Author: Max Bauer
The Montenegrin Ministry of Justice has announced that a decision on the extradition of Do Kwon, the founder of Terraform Labs, has been made and will be publicly announced by the end of the week. Do Kwon, who was arrested in Podgorica in March 2023, faces indictments in South Korea, Singapore, and the United States, all of which have requested his extradition from Montenegro. Interpol issued a red warrant for him in September 2023 due to his involvement in the May 2022 collapse of the $40 billion Terra Luna and Terra cryptocurrencies. In September 2023, the Supreme Court of Montenegro…
Tesla, the electric vehicle giant, has made a significant move in its Bitcoin holdings. Data from Arkham revealed that the company’s Bitcoin wallet saw unusual activity on Wednesday, with funds being transferred to a new wallet. While initial concerns about a large-scale sale were quickly alleviated, the reason behind this transfer remains shrouded in mystery. Though neither Tesla nor Elon Musk has publicly commented on the move, the crypto community has been rife with speculation. Possible explanations range from compliance and internal audit requirements to simple wallet management or a more strategic reorganization of funds. CryptoQuant community analyst Maartunn offered…
Federal authorities have arrested an Alabama man in connection with a January 2024 cyberattack that targeted the U.S. Securities and Exchange Commission’s (SEC) Twitter account. Eric Council Jr., 25, of Athens, Alabama, was taken into custody this morning and is facing charges of conspiracy to commit aggravated identity theft and access device fraud. Hacker Searched Google for How to Know If You’re Being Investigated by the FBI According to the indictment, Council and his co-conspirators executed a SIM swap attack to gain unauthorized control of the @SECGov Twitter account. By impersonating the SEC Chair, they posted a fake announcement claiming…
Cryptocurrency analysis firm QCP Capital has issued a positive outlook for Bitcoin (BTC), citing strong spot demand, increased option activity, and growing inflows into Bitcoin spot ETFs. QCP Capital Attributes Bitcoin’s Surge to Options In a recent statement, QCP Capital noted that BTC rallied 2.20% on Wednesday, briefly reclaiming the $68,000 level before settling around $67,000. The firm attributed this surge to heavy buying in long-dated options, indicating that investors are becoming more optimistic about Bitcoin’s prospects. Additionally, QCP Capital highlighted the continued inflows into Bitcoin spot ETFs, which totaled $456.90 million on Wednesday. This marks a four-day winning streak…
Bitcoin prices are experiencing a resurgence, approaching their all-time highs as investors anticipate a perfect storm of favorable conditions. The cryptocurrency’s value surged by nearly 3% on Wednesday, reaching $68,376 before settling slightly lower. Optimism is fueled by a combination of factors, including rising global liquidity, stimulus measures from China, and growing support for a regulatory framework in the United States. Analysts believe these elements could create a favorable environment for Bitcoin and other crypto assets. “After a period of price consolidation, we’re witnessing a convergence of factors that could drive Bitcoin prices significantly higher,” said Brett Munster of Blockforce…
Hong Kong’s Chief Executive has outlined an ambitious plan to establish a leading fintech ecosystem, with a particular focus on virtual assets, as revealed in Article 99 of the 2024 Policy Address. The government’s strategy encompasses a multi-pronged approach designed to solidify Hong Kong’s position as a global fintech hub. Central to the plan is the promotion of Central Bank Digital Currencies (CBDCs) for cross-border payments. The Hong Kong Monetary Authority (HKMA) is actively expanding the mBridge platform, testing and exploring new technologies to facilitate seamless cross-border trade settlements, and broadening participation from both public and private sectors. The government…
The Securities and Exchange Commission’s (SEC) lawsuit against Cumberland DRW, a prominent crypto trading firm, has sent ripples through the industry. The case, which alleges that Cumberland DRW operated as an unregistered dealer in securities, is seen by many as a “warning shot” to other crypto market players, particularly those with traditional finance ties. The SEC’s action against Cumberland DRW, a subsidiary of the established commodities trading firm DRW, marks a significant escalation in its crackdown on the crypto industry. While the agency has previously targeted major crypto exchanges like Binance and Coinbase, this latest lawsuit highlights the SEC’s growing…
Italy is set to significantly increase the capital gains tax on Bitcoin, raising it from 26% to 42%. This move is part of the government’s efforts to finance costly election promises while reducing the fiscal deficit. Prime Minister Giorgia Meloni’s cabinet approved the tax hike, citing the growing popularity of Bitcoin and other cryptocurrencies. Deputy Finance Minister Maurizio Leo stated during a conference call on Wednesday that the “phenomenon is spreading.” While Italy is joining a growing number of countries implementing stricter regulations on cryptocurrencies, the effectiveness of such measures remains uncertain. India’s imposition of hefty digital-asset levies two years…
The disgraced founder of Terra, Do Kwon, has reportedly been able to make several crypto payments from a Montenegro prison despite authorities taking months to seize his crypto wallet login details and various electronic devices. Do Kwon Allegedly Made At Least Two Cryptocurrency Transactions in Prison According to a report by Portal ETV, Do Kwon was arrested in Montenegro on March 23, 2023, but his electronic devices weren’t handed over to the investigating judge until June of that year. This delay, combined with alleged failures in security protocols, may have allowed Kwon to maintain control of his crypto assets. Two…
Cryptocurrency journalist Eleanor Terrett has shared new insights into the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). According to Terrett, Ripple’s Chief Legal Officer, Stuart Alderoty, provided her with an update on the appeals timeline. The SEC is expected to file Form C, which will outline its appeal plans, by tomorrow. Ripple will then have 14 days to respond with its own Form C, detailing its cross-appeal. Both parties will subsequently agree on a briefing schedule. Alderoty anticipates that the SEC will take the full 90 days to file its first brief, which…