Crypto Currency

The automotive giant is exploring DAO tools and blockchain integration to improve company operations. Automotive giant Toyota is delving deeper into blockchain use cases through its involvement with a Web3 hackathon for decentralized autonomous organization ( DAO ) developers. On Feb. 1, multichain smart contract and decentralized application (dApp) network Astar announced its inaugural Web3 hackathon. The news of note, however, was that it’s being supported by the Toyota Motor Corporation. Astar Network founder Sota Watanabe commented on the significance of Toyota’s involvement in the initiative: “During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.” It’s Toyota’s first Web3 event as the multinational vehicle company looks to emerging technology to “support its vision of improving the company’s operations,” the announcement noted. Th...

The Celsius Official Committee of Unsecured Creditors hosted a two-hour town hall shortly after the filing of the Celsius examiners’ report. The counsel representing Celsius’ official creditor committee has denied assertions that the bids for Celsius’ crypto assets have been rejected. During a Jan. 31 Twitter Space “town hall” following the examiner’s report on Celsius , attorneys from White & Case LLP including Gregory Pesce and Aaron Colodny addressed the so-called “leaked” bids for Celsius’ crypto assets shared by crypto blogger Tiffany Fong. “The assertion that the bids have been rejected is just categorically false,” said Pesce. https://t.co/hbJ5GJchZC — Celsius Official Committee of Unsecured Creditors (@CelsiusUcc) January 31, 2023 Fong’s Jan. 27 post on Substack pointed to at least five firms that were reportedly interested in bidding on Celsius’ crypto assets including Binance, Bank To The Future, Galaxy Digital, crypto trading company Cumberland DRW and digi...

Around $8.8 million was lost to crypto exploits in January, a massive decline from the figures this time last year. Aside from the bullish crypto market rally in January, there’s been more positive industry news as the month saw a decline in losses from exploits compared to the same time last year. According to data from blockchain security firm PeckShield on Jan. 31, there were $8.8 million in losses from crypto exploits in January. There were 24 exploits over the month, with $2.6 million worth of crypto being sent to mixers such as Tornado Cash . The breakdown of assets sent to mixers includes 1,200 Ether (ETH ) and around 2,668 BNB (BNB ). The January figures are 92.7% lower than the $121.4 million lost to exploits in January 2022. #PeckShieldAlert ~24 exploits grabbed $8.8M in January 2023. As of January 31st, 2023, ~$2.6M worth of stolen funds (~2,668 $BNB & 1,200 $ETH ) were transferred into Mixers (TornadoCash, Fixedfloat, and sideshift[.]ai). pic.twitter.com/KlGmD...

Randall Crater will pay back the millions lost by victims of his fraudulent crypto scheme and spend 100 months in jail followed by a three-year supervised release. Founder of “My Big Coin” and convicted fraudster Randall Crater has been sentenced to 100 months in prison and has been ordered to pay over $7.6 million to the victims of his fraudulent scheme.  The U.S. Department of Justice (DOJ) said on Jan. 31 that Crater was sentenced by United States District Court Judge Denise Casper in Massachusetts. The sentence comes around six months after Crater was convicted by a federal jury on Jul. 21, 2022, on four counts of wire fraud, three counts of unlawful monetary transactions and one count of operating an unlicensed money-transmitting business. Randall Crater, the founder of "My Big Coin," a purported cryptocurrency company, was sentenced today to more than eight years in federal prison for a multi-million dollar fraud scheme uncovered by #FBI Boston and @USPIS_BOS ....

Rally cited a "challenging year" for the crypto industry in its decision to “begin to sunset” the platform's sidechain after Jan. 31. Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible. Users reported across social media platforms that Rally said the platform’s sidechain will “begin to sunset” after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site’s developers did not say that they would be offering another path forward in the future, but hinted at building “leaner web3 experiences and/or products on mainnet.” “2022 was a challenging year not only for the platform, but also for the entire crypto industry,” said Rally. “The team has worked relentlessly to try to find a path forward, however the challenges and macro headwinds are too overwhelming to overcome in the current environment.” Related: Social tokens will be the engine of Web3, from fanbases to incentiviz...

Sorare seals partnership with the English Premier League to issue Ethereum-based digital player cards for its popular fantasy sports platform. Blockchain-powered fantasy sports firm Sorare has sealed a deal with the English Premier League to mint Ethereum-based digital player cards on its platform. Sorare has driven an interesting use case for Ethereum-based fantasy sports and digital card trading in recent years, offering fans the ability to mint, collect and trade various player cards with other users across a variety of nonfungible token (NFT) marketplaces. Cointelegraph reached out to Sorare to clarify details of their latest deal, bringing the Premier League to the fingertips of football fans. While the partnership was officially announced on January 30, a Sorare spokesperson said discussions between the league and the company had been ongoing for a lengthy period. Premier League player cards are available on Sorare’s platform, with some “super rare” cards already valued at ...

Hainan's market regulator wants to promote NFTs as part of the digital economy, but will actively work to weed out bad actors and speculative behavior. Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token (NFT) sector to “promote the healthy development” of the sector and to stomp out fraud and other associated risks. In a separate announcement, the People’s Bank of China (PBoC) also announced that it is working on new features for its  Central Bank Digital Currenc y (CBDC) pilot program, referred to as the digital yuan or eCNY. NFT oversight In a public notice posted on Jan. 29, Hainan’s market regulator and nine other agencies from the province outlined a lengthy plan to tackle the NFT sector moving forward. A translation of the document reveals that the regulator is placing emphasis on promoting NFTs as part of the digital economy, particularly as a way to attract foreign investment in the Hainan Free Trade Port....

Twitter’s upcoming payments tool will initially support only fiat currencies, but Elon Musk wants it built to potentially support crypto in the future. Twitter chief Elon Musk has reportedly instructed his developers to build the platform’s payments system in such a way that crypto functionality can be added in the future. According to a Jan. 30 Financial Times report , two people familiar with Twitter’s plans said the payments feature will support fiat currencies to start but be built to accommodate cryptocurrencies should the opportunity arise. Twitter has long teased bringing payments to the social media platform — forming part of Musk’s stated plan to make Twitter an “everything app.” Buying Twitter is an accelerant to creating X, the everything app — Elon Musk (@elonmusk) October 4, 2022 However, it has remained vague as to whether these payments will involve blockchain or crypto technology, despite the Twitter CEO seeing a big role for crypto on Twitter. In early Dece...

A Jan. 30 ruling could see the identities of the two individuals who signed on as sureties for Sam Bankman-Fried’s $250 million bond become public, subject to appeal. The two people who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could have their identities revealed next month after a recent ruling by United States District Judge Lewis Kaplan. According to the Jan. 30 filing, Kaplan granted the application to reveal the names of the two individuals to the public. However, Judge Kaplan has given Bankman-Fried's legal counsel until Feb. 7 to appeal. Bankman-Fried was released from custody in December 2022 after two unknown people signed on as sureties for the $250 million bond along with Bankman-Fried's parents, Joseph Bankman and Barbara Fried. Eight major media companies, including Bloomberg, the Financial Times and Reuters, demanded public disclosure of the two individuals responsible for guaranteeing the bond in a Jan. 12 letter addressed ...

The Virunga National Park's Bitcoin mine in the Democratic Republic of the Congo monetizes surplus energy for conservation efforts. Virunga National Park in the Democratic Republic of the Congo has become the first national park in the world to run a Bitcoin ( BTC ) mine in an effort to protect its forests and wildlife. Cointelegraph spoke with Sébastien Gouspillou, CEO of Big Block Green Services, and the man who introduced Bitcoin mining to the park.  Speaking via video call, Gouspillou said with a smile: “Bitcoin mining saved the park from bankruptcy.” Virunga is Africa's oldest protected park and a symbol of the continent's biodiversity. A report by journalist Adam Popescu, published in MIT Technology Review, explained that the region was plagued by issues prior to Bitcoin mining. From local militias that waged violent attacks on its animals and employees to outbreaks of Ebola to kidnappings, the emblematic national park has struggled for revenue in recent years.  ...

Circle has released its reserve report for December 2022 highlighting over-collateralized asset holdings currently backing 44.5 billion USDC tokens in circulation. USD Coin (USDC) issuer Circle has released an accountant-verified report of its treasury reserve holdings backing more than $44.5 billion worth of tokens currently in circulation. Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, breaks down the current make-up of the stablecoin issuer’s reserve vault. According to Circle, 44,553,543,212 USDC is currently backed by $44,693,963,701 U.S. dollars held in custody accounts. It is worth noting that a significant portion of the latter amount is invested in a variety of U.S. Treasury bonds. As per Circle’s VP of accounting Timothy Singh, the fair value of assets in the USDC reserve is the total balance of USD denominated assets, including a mix of cash and treasury bonds. Circle’s Reserve Fund is registered as a government money marke...

Luxury brand Hermès filed a suit against digital artist Mason Rothschild after the artist released his Metabirkins NFT collection depicting the company's Birkin bag product without permission. The trademark infringement trial between French luxury brand Hermès and digital artist Mason Rothschild is set to go ahead on Jan. 30 in a Manhattan federal court. The luxury brand accused the nonfungible token ( NFT ) artist of trademark infringement for promoting and selling MetaBirkins, an NFT collection said to be inspired by the group's Birkin bags. The trial and its related lawsuit in the United States District Court for the Southern District of New York can be first traced back to Jan. 14, 2022, when Hermès first filed a complaint against Mason Rothschild after the artist allegedly refused to stop selling his NFT collection. MetaBirkins depict Birkin handbags covered in colorful fur instead of leather. Source: MetaBirkins Twitter According to court documents filed on...

Bitcoin's huge price surge in January has meant that 64% of Bitcoin investors are in profit, according to data from IntoTheBlock. Bitcoin (BTC) has just clocked its 11th consecutive day outside the “Fear” zone in the Crypto Fear and Greed Index, cementing its longest streak out of fear since March 2022. Bitcoin Fear and Greed Index is 61 - Greed Current price: $23,780 pic.twitter.com/U5gxN3AwnT — Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023 It comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, becoming this year’s newest all-time high. Though it has since come back down slightly to $23,687 at the time of writing. Meanwhile, Bitcoin sentiment is currently sitting firmly in the “Greed” zone with a score of 61, which hasn’t been seen since the height of the bull run around Nov. 16, 2021, when the price was about $65,000. Bitcoin Fear and Greed Index over the last 12 months. Source: Crypto Fear and Greed Index. However, despite Bitcoin’s strong ...

The high court will now decide whether to declare the 'crypto bill' unenforceable or to approve it with modifications. Panama's crypto bill saga has reached a new chapter, with the country's Supreme Court deciding the future of the local crypto industry. Panama's President Laurentino Cortizo sent on Jan. 26 the Bill No. 697, dubbed the "crypto bill," to the high court for review and approval, after objecting to the legislation, claiming it violated the constitution's core principles and was unenforceable. The Supreme Court must now decide whether to declare the legislation unenforceable or to approve it with modifications. According to an official statement, the government considers articles 34 and 36 of the bill unenforceable, since they violate the state's separation of powers and establish administrative structures within the government. President Cortizo also argued that the bill had been approved through an inadequate procedure, follow...

Bitcoin bulls look to push BTC price to $24,000 and in doing so, LTC, AVAX, APT and FTM could extend their monthly gains. Bitcoin ( BTC ) has rallied nearly 40% so far in January, which is the best start to the year since 2013 . The sharp up-move has turned several on-chain signals bullish , according to on-chain analyst Cole Garner. Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive. Crypto market data daily view. Source: Coin360 After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term. Which altcoins are showing promise in the near term? Let’s study the charts of...

Three main addresses carried out transactions worth $27.18 million to six crypto exchanges. North Korean exploiters behind the Harmony Bridge attack continue to launder the funds stolen in June 2022. According to on-chain data revealed on Jan. 28 by blockchain sleuth ZachXBT, the perpetrators moved another $27.18 million in Ethereum ( ETH ) over the weekend. The tokens were transferred to six different crypto exchanges, noted ZachXBT in a Twitter thread, without disclosing which platforms had received the tokens. Three main addresses carried out the transactions. According to ZachXBT, exchanges were notified about the funds transfer and part of the stolen assets were frozen. The movements made by the exploiters to launder the money were very similar to those taken on Jan. 13, when over $60 million was laundered, noted the crypto detective. Who’s active rn? DPRK just finished laundering another $17.7m+ (11304 ETH) from the Harmony Bridge hack. S/o to the exchanges who respond...

Bitcoin bulls have everything to play for as the weekly and monthly closes decide what could be Bitcoin's best January in ten years. Bitcoin ( BTC ) spiked into key liquidity for a third time into Jan. 29 as the weekly and monthly closes loomed. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader on Bitcoin: $25,000 "in sight" Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD briefly hitting $24,498 on Bitstamp overnight. The move, although short lived, marked the pair's third such attempt to take sell-side liquidity above $23,400 in recent days. In each instance, bulls appeared to lack momentum to reclaim new support levels, and at the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250. BTC/USD order book data (Binance). Source: Material Indicators/ Twitter Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrate...

The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance. The Ministry of Justice in South Korea announced plans to introduce a crypto tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames. The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6 — Wu Blockchain (@WuBlockchain) January 29, 2023 While the system is slated to be deployed in the first half of 2023, the South Korean mi...

The IRS’s recommendation to check “Yes” boils down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking. With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies. Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms, which have been updated to “digital assets.” All U.S. citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.” The  question  about digital asset income features in three forms — 1040 , Individual Income Tax Return; 1040-SR , U.S. Tax Return for Seniors; and 1040-NR , the U.S. Nonresident Alien Income Tax Return, which asks: “At any time during 2022, did you: (a) receive...