Crypto News Updates

Kraken, the San Francisco-headquartered digital currency exchange, has received a court order from a U.S. judge requiring the release of customer data to the Internal Revenue Service (IRS). The court filing, submitted on Friday, states that the IRS is seeking details pertaining to accounts that registered an annual trading activity of $20,000 or higher during the years 2016 to 2020. IRS Gains Court Order for Kraken’s Customer Data in Crypto Tax Investigation Last February, the IRS submitted a court petition to the Northern District of California, outlining its intention to thoroughly investigate Kraken’s financial records and data in order to uncover cryptocurrency users who may have neglected their tax obligations. The petition specifically requested access to Kraken’s “books, records, papers, and other data.” “The IRS is conducting an investigation to determine the identity and correct federal income tax liability of U.S. persons who conducted transactions in cryptocurrency for

Lawmakers in Slovakia have adopted legislation that will reduce the tax burden for cryptocurrency holders in the country. Income derived from long-term investments in digital assets will also be relieved from healthcare taxes, the parliamentarians decided. Investors in Slovakia to Pay 7% Tax on Income From Crypto Held More Than a Year Members of the National Council of Slovakia, the country’s unicameral legislature, have approved an amendment that will reduce the taxation of cryptocurrencies, local media reported . Income from crypto assets sold more than a year after their purchase will be taxed at 7%. Thus, the tax rate for long-term crypto holdings will be lower than the regular income tax rates. Slovaks pay personal income tax according to a progressive scale and the rate can be either 19% or 25%, for income exceeding a certain threshold. The legislative proposal was submitted by the liberal Freedom and Solidarity party, the Democrats and the conservative Ordinary People and

In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve’s Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central bank’s inaugural foray into a central bank digital currency (CBDC), with some suggesting that Fednow may render blockchain-based cryptocurrencies obsolete. Fednow System Launch Ignites CBDC Speculation The highly anticipated Fednow system is set to launch on July 1. Developed by the U.S. Federal Reserve, this payment system aims to provide “24x7x365 settlement service” and facilitate instantaneous payments. Extensive information on this subject has been released by the Fed, with significant involvement from the U.S. Treasury. The Federal Reserve’s board members have conducted an evaluation and determined that the central bank is “well positioned” to tackle the nationwide implementation of instant payment infrastructure. It is worth noting that

U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy, super-wealthy, and large corporations while safeguarding the middle class from any tax increases.” Biden Wants to Eliminate Tax Loopholes for Crypto Traders U.S. President Joe Biden talked about taxation for crypto traders during his economic policy speech dubbed “Bidenomics” in Chicago on Wednesday. “Does anyone here think the federal tax system is fair? Raise your hand,” Biden said, adding: No matter how much money you make. We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers. “We’re going to get billionaires to pay up a little bit, at least a minimum tax … No billionaire should pay a lower tax rate than a schoolteacher, a firefighter, or a cop,” he emphasized. “That’s the next phase of this fight: maki

The Law Commission of England and Wales has published its “recommendations for reform and development of the law on digital assets.” The recommendations, which seek to secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.” Accommodating Digital Assets as They Evolve The United Kingdom independent body, the Law Commission of England and Wales, has published its “recommendations for reform and development of the law on digital assets.” In a statement , the statutory body added that the recommendations, which seek to help secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.” The recommendations also supposedly seek to enable “a diverse range of market participants to interact with and benefit from” the tech and digital assets. The La

Javier Milei, a liberal presidential candidate in Argentina, stated recently that he has the funds needed for the dollarization of the country at the current market prices. Milei noted that his team had signed an NDA (non-disclosure agreement) with unknown third parties that would provide the liquidity needed to close the Central Bank of Argentina. Javier Milei Develops Dollarization Proposal in Argentina Javier Milei, a liberal presidential candidate in Argentina, has advanced his government plan to eliminate inflation in the country if elected. He stated he already has the funds to dollarize the economy at current market prices. Milei, who has made dollarization a pivotal part of his government plan, declared : While they attack, defame, operate, etc., we have been advancing in negotiations and we have already obtained the dollars to dollarize the economy at the value of the market dollar. We continue working to solve a big problem in Argentina, which is inflation. Milei expl

Failed crypto exchange FTX has unexpectedly halted the sale of its stake in the artificial intelligence (AI) startup Anthropic. The stock has been viewed as a source of funds that can be used to compensate customers who suffered losses as a result of the coin trading platform’s collapse. Cryptocurrency Exchange FTX Postpones Sale of Anthropic Shares Bankrupt crypto exchange FTX has decided to hold off the sale of its stake in the AI company Anthropic. The stock, worth $500 million, has been among the exchange’s most sought-after assets, Bloomberg noted in a report. According to sources who chose to remain anonymous, bidders have been informed this month about the pause by Perella Weinberg Partners, the financial services firm acting as an advisor in FTX’s bankruptcy which was looking to sell the Anthropic shares. The AI startup was established in 2021 by former employees of Openai, the developer of the chatbot Chatgpt . In May of this year, Anthropic announced it had raised $450 m

Banks in the European Union will have to disclose their exposure to cryptocurrencies, EU institutions announced. The obligation will be introduced under a deal to implement globally agreed regulatory standards meant to improve the resilience of the financial institutions. Deal Reached to Finalize EU Reforms of Banking Rules Addressing Crypto Risks Representatives of the European Parliament, the Council and the Commission reached a provisional agreement to amend EU regulations on capital requirements for banks. The changes seek to make EU banks more resilient to economic shocks by implementing the Basel III global standards while taking into account European specifics. The third Basel Accord was agreed by the European Union and its G20 partners in the Basel Committee on Banking Supervision. It represents a framework of international standards for bank capital adequacy, stress testing, and liquidity requirements which was first announced in late 2010 but its implementation was repea

FTX management is actively seeking potential participants to revive the formerly defunct crypto exchange, as reported by sources knowledgeable about the situation. CEO John J. Ray III and other FTX executives have reportedly engaged in preliminary discussions with prospective investors, who could either acquire full ownership of the business or establish a joint venture. FTX Aims for Resurgence: CEO and Executives Enter Discussions to Bring Back Crypto Exchange Over the past few days, FTX’s native exchange token, FTT, has experienced a substantial surge in value. In the last 24 hours alone, the crypto asset has seen a 40% increase. Furthermore, within the past week, FTT’s value has soared by over 100%, as it surpassed the $2 threshold on Thursday, June 29, 2023. This recent spike in FTT’s price is attributable to renewed speculation surrounding the potential reboot of FTX. The latest speculation originated from a report in the Wall Street Journal, which cites sources familiar with

PRESS RELEASE. Mind Network , an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising $2.5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round. Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem. “We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network

The suspected administrator of the Monopoly Market darknet marketplace has been extradited from Austria to face charges in the U.S. The man, a citizen of Serbia and Croatia who was arrested in Vienna last November, has been accused of facilitating $18 million in illegal drug transactions using cryptocurrencies. DNM Administrator Charged in U.S. With Running Drug Market on the Dark Web Austrian authorities announced on Monday they have extradited to the United States the alleged administrator of a large darknet market (DNM) known as Monopoly Market. Milomir Desnica, a 33-year-old resident of the Serbian town of Smederevska Palanka, was handed over on Friday, the Associated Press reported. Desnica has been accused by the U.S. Department of Justice (DOJ) of running the Monopoly Market site and facilitating $18 million in illegal transactions related to drug trade using cryptocurrencies. The dark web marketplace was shut down in December 2021 when its servers were seized. Last month,

Islamic coin, a Sharia-compliant crypto asset, has secured $200 million from ABO Digital, which brings to $400 million the total funding that the project has received. The latest capital raise is expected to give the crypto project access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Revolutionizing the Sharia-Compliant Market Islamic coin, the “Sharia-compliant” digital asset, has secured $200 million from ABO Digital, the digital asset investment arm of the ABO group. The latest raise brings to $400 million the total funding the crypto project has received. According to a press release, ABO Digital’s capital injection is expected to give crypto-asset access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Remarking on ABO Digital’s decision to partner with Islamic Coin, Amine Nedjai, the CEO of the digital asset investment firm, said: ABO Digital is thrilled to collaborate wi

Cryptocurrency exchange Binance has reconsidered a decision to delist some privacy tokens in several European markets. The leading coin trading platform will continue to offer trading in these digital assets after revising their classification to comply with EU regulations. Binance to Continue Support for Certain Privacy Coins Despite Earlier Intentions to Remove Them The world’s largest crypto exchange by trading volume, Binance, has decided to reverse a plan to delist privacy-oriented cryptocurrencies in several EU jurisdictions. The move comes after the company received feedback from some of the projects and traders. Last month, Binance informed customers it intends to remove 12 privacy coins in France, Spain, Italy, and Poland. Those set to be delisted on June 26 were dash ( DASH ), verge (XVG), beam (BEAM), monero ( XMR ), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB). At the time, the exchange cited lo

Lately, the media has been captivated by the possibility of a grid collapse and the devastating economic consequences it would entail. Curiously, the internet is teeming with headlines suggesting the plausibility of such a collapse, whether caused by cyberattacks, physical assaults on infrastructure, equipment malfunctions, or even the notion of an electromagnetic pulse (EMP) incapacitating the most influential energy providers. Antiquated and Fragile Power Grids Putting U.S. and Global Economies on Edge In recent months, the media has honed in on the potential for a grid collapse. On June 27, 2023, Wired writers Maryn McKenna and Matt Simon elucidated in an editorial that although the power system may possess resilience, it is not impervious to vulnerabilities. The article delves into the implications of scorching heat waves and questions whether contemporary power stations can withstand the demands. The authors elaborate on the detrimental impact hurricanes and earthquakes can ha

Over the past 30 days, the popularity of the term “bitcoin” has surged significantly, as indicated by Google Trends metrics. On June 21, 2023, the search term bitcoin achieved a perfect score of 100. Notably, the curiosity surrounding bitcoin-related news has also experienced a notable uptick this past month. In particular, topics such as Blackrock’s exchange-traded fund (ETF) have contributed to the heightened interest in the subject matter. Blackrock Sparks Bitcoin Interest Boom, According to Google Trends Over the course of the past month, bitcoin ( BTC ) has witnessed a notable 9% increase in its price, captivating the attention of many. This surge in interest is depicted through Google Trends statistics, revealing a significant upswing in searches for the term “ bitcoin .” As of June 28, 2023, the data from Google Trends clearly demonstrates a significant rise in search activity since May 28, 2023. On that day, the search term bitcoin achieved a score of 61 out of 100. However

On June 28, the crypto hardware wallet manufacturer and security firm Ledger unveiled its latest offering, a digital currency exchange and custodial solution service, specifically tailored for institutions. The new service, known as Tradelink, has been heralded by Ledger as “the first open network to enable custodial trading via exchange and custodial partners.” Ledger Targets Institutions With Tradelink Launch The security firm and crypto hardware manufacturer Ledger announced the launch of a new service on Wednesday that targets institutional investors. According to the company, the Ledger Enterprise Tradelink service will enable “off-exchange trading,” “enhanced security,” “distribution of risk,” “zero transaction fees,” and “faster and more efficient trading.” Ledger details that it has partnered with a slew of asset managers and market makers such as Hodl Group, Wyden, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk, YouHodler, Crypto.com, Bitstamp, Huobi, Uphold Insti

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.” ‘This Is Not Just an Experiment’ The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period. However, the SNB chairman who spoke at the Point Zero Forum , revealed that the experiment would involve the use of a real money equivalent. “This is not just an experiment, it will be real money equ

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670. Whitepaper Submission and Review The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions. According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets. Shanghai Clearing House to Support Digital Yuan The Shanghai Clearing House, one of the largest counterparty and clearing companies in Asia and the world, recently introduced support for operations and settlements using the Chinese central bank digital currency (CBDC), the digital yuan. According to local reports , the institution will allow its customers to settle bulk commodities payments with the digital yuan with no added fees for the time being. Some experts believe that using the digital yuan in a large clearing house business will boost efficiency in managing commodity settlements. Dong Dengxin, director of the Finance and Securities

Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use the assets for international settlements. State Duma Official: Russia to Have ‘Serious’ Control Over Crypto After Legalization Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, has given an update about the legalization of crypto in Russia and the role of the Russian government regarding its control. According to local media , Aksakov hinted at establishing tight regulations regarding crypto transactions and service providers. He stated: Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse. Aksakov also declared that cryptocurrency u

According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum. Chiba Finance Becomes 12th Defi Platform on Arbitrum to Exit Scam, Says Smart Contract Auditor Certik On June 27, 2023, the blockchain analysis and intelligence firm Peckshield’s Twitter alert system notified the community about funds being drained from the DeFi application Chiba Finance. “Seems like Chiba Finance rugged,” Peckshield’s alert disclosed on Tuesday. “$1M worth of cryptocurrencies were drained. The stolen funds, which have been swapped for 555 ETH , were bridged from Arbitrum to Ethereum. They have already been transferred into Tornado Cash,” the notice added. All traces of Chiba Finance, including the website, Twitter ac

Russian citizens sought refuge in tether amid the brief mutiny of the Wagner mercenary group that shook their country. The ruble-denominated trading volume of the U.S. dollar-pegged stablecoin spiked during the short-lived rebellion, market data revealed. Russians Traded Millions of Dollars’ Worth of Tether in a Day of Unrest Triggered by Wagner Many Russians have apparently tried to find safe haven in crypto when their nation was at the brink of a civil war a few days ago. On Saturday, as a revolt by the Wagner private army unfolded, trades between the Russian fiat and tether ( USDT ) surged to almost $15 million in value, or close to 1.3 billion rubles, according to blockchain data firm Ccdata. The volume was up from $4 million on Friday, the Wall Street Journal noted in a report. On the same day, Wagner’s boss, Yevgeny Prigozhin, posted a series of video and audio messages announcing his mercenaries will lead a “march for justice” against Russia’s military leadership, the culmin

PRESS RELEASE. Prepare yourself for the highly anticipated public sale of $GORA on June 28th by staying informed and ready. Rest assured, we have all the vital information about the two launchpads, Poolz and Tokensoft, to guide you through the process seamlessly. This concise guide will provide you with valuable insights and specifics about these platforms, enabling you to navigate the sale with ease. Don’t miss your chance to secure $GORA tokens through Poolz and Tokensoft and be an integral part of the revolutionary Goracle Network. Get ready to join the action! IDO Overview Date: Wednesday, June 28th, 10:00 A.M. UTC Location: we are launching on the following launchpads Tokensoft: Goracle Portal . A well known IDO platform with successful project launches such as The Graph, Tezos & Hedara Hashgraph To participate, complete your KYC (Know Your Customer) process today by visiting http://goracle.tokensoft.io . This step is essential to comply with regulatory requir

While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.” Developers Rally to Breathe Life Into Terra Classic Following the collapse of the Terra ecosystem in May 2022, a new blockchain called Phoenix was formed, and the network issued new luna (LUNA) tokens. However, the old blockchain, now referred to as the “Classic” network, continues to exist and has a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, now known as luna classic (LUNC), currently trades at around $0.00009140 per unit. A group of developers, self-identified as the “Six Samurai,” now aims to revive the struggling network and infuse new life into the Terr

Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich. Multiple Exchange Rates ‘Create Privileged Positions for Some’ According to the International Monetary Fund (IMF)’s managing director, Kristalina Georgieva, attempting to shore up the Egyptian currency without first plugging foreign reserves leakages is akin to “putting water in a bucket that has holes.” Georgieva also argued that Egypt’s multiple exchange rate policy has created a system that only benefits the privileged. However, in her remarks during an interview with Asharq Business, the IMF boss insisted the global lender is still holding discussions with Egyptian authorities. She also highlighted how a closer working relationship with the