Day: May 11, 2023

Finally, Cryptocurrency Has a Safe Haven – Sponsored Bitcoin News

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sponsored The cryptocurrency industry has faced significant regulatory challenges in recent years, with the SEC and CFTC taking action against various projects, including sending Wells notices to Coinbase. Amidst this regulatory landscape, the concept of sovereignty and international law has become increasingly important for crypto investors and innovators. The idea is that a new state can create a safe-space for said innovations to flourish – introducing Joseon, the world’s first cyber nation-state with diplomatic relations with a recognized UN member nation. Understanding the Impact of Sovereignty on Crypto Sovereignty refers…

Animoca Brands reports $3.4B of assets in an interim financial update

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Venture capital firm Animoca Brands released an interim financial report laying out its key unaudited financial positions as of April 30, 2023. The company revealed around $3.4 billion in assets, claiming it remains financially strong despite recent reports of its valuation plummeting.  Within the update, the company highlighted a cash and stable balance worth $194 million, liquid digital assets worth $566 million — including reserves in The Sandbox (SAND) tokens — and off-balance sheet tokens worth $2.7 billion for all other Animoca Brands majority-owned Web3 subsidiaries. According to the firm,…

Buying a car with Bitcoin gets $3.7M fine, prison time in Morocco

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A crypto user who purchased a luxury car with Bitcoin (BTC) has faced a sentence of 18 months in prison and a $3.7 million fine in Morocco, which still considers the use of crypto as an illegal act.  A recent report by Euronews has stated that the Casablanca Court of Appeal has upheld the conviction of Thomas Clausi, a 21-year-old French citizen, on charges of fraud and illegal use of cryptocurrency. According to Clausi’s lawyer, Mohamed Aghanaj, the court confirmed the verdict last week. This decision indicates that the Moroccan…

China launches national blockchain center to train half a million specialists

On May 10, the National Blockchain Technology Innovation Center, first announced in February, officially started its work in the Chinese capital city of Beijing. The center will collaborate with local universities, think tanks and blockchain businesses to develop blockchain technology in China. The institution will reportedly train more than 500,000 specialists in distributed ledger technology (DLT).  Leading the new center is the Beijing Academy of Blockchain and Edge Computing, which developed the ChainMaker blockchain; a home-grown blockchain serving as a blueprint for the center’s developments. ChainMaker is already supported by…

South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency – Africa Bitcoin News

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The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will “not shy away from discussions” that relate to her country’s national interests. The minister also revealed that South Africa’s debt is primarily denominated in dollars, therefore the country cannot easily ditch the greenback. Establishing a BRICS Common Currency With just a few months before Brazil, Russia,…

IRS Files Claim against FTX & Affiliates, Seeks $44B in Unpaid Taxes

In its claim, the IRS alleged that FTX, Alameda, and co failed to report transactions and activities for a sustained period.  The US Department of Treasury and Internal Revenue Service (IRS) has filed a $44 billion claim against FTX and its subsidiaries. In the documents, dated April 27th and 28th, the IRS alleged that the embattled crypto exchange and its affiliated entities owe the revenue service $44 billion. The Washington, DC-based federal revenue service agency said the unpaid claims were due to FTX failing to report several transactions properly. The single most significant…

Binance looks to the UK for regulation amid US crypto crackdown

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now looking to be regulated in the United Kingdom. During the Financial Times’ Crypto and Digital Assets Summit, Patrick Hillmann, the company’s chief strategy officer, expressed that the past six months have been quite confusing for the U.S. He added that the recent actions taken by the Securities and Exchange Commission (SEC) against rival exchange Coinbase for allegedly violating securities laws are an indication of how “the…

Roblox Raises $774M by Selling In-Game Robux Currency with Users at All-Time High

Roblox reported a total of $774 million in “bookings”, which jumped by a staggering 23% in comparison to the previous year. During the first quarter of the year 2023, the Roblox growth engine maintained pace by increasing the daily active users along with the sales of Robux, the in-game digital currency. Roblox, which is also a metaverse game platform, has been a social gathering place for many players and has reported a total of $774 million in “bookings”, which jumped by a staggering 23% in comparison to the previous year,…

Bitcoin futures OI falls to one-month low amid sustained decline

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) might be witnessing a drop in investor interest. Its open interest (OI) in perpetual futures across significant exchanges registers considerable declines since May 1. Consequently, OI recently plummeted to a one-month low. Per data from Glassnode, bitcoin’s OI on leading exchange Bitfinex has dropped to a 1-month low of $133.6 million. A chart shared by the blockchain data intelligence provider indicates that this decline began in May, following a noticeable peak observed in April. …