CRYPTOCURRENCY
Crypto News
The definition of a cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Cryptocurrencies are built on top of distributed ledger technology, blockchain — which allows it to be decentralized and immune to government control and interference. Transactions involving cryptocurrencies involve public and private keys, enabling minimal processing fees, allowing users to be able to make transfers without traditional third-party institutions.
The definition of a cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Cryptocurrencies are built on top of distributed ledger technology, blockchain — which allows it to be decentralized and immune to government control and interference. Transactions involving cryptocurrencies involve public and private keys, enabling minimal processing fees, allowing users to be able to make transfers without traditional third-party institutions.
SafeMoon LP Compromised
SafeMoon, a cryptocurrency project endorsed by celebrities, announced its liquidity pool was attacked, but gave no further details. Experts suggest a recent software upgrade may be to blame for the vulnerability that allowed an attacker to remove SafeMoon tokens and sell them at an inflated price.
Australian Senator Proposes Digital Asset Regulation Bill
Senator Andrew Bragg has proposed a Digital Assets (Market Regulation) Bill 2023 to regulate cryptocurrency services in Australia. The bill recommends stablecoin regulations, licensing of exchanges, and custody requirements to protect consumers and promote investment.
FTX Founder Faces New Charges, Including Alleged $40M Bribe
FTX founder Sam Bankman-Fried is facing a new 13-count indictment, including an alleged $40 million bribe to a Chinese government official. The bribe was reportedly intended to unfreeze cryptocurrency accounts at FTX's affiliate firm, Alameda Research, which held over $1 billion worth of cryptocurrency.
Binance Expands AI-Powered NFT Generator Bicasso
Binance, the world’s largest cryptocurrency exchange, expands its NFT artificial intelligence service Bicasso globally after a successful test in Europe.
Titanium Blockchain CEO Sentenced to Four Years in Prison
Michael Stollery, the CEO of Titanium Blockchain, has been sentenced to four years in prison for his involvement in a cryptocurrency fraud scheme that raised approximately $21 million through an initial coin offering (ICO) in 2018. Stollery pleaded guilty to securities fraud, admitting to falsifying aspects of TBIS’ whitepapers, planting fake client testimonials on the TBIS website, and commingling ICO investors’ funds with his own.
Terra co-founder sought for arrest
South Korean authorities are making a renewed push to detain Terra co-founder Shin Hyun-Seong, also known as Daniel Shin, after the arrest of co-founder Do Kwon. Shin is suspected of involvement in promoting unstable investment opportunities with Terra tokens, with allegations of fraud and illegal fundraising.
Fujitsu Files Trademark for Crypto Brokerage Services
Japanese tech giant Fujitsu has filed a trademark application for a new branding that aims to offer financial services, including cryptocurrency brokerage services, to customers. Fujitsu has been showing growing interest in Web3 technology and launched a Web3 acceleration platform in February to support startups and partner companies in creating a diverse ecosystem of Web3 applications. The move comes as financial regulators in Japan call for stricter banking rules for the crypto sector.
US Crypto Crackdown Could Stifle Innovation and Weaken Dollar
The recent Wells notice issued by the SEC to Coinbase, along with other legal threats against crypto firms, has raised concerns among industry experts that the US crackdown on cryptocurrencies could stifle innovation and weaken the dollar. Some believe that the regulatory environment in the US is driving jobs, investment, and innovation offshore, to countries like Singapore, Hong Kong, and potentially Australia.
Binance Insider Allegedly Helps Users Bypass KYC Security Protocols
A report by CNBC alleges that employees and volunteers at Binance have been helping customers in China bypass the exchange's Know Your Customer Controls (KYC). The report points to Binance's Chinese-language chat rooms where users can access shared messages on techniques to bypass KYC, residency, and verification protocols allegedly coming from Binance employees or trained volunteers known as "Angels."
Independent Reserve Considers Expansion to Hong Kong
Independent Reserve, an Australia-based cryptocurrency exchange, is exploring opportunities to expand its business in Hong Kong following the city’s recent proposal of a licensing regime for crypto exchanges. The company sees Hong Kong as a potential friendly jurisdiction for its business expansion in Asia.