Day: January 12, 2023

Paytm Shares Decline Following Alibaba Affiliate’s Alleged Sale of Stake Worth $125M 

Digital payments firm Paytm saw its stock decline markedly after a shareholder offloaded 19.20 million shares. Paytm shares suffered an 8.8% decline on Thursday following a series of block deals recorded by parent One97 Communications Ltd. According to reports, roughly 19.20 million shares or a 3% stake in the digital payments and financial services platform changed hands. The monetary value of the recent sale is around $125 million. Reports also stated that the likely seller in the Paytm block deal is Alibaba Group affiliate Ant Financial. As of September last…

3 reasons why Avalanche (AVAX) price can double by March 2023

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Avalanche (AVAX) has opened 2023 with a bang, rising nearly 55% in the first two weeks. And now, a mix of technical and fundamental indicators hints that the token will keep rallying into March. AVAX price breakout underway The AVAX/USD pair appears to have been forming a falling wedge pattern since May 2022 and has now entered the breakout stage of this pattern. A falling wedge forms when the price trends lower inside a range defined by two converging, descending trendlines. The pattern resolves as the price breaks out of its…

Stripe Cuts Internal Valuation for Second Time in 6 Months

In reaction to the current market outlook, in November last year, Stripe laid off as many as 1,120 of its workers. Irish-American financial services and SaaS company Stripe has received its second valuation cut in 6 months, a sign that the fintech ecosystem is yet to recover from the underlying strain in the sector across the board. As reported by The Information, the latest valuation pegs the company’s internal value at $63 billion after an 11% cut in its share price. Unlike publicly listed companies whose valuation can easily be…

Ubisoft Latest Game Cancelation and More Bad News Causes Shares to Plunge 20%

Due to the bad news, which includes the canceled games and financial challenges, Ubisoft plans to “depreciate around €500m of capitalized R&D”. French video game publisher Ubisoft saw its shares slump 20% after the company shared some bad news. The video game publisher announced delaying the release of its game “Skull and Bones”. It is indeed bad news from Ubisoft as the Skull and Bones game will be delayed again. That means that it will no longer launch on the 9th of March which was the most recent schedule. With…

Ethereum Spurts 13% In The Past Week, Investors Hopeful Of Market Bottom

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At its current price of $1,408, investors and traders are hopeful that the market bottom is finally here for Ethereum. Analysts are observing that Ethereum is at its key resistance level, poised for a breakout as the Consumer Price Index (CPI) data was released Thursday. This rally by Ether – which is up 13% in the last seven days, based on data by Coingecko – has been fueled by a renewed investor sentiment. However, these huge gains are still threatened by macroeconomic forces.  The Consumer Price Index reported by the…

Germany’s Financial Watchdog Warns of ‘Godfather’ Malware Attacks on Crypto Apps – Security Bitcoin News

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The agency overseeing the financial sector in Germany has issued a warning about the ‘Godfather’ malware attacking banking and crypto applications. Hundreds of these platforms have been targeted, the regulator noted, including those operating in the Bundesrepublik. Financial Authorities Advise Germans How to Protect Their Mobile Apps From Malware The Federal Financial Supervisory Authority of Germany (Bafin) has warned consumers about the threats from a malicious software known as ‘Godfather.’ The Trojan often mimics a legitimate app and records user input when accessing fiat and crypto accounts. In a notice…

Nexo offices reportedly raided by police in Bulgaria

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Troubled cryptocurrency lender Nexo is facing more pressure from regulators as its offices have been reportedly raided as part of an international investigation. A group of prosecutors, investigators and foreign agents started searches of Nexo’s offices in the Bulgarian capital, the local news agency Standart reported on Jan. 12. The operation was reportedly initiated a few months ago, targeting a large-scale financial criminal scheme allegedly involving money laundering and violations of international sanctions against Russia. Citing sources of the Bulgarian National Television, the report alleges Nexo’s involvement in the scheme.…

Nexo Subject to Investigation in Bulgaria Over Alleged Money Laundering, Tax Offenses

“There are authorities at one of Nexo’s offices in Bulgaria which is, as you know the most corrupt country in the EU,” a Nexo spokesperson said in an email to CoinDesk. “They are making AML and tax-related inquiries about a Bulgarian entity of the group that is not customer facing, but only has back office functions – payroll, customer support, compliance. We are one of the most stringent entities with regards to KYC/AML.” Source