Month: February 2023

Crypto-friendly bank ends loans backed by crypto mining rigs

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The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million…

‘Categorically false’ — Attorney denies bids for Celsius assets were rejected

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The counsel representing Celsius’ official creditor committee has denied assertions that the bids for Celsius’ crypto assets have been rejected. During a Jan. 31 Twitter Space “town hall” following the examiner’s report on Celsius, attorneys from White & Case LLP, Gregory Pesce and Aaron Colodny, addressed the so-called “leaked” bids for Celsius’ crypto assets shared by crypto blogger Tiffany Fong. “The assertion that the bids have been rejected is just categorically false,” said Pesce. https://t.co/hbJ5GJchZC — Celsius Official Committee of Unsecured Creditors (@CelsiusUcc) January 31, 2023 Fong’s Jan. 27 post on…

India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’ – Regulation Bitcoin News

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India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated. Finance Ministry’s Economic Survey Includes Crypto This Year Indian Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament Tuesday. The Economic Survey is an annual flagship document of the Ministry of Finance that outlines the…

Crypto exploit losses in January see nearly 93% year-on-year decline

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Aside from the bullish crypto market rally in January, there’s been more positive industry news as the month saw a decline in losses from exploits compared to the same time last year. According to data from blockchain security firm PeckShield on Jan. 31, there were $8.8 million in losses from crypto exploits in January. There were 24 exploits over the month, with $2.6 million worth of crypto being sent to mixers such as Tornado Cash. The breakdown of assets sent to mixers includes 1,200 Ether (ETH) and around 2,668 BNB…

Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million – Featured Bitcoin News

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Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin. Tesla’s Digital Assets and Its Bitcoin’s Fair Value Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday. The…

Crypto scammers abuse ‘lax’ UK company laws to fool victims: Report

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The United Kingdom is host to at least 168 companies accused of running fraudulent crypto or foreign exchange (forex) scams according to an independent analysis. A Jan. 29 joint investigation by media firms the Bureau of Investigative Journalism and the Observer suggested organized crime groups are using the U.K. as their base due to its “lax regulation.” The actual number of U.K.-based crypto or forex companies involved in scams is likely far greater than 168 as the number was calculated by reviewing lists of suspected shell companies and cross-referencing them…

Lido DAO Governance Token Down, Staked Ether Price Stable, as Withdrawal Proposal Comes Into Focus; Bitcoin Price Rises as Fed Rate Decision Nears

“Gentle, quick and responsible, the Rabbit is the fourth animal in the 12-year cycle of the Chinese horoscope. Together with yin water, this combination bodes well for a calmer 2023 compared to last year’s tumultuous experience,” the brokerage wrote, while also reminding investors to seek professional advice before making a decision. “This year’s bazi, or destiny chart, advises us to step out of our comfort zone but remain mindful of perils afoot. After all, a rabbit’s foot is lucky for everyone but the fluffy woodland creature.” Source

Founder of $7.5M ‘brazen fraud scheme’ to see 8 years behind bars

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Founder of “My Big Coin” and convicted fraudster Randall Crater has been sentenced to 100 months in prison and has been ordered to pay over $7.6 million to the victims of his fraudulent scheme.  The U.S. Department of Justice (DOJ) said on Jan. 31 that Crater was sentenced by United States District Court Judge Denise Casper in Massachusetts. The sentence comes around six months after Crater was convicted by a federal jury on Jul. 21, 2022, on four counts of wire fraud, three counts of unlawful monetary transactions and one…

82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News

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Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. “Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” the firm’s chief executive said. Millionaires to Capitalize in Forthcoming Crypto Bull Run, Devere Says Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, published the results of its crypto…

Toyota to Experiment With Blockchain Use Cases by Sponsoring Astar Network’s Hackathon

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