Month: February 2023

BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert – Bitcoin News

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Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD is experiencing increased activity on Monday as the third largest stablecoin by market capitalization has seen 286,720,127 BUSD redeemed in approximately eight hours. The increased activity began the previous day, when reports claimed the U.S.…

Regulation comes for crypto staking: Law Decoded, Feb. 6–13

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Last week, the United States Securities and Exchange Commission (SEC) reached an agreement with cryptocurrency exchange Kraken. The latter will stop offering crypto staking services to American customers and pay $30 million in disgorgement, prejudgment interest and civil penalties.  While the sum of fines could hardly get an entity like Kraken off balance, the future of staking concerns the crypto market. The court agreement attracted the ire of not only the general crypto community but of investors, politicians and industry executives, with Cinneamhain Ventures partner Adam Cochran calling SEC Chair…

9 crypto gifts for your Valentine’s Day date

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For readers looking for unique, meaningful gifts for their valentine this Valentine’s Day, consider giving a cryptocurrency-related gift. Here are nine options: A cryptocurrency gift card  Give your significant other the gift of choice by giving them a cryptocurrency gift card. They can use it to buy food or any digital asset they want, whether that’s Bitcoin (BTC), Ether (ETH) or a stablecoin like USD Coin (USDC). Virtual real estate Readers can buy virtual real estate in the metaverse, such as in Decentraland or The Sandbox, as a unique, romantic gift.…

Price analysis 2/13: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, SOL

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Bitcoin and major altcoins look vulnerable to a deeper correction after the crackdown on Paxos soured sentiment across the crypto market. Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD.  After the crackdown on Kraken last week and…

Crypto mixer Blender has been rebranded to Sinbad, says Elliptic

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Blender, the cryptocurrency mixer sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control in May 2022, was “highly likely” relaunched as Sinbad, according to risk management firm Elliptic. In a Feb. 13 report, Elliptic said its analysis of Sinbad suggested that the crypto mixer was likely a rebrand of Blender as well as having “the same individual or group responsible for it.” According to the firm, Sinbad was behind laundering roughly $100 million in Bitcoin (BTC) for North Korea’s hacking group Lazarus. Elliptic said following…

Circle Sounded Alarm on Paxos, Told NYDFS Binance’s Stablecoin Wasn’t Fully Backed: Bloomberg

CryptoX – Cryptocurrency Analysis and News Portal Bloomberg reported on Monday that Circle tipped off the New York Department of Financial Services (NYDFS) in the fall of 2022, complaining that blockchain data revealed Binance did not have enough reserves to back up the BUSD tokens it had issued through Paxos. Bloomberg cited a source familiar with the matter. Source The post Circle Sounded Alarm on Paxos, Told NYDFS Binance’s Stablecoin Wasn’t Fully Backed: Bloomberg appeared first on CryptoX. CryptoX Portal

Hacking Crypto Wallets Is Latest Strategy in Quest to Recover Lost Billions

Early statistics on ether (ETH), the second-biggest cryptocurrency by market cap, are harder to come by. However, data provided to CoinDesk by Crypto Asset Recovery shows that 7% of presale wallets have never had any crypto move – suggesting the ETH in those wallets have just been sitting there, untouched, ever since the Ethereum blockchain went live in 2015. That’s 621 of the 8,893 wallet addresses, or 521,574.608 ETH (roughly $875 million today). Source

ApeCoin leads in NFT and Metaverse market share, but are APE’s hefty staking rewards sustainable?

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In January, ApeCoin (APE) had an underwhelming performance compared to metaverse-based tokens like Decentraland (MANA) and The Sandbox (SAND). APE token gained 61% compared to the 90% and 150% respective gains seen in SAND and MANA. The subdued gains can be attributed to the hefty APE staking rewards that is likely creating some selling pressure. An upcoming unlock of around 9% of APE’s circulating supply in March 2023, along with not-so-impressive fundamentals, will add further headwinds for the token. The gains in APE will depend on the success of the…