Bitcoin Frogs, which launched in late February on Bitcoin Ordinals, reached trading volume of over $2.2 million, data from CryptoSlam show. The collection describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” Original
Meanwhile, The Australian Securities and Investments Commission (ASIC) is reviewing Binance Australia’s derivatives business after the crypto exchange erroneously classified 500 users as “wholesale investors,” leading to the closure of their derivative positions, which local regulations prohibit for retail traders. Source
Dr. Aisha Ghaus Pasha, Pakistan’s Minister of State for Finance, declared on May 17 that the government has no plans to legalize cryptocurrency in the nation. The statement was made during a meeting of the Senate’s standing committee on finance. According to Pasha, both the State Bank of Pakistan (SBP) and the Ministry of Information and Technology have commenced work towards banning the use of cryptocurrency. This move is aimed at discouraging its usage amongst the population due to its inherent risks and concerns. The minister also noted that the…
Self-regulatory organization CryptoUK and crypto exchange Kraken UK has slammed a recent report from a panel of British lawmakers that suggested crypto should be regulated in a similar vein to gambling. In a May 17 report, the Treasury Committee “strongly recommended” that unbacked crypto be regulated as gambling due to concerns over the “significant” consumer risks associated with the asset class, such as price volatility and lack of intrinsic value. It ultimately called for crypto to be regulated under the principle of “same risk, same regulatory outcome.” The move has…
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients. Many Crypto Firms Lack Independent Boards Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many…
Amid fallout over Ledger’s controversial decision to allow private keys to be “recovered” from its devices, cold storage competitor GridPlus has announced that it will move to “open source” the firmware of its crypto wallets. GridPlus took to Twitter on May 17 to inform its 17,500 followers that it will open source the firmware of all its crypto devices in the third quarter of this year in what it claims is in a bid for greater transparency. The most trusted name in cryptography, relied upon by the world’s governments for…
Dogecoin, one of the top meme coins in the cryptocurrency market, has experienced a significant rise in price thanks to “dogefather,” Elon Musk’s response to a dog-themed tweet. Elon Musk is at it again Elon Musk, known for his interest in cryptocurrencies and meme culture, recently took to Twitter to respond to a dog-themed tweet posted by user @EPavlic. In the tweet, @EPavlic shared a short video of her dog, praising its remarkable hair. Musk’s response, in the form of a dog-themed meme, caught the attention of the cryptocurrency community…
Defense lawyer and former federal prosecutor, James K. Filan, expects the infamous Hinman Speech documents to be released to the public by June 6, citing a previous court order. The Hinman documents relate to a 2018 speech from former Securities and Exchange Commission (SEC) corporation finance division director Bill Hinman, who essentially stated that Ether (ETH) was not a security. The documents involve the SEC’s internal discussion and deliberations around this speech. In a May 17 Twitter thread, Filan, who has been actively following the SEC vs Ripple case over the…
Lawmakers from South Korea are pushing to enshrine stricter regulation of digital assets in the wake of a gruesome murder case involving digital assets. According to a May 18 Bloomberg report, a Korean woman was abducted on March 29 and later murdered in a dispute believed to have stemmed from a disagreement over cryptocurrency-related losses — adding to a string of digital-asset-related scandals including Do Kwon’s Terra Money ecosystem collapse in May last year. The recent murder case has reportedly added urgency for lawmakers to expedite the nation’s first standalone crypto…
Ben Armstrong, the YouTube influencer also known as BitBoy, has sold his BEN tokens for 43 ethereum (ETH) less than a week after telling followers that he was committed to holding them for six months to make critics “dumb again”. BitBoy dumps BEN On-chain data from May 17 shows that the influencer, who rose to fame on YouTube, where he has over 1 million followers, offloaded all his BEN holdings in a series of transfers on May 17. He earned roughly 43 ETH from his transactions, worth roughly $78,000 at current rates.…