Cryptocurrency markets threaten US security, DOJ seizes $112 million, Binance’s license is canceled | Weekly Updates

The market for cryptocurrencies was estimated to be worth USD 826.6 million in 2020, and it was anticipated to increase from USD 910.3 million in 2021 to USD 1,902.5 million in 2028, with a CAGR of 11.1% throughout that time.

A 40% annual surge in cryptocurrency scams

A Boynton Beach man lost $15,000 to an online dating and cryptocurrency fraud; as a result, he called Contact 5 and is now warning other clients about the crime.

For a resident of Boynton Beach Kevin Kok, using cryptocurrency was never challenging.

A few weeks after a Boynton Beach man called Contact 5 after losing thousands of dollars to a cryptocurrency investing scheme and an online dating scam, a Port St. Lucie man is raised the same alarm after falling victim to the same fraud.

Cybercriminals exploited a recently found weakness that affects the firm’s liquidity pool to steal $8.9 million from cryptocurrency startup SafeMoon.

Ledger raised $100 million

In an article published by Bloomberg, Ledger, a maker of crypto hardware wallets, said it has received €100 million ($109 million) from investors.

The capital offers occur as cryptocurrency companies have been filing for bankruptcy and laying off substantial portions of their workforces. The company will utilize the additional funding to boost distribution, production, and R&D, according to Ledger CEO Pascal Gauthier.

In its most recent round of funding, Ledger received a valuation of 1.3 billion euros, or around $1.4 billion, which is identical to the sum it received in a prior round in June 2021.

Elizabeth Warren is assembling a crypto army

One of the successes highlighted by Senator Warren in the article was a plan to “form an anti-crypto army” in the US.

The Massachusetts senator’s opposition to the growth of cryptocurrencies in the US dates back a long time, demonstrating the extent of her disdain for the industry.

Her efforts culminated in the introduction of the Digital Asset Anti-Money Laundering Act of 2022, which was vehemently opposed at the time by both Republican and Democratic colleagues, and which the bigger crypto and tech companies warned might have terrible implications.

Sygnum and PostFinance collaborate

Conventional financial institutions are quickly moving into the digital asset sector abroad, while US cryptocurrency firms are moving to countries with more favorable regulatory conditions. In the most recent development, PostFinance, a Swiss government-owned retail bank, partnered with Sygnum to offer a range of regulated digital asset banking services to its customers.

Clients of PostFinance will be able to buy, store, and exchange well-known cryptocurrencies like Bitcoin and Ethereum thanks to the B2B banking platform from Sygnum.

The license of Binance is canceled

The Australian Securities and Investments Authority (ASIC) announced in a press release on Thursday that Binance Australia’s derivatives license has been terminated. On April 5, Binance made a request, and it was complied with.

The largest cryptocurrency exchange in the world based on trading volume, Binance Australia, has announced that all open futures positions held by its clients must be liquidated by April 21. According to a tweet from Binance CEO Changpeng Zhao, there were just 104 users on the platform as of yesterday. The Australian spot cryptocurrency exchange for Binance, he added, will continue to operate.

To “pursue a more focussed approach,” Binance Australia said in a statement that it was “winding down” its derivatives business.

Remittance costs may be cut by 97% using cryptocurrency

The majority of United States remittance costs for international transfers, according to a recent blog post from bitcoin exchange Coinbase, wouldn’t apply to identical transactions made using bitcoins.

According to statistics from the exchange, the average charge rate in the US is 6.18%, meaning that Americans spend close to $12 billion on fees on a monthly average. According to the report, such crypto transactions normally take around ten minutes, although the typical transaction time for such transfers is between one and ten days.

DOJ seizes $112 million

The virtual currency accounts, according to the DOJ, were allegedly used to launder the profits of various crypto confidence frauds.

Scammers typically utilize “social networking and online communications platforms, dating websites, phone conversations, and text messages that are designed to seem to have been misdialed” to discover their victims in “pig butchering” scams, as outlined in the statement. Scammers gain their victims’ faith by describing the idea of trading cryptocurrencies, then persuade them to invest money in crypto-related schemes so that the money would be transferred to their accounts.

Decentralized cryptocurrency marketplaces pose a security risk to the US

The growing decentralized cryptocurrency market, according to the US Treasury Department, necessitates more regulation and anti-money laundering enforcement because it threatens US national security.

The warning lays the foundation for tougher regulations and punitive action from federal authorities. It occurs in a recent Treasury study looking at the risk posed by so-called DeFi markets.

DeFi systems enable crypto traders to transact with one another over the internet without a centralized intermediary in charge of the transaction. Because traditional financial intermediaries like banks do not exist in DeFi transactions, regulators currently have little knowledge about these transactions.

North Korea is alleged to have stolen $1 billion worth of cryptocurrency

The evaluation indicates that North Korea is still trying to get around the economic sanctions imposed by the international community. Due to its work on developing nuclear weapons, the country is subject to harsh economic limitations, therefore it turned to hack to get past them.

A panel in charge of monitoring the application of sanctions on Pyongyang has discovered, research made public on Wednesday, that the amount of cryptocurrency taken in 2022 climbed by more than three times that of the prior year.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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