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
Trader Joe has risen to the top five decentralized exchanges by trading volume after the launch of its V2 platform on Arbitrum on Feb. 1, 2023. Top five DEX by 7-day trading volume. Source: DeFiLlama The project launched a liquidity incentive program to boost deposits for ARB, ETH and USDC trading which shared 300,000 JOE
Islamic banking and finance is a system based on the principles of Shariah, or Islamic law, which, among many other things, prohibits the charging or paying of interest on loans and emphasizes ethical and equitable financial transactions. One of the more notable traits of Islamic banking is its prohibition on charging or paying interest on
The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement. The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens (NFTs) in its
On April 6, 2023, Bitcoin’s difficulty rose 2.23% higher at block height 784,224, touching another all-time high. It’s the fourth consecutive difficulty increase on the Bitcoin network since Feb. 24, and the protocol’s current difficulty is 47.89 trillion, which is only 2.11 trillion away from reaching the 50 trillion range. Bitcoin Difficulty Jumps 2.23% Higher
Following Bitcoin’s (BTC) stellar start to 2023, SkyBridge Capital founder Anthony Scaramucci believes “we’re through the bear market” and expressed confidence in his firm’s crypto investments. However, “the Mooch” qualified the statement by adding, “That is a guess. We don’t know.” In an April 6 interview with Yahoo Finance, Scaramucci noted that Bitcoin has consistently
Matter Labs, the team behind Ethereum layer 2 scaling solution zkSync, has denied that 921 Ether (ETH) worth $1.7 million will be “stuck forever” in one of its new projects. The statement comes as one zkSync project is currently experiencing issues in transferring the funds that it accumulated during its token sale. In a response tweet,
The top two decentralized derivatives platforms, dYdX and GMX, are head-to-head concerning liquidity and trading volumes. The perpetual swap daily trading volume on dYdX ranged between $340 million and $2.6 billion in March, per CoinGecko data. In comparison, GMX did less than $500 million in daily trading volumes. The open interest (OI) volume, which measures
Our weekly roundup of news from East Asia curates the industry’s most important developments. Blowing up a Singaporean crypto hedge fund worth an estimated $10 billion at its peak was, by all means, a life-changing event for its co-founders Kyle Davies and Zhu Su. It appears that the trauma from the incident had been so
Bitcoin (BTC) and crypto may yet see a long-term correction thanks to central banks keeping liquidity tight, Bloomberg warns. In its latest research, Bloomberg Intelligence revealed cool stance on the ongoing 2023 crypto market rally. Bloomberg: Expecting BTC price to hold “may be illogical” Despite gaining 70% in Q1, Bitcoin is not convincing everyone that
Tether (USDT) continues to benefit from the ongoing turmoil in the U.S. dollar-backed stablecoin industry with its market capitalization growing significantly in Q1 2023 at other stablecoins’ expense. Tether market cap reaches $80 billion On April 6, the circulating market cap of USDT surpassed $80 billion for the first time since May 2022 with a
Blockchain exploits can be extremely costly; with poorly designed smart contracts, decentralized apps and bridges are attacked time and time again. For example, the Ronin Network experienced a $625-million breach in March 2022 when a hacker was able to steal private keys to generate fake withdrawals and transferred hundreds of millions out. The Nomad Bridge
A new report from the United States Treasury Department analyzing decentralized finance concluded that actors from the Democratic People’s Republic of Korea as well as other scammers are able to exploit vulnerabilities to facilitate money laundering. In its ‘Illicit Finance Risk Assessment of Decentralized Finance’ report released on April 6, the U.S. Treasury said many
Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level. Dogecoin (DOGE) Dogecoin (DOGE) fell for a third
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The largest economy in Africa has a foreign investment problem despite exponential growth in crypto adoption. The National Bureau of Statistics (NBS) reported on Tuesday that foreign direct investment (FDI) in Nigeria, the largest economy in Africa, dropped by 33% last year due to a severe shortage of dollars. The shortage has also discouraged crypto
Bitcoin (BTC) headed back toward $29,000 into April 5 as data showed whale orders guiding price action. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis: BTC price push still “bear market rally” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit $28,780 on Bitstamp. The pair continued a rebound from one-week lows
The most significant advantages of trading cryptocurrencies are quick profit generation, secure value storage, low fees and universal accessibility. Meanwhile, crypto assets’ inherent risk and volatility count as disadvantages. The main benefit of cryptocurrency trading is the potential to generate quick profits by taking advantage of short-term price movements and market trends. Some cryptocurrency traders
The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office
The Indian government has responded to parliamentary questions about the legalization of cryptocurrency and the steps it has taken to prevent crypto-related fraud. “Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cybercrime,” the Minister of State for the Ministry of Finance told parliament.