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Russia’s SberBank to Launch DeFi Platform in May

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

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Silvergate Bank Hit With Fraud Probe Over FTX-Alameda Relationship

Crypto bank Silvergate is being investigated by the US Justice Department’s fraud unit for its dealings with FTX and its sister trading arm, Alameda Research.  The investigation is reviewing accounts tied up with both businesses, which have been widely accused of engaging in a multi-billion dollar fraud using FTX customer funds.  What Happened at Silvergate? As reported by Bloomberg on Thursday, the La Jolla, California-based bank hasn’t been accused of any wrongdoing, and investigations could end without any charges being…

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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,…

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Oxford Student Jailed After Stealing $2.4 Million Through Crypto Scam

Wybo Wiersma – a 40-year-old Oxford University graduate – has been sentenced to four and a half years in prison after scamming over $2 million in crypto from unsuspecting victims. Following his arrest in 2019, the Dutchman was extradited from the Netherlands back to the United Kingdom (UK) in 2021. Following a five-year investigation by the South East Regional Organised Crime Unit (SEROCU), he pled guilty on January 26 to the Oxford Crown Court.  A Five-Year Investigation As reported by…

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Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

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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…

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WMA: Bitcoin Soars Past $23,000, Altcoins Recover, FTX Creditors Unveiled

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,071 trillion. Bitcoin is up by over 3% after a successful week. Ethereum decreased by almost 2% over the past seven days. XRP gained nearly 2% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…

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.…

Oxford Student Jailed After Stealing $2.4 Million Through Crypto Scam

Wybo Wiersma – a 40-year-old Oxford University graduate – has been sentenced to four and a half years in prison after scamming over $2 million in crypto from unsuspecting victims. Following his arrest in 2019, the Dutchman was extradited from the Netherlands back to the United Kingdom (UK) in 2021. Following a five-year investigation by the South East Regional Organised Crime Unit (SEROCU), he pled guilty on January 26 to the Oxford Crown Court.  A Five-Year Investigation As reported by…

Like FTX, Celsius Used QuickBooks to Handle its Accounting

An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks.  The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…

Binance Partners With Mastercard to Launch Crypto Rewards Card in Brazil

The world’s largest crypto exchange has teamed up with Mastercard, the second-largest global payment processor, to bring a prepaid crypto card to Brazil.  The card will enable Brazillian Binance users to pay bills and make purchases using cryptocurrencies including Bitcoin and BNB. Per Binance’s announcement on Monday, the card can be used with over 90 million Mastercard merchants worldwide, as well as online. Though still in its beta-launch phase, it will soon become widely available. The card works by converting…

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

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,…

Silvergate Bank Hit With Fraud Probe Over FTX-Alameda Relationship

Crypto bank Silvergate is being investigated by the US Justice Department’s fraud unit for its dealings with FTX and its sister trading arm, Alameda Research.  The investigation is reviewing accounts tied up with both businesses, which have been widely accused of engaging in a multi-billion dollar fraud using FTX customer funds.  What Happened at Silvergate? As reported by Bloomberg on Thursday, the La Jolla, California-based bank hasn’t been accused of any wrongdoing, and investigations could end without any charges being…

Russia’s SberBank to Launch DeFi Platform in May

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

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Russia’s SberBank to Launch DeFi Platform in May

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

Silvergate Bank Hit With Fraud Probe Over FTX-Alameda Relationship

Crypto bank Silvergate is being investigated by the US Justice Department’s fraud unit for its dealings with FTX and its sister trading arm, Alameda Research.  The investigation is reviewing accounts tied up with both businesses, which have been widely accused of engaging in a multi-billion dollar fraud using FTX customer funds.  What Happened at Silvergate? As reported by Bloomberg on Thursday, the La Jolla, California-based bank hasn’t been accused of any wrongdoing, and investigations could end without any charges being…

Oxford Student Jailed After Stealing $2.4 Million Through Crypto Scam

Wybo Wiersma – a 40-year-old Oxford University graduate – has been sentenced to four and a half years in prison after scamming over $2 million in crypto from unsuspecting victims. Following his arrest in 2019, the Dutchman was extradited from the Netherlands back to the United Kingdom (UK) in 2021. Following a five-year investigation by the South East Regional Organised Crime Unit (SEROCU), he pled guilty on January 26 to the Oxford Crown Court.  A Five-Year Investigation As reported by…

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

Like FTX, Celsius Used QuickBooks to Handle its Accounting

An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks.  The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…

Binance Partners With Mastercard to Launch Crypto Rewards Card in Brazil

The world’s largest crypto exchange has teamed up with Mastercard, the second-largest global payment processor, to bring a prepaid crypto card to Brazil.  The card will enable Brazillian Binance users to pay bills and make purchases using cryptocurrencies including Bitcoin and BNB. Per Binance’s announcement on Monday, the card can be used with over 90 million Mastercard merchants worldwide, as well as online. Though still in its beta-launch phase, it will soon become widely available. The card works by converting…

WMA: Bitcoin Soars Past $23,000, Altcoins Recover, FTX Creditors Unveiled

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,071 trillion. Bitcoin is up by over 3% after a successful week. Ethereum decreased by almost 2% over the past seven days. XRP gained nearly 2% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…

Cardano’s Dexes to List First ADA-based Stablecoin Djed Next Week

DEXs, MinSwap and MuesliSwap, currently have $30 million and $6.5 million worth of liquidity locked in them respectively   On Thursday, COTI Network, the issuer of the Cardano-backed stablecoin Djed announced its upcoming listing on major DEXs MinSwap and Muesliswap. COTI also added that Shen, its reserve coin, would be on that listing. MuesliSwap to List DJED and SHEN On Thursday afternoon, COTI retweeted the MuesliSwap announcement that revealed the exchange’s plan to list $Djed and $Shen in the coming…

Roger Ver Responds to $20 Million Genesis Lawsuit: “I Have Sufficient Funds” 

Bitcoin Cash (BCH) advocate and so-called “Bitcoin Jesus,” Roger Ver, has broken his silence on his newly received summons from GGC International. The investor said that while he has “sufficient funds” to pay his stated debts, the details of his contract with Genesis make things more complicated. Will Roger Ver Pay Up? In response to a Reddit post on the matter, Ver answered that he had the funds to pay all sums “allegedly owed,” and was willing to pay “what…

Netflix, Apple, and WSJ Were Creditors to FTX, Filings Show

FTX’s lawyers have at last published a comprehensive, 116-page list of all creditors to the now defunct crypto exchange.  The document contains roughly 9.7 million customer names, showing that FTX’s connections spanned from airlines to universities, to media giants.  FTX’s Creditors The list, filed on Wednesday, shines a light on institutions invested in the company, per the request of Judge John Dorsey, who is overseeing the proceedings. During a meeting in early January, he allowed the names of individual creditors…

Tesla’s BTC Positions Remained Unchanged in Q4 of 2022

According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…

Leaked Documents: BlockFi Has $1.2 Billion of Exposure to FTX and Alameda

Crypto lending giant BlockFi had exposure exceeding $1.2 billion to Sam Bankman-Fried’s collapsed FTX-Alameda empire. The figure exceeds the size of BlockFi’s previously stated exposure and amounts to nearly half of the company’s assets.  BlockFi’s Massive Exposure As reported by CNBC, documents detailing BlockFi’s exposure were meant to be redacted but were mistakenly published without the redactions on Tuesday.  The unredacted filing showed BlockFi held $415.9 million of assets linked to FTX, alongside $831.3 million in loans to Alameda, as…

Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF.  Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor.  Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…

WMA: Bitcoin and Altcoins Continue to Grow, Genesis Files for Bankruptcy

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,048 trillion. Bitcoin is up by over 9% after a highly successful week. Ethereum increased by almost 6% over the past seven days. XRP gained nearly 5% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value of protocols (TVL) to…

Another $90 Million Found Missing From FTX US

FTX debtors have identified $5.5 billion of liquid assets associated with both FTX and FTX US. Meanwhile, a substantial portion of it has gone up in smoke.  The latest update from the company states that $90 million in digital assets from the exchange “was subject to unauthorized third-party transfers post-petition.” FTX US Asset Shortfall FTX debtors unveiled details about its asset composition during a meeting with the  Official Committee of Unsecured Creditors (UCC) of FTX on Tuesday. Its numbers indicate…

Anthony Scaramucci Backs Crypto Firm Formed by Former FTX US CEO

Skybridge Capital founder Anthony Scaramucci is putting money behind a new crypto firm formed by Brett Harrison, former boss of the defunct FTX US.  The software company will reportedly create a service that lets crypto traders access both centralized and decentralized markets.  Scaramucci Sticks By FTX US Boss According to Bloomberg, Harrison said Scaramucci will be using his own funds to back the former CEO’s software venture. The software in mind will let traders write algorithms for their trading strategies,…

WMA: Bitcoin Surges to $21,000 in This Year’s First Bull Run

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $980 billion. Bitcoin is up by over 23% after a highly successful week. Ethereum increased by almost 22% over the past seven days. XRP gained nearly 14% in value this week. Almost all altcoins are trading in the green. The DeFi sector increased the total value of protocols (TVL) to around $39 billion. Crypto…

Huobi Korea to Break Away from Parent Company, Report Claims

A local report from news firm news1 claims Huobi Korea has plans for a split from its parent company Huobi Global. The subsidiary will purchase all shares from its parent body and go independent.  Huobi Korea to Change its Name According to the release, the Korean subsidiary of the exchange platform intends to put stronger roots down in the region. As such, the company will acquire its shares from the main body. It also reportedly has plans to take on…

WMA: Bitcoin Targets $17,000, Most Altcoins Soar, Celsius Faces Fraud Allegations

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $824 billion. Bitcoin gained nearly 3% in value in the last week. Ethereum increased by almost 6% over the past seven days. XRP is up by nearly 1% this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…

WMA: New Year, Same Problems for Bear-Driven Crypto Market

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $795 billion. Bitcoin lost nearly 2% in value in the last week. Ethereum dropped by almost 2% over the past seven days. XRP decreased by nearly 3% of its value this week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector increased the total value of protocols (TVL)…

Crypto Adventure Launches Crypto Guest Post Services

Crypto Adventure is excited to announce its new crypto guest post feature. This self-service platform is designed to help cryptocurrency businesses and publishers reach crypto communities at an affordable price. With this portal, Crypto Adventure makes it easy for companies and publishers to get their message out and connect with potential customers. The announcement is a significant step forward for the firm, which works to help businesses succeed in the crypto world. A New Way to Reach the Crypto Community…

WMA: Blue Christmas for Stagnant Bitcoin, Brazil Legalizes Crypto, SBF Released on Bail

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $810 billion. Bitcoin maintains a similar value to last week’s $16,800. Ethereum gained almost 3% over the past seven days. XRP lost nearly 1% of its value this week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector dropped the total value of protocols (TVL) to around $38…

Dypius Announces Live Testing for Metaverse Game With $50k in Prizes

Dypius – formerly DeFi Yield Protocol – will soon launch live user testing for its interactive Metaverse game.  Participating players will be eligible for guaranteed rewards and additional prizes, worth $50,000 in total.  As Dypius announced on Friday, anyone is eligible to apply for the game’s whitelist. However, only 500 users across the Ethereum, Avalanche, and BNB Chain networks will get to participate in testing. Specifically, Dypius will select 100 new players to test the game and provide feedback every…

XRP and IOTA are Completely Centralized: Vitalik Buterin

Ethereum co-founder Vitalik Buterin spoke out on Monday against centralized projects associating themselves with the “crypto” ecosystem. The founder called out IOTA and XRP in particular, which he called “completely centralized.” In an interview with the Bankless podcast, Vitalik said he was beginning to deliberately use the word “Ethereum” as opposed to “crypto” when discussing decentralized applications. “It’s not maximalist,” he noted. “It’s more saying ‘we are not going to ally with you are a cryptocurrency by default.’” Vitalik explained…

WMA: Bitcoin Rises and Falls, SBF Gets Arrested, Altcoins Struggle

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $807 billion. Bitcoin lost almost 3% during a highly volatile week. Ethereum decreased by 7% over the past seven days. XRP lost nearly 9% of its value this week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector maintains the total value protocols (TVL) at around $41 billion.…

Defi Yield Protocol (DYP) Rebrands to Dypius to Focus on the Metaverse

The Defi Yield Protocol (DYP) platform has rebranded to “Dypius” to reflect its expanded product suite beyond decentralized finance.  The team is now working on developing the Dypius metaverse, which will enable special features for owners of the company’s native NFT collection.  As revealed in a press release shared with CryptoAdventure, the metaverse will feature play-to-earn game letting players use their Cats and Watches Society (CAWS) NFTs as companions. Those NFTs can allow users to check their crypto portfolios in-game. …