Vignesh Karunanidhi

Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

April 15, 2024

Crypto Investment Products Experience $126,000,000 Outflows

Crypto investment products saw minor outflows totaling $126 million last week, according to a report by CoinShares. The outflow occurred as investors appeared to be hesitant in the face of stalled positive price momentum. Despite a slight increase in overall volumes from $17 billion to $21 billion week-on-week, ETP/ETF activity dropped relative to the overall …...

April 15, 2024

UK Set to Introduce Comprehensive Crypto Regulation by July

The UK government is on track to introduce comprehensive legislation for the regulation of crypto assets by June or July, according to Economic Secretary Bim Afolami. Speaking at the Innovate Finance Global Summit on Monday, Afolami confirmed that the government is working swiftly to deliver the legislation that will bring a wide range of crypto-related …...

April 15, 2024

Solana Developers Release Software Update to Alleviate Network Congestion

The Solana developers have recommended a new software update, version 1.17.31, for general use by mainnet validators. The release, which aims to address the congestion problem that has plagued the popular blockchain in recent months, contains improvements designed to alleviate the ongoing network congestion. Key points: Read more: Hong Kong Approves Spot Bitcoin And Ethereum …...

April 15, 2024

Hong Kong Approves Spot Bitcoin and Ethereum ETFs Amidst Market Slump

The Hong Kong Securities and Futures Commission (SFC) granted approval to several spot Bitcoin and Ethereum exchange-traded funds (ETF) applications on Monday. This development comes as Hong Kong continues its efforts to establish itself as a leading destination for crypto firms and investors. Key points: The approval of these spot crypto ETFs marks a significant …...

April 13, 2024

Coinbase Files Interlocutory Appeal in SEC Case

Coinbase has filed an interlocutory appeal in its ongoing legal battle with the Securities and Exchange Commission (SEC). The appeal, filed on Friday, aims to address a narrow point of legal disagreement and seeks to have it considered independently by the U.S. Court of Appeals for the Second Circuit. Key points: The appeal comes after …...

April 11, 2024

FTX Founder Sam Bankman-Fried to Challenge 25-Year Prison Term

Sam Bankman-Fried, the disgraced co-founder of the now-defunct cryptocurrency exchange FTX, has formally initiated the process to appeal his conviction and the 25-year prison sentence. SBF lodged an appeal in the Manhattan federal court on Thursday, following his sentencing to over 25 years in prison by Judge Lewis A. Kaplan. Key points: Read more: Robert …...

April 10, 2024

Former FTX Executive Ryan Salame’s Sentencing Rescheduled to May 28

Ryan Salame, a former executive of the collapsed cryptocurrency exchange FTX, will face sentencing on May 28 in a New York courtroom. The sentencing, which was originally set for May 1, has been rescheduled for reasons that remain unclear. Salame is scheduled to appear before Judge Lewis Kaplan of the United States District Court for …...

April 10, 2024

Uniswap Labs Receives Wells Notice from SEC

Hayden Adams, the founder of Uniswap, a leading decentralized exchange, has announced that Uniswap Labs has received a Wells notice from the U.S. Securities and Exchange Commission (SEC). In a recent tweet, Adams expressed his frustration and disappointment with the SEC’s decision to target long-time good actors in the cryptocurrency industry while allowing bad actors …...

April 9, 2024

Binance is Considering Multiple Jurisdictions for Headquarters: CEO

Binance, the world’s largest cryptocurrency exchange, is currently in discussions with several jurisdictions regarding the selection of its official headquarters, according to CEO Richard Teng. During a fireside discussion at Paris Blockchain Week, Teng emphasized that the decision-making process is complex and involves a multitude of factors that must be carefully considered. Key points: Teng …...

April 9, 2024

Bitcoin Faces Potential Correction Around BTC Halving: Arthur Hayes

Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, has cautioned that Bitcoin (BTC) may face selling pressure in the days surrounding the mining-reward halving scheduled for April 20. Despite the event being widely considered bullish for the cryptocurrency, Hayes believes that the well-entrenched narrative could lead to a price correction. Key points: Hayes …...

April 8, 2024

Binance Executive Pleads Not Guilty to Money Laundering Charges

Tigran Gambaryan, a Binance executive who was detained by Nigerian authorities alongside his colleague Nadeem Anjarwalla, pleaded not guilty to money laundering charges at a high court on Monday. Local reports state that Gambaryan, the head of Binance’s financial crime compliance, is on remand until trial, with the option to request bail until April 18. …...

April 5, 2024

Jury Finds Terraform Labs and Do Kwon Guilty of Crypto Fraud

A jury in the United States District Court for the Southern District of New York has found Terraform Labs and its co-founder, Do Kwon, liable for defrauding investors in crypto asset securities. The verdict, delivered after a nine-day trial, marks a significant victory for the Securities and Exchange Commission (SEC) in its efforts to regulate …...

April 5, 2024

FTX Bankruptcy Estate Sells Majority of $2.6 Billion Solana Token Hoard

The bankruptcy administrators of the collapsed cryptocurrency exchange FTX have sold approximately two-thirds of a $2.6 billion stash of Solana (SOL) at a heavily discounted price. The deal attracted interest from prominent industry players such as Galaxy Trading and Pantera Capital. According to the details shared by Bloomberg, the deal saw between 25 million and …...

April 4, 2024

Ethereum May Lessen Chances of ETH Being Classified as a Security: JPMorgan

Analysts at JPMorgan have noticed a continued decrease in staking platform Lido’s share of staked Ethereum (ETH). The analysts believe this should alleviate concerns about concentration in the Ethereum network. In a research report released on Wednesday, the analysts, led by Nikolaos Panigirtzoglou, highlighted that this trend could potentially reduce the likelihood of ETH being …...

April 4, 2024

Ripple Unveils Plans to Launch USD-Pegged Stablecoin on XRP Ledger

Ripple, the enterprise-focused blockchain service, has announced its intention to introduce a new stablecoin pegged to the U.S. dollar later this year. The stablecoin will initially be deployed on the XRP Ledger and the Ethereum blockchain. Key points: Ripple anticipates a clear demand for stablecoins that offer trust, stability, and utility as the stablecoin market …...

April 4, 2024

Coinbase Receives Restricted License in Canada Amid U.S. Regulatory Challenges

Coinbase achieved a significant milestone in its global expansion efforts by obtaining a registration license in Canada. Canadian Securities Administrators (CSA) has registered Coinbase as a restricted dealer, as the company recently informed CNBC. This authorization allows Coinbase to operate legally in the country and deepens its international presence as it faces regulatory hurdles in …...

April 4, 2024

Google Sues Alleged Chinese Scammers for Cryptocurrency Fraud

Alphabet Inc.’s Google has filed a lawsuit against two individuals based in China. The tech giant accused them of using the company’s platforms to distribute and advertise fraudulent cryptocurrency apps, according to Bloomberg. The lawsuit, filed in federal court in New York on Thursday morning, alleges that the defendants engaged in racketeering, violating the Racketeer …...

April 2, 2024

Coinbase Warns of Hidden Risks to Ethereum Network Stability

The rapidly growing EigenLayer protocol, spearheading the rise of restaking on the Ethereum blockchain, has the potential to become a crucial component of the ecosystem’s infrastructure. However, a recent research report by Coinbase highlights the hidden risks associated with this emerging sector. The report also points out that it could threaten the stability and security …...

April 2, 2024

U.S. Government Moves $2 Billion in Silk Road Bitcoin

The U.S. government has reportedly transferred 30,175 Silk Road Bitcoin to a wallet associated with Coinbase. The transaction, which took place late Tuesday morning, is valued at approximately $2 billion based on BTC’s current price of around $65,000 per coin. Key points: Also read: Crypto Funds Bounce Back With $862,000,000 Inflows The massive movement of …...

April 2, 2024

Crypto Funds Bounce Back with $862,000,000 Inflows

Crypto funds have experienced a significant rebound in sentiment, with inflows reaching $862 million last week. The inflow has nearly erased the previous week’s record outflows of $931 million, according to a recent report by CoinShares. The report notes that ETF activity is slowing down, with daily trading turnover now at $5.4 billion, a 36% …...

March 30, 2024

Dormant Bitcoin Wallet Transfers $35 Million Worth of BTC After 12 Years

A Bitcoin wallet that has been inactive for 11.7 years has suddenly sprung to life. The wallet has transferred its entire balance of 500 BTC, worth just under $35 million at current prices, to multiple new addresses. Key points: According to data provided by Lookonchain, a blockchain analytics platform, the wallet in question originally received …...

March 29, 2024

Solana Foundation Weighs In on Racist Meme Coin Controversy 

The recent proliferation of meme coins on the Solana blockchain with racist themes and offensive names has ignited a heated debate within the cryptocurrency community. During a panel discussion at the BUIDL Asia summit in Seoul, experts weighed in on the issue. They discussed whether wallet apps, decentralized exchanges, and nodes should take steps to …...

March 29, 2024

Ethereum Co-Founder Vitalik Buterin Calls for Positive-Sum Meme Coins

In a recent blog post, Ethereum co-founder Vitalik Buterin called for a more positive approach to meme coins and crypto games. Buterin also urged developers to create projects that contribute positively to the ecosystem and the world at large. Buterin’s post comes amidst growing concerns about the rise of meme coins, particularly on the Solana …...

March 29, 2024

Detained Binance Executive Sues Nigerian Authorities

Tigran Gambaryan, a detained executive from the global cryptocurrency exchange Binance, has filed a lawsuit against Nigeria’s National Security Adviser and the Economic and Financial Crimes Commission (EFCC). Gambaryan accused the government of allegedly violating his basic human rights. Local sources state that Gambaryan’s move alleges violations of the Nigerian constitution in relation to his …...

March 28, 2024

$336.3M Lost in Crypto Hacks and Fraud in Q1 2024: Immunefi

In a recent report, Immunefi, a leading web3 bug bounty and security services platform, stated that the crypto ecosystem experienced a 23.1% decrease in losses during the first quarter of 2024 compared to the same period in 2023. Despite this decline, the report highlights that the industry still lost $336.3 million to hacks and fraud …...

March 28, 2024

Sam Bankman-Fried Sentenced to 25 Years in Prison for FTX Fraud

Sam Bankman-Fried, the disgraced founder and former CEO of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison by a Manhattan court. The sentencing comes after Bankman-Fried’s conviction in November on seven counts of fraud and conspiracy related to the operation and subsequent collapse of FTX. The collapse of FTX resulted in the …...

March 28, 2024

Nexo Introduces Free, Instant Crypto Transfers via Email And Phone

Nexo has announced a new feature that allows users to send and receive cryptocurrencies and stablecoins between accounts instantly and without fees. This addition to the platform enables individuals to transfer crypto by simply entering the recipient’s Nexo platform-registered email or phone number, facilitating seamless peer-to-peer (P2P) transactions. Read more: Dutch Prosecutors Recommend 64-Month Jail …...

March 27, 2024

UK Cracks Down on Crypto Memes and Social Media Influencers

The UK Financial Conduct Authority (FCA) has released finalized guidance that brings social media influencers and crypto memes under the radar of the country’s financial promotion rules. The move comes as part of the regulator’s efforts to combat the rise in financial scams and misleading advertisements, particularly in the crypto sector. Key highlights: Published on …...

March 27, 2024

Dutch Prosecutors Recommend 64-Month Jail Time For Tornado Cash Developer

Dutch prosecutors have recommended a 64-month jail sentence for Alexey Pertsev, a developer of Tornado Cash. The two-day trial, held in the ‘S-Hertogenbosch court in the Netherlands on Tuesday and Wednesday, centered on accusations that Pertsev had engaged in money laundering activities. Key points: Read more: Tether (USDT) Leads Cryptocurrencies In Illegal Transactions: TRM Labs …...

March 27, 2024

Tether (USDT) Leads Cryptocurrencies in Illegal Transactions: TRM Labs

A recent report by blockchain analytics firm TRM Labs sheds light on the state of illicit activity within the cryptocurrency ecosystem in 2023. The report, titled “The Illicit Crypto Economy,” reveals that the total amount of illicit funds in the crypto space has decreased by 9% compared to 2022. However, criminals still managed to handle …...

March 26, 2024

KuCoin Indicted for Alleged Multi-Billion Dollar Criminal Conspiracy

Global crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang, have been indicted by U.S. authorities for allegedly conspiring to operate an unlicensed money transmitting business and violating the Bank Secrecy Act. The indictment accuses KuCoin of failing to maintain adequate anti-money laundering (AML) programs and knowingly serving U.S. customers without …...

March 26, 2024

Portuguese Data Regulator Temporarily Limits Worldcoin

The National Data Protection Commission (CNPD), Portugal’s data regulator, has decided to temporarily limit Worldcoin and its collection of biometric data through its Orb devices within the country. The measure aims to protect the rights of Portuguese citizens, particularly minors. This measure comes into effect immediately and will stay in place until the conclusion of …...

March 26, 2024

Mystery Bitcoin Whale Moves $6 Billion in BTC to Three New Addresses

The fifth richest Bitcoin (BTC) whale has moved a staggering $6 billion worth of BTC to three new addresses over the weekend.  Key highlights: Blockchain analytics firm Arkham’s data shows that 94,500 BTC ($6.05 billion) funded the address in 2019 and left it dormant until the recent transfer. Initially, they split the funds into two …...

March 26, 2024

SEC Reportedly to Seek $2 Billion in Fines from Ripple, Says CEO

The U.S. Securities and Exchange Commission (SEC) will reportedly seek $2 billion in fines and penalties from Ripple Labs, according to Stuart Alderoty, the company’s chief legal officer. In a tweet on X, Alderoty stated that Ripple will respond to the SEC’s proposal next month. Alderoty also accused the regulator of making false and misleading …...

March 25, 2024

London Stock Exchange to Launch Bitcoin and Ethereum ETN Market on May 28

The London Stock Exchange (LSE) has disclosed plans to introduce a market for exchange-traded notes (ETNs) based on Bitcoin (BTC) and Ethereum (ETH) on May 28, 2024. This announcement follows the LSE’s previous notice on March 11, 2024, which stated that the exchange would accept applications for admission to trading of Bitcoin and Ethereum Crypto …...

March 25, 2024

Binance Russian Successor CommEx Winds Down

CommEx, the cryptocurrency exchange that took over the Russian business of Binance in September 2023, has officially announced its decision to wind down operations. It has also immediately halted deposits on its platform. The announcement comes as Binance faces increasing regulatory scrutiny worldwide, with the Philippines recently blocking local user access to the exchange due …...

March 25, 2024

Philippines Securities Regulator Moves to Block Crypto Exchange Binance

The Securities and Exchange Commission (SEC) of the Philippines has decided to block local user access to cryptocurrency exchange Binance. The move comes in response to concerns over the firm’s unlicensed operations in the country. The SEC alleged that this poses a threat to the security of Filipino investors’ funds. Key points: Read more: Spot …...

March 23, 2024

EU Parliament Committees Approve Ban on Anonymous Crypto Transactions

The European Union is set to implement new anti-money laundering (AML) and counter-terrorism financing laws that will significantly impact the cryptocurrency market. A majority of the EU Parliament’s lead committees have approved a ban on anonymous crypto transactions of any value made through hosted or custodial crypto wallets offered by third-party service providers, such as …...

March 21, 2024

Coinbase Plans to Launch Dogecoin Futures Contracts, DOGE Surges

Coinbase, one of the world’s leading cryptocurrency exchanges, has announced its intention to launch cash-settled futures contract products for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) as early as April 1, 2024. In a series of letters addressed to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives outlined its …...

March 20, 2024

U.S. Firms Receive Subpoenas as SEC Seeks to Classify Ethereum as a Security

The U.S. Securities and Exchange Commission (SEC) has reportedly initiated a legal campaign to classify Ethereum, the world’s second-largest cryptocurrency, as a security. According to a Fortune report, U.S. companies that have received subpoenas related to the investigation believe the SEC’s actions are delivering a significant setback to the crypto industry’s hopes for the approval …...

March 20, 2024

Extradition of Do Kwon to South Korea Finalized

A Montenegro appeals court has denied Terraform Labs founder Do Kwon’s bid to overturn a previous ruling that approved his extradition to South Korea. Released on Wednesday, the official notice confirms that Kwon will now face criminal charges in his home country related to the collapse of his multi-billion-dollar Terra-LUNA ecosystem. Key points: Read more: …...

March 20, 2024

Ethereum Foundation Faces Investigation from State Authority

The Ethereum Foundation, a Swiss non-profit organization that plays a central role in the Ethereum ecosystem, has disclosed that it is currently the subject of an investigation by an undisclosed state authority. According to CoinDesk, on February 26, 2024, a commit on the organization’s website’s GitHub repository made the information public. The message stated that …...

March 20, 2024

Robinhood Wallet Expands to Android Users Globally

Robinhood has announced the global release of its crypto wallet to all eligible Android users. The launch follows the successful introduction of Robinhood Wallet in 2023, which has already been downloaded hundreds of thousands of times across more than 140 countries. Key points: Johann Kerbrat, GM of Robinhood Crypto, emphasized the significance of the Android …...

March 20, 2024

Apple Co-Founder Wins Crucial Appeal in YouTube Lawsuit Over Bitcoin Scam

Apple co-founder Steve Wozniak has prevailed in the latest round of his legal battle against YouTube. The legal dispute was regarding deepfake videos showcasing his appearance in a Bitcoin scam in 2020. According to Bloomberg, the San Jose appeals court overturned a lower court’s decision that had previously acquitted YouTube of any responsibility in the …...

March 19, 2024

Ledger To Launch Much-Anticipated Crypto Wallet in May

Ledger, a prominent manufacturer of crypto hardware wallets, has disclosed to CNBC that its much-awaited Ledger Stax will be available to the public in May. The iPod’s creator, Tony Fadell, created the sleek, credit card-sized Stax. Despite facing several challenges, including shipment delays due to issues with the E-ink display and production bottlenecks, Ledger CEO …...

March 19, 2024

Genesis Agrees to Pay $21 Million Penalty in SEC Settlement

Genesis has agreed to pay a civil penalty of $21 million and submit to a permanent injunction as part of a settlement with the U.S. Securities and Exchange Commission (SEC). According to a recent press release, the settlement resolves charges that Genesis engaged in the unregistered offer and sale of securities through its crypto asset …...

March 19, 2024

MicroStrategy Acquires 9,245 Bitcoin For $623M, Holds 214,246 BTC

MicroStrategy has announced another substantial purchase of Bitcoin. According to a tweet by the company’s former CEO, Michael Saylor, MicroStrategy has purchased an additional 9,245 BTC for approximately $623 million. According to the details, the company utilized proceeds from convertible notes and excess cash. The average purchase price for this latest acquisition stands at around …...

March 18, 2024

Worldcoin Asserts Compliance With Global Laws Amidst Spain Ban

Worldcoin has recently issued a statement addressing its operations and compliance in light of growing legal uncertainty in Spain. In a blog post titled “Essential facts about Worldcoin,” published on March 18, the project provided key information about its practices, rules, and regulations. Key highlights: Read more: Standard Chartered Bullish On Bitcoin, Raises Price Forecast …...

March 18, 2024

Standard Chartered Bullish on Bitcoin, Raises Price Forecast to $150,000

In a recent investment note, Standard Chartered Bank significantly increased its year-end price forecast for Bitcoin (BTC) from $100,000 to $150,000. The bank’s analysts, under the direction of Geoffrey Kendrick, have also forecast that BTC could reach a cyclical high of $250,000 in 2025 before falling to around $200,000. Key highlights: The bank’s bullish outlook …...

March 15, 2024

Odds of Spot Ethereum ETF Approval Plunge To 23%

The likelihood of a spot Ethereum exchange-traded fund (ETF) receiving approval from the U.S. Securities and Exchange Commission (SEC) by the end of May has significantly decreased, according to prediction markets and industry analysts. Polymarket, a decentralized prediction market platform, currently estimates the chances of approval at 23%. This is a sharp decline from the …...

March 14, 2024

Crypto.com Slapped with $3.1 Million Fine by Dutch Central Bank

The Dutch central bank, De Nederlandsche Bank (DNB), has announced that it has imposed a substantial fine of 2.85 million euros ($3.12 million) on Foris DAX MT Limited (DAX MT). It is the company behind the well-known cryptocurrency exchange, Crypto.com. The penalty was issued last October. It stems from the platform’s failure to register with …...

March 14, 2024

U.S. Treasury Investigates $165M in Potential Crypto Transactions Linked to Hamas

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has reported that financial institutions have flagged $165 million in potential cryptocurrency transactions that may be connected to the Palestinian militant group Hamas. According to the WSJ, in a letter that he signed, Deputy Treasury Secretary Adewale Adeyemo disclosed the findings. The findings were based on …...

March 13, 2024

Binance Reveals Extensive Cooperation with Nigerian Authorities Amid Turmoil

In a blog post on March 13, leading cryptocurrency exchange Binance shed light on its substantial cooperation with Nigerian authorities. This is in response to the recent turmoil surrounding its operations in the country. The exchange’s disclosure comes amidst allegations of currency manipulation and calls for a ban on crypto exchanges by the Nigerian government. …...

March 13, 2024

Ethereum Completes Dencun Upgrade: ETH Drops Below $4,000

Ethereum, the world’s second-largest blockchain network, has successfully implemented a significant software upgrade aimed at reducing costs for users of its ecosystem. The Dencun upgrade is expected to have a profound impact on the end-user experience and drive the development of new applications and free services. Key highlights: Read more: Crypto Mixing Service Bitcoin Fog …...

March 12, 2024

Crypto Mixing Service Bitcoin Fog Founder Convicted of $400M Money Laundering

A Washington federal court jury has found Roman Sterlingov, 35, the founder of crypto mixing service Bitcoin Fog, guilty of money laundering. Key Points: According to Bloomberg, Sterlingov helped to launder tens of millions of dollars from darknet markets known for selling illegal drugs.   Read more: EU Parliament Approves Stricter Rules To Combat Sanctions Including …...

March 12, 2024

EU Parliament Approves Stricter Rules to Combat Sanctions Including Crypto

The EU Parliament has taken a significant step towards cracking down on sanctions violations with new legislation. These include those facilitated through cryptocurrencies by the approval of a new set of rules on Tuesday. The move comes in response to growing concerns over the circumvention of EU financial sanctions on Russia following its invasion of …...

March 11, 2024

VanEck Drops Bitcoin ETF Fees to Zero Until 2025

VanEck has announced that it will temporarily waive the fee for its spot Bitcoin ETF, HODL, until March 31, 2025. The decision, announced via X, comes as VanEck’s fund trails behind its competitors in terms of assets under management (AUM). Key points: Read more: MicroStrategy’s Michael Saylor Predicts Bitcoin To “Eat Gold” VanEck has expressed …...

March 11, 2024

MicroStrategy’s Michael Saylor Predicts Bitcoin to “Eat Gold”

MicroStrategy executive chairman Michael Saylor boldly predicted Bitcoin dethroning gold as a store of value asset during a CNBC interview Monday. His comments came on the heels of the firm disclosing purchases of about 12,000 additional Bitcoin. Key details: Read more: MicroStrategy Buys 12,000 Bitcoin For $821 Million As BTC Hits $72,000 Appearing on CNBC, …...

March 11, 2024

Tether Expands USDT to Celo Platform; CELO Surges 40%

Leading stablecoin operator Tether announced a collaboration with smart contract platform Celo. The collaboration will bring USDT to the network’s fast, inexpensive blockchain framework.   Key details: Announced on March 11th, the strategic partnership will allow seamless USDT transfers and transactions via Celo’s EVM-compatible blockchain framework. Tether highlighted the alignment with Celo’s mission of reaching mainstream …...

March 11, 2024

MicroStrategy Buys 12,000 Bitcoin For $821 Million As BTC Hits $72,000

Business intelligence firm MicroStrategy has capitalized on its latest convertible debt offering to accumulate roughly 12,000 additional Bitcoin worth over $821 million. The purchase expands the company’s existing BTC portfolio to approximately 205,000 BTC bought for $6.91 billion. Key details: Read more: Coinbase Report Urges Caution On Emerging Crypto AI Sector MicroStrategy announced the purchases …...

March 8, 2024

Coinbase Report Urges Caution on Emerging Crypto AI Sector

A new report from Coinbase suggests the recent hype and growth around cryptocurrencies related to artificial intelligence may ultimately prove unsustainable long-term without additional progress. The analysis strikes a note of current market enthusiasm, pushing many AI tokens notably higher. Key details: Despite the recent euphoria where crypto assets linked to AI have left Bitcoin, …...

March 8, 2024

U.S. Still Seeks Do Kwon Extradition Despite Montenegro Court Ruling

American prosecutors vowed Thursday to continue efforts towards extraditing embattled cryptocurrency entrepreneur Do Kwon. This comes even as a Montenegro court cleared the way for his likely return to his native South Korea instead.   Key details: In a statement shared by Bloomberg, the U.S. Department of Justice said it will proceed with Kwon’s extradition case …...

March 7, 2024

Fed Chair Powell Says CBDC Is Nowhere Close to Reality

In testimony before the Senate Banking Committee Thursday, Federal Reserve Chairman Jerome Powell firmly rejected notions that adoption of a central bank digital currency (CBDC) by the U.S. is imminent. Powell also mentioned that it is not even actively under consideration at this point. His remarks come amidst a growing conservative political backlash against a …...

March 7, 2024

Terra’s Do Kwon to be Extradited to South Korea

Do Kwon, the embattled co-founder of the failed crypto project Terraform Labs, will likely be extradited to South Korea. This is following the completion of a four-month sentence in Montenegro for falsified document charges. The revelation is according to the statement of Kwon’s attorney after a Montenegro high court ruling on Thursday. Key details: Read …...

March 7, 2024

Nigeria Seeks to Block Criminals From Capital Markets Via New Crypto Rules

Nigeria’s Securities and Exchange Commission (SEC) is moving to update its guidelines around cryptocurrencies to prevent criminals from participating in capital markets, according to local reports this week. The push comes amidst ongoing turbulence in Nigeria’s crypto sector regulation and signals intent to exert stronger control. Key details: Read more: Bitcoin Fever Grips South Korea …...

March 7, 2024

Bitcoin Fever Grips South Korea As “Kimchi Premium” Soars

A key indicator of retail investor enthusiasm for Bitcoin in South Korea has climbed to heights not seen in over two years this week. The “Kimchi Premium,” referring to the gap between Bitcoin prices on South Korean crypto exchanges compared to global exchanges, rose to 10.32% on March 1st, according to data firm CryptoQuant. This …...

March 6, 2024

Spain Orders Worldcoin to Halt Data Collection and Processing

Spain’s data protection regulator, the Spanish Agency for Data Protection (AEPD), has issued an order requiring Worldcoin to cease collecting and processing personal information within the country. According to the Financial Times, the regulator has given the Sam Altman-backed cryptocurrency project a 72-hour window to abide by its requirements. Additionally, the AEPD’s decision mandates that …...

March 6, 2024

Arizona Senate Considers Proposal to Include Bitcoin ETFs in Retirement Funds

The Arizona State Senate is currently reviewing a Bitcoin ETF proposal related to the investment portfolios of the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS). The proposal suggests that these retirement systems evaluate the potential inclusion of Bitcoin ETFs in their investment strategies. The bill, which passed the Senate’s …...

March 6, 2024

SEC Files Cease-and-Desist Order Against ShapeShift, Agrees To Pay $275,000

The U.S. Securities and Exchange Commission (SEC) has issued a cease-and-desist order against ShapeShift. The cryptocurrency exchange was previously headquartered in Denver, Colorado. The SEC alleged that the company operated as an unregistered dealer for cryptocurrencies that were considered securities before 2021.  Key points: Read more: Nexo Secures Initial Approval From Dubai’s VARA ShapeShift has …...

March 5, 2024

Nexo Secures Initial Approval from Dubai’s VARA

Nexo, a prominent digital assets institution, has announced that its Dubai-based entity, Nexo DWTC, has been granted an Initial Approval (IA) by Dubai’s Virtual Assets Regulatory Authority (VARA). The approval covers virtual asset lending and borrowing, management and investment, and broker-dealer activities. It positions Nexo as one of the first digital asset lending institutions to …...

March 5, 2024

Bitcoin Hits $69,000: BTC Reaches New All-Time High

Bitcoin has achieved a new milestone by surpassing its previous all-time high of $69,000. The historic moment occurred today and marked the end of an 827-day journey for BTC to reclaim its former peak. Since hitting a low of around $15,000 in the last quarter of 2022, Bitcoin has appreciated by approximately 360%. In 2024 …...

March 5, 2024

Terra’s Do Kwon Scores Victory in Montenegro Extradition Appeal

On March 5, 2024, the Court of Appeal of Montenegro decided to accept Do Kwon and his defense attorneys’ appeal. The court has annulled the decision of the High Court in Podgorica, which had previously allowed Kwon’s extradition to the United States. The decision to overturn the High Court’s ruling comes after the Appellate Court …...

March 5, 2024

BRICS To Launch Blockchain-Powered Crypto Payment System

The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, have announced their intention to create an independent payment system based on crypto and blockchain technology. According to Kremlin aide Yury Ushakov, the primary goal of this initiative is to provide a convenient, cost-effective, and politically neutral platform for governments, businesses, and individuals …...

March 5, 2024

Terraform Labs Fights Back Against SEC’s Counsel Payment Objections

Terraform Labs submitted a filing on Monday to address the SEC’s opposition to the company’s request to engage Dentons U.S. LLC as special counsel in its current Chapter 11 bankruptcy proceedings. The company called the SEC’s attempts to block its ability to pay legal fees a “troubling example of government overreach” designed to hinder its …...

March 1, 2024

Nigeria Demands $10 Billion From Binance: BBC

Nigeria has reportedly demanded cryptocurrency exchange Binance pay $10 billion amid alleged illegal transactions that harmed the country’s economy. The claim comes amid an ongoing crackdown and investigation into the trading platform. Key Context: A government adviser told the BBC on Friday that Nigeria is demanding the massive penalty due to Binance’s unauthorized operations, including …...

March 1, 2024

State Attorneys General Argue SEC Overreach in Kraken Lawsuit

A group of state attorneys general filed a court brief Thursday arguing that the U.S. Securities and Exchange Commission (SEC) has exceeded its powers by suing crypto exchange Kraken. Key Points: The state law officials from Montana, Arkansas, Iowa, and five other states said the SEC’s action risks harming consumers and contradicts precedents on when …...