Bitcoin

According to a representative from the bitcoin mining company backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 million fund to buy distressed assets from embattled bitcoin miners. Bitdeer’s chief executive officer Matt Kong details that “opportunities” arise in “every cycle.” Bitdeer Wants to Acquire Cheap Machines From Distressed Bitcoin Miners Bitdeer is setting up a fund to purchase assets from financially distressed bitcoin miners, according to statements Matt Kong made to Bloomberg’s David Pan. Bitdeer is a crypto mining operation backed by former Bitmain CEO Jihan Wu and the company just recently purchased a large-scale vault in Singapore. Bitcoin and cryptocurrency miners, in general, have been suffering from the crypto winter’s downturn. At the end of June, a report noted that $4 billion in bitcoin mining loans were in distress. In mid-July, Cleanspark announced it acquired 1,061 bitcoin miners at a discount and said the crypto winter has b...

Federal Reserve Chairman Jerome Powell says decentralized finance (defi) has “very significant structural issues,” emphasizing a “real need” for more appropriate regulation of the defi ecosystem. Fed Chair Jerome Powell on Defi Regulation Federal Reserve Chairman Jerome Powell talked about the regulation of decentralized finance (defi) Tuesday during a panel discussion on digital finance hosted by Banque of France. “The monetary policy normalization that we’re seeing all over the world,” Powell began. “All it did was simply reveal what we’ve long pointed out as significant structural issues in the defi ecosystem and conflict of interest.” He stressed: Within the defi ecosystem, there are these very significant structural issues around transparency — lack of transparency. “The good news, I suppose, is that … from the financial stability standpoint, the interaction between the defi ecosystem and the traditional banking system and the traditional finance system is not that large a...

South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon’s arrest in South Korea. On Tuesday, an official at the Seoul Southern District Prosecutors’ Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC . The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was create...

PRESS RELEASE. The preservation of the Euro sculpture in downtown Frankfurt, Germany, has been in danger in recent months as no sponsors were willing to provide the required financing. At the same time, the costs of maintaining the sculpture have risen considerably, mainly due to increased levels of vandalism. The independent non-profit association Frankfurter Kultur Komitee e.V., the owner of the Euro sculpture, would have been forced to have the sculpture auctioned off as a last resort by 15 October 2022 if no one had stepped forward to help. Because of this situation and the resulting discussion in the media, the issue became a hot topic. Through this media attention, the Frankfurt company CAIZ Development GmbH became aware of the problem. As a local company with its roots firmly in the financial centre, they quickly decided to develop the financing necessary for the Euro sculpture to remain in Frankfurt. CAIZ Development is a fintech company headquartered in Frankfurt, and it...

On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.” Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’ After Celsius paused withdrawals on June 12, 2022, over a month later the company filed for Chapter 11 bankruptcy protection. Just recently, leaked audio from Celsius executives suggested the firm might try to leverage an IOU crypto to pay investors back. Three days following that report, Celsius Network CEO Alex Mashinsky told the public in a press release that he has resigned from his post. “Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd,” Mashin...

The largest exchanges in Russia are ready to begin operating with cryptocurrencies right after authorities legalize cross-border settlements in crypto, according to a leading member of the Russian parliament. The stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the high-ranking official added. Russia’s Top Exchanges Waiting for Moscow’s Green Light on Cryptocurrency Payments Major Russian exchanges are prepared to start working with cryptocurrencies as soon as government institutions create the legal conditions for crypto settlements, the head of the Financial Market Committee at the State Duma, the lower house of parliament, has announced. Moscow Exchange , St. Petersburg Exchange, and the St. Petersburg International Commodity Exchange are actively working to develop the market and are ready to immediately get involved in the process, since the infrastructure is already there, Anatoly Aksakov said in an interview with Parlame...

One of the world’s biggest cryptocurrency exchanges by volumes traded, Binance, has said its futures products are now available to eligible South African users. In a message to its users, Binance suggested it has rectified issues with the regional regulator and that its activities in South Africa are now above board. Products Offered Unchanged Almost a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange has said perpetual and delivery futures contracts are now available to eligible users from the country. In a statement, the crypto exchange told its users that the type of futures products being offered has “not changed from Binance’s previous futures offering in South Africa.” The cryptocurrency exchange however said it had altered the way such product offerings are provided to South African users. As reported by Bitcoin.com News in October 2021, Binance said it would stop South African users from accessing its “futures,...