Day: September 27, 2021

Bitfinex paid a colossal $23M fee to send $100K of USDT

Crypto exchange Bitfinex completed a highly consequential transaction on Sept. 27 when sending $100,000 of the stablecoin Tether (USDT) to the layer-2 subsidiary platform DeversiFi. For reasons unknown, the exchange paid 7,676 ETH, equivalent to $23.7 million, marking quite possibly the largest gas fee ever recorded on the Ethereum blockchain.  According to blockchain data from EtherScan, the deposit transaction was initiated at 11:10 UTC this morning from Bitfinex’s second-largest wallet, via a second address, to the wallet of DeversiFi. The transaction carried an “erroneously high gas fee”, even though DeversiFi promotes…

Revolut to Launch Crypto Token: Sources — CoinDesk

London-based Revolut recently announced it would be paying a WeWork membership in Dallas, Texas, in bitcoin. The firm, which already holds a European Union banking license, also announced it had secured a U.S. broker-dealer license in order to compete in the retail capital markets space with firms like Robinhood. Source

Major Crypto Exchanges Cut Ties With Chinese Users After China’s Latest Crackdown on Cryptocurrency – Regulation Bitcoin News

Major cryptocurrency exchanges are cutting ties with users in China following the latest crypto crackdown announcement by the Chinese government. Huobi has stopped letting new users in China sign up for its services while Binance has blocked account registrations using Chinese mobile phone numbers. Major Crypto Exchanges Stop Signing Up Chinese Users Following China’s latest crackdown announcement, several cryptocurrency exchanges and service providers said they have begun cutting ties with users in China. Crypto exchange Huobi announced Sunday that it will “gradually retire existing mainland China users.” The exchange wrote:…

Accounting For Cryptocurrency | The Complete Guide

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Cryptocurrency is emerging as a hot topic for Accountants and Financial Analysts. In this video I will share with you the accounting for cryptocurrency on the balance sheet and the income statement as well as US GAAP treatment. Become part of my inner circle & GET FREE DOWNLOADS: My Other Best-Selling Products: 📑Get My “Night Before the Accounting Interview Guide” including All Levels Q&A: 📈 Get $25 off MY ONLINE COURSE ON FINANCIAL METRICS Use Coupon Code: Save25 ——————————————————————- My Recommended Products…

Morgan Stanley doubles exposure to Bitcoin through Grayscale shares

Major U.S. investment bank Morgan Stanley has more than doubled its shares of Grayscale Bitcoin Trust since April. According to a report from the U.S. Securities and Exchange Commission, or SEC, filed Sept. 27, the Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies throughout Europe, owned 58,116 shares of the Grayscale Bitcoin Trust, or GBTC, as of July 31. At the time of publication, the price of GBTC is $34.28, making the investment bank’s exposure to Bitcoin (BTC) roughly $2 million — Morgan Stanley reported the…

Analyst says $42K must hold to keep Bitcoin price from sweeping its swing low

Bitcoin bulls continued to battle with bears near the $43,000 support level on Sept. 27 as China’s crackdown on all things cryptocurrency put a halt to last week’s positive price movements and has stifled growth into the day. According to Eric Krown, a cryptocurrency trader and host of Krown’s Crypto Cave, what comes next for Bitcoin (BTC) really “depends on what timeframe you are talking about,” but he is currently focused on the more medium- to long-term outlook. In the latest episode of “The Market Report” with Cointelegraph, the cryptocurrency trader…

Former Ethereum Developer Griffith Pleads Guilty To Violating U.S. Sanctions

American programmer and developer Virgil Griffith pleaded guilty today to violating U.S. sanctions law. Griffith created Wikipedia indexing tool WikiScanner, co-designed the Tor2web proxy, and was a senior research scientist with the Ethereum Foundation who at one point led special projects for the platform. The North Korean Crypto Conference A federal grand jury convened by the U.S. Attorney’s office in the Southern District of New York alleged that Griffith conspired to allege the International Emergency Economic Powers Act. Griffith was set to go on trial today, but instead changed his…

FalconX Eyes Miami for Expansion as CEO Plans Hiring Push

FalconX expects to grow to roughly 160 employees from 90 over the next six months, CEO Raghu Yarlagadda said. He said the institutional crypto exchange is evaluating Miami as a potential location for expansion after several firms have opened offices in the crypto-friendly city in recent months. FalconX is trying to tap growing demand from institutional investors trading cryptocurrencies as larger competitors like Coinbase do the same. For example, Coinbase reported in its last earnings call that institutions accounted for 69% of the company’s $462 billion in second-quarter trading volume.…

Inside the North Korean Trip That Got Ethereum’s Virgil Griffith Arrested — CoinDesk

With North Korea, though, while you may never know what you will get, it will always be unexpected. The trip had been months in the making, the sum of much anxiety, excitement, effort and cost – and a cold Air Koryo chicken sandwich famous for its terribleness to cap it all. I ended up thoroughly disappointed when, contrary to my expectations, the foreign attendees were expected to give presentations to the locals. I declined, and not a single North Korean gave a talk at the conference, which provided no information…