Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman Charlie Munger called for cryptocurrency to be banned in the United States on Monday, as has been done in China.  In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, a federal law should be enacted banning such things from happening. Munger cited the Chinese communist party’s ban on crypto,…

Doge Rises Amid Reports of Crypto Support on Twitter

According to a Financial Times report, CEO Elon Musk would like Twitter’s in-progress payment model to incorporate cryptocurrencies. Amid the mooted revelations, Musk’s favorite crypto Dogecoin experienced a notable surge in value. The token hit a daily high but retraced its steps soon after.  Elon Musk became Twitter owner and CEO on the 27th of October last year. Despite still being in the early days of the handover, Twitter has experienced a slew of makeovers in the last few months.…

Europol Seizes $19M From Under-fire Exchange Bitzlato

The European Union Agency for Law Enforcement Cooperation released a statement on Monday detailing its latest action against troubled exchange Bitzlato. Per the release, Europol is now in possession of digital wallets holding $19M worth of crypto which, Europol alleges the firm procured unlawfully. Europol's latest release also claims that about half of Bitzlato's transactions are tied to criminal activities. Agencies Join Forces to Target Bitzlato The strike on the crypto firm occurred via an operation in which Europol was…

Nexo Co-Founder Considers Suing Bulgaria for $1 Billion

Nexo co-founder Antoni Trenchev said his company may sue the Bulgarian government for $1 billion following a raid on Nexo’s offices earlier this month.  Trenchev claimed that the state’s actions were not only illegal, but caused significant harm to his company’s reputation.  Repairing a Damaged Reputation During an interview with Nova TV, Trenchev called claims that his company is involved in money laundering and terrorist financing operations ”absurd.”  "We, as an institution, monitor all incoming and outgoing transactions on our…

Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears

Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system.  However, since the Beacon launch…

Genesis Bankruptcy Filing Contains Misleading and Incorrect Information: Cumberland

Cumberland – an institutionally focused crypto asset trading company – claims Genesis published misleading information about its unsecured claims against the lending giant in its bankruptcy filing on Thursday.  Clearing the Air on Creditor's Claims “Genesis’ bankruptcy filing today reflects misleading and incorrect information, and as part of our commitment to transparency, we are providing more details,” said Cumberland over Twitter on Friday.  The filing, which provided a list of 50 creditors with the largest unsecured claims, listed Cumberland as…

DCG’s Genesis Global Files for Chapter 11 Bankruptcy

DCG subsidiary Genesis Global Capital filed for bankruptcy protection in the southern district of New York on Jan 19. Following a massive hit from the recent FTX collapse the lender is the latest firm to fold in the ongoing crypto winter.   Lending Businesses Seek Bankruptcy Protection News of the filing broke via a press release on Thursday. Per the report Genesis alongside two lending subsidiaries Genesis Global Capital and Genesis Asia Pacific submitted voluntary Chapter 11 applications. This followed rumors…

Solana, Other Cryptos Puke After DOJ Announcement – But Are Still Winning On the Week

The crypto market has retraced slightly since Wednesday after the Department of Justice announced an enforcement action against the small Chinese cryptocurrency exchange. News of the reveal – which was ultimately underwhelming for many in the community – nevertheless dampened a broad rally among digital assets throughout the week. Solana's Volatile Week Solana (SOL) – which rose as high as $24.75 on Monday – trades at $21.08 at writing time. While down roughly 10% since earlier this week, its still…

US Authorities Shut Down Bitzlato Exchange, Arrest Founder

On Wednesday, the United States Department of Justice (DOJ) shut down Hong Kong-based crypto exchange, Bitzlato. The DOJ released a press release stating that the exchange was a den for criminal activities—from money laundering to ransomware. There were also claims that Bitzlato had received more than $15 million in ransomware payments. Furthermore, the exchange allegedly processed more than $700 million in illicit transactions. Organized Crackdown The seizure of the crypto exchange was a coordinated operation by law enforcement authorities in…

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