cryptocurrency
Key diary datesIn spotlightThe EU’s landmark cryptocurrency law takes effect this week, and it doesn’t look like it’s going to be smooth sailing. The Markets in Crypto Assets regulation, MiCA, was finalised last year after years of haggling – and represents a world-first. MiCA adapts financial laws to apply to those trading bitcoin and its ilk, offering a modicum of consumer protection in a sector prone to scams and manipulation. But industry figures complain the rules are still unclear after being finalised late. With just days to go until the rules take effect, we haven’t identified a single...
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The EU’s landmark regulation for crypto takes effect within the week – and it doesn’t seem that any major specialised players have succeeded in getting authorised. The new regime offers players like exchanges and wallet providers the chance to apply for a license that will let them operate across the bloc. Brussels has crowed about being the first global jurisdiction to set tailored rules for the cryptocurrency market – one that’s seen significant turbulence and manipulation. But, with the clock ticking down, the jury’s still out on whether the EU’s Markets in Crypto Assets law, MiCA, heralds ...
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Turkey’s biggest cryptocurrency market BtcTurk said in an announcement on Saturday that their exchange had been hacked, while a popular Bitcoin analyst claimed that the amount of money stolen amounted to nearly 51 million euros. “Our teams have detected that there was a cyber attack on our platform on June 22, 2024, which caused uncontrolled withdrawals to be processed. Only some of the balances in the hot wallets of 10 cryptocurrencies were affected by the cyber attack in question, and our cold wallets, where most of the assets are kept, are safe,” the exchange said in the statement. A hot wa...
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Once one of the largest cryptocurrency exchanges in the world before its monumental collapse two years ago, FTX said this week that nearly all of its customers will receive the money back that they are owed. FTX said in a court filing in the United States late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. How did we get to this point? Here is a timeline of what led up to this week's announcement after an implosion at FTX kicked off wh...
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Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that. FTX said in a court filing late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The in...
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A large chunk of the world's wealth today is locked in illiquid assets, therefore they are typically traded at a discount. According to a recent study by the Boston Consulting Group, "tokenisation" - using cryptocurrencies and blockchain technology promise to turn illiquid assets such properties into capital flows - and this market is expected to grow to $16 trillion (€14.85 trillion) by 2030. Although the use of these new digital tools has yet to be widely regulated in the US, new laws in Europe are set to take effect from 2025 which may lead to investors reconsidering the idea of tokenising ...
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Prosecutors in the United States on Tuesday are asking a judge to hand Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, a three-year prison sentence for allowing rampant money laundering on the platform. Zhao pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion (€4 million) to settle related allegations. US officials said Zhao deliberately looked the other way as illicit actors conducted transactions that supported child sex abuse, the illegal drug trade, and terrorism. Binance CEO 'CZ' Changpeng Zhao steps dow...
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The fourth Bitcoin halving event is almost upon us with, if history is any indicator, the cryptocurrency likely to see a post-halving surge. Bitcoin halving is an event that takes place approximately every four years, which sees the number of bitcoins released as mining rewards decrease by 50%. Currently the Bitcoin reward is 6.25 BTC. However, after the fourth halving, the reward will fall to 3.125 BTC. As a result, the amount of Bitcoins in circulation becomes even scarcer, causing a surge in demand amongst investors. This is mainly because Bitcoin has a finite supply, with only a maximum of...
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Justin Sun is a Chinese-born Grenadian cryptocurrency executive, best known for launching TRON, a blockchain ecosystem alongside its own cryptocurrency, TRX token, in 2017. TRON and the TRX token’s success put Sun in a position to both acquire the company BitTorrent (now known as Rainberry) and spend a period as a representative for Grenada at the World Trade Organisation (WTO). Sun’s latest project sees him return to TRON, this time to launch a theme tune for the blockchain ecosystem. Not willing to put together a half-assed version of the anthem, Sun enlisted the help of German composer Hans...
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