Crypto Blog (2024)

17/03/2024

The terrorist group ISIS is leveraging stablecoins such as Tether for fundraising and global financial transactions, including operations in Africa.

As reported by Bloomberg, the Counter ISIS Finance Group is an international coalition to disrupt the militant organization’s financial networks and found the initiative used by the terrorist group. While traditional methods like cash couriers remain predominant, there’s a notable shift towards using cryptocurrencies, particularly by IS affiliates in West Africa.

ISIS (Islamic State of Iraq and Syria) is designated as a terrorist organization by many countries around the world, including the United States, the United Kingdom, and the European Union.

17/03/2024

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has unveiled plans for collaborative efforts aimed at developing a cutting-edge payment system leveraging blockchain technology and digital innovations. This strategic move is part of a larger vision to bolster BRICS' influence within the global monetary landscape.

Yury Ushakov, a Kremlin aide, revealed this initiative on Tuesday during an interview with TASS, a prominent Russian news agency. Stressing the significance of this endeavor, Ushakov remarked, "We view the establishment of an independent BRICS payment system as a crucial objective for the future, leveraging advanced tools such as digital technologies and blockchain."

Underlining the importance of this venture, Ushakov underscored the necessity for a system that not only offers convenience to governments, businesses, and the general populace but also operates independently of political influence and ensures economic efficiency.

17/03/2024

Bitcoin (BTC) surged past the historic milestone of $71,000 for the very first time during Monday's Asian trading hours. This remarkable ascent follows a steady upward trajectory, particularly after the approval of spot bitcoin exchange-traded funds in the U.S. Notably, the token breached the $70,000 threshold for the first time just last week. In parallel, Ether (ETH) also experienced a significant milestone, crossing the $4,000 mark on Monday. Concurrently, the broader CoinDesk 20 index (CD20) saw a notable uptick, jumping nearly 1% in response to the bullish market sentiment.

17/03/2024

Bitcoin continued its upward trajectory, extending its recent gains to soar to yet another record high at the beginning of the week. The flagship cryptocurrency surged by 3%, reaching a staggering $72,022.16, as reported by Coin Metrics. Earlier in the day, it achieved an unprecedented peak of $72,750.16. This surge comes on the heels of last week's historic milestones, as bitcoin reached new heights amidst volatile trading, marking its first significant surge since 2021. Despite a more subdued trading environment over the weekend, the cryptocurrency's bullish momentum remains evident.

09/03/2024

The cyber gang BlackCat is suspected of defrauding its own affiliates before disappearing, shortly after causing havoc within the U.S. healthcare sector.

Following a late February assault on Change Healthcare, a tech firm serving hospitals and clinics under United Healthcare, an address linked to the ransomware group BlackCat, also recognized as ALPHV and Noberus, received around $22 million worth of Bitcoin (BTC) on March 1.

09/03/2024

Korean cryptocurrency exchange Upbit has announced the temporary suspension of NEAR deposits and withdrawals, citing an upcoming network upgrade scheduled for March 11.

In a press release on March 7, Upbit stated that the suspension would commence on March 11 at 18:00 and remain in effect until network stability is assured. Users are advised against depositing NEAR during this period to prevent any potential complications. Additionally, Upbit mentioned that the return process for certain tokens will be temporarily halted until NEAR deposits and withdrawals resume.

09/03/2024

Binance.US, the American arm of the renowned cryptocurrency exchange Binance, encountered substantial operational disruptions in the wake of legal battles initiated by the United States Securities and Exchange Commission (SEC).

The lawsuit, filed in June of the previous year, alleged Binance, Binance.US, and its founder, Changpeng Zhao, of involvement in various activities, including the sale of unregistered securities. As a consequence of this legal action, the company witnessed a significant downsizing of its workforce, with over 200 employees being laid off due to a sharp decline in revenues.

09/03/2024

The Avalanche (AVAX) development team has announced the launch of the Durango upgrade and introduced the Teleporter tool, which is designed to improve interoperability within its ecosystem.

Teleporter, unveiled on March 7, is a tool built on Avalanche Warp Messaging (AWM) and implemented on Avalanche’s Ethereum Virtual Machine (EVM) compatible network, known as the C-Chain.

The Teleporter is specifically crafted to enhance communication across various EVM-compatible Avalanche sub-networks (subnets), fostering greater cohesion and addressing fragmentation issues within the ecosystem.

06/03/2024

Binance, a prominent cryptocurrency exchange, has refuted claims made by a Nigerian government official regarding a purported $10 billion fine. Despite these allegations, Binance reaffirms its dedication to nurturing a constructive relationship with the Nigerian government. However, the exchange asserts its stance against yielding to demands for payment in exchange for the release of detained executives. Binance acknowledges ongoing discussions with the Nigerian government, underscoring its commitment to resolving any issues through dialogue and cooperation.

06/03/2024

Binance has announced its decision to discontinue its Nigerian Naira (NGN) services due to heightened regulatory scrutiny in the country. In response, the crypto exchange will be delisting all existing NGN pairs by Thursday. Furthermore, any remaining NGN balances in user accounts will be seamlessly converted to USDT by Friday. The company emphasized the importance for users to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the cessation of NGN services. This proactive approach aims to ensure a smooth transition for users impacted by the change.

06/03/2024

Bitcoin reached a historic milestone on Tuesday, surging to an all-time high of $69,202, surpassing the previous record set in November 2021. This remarkable ascent was fueled by a surge in investor interest, particularly in U.S. spot exchange-traded crypto products, following the approval of 11 spot bitcoin ETFs by the Securities and Exchange Commission in late January. Additionally, anticipation of potential global interest rate cuts contributed to the bullish sentiment surrounding the world's largest cryptocurrency. Although Bitcoin experienced a modest pullback, down approximately 7% to $63,400, the overall trajectory underscores the enduring appeal and resilience of the digital asset market.

06/03/2024

Bitcoin's recent retreat from its all-time high has resulted in a healthy market correction, alleviating excess leverage and restoring balance to the crypto perpetual futures market. Following its remarkable ascent to over $69,000, Bitcoin underwent a temporary pullback, shedding around 10% to stabilize around $59,700. This correction facilitated the closure of approximately $1 billion in leveraged perpetual futures positions, promoting a more sustainable trading environment.

Meanwhile, the CoinDesk 20 Index soared to $2,627 before experiencing a modest retracement to $2,496, demonstrating resilience and overall stability in the broader cryptocurrency market. Notably, the annualized funding rates for leveraged bets in perpetual futures linked to the top 25 cryptocurrencies have normalized, dropping to below 20% from previous triple-digit levels, indicating a healthier and more balanced market sentiment.

04/03/2024

Concerns Mount as FTX's Bankruptcy Claim Window Offers Lower Asset Values Than Market Rates

Cryptocurrency users impacted by FTX's bankruptcy are raising alarms over the significant pricing gap observed during the platform's claim window. FTX has initiated a claim process, but major crypto assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) are valued notably lower than current market rates.

According to Wu Blockchain's investigation, FTX's claim window sets the pricing at $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB. In stark contrast, prevailing market prices stand at $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.

This substantial discrepancy has sparked widespread concern among affected cryptocurrency users, who are questioning the fairness and transparency of FTX's approach. Many are voicing their grievances on various platforms, including X, as they seek accountability from FTX amidst this troubling development.

04/03/2024

Bitcoin's remarkable surge has generated unprecedented investment inflows into spot Bitcoin ETFs, solidifying the leading positions of favored options within this emerging asset category.

BlackRock Inc.'s iShares Bitcoin Trust (IBIT) and Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) have collectively attracted an impressive 79% share of total inflows among the "Newborn Nine" – a collective term denoting the cohort of recently launched exchange-traded funds directly invested in Bitcoin. This dominance underscores investor confidence in these established offerings, particularly since their approval by the US Securities and Exchange Commission on January 10th.

04/03/2024

In a historic governance milestone, the Uniswap community has unanimously approved a groundbreaking proposal to reward UNI token holders who actively stake and delegate their tokens. This significant upgrade is designed to invigorate the protocol's governance framework, receiving resounding support with over 10 million UNI tokens committed to its cause.

Pioneering Governance Proposal Empowers UNI Holders with Rewards
This landmark decision marks a pivotal shift in Uniswap's governance model, facilitating the seamless accumulation of protocol fees in a fair and systematic manner. These funds will be distributed proportionally to dedicated UNI holders who have engaged in staking and delegation.

The initiative seeks to breathe new life into Uniswap's governance structure, fostering greater participation among UNI holders and fostering a more resilient and decentralized decision-making environment. With overwhelming community backing, the proposal is poised to enshrine a new standard within the UniswapV3Factory contract, setting a precedent for future governance initiatives.

02/03/2024

A crypto trader going by the handle "DoomXBT" has recently revealed a distressing security breach involving their Binance account, resulting in a substantial loss of digital assets.

DoomXBT faced a setback of $70,000 in digital assets after detecting unauthorized activity on their account. This breach included unexpected trade executions and loan processing, culminating in the conversion of assets into BNB tokens, followed by their withdrawal.

The incident came to light on February 29th when DoomXBT began receiving sound notifications for executed orders, signaling potential unauthorized access to their account. Despite having two-factor authentication enabled, the trader observed several unauthorized trades, indicating a sophisticated breach that circumvented the account's security measures.

02/03/2024

Bitcoin (BTC) is poised to conclude its most robust month since December 2020, signaling sustained bullish momentum in the market. Despite trading near all-time highs, analysts believe that this upward trend is far from reaching its peak.

In February, the leading cryptocurrency by market capitalization surged by an impressive 44%, surpassing key milestones of $50,000 and $60,000 for the first time in years, ultimately reaching a peak of $64,000 on Wednesday. This remarkable rally came on the heels of a temporary pullback below $40,000, triggered by profit-taking following the launch of spot bitcoin exchange-traded funds (ETFs) in the United States in late January.

The resilience demonstrated by Bitcoin throughout these fluctuations underscores the enduring strength of the current bull market, suggesting that further upside potential remains.

02/03/2024

Recent activity in the digital asset market has sparked considerable attention, particularly concerning substantial withdrawals from Coinbase. On March 1st, during Asia trading hours, a notable transaction involving approximately 16,000 BTC, equivalent to roughly $1 billion, took place. This event has been corroborated by various platforms, including Santiment, Arkham, and Coinglass.

Santiment's data indicates a significant reduction in Coinbase's holdings, dropping from around 398,000 BTC to 381,000 BTC. Arkham Intelligence further supported this observation, highlighting two transactions from Coinbase to undisclosed addresses. Coinglass, another reputable digital asset monitoring platform, provided additional validation by confirming the withdrawal of 16,000 BTC from the exchange. These developments underscore the dynamic nature of the digital asset landscape and its implications for market participants.

02/03/2024

Nigeria's government has initiated legal action against Binance, requesting $10 billion in response to allegations made by central bank Governor Olayemi Cardoso. Cardoso stated that Binance, the world's largest cryptocurrency exchange by trading volume, has facilitated the outflow of $26 billion in untraceable funds from the country. This action comes amidst Nigeria's ongoing foreign exchange crisis, prompting authorities to seek measures to curb capital outflows. According to Bayo Onanuga, spokesperson for President Bola Tinubu, the fine was imposed due to Binance's purported unauthorized operations within the country. Onanuga emphasized that Binance's establishment of an exchange rate for the Nigerian naira, a prerogative held solely by the central bank, was a key factor in the decision.

29/02/2024

Central Bank of Nigeria Raises Concerns Over Untraceable Crypto Flows Through Binance"

In a startling revelation, the Governor of the Central Bank of Nigeria (CBN) has disclosed that billions of dollars worth of cryptocurrency, originating from unidentifiable sources, flowed through Binance in Nigeria during 2023.

Amidst a foreign exchange crisis gripping the West African nation, which has prompted efforts to curtail capital outflows, concerns have intensified over the magnitude of untraceable funds passing through Binance Nigeria. According to reports attributed to the country's central bank governor, Olayemi Cardoso, an astounding $26 billion worth of unidentifiable funds circulated through Binance Nigeria last year alone.

As the naira, Nigeria's local currency, plunges to record lows, the government faces mounting pressure to implement measures aimed at stabilizing the economy. Recent proposals to impose levies on expatriate workers and renewed calls for stricter regulations on cryptocurrency transactions, including reports of local access restrictions to platforms like Binance, have underscored the urgency of addressing the situation.

Against this backdrop, stakeholders closely monitor developments, seeking viable solutions to navigate Nigeria's economic challenges and ensure financial stability in the face of evolving crypto dynamics.

29/02/2024

Binance Suspends Naira Support Amid Executives' Detention: What's Next for Nigeria's Crypto Scene?"

In a significant move, cryptocurrency exchange Binance has ceased support for Nigeria's fiat currency, the Naira, on its peer-to-peer platform, as per sources reported by CryptoSlate.

This announcement coincides with reports from the Financial Times indicating the detention of two Binance executives within the country, alongside the confiscation of their passports. The detained individuals had traveled to Nigeria with the aim of addressing the nation's ban on cryptocurrency exchange websites.

Nigeria stands out globally for its exceptionally high peer-to-peer trading volumes, underscoring the nation's widespread adoption of cryptocurrencies. However, amidst mounting regulatory concerns regarding Binance's impact on Nigeria's foreign exchange landscape, the situation remains fluid.

As stakeholders monitor developments closely, the future trajectory of Nigeria's cryptocurrency ecosystem hangs in the balance. Stay tuned for further insights and updates on this evolving story.

29/02/2024

"Government Broadens Cryptocurrency Probe Following Binance Executives' Detention"

In the wake of the detention and interrogation of two Binance executives by the Office of the National Security Adviser, the federal government is poised to extend its scrutiny to executives from other cryptocurrency platforms operating in the country. Channels TV has learned that this move comes on the heels of a report by the Financial Times detailing the detention of the Binance executives.

Sources familiar with the situation have disclosed that additional cryptocurrency operators will soon be summoned to elucidate their operations within Nigeria. This crackdown is a direct response to a prior report issued by the Nigerian Financial Intelligence Unit (NFIU).

Notably, the National Security Adviser, Nuhu Ribadu, is actively reviewing the NFIU report and has initiated the implementation of its recommendations. As the government intensifies its efforts, the cryptocurrency landscape in Nigeria is poised for significant changes. Stay informed as developments unfold.

29/02/2024

Breaking News: Federal Authorities Detain Binance Executives Amid Cryptocurrency Crackdown"

In a dramatic turn of events, federal authorities have detained two prominent executives from Binance, a leading cryptocurrency trading platform. According to a report by the Financial Times released on Wednesday, the executives were apprehended upon their arrival in Nigeria, where their passports were seized by the Office of the National Security Adviser.

The detained executives had journeyed to Nigeria in response to the nation's recent stringent measures targeting various cryptocurrency trading platforms. While the precise motives behind their detention remain shrouded in mystery, speculations swirl amidst ongoing allegations of foreign exchange trading manipulation within Nigeria.

Stay tuned as this developing story unfolds, sparking discussions and speculation within the cryptocurrency community and beyond.

28/02/2024

Bitcoin's pseudonymous creator, Satoshi Nakamoto, currently ranks as the 26th wealthiest individual globally, based on the presumed amount of BTC attributed to him.

Nakamoto gained fame for holding slightly over $1 million Bitcoin in a wallet that has remained inactive for over a decade, fueling speculation about his possible demise.

With Bitcoin's price hovering around $54,000, his holdings are valued at approximately $50 billion as of February 26th. However, alternative estimates propose that Nakamoto may possess 1.1 million BTC, potentially elevating his wealth closer to $60 billion.

28/02/2024

Following the Central Bank of Nigeria's crackdown on crypto platforms, the naira has demonstrated a remarkable 11.76% appreciation against the dollar on the parallel market, commonly known as the black market.

Street traders' data reveals that the local currency, which soared to as high as N1,900 (and N2,000 in some regions) on Friday, has rebounded to N1,700 per dollar as of Monday morning. Additionally, the naira strengthened significantly during the weekend, reaching a high of N1,500 per dollar.

This positive momentum in the naira's value comes as a response to the CBN's actions targeting crypto exchange platforms like Binance and others. Furthermore, telecommunications firms have been instructed to restrict access to the websites of cryptocurrency firms, including Binance, OctaFX, Coinbase, and others. This development follows the Central Bank's reversal of an initial ban on crypto transactions in the country, highlighting the dynamic regulatory landscape surrounding digital currencies in Nigeria.

28/02/2024

HTX, formerly known as Huobi, has withdrawn its application for a virtual asset trading license, as indicated by a notice on the Securities and Futures Commission (SFC) website. The withdrawal occurred just three days after the application was initially submitted, according to information displayed on the SFC's website.

28/02/2024

Bitcoin surged past the $59,000 mark early Wednesday morning, while Ethereum reached an impressive $3,300, reflecting a surge in bullish sentiment among crypto traders. Collectively, BTC and ETH now represent a staggering $1.5 trillion, constituting 67% of the total global digital asset market. Over the past day, the global market capitalization has expanded by 3%, reaching $2.3 trillion. According to CoinGecko data, the Bitcoin price currently stands at $59,266.94, marking a notable 5.4% increase since this time yesterday and a remarkable 15% surge over the past week.

28/02/2024

In response to heightened scrutiny from the Central Bank of Nigeria (CBN), several prominent crypto companies, including Binance, a global leader in exchanges, have made the decision to suspend the purchase of USDT and USDC stablecoins with Naira. This development follows a meeting of crypto founders on Tuesday morning, where a consensus was reached to temporarily halt these trades, as reported by TechCabal. While specifics of the meeting were not disclosed by a second industry player, at least two crypto exchanges have informed their Nigerian clientele about this significant policy shift.

28/02/2024

Telegram, the renowned messaging platform with a commitment to privacy, is set to revolutionize its ecosystem by introducing a groundbreaking revenue-sharing model with channel owners. Founder Pavel Durov unveiled this exciting development in a broadcast message on his official channel, as reported by CoinDesk on Wednesday. Following this announcement, the network's native TON token surged by an impressive 40%, reaching over $2.92. Simultaneously, the broader CoinDesk 20 index (CD20) experienced a notable 2.5% leap, reflecting the market's enthusiastic response to Telegram's innovative approach.

26/02/2024

Nathaniel Luz, co-founder and chief marketing officer of Flincap, a local crypto over-the-counter (OTC) exchange, emphasizes the urgent need for clarity from the Nigerian government regarding its stance on the crypto industry. Recent actions from authorities have been sending conflicting messages to the broader community, causing confusion and uncertainty.

Reports from local crypto users indicate difficulties accessing websites of various crypto exchanges, including Binance and OctaFX, through traditional telecommunication providers. This development, emerging on Feb. 21, has sparked speculation about a potential government ban on crypto platforms, adding to the uncertainty surrounding the regulatory landscape.

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