Day: April 7, 2023

Do Kwon converted stolen funds from Luna to Bitcoin: S.Korean prosecutors

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South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. Out of the $314 million identified illicit assets, prosecutors have linked about 91.4 billion won ($69 million) of the specified amount to Kwon. Although Kwon amassed millions, none of the assets tied to him is recoverable or under the jurisdiction of the S.Korean authorities. This is primarily because the now-arrested former CEO reportedly converted most of the stolen funds into Bitcoin (BTC) using overseas crypto exchanges instead…

German Government Is Planning to Issue Electronic Securities on Blockchain

Germany is looking to modernize its capital market via the issuance of electronic securities on a blockchain platform. In an interesting development, the government of Germany is taking a blockchain-based route for the regulation of startups that are working for financial innovation. Earlier this week on April 5, Germany’s finance ministry drafted legislation dubbed the “Future Finance Act”. Some of the key goals of the legislation include the digitization of capital markets via the issuance of electronic securities on a blockchain platform. Besides, the legislation also talks of the improved…

Mt. Gox repayment registrations close: Here’s what’s next

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The saga of the Mt. Gox cryptocurrency exchange and the repayment of its creditors continues, as the company released a new statement as to what to expect now that its registration window has closed.  On April 7, the former exchange released a statement from its rehabilitation trustee Nobuaki Kobayashi saying the deadline for creditors to provide their repayment information — clarification of payee and payment type — has passed.  It said that “base repayment, intermediate repayment and early lump-sum repayments” will be carried out until Oct. 31, 2023. However, this final…

Celebrity crypto endorsements unravels a risky trend

A recently leaked list has exposed several high-profile celebrities cashing in on promoting cryptocurrency projects on social media.  This revelation underscores the potential risks associated with taking financial advice from influencers. It casts a shadow over the integrity of the crypto market. The leaked list, shared by a Reddit user, has unveiled the staggering sums paid to celebrity influencers for promoting cryptocurrency projects on social media platforms such as Instagram, TikTok, and Twitter.  Jake Paul, who reportedly earns $150,000 or more for a single tweet about a project, is topping…

Former US President Donald Trump States China Is ‘Trying to Replace the Dollar as Number One Currency’ – Economics Bitcoin News

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Former U.S. President Donald Trump has acknowledged the push that China is making to dethrone the dollar as a reserve currency. In a post published on Truth Social, Trump stated that if this comes to happen, it would be the biggest defeat in the history of the U.S. in the last 200 years. Donald Trump Alerts About China’s Push Against the U.S. Dollar Donald Trump, former president of the U.S. has recognized the recent moves that China and other countries including Russia and Saudi Arabia are taking to undermine the…

David Bowie unreleased record debuts as music NFT

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A previously unreleased version of David Bowie’s “Let’s Dance” has surfaced as part of a limited edition collection of nonfungible tokens (NFTs). Gala Music, a subsidiary of the Web3 startup Gala Games, has joined forces with music producer Larry Dvoskin and publisher Warner Chappell Music to unveil an unreleased version of David Bowie’s 1983 track “Let’s Dance” as part of a limited edition collection of NFTs. The announcement was made on Thursday, March 6. David Bowie created an impressive discography that included 27 studio albums, 11 live albums, four soundtracks…

Scrammuci believes bitcoin bear market is gone

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As a result of bitcoin’s strong start to the year 2023, the founder of SkyBridge Capital, Anthony Scaramucci, believes that we’re over the bear market. He also has expressed confidence in the crypto investments of his business. During an interview on April 6, 2018, with Yahoo Finance, Scaramucci observed bitcoin’s (BTC) performance stating that over longer periods, bitcoin has consistently outperformed every other asset class:  “Each time that you’ve held Bitcoin in a four-year rolling period, which means that you can select any day and keep it for the next four years,…

Robinhood Faces $10.2M Penalty From Multiple U.S. States Over Technical Failures, Investor Harm

“In addition, prior to March 2021, there were deficiencies at Robinhood in its review and approval process for options and margin accounts, weaknesses in the firm’s monitoring and reporting tools, and insufficient customer service and escalation protocols that in some cases left Robinhood users unable to process trades even as the value of certain stocks was dropping,” the DFPI said. Source

$30K BTC price target stays valid as ‘boring’ Bitcoin heads into US jobs data

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Bitcoin (BTC) stuck to a narrow trading range into April 7 as crypto analysts awaited the week’s main United States macroeconomic data. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $30,000 or $25,000 for Bitcoin? Data from Cointelegraph Markets Pro and TradingView confirmed another day’s ranging around $28,000 for BTC/USD. The pair had shunned volatility over most of the week, but now faced nonfarm payroll (NFP) numbers as a final potential catalyst for risk assets. “Expectations are that we’ll be seeing 3.6%, similar to last month. Based on the financial numbers…