The Fear Factor: A Volatility Index for Crypto Arrives

As Coti ramps up efforts to bring a decentralized fear index to crypto, it has enlisted the help of Professor Dan Galai, one of the pioneering brains behind the Cboe Market Volatility Index (VIX), to help the organization develop a crypto-oriented version. VIX Co-Creator to Join Coti-Backed Volatility Project Since exchanges for cryptocurrencies first arose, the market and accompanying price action have proven to be among the most volatile around. Intraday swings of double-digit percentage rates are regular occurrences. While it might seem like outsized volatility given the market’s dramatic…

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Liberian Central Bank Asks Local Crypto Startup to Drop its Plan to Launch a Digital Asset

The Central Bank of Liberia (CBL) has warned against a local crypto startup’s plan to proceed with the introduction of a digital financial product without adhering to the required regulation. According to the CBL, this act will not only be illegal but this will likely “undermine the country’s financial system.” The CBL’s warning follows an announcement by an organization known as The Abundance Community Coin (TACC) that plans to launch a crypto asset on May 14. According to a report, TACC claims that its token “has been created to help…

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Bank of Korea to Monitor Crypto Transactions Using Financial Records

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an opposition lawmaker in Seoul. In…

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Ciphertrace Report Shows Crypto Crime Moving to Defi

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized finance (defi) protocols. The information, that…

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Low Energy Proof-of-Work: Bitcoin Improvement Proposal Wants to Change Network’s Algorithm

The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims to produce a “durable, low energy” Bitcoin Proof-of-Work (PoW) system. A Low Energy PoW Proposal Submitted to the Bitcoin Developer’s Mailing List This week Tesla’s Elon Musk ignited the conversation surrounding bitcoin mining and the…

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Bitcoin Mining Operation Greenidge Generation Plans to Be Carbon Neutral Next Month

On Friday, the bitcoin mining operation Greenidge Generation has announced that starting June 1st, the firm will be “carbon neutral” for the rest of 2021 and beyond. Greenidge’s announcement follows the recent statements from Tesla and Square after the companies cited environmental concerns over bitcoin mining. New York-based Bitcoin Miner Aims to Be Carbon Neutral by June 1st and Beyond Ever since Tesla cited environmental concerns over bitcoin (BTC) mining and told the public it would not be accepting BTC for electric cars, the topic has spread widely across social…

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Report: Colonial Pipeline Paid $5M Worth in Crypto to Ransomware Gang, Restarts Services

The global oil market was shaken by news from the United States as a ransomware attack hit the largest oil infrastructure operation in the country. A recent report claims hackers asked Colonial Pipeline to pay for an undisclosed amount in ransom to unlock the firm’s system – a demand the company allegedly fulfilled. Darkside Gang Is Allegedly the Author of the Ransomware Attack According to Bloomberg, Colonial Pipeline paid almost $5 million worth in “difficult-to-trace” cryptocurrencies to hackers allegedly from Eastern Europe. The report contradicts initial claims from the oil…

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Lawsuit Claims Onecoin’s ‘Cryptoqueen’ Ruja Ignatova Holds 230,000 Bitcoin

One of the ringleaders of the largest crypto Ponzi schemes, Onecoin’s Ruja Ignatova, otherwise known as the “Cryptoqueen,” allegedly owns 230,000 bitcoin worth over $11 billion today. Court documents filed by victims of the Onecoin scheme indicate that she received the bitcoins from a member of an Emirati royal family in Dubai. Onecoin’s Cryptoqueen May Have $11 Billion in Bitcoin Onecoin’s Ruja Ignatova is a mysterious woman who has been on the run for over three years now. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin…

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IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns

An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, Bloomberg reported. This clarification was made at a virtual conference hosted by the American Bar Association’s tax section. He referenced the IRS notice published back in 2014 which states that “For federal tax purposes, virtual…

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Square Declares It Won’t Buy More Bitcoin, Cites Network’s Carbon Footprint

Square, a fintech and digital payments company, has declared earlier today it doesn’t have plans to purchase more bitcoin in the near future. The company also referred to the carbon footprint of the Bitcoin network and how it is a real issue that needs to be tackled in the future. Square Doesn’t Plan to Purchase More Bitcoin Square, one of the most popular fintech payment processors in the industry, has declared it doesn’t plan to buy more bitcoin in the foreseeable future. The declarations were made by Square’s CFO Amrita…

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