The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively.

The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01.

(With inputs from agencies)

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent. The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron. Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word. According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27. However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform. Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens. CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added. The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively. The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01. (With inputs from agencies)

After WHO names new Covid variant, Omicron crypto’s value skyrockets by 900 per cent, then nose-dives

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report&nbsp;citing officials familiar with the development.

The Narendra Modi-led government has tabled the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” for the upcoming winter session of Parliament.

The bill, once passed in the parliament, will “prohibit all private cryptocurrencies in India,” with “certain exceptions to promote the underlying technology of cryptocurrency and its uses”. The session is scheduled to start on November 29.

According to the Hindustan Times (HT), which cited two officials close to the development, the investors would be given a buffer time to liquidate their investments, but a tax would be levied on the disinvestment under the capital gains tax rule.

The capital gains tax is imposed on the profit from an investment when a sale of the capital asset takes place. In India, gain or profit from selling the investment is treated as an income, and hence a tax is levied.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-ban-private-cryptocurrencies-bill-to-be-tabled-in-parliament-431454">India to ban private cryptocurrencies, bill to be tabled in parliament</a>

The official, who did not wish to be named, told HT that investors will have ample time to exit if they wish from the time the bill is introduced in the Parliament and then passed by the two houses. Additionally, a three-month buffer is likely to be allowed, beginning from the date a potential ban is enacted.

Meanwhile, ever since it was announced that the government would be banning all private cryptocurrencies, panic selling has erupted in the Indian exchanges.

All major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 per cent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent till Wednesday.

(With inputs from agencies)&nbsp;

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report citing officials familiar with the development.

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report citing officials familiar with the development. The Narendra Modi-led government has tabled the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” for the upcoming winter session of Parliament. The bill, once passed in the parliament, will “prohibit all private cryptocurrencies in India,” with “certain exceptions to promote the underlying technology of cryptocurrency and its uses”. The session is scheduled to start on November 29. According to the Hindustan Times (HT), which cited two officials close to the development, the investors would be given a buffer time to liquidate their investments, but a tax would be levied on the disinvestment under the capital gains tax rule. The capital gains tax is imposed on the profit from an investment when a sale of the capital asset takes place. In India, gain or profit from selling the investment is treated as an income, and hence a tax is levied. Also read | India to ban private cryptocurrencies, bill to be tabled in parliament The official, who did not wish to be named, told HT that investors will have ample time to exit if they wish from the time the bill is introduced in the Parliament and then passed by the two houses. Additionally, a three-month buffer is likely to be allowed, beginning from the date a potential ban is enacted. Meanwhile, ever since it was announced that the government would be banning all private cryptocurrencies, panic selling has erupted in the Indian exchanges. All major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 per cent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent till Wednesday. (With inputs from agencies)

Indian crypto investors may get exit time if govt bans trade, but with a rider: Report

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions&nbsp;in the US, is planning to accept cryptocurrency as fee for its new executive education programme.

The premier business school will be accepting cryptocurrencies&nbsp;as a payment method for its online blockchain and digital assets programme.

Tuition for the “Economics of Blockchain and Digital Assets” programme can be paid in Bitcoin, Ether and USDC,&nbsp;according to the brochure. The six-week programme was developed in partnership with Prysm Group, a blockchain economic consulting firm.

The Philadelphia-based school, which is scheduled to open in January and is expected to attract thousands of students each year, offers the online course at $3,800.

The Wharton School is the latest to join the list of universities accepting cryptocurrencies. In May, the University of Pennsylvania received the largest cryptocurrency gift in its history, $5 million from an anonymous donor.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/el-salvador-legalises-bitcoin-as-other-nations-plan-similar-moves-390658">El Salvador legalises Bitcoin as other nations plan similar moves</a>

In 2014, the Massachusetts Institute of Technology famously gave out Bitcoin to its students in 2014. Other colleges have begun letting students use crypto to pay tuition.&nbsp;

A report in Bloomberg quoted Guido Molinari, the managing partner at Prysm Group, as saying, “It's a program about blockchain and digital assets, we felt that we should talk the talk and walk the walk.”

Wharton School has announced that it will use Coinbase Global Inc. to accept digital-asset payments. Coinbase Global Inc. is the largest cryptocurrency exchange in the US. The school is working with Prysm Group in order to develop the programme.

According to the programme’s brochure, PwC expects blockchain to boost global GDP by $1.8 trillion by 2030, indicating that the applications of this technology are only beginning to reveal themselves. In addition, Deloitte found that 83% of businesses are discussing or working on cryptocurrencies in the context of solutions or strategies.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

The Wharton School has many notable alums who are actively involved in the cryptocurrency ecosystem..

Tesla CEO Elon Musk graduated from the school in 1997 and has been a strong force in driving price swings of meme coins like Dogecoin. He has also pushed his companies Tesla and SpaceX to buy Bitcoin for their corporate treasuries.

Another graduate from the school is Arthur Hayes, who started the BitMex exchange for Bitcoin exchanges.

Notably, the school doesn’t have any other plans to accept crypto.

(With inputs from agencies)

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions in the US, is planning to accept cryptocurrency as fee for its new executive education programme.

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions in the US, is planning to accept cryptocurrency as fee for its new executive education programme. The premier business school will be accepting cryptocurrencies as a payment method for its online blockchain and digital assets programme. Tuition for the “Economics of Blockchain and Digital Assets” programme can be paid in Bitcoin, Ether and USDC, according to the brochure. The six-week programme was developed in partnership with Prysm Group, a blockchain economic consulting firm. The Philadelphia-based school, which is scheduled to open in January and is expected to attract thousands of students each year, offers the online course at $3,800. The Wharton School is the latest to join the list of universities accepting cryptocurrencies. In May, the University of Pennsylvania received the largest cryptocurrency gift in its history, $5 million from an anonymous donor. Also read | El Salvador legalises Bitcoin as other nations plan similar moves In 2014, the Massachusetts Institute of Technology famously gave out Bitcoin to its students in 2014. Other colleges have begun letting students use crypto to pay tuition. A report in Bloomberg quoted Guido Molinari, the managing partner at Prysm Group, as saying, “It's a program about blockchain and digital assets, we felt that we should talk the talk and walk the walk.” Wharton School has announced that it will use Coinbase Global Inc. to accept digital-asset payments. Coinbase Global Inc. is the largest cryptocurrency exchange in the US. The school is working with Prysm Group in order to develop the programme. According to the programme’s brochure, PwC expects blockchain to boost global GDP by $1.8 trillion by 2030, indicating that the applications of this technology are only beginning to reveal themselves. In addition, Deloitte found that 83% of businesses are discussing or working on cryptocurrencies in the context of solutions or strategies. Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions The Wharton School has many notable alums who are actively involved in the cryptocurrency ecosystem.. Tesla CEO Elon Musk graduated from the school in 1997 and has been a strong force in driving price swings of meme coins like Dogecoin. He has also pushed his companies Tesla and SpaceX to buy Bitcoin for their corporate treasuries. Another graduate from the school is Arthur Hayes, who started the BitMex exchange for Bitcoin exchanges. Notably, the school doesn’t have any other plans to accept crypto. (With inputs from agencies)

US Ivy League Wharton School to accept cryptocurrency payment for its online course

Social media giant Facebook is mulling to rebrand itself with a new name that focuses on the&nbsp;metaverse.

According to a report published in 'The Verge,' Facebook Inc will announce the change in name next week.

The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp as per the report.

Also see |&nbsp;<a href="https://www.wionews.com/photos/facebooks-ai-reality-scroll-images-on-a-computer-screen-by-just-thinking-about-it-371594" hreflang="en">Facebook's AI reality: Scroll images on a computer screen by just thinking about it</a>

In 2015,&nbsp;Google adopted such a structure when it reorganized into a holding company called Alphabet.

What is metaverse?

The Metaverse is a term used to describe a virtual space within digital environments such as online games, social media, and virtual reality. It is a combination of the prefix "meta", meaning beyond, and stem "universe".

Coined by Neal Stephenson, the metaverse is, in fact, the stuff of science-fiction. He talked about it in detail in his 1992 novel "Snow Crash", in which people don virtual reality headsets to interact inside a game-like digital world. The book has long enjoyed cult status among Silicon Valley entrepreneurs.

The term, which&nbsp;derived from digital antiquity, was re-imagined as the Oasis in Ernest Cline's novel ''Ready Player One.''

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/what-is-the-metaverse-and-how-does-it-work-411928/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Freed from cultural and economic sclerosis, a&nbsp;utopian metaverse may be portrayed as a new frontier in fiction, where social norms and value systems can be written anew.&nbsp;But more often, metaverses are a bit dystopian, virtual refuges from a fallen world.

Recently, metaverse has become one of the tech sector's hottest buzzwords, with companies pouring millions of dollars into its development.

'Next great leap'

Metaverse is a vision of the future that may sound fantastical, but which tech titans like Facebook founder Mark Zuckerberg are betting on as the next great leap in the evolution of the internet.

It refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency.

In these environments, people can wander around with friends, visit buildings, buy goods and services, and attend events.

With the help of augmented reality glasses, it might allow you to see information whizz before your eyes as you walk around a city, from traffic and pollution updates to local history.

Surge in popularity

As Covid lockdown measures and work-from-home policies pushed more people online for both business and pleasure, the concept has surged in popularity during the pandemic.

Games in which players enter immersive digital worlds offer a glimpse into what the metaverse could eventually look like, blurring virtual entertainment with the real-world economy.

World built on blockchain

As far back as the early 2000s, the game Second Life allowed people to create digital avatars that could interact and shop with real money.

More recently, plots of land in Decentraland, a virtual world where visitors can watch concerts, visit art galleries, and gamble in casinos, have sold for hundreds of thousands of dollars in MANA, a cryptocurrency.

'More than a game'

The hugely popular video game Fortnite has also expanded into other forms of entertainment, with 12.3 million people logging in to watch rapper Travis Scott perform last year. Fortnite's owners Epic Games said in April that $1 billion of funding raised recently would be used to support its "vision for the metaverse".

And on Roblox, a gaming platform popular with children, a digital version of a Gucci bag sold in May for over $4,100, more than the physical version would have cost.

(With inputs from agencies)

Social media giant Facebook is mulling to rebrand itself with a new name that focuses on the metaverse. According to a report published in 'The Verge,' Facebook Inc will announce the change in name next week.

Social media giant Facebook is mulling to rebrand itself with a new name that focuses on the metaverse. According to a report published in 'The Verge,' Facebook Inc will announce the change in name next week. The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp as per the report. Also see | Facebook's AI reality: Scroll images on a computer screen by just thinking about it In 2015, Google adopted such a structure when it reorganized into a holding company called Alphabet. What is metaverse? The Metaverse is a term used to describe a virtual space within digital environments such as online games, social media, and virtual reality. It is a combination of the prefix "meta", meaning beyond, and stem "universe". Coined by Neal Stephenson, the metaverse is, in fact, the stuff of science-fiction. He talked about it in detail in his 1992 novel "Snow Crash", in which people don virtual reality headsets to interact inside a game-like digital world. The book has long enjoyed cult status among Silicon Valley entrepreneurs. The term, which derived from digital antiquity, was re-imagined as the Oasis in Ernest Cline's novel ''Ready Player One.'' Freed from cultural and economic sclerosis, a utopian metaverse may be portrayed as a new frontier in fiction, where social norms and value systems can be written anew. But more often, metaverses are a bit dystopian, virtual refuges from a fallen world. Recently, metaverse has become one of the tech sector's hottest buzzwords, with companies pouring millions of dollars into its development. 'Next great leap' Metaverse is a vision of the future that may sound fantastical, but which tech titans like Facebook founder Mark Zuckerberg are betting on as the next great leap in the evolution of the internet. It refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency. In these environments, people can wander around with friends, visit buildings, buy goods and services, and attend events. With the help of augmented reality glasses, it might allow you to see information whizz before your eyes as you walk around a city, from traffic and pollution updates to local history. Surge in popularity As Covid lockdown measures and work-from-home policies pushed more people online for both business and pleasure, the concept has surged in popularity during the pandemic. Games in which players enter immersive digital worlds offer a glimpse into what the metaverse could eventually look like, blurring virtual entertainment with the real-world economy. World built on blockchain As far back as the early 2000s, the game Second Life allowed people to create digital avatars that could interact and shop with real money. More recently, plots of land in Decentraland, a virtual world where visitors can watch concerts, visit art galleries, and gamble in casinos, have sold for hundreds of thousands of dollars in MANA, a cryptocurrency. 'More than a game' The hugely popular video game Fortnite has also expanded into other forms of entertainment, with 12.3 million people logging in to watch rapper Travis Scott perform last year. Fortnite's owners Epic Games said in April that $1 billion of funding raised recently would be used to support its "vision for the metaverse". And on Roblox, a gaming platform popular with children, a digital version of a Gucci bag sold in May for over $4,100, more than the physical version would have cost. (With inputs from agencies)

What is metaverse, the new buzzword in internet technology?

Indian Finance Minister Nirmala Sitharaman has informed that the proposed legislation on cryptocurrencies has been tabled before the cabinet and that it is awaiting approval. India has been on the fence on cryptocurrencies, gradually making up its mind to whether accept or reject the currencies.

Legislation on cryptocurrencies awaits cabinet approval in India

In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took.

A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals.

Poly Network informed the hackers of the incident and requested that they communicate with them, encouraging them to return compromised assets.&nbsp;

A blockchain is a digital record that serves as the foundation for numerous cryptocurrencies.Each digital coin has its own blockchain, which is distinct from the rest. 
 
Poly Network promises to be able to connect all of these different blockchains.&nbsp;

Poly Network is a platform for decentralised money.DeFi is a wide word that refers to a range of financial applications based on blockchain technology that aim to eliminate middlemen like brokerages and&nbsp;exchanges. It's known as decentralised. &nbsp;

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"There`s so much public attention on this, and exchanges will be on the lookout for customer deposits linked to this theft," Elliptic's Robinson said.

"This demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions."

The hacker or hackers sent a message with some of the returned coins appearing to ask for donations, Robinson added.

The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July of a record $474 million, according to a report from crypto intelligence company CipherTrace.

Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity.

Yet it is mostly unregulated, with technical flaws and weaknesses in the code many platforms use, leaving it vulnerable to hacks and heists.

An executive from Tether - a stablecoin or type of cryptocurrency usually backed by real-world world assets - said on Twitter the company had frozen $33 million connected with the hack, and top management at large crypto exchanges responded to Poly Network saying they would also try to help.

(With inputs from agencies)

In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took. A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals.

In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took. A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals. Poly Network informed the hackers of the incident and requested that they communicate with them, encouraging them to return compromised assets. A blockchain is a digital record that serves as the foundation for numerous cryptocurrencies.Each digital coin has its own blockchain, which is distinct from the rest. Poly Network promises to be able to connect all of these different blockchains. Poly Network is a platform for decentralised money.DeFi is a wide word that refers to a range of financial applications based on blockchain technology that aim to eliminate middlemen like brokerages and exchanges. It's known as decentralised. pic.twitter.com/Yzw4oDenjC — Poly Network (@PolyNetwork2) August 10, 2021 × "There`s so much public attention on this, and exchanges will be on the lookout for customer deposits linked to this theft," Elliptic's Robinson said. "This demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions." The hacker or hackers sent a message with some of the returned coins appearing to ask for donations, Robinson added. The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July of a record $474 million, according to a report from crypto intelligence company CipherTrace. Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity. Yet it is mostly unregulated, with technical flaws and weaknesses in the code many platforms use, leaving it vulnerable to hacks and heists. An executive from Tether - a stablecoin or type of cryptocurrency usually backed by real-world world assets - said on Twitter the company had frozen $33 million connected with the hack, and top management at large crypto exchanges responded to Poly Network saying they would also try to help. (With inputs from agencies)

Hackers return $260 million to crypto platform Poly Network after massive theft

Everyone has heard the latest buzz around cryptocurrency and bitcoin. People have seen prices skyrocket and plunge down to a painful low with the help of Elon Musk’s one tweet or China’s ban on bitcoin mining.

<h4>What is crypto mining?</h4>

Cryptocurrency is a digital currency that is secured using cryptography and is based on a decentralised network that needs to be mined. This is known as crypto mining.

It is the process of validating transactions of cryptocurrencies digitally, and the records of these are saved in form of blockchains, in which each and every transaction has a separate link to a subsequent transaction, which creates a chain of records.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-teslas-elon-musk-a-master-manipulator-of-markets-389229" hreflang="en">Is Tesla’s Elon Musk a master manipulator of markets?</a>

Mining a bitcoin is a difficult and complex process in which experts solve complicated cryptographic equations with the help of high-tech computer systems to gain cryptocurrencies.

<h4>How is crypto mining related to coal mining?</h4>

Recently, Elon Musk’s Tesla had started accepting bitcoins as a valid method of payment for products but Musk soon took a U-turn and stopped the new payment method as he feared crypto mining was negatively affecting the environment.

This raises the question that how does crypto mining, which is a code-based process, affect&nbsp;the environment.

Also read |&nbsp;<a href="https://www.wionews.com/world/musk-tweet-dents-bitcoin-but-weekly-gain-in-prospect-389363" hreflang="en">Musk tweet dents bitcoin, but weekly gain in prospect</a>

The software that mines bitcoin takes nearly 10 minutes for the network participants to unriddle the complex program and process a block. This process consumes a large chunk of electricity to generate every single bitcoin and the major part of the energy is consumed during the mining process.

Crypto mining often relies on electricity which is generated from fossil fuels. As a result of that, as the prices of bitcoin rise, there is a stark increase in energy consumption too. The increasing price of bitcoin motivates miners to mine more bitcoins, which attracts more people to join the new network, and the energy consumption keeps on alarmingly increasing.

A study by the University of Cambridge suggested that crypto mining consumes more than 120 Terawatt Hours (Twh) per year, and this could be one of the top contenders in the list of top 10 energy consumers around the globe if it was a country.

Also read |&nbsp;<a href="https://www.wionews.com/world/bitcoin-tumbles-below-40000-after-chinas-new-crypto-ban-386052" hreflang="en">Bitcoin tumbles below $40,000 after China's new crypto ban</a>

The situation has reached the level where companies are scouting for areas with cheaper electricity to make the crypto mining process tad cheaper and easier.

A few studies have also claimed that crypto mining could also produce enough carbon dioxide to push global warming to more than 2 °C.

While the disadvantages of crypto mining are as clear as the day, several groups are trying to come up with ideas to make cryptocurrencies more sustainable. A supporter of cryptocurrency and owner of Tesla and SpaceX, Elon Musk has also vowed to shift back to cryptocurrencies once they find a bitcoin that uses less than one per cent of the current energy.

Everyone has heard the latest buzz around cryptocurrency and bitcoin. People have seen prices skyrocket and plunge down to a painful low with the help of Elon Musk’s one tweet or China’s ban on bitcoin mining.

Everyone has heard the latest buzz around cryptocurrency and bitcoin. People have seen prices skyrocket and plunge down to a painful low with the help of Elon Musk’s one tweet or China’s ban on bitcoin mining. What is crypto mining? Cryptocurrency is a digital currency that is secured using cryptography and is based on a decentralised network that needs to be mined. This is known as crypto mining. It is the process of validating transactions of cryptocurrencies digitally, and the records of these are saved in form of blockchains, in which each and every transaction has a separate link to a subsequent transaction, which creates a chain of records. Also read | Is Tesla’s Elon Musk a master manipulator of markets? Mining a bitcoin is a difficult and complex process in which experts solve complicated cryptographic equations with the help of high-tech computer systems to gain cryptocurrencies. How is crypto mining related to coal mining? Recently, Elon Musk’s Tesla had started accepting bitcoins as a valid method of payment for products but Musk soon took a U-turn and stopped the new payment method as he feared crypto mining was negatively affecting the environment. This raises the question that how does crypto mining, which is a code-based process, affect the environment. Also read | Musk tweet dents bitcoin, but weekly gain in prospect The software that mines bitcoin takes nearly 10 minutes for the network participants to unriddle the complex program and process a block. This process consumes a large chunk of electricity to generate every single bitcoin and the major part of the energy is consumed during the mining process. Crypto mining often relies on electricity which is generated from fossil fuels. As a result of that, as the prices of bitcoin rise, there is a stark increase in energy consumption too. The increasing price of bitcoin motivates miners to mine more bitcoins, which attracts more people to join the new network, and the energy consumption keeps on alarmingly increasing. A study by the University of Cambridge suggested that crypto mining consumes more than 120 Terawatt Hours (Twh) per year, and this could be one of the top contenders in the list of top 10 energy consumers around the globe if it was a country. Also read | Bitcoin tumbles below $40,000 after China's new crypto ban The situation has reached the level where companies are scouting for areas with cheaper electricity to make the crypto mining process tad cheaper and easier. A few studies have also claimed that crypto mining could also produce enough carbon dioxide to push global warming to more than 2 °C. While the disadvantages of crypto mining are as clear as the day, several groups are trying to come up with ideas to make cryptocurrencies more sustainable. A supporter of cryptocurrency and owner of Tesla and SpaceX, Elon Musk has also vowed to shift back to cryptocurrencies once they find a bitcoin that uses less than one per cent of the current energy.

Crypto mining: How does digital currency manufacturing affect environment?

China's crackdown on cryptocurrencies has spread to the country's southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday.

In addition to concerns about the huge amounts of energy needed for the computing power to create cryptocurrencies, the central government is also concerned about speculation after a surge in the price of bitcoin.

China accounts for over half of global bitcoin production, but some miners have been considering moving elsewhere after the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading last month.

The Energy Administration of Yunnan on Friday issued a notice ordering a probe into misappropriation and unauthorized use of electricity by bitcoin miners, vowing punishment, the Science and Technology Innovation Express News said.

A copy of the notice, which sets an end-June deadline, was circulating on Chinese social media. Calls to the Energy Administration of Yunnan were not answered on Saturday.

The probe in Yunnan, China's fourth-biggest bitcoin mining hub, follows restrictions in several other areas. The northwestern province of Qinghai and a district in neighbouring Xinjiang have ordered cryptocurrency mining projects to close.

Inner Mongolia has unveiled measures to root out crypto mining, while Sichuan is probing the industry.

An increasing number of Chinese crypto miners are considering folding the business in China, and moving offshore, said Lei Tong, managing director for financial services at Babel Finance, a Hong Kong-based crypto lender and asset manager.

China's crackdown on cryptocurrencies has spread to the country's southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday.

China's crackdown on cryptocurrencies has spread to the country's southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday. In addition to concerns about the huge amounts of energy needed for the computing power to create cryptocurrencies, the central government is also concerned about speculation after a surge in the price of bitcoin. China accounts for over half of global bitcoin production, but some miners have been considering moving elsewhere after the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading last month. The Energy Administration of Yunnan on Friday issued a notice ordering a probe into misappropriation and unauthorized use of electricity by bitcoin miners, vowing punishment, the Science and Technology Innovation Express News said. A copy of the notice, which sets an end-June deadline, was circulating on Chinese social media. Calls to the Energy Administration of Yunnan were not answered on Saturday. The probe in Yunnan, China's fourth-biggest bitcoin mining hub, follows restrictions in several other areas. The northwestern province of Qinghai and a district in neighbouring Xinjiang have ordered cryptocurrency mining projects to close. Inner Mongolia has unveiled measures to root out crypto mining, while Sichuan is probing the industry. An increasing number of Chinese crypto miners are considering folding the business in China, and moving offshore, said Lei Tong, managing director for financial services at Babel Finance, a Hong Kong-based crypto lender and asset manager.

China's cryptocurrency-mining crackdown spreads to Yunnan in southwest - Media

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