Tag: Report

FASB Crypto Accounting Review Won’t Include NFTs, Certain Stablecoins: Report

FASB did not name specific crypto assets that would be excluded from the rule. But it said the digital assets addressed by the rule would include those that are intangible, don’t carry contractual rights to cash flows or ownership of goods and services, and those that are fungible, according to the Journal. NFTs are by their very nature non-fungible and may carry rights to underlying assets, while some stablecoins are tangible assets. Source

South Korean authorities arrest 16 individuals connected to $2B crypto forex transactions: Report

Authorities with South Korea’s customs service have reportedly arrested 16 people involved in illegal foreign exchange transactions connected to crypto assets worth roughly $2 billion. According to a Tuesday report from South Korean news agency Newsis, the country’s customs authorities plan to prosecute two unnamed individuals linked to the illicit transactions, impose fines on seven people related to negligence and continue investigating the remaining seven. Since February, the Korea Customs Service’s investigation reportedly discovered more than 2.7 trillion won — roughly $2 billion at the time of publication — tied…

British National Accused in OneCoin Scam Set to Face US Extradition: Report

Robert McDonald, a co-accused, avoided extradition on human rights grounds. McDonald is the prime carer for his “extremely ill” wife and has expressed “clear and genuine suicidal intent, in the event he were to be extradited,” according to the judgment cited in the Law360 report. The judge also stated that “there is no apparent evidence of monetary gain by Robert MacDonald.” Source

ETH products grow in August as BTC products dip: CryptoCompare report

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Ethereum investment products increased by 2.36% to $6.81 billion in assets under management (AUM) throughout August, outperforming Bitcoin products which saw a 7.16% drop off to $17.4 billion.  The figures were contained in a new report by CryptoCompare. This was also reflected in the Bitcoin (BTC) and Ethereum (ETH)-product trading volumes, with Grayscale’s most notable Bitcoin product, GBTC experiencing a 24.4% drop in volume, while its Ethereum product, GETH actually increased 23.2%. CryptoCompare’s report suggeste the highly anticipated Ethereum Merge was the cause behind the change in trading volumes: Indeed,…

Crypto ‘cannot be partisan,’ says US lawmaker who scored negative on bipartisanship index: Report

United States House of Representatives member Tom Emmer has reportedly suggested that regulating and encouraging innovation in the crypto space should not be a political win for either Democrats or Republicans. According to an interview released Tuesday by Axios reporter Brady Dale, Emmer said many of his colleagues in Congress were treating cryptocurrencies as a risk that merited warnings, rather than an investment opportunity for the United States. The U.S. lawmaker added that encouraging figures like FTX CEO Sam Bankman-Fried to stay in the country will open more doors for…

What to Make of the Avalanche Whistleblower Report

The report, if true, is damning and shows that anti-competitive behavior is alive and well in crypto. There are, however, several reasons to remain skeptical about the allegations. Right now, the pursuit of truth has reached a he-said-she-said stage – where it seems like all parties are withholding some facts – that only tarnishes crypto’s reputation. Source

El Salvador’s Bitcoin Bond Delays Continue; Investor Interest Wanes: Report

President Navib Bukele announced plans to raise $1 billion via bonds backed by bitcoin (BTC) in November, shortly after El Salvador became the first country in the world to adopt bitcoin as legal tender. The offering was initially supposed to launch in early 2022, but it has faced delays, at least in part, thanks to plunging bitcoin prices. Source BitcoinBondContinueDelaysInterestInvestorReportSalvadorsWanes CryptoX Portal

Bitcoin could become a zero-emission network: Report

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A pro-Bitcoin mining report from self-proclaimed philanthropist Daniel Batten has claimed that Bitcoin (BTC) could become a zero-emission network. The report builds upon data from the Bitcoin Mining Council to understand the impact of carbon-negative energy sources on Bitcoin’s overall carbon footprint. Following investigation and extrapolation of the results, it claims to then “predict when the entire Bitcoin network becomes a zero-emission network.” But how does the Bitcoin network become carbon-negative in the first place? Put simply, by Combusting stranded methane gas to mine Bitcoin that would have otherwise been emitted into…