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Martin Young



Articles by Martin Young

BlackRock Pivots to RWA, With Planned Ethereum Tokenized Asset Fund

8 days ago

On March 19, BlackRock revealed that it is preparing to offer a fund through a partnership with digital asset tokenization specialist Securitize.
According to a filing to the US Securities and Exchange Commission, the Wall Street giant plans to launch the “BlackRock USD Institutional Digital Liquidity Fund.” However, the total size of the fund was not disclosed.
It feels very good for Ethereum, commented Galaxy CEO Mike Novogratz on March 20.

This feels very important for $Eth!!! https://t.co/UJVnIhm5pJ
— Mike Novogratz (@novogratz) March 19, 2024

BackRock Pivot to RWA
The fund will be based on the Ethereum blockchain and will trade under the ticker BUIDL. The Ethereum address hosting it had its first transfer around two weeks ago, according to Etherscan. It contains 100

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Ethereum (ETH) Prices Could Face Heavy Resistance if This Happens

9 days ago

Ethereum staking could present challenges for crypto asset manager Grayscale if the SEC greenlights fund conversion for ETHE as it did for GBTC.
These are the findings of BitMEX research, which added that if the SEC does not allow staking, then there will be large outflows from the firm’s ETHE fund, larger than those from its Bitcoin ETF.
“All the more reason to redeem from ETHE as soon as you can,” it advised.
Staking Allowed in ETFs?
Moreover, if Grayscale lowers the fee from 2.5% to 1.5% and the staking yield is 4%, investors could lose 5.5% by not redeeming and holding stETH, it stated.
If the SEC does allow ETH staking, ETF issuers such as BlackRock and Fidelity could adopt a policy where 70% of inflows are staked, and 30% is held in spot ETH for liquidity.
“For ETHE

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Is the Bitcoin Rally Cooling Down in the Short Term? Altcoin Seasons Starts Brewing (Analysis)

18 days ago

On March 8, on-chain analytics provider Santiment reported that despite the incredible milestone for Bitcoin, “there is a combined sense of exhaustion and altcoin distraction coming from the trading community right now.”
BTC prices briefly topped $70,000 on Coinbase on Friday marking a new all-time high for the digital asset.
However, it sharply retreated from this level for the second time in a week, falling to around $68,000 a few hours later.
Bitcoin Fervor Fading?
So far, it has been largely institutions driving momentum for crypto markets with consecutive days of high trading volumes and inflows for the newly launched spot Bitcoin ETFs.
Santiment also reported that social activity, or the percentage of discussions related to BTC versus other assets, is at a fairly

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Coinbase International Exchange Tops $1B Daily Volume While Bitcoin ETF Volumes Surge 

February 21, 2024

On Feb. 20, the company’s CEO Brian Armstrong reported that Coinbase International Exchange continues to grow, hitting $1 billion in daily volume for the first time.
The exchange, which is based in Bermuda, offers crypto perpetual futures trading to professional non-US traders.
It was set up outside of the United States due to the ongoing war on crypto and legal battles. Armstrong added, “Would be great to see perpetual futures allowed in the U.S. market as well.”

Coinbase International Exchange continues to grow – first time hitting $1B in volume in a day.
Sign up here: https://t.co/Z21Z7mqrca
Would be great to see perpetual futures allowed in the U.S. market as well. https://t.co/DxXobk5XVS
— Brian Armstrong 🛡️ (@brian_armstrong) February 20, 2024

Bitcoin ETF Volumes

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European Central Bank: Digital Euro for Payments Only, Not Investment or Holding 

February 20, 2024

A digital Euro CBDC will be “designed for making payments, not for investment,” explained Ulrich Bindseil, Jürgen Schaaf, and Executive Board member Piero Cipollone in a blog post on Feb. 19.
They added that many banks worry their customers might withdraw deposits to hold digital Euros instead. “These fears are misplaced,” they stated.
The ECB is developing a digital Euro CBDC with legal tender status functioning as a digital payment solution for Europe. However, concerns are growing over a potential flow of deposits from retail banks to the central bank, which controls the CBDC.
“CBDCs could affect financial institutions, as depositors might choose to move money from bank deposits to the central bank,” it stated.

A digital euro will be designed for making payments, not

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Congressman Grills Treasury on Incorrect Reporting of Crypto Terror Financing

February 15, 2024

Brian Nelson was grilled during a House Financial Services Committee hearing providing oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence, according to a press release from Representative Tom Emmer on Feb. 14.
Treasury Undersecretary Brian Nelson had to answer for reports that Hamas received $41 million and Palestinian Islamic Jihad received $93 million in cryptocurrency donations.
He admitted that the reported figures were inaccurate and inflated, and the actual amounts received by the groups were likely much smaller.
Mainstream Media Misinformation
Anti-crypto politicians often embellish the role of digital assets in illicit finance and seldom back up their claims with facts that prove otherwise.

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Ark 21Shares Becomes Third Bitcoin ETF to Top $1 Billion After Big Inflow Day

February 11, 2024

On Feb. 9, Ark Invest reported that its ARKB ETF had crossed $1 billion in Bitcoin holdings. “This isn’t just a number – it’s a testament to the growing trust and interest in digital assets,” it stated.
The milestone was also commented on by Bloomberg ETF analyst James Seyffart, who said it suggests that Ark had a big flow day on Friday.
“Bitwise’s BITB on price appreciation alone is around $830 million right now,” he said before adding, “They’re probably relatively close behind ARKB.”
According to Farside, Ark 21Shares did indeed have a big day with $135.5 million in BTC inflows.

Appears we have a 3rd US spot #Bitcoin ETF to cross the $1 billion mark. https://t.co/iBtr1iUfrW
— James Seyffart (@JSeyff) February 9, 2024

Bitcoin ETF Inflows
Preliminary figures indicate

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NBA Sued Over Crypto Marketing Deal Between Voyager and Mark Cuban

February 8, 2024

Investors claim the deal led to total losses of around $4.2 billion when the company collapsed during the crypto contagions of 2022.
The lawsuit alleges the NBA was “grossly negligent” in agreeing to a marketing deal between Voyager and Mark Cuban’s Dallas Mavericks.
Moreover, several NBA teams had deals to promote crypto companies like Voyager and FTX, which also failed.
Unregistered Securities Promotion
This latest lawsuit was filed in Miami on Feb. 6, claiming that the NBA promoted Voyager’s “unregistered securities,” making it liable for damages.
“The NBA carefully and deliberately decided to embrace the risks associated with cryptocurrency exchanges such as Voyager, FTX, and Coinbase, and go all in,”
“This decision, fraught with risk, involved promoting and selling

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US Lawmakers Urge Treasury Secretary to ‘Fill Gaps’ in Crypto Regulations, Call for CFTC Oversight 

February 7, 2024

On Feb. 6, House Financial Services and Agriculture Committee leaders sent a letter to Treasury Secretary Janet Yellen regarding the lack of regulation in the spot market for digital assets that are not securities.
The letter was sent from Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson, all chairmen of various House committees.
They requested that Janet Yellen, in her capacity as Chair of the Financial Stability Oversight Council (FSOC), provide answers to calls to “fill existing regulatory gaps in the spot market for digital assets.”
Moreover, the House Financial Services Committee held a hearing with Janet Yellen on the FSOC’s annual report on Feb. 6.
CFTC Oversight on Non-Securities
The letter follows calls from the FSOC and Commodity Futures Trading

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Bitcoin Pushes Above $42K as Grayscale Outflows Slow

January 28, 2024

According to CC15Capital, which has been trading spot ETF Bitcoin holdings, around 134,000 BTC has been bought by the nine newly launched funds since Jan. 11. Meanwhile, Bitcoin’s price is pushing above $42K.
This stash is currently valued at around $5.6 billion. However, the figure does not include outflows from Grayscale.
GBTC holders have been dumping shares and rebalancing their portfolios to funds that have lower fees and better yields, adding selling pressure to spot markets.

After 10 trading days, the 9 new 🇺🇸 spot #Bitcoin ETFs bought ~134,000 $BTC worth $5.6 Billion USD👇
This excludes $GBTC (conversion w/ outflows)$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW pic.twitter.com/uWjP33OA4X
— CC15Capital 🇺🇸 (@Capital15C) January 26, 2024

Bitcoin ETF Flows

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AI Usurps Crypto at Davos World Economic Forum

January 16, 2024

The WEF in the Swiss town of Davos kicked off on Jan. 15 with more than 60 heads of state and government in attendance.
In previous years, crypto companies were leading the advertising race in the main promenade in Davos; however, the billboards have been taken over by AI firms in 2024, reported CNBC.
This shift reflects the explosion in interest and investment in AI over the past year. Meanwhile, crypto has faded from the Davos spotlight after its terrible 2022, lackluster 2023, and fading ETF fever.
AI in The Spotlight
Chief strategy officer for Circle, Dante Disparte, told the outlet that this was not necessarily a bad thing because the crypto industry had to tell the story of the technology in recent years.
“Today, there are very few crypto houses along the Promenade.

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Tether Eating All Other Stablecoins as Total Assets Approaches $100B 

January 3, 2024

Tether’s total assets are not far away from $100 billion following a monumental rise over the past six years. 
The current figure for the firm’s total assets is $95.2 billion, according to its transparency report. Of that amount, $92 billion is in the dollar-pegged stablecoin, USDT. 
Tether Keeps Growing
On Jan. 3, Tether and VanEck strategy advisor Gabor Gurbacs reaffirmed his support for the firm, adding, “Like the Bitcoin ETF, many thought I was crazy.”
“USDT market cap was under $100 million in the spring of 2017 when I flagged to Wall Street that Tether has the potential to reach $100 Billion.”

Tether total assets are approaching $95 Billion.
USDT mcap was under $100 million in the spring of 2017 when I flagged to Wall Street that Tether has the potential to reach

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How Spot Bitcoin ETFs Could Cannibalize 150 Crypto Funds Across The Globe

December 30, 2023

On Dec. 25, BitMEX Research published a complete list of cryptocurrency-related exchange-traded products (ETPs)
It reported that there were 150 crypto-related ETPs across the world with $50.3 billion in assets under management.
The firm noted that it could be useful in “determining the extent to which the spot Bitcoin ETF cannibalizes existing ETPs or attracts new capital into the cryptocurrency space.”
Cannibalizing Crypto ETPs 
Funds could simply flow from these existing products into new spot BTC ETFs.
Grayscale’s Bitcoin Trust (GBTC) is the largest of them all, with $27 billion in assets under management.

It is already established and has a solid investor base. However, Grayscale could be left behind if the SEC approves rival spot products but does not let it convert

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Crypto Executives Raise $78M to Back Industry-Friendly US Policymakers

December 19, 2023

A group of three super PACs backed by major cryptocurrency executives and investors has raised $78 million to influence the 2024 elections and support crypto-friendly candidates.
A super PAC is a political action committee that pools campaign contributions from members and donates them to campaigns for or against candidates or legislation.
Crypto has caused deep division within American politics, with one side wanting to restrict and ban it and the other wanting to encourage and foster the embryonic industry.
Crypto Campaigning Revival 
On Dec. 18, Politico reported that the campaign has support from venture capital giant Andreessen Horowitz (a16z), Coinbase, and early Bitcoin adopters Cameron and Tyler Winklevoss.
Other crypto players backing the effort include Ark,

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Is Tether Becoming America’s Defacto CBDC? Crypto Experts Weigh In

December 13, 2023

Crypto industry experts have been discussing Tether and its potential to become the dollar-pegged defacto central bank digital currency of the world.
The comments come in response to Cantor Fitzgerald CEO Howard Lutnick, who told CNBC earlier this week:
“I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries. They’re over $90 billion now, so I’m a big fan of Tether.”
Cantor Fitzgerald is a global investment bank, brokerage, and financial services firm.
Is Tether Like a CBDC?
On Dec. 13, Glassnode on-chain analyst “Checkɱate” declared, “Tether is the CBDC.”
He added that if the US government can shut down Russia’s reserves, it is “hard to argue they are incapable of closing down Tether’s.”

“Most

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Elizabeth Warren’s Bank-Endorsed Ban Crypto Bill an Attack on Tech and Privacy 

December 12, 2023

A recent move was the introduction of the Digital Asset Anti-Money Laundering Act, another bill aiming to curtail the use of cryptocurrencies in America.
On Dec. 11. the bill gained five new Senators as cosponsors, including, unsurprisingly, three members of the Banking Committee. 
Crypto advocate Evan Van Ness posted a list of Senators he claimed were “paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto bill,”

A list of US senators paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto bill
* @RaphaelWarnock (D-GA)* @LaphonzaB (D-CA)* @ChrisVanHollen (D-MD)* @Hickenlooper (D-CO)* @benraylujan (D-NM)* @RogerMarshallMD (R-KS)* @JoeManchinWV (D-WV)
List continues 👇
— Evan Van Ness 🧉 (@evan_van_ness) December 11, 2023

As if confirming the notion,

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Coinbase Wallet Enables Sending Crypto Over Social Media Apps

December 6, 2023

On Dec. 5, Coinbase unveiled changes to its Web3 wallet to make the product more user-friendly and streamlined.
One of the biggest updates was the introduction of the ability to send funds using a text message on popular social media messaging platforms such as WhatsApp and Telegram.
In a company blog post, the firm said that users can now instantly send money to friends and family worldwide for free directly within messaging and social media apps by sharing a link from Coinbase Wallet. 

Send crypto via a link in any app
Try it out https://t.co/zWvaH1mGC7 https://t.co/eaU99tIQg1
— Brian Armstrong 🛡️ (@brian_armstrong) December 5, 2023

Coinbase Link Sharing
Coinbase stated that link sharing could be done with platforms such as WhatsApp, iMessage, and Telegram, social

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Institutional Appetite Returns to Crypto as Markets Hit 18-Month High

December 3, 2023

Bitcoin spot exchange-traded fund fervor has gripped institutional investors, which are piling funds back into crypto assets. 
Institutional-grade crypto asset funds saw their largest weekly inflows since late 2021 last week, according to fund manager CoinShares. 
A new record of inflows of 346 million was recorded for the week, the highest total observed in the past 9 weeks of inflows, it revealed. 
Moreover, the global head of cryptocurrency products at CME, Giovanni Vicioso, commented on the return of institutional traders to crypto derivatives markets.
The increase in volume and open interest is a “clear indication that institutions are moving into this space,” he said. 

Institutional Appetite is Back
According to CoinShares, the fresh inflow of funds has pushed total

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More Than 80% of Bitcoin (BTC) Supply Has Returned to Profit: Glassnode

November 22, 2023

The volume of Bitcoin supply in profit has reached the levels last seen two years ago as the market came off its November 2021 all-time high, according to Glassnode.
In its ‘Week on Chain’ report released this week, the analytics provider added that the magnitude of unrealized profit held within these coins remains modest.
The percentage of Bitcoin’s circulating supply currently held in profit reached 83.6% or 16.36 million BTC during last week’s rally. Moreover, this is historically significant, being well above the all-time mean value of 74%, added Glassnode.
Bitcoin Accumulation Accelerates  
Bitcoin rallied to its highest level of the year, tapping $37,900 on November 16. However, it has currently retreated 4% from that high as markets continue to cool. 

With #Bitcoin

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Crypto Influencer Shares Details of Latest Scam Targeting Ledger Users

November 15, 2023

On Nov. 15, Scott Melker, aka “The Wolf of All Streets,” said that one of his followers was hacked in the latest scam targeting Ledger users.
While checking his Nano S hardware wallet, the user reported seeing a 503 HTTP API error when it attempted to synchronize, “which in and of itself terrified me.”
The victim reached out to Ledger support and reported having the CTO (chief technology office) contact him via direct message on X.
This is when alarm bells should have rung as support isn’t that quick, and customers definitely won’t get to speak to executives and are likely to be lumbered with a chatbot.

Scam alert.
I have been speaking with one of my followers here, who shared that he was hacked this morning on a Ledger scam.
Here is what he said happened –
“Woke up this

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US Remains Largest Crypto Market But Stablecoin Activity Shifts Away

October 29, 2023

The United States is the world’s largest cryptocurrency market, accounting for 24.4% of global transaction activity, according to a recent report by Chainalysis.
The report, released on October 23, revealed that there was an estimated $1.2 trillion in value received on-chain between July 2022 and June 2023 in the U.S.
Moreover, institutional activity makes up 76.9% of North America’s crypto transaction volume, and activity is split between centralized exchanges and DeFi, it added. 

Our 2023 Geography of Cryptocurrency Report is out today! Get your copy now and learn everything you need to know about the current state of crypto adoption around the world. https://t.co/zJaTvo6YOE pic.twitter.com/8gbdJ2IvnQ
— Chainalysis (@chainalysis) October 23, 2023

Stablecoins Shift

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European Central Bank Moves Forward on CBDC Project After Concluding 2-Year Research Phase

October 22, 2023

On October 18, the ECB Governing Council stated that it had decided to move to the next phase of the digital euro project.
The move into the preparation phase for a potential European CBDC follows the completion of a two-year investigation phase.
The preparation stage will start on November 1 and will initially last two years. It will involve finalizing the digital euro rulebook, selecting technology providers, and testing.

Our Governing Council has decided to move to the next phase of the digital euro project.
In November 2023 we will start laying the foundation for the possible issuance of a digital euro. A decision on issuing a digital euro will come at a later stage.https://t.co/xuKklame0U pic.twitter.com/Nn0Z8RggVn
— European Central Bank (@ecb) October 18, 2023

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Hong Kong Increases Crypto Exchange Scrutiny Following JPEX Fiasco 

October 7, 2023

The move follows the imbroglio at the JPEX crypto exchange last month, which resulted in multiple arrests and the platform shuttering services. The unlicensed exchange is alleged to have defrauded investors out of $204 million.
The task force is comprised of the city’s Securities and Futures Commission (SFC) and law enforcement officials, including representatives from the commercial crime, cybersecurity and technology crime, and financial intelligence and investigations police bureaus.
According to the announcement, it will “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,”
Protecting Hong Kong Public
Moreover, the JPEX saga threatens to complicate Hong Kong’s push to become a regional crypto and fintech

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These 4 Charts That Show Crypto Adoption is Still Surging 

September 27, 2023

Crypto markets remain down around 65%, or $2 trillion in total market capitalization, from their peak in November 2021.
The industry has been battered by a barrage of attacks from regulators and politicians, especially in the United States. Moreover, the wave of hacks and exploits has continued unrelenting.
Nevertheless, there is a silver lining, and that is growth and adoption across the sector.
On Sept. 26, DeFi researcher Thor Hartvigsen shared four charts showing that the “market and crypto adoption is in a much better place than you might think” before exclaiming:
“I am more optimistic about the future of Crypto/DeFi than I’ve ever been.”
Crypto and DeFi Growth Charts
The first chart was of the total daily wallets across the Ethereum and the layer-2 landscape. Users

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What Bear Market? Crypto Startups Raised $115M Last Week

September 25, 2023

More than $115 million was raised last week alone across a number of crypto startups.
The largest raise of the week was blockchain game studio Proof of Play which netted $33 million in a round led by Andreessen Horowitz.
The firm will use the funding to fuel the growth of its invite-only, on-chain pirate role-playing game, Pirate Nation. Its ambition is to create a decentralized “Forever Game” that does not rely on creator intervention or external servers to continue to operate.
Crypto VC Still Healthy
Bastion, an enterprise-focused crypto custody, wallet management, and digital asset trading firm, raised $25 million. The Web3 startup was launched by two former executives from a16z’s crypto division.
The aim is to enable companies to integrate Web3 infrastructure into

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CBDC Anti-Surveillance Act Passes Out of Financial Services Committee

September 21, 2023

On Sept. 20, the CBDC Anti-Surveillance State Act passed out of the Financial Services Committee. Republican Senator Tom Emmer said it was,
“A historical step in defending against an ever-expanding government surveillance state.”
The House Majority Whip has been battling against Federal Reserve moves to develop a CBDC.

The first anti-CBDC bill in the United States passed out of the Financial Services Committee today! A historical step in defending against an ever-expanding government surveillance state. https://t.co/1XXSEHOhNC
— Tom Emmer (@GOPMajorityWhip) September 20, 2023

Anti-CBDC Bill Moves Forward
The Act is the first anti-CBDC legislation introduced in the United States. Senator Emmer first proposed the CBDC bill in January 2022, and it was formally introduced to

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Citi Launches Token Service in Push For Institutional Crypto Offering

September 19, 2023

The move appears to be a part of a wider push to offer digital assets to institutional clients.
The tokens represent a claim against the bank and are processed on a private blockchain owned and managed by Citigroup. Clients can access the service through existing bank systems, according to reports on Sept. 18.
Global head of the Citi’s services division, Shahmir Khaliq, said:
“The development of Citi Token Services is part of our journey to deliver real-time, always-on, next generation transaction banking services to our institutional clients,”

Citigroup Debuts Token Service in Latest Foray Into Digital Assets
Turns out regulators don’t hate digital assets… they just want their banker buddies to catch up. 🙂https://t.co/N8y8LBULU2
— Gabor Gurbacs (@gaborgurbacs) September

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North Korean Hackers Turning to Russian Exchanges to Launder Stolen Crypto: Chainalysis

September 15, 2023

According to a Sept. 14 report from on-chain analytics provider Chainalysis, the total amount of cryptocurrency stolen is estimated at $3.54 billion.
North Korea “continues to be an incubator for hacking activities and remains one of the largest active threats in the cybercrime landscape,” it stated.
Moreover, the Democratic People’s Republic of Korea (DPRK)-linked hacking groups are “increasing their use of Russia-based exchanges known to launder illicit crypto assets.”

🧵 Here’s a quick summary of our findings today on North Korean hackers’ usage of Russian services. https://t.co/WUoGzNEacB
— Chainalysis (@chainalysis) September 14, 2023

2023 NK Stolen Crypto Down from 2022
The revelations come in the same week that Vladimir Putin and Kim Jong-Un held military talks.

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European Central Bank Blasts PayPal in Push for its Own CBDC

September 5, 2023

On Sept. 4, Fabio Panetta, ECB Executive Board member at the Committee on Economic and Monetary Affairs of the European Parliament, said the central bank was nearing the end of its research and investigation phase.
It will soon decide whether to move to the next phase of potentially developing and issuing a digital Euro.
The ECB first published a report on a CBDC in October 2020, and three years later, they’re ready to move forward.
Big Tech Warning
The first key aspect is legal tender status, he said before adding that this would give people the right to have access to and pay with the digital Euro.
Panetta pushed availability and accessibility across the Eurozone, saying that the CBDC should be as accessible as “electricity and water.”

The second major part is a new

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DeFi Experts Warn Over Latest Google Ads Crypto Scam

August 24, 2023

Google appears to be taking money from fraudsters and facilitating crypto scams. These are the findings from DeFiLlama researcher “0xngmi,” who reported that scammers are buying ads for proper crypto websites on Google, but…
When users click on them, “they get sent to an ad network to track the click, but that network redirects to a scam site instead!”

There’s a new crypto scam on google
Scammers will buy an ad for a proper crypto website on google, with the proper URL
Then when users click on it they get sent to an ad network (https://t.co/k5azsHhC2s) to track the click, but that network redirects to a scam site instead! pic.twitter.com/YEUYqc9IUk
— 0xngmi (@0xngmi) August 23, 2023

DeFiLlama Domain Redirect
They said it was happening with the defillama.com domain name,

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