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Zhelyazko Zhelyazkov

Articles by Zhelyazko Zhelyazkov

Pakistani Province to Develop Two Hydroelectric Bitcoin Mining Farms

March 21, 2021

Pakistani province plans to establish two hydroelectric-powered pilot mining farms, hoping to get further exposure to cryptocurrency adoption.Keeping up with the Global Crypto Bullish TrendsThe Pakistani province of Khyber Pakhtunkhwa is reportedly drafting plans to get into the cryptocurrency flow by building two hydroelectric-powered pilot mining farms. According to a recent news report, the region’s authorities have committed to capitalizing on the bullish trends of the global cryptocurrency market.The South-Asian country has now established a federal committee designated to bring a new crypto policy ahead. However, the cost of the upcoming mining project has not been determined yet. Still, expectations are that potential investors and the whole province’s economic condition could

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Bank of Korea Head Says Cryptocurrencies Have No Intrinsic Value

February 24, 2021

The head of the Bank of Korea, Lee Ju-yeol, said that Bitcoin and other major cryptocurrencies lack intrinsic value. However, he believes that all assets will continue to experience significant price fluctuations.Price Surge Because of Pro-BTC Institutional Investors?The chief of the Bank of Korea said cryptocurrencies, including Bitcoin, do not possess inherent value. In a recent news report, Lee Ju-yeol blasted the highly volatile nature of the digital asset industry.“There is no intrinsic value in crypto assets,” said BOK Gov. Lee Ju-yeol at a parliamentary session on 23 February.The news report quoted lawmakers asking BOK’s chief if the recent surge in the price of BTC is temporary or not.“It is very difficult to predict the price, but its price will be extremely volatile,” Ju-yeol

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Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

February 19, 2021

Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin.Believing in the Future of CardanoRock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA.In his recent publication on Twitter, Simmons explained one of his fundamental personal reasons for investing and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the

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SEC’s Hester Peirce Urges for Crypto Regulations as Institutional Interest Piles

February 15, 2021

The recent boom in institutional interest in Bitcoin and cryptocurrencies might be a fresh sign that the market needs crypto regulations. SEC Commissioner Hester Peirce pointed out that the wide range of investors would also improve price formation.Institutional Interest as the Long-Awaited Sign for Crypto RegulationsUS Securities and Exchange Commission (SEC) commissioner Hester Peirce has said that there is a need for precise cryptocurrency regulation. According to a recent news report, the booming interest in digital assets by major companies like BNY Mellon, Tesla, Mastercard, etc., could be an unmistakable sign that authorities should probably develop crypto rules. “That adds to the urgency of us taking some sort of action in this area to provide more clarity,” said

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PayPal CFO Says The Company Might Not Convert Cash Into Crypto

February 12, 2021

PayPal will probably avert from investing its cash into Bitcoin. Despite the recently expanding interest from institutions in digital assets, the US payment giant will not get into the crypto whirlpool, said the firm’s Chief Financial Officer.Admitting Cryptocurrency’s Values but Still Won’t InvestAlthough it sees enormous opportunity in the development of digital wallets, PayPal will most likely not allocate portions of its cash into Bitcoin or other cryptocurrencies. According to a recent news report, PayPal’s CFO John Rainey said that the company does not have any interest in buying cryptocurrency. Instead, the firm prefers to invest in services that improve the network it offers.The company has admitted its belief in the transition to digital forms of currencies and considers it

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UK Teenager Jailed For Two Years For a Dark Web Deal With Ecstasy and Bitcoin

February 11, 2021

A 19-year old UK resident was jailed for a drug trafficking operation. He had participated in an attempt to import ecstasy bought with Bitcoin on the Dark Web.Buying Dark Web Ecstasy with BitcoinThe 19-year-old drug dealer is to serve two years in prison after a police investigation discovered he has been dealing with ecstasy using Bitcoin. According to a recent report, Dylan Bailey from Arbury Road, Nuneaton, UK, used to import ecstasy tablets from abroad, aiming to sell the illegal substances to other individuals. He used Bitcoin to buy the ecstasy from the Dark Web.The report states that the teenager has had a supplier in the Netherlands, who sent him the drugs, hidden in what was supposed to be a DVD case. However, the package sent by post services had Dylan Bailey’s name and address

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OKEx To Integrate BTC Lighting Network for More Sufficient Transactions

February 6, 2021

Cryptocurrency platform OKEx announced another crypto-promoting project –the Bitcoin Lightning Network. It will focus on downsizing transaction fees and reducing time for their execution.OKEx is Aiming at Low Transaction Costs and PromptitudeOKEx, the leading cryptocurrency platform and derivatives exchange is to integrate the Bitcoin Lightning Network in the next quarter. The project represents a second-layer scaling solution based on the Bitcoin blockchain technology.According to an official press release, the development will focus on reducing transaction fees and time, thus, improving user experience on the company’s exchange platform. The endeavor integration will also highlight OKEx’s aim to push further the development of the Bitcoin ecosystem.LN’s role is that of a payment protocol

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24 Year-Old Founder of Hedge Funds Pleads Guilty of a $90M Crypto Scam

February 5, 2021

An Australian man, founder of two multi-million crypto funds in New York, pleaded guilty on a crypto scam charge. The Ponzi scheme used a trading algorithm, taking advantage of price differences for Bitcoin and other cryptocurrencies.Draining almost $90M From InvestorsAccording to a recent report, Stefan He Qin organized the fraud that stole about $90 million from clients through his hedge funds – Virgil Sigma Fund LP (“Virgil Sigma”) and the VQR Multistrategy Fund LP (“VQR”). The two cryptocurrency hedge funds, located in New York, attracted over $100M of investments.In a few years, the Australian managed to steal investor’s money from the Virgil Sigma fund. In December 2020, he made another attempt for a classic Ponzi scheme, stealing clients’ money from VQR in order to pay back his

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Bitcoin and Cash Operator Pleads Guilty To Laundering At Least $13 Million

February 4, 2021

A 49-year old U.S. individual has pleaded guilty to a scheme, defrauding hundreds of investors with millions of dollars via a scheme involving bitcoin and cash. In two and a half years, he managed to fraudulently exchange at least $13 million.Illegally Exchanging Tens of Millions of DollarsA 49-year-old man from L.A. pleaded guilty to recent allegations of masterminding and operating Bitcoin-fiat exchange and money laundering. According to an official statement by the U.S. Immigration and Customs Enforcement (ICE), the San Bernardino County resident Hugo Sergio Mejia faces charges with running an unlicensed company and exchanging tens of millions of dollars in bitcoin and cash. The case included ICE’s Homeland Security Investigations (HSI) and IRS Criminal Investigation.In the agreement,

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Despite The SEC Lawsuit: Japanese Giant SBI Adds XRP to Its Crypto Lending Services

February 4, 2021

Japanese giant SBI Group will include a new addition to its crypto lending service via its subsidiary VC Trade. Apart from the other options, Bitcoin (BTC) and Ethereum (ETH), the organization’s customers will be able to deposit XRP to earn interest as well.Adding XRP to the List of Bitcoin and Ethereum Lending Japanese giant SBI Group has announced it will include XRP in its list of lending services. The company, which started the lending endeavor in November 2020, will provide clients with the service via its subsidiary SBI VC Trade.According to the recent announcement, holders of the fourth-largest cryptocurrency could deposit XRP to earn interest. The amounts that clients could deposit range from 1,000 to 100,000 tokens, while the lending period would be 84 calendar days.SBI’s

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SEC Charged Three Involved In ICO Fraud Backed by Steven Seagal

February 2, 2021

The U.S. SEC has charged three individuals on an initial coin offering scam, where their company Bitcoiin2Gen squeezed more than $11 million from retail investors. The ICO, which took place in 2018, involved actor Steven Seagal as a promoter of the newly created token.Defrauding Investors with More than $11MThe Securities and Exchange Commission (SEC) went after three individuals, allegedly defrauding hundreds of retail investors. The U.S. watchdog has charged them on a 2018 initial coin offering for the highly promoted token Bitcoiin2Gen, advertised by famous Hollywood actor Steven Seagal.The US federal agency claimed that Kristijan Krstic, founder of Start Options and Bitcoiin2Gen, John DeMarr, the primary US-based promoter for these companies, and Robin Enos managed to defraud many

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The GameStop Frenzy Will Turn Into Hollywood Script By MGM and The Winklevoss

February 1, 2021

The Winklevoss twins will partner with MGM Studios for a movie featuring the latest GameStop craze, where a subreddit group rebelled against Wall Street hedge funds. Best-selling author and Academy-award winner Ben Mezrich will also work on the project. The GameStop Frenzy Turns Into a MovieThe Winklevoss twins are up to a collaboration with Hollywood movie studio Metro-Goldwyn-Mayer (MGM). The script will represent the recent story of the subreddit group WallStreetBets (WSB), rebelling against Wall Street hedge funds.Cameron and Tyler Winklevoss will start the project with the prominent Hollywood studio, which has brought some of the biggest movies to the screen during the last few decades.Cameron and Tyler Winklevoss. Image Source: CNNThe project will reportedly onboard New York Times’

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BlackRock CEO Says Bitcoin Might Become A Store of Value but Has to Prove Itself

January 29, 2021

Bitcoin has to prove itself in order to become a reliable store of value. BlackRock CEO and founder Larry Fink said that the crypto asset might see a bright future, but firstly it has to endure and prove itself.Bitcoin is Still UntestedDuring a recent interview, BlackRock founder and CEO Larry Fink expressed his current opinion and predictions towards the world’s leading cryptocurrency in terms of market cap. Asked to share some thoughts on BTC, Fink said that the digital asset might see a bright future and even become a store of value, but it still has its time ahead to prove itself.Fink addressed the BTC environment as a “very small market,” pointing out that it can move in substantial increments with relatively small movements of money. He specified that it is not a market for the calm

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Wall Street Hedge Fund CIO Says Institutional Demand Insufficient to Keep BTC Above $30K

January 28, 2021

Guggenheim Partners CIO Scott Minerd has shared another warning of possible Bitcoin declines. The Wall Street executive predicted a massive correction, dragging the primary cryptocurrency down to $20K. He pointing out that institutional interest is not enough to stabilize BTC above $30K.Institutional Demand is Not EnoughInstitutional interest towards Bitcoin will not be enough for the primary cryptocurrency to keep its head above the $30K price level. In a recent interview with Bloomberg TV, Guggenheim Partners CIO Scott Minerd outlined his bearish prediction.According to him, the top crypto asset is further away from a stable $35K or even a $30K price, relying on just institutional demand. The reason – institutional-level business environment is “just not there” yet.“I don’t think the

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China to Give Away $4.6M in Digital Yuan as the Country Furthers CBDC Trials

January 25, 2021

China will launch another major test for its digital currency, the digital yuan, in January. Local reports affirm that Sichuan’s capital Chengdu will be the next hotspot for the consequent tryout of the nation’s future virtual asset.The Local Government Giving Away $4.6M Worth of CBDCAccording to a recent media report by mobile payment network Mpaypass, the capital of the Chinese province of Sichuan, Chengdu, will be the next area, which will test the efficiency of China’s digital yuan. Following recent tryouts in Shenzhen and Suzhou, the country’s central bank digital currency (CBDC) trial will start at the beginning of this year. During the initiative, the government will supply citizens with 30 million digital yuan, worth $4.6 million.The publication cites China’s Bank of Communications

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NASDAQ-Listed Bitcoin Mining Company Faces Lawsuit on Defrauding Investors

January 24, 2021

Bit Digital – a NASDAQ-listed company, is to face a class-action lawsuit. A recent report by J Capital Research alleged the Bitcoin mining firm in “fake cryptocurrency business.”Impossible to Operate 22,869 Bitcoin Miners in ChinaBitcoin mining company Bit Digital is facing a class-action lawsuit on allegations of fraud and misleading its clients. According to an official court document filed in the Southern District Court of New York on Thursday, by plaintiff Anthony Pauwels, the case seeks to recover damages for Bit Digital investors. The victims had made stock purchases from the BTC-mining firm between December 21, 2020, and January 8, 2021.The court statement dictated that the company had made “false and/or misleading statements” that it operates 22,869 bitcoin mining establishments in

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Ethereum Price Can Skyrocket to $10,500 According to Fundstrat

January 20, 2021

The second-largest cryptocurrency might reach even higher summits, according to strategists from Fundstrat Global Advisors. They envision a bright future for Ethereum by predicting a five-digit price tag.A Possible Price Surge Up To $10,500 For ETH?According to a recent Bloomberg report citing Fundstrat Global Advisors LLC, the largest altcoin could multiply its value seven times.Analysts at Fundstrat consider this week’s rise of ETH as a sign that it may even jump to the five-digit scale. Strategist David Grider affirms that one of the main reasons for possible ETH price increase steps on the popularity of the Ethereum blockchain for decentralized finance applications. Predictions also state that Ethereum has made some progress towards a network upgrade, which might allow it to process a

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UK’s National Health Service to Monitor COVID-19 Vaccines with Hedera DLT

January 19, 2021

UK’s National Health Service is planning the implementation of an Internet of Things project to build and manage COVID-19 vaccine provisions. The solution will use a pubic distributed ledger network – Hedera Hashgraph.Monitoring COVID-19 Vaccines Supplies Using DLTAccording to an official announcement, the UK’s National Health Service (NHS) will aim to digitally monitor its supplies of COVID-19 vaccines in the months to come. Using the public DLT network Hedera Hashgraph, a digital asset tracking provider called Everyware will be the main gear of the project to provide the country’s NHS facilities with the necessary data to monitor the cold storage equipment being used to store the COVID-19 and other vaccines.Initially, facilities in the South Warwickshire region will be adopting the

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JP Morgan: Bitcoin Needs to Reclaim $40K Soon or Momentum Will Fade

January 18, 2021

Bitcoin has to endure and overcome the $40,000 boundary in order to avoid a consequent major price correction. JPMorgan strategists say that otherwise, the major cryptocurrency might suffer investment outflow.The $40K Is the Key to Future Prospects for BTCAccording to a JPMorgan Chase & Co report, cited by Bloomberg, this level is an omen to more eventual losses.The major financial institution strategists led by Nikolaos Panigirtzoglou said that the cryptocurrency is at risk of further losses and an outflow of trend-following investors unless it can “break out” over the $40K frontier. The team added that the pattern of demand for BTC futures and the $22.9 billion Grayscale Bitcoin Trust might help determine the perspective.“The flow into the Grayscale Bitcoin Trust would likely need to

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China’s Blockchain Attempt BSN to Reportedly Integrate CBDCs This Year

January 17, 2021

China is preparing a consequent major take on blockchain adoption. The country is developing a new project aimed at integrating international central bank digital currencies (CBDC) as a part of their recent blockchain endeavor, the BSN.Building a Universal Digital Payment Network as part of 2021 OutlookThe country’s national blockchain project, Blockchain Service Network (BSN), has featured another task on its way to adopting blockchain network and more standardized forms of digital currency transfer practices. According to a recent publication, in 2021, the BSN will focus on building a universal digital payment network (UDPN).As per the announcement, CBDCs are expected to fundamentally change traditional currencies’ current payment methods. They might also improve resilience and notably

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Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining

January 16, 2021

Mike Novogratz’s Galaxy is planning a significant leap into the Bitcoin mining sector. Galaxy Digital Mining will be the designated new fraction of the investment company. The upcoming project will reportedly focus on establishing a new business body aimed at providing financial services for miners.Delivering Financial Services to MinersAccording to an official press release, the Galaxy Digital Mining project will be launching in 2021. The new company will connect with already existing business lines to offer a comprehensive pack of financial services and products to Bitcoin miners. Some of them include trading and risk management solutions, principal lending and equity investments, plus M&A advisory services.The company announced the new endeavor as one of two this year to aim at the

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Bulgarian Crypto Exchange Owner Sentenced To 10 Years in Prison for Laundering $5 Million

January 14, 2021

A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.An Auction Fraud That Victimized over 900 AmericansAccording to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor. He managed and promoted the so-called RG Coins – a cryptocurrency exchange headquartered in Sofia, Bulgaria. Now, the US court has sentenced him for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense plus a conspiracy to commit money laundering.During the crime, Iossifov and his

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New Zealand Financial Regulator Warns About Risks of Investing in Bitcoin

January 13, 2021

New Zealand’s financial regulator has warned investors of the dangers of investing in Bitcoin. The comments were aimed at the recent fluctuations in the price of the major cryptocurrencies, which have shown quite the amplitude.Negativity, Led By The Recent Ups and Downs of BTC PriceNew Zealand’s Financial Markets Authority (FMA) has issued a candid warning for investors from the country, considering their take on cryptocurrency and mainly Bitcoin. A recent news report by the Herald quoted the country’s financial watchdog, saying that crypto traders have to be prepared to “lose their money” if they invest in the digital asset.The FMA had commented before the media outlet, pointing out the latest bedlam of Bitcoin’s price, when the crypto asset’s value showed quite the volatility. These

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Founder of a $147M Crypto Ponzi Scheme Sentenced to 10 Years in Prison

January 12, 2021

Central District Court in California sentenced GemCoin founder Steve Chen to 10 years in federal prison. Chen has been announced guilty of being the mastermind and leader of a $147 million crypto Ponzi scheme that involved mining and digital currency fraud, and tax evasion.Over 70,000 Investors Defrauded with Gemstone-backed CryptoAccording to the US Department of Justice, 63-year-old Californian Steve Chen and a team of conspirators have masterminded the fraudulent endeavor that remained active for two years – from July 2013 to September 2015. It was among the earliest recorded crypto Ponzi schemes. Chen was the owner and CEO of Fine Investment Arts, Inc. (USFIA), presented to his clients as a multi-level marketing company that extracted amber and other gemstones from non-existing mines

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Vietnamese HDBank To Issue Letters of Credit on the Blockchain

January 8, 2021

The Vietnamese financial institution will reportedly initiate the provision of letters of credit (L/C) on the blockchain, aiming at better and safer transactions for its clients.Becoming a “Happy Digital Bank”Vietnamese bank HDBank has announced it will issue letters of credit (L/C) using blockchain technology. According to a recent report, the major financial institution will pioneer the local digital market by becoming the first in the county to offer the L/C using blockchain technology.A letter of credit resembles a bank letter, which guarantees that a buyer’s payment to a seller will arrive at a pre-determined time and amount.HDBank has fulfilled the issuance, document presentation, and successful payment of letters of credit on the blockchain platform, thus marking “a new milestone”

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Finland Decides To Sell $75 Million Worth of Seized BTC

January 8, 2021

After an unplanned four-year holding of nearly 2,000 bitcoins, Finland’s Customs has decided to sell them now. Local authorities seized most of them after Darknet drug-trafficking investigations in 2016, but their value has expanded by about 100x since then.The Right Moment to SellFinland’s Customs is planning to sell 1,981 bitcoins, most of which authorities had seized during drug trafficking criminal investigations. According to a recent news report, most of the confiscated BTC (1,666) originate from the so-called Douppikauppa case, connected with a Darknet operator arrested in 2016.After seizing the considerable portion of bitcoins, the question remained for the Finish authorities whether to destroy them or sell them. It seems that deciding to hold the coins for nearly five years will

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Following the CFTC Charges: BitMEX Reports 100% Verified Trading Volume and User Base

January 7, 2021

One of the major cryptocurrency derivatives exchanges, BitMEX, has completed the month-long process of verifying its entire user base. The development comes shortly after the platform said it would provide its clients with faster transactions via a new integration system update.100% of Volume on the BitMEX Platform Fully Verified In a recent post, BitMEX has announced it has finished its User Verification Program. The project’s implementation is an attempt to make the platform one of the most prominent cryptocurrency derivatives exchanges with a fully verified active user base.The process had reportedly started on December 4, 2020, when BitMEX asked its customers to verify their identities before depositing, trading, or withdrawing any assets on the platform. A month later, the exchange

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Police Arrests Another Suspect on the 100 BTC Ransom Kidnapping in India

December 30, 2020

The 100 BTC kidnapping case in the Indian state of Karnataka continues to develop as the local police have arrested another suspect on the case. Reports say he was the one who abducted the kid in front of his home after being recruited by the mastermind of the entire operation.Progress On A 100 BTC Ransom CaseJust a couple of weeks ago, perpetrators demanded a 100 BTC ransom for the son of a local businessman and crypto investor after abducting the eight-year-old boy in front of his home in Karnataka. Shortly after, the police managed to capture six suspects on the case, all related to the victim’s family.However, the police in India have captured another suspect, allegedly connected to the case. According to a local news report, authorities have arrested a hotel receptionist, suspecting

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Another NASDAQ-Listed Company to Set Up a Bitcoin Fund

December 30, 2020

GreenPro Capital has announced its plans to set up a BTC Fund for investment. The firm confirms its belief that Bitcoin might be the next best thing and a truly reliable store of value.Another Believer In The Bitcoin Institutional FutureGreenPro Capital Corp (NASDAQ listed as GRNQ) is among the latest corporations to express positivity about the future of Bitcoin. In a recent announcement, the financial advisory service provider noted that it believes that banking institutions, hedge funds, insurance companies, etc., will soon start adopting BTC.GRNQ asserted that it considers Bitcoin the most reliable future store of value in the world. The company’s recent intention of launching and implementing its own BTC Fund combined with the right “crypto strategy” will produce significant future

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Swiss SEBA Bank Completes Series B Fundraiser

December 23, 2020

Switzerland’s SEBA bank successfully completes a series B fundraiser, giving further merit to the notion that the country is becoming a hub for cryptocurrency business.Another Successful FundraiserThe Swiss start-up bank has officially completed its second stage of capital fundraising. The institution which sells cryptocurrencies to its customers has been planning the Series B phase since January this year.According to an official publication, the bank has just executed its Extraordinary General Meeting, approving the finalization of the consequent stage of its additional capital raise. All of the bank’s key shareholders, plus new investors from Switzerland, Europe, and Asia, have participated in the fundraiser. The bank said it is prepared to focus on further pursuing its domestic and

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