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.
Bitcoin of America indicted for operating unlicensed kiosks
Bitcoin of America, a Bitcoin technology firm, along with three of its executives, has been indicted for allegedly operating more than 50 unlicensed crypto kiosks in Ohio that knowingly benefited from victims of cryptocurrency scams. The firm is facing charges of money laundering, conspiracy, and other crimes connected to the operation of the kiosks, which authorities believe have been operating and evading regulatory safeguards and financial compliance requirements since 2018.
NFT Firm Yuga Labs Faces Criticism Over Bitcoin Auction Plan
Yuga Labs has come under fire from the cryptocurrency community for its plan to auction its new Bitcoin NFT collection. The company's plan requires participants to send their entire bid amount in Bitcoin to a unique BTC address controlled by Yuga, and winners would pay up the BTC they bid while Yuga said it would return BTC to those unsuccessful in placing a top bid. The manual refund process for unsuccessful bids and the potential for significant price discrepancies in the top 288 bids have led to criticism from some within the crypto community.
Bybit Launches Debit Card for Crypto Payments
Cryptocurrency exchange Bybit is launching a new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts and will be issued by payments solutions provider Moorwand.
Babel Finance explores new restructuring opportunities with DeFi project
Babel Finance is considering a new restructuring opportunity that involves the creation of a new decentralized finance (DeFi) project called Hope. This project aims to generate revenue to repay debts owed to creditors, and will mint a new stablecoin using Bitcoin and Ether as collateral.
Digital Currency Group Reports Over $1 Billion Loss Due to 3AC Collapse
Digital Currency Group (DCG) has reported losses of over $1 billion in 2022, largely due to the collapse of Three Arrows Capital (3AC) and falling cryptocurrency prices. DCG's lending arm, Genesis, filed for Chapter 11 bankruptcy in January, as it was 3AC's largest creditor. DCG's fourth-quarter losses came to $24 million, while revenues came in at $143 million. Full-year revenues for DCG came in at $719 million, with total assets of $5.3 billion.
Majority of American Adults Believe Financial System Favors Powerful Interests, 20% Own Cryptocurrency
80% of American adults believe the financial system favors those with powerful interests, according to a survey by Coinbase. The survey of over 2,000 American adults also found that 67% of respondents called for a major overhaul of the financial system. Despite recent negative news about cryptocurrency, the survey found that 20% of respondents own cryptocurrency, and a third plan to buy, sell or trade cryptocurrency in the next year.
Binance CEO Responds to Forbes Article on Fund Shuffling
Binance CEO Changpeng Zhao responded to a Forbes article that focused on the movement of funds by the cryptocurrency exchange. The article drew parallels between Binance and the now-defunct FTX and discussed the failed Voyager bid by Binance.US, as well as the United States Securities and Exchange Commission’s planned legal action against Paxos Trust Company, the issuer of the Binance-branded stablecoin, Binance USD (BUSD). Binance transferred $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022. Binance says it still supports BUSD and is now looking into non-USD stablecoins.
Voyager Digital Sells Assets via Coinbase Amid Bankruptcy
Voyager Digital, the CeFi platform that filed for Chapter 11 bankruptcy, has reportedly sold assets through Coinbase and received at least $100 million in USDC. The company has sent daily crypto transfers to Coinbase, with holdings of nearly $530 million in crypto, including Ether and Shiba Inu. The US SEC has objected to Binance.US acquiring over $1 billion of Voyager's assets.
Ukraine receives over $70M in crypto donations
Ukraine has received over $70 million in cryptocurrency donations since the start of the conflict with Russia, with the majority of the funds coming in the form of Ether and Bitcoin. Donors have contributed to the nation's military equipment and humanitarian aid efforts, with non-fungible tokens also being donated.
Crypto Lawyers Dispute SEC Chief's Jurisdiction Claims
Lawyers for the cryptocurrency industry have challenged recent comments made by the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, in which he claimed that all cryptocurrencies except Bitcoin fall under the agency's jurisdiction. The lawyers argue that the SEC must prove its case in court for each token individually before it can claim jurisdiction over them.