Crypto news

Byun Young-oh, CEO of the South Korean technology firm Wacon, has been arrested for his alleged role in a massive Ethereum-based scam. The scheme defrauded over 500 investors, totaling around $366 million. Byun, along with an alleged accomplice named Yeom, face serious fraud charges. Currently, both are in custody and will be tried by the Fifth Criminal Division of the Seoul Central District Prosecutor’s Office. Based on the iNews24 report on 12 August 2024, the scam was associated with...

Binance, one of the largest cryptocurrency exchanges globally, has announced a significant change that will impact holders of 15 specific tokens on its platform. By September 1, 2024, Binance will halt withdrawals for these tokens and automatically convert them to USDC, a widely used stablecoin. This move comes as part of Binance’s ongoing efforts to streamline its offerings and ensure greater stability for its users. Some of the tokens involved in this decision include Bitcoin Gold (BTG),...

On-chain analysis platform Arkham Intelligence sounded the alarm on Tuesday as $2 billion worth of Bitcoin connected to Mt. Gox moved from a blockchain address connected to crypto exchange BitGo. According to Arkham, a wallet that had received $2.19 billion from the long-defunct Bitcoin exchange began initiating test transactions early Tuesday. The firm said the wallet likely belonged to BitGo – the fifth and final exchange responsible for handling distributions to Mt. Gox...

The US Internal Revenue Service (IRS) has updated changes to its previous finalized crypto tax form, implementing changes that the industry was vocal about. This new version is streamlined, reducing the data required by the last iteration. With that, the privacy concerns engendered by the reporting requirements previously have been addressed. The 1099-DA form will be offered by crypto brokers to clients starting in 2026. For the most part, brokers will comprise crypto exchanges in the US,...

Miami, Florida, August 13th, 2024, Chainwire Floki is proud to announce that Valhalla, Floki’s groundbreaking PlayToEarn MMORPG, will be at the forefront of a high-profile advertising campaign throughout the 2024-25 season of the English Premier League (EPL).  Leveraging LED perimeter boards during live games, this campaign will deliver massive global exposure and enhance the brand’s credibility. The English Premier League is the most popular sporting league globally, attracting more viewers...

Three Arrows Capital (3AC), the defunct crypto hedge fund, has its liquidators pursuing a $1.3 billion lawsuit against TerraForm Labs, the bankrupt digital assets company co-founded by Do Kwon. This legal action is part of ongoing efforts to recover funds for 3AC’s creditors following the fund’s collapse. 3AC Liquidators Pursue TerraForm Labs The Three Arrows Capital (3AC) liquidators are alleging that TerraForm Labs manipulated the market for Luna and TerraUSD, which led to...

Last Thursday, executives from the crypto industry spoke with US lawmakers, representatives from the Biden administration, and those involved in Kamala Harris’ campaign. The session came as crypto has become a bi-partisan topic in the US as election day nears. This meeting occurred virtually, although slated to be in person. From the crypto side, Ripple CEO Brad Garlinghouse, Kraken CEO David Ripley, Circle CEO Jeremy Allaire, Skybridge founder and managing partner Anthony Scaramucci, and...

Institutions did not buy stablecoins over the weekend. BTC registered over 4% losses over a 24-hour period leading into Monday. BTC’s price dropped to below $60,000 on Monday, causing a decline of about 4% from the day prior when it traded at $62,510. The dipping price action occurred as institutional players stopped acquiring stablecoins for two days before the week started. Blockchain analytics firm Lookonchain posted about the occurrence, “Institutions seem to have temporarily stopped...

BitGo, a US-based digital asset custodian, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This regulatory approval will allow BitGo to offer its custody services to clients in Singapore, a crypto hub in Asia. This development comes after the custodian received an in-principle approval (IPA) earlier this year in January. In a press release, BitGo mentioned, “BitGo now offers regulated digital payment token services in Singapore. Clients...

The cryptocurrency market is facing a growing liquidity crisis, as evidenced by the significant price slippages observed during recent sell-offs. According to research by Kaiko, the ongoing issue of liquidity fragmentation across crypto exchanges has resulted in noticeable price discrepancies, particularly during periods of market stress. Price Slippage Liquidity fragmentation refers to the uneven distribution of liquidity across various exchanges. The recent market sell-off...