Day: February 8, 2023

South Korean officials traveled to Serbia to find Do Kwon

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The hunt for the controversial founder of the now-collapsed Terra ecosystem, Do Kwon, has intensified with South Korean officials reportedly confirming they sent at least two people to Serbia to track him down. According to a Feb. 7 Bloomberg report, the prosecutor’s office in Seoul said the reports “aren’t false” regarding members of its team trekking out to the Balkan state to find Kwon. It appears at least two state officials went — one from the prosecutor’s office and the other being a senior member of South Korea’s Justice Ministry.…

DCG offloads Grayscale shares to raise capital: Report

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Cryptocurrency conglomerate Digital Currency Group (DCG) has reportedly begun to sell its holdings in crypto funds managed by its subsidiary Grayscale Investments as it looks to raise capital and preserve liquidity. According to a Feb. 7 Financial Times report citing seen United States securities filings, DCG sold around a quarter of its shares in Grayscale’s Ether (ETH)-based fund for around $8 per share, despite each share holding a claim to nearly double that amount in ETH. The market price per share (gray) vs holdings per share (green) of the Grayscale…

North Korea Stole Record Amount of Crypto Assets in 2022, UN Report Unveils – Bitcoin News

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The regime in North Korea has managed to steal more cryptocurrency last year than in previous years, according to a draft U.N. report. Despite the difference between quoted estimates, the authors conclude that 2022 was a record-breaking year for crypto theft, to be blamed on the hermit state. Cybercrime Groups Linked to North Korea Get Hold of Crypto Worth Over $1 Billion in a Year North Korea has stolen more crypto assets in 2022 than in any other year, according to a United Nations report which is to be released…

BIS to launch stablecoin monitoring project and up focus on CBDC experiments

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The Bank for International Settlements (BIS) will heighten focus on experimenting with Central Bank Digital Currencies (CBDCs) this year via its research and development arm and will also launch a new project to monitor stablecoins. On Feb. 7, the Switzerland-based so-called “bank for central banks” announced its Innovation Hub will “increase its focus” on CBDCs in 2023 to improve payment systems. The bank added its work schedule for the year ahead also includes “Project Pyxtrial,” which it described as a new experiment being launched by the London branch of the…

Voyager subpoenas FTX and Alameda execs as judge orders fee examiner

Lawyers representing bankrupt crypto broker Voyager Digital have served former FTX CEO Sam Bankman-Fried and other FTX and Alameda Research executives with subpoenas requesting information. The subpoenas have a very wide scope, with Voyager’s lawyers seeking copies of any documents and communication between FTX entities and the Securities and Exchange Commission (SEC) or the Department of Justice (DOJ) according to the Feb. 6 filing. Amongst a plethora of other requested documents, the lawyers also want to see information relating to the loan portfolio between Alameda and Voyager as well as…

US Dollar to Keep Losing Its Appeal as Safe-Haven Currency of Last Resort, Says Strategist – Economics Bitcoin News

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Pacific Investment Management Company (PIMCO) expects the U.S. dollar to “continue to lose its appeal as the safe-haven currency of last resort.” The $1.74 trillion asset management firm added that the USD “is likely to fall further in 2023 as inflation falls, recession risks decline, and other shocks abate.” PIMCO Strategist Warns About USD Pacific Investment Management Company (PIMCO) has predicted a significant downtrend for the U.S. dollar this year. PIMCO had $1.74 trillion in assets under management as of Dec. 31, 2022. Gene Frieda, an executive vice president and…

Bank of England thinks digital pound can co-exist with private stablecoins

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The United Kingdom is a step closer to launching a Central Bank Digital Currency (CBDC) after releasing a consultation paper explaining the proposed digital pound, which the public has nicknamed “Britcoin.” The 116-page consultation paper was jointly released on Feb. 7 by the Bank of England (BoE) and His Majesty’s Treasury. A technology working paper was also released delving into the technical and economic design considerations. Despite the rise of privately-issued stablecoins in recent years, the paper said CBDCs such as the digital pound can co-exist in what they expect…

Unpacking India’s CBDC Pilots as Country Prepares for Digital Rupee

India launched two CBDC pilots last year. The first, a wholesale CBDC effort (CBDC-W), began on Nov. 1 with the participation of nine banks. The other, a retail CBDC (CBDC-R) pilot, launched on Dec. 1 in four cities – Mumbai, New Delhi, Bengaluru and Bhubaneswar. Initially, four banks, including the State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank participated. Source CBDCCountryDigitalIndiasPilotsPreparesRupeeUnpacking CryptoX Portal

Nokia uses the metaverse to connect remote breweries, train aircraft techs

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From beer breweries on opposite ends of the globe to aircraft technicians in isolated airports, telecoms infrastructure firm Nokia has been looking for ways to use the metaverse to aid remotely-located workers. Nokia, who many remember as a manufacturer of consumer mobile devices, has since pivoted into developing technology and equipment that “delivers the internet.” Robert Joyce, CTO of Nokia Oceania told Cointelegraph that part of those plans also includes delivering the Metaverse. “Nokia set up two labs last year to really look at the Metaverse and the technologies that…

Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan – Economics Bitcoin News

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Bank of America is preparing for a possible U.S. debt default, says CEO Brian Moynihan. He is not a fan of eliminating the debt ceiling altogether as some lawmakers have proposed. Meanwhile, Treasury Secretary Janet Yellen says “every responsible member of Congress must agree to raise the debt ceiling.” Bank of America CEO Brian Moynihan on Possible US Debt Default The CEO of Bank of America, Brian Moynihan, talked about the prospect of the U.S. defaulting on its debt in an interview with CNN Monday as Congress is in conflict…