Day: April 16, 2023

Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review – The Weekly Bitcoin News

boss

In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review. Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price…

Huobi withdraws over 50,000 ETH after Shanghai Upgrade

Crypto exchange Huobi is now one of the bigger withdrawers from the ethereum (ETH) staking contract, having pulled out over 50,000 ETH. The exchange, however, started redepositing it from another wallet. So far it has returned 16,000 ETH into the contract following the recent Shanghai upgrade that requires a fresh set of validators. huobi are one of the bigger withdrawers from the eth staking contract so far (~50ke+) but they’ve just started redepositing it from another wallet 16k went back into the contract just now pic.twitter.com/4OHsuuR6MI — alto | dollar.eth…

Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils – Bitcoin News

boss

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly…

US OFAC sanctions 5 individuals in China and Guatemala, bitcoin address blacklisted

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On April 14, the United States Office of Foreign Assets Control (OFAC), under the Treasury Department, sanctioned five individuals and two companies based in China for supplying cartels in Mexico with precursor ingredients used to manufacture opioids. OFAC sanctions Of the five people sanctioned, a 32-year-old WANG, Hongfei, a Chinese national based in Hebei, had his bitcoin (BTC) address blacklisted by United States authorities. Hongfei’s details were displayed, including his association with Wuhan Shuokang Biological Technology. Yao Huatao,…

US draft bill on stablecoins places issuers like Tether under the Federal Reserve oversight

A new draft bill that provides a stablecoin framework in the United States will see private issuers such as Circle, the issuer of USDC, and Tether Holding, the firm behind USDT, placed under the Federal Reserve (Fed) oversight. The Fed is the country’s central bank guiding the monetary policy in the world’s top economy. The draft bill on a stablecoin framework in the U.S. The bill, published from the House of Representatives’ document repository, will also be discussed next week on April 19.  Stablecoins are crypto tokens designed to track the price…

Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira – Africa Bitcoin News

boss

Nigerian economic experts have said the country’s five-year-old currency swap agreement with China has not eased the pressure against the Nigerian currency. According to one expert, implementation of the swap arrangement is being held back by the size of the trade imbalance between Nigeria and China Easing Pressure on the Naira According to experts on the Nigerian economy, the country’s five-year-old currency swap agreement with China has failed to ease the pressure on the naira. Signed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC),…

Crypto holder hacked for $50,000, blames LastPass for loss

On April 15, a crypto holder took to Reddit claiming he lost $50,000 worth of cryptocurrencies following an alleged exploit on LastPass. Crypto holder lose $50,000 worth of tokens LastPass is a password management tool that makes it easier for people to save, among other sensitive data, details of their passwords, logins, and even card numbers.  The crypto holder, who runs the password management tool on his Windows 7 desktop and Samsung Galaxy smart phone, used the software to store his tokens’ private keys. Two of his wallets had not been installed…

Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud – Bitcoin News

On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ attorney Damian Williams stated that Zhong had utilized a bitcoin mixing service, an international cryptocurrency exchange, and “an impressive array of technological tools to frustrate tracing efforts.” Officials Seize Bitcoin, Precious Metals, and Firm With…

Circle exec to join US Congressional committee hearing on stablecoin payments, legislation

boss

The United States House Committee on Financial Services a.k.a the Financial Services Committee will hold a hearing on April 19 to discuss stablecoins’ position as a means of payment and whether or not the ecosystem needs supporting legislation. The Financial Services Committee issued a memorandum to announce an upcoming hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation.” The hearing will be based on the information collected over the last year demanded by the Federal government. List of individuals testifying at the upcoming Financial Services Committee hearing. Source: house.gov…