Day: February 21, 2023

EU Calls for Acceleration of Crypto Capital Rules for Banks Ahead of Global Deadline

The regulations could also include required provisions on Bitcoin, stablecoins, and other crypto assets. The European Union (EU) Executive is calling for accelerated implementation of strict crypto capital rules for financial institutions with crypto assets in the awaiting banking law. The executive emphasized the approaching deadline agreed upon, adding that Europe needs to make its decision to meet the target time. When the new law passes, it will guide banks that hold crypto assets. The global deadline was set by the Basel Committee, which consists of banking regulators from global…

Hope Finance exploit results in $2M stolen from users’ funds

boss

Prospective users of an Arbitrum-based decentralized finance (DeFi) project have been left out of pocket following a $2 million exploit. Web3 security firm CertiK flagged the incident on Feb. 21, following an announcement from the Hope Finance Twitter account notifying users of the scam. #CommunityAlert @hope_fin have announced the community has been scammed for ~$2m making this the largest #exitscam on Arbitrum in 2023. $1.86m was transferred to @TornadoCash. Hope_fin have posted steps for user’s to withdraw their staked LPhttps://t.co/hJbFXiKujt — CertiK Alert (@CertiKAlert) February 21, 2023 Details of the…

CoinShares remains afloat despite heavy FTX losses: Q4 report

boss

While other hedge funds decided to close down operations after being hit by the FTX debacle, some managed to survive and stay afloat after navigating the challenges brought about by the collapse of the exchange.  In its fourth-quarter report for 2022, institutional crypto fund manager CoinShares highlighted that the firm managed to remain “financially robust” despite dealing with the FTX collapse at the end of the year. The fund also presented its wins, such as its graduation to Nasdaq Stockholm’s main market and strong levels of inflow into CoinShares physical…

India expands national payment network to Singapore: What’s in it for crypto?

One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program. India’s national payment network, called the unified payments interface (UPI), is expanding its services beyond Indian borders to Singapore. The cross-border connectivity between Singapore and India via their respective rapid payment systems, namely PayNow and the UPI. Shri Shaktikanta Das, governor of the Reserve Bank, and Mr Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage. The UPI-PayNow integration will allow…

Saudi Aramco Signs MoU with droppGroup in Web 3.0 Move

Aramco’s new deal with droppGroup is further proof that Saudi Arabia is one of the leading early adopters of Web 3.0 technology. Saudi Arabian-based energy giant Saudi Aramco has partnered with droppGroup as it looks to explore the endless possibilities of Web 3.0 technology.  According to a press release made available to CoinDesk, the oil group – worth nearly $2 trillion, has now signed a memorandum of understanding (MoU) with Web 3.0 technology provider droppGroup. Saudi Aramco Forays Deeper into Blockchain Technology Per the release, Saudi Aramco will look to…

Bitcoin sees fresh $25K rejection as pre-Wall Street volatility returns

boss

Bitcoin (BTC) matched six-month highs on Feb. 21 as the latest attempt to flip $25,000 to support failed. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin unsettled before Wall Street open Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,250 on Bitstamp. A firm rejection on hourly timeframes then saw the pair return below $24,750, maintaining a trading range in place throughout the weekend. With a Wall Street on Feb. 20, Bitcoin faced three days of “out-of-hours” trading featuring thinner liquidity and more risk of volatile moves up…

FTX Bankruptcy Claims Selling at 20 Cents to 1 Dollar

As per reports, public bankruptcy markets are currently valuing distressed FTX assets at around $0.16 on the dollar. In an interesting development, the FTX bankruptcy claims are up for sale in private over-the-counter (OTC) markets. Sources familiar with the matter said that distressed fund assets can pick up these claims. FTX Bankruptcy Case Crypto exchange FTX filed for bankruptcy last year in November 2022, after its sister firm Alameda Research blew up entirely due to leverage positions. Currently, FTX and its disgraced founder Sam Bankman-Fried owe $3.1 billion to the…