Search Results for: November

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions 

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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433…

US Court Sentences Russian Crypto Ransom Launderer to Probation and Fine

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A Russian crypto entrepreneur, charged with laundering money from ransomware attacks, has been sentenced to probation and fined in the U.S. after pleading guilty. Founder of two coin trading platforms, Denis Dubnikov, was arrested in the Netherlands and extradited to the…

Do Kwon Challenges SEC’s Jurisdiction in Multibillion-Dollar Crypto Securities Fraud Case

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Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S. law…

With Close to 10 Billion Stablecoins Redeemed, BUSD’s Supply Drops to Lowest Level Since April 2021

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Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates…

US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

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The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is…

US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion

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As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s…

FTX Debtors Report $8.9B Shortfall in Customer Funds and ‘Highly Commingled’ Assets in Latest Presentation

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On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in…

G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor

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The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over…

Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships

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On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the…

Chainalysis: Crypto Scam Revenue Dropped 46% in 2022

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Revenue from cryptocurrency scams dropped 46% in 2022, according to blockchain data analytics firm Chainalysis. “We attribute most of this decline to market conditions, as scam performance tends to worsen when cryptocurrency prices are in decline,” the firm explained. ‘Crypto Scam…