Browsing:Market News

China's Bitmain Hit With $3.6 Million Fine for Tax Violations
1 year ago 1 min read

Bitmain Crypto Mining Rig Manufacturer Slapped with $3.6 Million Fine by Chinese Authorities Over Tax Evasion

China’s Beijing tax authorities have fined Bitmain, one of the world’s largest manufacturers of cryptocurrency mining rigs, a whopping $3.6 million for tax violations. The Beijing branch of the State Taxation Administration issued a notice on April 4, stating that Bitmain had failed to comply with personal income tax regulations. Despite receiving a notice in August 2020, the company failed to withhold and pay around 16.6 million yuan in personal income tax. Bitmain is yet to respond to requests for comment from Forkast. Founded in 2013, Bitmain is renowned for its Antminer series, and on Tuesday, CleanSpark, a US crypto

Binance CEO CZ predicts that more crypto funds will move to Hong Kong
1 year ago 1 min read

CZ predicts increased investment flow into Hong Kong

Binance CEO Changpeng ‘CZ’ Zhao predicts that more crypto funds will move to Hong Kong as banks in the region begin to support the crypto industry. With several crypto firms, such as Binance.US, experiencing banking issues in the U.S., CZ believes Hong Kong is an attractive destination for firms looking for new banking partners. Hong Kong’s ZA Bank is now offering a lifeline for crypto exchanges, providing fiat currency transfers and account services for virtual asset service providers. According to ZA Bank CEO Ronald Iu, the bank will act as a settlement partner for exchanges, allowing customers to withdraw US

Argentina's securities regulator has approved a Bitcoin-based futures index that is set to debut on the Matba Rofex exchange.
1 year ago 1 min read

Argentina approves Bitcoin futures index for trading

Argentina’s securities regulator, the National Commission of Value (CNV), has approved a Bitcoin-based futures index that is set to debut on the Matba Rofex exchange. The exchange claims that the Bitcoin futures contract will be the first regulated Bitcoin futures index in Latin America. The contract, based on the price of Bitcoin, will be settled in the national fiat currency and trades will be required to be settled through bank transfer. The regulated Bitcoin futures index will offer qualified investors a transparent and regulated way to gain exposure to Bitcoin. Meanwhile, the CNV has also asked Matba Rofex to incorporate

Bankrupt Crypto Exchange Receives Relaunch Recommendation from Former FTX Sales Chief
1 year ago 1 min read

Bankrupt Crypto Exchange FTX Should Consider Relaunch, Says Former Sales Chief

The former head of institutional sales at FTX, Zane Tackett, has suggested that the now-defunct cryptocurrency exchange should relaunch and offer a token that represents creditor claims. Tackett suggested that this would give creditors some value, no matter how small, and a way to price the assets held by FTX. He proposed that the new exchange should offer a market for FTX claims based on one token per $1 lost, similar to how rival crypto exchange Bitfinex issued a token called BFX after it was hacked in 2016. Tackett argued that relaunching FTX would allow creditors to convert their debt

Shiba Inu and Shibarium are both seeing significant growth
1 year ago 1 min read

Shiba Inu’s Shibarium Shows Strong Growth as SHIB Hits New Milestones

Shiba Inu and its layer-2 technology platform, Shibarium, are both seeing significant growth, with Puppynet, the beta testnet, exhibiting an incredibly rapid expansion. Within the first week of its relaunch on March 24, Puppynet had already recorded over 100,000 wallet addresses, and this growth has continued to soar. As of April 11, Shibarium has broken the 2.5 million transaction mark, with 373,696 wallet addresses already created, and an average block time of 328,985 blocks produced. On April 11 alone, 890,399 transactions were processed in just one day, with Puppynet reaching its previous record of 481,151 transactions the day before. Shiba

South Korean prosecutors have made moves to freeze the $5.3 million assets of Do Kwon
1 year ago 1 min read

South Korean Authorities Move to Freeze $5.3M in Do Kwon’s Assets

South Korean prosecutors have made moves to freeze the assets of Do Kwon, co-founder of Terraform Labs. The prosecutors are seeking a court order to freeze $5.3 million worth of Kwon’s assets in South Korea. Kwon has been under investigation for fraud and tax evasion since the Terra-LUNA collapse in May 2022. According to reports, prosecutors are also tracing potential criminal proceeds generated by Kwon overseas and parked in various cryptocurrency exchanges and Swiss bank accounts. Kwon allegedly consolidated his assets to Bitcoin and transferred them to foreign exchanges like Binance, making it difficult for the authorities to recover them.

Tether (USDT) has blacklisted an address that drained Maximal Extractable Value (MEV) bots for $25 million last week
1 year ago 1 min read

Tether Takes Action Against Validator Address That Stole $25M from MEV Bots

Tether, the issuer behind the popular stablecoin Tether USDT, has blacklisted an address that drained Maximal Extractable Value (MEV) bots for $25 million last week. The incident involved a rogue validator address that exploited a bug in the MEV-boost relay to outsmart the bots executing a sandwich trade. As a result, losses of nearly $25 million in various digital assets were incurred, making it the largest MEV exploit to date. The USDT address held about $3 million in USDT at the time of blacklisting and a total of $21 million in various other ERC-20 tokens. The blacklisting drew pushback from

Montenegro's Central Bank and Ripple Forge Partnership for CBDC Test Program.
1 year ago 1 min read

Montenegro’s Central Bank Collaborates with Ripple to Test CBDC

Montenegro’s Central Bank (CBCG) has announced plans to develop a pilot program for a central bank digital currency (CBDC) in partnership with blockchain provider Ripple. Despite using the euro as its de facto currency, the CBCG aims to identify practical applications of a national stablecoin and simulate its circulation through the pilot program. The project aims to assess the potential advantages and risks of CBDCs, including electronic payment availability, security, efficiency, regulatory compliance, and the protection of user rights and privacy. According to CBCG Governor Radoje Zugic, this pilot program will help the bank understand how a CBDC could benefit

Winklevoss brothers have extended a personal loan worth $100 million to their crypto exchange Gemini
1 year ago 1 min read

Winklevoss Twins Pour $100 Million into Gemini, Says Bloomberg

Gemini co-founders, Tyler and Cameron Winklevoss, have extended a personal loan worth $100 million to their cryptocurrency exchange as external fundraising attempts fail. The move comes amidst regulatory scrutiny of Gemini’s activities. The Securities and Exchange Commission (S.E.C.) charged Gemini and Genesis Global Capital with offering unregistered securities through the exchange’s Earn program in January. Meanwhile, New York’s Department of Financial Services reportedly began investigating the exchange after many users claimed assets in their Earn accounts were FDIC-protected. Despite Tyler Winklevoss’ accusations that the S.E.C. had issued a “manufactured parking ticket,” the exchange was forced to lay off 10% of

SEC Committee Urges Forceful Enforcement on Cryptocurrencies, Highlights Majority as Securities
1 year ago 1 min read

The U.S. SEC calls for strict enforcement of regulations against crypto players

The Investor Advisory Committee of the U.S. Securities and Exchange Commission (SEC) has called for strict enforcement of regulations against crypto players who offer unregistered securities. In a letter addressed to SEC Chair Gary Gensler, the committee urged the regulatory agency to continue its aggressive crackdown on violators in the crypto space, including issuers, custodians, and unregistered trading platforms. The letter also made it clear that the committee considers “virtually all” crypto tokens to be financial securities, a view shared by Gensler himself, who has previously stated that all cryptocurrencies, except Bitcoin, are securities. The SEC committee expressed concern about

Attorney Jeremy Hogan Exposes SEC's Failure to Prove XRP is a Security in Ripple Lawsuit
1 year ago 2 mins read

XRP is Not a Security, SEC Fails to Prove in Ripple Lawsuit, Attorney Jeremy Hogan States

One crypto legal expert has weighed in on the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. Attorney and XRP supporter Jeremy Hogan recently took to Twitter to explain to his 263,300 followers why he believes the SEC has not proven that XRP is a security in the regulator’s lawsuit against Ripple Labs. The SEC filed a lawsuit against Ripple in late 2020, claiming that the company sold XRP as an unregistered security. However, Hogan argues that the SEC has so far failed to prove that there was a contract of investment for investors

US Presidential Candidate Robert Kennedy has become a proponent of Bitcoin
1 year ago 1 min read

U.S. Presidential Candidate Robert Kennedy Praises Bitcoin’s Role as a Safe Haven Asset

US Presidential Candidate Robert Kennedy has become a proponent of Bitcoin as a safe haven during times of financial instability. In an era of evolving finance, where cryptocurrencies like Bitcoin are gaining popularity, Kennedy argues that decentralized networks like Bitcoin are less vulnerable to market volatility and government policies, offering an alternative to the traditional financial system. The US government has been increasingly critical of the crypto industry, with the launch of FedNow, a real-time payment system backed by a version of a central bank digital currency. Kennedy has voiced concerns about the Federal Reserve’s monetary policies and its relationship

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