The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent
Month: January 2023
The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold. Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade, Russia’s news agency Vedomosti reported on Jan. 15. The token
Bitcoin (BTC) starts a new week at new 2023 highs, but still divides opinion after a blistering price rally. In what is shaping up to be the antidote to last year’s slow bleed to lower prices, January has delivered the volatility Bitcoin bulls were hoping for — but can they sustain it? This is the
The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary Fund, the monetary authorities in Egypt have
SkyBridge Capital founder Anthony Scaramucci is investing in a crypto company founded by the former president of FTX US. Scaramucci told Bloomberg in an email that he would be investing his own personal funds to support ex-FTX US president Brett Harrison’s new venture, which was revealed just three weeks after the collapse of crypto exchange FTX. It
Bank of Thailand has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows. The “Consultation Paper on Virtual Bank Licensing Framework” published by the central bank says that applications will be available later in 2023
Since The Merge, Ethereum’s onchain fees have been considerably lower. However, combined transaction volume on layer two (L2) chains Arbitrum and Optimism has outpaced Ethereum’s onchain transaction output. On Saturday, Jan. 14, 2023, Ethereum processed 1.10 million onchain transactions, while combined transactions on Arbitrum and Optimism reached 1.32 million for the same day. Rise of
Bitcoin (BTC) may be circling its highest levels in months, but few are convinced that the bull market is back. Ahead of a key weekly close, BTC/USD remains near $21,000, data from Cointelegraph Markets Pro and TradingView shows, with analysts nervous about the good times ending all too soon. Bitcoin to see new “depression” before
The cryptocurrency markets have made a strong comeback in the past few days. That drove the total crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front and skyrocketed above $21,000 on Jan. 14. After the sharp rally, the big question is whether the
Siika Mileva, a spokesperson for Bulgaria’s chief prosecutors, denied political motivations behind the probe against the crypto lending firm Nexo, according to local reports. The comments were made in response to claims that the investigation had a connection to the company’s political donations. Almost all cases where a prosecution launches an investigation that affects someone’s
More information has come to light allegedly revealing the lavish lifestyle of FTX co-founder and “altruist” Sam Bankman-Fried, as the failed former crypto exchange CEO also fights for Robinhood shares he says he needs more than customers. In other news, Shark Tank star Mark Cuban has warned that a crypto implosion could come from “the
Troubled cryptocurrency firm Nexo is planning to sue the Bulgarian government after massive raids at the company’s offices in Sofia. Nexo has complained about the actions of the law enforcement authorities in response to the investigation against the firm, the Bulgarian News Agency reported on Jan. 13. The company is reportedly preparing to file a lawsuit
Former FTX US President Brett Harrison has lashed out at Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize FTX US’ management structure. Harrison shared his experiences with Bankman-Fried and FTX US on Dec. 14, explaining how he was hired “casually over text” in Mar. 2021 after working together at New York-based
Bitcoin (BTC) may be up 16% in 2023, but one stock it outperformed last year is now getting its revenge. Data from Cointelegraph Markets Pro and TradingView shows that for all its newfound strength, Bitcoin is still playing catch-up. Tesla up almost 25% from January low Tesla was in the headlines throughout 2022 as its
A survey has indicated that Hungarians would like to learn more about the long-term investment opportunities presented by cryptocurrencies. However, associated risks and insufficient information in their native language are major concerns, according to the polled. Hungarians Want to Know How Crypto Profits Are Taxed and What Rules Apply to Such Investments With increased global
Ethereum layer-2 scaling solution Polygon will undergo a hard fork on Jan. 17 in order to address gas spikes and chain reorganizations issues that has affected user experience on the Polygon proof-of-stake (POS) chain. Polygon officially confirmed the hard fork event in Jan. 12 a blog post, which came after weeks of preliminary discussion on
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