Terra Blockchain Suffers $4 Million Security Breach

Terra Blockchain has reported a security breach impacting the loss of hundreds of tokens.

On Wednesday, Terra Blockchain suffered a security breach that resulted in the loss of tokens worth millions. The Terra team updated the X community concerning the security breach and the damages caused by the Exploit. 

Terra Suffers Security Breach

On X, Terra stated that an unidentified attacker compromised a vulnerable module called IBC, which is responsible for facilitating cross-chain contract calls and token movement.

The Terra team lamented that the criminals managed to weaken the vulnerable system to drain bridged assets such as USDC stablecoin and ASTRO tokens. The security breach was investigated by the renowned blockchain security firm Beosin to assess the severity of the Attack. 

In their report, the Beosin team noted that the hackers escaped with $4 million worth of assets. Shortly after discovering the security concern, the Terra team took preventive measures to prevent the Attack from spreading. 

Firstly, the Terra team issued a command to the validator to apply an emergency patch to address the security breach. The security breach attracted the attention of experts who wanted to identify the cause of the Attack.

Hackers Steal Millions Worth of Crypto From Terra Blockchain

A statement from the co-founder of Sommelier Protocol, Zaki Manian, reveals that the vulnerability was identified a few months ago and was addressed across the Cosmos ecosystem. In June, Terra upgraded the system but failed to include the patch.

Manian explained that the upgrade could not address the vulnerability, exposing the Terra blockchain to security threats. The executive noted that the hacker drained all the Axelar USDC on the Terra network by exploiting the IBC hook.

The security team noted that the hackers escaped with 60 million ASTRO tokens, 2.7 BTC,  $3.5 million USDC, and $500 000 USDT stablecoin. From the investigation report, the Beosin team observed that the hackers deployed a malicious CosmWasm on the vulnerable hook.

LUNA and ASTRO Reacts to Terra Security Breach

The Terra team confirmed that it would resume the block production at 4:19 am (UTC), with its validators holding 67% of the voting power. The security team stated that the vulnerable nodes have been patched against any security breach. 

The Attack triggered the ASTRO token plummet. Shortly after addressing the Attack, ASTR recovered from the slight dip, trading above $0.0003642, according to CoinMarketCap. 

Subsequently, Terra native token LUNA fell below $0.396 in a day. The Terra blockchain was hard forked from the original Terra Classic that crashed in 2022 and wiped out $45 billion of crypto assets. 

The collapse of Terra Classic was triggered by algorithmic stablecoin UST that lacked adequate collateral backing. Following Terra’s collapse, the former chief executive of Terraform Labs Do, Kwon, has faced several legal charges. In June, Do Kwon agreed to settle civil penalties amounting to $4.5 billion for the US Securities and Exchange Commission (SEC).

The post Terra Blockchain Suffers $4 Million Security Breach  first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/terra-blockchain-suffers-4-million-security-breach/
via Bitcoin News
via Bitcoin News Today

Analyst Optimistic Bitcoin Breakout Hinges on US Macroeconomic Factors – 10X Research

Analysts predict a rate cut from the Fed on Wednesday could propel Bitcoin above $70,000. 

Crypto experts count on several factors to trigger a critical price breakout for Bitcoin despite the historical trends indicating flat and negative returns in August and September.

The analysts attach the greatest catalyst to the potential shift as the US interest rate cuts alongside the lower inflation. 10X Research considers the upcoming election’s potential to trigger a Bitcoin breakout. 

The bullish outlook by 10X Research comes after the Bitcoin rebound, which seems destined above 70,000 since losing such grip in early June. At press time, the lead crypto by market value is up 3% to change hands at $69,430, CoinGecko data shows. 

The surge in Bitcoin price replicates across the industry, with other crypto assets realizing a significant leap into the greed zone. Ethereum gained 4.5% to test $3,375, trailing BNB Chain (BNB) at 5%. Solana (SOL) occupied the pole position with a 6% gain, further ahead of the 2% rise in Ripple (XRP).

Bullish Outlook for BTC 

The marketwide surge comes following the pro-crypto announcement by Republican presidential candidate Donald Trump. In his keynote speech at the Bitcoin Conference in Nashville, the GOP flag bearer pledges to designate BTC as a national strategic asset.

10X analysts note that Bitcoin still appears unable to overcome the gradual decline. The report adds that BTC appears trapped in a well-defined downtrend channel traced to early March. Nonetheless, the analysts spotlight that BTC often tests the upper trendline rather than the lower limit, indicative of rising upward pressure.

The 10X Research is optimistic that a breakout is imminent rather than a breakdown, with the decisive range now around $69,000. Such will potentially accelerate Bitcoin’s ascent.

10X Research report identifies the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday July 31, as a determinant event. Also, the researchers consider that the US Consumer Price Index (CPI), due for release on August 14, could emerge as a catalyst to stimulate the Bitcoin surge. 

The 10X Research analysts expect the Federal Reserve (Fed) to signal rate cuts at the upcoming meeting in September. The researchers acknowledge that the US is witnessing a cooling labor market and declining inflation. Such coincides with the need to recover from the economic weakness following the prolonged spell of restrictive rates. 

10X Research report acknowledges that the Fed typically observes a 5-10 month period between the last rate hike and the initial cut. The 12-month pause contrasts this historical pattern, thereby emerging the longest. Consequently, the long-awaited rate cut indication on Wednesday could trigger a Bitcoin uptrend above $70,000. 

The report weighs in on the statements by political figures Donald Trump and Kennedy Jr. When addressing the Bitcoin Conference, the duo made bullish claims that the report considers to lack substance.

10X considers the proposal by Kennedy to acquire 4 million BTC to hold as a strategic reserve to portray an unrealistic objective. The analysts add that GOP’s Trump pledge to mine the remaining BTC within the US reveals a superficial understanding of Bitcoin.  

Political Statements Key Win for Crypto Industry

10X Research considers the support for crypto among politicians, though lacking substance, to be a positive sign and a key win for the crypto industry. The support realized from the political space is likely to encourage pension funds to acquire Bitcoin. The report states that Such could be a catalyst for the price surge.

Bitcoin’s growing dominance amid the persistent struggles by altcoins suggests the July 31 FOMC meeting is likely to emerge as crucial for Bitcoin breaking past the $70K mark.

The report notes that the substantial token unlocks in the next month, coupled with market developments, are notable events that could manifest influence in the crypto industry. In particular, Wormhole is scheduled to unlock $180 million, critical amid new crypto projects emerging in August.

Nonetheless, the report outlines several headwinds, particularly the low stablecoin minting witnessed since the Bitcoin halving in April. Also, the crypto space portrays a relatively weak structure.  Such would lead to a downtrend when token unlocks of $1 billion in estimated value hit the market in August and are likely to exert downward pressure.  

The post Analyst Optimistic Bitcoin Breakout Hinges on US Macroeconomic Factors – 10X Research first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/analyst-optimistic-bitcoin-breakout-hinges-on-us-macroeconomic-factors-10x-research/
via Bitcoin News
via Bitcoin News Today

US versus China Rivalry in Bitcoin Policy to Benefit Industry – Justin Sun

Tron Foundation’s founder predicts a shift in China’s stance on Bitcoin to stimulate healthy competition with the US. 

Tron’s Justin Sun urges China to revise its position and back Bitcoin, similar to Donald Trump’s endorsement of the digital assets in a pledge to make the US world crypto capital. 

The recent pledge by Republican presidential candidate Trump while addressing the Bitcoin 2024 conference, Sun welcomes plans to create a strategic BTC stockpile. 

The former president declared that his election would lead to significant policy change to ensure the government retains 100% of its current BTC. The GOP candidate urged the Bitcoin holders to avoid disposing of their assets, promising that his administration would acquire more. 

Sun’s response to Trump’s comments observes that the industry will reap from healthy competition between China and the US. A recent X post by the blockchain expert indicates the need for China to step up and realize further progress in the digital asset space.  

China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024

Sun Questions China’s Restrictive Policies on Crypto 

Sun’s statement emerges at a time when China still holds to its historically stringent stance on digital assets. China was once the world leader in BTC mining and trading before the restrictive policies on crypto.

A decade earlier, Chinese miners transformed the country into a BTC production powerhouse with dominant capacity in the BTC network. The fortune turned in September 2017 when the government prohibited Initial Coin Offerings (ICOs) and directed the closure of local crypto exchanges. 

Despite the initial restrictions, China’s cheap electricity was the primary catalyst for thriving mining operations. In particular, Inner Mongolia, Sichuan, and Xinjiang regions, such as Inner Mongolia, Xinjiang, and Sichuan, contributed to China’s dominance for several years. 

China’s situation would dramatically change when Vice Premier Liu issued a sweeping crackdown to bar BTC mining and trading. The move featured subsequent regulatory actions that saw the government declare all crypto-based transactions illegal in September, besides a nationwide mining ban. 

The Chinese government explained the basis for its hardline approach as environmental impact, financial stability concerns, capital flight, and energy consumption. Additionally, the government desired to exercise control over the economic system. 

China’s ban yielded a global effect, with the BTC network’s hash rate dropping by half temporarily. It would only pick after the mass exodus of miners to Russia, the US, and Kazakhstan. 

In recent years, China has actively developed the Central Bank Digital Currency (CBDC) despite the crackdown on decentralized crypto. The digital yuan is a pathway to modernizing the monetary system while guaranteeing the state’s oversight of financial transactions.

Experts Urge China to Reverse the Hardliner Stance 

Sun urging China to step up from the blanket ban on Bitcoin policy poses a significant challenge to Beijing’s status quo. As a prominent figure in the blockchain industry, Sun suggests that the failure of China to emulate the US risks the country trailing in the global race for crypto adoption and innovation. 

Industry experts acknowledge that China’s shift from a prohibitive stance could have far-reaching implications for the global crypto. Anndy Lian considers that China should match the US Bitcoin policy that Trump pledges. 

As an intergovernmental blockchain expert, Lian notes that the US is positioning itself as a global crypto leader. A similar path from China could stimulate healthy competition between the two economic powerhouses. 

Lian echoes Sun’s suggestion that competition could trigger a series of advancements in blockchain technology. The published author considers that China versus the US could usher in better regulatory frameworks and widespread crypto adoption.  

A reversal of the hardline by China would add a key constituent to the global market. Such will deliver increased liquidity, superior infrastructure, and bolter security measures. The rivalry could lead to balance regulations critical in mitigating risks inherent in volatility, fraud, and investor confidence loss.  

The post US versus China Rivalry in Bitcoin Policy to Benefit Industry – Justin Sun first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/us-versus-china-rivalry-in-bitcoin-policy-to-benefit-industry-justin-sun/
via Bitcoin News
via Bitcoin News Today

Bitcoin Plummet as US Government Moves $2 Billion of Crypto Seized from Silk Road

On-chain data shows that the US government moved $2 billion of Bitcoin seized from the Silk Road saga to an unmarked digital wallet.

On Monday, the US government transferred over $2 billion of BTC seized from the dark web marketplace Silk Road. Renowned blockchain analytic firm Arkham Intelligence monitored the transaction. 

US Government Move $2 Billion BTC to Unknown Address

The transaction came days after the Republican presidential candidate Donald Trump announced plans to stop the government from selling seized BTC. Trump vowed to stick to the cardinal rule of Bitcoiners: “Never sell your Bitcoin.” 

Despite its limited supply, BTC has proven to be a valuable asset. Irrespective of Trump’s proposal to make America a Bitcoin superpower, the blockchain data shows that a “US government: Silk Road DOJ” wallet moved 29800 BTC to an unidentified address. 

Shortly after the transaction, the unmarked address moved 19800 BTC and 10,000 BTC to two other addresses. From their analysis, the Arkham team claimed that the US government moved 10,000 BTC valued at $670 million to institutional custody. 

Trump Promises Not to Sell Seized Crypto If Elected

Even though it’s still unclear whether the US government will sell the BTC, the investors have expressed concern about the sell-off. Citing the market turbulence caused by the sell-off of 50,000 BTC by the German government early this month, the investors are worried that Bitcoin might plummet further.

According to CoinMarketCap, BTC dropped by nearly 3.85% in trade at $66,800. On-chain data shows that Bitcoin touched $70,000 on Monday before establishing the dribbling momentum. The sudden price dip elicited heated debate among crypto investors. 

On X, the American billionaire Mike Novogratz expresses his disappointment with the government move. The crypto investor condemned the US government for moving the seized BTC from the Silk Road after the Republican presidential candidate vowed not to sell BTC. 

Novogratz described the US government as dumb. In a subsequent post, the renowned venture capitalist Adam Cochran argued that the government had not planned to dispose of the BTC seized from Silk Road.

He recalled an earlier announcement where the US Marshall Service (USMS) had granted Coinbase Prime a contract to facilitate the sale of the largest cap crypto assets. 

Crypto Community Condemn US Government for Moving Seized BTC

From his analysis, Cochran argued that the transfer did not imply that the government would sell the seized BTC. 

He added that occasionally, the Federal Reserve holds crypto assets seized from criminal activities, and at times, they move the assets to other wallets and custodial services. 

On-chain data illustrates that the US government holds $12 billion worth of crypto assets confiscated from criminal activities. Even though the Fed is used to selling the seized BTC, it does not imply they’re about to sell BTC from the Silk Road, Cochran argued.

The post Bitcoin Plummet as US Government Moves $2 Billion of Crypto Seized from Silk Road first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/bitcoin-plummet-as-us-government-moves-2-billion-of-crypto-seized-from-silk-road/
via Bitcoin News
via Bitcoin News Today

Venezuelan Opposition Challenges President Nicolas Maduro’s Victory

On Sunday, Nicolas Maduro was announced as the President of Venezuela after winning the election. The results were announced by the National Electoral Council’s President, Elvis Amoroso, who declared Mr Maduro Venezuelan president, serving for the third term.

Nicolas Maduro Wins Venezuela Election

The council stated that Maduro secured 51% of the votes while his rival Edmundo Gonzalez obtained 44%. Amoroso noted that 80% of the votes were counted on Sunday at midnight despite delays caused by the electoral data transmission systems.

 Shortly after announcing the election outcome, the opposition led by Mr Gonzalez refused the result. They claimed to unseat Maduro, citing the tallies from 40% of the national ballot boxes. 

The opposition leader, Maria Corina Machado, stated the country has peacefully chosen a change in the administration. The official claimed that the result was 80% of the votes, which was unconstitutional. 

Opposition Leaders Challenges President Maduro Win

Elsewhere, the US Secretary of State Antony Blinken urged the Venezuelan electoral council to publish a detailed report showing the vote tabulation to enhance transparency and accountability. 

The legislators claimed that Maduro’s reelection did not reflect the will of the Venezuelans. Blinken advised the Venezuelan electoral council to count every vote fairly and transparently. 

He claimed that the international political observers were keen on counting the Venezuelan votes. The council has been urged to share the election tabulation with the opposition and independent observers.

On the contrary,  President Maduro applauded the electoral council for conducting a fair and transparent election. Maduro claimed that the hackers had attempted to compromise the national electoral system. He claimed that a group of hackers planned to launch a massive hack to interfere with voting.

Global Leaders Express Concern of Venezuela Election Results

His speech attracted criticism from global leaders. On X, the President of Chile, Gabriel Boric, urged Maduro and his team to accept the election outcome. He claimed that Santiago would not recognize Venezuela’s election results since they were not verified. 

In support of President Boric’s remarks, the President of Uruguayan, Luis Lacalle Pou, described the Venezuelan election as an open secret with the likelihood of President winning his reelection. 

Subsequently, the President of Guatemala, Bernardo Arevalo, expressed concerns about the Venezuelan election results. 

On X, the President of Argentina, Javier Milei, thought the Maduro dictatorship was ending. Elsewhere, the US democrat presidential nominee Kamala Harris vowed that the Americans would stand with the people of Venezuela as they expressed their voices through the election. 

Harris announced that the will of the Venezuelans must be respected to make the South American country democratic and prosperous.

On the contrary, Maduro’s win was positively welcomed by Bolivia, Cuba, and Honduras presidents. However, if the country’s electoral council verifies the election results, then M Maduro will serve for a third term. 

Reviewing Venezuela’s Economic Performance

Under his previous regime, over 8 million Venezuelans fled the South American country due to unfavourable international sanctions and economic crises. President Maduro implemented various control measures to promote economic growth. 

Earlier this year, the Maduro administration introduced a state-owned crypto Petro to support the stability of the national currency. The Venezuelan suspended the use of Petro after failing to attain the intended purpose.

The economic crises in Venezuela have forced the public to shift to crypto investment. According to Chainalysis, Venezuela ranks among the remittance-dependent countries receiving over $460 million in crypto from families abroad.

Editorial credit: testing / Shutterstock.com

The post Venezuelan Opposition Challenges President Nicolas Maduro’s Victory first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/venezuelan-opposition-challenges-president-nicolas-maduros-victory/
via Bitcoin News
via Bitcoin News Today

Unbound Fund Unveils Bitcoin-Driven Pathway to Secure EU Citizenship

The private equity platform, Unbound Fund allows investors to secure Portuguese and EU citizenship via Bitcoin-driven investment. 

A newly established private equity fund – Unbound Fund – is promoting the pioneer Bitcoin-driven golden visa avenue onboarding overseas investors in earning Portuguese and European Union (EU) citizenship.  

A recent X post by the project chief executive and co-founder Alessandro Palombo disclosed the possibility of overseas investors acquiring Portuguese/EU citizenship by indirectly holding Bitcoin valued at least €500K.

Hold #Bitcoin and acquire Portuguese/EU Citizenship

It is now possible to acquire Portuguese/EU citizenship by indirectly holding #Bitcoin worth €500K.

I am excited to introduce https://t.co/DgqCyGTfgv

Unbound Fund is the first Golden Visa eligible fund that gives you… pic.twitter.com/SVJjjg8x70

— Alessandro Palombo (@0x_ale) July 23, 2024

The platform touts the Unbound Fund as the pioneer “Web3 fund” participating in the Portugal-based golden visa initiative. The program allows foreigners to invest at least €500,000 ( translating into $544,000) worth of Bitcoin in local companies and assets to secure residency status. Also, the investors will earn EU citizenship without residing in the southern European country. 

The Golden Visa initiative caught the attention of many during the COVID-19 pandemic. However, it triggered questions regarding its security and facilitating money laundering and drew criticism for fueling housing prices. In 2023, Portuguese officials considered scrapping the program before retaining it, though excluding real estate investments.

UnBound Fund Avenue to EU Citizenship                                    

The participants in the Golden Visa initiatives must retain 60% of the portfolios within the Portuguese companies. Unbound Fund pledges to comply with this directive by transferring investments via local “special purpose vehicles” (SPVs). The SPVs will run under the supervision of fund advisor Unbound Capital jointly with fund manager Green One Capital, said Palombo.  

The SPVs will buy Bitcoin exchange-traded fund (ETF) shares via BlackRock instead of direct BTC purchase and holding. Palombo explained that indirect BTC acquisition considers security and simplicity in the process. The executive admitted the need for legal compliance since such golden via funds often have stringent regulatory requirements. 

Unbound investors should each acquire shares of a minimum value of €500,000. Palombo added that the fund will subject its operations to independent audits. He assured that the volatility of Bitcoin prices would not influence investors’ golden visa eligibility, offering invaluable caution when the investment value tumbles below €500,000.

Palombo confirmed Unbound registration on May 24 as a private equity fund on May 24, having satisfied the requirements set by the Portuguese Securities Market Commission (CMVM). While the fund remains authorized per the CMVM’s online database, Unbound is inactive. 

CMVM head of press Susana Domingos confirmed the Unbound is set under the provision of the Asset Management Regime, which was guided by prior communication with the agency. She acknowledged that the fund would operate under the CMVM supervision. 

Eligibility of Golden Visa Initiative

Domingos indicated that the Unbound Fund is not subject to the formal authorization act by CMVM. The press officer suggested that eligibility for the Unbound Fund rests upon the competent authority granting the visas, not CMVM. 

The Portuguese Agency for Integration, Migration and Asylum (AIMA) administers the golden visa program. Global Citizen Solutions chief executive Patricia Casaburi said that AIMA is responsible for reviewing and analyzing the eligibility of funds indirectly investing in BTC, BTC ETFs, or gold. 

Casaburi disclosed that the migration consultancy currently has 35 Portuguese golden visa funds with a range of investments. She admitted awareness of another crypto fund that is soon to launch.  

Palombo illustrated that Unbound’s lawyers from the Lisbon-based law firm Morais Leitão confirmed the fund’s eligibility in its legal opinion.

The Unbound investors must meet the visa eligibility requirements for other funds. Notably, the golden visa process requires biometric screening, a clean criminal record, and passing basic language tests.

Portuguese golden visa holders should lock the investment for 60 months and spend a fortnight every two years. Unbound investors can utilize immigration lawyers available through the fund or by choice. The fund pledges to assist investors in navigating the golden visa application process.

Palombo is optimistic that inbound can generate interest among digital asset investors. Additionally, the fund aims to illustrate the broader potential that crypto harbors towards facilitating movement globally. 

The post Unbound Fund Unveils Bitcoin-Driven Pathway to Secure EU Citizenship first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/unbound-fund-unveils-bitcoin-driven-pathway-to-secure-eu-citizenship/
via Bitcoin News
via Bitcoin News Today

Donald Trump Pledge to Make US Bitcoin Superpower Once He Wins Election

Donald Trump vowed to create a national crypto reverse and never sell crypto seized by the government at the Bitcoin 2024 conference.

The appearance of the Republican presidential candidate, Donald Trump, at the Bitcoin 2024 conference renewed the hopes of the crypto community, which the current regime has oppressed. 

Trump vowed to maintain a strategic national Bitcoin reserve and never sell crypto seized by the authority if he ascend office in November.

Donald Trump Attend the Bitcoin 2024 Conference

In his speech, Trump outlined the strategies he will implement to improve the attractiveness of the US crypto industry. He stated that once he retakes the White House after the election, he will ensure that Bitcoin is mined, minted, and made in the US.

At the stage, it was evident that Trump was prepared for the day, portraying his willingness to bring positive change to the crypto industry. 

Trump argued that if the US failed to embrace crypto, its top rival, China, would do it. The Republican nominee described crypto as a 100-year-old steel industry. 

He noted that the American crypto adoption was at the infancy stage, and as it matures, the digital assets would outsmart gold. The politician was keenly aware that his speech would determine the election outcome. 

Trump Made Five Promises to the Crypto Community

Reflecting on the events in the crypto space, Trump noted that the Democrats winning the election will be a disaster for crypto. He envisioned that if the Democrats retook the White House, thousands of crypto investors would exit the market.

Reviewing the performance of the Biden administration, Trump noted that the Democrats were ruthless and capable of doing anything to destroy the crypto industry. He vowed to fire the US Securities and Exchange Commission (SEC) chair, Gary Gensler, on his first day in office. 

For years, Gensler enforced stringent rules that stifled crypto growth. Under the leadership of Gensler, most crypto exchanges have exited the US market. Trump pledged to abolish Operation Choke Point 2.0, which the Biden administration implemented to suppress crypto activities. 

Under the current regime, Bitcoin companies were restricted from accessing the traditional finance sector, undermining American competitiveness. Trump confirmed that the enforcement action by the Biden administration was targeted to bring down good players in the crypto market. 

He vowed to pardon the man behind the Silk Road, a website that engages in drug trafficking, among other fraudulent activities, Ross Ulbricht. The former president noted that Ulbritcht’s 40 years of sentencing were excessive and unconstitutional. He argued that Ulbricht had served enough jail terms.

Republican Presidential Candidate Vows to Create Bitcoin Stockpile

Nonetheless,  Trump plans to restore sanity in the digital sector by appointing a crypto advisory committee to oversee the supervision and regulation of digital assets. The committee will assist the government in solving complex issues in the crypto industry. He explained that the committee is critical in improving the US economic stability. 

 He vowed to make the US the crypto capital and Bitcoin superpower. Trump unveils comprehensive crypto regulation that discusses different regulatory approaches for policing crypto, stablecoin, and Bitcoin.

The former president expressed his optimism that Americans will attain crypto success. The crowd cheered Trump as he promised to redefine the US crypto market. It was evident that Trump’s crypto advisors had vast experience in crypto and blockchain technologies.

Furthermore, Trump silenced the rumors that Bitcoin contributed to the dollar’s devaluation. He pledged to restore the dollar’s stability by adhering to Bitcoiner’s cardinal rule, “Never sell Bitcoin.” 

The principle states that if Bitcoin supply remains constant, a slight increase in the customer’s purchasing power sends BTC to the moon. Therefore, BTC trading has been considered a bad trade since BTC is the hardest money in history. 

Trump plans to hold on to Bitcoin as a strategic national Bitcoin stockpile under his leadership. This implies that the US government will hold 200,000 BTC, which the regulators seized.  

Editorial credit: Andrew Leyden / Shutterstock.com

The post Donald Trump Pledge to Make US Bitcoin Superpower Once He Wins Election first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/trump-pledge-to-make-us-bitcoin-superpower-once-he-wins-election/
via Bitcoin News
via Bitcoin News Today

InternationalReserve.net Review – A Promising CFD Provider?

Overview of InternationalReserve

InternationalReserve has emerged as a noteworthy player in the online trading space. With a comprehensive range of features, it presents an attractive option for traders, particularly those interested in cryptocurrencies, given their renewed popularity.

This internationalreview.net review aims to provide a detailed analysis to help traders make informed decisions. Let’s begin by exploring the conditions for trading CFDs.

Comprehensive CFD Offering

A key concern for traders is the variety of assets available, and InternationalReserve doesn’t disappoint. The broker offers access to over 200 CFDs across multiple markets, including:

• Cryptocurrencies
• Stocks
• Indices
• Forex
• Commodities
• ETFs

This diverse selection caters to traders with varying risk appetites. Those with a higher risk tolerance might opt for cryptocurrencies or stocks, which tend to have broader daily price fluctuations.

Conversely, those seeking less volatility might prefer forex and indices. Commodities also provide a viable option, especially given the increased participation of retail traders due to market volatility.

Diverse Account Options

InternationalReserve provides a range of account types to suit different traders, including Basic, Advanced, PRO, Elite, Prime, and Platinum accounts. For those looking for more exclusive features, there are VIP accounts designed for high-volume traders.

The Basic account, with a minimum deposit of $250, offers essential features such as real-time market insights, e-books, and Tier-1 arbitrage. This makes it accessible to a wide range of traders, especially those just starting.

As traders upgrade to higher account levels, they benefit from improved conditions, including leverage up to 1:400 and spreads as low as 0.0 pips, depending on the instruments traded. These features enhance the trading experience, providing more opportunities for profit and efficient risk management.

VIP traders have access to specialized investment plans like The Exclusive Club, Living the Wealthy Lifestyle, and The Ultimate VIP Experience, each with specific deposit requirements. These plans offer personalized services and exclusive benefits, catering to high-net-worth individuals looking for premium trading experiences.

Advanced Trading Platform

InternationalReserve utilizes a WebTrader platform known for its user-friendly interface. This platform is ideal for both novice and experienced traders. Beginners will appreciate its simplicity, while advanced traders will find the sophisticated charting tools suitable for a variety of trading strategies.

The advanced charting enables users to apply a broad range of technical analysis tools and strategies, enhancing their ability to make informed trading decisions.

Customer Support and Resources

Another notable aspect of InternationalReserve is its customer support and educational resources. The broker offers customer support from Monday to Friday, ensuring that traders can get assistance whenever they need it.

In addition to customer support, InternationalReserve provides a wealth of educational resources, including webinars, tutorials, and e-books. These resources are designed to help traders improve their skills and knowledge.

Conclusion

Overall, InternationalReserve appears to offer a compelling package for traders in 2024. The broker’s diverse asset selection, user-friendly WebTrader platform, and a variety of account options make it a versatile choice for a global audience. This internationalreserve.com review highlights the broker’s commitment to meeting the needs of different traders, providing a robust trading environment that caters to both beginners and seasoned professionals.

The post InternationalReserve.net Review – A Promising CFD Provider? first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/internationalreserve/
via Bitcoin News
via Bitcoin News Today

Experts Calm Fears of Mt. Gox Bitcoin Recipients Selloff

Massive distribution of BTC by Mt. Gox triggered fears of the potential mass selloff, but experts calm on the effects. 

The start of the long-awaited repayments of Mt.Gox is triggering fears that beneficiaries will likely fold and sell their BTC, the value of which is up 8500%. However, experts consider the aftermath not to be so drastic. 

As Mt.Gox repayments are underway, some Bitcoin investors feared massive dumping that could impose pressure on prices. Early signs indicate the users opt to hold onto the recovered coins. 

Accumulation to Shield Market from Mt.Gox Repayments

CryptoQuant data shows a notable increase in BTC withdrawals from the crypto exchange Kraken. As one of the platforms handling the redistribution, Kraken witnessed 5,000 BTC withdrawn valued at $329 million in the past 24 hours. In contrast to the anticipation of immediately cashing out, many recipients are moving the recovered assets to self-custody wallets for holding. 

Sharat Chandra, a blockchain evangelist behind EmpowerEdge Ventures, said that the user’s behavior in withdrawing BTC from the exchanges to cold wallets signals awareness of security. The preference for a cold wallet signals an effort to hold the Bitcoin.  

Chandra, the India Blockchain co-founder, acknowledged that though some selling pressure is bound to arise, long-term holders will hold on to their BTC. As such, the start-up enabler considers that long-term holders will accumulate Bitcoin, thereby mitigating significant price drops.

Despite the optimism of accumulation by the long-term holders, a portion of the Bitcoin repaid will surely move and impact the market. Arkham Intelligence revealed 32,371 BTC transfers executed by the Mt. Gox representatives, translating to $2.13 billion. The remittance to the unmarked address constitutes part of the repayment plan by distributing the funds to multiple platforms responsible for moving to the users.

Blockchain Governance Council founder Raj Kapoor acknowledges that the repayments have impacted the Bitcoin price. Nevertheless, the leading crypto is settling down to set a solid support zone. 

Market to Absorb Potential Sale of Mt. Gox Repayments

Bitcoin is 3.6% down to change hands at $64,014 at press time per CoinGecko data. Kapoor projects a critical support level range of $63,000 to $65,000, though technical indicators signal a rebound to $67,000 is possible. 

Despite the community having initial concerns regarding potential selling pressure, Kapoor joins other experts in believing the market is capable of absorbing the BTC influx without causing major disruptions. 

Stablecoin issuer Stabolut chief Eneko Knörr illustrates that considering that the repayments involve distribution in multiple tranches will help lower the immediate risks. The involvement of several exchanges will also decrease the drastic effects. 

Knörr recalls that the German government’s nearly $3 billion BTC sales hardly led to a significant price tumble. Bitcoin quickly regained when the reserves dried to signal the market capacity to absorb the transactions without huge disruptions. 

Knörr considers the precedent set during the German selloff to play out during the Mt.Gox repayment likely. Similarly, the distribution is unlikely to cause a substantial impact on Bitcoin prices. 

Marko Jurina, who heads Multi-chain exchange Jumper, offers a broader perspective on the market conditions. The platform chief indicates that since March, Bitcoin has remained range-bound to signal resilience and accumulation phases. A notable development is the Bitcoin halving event, which is regarded as a bullish catalyst that has yet to set the stage for price appreciation.  

Bitstamp Begins Mt. Gox Bitcoin Repayments

Kraken and Bitstamp are participants in distributing Bitcoin repayments alongside BitGo, SBI VC Trade, and Bitbank. 

The American crypto exchange Kraken confirmed via a Wednesday update that it successfully distributed Bitcoin and Bitcoin Cash to eligible users. Kraken chief executive Dave Ripley confirmed the duty of the platform to return the repayments to the customers. 

Bitstamp indicated in an X post receiving Ethereum, Bitcoin Cash, and Bitcoin. It assured its devotion to diligently distribute to the customers who are eligible Mt. Gox Creditors. 

Bitstamps considers that recipients will exercise full control of the assets within a week after the receipt. The exchange announced the need to complete security checks, as well as plans to have a separate distribution for UK customers. 

Editorial credit: Primakov / Shutterstock.com

The post Experts Calm Fears of Mt. Gox Bitcoin Recipients Selloff first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/experts-calm-fears-of-mt-gox-bitcoin-recipients-selloff/
via Bitcoin News
via Bitcoin News Today

Kamala Harris Team Consults Mark Cuban on Crypto Policy

The renowned Bitcoin enthusiast Mark Cuban was pleased to announce that the Democrat presidential candidate Kamala Haris has been in dialogues with crypto advisors to prepare for the Bitcoin conference in Tennessee.

On Tuesday the American crypto investor Mark Cuban received a series of questions from the democrats. The question was based on crypto policies and regulations signaling a positive gesture that Kamala will enact a comprehensive regulatory framework for digital assets. 

Democrat Presidential Candidate Prepare for Bitcoin Conference

Even though Cuban was skeptical about the inquiries process he was not sure whether Kamala’s advisor consulted other market players. On X the Bitcoin Magazine reported that the chief executive of the Bitcoin conference David Bailey was in talks with Harris concerning her attendance at the 2024 Bitcoin event.

The Democrat presidential candidate is expected to confirm her attendance at the end of the day. The event will be graced by over 20,000 attendees from tech, finance, and crypto. If she will attend the event it will be the first time Harris shares a podium with his top rival Donald Trump.

In a separate report, the American newspaper Politico confirmed that entrepreneurs and business leaders were optimistic that Harris would foster the development of emerging technologies such as crypto if he ascended office. 

Cuban told Politico if Harris wins the November 5 election she will welcome emerging technologies such as artificial intelligence (AI), and crypto among others. The investor anticipates the upcoming election to be more competitive as Silicon Valley top-level management shows their support for pro-crypto presidential aspirant Trump. 

The tech mogul advised Harris to consider changing the policies to set a new tune and inform the public that she was open for business.

Mark Cuban Advise Kamala Harris to Change Policies

On the campaign trail, Trump has emerged as a crypto crypto-friendly politician seeking to retake the White House in November. He vowed to make America to be the first country to attain the Bitcoin dream.

Trump pledged to ban the development of the Central Bank digital currency (CBDC) since it deprived Americans of financial privacy. Reportedly Trump’s pro-crypto spirit has encouraged renowned investors such as the Winklevoss brothers and Kraken co-founder Jesse Powell to support his reelection through crypto donations. 

Elsewhere crypto firms have set aside $160 million to support the political candidate who will advocate for crypto assets. Based on the manifesto and policies shared during the presidential debates there is the likelihood of the Republican getting the multimillion-dollar crypto donation. 

Trump’s pro-crypto move forced the Biden administration to ease policies on crypto assets. For years Biden administration led by the US Securities and Exchange Commission extended their enforcement action on the crypto industry. 

Also, Massachusetts Senator Elizabeth Warren has been against the development of the crypto industry.  

Will Kamala Harris Win US Presidential Campaigns?

A statement from Nansen executive Edward Wilson reveals that there is a high chance of crypto influencing the US election outcome. The executive noted that the US was fed up with Biden’s anti-crypto move that targeted to bring down good actors in the crypto sector.

The prediction market shows that the possibility of a pro-crypto candidate winning the election is 64% while Harris’ winning odds stood at 30%.

Harris was appointed as the Democrat presidential candidate on Sunday after President Biden stepped aside from reelection bid. The appointment of Harris as the presumed Democrat nominee attracted a tide of criticism. 

A statement from the chief executive of Box Aaron Levie urged Harris camp to prioritize developing a tech policy framework by the end of this week to increase Democrats winning chances. In the proposed legal policy framework Levie advises Harris to outline a detailed 10-point plan for crypto firms and businesses. 

The executive anticipates Harris to receive support from hundreds of tech and crypto enthusiasts if she focuses on developing a bill supporting the growth of the digital economy. Shortly after Harris was selected to run the presidential race the candidate received a $100 million donation within 48 hours.

Interestingly over 1.1 million supporters contributed to Harris donation with 62% of the total donation raised by first-time donors.

The post Kamala Harris Team Consults Mark Cuban on Crypto Policy first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/kamala-harris-team-consults-mark-cuban-on-crypto-policy/
via Bitcoin News
via Bitcoin News Today

Gate.io Exits Japan Crypto Market Cites Regulatory Pressure

The Cayman-based crypto exchange Gate.io has announced plans to wind down operations in Japan due to regulatory pressure.

The renowned centralized crypto exchange Gate.io has confirmed plans to exit the Japanese market. In a July 22 announcement, Gate.io will prioritize complying with the crypto regulation for crypto assets in Japan. 

The crypto exchange stated that the winding down process will be undertaken in phases. Firstly Gate.io has suspended the creation of new accounts and registration for Japanese users.

Gate.io Sunset Operation in Japan

The crypto exchange will commence the process of terminating its product offering in Japan in the coming weeks. In the blog post, Gate.io regretted leaving the vibrant Japanese crypto industry and pledged to resume operation after complying with the regulatory requirements. 

The embattled crypto exchange plans to comply with the requirements of the Japanese financial service agency. Gate.io ranks among the largest crypto exchanges by trading volume. CoinGecko report shows that the Gate.io trading volume reached $2.34 billion. 

Having gained a sustainable market position in Japan the crypto exchange plans to assist the affected customers to migrate to compliant crypto firms. Gate.io  has advised customers to move their assets to regulated crypto exchanges in Japan. 

A review of the Gate.io website demonstrates that the crypto exchange has removed the Japanese language from its platform. The crypto exchange will provide further details concerning the winding down process.

Gate.io Urges Japanese  Customers to Transfer Funds to Other Exchanges

However, Gate.io has promised to keep the customers up-to-date with the ongoing shutting-down process. In the announcement, Gate.io will comply with the Japanese financial regulators’ requirement when sunsetting its operations. 

With the growing popularity of crypto assets, Japanese financial regulators have been exploring ways to strengthen customer protection. The FSA enforcement action on the crypto industry aims at restoring market integrity.

Despite the effort to restore regulatory sanity in the digital sector, the FSA has been forced to revise the existing law on digital assets. In a recent publication, the Japanese financial regulators amended the Payment Service Act and the Financial Instrument and Exchange Act to clearly define the rules for issuing virtual assets. 

Under the new rule, the virtual assets service providers (VASPs) were demanded to implement adequate security measures and conduct regular audits. Later in 2021, the FSA introduced tougher licensing requirements to address unfair business practices. 

The VASPs were required to implement adequate security measures and provide the company’s financial position to the relevant authority. The local and foreign VASPs must comply with the international standard of money laundering to operate in the Japanese crypto market. 

Suitability of Japan Crypto Market

The new legislation allows crypto firms to report suspicious activities. Recently the Japanese financial regulators announced plans to start policing fiat-backed token stablecoin.

The regulators introduced new legislation for stablecoin demanding the VASPs to maintain their reserve equivalent to the value of the token in supply. The stablecoin issuers were instructed to conduct regular audits to enhance transparency and stability. 

In February the Japanese government approved the economic reform bill allowing the Investment Limited partnership to engage in the buying and selling of crypto assets. The economic reform bill was initially proposed in September 2023 aiming at promoting business growth by offering financial support and tax incentives to businesses. 

Editorial credit: Sergei Elagin / Shutterstock.com

The post Gate.io Exits Japan Crypto Market Cites Regulatory Pressure first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/gate-io-exit-japan-crypto-market-cites-regulatory-pressure/
via Bitcoin News
via Bitcoin News Today

Arkham Report Shows US Government Moves $4M Bitcoin to Crypto Exchange

Blockchain analytic firm Arkham Intelligence confirms that the US has moved millions of seized Bitcoin to crypto exchanges.

As Bitcoin’s price breached the $66K resistance level, the king coin is expected to face considerable selling pressure after the US government moved millions of BTC to the crypto exchange.

Arkham Intelligence reported that the US government moved 58.742 BTC valued at  $4 million to the renowned crypto exchange Coinbase. 

US Government Moves $4M of Bitcoin to Crypto Exchange

Arkham noted that an address named “US government: Ryan Farace Seized Funds” moved BTC to an account ending with …8fJWGEDrh6Pe7hDMaJ6iGfFtaU.The funds were confiscated in 2020 from Ryan Farace, who was sentenced for selling drugs on the dark web. 

The law enforcers noted that Farace manufactured and sold alprazolam tablets (Xanax) through the dark marketplace in exchange for BTC. From his dubious scheme, Farace generated 9138 BTC from selling the Xanax pills. In 2018, Farace was arrested and sentenced to 54 months jail term. 

Shortly after the arrest, his father, Joseph Farace, in collaboration with other suspects, laundered the proceeds from the sale of illicit drugs through crypto exchanges. The law enforcer arrested Mr Farace for laundering money and received a 19-month imprisonment. 

After the arrest of Ryan and his father, the US law enforcers confiscated 2874 Bitcoin from Farace’s Bitcoin scheme. The Department of Justice (DOJ) revealed plans to liquidate hundreds of Bitcoin seized from the Farace money laundering scheme. 

Crypto Traders Anticipate Increase in BTC Selling Pressure

Arkham confirmed that the US government had emptied the original wallet holding assets seized from Farace. However, Arkham data shows that the US government holds $14.6 billion worth of crypto assets, with 97% representing BTC. 

CoinMarketCap data shows that BTC reacted to the multimillion-dollar transaction made by the US government. As of press 10:07 (UTC), Bitcoin plunged by 0.73% to trade at $66,930 within the last 24 hours. 

The transfer of $4 million of crypto represents less than 1% of Bitcoin trading volume, which is $44.4 billion. On-chain data illustrates that transferring $4 billion worth of BTC will have minimal impact on the crypto price.

Even though it’s still unclear whether the US government plans to sell the assets of the crypto community, fear that if the liquidation happens, the price of BTC might shed its value.

On the contrary, the institution’s clients have demonstrated a growing interest in buying the dip, hoping that Bitcoin will bounce back in the coming weeks.

Institutional Clients Take Advantage of Bitcoin Dip

In the past week, the price of BTC witnessed a significant pullback after the German government 50,000 BTC. The German government’s BTC movement ignited heated debates among policymakers.

A statement from a renowned German Bitcoin advocate, Joana Cotar, described the government BTC sell-off as insensible. The policymaker advised the German government to utilize the seized crypto assets as a reserve currency, addressing the inherent risks associated with the conventional financial system.

Rather than selling the seized crypto assets, Cotar developed a strategy to stimulate economic growth in Germany. The legislator advised the German government to establish a comprehensive regulatory framework for digital assets to encourage innovation in the crypto sector. 

She believes revising the German crypto regulation will bring innovation to the digital world and attract competent professionals in crypto and blockchain technology. Cotar encouraged the German government to implement friendly policies to become a global leader in crypto.

The post Arkham Report Shows US Government Moves $4M Bitcoin to Crypto Exchange first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/arkham-report-shows-us-government-moves-4m-bitcoin-to-crypto-exchange/
via Bitcoin News
via Bitcoin News Today

Bitcoin Miner Hive Digital Expanding to Paraguay to Tap to Cheap Energy

Hive Digital Technologies has announced plans to expand to Paraguay to capitalize on crypto mining in the region.

On Monday, the Canadian crypto miner Hive Digital announced plans to expand to Paraguay. In the announcement, Hive plans to establish a 100-megawatt mining facility in Paraguay. 

Hive Digital Expanding to Paraguay

The Bitcoin miner intends to power its mining activities using green energy from Itaipu hydroelectric dam. As global crypto miners face electricity shortages, Paraguay boasts an excess renewable energy supply. 

The country relies on green energy from Itaipu hydroelectric dam to meet industrial and household needs. 

The excess power from the dam is utilized to mine crypto assets. Having toured Paraguay for a business trip, the Hive team met with the President of Paraguay, Santiago Pena, and senior cabinet ministers. 

During the meeting, the Bitcoin miners identified viable opportunities in Paraguay that are crucial to expanding Hive’s revenue streams. Based on the suitability of Paraguay, the Hive team plans to increase its mining capacity from 5.6 exahashes per second to 12.1 EH/s.  

Hive has acquired 500 Bitmain S21 Antiminers, which will be shipped soon to boost its mining capacity. Acquiring new mining rigs was critical to allow Hive to sustain an active mining network and mint new tokens. 

The Bitcoin miner is expected to establish multiple warehouses to store the mining machinery. Compared to the traditional method for mining crypto, the advanced method requires heavy machinery that consumes large amounts of energy.

Attractiveness of the Paraguay Crypto Market

Hive will also be required to spot an area suitable for mining crypto assets. In the announcement, Hive confirmed it had already identified an appropriate location to establish the proposed mining facility. 

In the meantime, Bitcoin miners plan to comply with Paraguay’s regulatory requirements before expanding its footprint to the region. 

Having gained recognition as a compliant crypto miner, the Hive team will undergo due diligence checks and regulatory and board approval before operating in Paraguay. If the Paraguan regulators authorize Hive operation in the region, the Bitcoin miner will operate in four countries. 

Hive operates as a regulated Bitcoin miner in Canada, Sweden, and Iceland. The Bitcoin miners rank among the world’s largest miners listed under the HIVE symbol on the Nasdaq, Frankfurt Stock Exchange, and TSX Venture Exchange. 

The Bitcoin miner currently holds 2521 BTC valued at $170 million at the current market price.

Crypto Miners Flock to Paraguay for Cheap Energy

A statement from Hive executive chairman Frank Holmes revealed that expanding to Paraguay would boost the firm’s profitability. The executive envisaged that the expansion to the South American country would enable Hive to attain its long-term objective and stimulate economic development in the region. 

Holmes believes Hive’s Paraguay operation will foster tech development and innovation. Also, the executive confirmed that the impending expansion to Paraguay will offer employment opportunities to the locals.  

This implies that Hive operation in Paraguay will play a significant role in stimulating economic development. Hive will join other crypto miners, including Bitfarm, as they seek to cement their market position in South America.

Lately, Paraguay has become an epicenter for crypto miners, offering cheap and sustainable energy. The attractiveness of the Paraguay crypto industry obliged the lawmakers to enact tougher rules to uphold compliance. 

Paraguay to Increase Electricity Price

Earlier this month, the Paraguay authority confiscated 450 bitcoin mining machinery from illegal miners. The local authority claimed that 2700 miners were illegally connected to the national power grid.

The Paraguay authority announced a plan to shut down crypto miners operating illegally. Also, the Paraguay authorities revealed plans to increase the price of electricity for local crypto miners starting on August 1. 

On July 19, the Paraguay energy regulators announced plans to enact strict energy rules to address the challenge of power shortages. Under the new energy rules, non-compliant crypto miners will face hefty fines and potentially legal action.

The proposed energy rules attracted criticism from the crypto community across social media platforms. The crypto miners argued that enacting the new legislation would stifle the Paraguay economy, leading to a loss of $1.5 billion. 

Editorial credit: rafapress / Shutterstock.com

The post Bitcoin Miner Hive Digital Expanding to Paraguay to Tap to Cheap Energy first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/bitcoin-miner-hive-digital-expanding-to-paraguay-to-tap-to-cheap-energy/
via Bitcoin News
via Bitcoin News Today

Will the UK Labour-led Government Follow Germany’s Sell-Off to Liquidate 61,245 BTC

The UK’s transition to a Labor-controlled government after 14 years prompts concern about whether the Chancellor of the Exchequer could utilize the country’s Bitcoin holdings to fund the party’s goals.

The transition from the Conservative Party-run government to the Labour is prompting questions on how Prime Minister Keir Starmer will handle the UK’s Bitcoin holdings. Crypto intelligence protocol Arkham data shows the UK reserved nearly 61,245 Bitcoin on Friday, July 19, valued at nearly $4 billion.

Prime Minister Starmer appointed Rachel Reeves as the Chancellor of the Exchequer, who can exercise discretion in allocating Bitcoin funds. The majority of the BTC reserves constitute the seizure from the money laundering scheme involving hospitality employee Jian Wen. 

Will UK Government Liquidate BTC Holdings?

While a potential sell-off may have some bureaucratic hurdles, Reeves could consider liquidating the BTC holdings. As such, the UK could replicate the just-concluded dumping by Germany to liquidate 49,858 BTC holdings. 

The sale of BTC holdings could constitute part of the Labour government’s plans to further economic stability and growth. Notably, the July 17 policy statement by King Charles III indicated that Labour plans to prioritize affordable housing and enhance the nation’s rail system.

Unlike Rishi Sunak’s support for digital assets, Prime Minister Starmer cuts a silent perspective on crypto within the Labour policy objective. Nonetheless, the Labour government is behind 40 bills introduced on July 17 during the King’s speech. Previously, Tulip Siddig, when serving as the City Minister and Economic Secretary in a shadow capacity, signalled in the lead-up to the July 4 election intention to crack down on the digital assets regulations. 

The UK is among governments with the largest stockpiles of Bitcoin, with its reserve boasting over 61,000 BTC, second only to the US. The awareness of the huge reserves prompts questions after the German government liquidated the 49,858 BTC holdings in multiple transactions during the June-July sell-off. Germany realized $2.8 billion, though it has yet to clarify its intentions with the funds.

The decision on When Reevers could sell the UK’s Bitcoin holdings is reliant on the bullish and bearish events arising in the crypto space. Market analysts are betting on the lead-up to the November US elections, becoming a catalyst for the crypto market. Additionally, they consider payouts from Mt.Gox capable of imposing selling pressure that would cause Bitcoin’s price to fall.

Bitcoin Oversold After German Sell-Off 

Meanwhile, asset manager ARK Invest briefed on July 18, warning that Bitcoin miners appear to capitulate, an indicator of a bullish reversal. ARK Invest attributes the sale to the multibillion-dollar sell-off by Germany of the BTC seized in 2020 from actors behind the Movie2k  streaming platform for pirated content.

Ark Invest weighs on the sell-off that sent Bitcoin prices tumbling from $70,000 in early June to test below the $55,000 level in the July dip. The report considers the short-term holder profits and losses alongside miner outflows, showing Bitcoin is oversold. 

ARK Invest considers the investors to have a sustained appetite for Bitcoin exchange-traded funds (ETFs), thus a bullish signal.  Notably, the ARK report illustrates that the BTC sharp sell-off hardly triggered the mass exodus from the spot BTC ETFs. In particular, the BTC spot price triumphed over the 30-day change in the BTC ETF flows by 17.3%.

July saw billions of net inflows into the BTC ETFs, which were estimated at $1.35 billion by mid-July, according to CoinShares. BlackRock’s iShares Bitcoin Trust (IBIT) leads with $107 million daily inflows on July 18 to continue the nine days of consecutive inflows, as per crypto data protocol Apollo co-founder – Thomas Fahrer.

ARK warns that Bitcoin faces the greatest risk of sustaining strong performance as the global economic data. The asset management firm indicates a steady fall in corporate profits as pricing power declines to signal economic weakness.

ARK Invest identifies with the industry analysts’ view that Bitcoin prices could encounter potential headwinds as the defunct crypto exchange Mt. Gox repays the $9 billion worth of BTC to creditors. Nevertheless, the analysts consider that, unlike Germany’s sudden sell-off, the Mt. Gox creditors may hold on to Bitcoin. Doing so would soften the potential impact on the larger crypto market.  

The post Will the UK Labour-led Government Follow Germany’s Sell-Off to Liquidate 61,245 BTC first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/will-the-uk-labour-led-government-follow-germanys-sell-off-to-liquidate-61245-btc/
via Bitcoin News
via Bitcoin News Today

Mt. Gox Creditors Suffer Multiple Brute-Force Attempts As Repayment Begins

As the defunct Japanese crypto exchange Mt. Gox begins repaying the 2014 hack victim, the criminals are preying to steal creditors’ funds. The affected Mt. Gox creditors claimed that criminals were using brute force attempts to compromise their accounts.

As the Mt.Gox creditors expressed excitement about the looming repayments, their joy seemed short-lived since criminals sought to steal from them. On Mt. Gox’s Reddit accounts, the creditors have shared images and messages showing that criminals were attempting to compromise their accounts. 

Criminal Eye to Steal from Mt. Gox Creditors

The creditors claimed that the bad actors used brute force to gain unauthorized access to their accounts. Others suspected that the hackers were attempting to launch a cyberattack to steal the funds received from the Japanese crypto exchange. 

On Reddit, a Mt. Gox creditor named “r/mtgoxinsolvency” and several others complained that they could not access their account. The “r/mtgoxinsolvency” Reddit user confirmed receiving 15 notifications for account login attempts. He lamented to have been locked out of accessing his account.

Subsequently, other Mt. Gox creditors shared screenshots portraying several unauthorized login attempts. The Redditors expressed their concerns that Mt. Gox was under attack.

Shortly after the revelation that Mt.Gox incident, Reddit was bombarded with screenshots and images showing creditors could not log into their accounts. 

The creditors suspected criminals were using sophisticated hacking methods to compromise their accounts. 

Mt.Gox Creditors Fails to Access Accounts

From the screenshot, the Mt. Gox creditors claimed that the criminals were using brute force attacks or website glitches to gain unauthorized access to customers’ funds.

A brute force attack is a common hacking method where the attacker guesses multiple passwords and critical phrases for a specific account. 

The Reddit report shows that only a few Mt. Gox creditors accessed their accounts. The Redditors questioned why hackers attacked the Mt. Gox system while the funds were still on Kraken.

In a subsequent post, a Redditor named u/Joohansson claimed that the Mt. Gox accounts with two-factor authentication were safe from hacks and scams. The Redditor suspected the attackers had gathered confidential user information, which they attempted to gain unauthorized access.

The creditors expressed their concerns about why the criminals were preying on Mt. Gox at this time. In response to the complaints, Mt. Gox took corrective steps to protect customers’ interests. The Redditors noted that the Mt. Gox website was under maintenance after the incident.

Review Progress of Mt. Gox Repayments

The Reddit post sparked fear among the Mt. Gox community, who had eagerly waited for their repayments for nearly a decade. The Mt. Gox was once one of the largest crypto exchanges before it went bankrupt in 2014. 

The crypto exchange suffered a malicious attack, resulting in a loss of 950,000 Bitcoin worth $58 billion at the current market price. The Mt. Gox noted that the hackers launched a bug that interfered with customer transactions. 

The bug redirected customers’ funds to hackers’ accounts, commanding the Mt. Gox system to process incomplete transactions. After being declared bankrupt, the Mt. Gox received 140,000 BTC worth $9 billion. 

The recovered funds will be transferred to creditors’ accounts in the coming days. Compared to the value of Bitcoin during the 2014 hack, the creditors will receive more than they lost. At press time, BTC traded at $64,000, a 9000% increase in value from $600 in 2014.

As the crypto exchange begins repaying the customers, the renowned blockchain analytic firm Arkham Intelligence monitors the Mt. Gox BTC movement. Arkham data shows that the crypto exchange moved 91,755 BTC worth $5.9 billion on July  16. 

The analytical firm noted that Kraken received 48,641 BTC valued at $3.1 billion, which will be transferred to creditors’ accounts in the coming weeks. The Arkham confirms that Mt. Gox holds 90.43 BTC valued at $39 million. The crypto exchange is expected to repay the remaining $6.1 billion BTC before October this year. 

Editorial credit: Primakov / Shutterstock.com

The post Mt. Gox Creditors Suffer Multiple Brute-Force Attempts As Repayment Begins first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/mt-gox-creditors-suffer-multiple-brute-force-attempts-as-repayment-begins/
via Bitcoin News
via Bitcoin News Today

BlackRock CEO Endorses Bitcoin as Investment to Escape Pessimism

Multinational investment giant BlackRock CEO backs Bitcoin as a choice asset for individuals with pessimistic outlooks. 

BlackRock chief executive Larry Fink endorsed Bitcoin during his appearance on a CNBC interview. The executive profiled himself as a firm believer in the top crypto by market value. Simultaneously, he framed the asset as the choice of investment for parties with pessimistic projections of the world. 

BlackRock CEO Endorses Bitcoin Investment

Fink considers Bitcoin as a legitimate financial instrument. The executive believes Bitcoin is a go-to investment for frightened investors. 

The pro-Bitcoin comments by Fink emerge two days after the attempt to assassinate Donald Trump while addressing supporters in Pennsylvania.  The calamitous event saw one life lost, with a pair nursing critical injuries coincidentally when Bitcoin was regaining footing to peak above $65,000.

Political volatility often becomes a catalyst for Bitcoin acquisition. Trading firm GSR co-founder Rich Rosenblum acknowledges that political volatility could prompt Bitcoin, though decrying the assassination attempt on a Republican candidate threatens democracy globally. 

Fink’s support for Bitcoin is unsurprising since the BTC exchange-traded funds (ETFs) are behind BlackRocks historic $10.6 trillion worth of assets under management. Scaling to the highest value occurred six months after the US investment giant unveiled iShares Bitcoin Trust (IBIT) on January 10. 

By June 30, BlackRock held $10.65 trillion worth of assets, thus up 13% year over year. The Monday report indicates that while Q2 estimates hit $10.2 trillion, it handled $51 billion in new customers cash to the long-term investment funds. 

Fink was noncommittal on directly referencing the Trump shooting, though conveyed the view that Bitcoin is primarily attractive to those holding a negative view of the world direction. A bizarre twist to the incident is that the now-deceased individual who fired shots targetting Trump, Thomas Matthew Crooks, featured in the BlackRock advertisement aired in 2022. 

Fink urged investors desiring to hedge hope to prioritize Bitcoin. Consequently, it emerges as a vehicle to express one’s fears. 

The BlackRock head affirmed his personal perspective as an optimistic outlook for the world. Such a perspective resonates with the investment firm’s philosophy behind scaling the assets under management to over $10.6 trillion by going entirely crypto in recent months.

BlackRock Presence in ETFs

BlackRock singlehandedly shook the fledging crypto space when it applied for the spot Bitcoin ETF last summer. The move triggered a bullish sentiment around Bitcoin that accelerated the crypto value rise exponentially from the crypto winter lows.  Such prompted other Wall Street asset management companies to join the charge for the exchange-traded product (ETP). 

Bitcoin ETFs have, in the recent week, sustained a rebound with $1.35 billion gains, thereby recording the fifth-best week per data from CoinShares. The recent weekly disclosure by the crypto ETPs provider shows nearly $1.44 billion worth of assets flowed into the funds. The inflow brought the year-to-date totals to $17.8 billion to dwarf the previous record of $10.6 billion in 2021.                                                                                                            

The bet to pursue Bitcoin ETF is paying off for BlackRock as the AUM rose to its highest value, per last quarter’s report. The success of Bitcoin ETFs shattered Wall Street’s forecast.  

BlackRock is among the applicants hopeful to unveil the initial spot Ethereum ETFs following the approval of the 194-bs. The Wall Street giant assured its preparedness for ETH ETF in March while launching the Ethereum-based tokenized fund.     

BlackRock anticipates the spot ETH ETF next week and proposed a 0.25% fee payable quarterly in US dollars. The amended S1 filing indicates BlackRock’s intention to waive the fee, which is similar to the approach undertaken with iShares Bitcoin Trust. The latter began trading with the 0.12% fee waived till it realized $2.5 billion in net assets.

Editorial credit: Rcc_Btn / Shutterstock.com

The post BlackRock CEO Endorses Bitcoin as Investment to Escape Pessimism first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/blackrock-ceo-endorses-bitcoin-as-investment-to-escape-pessimism/
via Bitcoin News
via Bitcoin News Today

New Jersey Senator Bob Menendez Found Guilty for Bribery and Corruption

A court in Manhattan has found New Jersey Senator Bob Menendez guilty of bribing and acting as a foreign agent of the Egyptian government.

On Tuesday, Senator Menendez was found guilty of 16 criminal accounts relating to bribes and corruption. At a court in Manhattan Federal court, the 70-year-old politician was accused of receiving bribes in cash and gold from three New Jersey entrepreneurs. 

US Court Convict Senator Bob Menendez for Bribery

Prosecutors said the Democrat abused the power of his office to protect allies from being convicted. Driven by his selfish interest, Menendez violated the law to enrich a few individuals through unlawful activities, including his wife, relatives, and friends. 

The prosecutors noted that Menendez and his wife accepted cash, gold, cars, and mortgage payments from the three business people seeking help.

The prosecutor told the court that Menendez’s wife received $10,000 bribe monthly from Wael Hana to stop the US Agriculture Department from extending its enforcement action on the operation of Egyptian company Hana. 

The Egyptian government granted the Hana company monopolistic power to facilitate exporting halal meat. The policymaker established strong relations with the Egyptian government officials through his friend Wael Hana to benefit from the African country. 

The court report shows that Menendez assisted the Egyptians in receiving millions of dollars from US military aid. Having served in the Senate since 2006, Menendez has gained global recognition for representing the American interest. He joined the US political space in 1993 as a congressman.

However, the Senator’s career took a turn after being charged with corruption in September 2023. Depending on the case’s complexity, the bench of judges engaged in intense internal dialogue on the Menendez corruption trial. 

Senator Bob Menendez Vows to Challenge Court Verdict on Corruption Case

A source familiar with the situation confirmed that the judges engaged in 12-hour meetings for three days to determine the verdict on the Senator’s case. Guided by the existing law, the judges noted that Menendez engaged in wire fraud and extortion. Also the troubled senator acted as an Egyptian government official and severally escaped the rule of law.

The Senator was charged along with his wife, Fred Daibes, and Jose Uribe, who will face the criminal trials separately. The court postponed Menendez’s wife’s trial due to her health condition. 

After court proceedings, the disgraced politician and the defense team vowed to appeal the case.  Menendez told Reuters that he had never breached his public oath at any point. The Senator claimed to exercise his patriotism while serving the nation.

He declined to work as a foreign agent for the Egyptian government. 

New Jersey Policy Maker Urges Senator Menendez to Resign

The Senator told the Reuter that the gold bars confiscated by the law enforcer belonged to a sick wife. During the home raiding, the law enforcers found $480,000 cash at Menendez’s home. The court has scheduled Menendez’s sentencing on October 29.

The court ruling came months before the US election day when Menendez was vying for the New Jersey Senate seat. However, corruption trials against the Senator have doomed his re-election bid. 

The Senate majority leader, Chuck Schumer, said Menendez should leave office, citing the court judgment. Schumer’s call for the resignation of  Menendez was supported by New Jersey junior senator Corey Booker and house representative Andy Kim.

The New Jersey governor, Phil Murphy, urged the Senate to vote for the dismissal of Menendez if he fails to step down. Even though it’s still unclear whether Menendez will resign, it requires two-thirds of the majority to remove the Senator from office. 

Menendez will become the first senator to be removed from office in the history of New Jersey. In a subsequent report, the federal prosecutor Damian Williams described Menendez’s politics as profit-motivated. 

The prosecutor stated it was high time for the Senator to leave office. Elsewhere, the republican candidate Curtis Bashaw urged Menendez to step down from office since New Jersey deserved a better senator.

The post New Jersey Senator Bob Menendez Found Guilty for Bribery and Corruption first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/new-jersey-senator-bob-menendez-found-guilty-for-bribery-and-corruption/
via Bitcoin News
via Bitcoin News Today

Germany Government Intensifies Bitcoin Sell-Off as Mt. Gox Repayment Looms

The German government has moved another 1000 BTC to three exchanges amid the Bitcoin sell-off chaos. 

Since mid-June, the crypto market has witnessed the toughest spell following the German government’s BTC sell-off. Despite the market turbulence, the German government seems not to have abandoned its Bitcoin sell-off strategy.

The blockchain analytics firm Arkham Intelligence confirms that the German government transferred 500 BTC to Coinbase and Bitstamp equivalently. Minutes later, Arkham showed that the government had transferred 500 BTC to an unknown address.

German Government Liquidates Over 10,000 BTC

The German Bitcoin movement was traced by the famous analyst Lookonchain on X. At press time, Lookonchain confirmed that the German BTC holding amounts to 27,461 BTC, valued at $1.55 billion.  

The analyst noted that the German government has sold over 24,304 BTC worth over $ 1.44 billion since June 20.  In his tweet, the analyst noted that the German government transferred 16,039 BTC worth $915.3 million within 24 hours. 

The transfers were made to renowned crypto exchanges, including Kraken, Bitstamp, Coinbase, Cumberland, and FlowTraders. Other exchanges reported to have received BTC from the German government are B2CS Group and unmarked addresses. 

The on-chain data shows that the German government received 3673 BTC valued at $206.5M at the current market price. The German government has liquidated over 10,000 BTC from last month’s multiple transfers. 

This implies that the German government was more interested in liquidating the seized BTC from the privacy website Movie2k.to rather than selling. The German BTC movement replicated a similar move the US legislators took to sell seized BTC from the Silk Road. 

Early this year, the German federal criminal police office (BKA) confiscated 50,000 BTC valued at $2.17 from Movie2k.to. marking the largest Bitcoin seizure in history. The BKA directed the Movie2k.to operators to convert the profits from the now-defunct piracy website. 

The team behind Movie2k.to has been accused of violating the German copyright act and engaging in money laundering activities. The piracy company suspended its operation in 2013 due to regulatory pressure. 

Crypto Market Reacts to German BTC Sell-Off

Since then, the German authorities have been exploring ways to utilize the seized BTC. On X, the crypto community engages in intense discussion to assess how the government deals with large-scale crypto liquidation. 

A tweet from the chief executive of DeFiance Capital, Arthur Cheong, questioned why the government preferred selling the seized BTC over the counter (OTC) to public auctions.

A commenter explained that the government prefers liquidating the seized asset to maximize profits amid volatile crypto assets. The X community noted that the confiscated BTC will be sold at a higher price than the actual cost of the asset during the seizure.

Other X users feared the German selling of the seized BTC would negatively affect the crypto market’s performance. 

CoinMarketCap reports that Bitcoin has been stuck in the red zone within the last seven days. At press 09:41 UTC, Bitcoin shed its value by o.03% to trade below the $58 K.

The Bitcoin dip following the German government BTC sale has become the top of discussion for the past few weeks. 

Legislators Criticize German BTC Sell-Off

On X Tron founder Justin Sun reacted to the German government’s BTC sell-off strategy. The crypto advisor offered to acquire the seized BTC from the German government to prevent further price tumble. 

Sun expressed his willingness to negotiate with the German government on BTC sales. However, the German authority seemed unprepared for any price negotiation and proceeded with the initial BTC sell-off strategy. 

The  German BTC sale has received tides of criticism from global policymakers.   Blockware Intelligence described the German government’s BTC sell-off as foolish amid the heightened geopolitical tension. 

The intelligence company noted that the German authority had transferred over $390  worth of Bitcoin to exchanges. The Blockware condemned the German BTC sale of fiat currency, citing the current geopolitical situation in the Eurozone. 

The analytical firm stated that Bitcoin has become a valuable asset to acquire compared to other assets. Reflecting on a recent report, Bitcoin mining has become more expensive since it consumes more energy to mine a single BTC.

The post Germany Government Intensifies Bitcoin Sell-Off as Mt. Gox Repayment Looms first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/germany-government-intensifies-bitcoin-sell-off-as-mt-gox-repayment-looms/
via Bitcoin News
via Bitcoin News Today