Deribit FZE, an entity owned by crypto derivatives platform Deribit, has secured a conditional virtual asset service provider from the Dubai virtual assets regulator. The license, which covers spot and derivative trading, will remain non-operational until Deribit meets the regulator’s localization requirements. Meeting Dubai’s Localization Requirements Deribit FZE, a wholly owned entity of the crypto […]
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“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information. Greenpeace […]
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El Salvador received Bitcoin donations after President Nayib Bukele shared the Central American country’s digital wallet address with the public.
In a March 14 post on social media platform X (formerly Twitter), Bukele revealed that the country transferred “a big chunk of our Bitcoin to a cold wallet and stored that cold wallet in a physical vault within our national territory.”
The on-chain address, described by Bukele as the country’s “first piggy bank,” showed that the government holds 5,689 BTC, equivalent to $383 million as of press time, according to BitInfoCharts data.
This disclosure reveals a substantially larger Bitcoin treasury for El Salvador than previously estimated. Public trackers like Nayibtracker and Bitcoin Treasuries had previously placed the nation’s holdings at 2864 BTC, estimated at $193 million.
Nonetheless, the sizable treasury aligns with recent revelations by Bukele, who highlighted multiple revenue streams beyond mere acquisition. These include BTC earnings from citizenship sales, currency exchanges for local businesses, mining activities, and other undisclosed government services.
Moreover, President Bukele has consistently reiterated El Salvador’s commitment to holding onto its Bitcoin reserves, signaling a steadfast dedication to its crypto strategy for the long term.
Following Bukele’s revelation, crypto enthusiasts praised the country’s move and swiftly began sending small amounts of BTC and rare Ordinals to the wallet.
Paolo Ardoino, Tether CEO, said no other country has a bright trajectory like El Salvador while highlighting the country’s security, growth, economy, and talent.
Femi Longe, a crypto stakeholder from Nigeria, said he looks “forward to a future where African countries keep a portion of their national reserves in Bitcoin instead of the US Dollars.”
According to him:
“This would weaken the hold the guardians of the current global economy & monetary system have on our progress as a continent.”
Meanwhile, BitInfoCharts shows that the Central American country’s BTC wallet received more than $1000 worth of BTC donations in 30 transactions.
In addition, Ordiscan reveals that the wallet boasts 67 Ordinal inscriptions, comprising BRC-20 tokens, textual inscriptions, images, and others.
The post El Salvador receives Bitcoin donation after revealing on-chain address appeared first on CryptoSlate.
eToro’s foray into the UAE comes amidst a period of global expansion for the platform.
The retail and social trading giant eToro recently announced that it has received a license from the Abu Dhabi Global Market (ADGM) to operate as a broker in securities, derivatives, and crypto assets in the United Arab Emirates (UAE).
Yoni Assia, the Founder and CEO of eToro, expressed his enthusiasm, stating:
“It is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.”
As part of its expansion strategy, eToro is keen on deepening its relationships within the UAE. The company recognizes the potential of the region’s growing investor base and aims to provide them with a platform that not only facilitates trading but also fosters financial education and community engagement.
The full license comes after eToro received in-principal authorization to operate within the region over a year ago, showcasing the company’s commitment to meeting local regulatory standards. This approval not only positions eToro as a reliable player in the UAE’s financial ecosystem but also highlights the platform’s dedication to compliance and transparency.
Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed the approval, emphasizing that eToro’s participation will strengthen the UAE’s standing as the largest regulated jurisdiction for virtual assets in the MENA region.
To further solidify its presence in the region, eToro has made strategic appointments. Jason Hughes joins as the Senior Executive Officer for the Middle East, while George Naddaf takes on the role of Regional Manager of GCC & MENA. These appointments demonstrate eToro’s dedication to building relationships and understanding the unique dynamics of the UAE market.
eToro’s foray into the UAE comes amidst a period of global expansion for the platform. The company recently secured a license from the Cyprus Securities and Exchange Commission (CySEC), expanding its operations in Europe.
However, it’s worth noting that eToro’s valuation has experienced a decline, shrinking by $800 million from the previous figure of $2.5 billion, according to an assessment in August. Despite valuation fluctuations, eToro’s strategic moves and regulatory approvals highlight its resilience and commitment to growth.
Additionally, eToro announced its readiness to offer crypto-related services in the European Union (EU) following the approval of its application for registration under the Crypto Asset Service Provider (CySEC CASP). The platform anticipates providing these services after the Markets in Crypto Assets (MiCA) regulatory framework goes into effect in the fourth quarter of 2024.
Furthermore, eToro recently introduced the XtremeWeather portfolio. This innovative offering aims to provide retail investors with exposure to companies equipped to address challenges arising from extreme weather events.
The portfolio comprises 30 stocks from industries crucial to recovery and normalization after extreme weather events, such as renewable electricity, industrial machinery, home improvement retail, and more.
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In a surprising turn of events, the hacker responsible for stealing a large sum of Ethereum from HTX Global, formerly Huobi, has refunded the entire stolen amount for the white-hat bounty offered by the exchange, on-chain sleuth Zachxbt reported Oct. 7.
The breach occurred on Sept. 25, with the hacker stealing a total of 4,997 Ether (ETH) — valued at approximately $8 million as of press time.
The exchange sent the hacker the promised bounty of $400,000 with a message attached that began with:
“You have made the right choice.”
It is unclear whether the hacker, now turned white-hat, will also take up the job offered by the exchange as part of the bounty.
As part of the refund process, the hacker left a note urging HTX to modify its system hot wallet address and minimize the system hot wallet rate, attributing the breach to private key leakage.
The note read:
“Received your message. white hat bonus to 0x1Fc8…..3152B .your system hot wallet private key leak, you should change system hot wallet address and reduce the system hot wallet rate.”
This compromised wallet, recognized as one of HTX’s hot wallets, has seen approximately $500 million in deposits from leading cryptocurrency exchange Binance since its establishment in March.
Interestingly, blockchain analytics firm Lookonchain identified that the funds were initially channeled through the Mixin Network, which recently reported a significant loss of $200 million. The funds were later traced back to both HTX and Binance.
With the recent return of the stolen funds, confidence in the exchange may see a gradual restoration, despite its recent controversies.
In an immediate response to the attack, HTX advisor and TRON founder, Justin Sun, announced that the company had covered all the losses ensuring that all funds were safeguarded. He further revealed that the stolen sum was a minor fraction of the exchange’s total assets, approximated at $3 billion.
Additionally, as an incentive for the return of the stolen assets, Sun offered a “Whitehat” reward of 5% — amounting to $400,000 — to the hacker. This offer came with the additional opportunity for the hacker to serve as a security Whitehat advisor for HTX, provided the funds were returned promptly.
The incident occurred amid circulating rumors regarding the insolvency of HTX, with some prominent crypto voices urging people to withdraw their funds from the exchange.
In a landmark verdict, Pablo Renato Rodriguez, the co-founder of AirBit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels.
According to the US Department of Justice (DOJ), Rodriguez, along with his co-conspirators, masterminded a sprawling global pyramid scheme that defrauded investors of millions of dollars through false promises of cryptocurrency trading and mining profits.
Per the DOJ’s investigations, the elaborate scheme involved luring unsuspecting and often inexperienced investors into purchasing AirBit Club memberships with the guarantee of substantial returns.
However, instead of engaging in legitimate cryptocurrency activities, Rodriguez and his cohorts allegedly diverted the funds for personal gain while employing an intricate money laundering operation to conceal their ill-gotten profits.
Rodriguez’s co-defendants, Gutemberg Dos Santos, Scott Hughes, Cecilia Millan, and Karina Chairez, have already pleaded guilty and await sentencing. The court has also ordered the forfeiture of the fraudulent proceeds, which include a staggering $100 million worth of assets, such as US currency, Bitcoin (BTC), and real estate.
Describing Rodriguez’s actions as a flagrant exploitation of cryptocurrency for fraudulent purposes, US Attorney Damian Williams emphasized the importance of this case in deterring potential fraudsters from making false promises of lucrative cryptocurrency investments.
According to court documents, Rodriguez and Dos Santos founded AirBit Club in 2015 and “aggressively” marketed it as a multilevel marketing club operating in the cryptocurrency industry.
The duo reportedly organized extravagant expos and presentations worldwide, enticing victims to invest in cash and providing them access to an online portal showcasing false investment returns.
As early as 2016, victims who attempted to withdraw funds encountered excuses, delays, and exorbitant hidden fees. The scheme’s architects, including Rodriguez, spent the defrauded money on luxury items, financed more expos to attract additional victims, and siphoned funds through a network of domestic and foreign bank accounts.
According to the DOJ, Rodriguez’s attorney trust account, managed by Scott Hughes, played a crucial role in concealing the illicit proceeds of the AirBit Club scheme.
Before AirBit Club, Rodriguez and Dos Santos were involved in another pyramid investment scheme called Vizinova, which led to a legal battle with the US Securities and Exchange Commission (SEC).
Hughes, an attorney representing Rodriguez and Dos Santos in the Vizinova case, later assisted them in perpetrating the AirBit Club fraud by removing negative information about both schemes from the internet.
With Rodriguez’s sentencing, justice has been served to one of the key figures responsible for defrauding countless victims through AirBit Club.
Featured image from Shutterstock, chart from TradingView.com
Tangem applet receives certification from VISA, sets to launch self-custodial payment solution, according to a Sept. 8 press statement shared with CryptoSlate.
The Switzerland-based cryptocurrency company disclosed that its applet obtained VISA certification the previous year. This certification empowered users to utilize Tangem Pay, which will be launched next year.
Integrating VISA’s payment card chips with the Tangem applet allows the bank card to store a cryptocurrency wallet’s public and private keys securely.
In practical terms, when these cards are employed for payments, they can generate a VISA payment message. Simultaneously, an OTP (one-time password) is developed to sign a transaction on the blockchain.
The firm stated that this novel application would be launched next year and it would be “the first fully self-custodial payment solution integrated with a global payment network.”
Meanwhile, the company’s partnership is coming as part of efforts to completely redesign its application and add new features to improve user experience.
Tangem unveiled a range of new features, including token sorting, a dark theme, and providing users with the option of concealing their available balances. Additionally, the company has announced enhancements to its brand style guide, a refreshed logo, and redesigned cards and packaging.
To bolster its firmware security, Tangem plans to introduce a firmware audit feature, allowing users to verify the integrity of their firmware. They are also gearing up to launch a new product page on Sept. 10, complete with 24/7 customer support.
Furthermore, Tangem confirmed that its cards will be distributed to more than 140 countries via warehouses in Europe, the USA, and Hong Kong from Oct. 10.
Tangem has emerged as a top challenger in the hardware wallet sector, rivaling more storied rivals like Trezor and Ledger. The company said it recorded a 738% growth in monthly active users since last year’s recent product release and believes its planned upgrade would help attract more customers globally.
Update on Sept 8, 18:16: The article clarified the company’s relationship.
The post Tangem applet receives certification from VISA; set to launch self-custodial payment solution appeared first on CryptoSlate.
Following acceptance by the CSRC, Fourth Paradigm should proceed with launching its IPO in the Hong Kong market.
Chinese artificial intelligence (AI) company Fourth Paradigm Technology has completed the process required for an initial public offering (IPO) in Hong Kong. The company has now received a regulatory green light from the China Securities Regulatory Commission (CSRC).
Fourth Paradigm is one of only a few companies to receive the green light from the CSRC this year after the Commission instituted new rules for offshore listings. Introduced in February, the rules became effective from March 31 and provided clarity for companies interested in overseas IPOs. As of June 15, the CSRC had received filings for offshore IPOs from 14 companies and was reportedly waiting for 38 others.
According to the new rules, Fourth Paradigm and other companies looking for foreign IPOs must file with the CSRC first. In addition, each of these companies must receive approval from other regulators. These regulators are now involved in the VIE (variable interest entity) process Chinese companies use to list overseas. Agencies that could potentially be involved in the process include the National Development and Reform Commission and the Cyberspace Administration of China (CAC).
Fourth Paradigm’s IPO nod dissolves some uncertainty surrounding adherence to the new rules and the difficulty of listing abroad. Upon announcing the new rules, the CSRC said that any firm in violation could pay a fine of up to 10 million yuan, about $1.5 million. This fine also applies to any persons or companies who share wrong information.
China has always been particular about offshore listings, although they were much easier. Even before adopting the rules, the CAC – China’s cybersecurity regulator – requires firms holding personal data of at least 1 million users to apply for a cybersecurity review before an offshore IPO.
This was why the CAC slammed transport company Didi with a $1.19 billion fine last year. Didi reportedly did not complete a cybersecurity review before listing on the New York Stock Exchange (NYSE). The CAC also fined Didi founder Cheng Wei and president Jean Liu, 1 million yuan each.
The current attempt at an IPO is Fourth Paradigm’s fourth after previous ones failed. Founded in 2014, Fourth Paradigm filed for an IPO in August 2021 and in February 2022, with both attempts expiring for unidentified reasons. The startup filed the fourth attempt in March, only a few days before the third attempt – filed last September – was to expire.
Fourth Paradigm was sanctioned by the US and placed on the Commerce Department’s Entity List in March. Companies on this list need a license to buy or access specific goods, services, or technologies. Following its addition to the list, Fourth Paradigm allayed public fears. The company clarified that the inclusion “should not have a material impact on the business or operations of the group”. Fourth Paradigm company also said none of its suppliers, customers, or investors, have withdrawn their commitments to the company.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.