Circle Internet Financial, a renowned global fintech firm and issuer of USDC, has disclosed the appointment of Heath Tarbert as its new Chief Legal Officer and Head of Corporate Affairs. With his extensive experience in regulatory affairs and a distinguished career in leadership positions across various branches of the federal government and regulatory agencies, Tarbert

North Korean hackers were likely behind the theft of at least $35 million from a popular cryptocurrency service. Cybersecurity experts shared this assessment in. A recent press release pointing to telltale signs in the strategies and techniques used in the attack. Atomic Wallet, the victim of the heist, a widely-subscribed cryptocurrency service based in Estonia,

Due to several legal cases levied against major cryptocurrency platforms Coinbase and Binance, Janet Yellen,Treasury Secretary advocated for enhanced regulation to safeguard cryptocurrency users and investors. In a recent press interview Secretary Yellen drums support for U.S. financial regulatory agencies, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), in their

The European Commission has received a complaint from the largest consumer rights group in Europe, accusing cryptocurrency marketers on popular social networks of engaging in a misleading promotion that poses a significant risk to consumers. European Consumer Organisation (BEUC) an umbrella group of European consumer organizations has lodged this complaint targeting Meta Platforms’ Instagram, Alphabet’s

The issue of trusting centralized bodies with crypto keys came back into the spotlight following the collapse of FTX.According to the original bankruptcy filings, several million users are still waiting to retrieve between $1 billion and $10 billion worth of cryptocurrency assets held in the Bahamas-based exchange.The collapse served as a reminder that self-custodying your own digital assets by keeping the cryptographic keys safe (on your own computers, a hardware device disconnected from the internet, or even written on a piece of paper locked in a safe) would prevent consumers from falling victim to scams like FTX. Self-custody is the sole option, according to crypto purists, because controlling one’s own keys prevents the dangers of centralization.However, crypto users have frequently noted that guarding one’s keys can be nerve-wracking because there aren’t many recovery techniques available in the event that users misplace their keys. At Consensus 2023, a closed-door roundtable discussion examined how legislators might develop strong consumer protection rules without compromising or perhaps possibly boosting the crypto culture of asset ownership.Participants came from a range of fields, including business, technology, and law. Looking at the results to the poll question,What percentage of people have the knowledge/comfort to hold crypto keys? that was posed to the larger Consensus audience. Less than 10% of crypto users are proficient and at ease storing their own keys, according to the 169 participants who responded to the electronic poll, which was answered by little over half (54%) of them.

ARK Invest increased its equity holdings in Coinbase on the same day the US Securities and Exchange Commission (SEC) slapped legal papers on cryptocurrency exchange Coinbase.On June 6, ARK Invest notified investors that the company had acquired about 419,324 shares of Coinbase Global Inc., which had a value of almost $21.6 million at the time of closing on that same day. This occurred after the recent lawsuit news and the current SEC action, which caused Coinbase stock to drop more than 20% on June 6.The price of Coinbase’s shares is at $53.11 at the time of writing.The inclusion of Coinbase stocks in the portfolio of ARK Invest continues a pattern.On May 2, a little over a month earlier, ARK Invest added an additional 168,869 Coinbase shares, for a total transaction value of about $8.5 million.The company invested in 2.4 million shares in March for roughly $117 million and 304,300 shares in April for around $17.5 million, respectively. The SEC recently filed a complaint against Coinbase, alleging that the exchange never registered as a broker, national securities exchange, or clearing agency and that it offered unregistered securities.In response, Brian Armstrong, the CEO of Coinbase, posted on Twitter that his staff is “confident in our facts and the law.”The potential “to finally get some clarity around crypto rules” in court, he noted, is something he embraces. On June 6, Coinbase’s chief legal officer, Paul Grewal, testified before the US Congress that the business had “embraced regulation” since its inception and that in 2022 alone, it met with the SEC 30 times for regulatory guidance.A task team of state security authorities from various states, including Alabama, California, Illinois, and Vermont, also issued a show-cause order to Coinbase on June 6.It claimed that the exchange had broken the securities laws by offering its staking incentives scheme.

Reps. Brad Sherman (D-Calif) and Stephen Lynch (D-Mass) wrote in a letter on Monday that the U.S. Treasury Department and Internal Revenue Service (IRS) should immediately reveal anticipated crypto tax guidelines so that the business can be brought into full compliance.According to Sherman, a senior member of the House Committee on Financial Services, “the cryptocurrency industry has been a major source of tax evasion and a significant part of the nation’s tax gap for many years.” The letter pointed out that the government has not to publish the new regulations, even though the White House may have finished its study of the contentious tax reporting requirements for cryptocurrency brokers in the 2021 infrastructure bill in February. A broad definition of “broker” that may extend the reporting obligation to cryptocurrency wallet providers and miners, who would not be able to comply with the rule, was the sticking point. At CoinDesk’s Consensus event in April, IRS representative Julie Foerster said she could not say when the organization planned to update and clarify the guidance but that it was looking into alternative methods of getting the word out to the business community so that taxpayers could voluntarily comply with the reporting requirement.The letter from the MPs stated that the cryptocurrency business had the entire year 2022 to be ready “and now it apparently gets the year 2023 off as well.”

Lending protocol Aave’s gho (GHO) stablecoin took a step nearer to an Ethereum mainnet launch as the developer proposed two key features that would be of huge benefit to holders while keeping the token’s stability intact. Since February, Gho has been obtainable on Ethereum blockchain where it has functioned without any hassle. In a recent

Circle Singapore has successfully received its Major Payment Institution (MPI) license for digital payment token services in the country. The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the island state. This includes the Circle Account which allows institutional customers access to

The Bureau of securities in state of New Jersey recently issued a summary cease and desist order against Coinbase, the foremost Cryptocurrency exchange for offering staking services linked with unregistered securities. The Bureau charged the Cryptocurrency firm with a huge penalty fee of $5 Million. However, office of the Attorney General and the Division of

The cryptocurrency exchange Kraken reported that it looked into a problem with a number of crypto funding gateways, including important ones like Bitcoin, Ether, and ERC-20, which resulted in operating delays.Deposits and withdrawals are now being held up, according to Kraken’s status page as of June 6.Any updates will be given as quickly as feasible.When deposits and withdrawals were delayed, the first alert was published around 7:44 am UTC.Following this, there were two updates at 8:06 and 8:13 UTC that stated the company was still “working on a fix” for the problem.The cause of the problem was not made explicit on the status page.The status page had all updates regarding the delays and problems removed as of 8:35 am UTC, and it was back to normal. On June 6, at 10:30 a.m. UTC, users can anticipate a 10-minute outage of Kraken’s futures platform.According to the exchange, site maintenance is to blame.The Internal Revenue Service (IRS) in the United States has requested that Kraken give client information, which the exchange has labeled as a “unjustified treasure hunt.”The exchange argued that the IRS has “gone too far” with its unfounded assertions and requested intervention from the San Francisco courts. Ireland granted Kraken permission to conduct business as a provider of virtual asset services on April 18.With this approval, Kraken joined Gemini and Coinbase as the only other cryptocurrency exchanges registered in Ireland.Nick Percoco, chief security officer of Kraken, most recently worked with a well-known streamer to construct a false cryptocurrency account on the exchange and “scam bait” criminal actors in the ecosystem.

In a letter to the directors of the Treasury and the Internal Revenue Service, two members of the US Congress demand the execution of tax laws for the cryptocurrency sector.U.S. Representatives Brad Sherman and Stephen Lynch expressed worry about the compliance procedures in crypto in a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, stating,”That (crypto) industry has been a major source of tax evasion and a sizable contributor to the country’s (United States) tax gap for years now.”In a study dated September 2020, the Treasury Inspector General for Tax Administration noted that the IRS was unable to identify pro-crypto taxpayers as a result of the absence of reporting. The pair emphasized this report. Additionally, beginning in 2023, taxpayers were compelled to record cryptocurrency transactions under the Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Bill), which was enacted by President Joe Biden in November 2021.The congressmen asserted, however, that “the proposed regulations have yet to be promulgated.”Sherman and Lynch demanded that the new regulations be published as soon as possible in order to “close the tax gap and bring the cryptocurrency industry into full tax compliance.”The Biden administration redoubled its efforts in May to enact the 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners that was first proposed in March 2023 as a part of Biden’s FY2024 budget.The legislation passed in May to raise the U.S. debt ceiling, however, did not include the planned tax on cryptocurrency mining. Crypto enthusiasts believe that the 30% tax on cryptocurrency mining is only a temporary solution, despite the fact that concerns about it have subsided. Nic Carter, co-founder of CoinMetrics, predicts that the government will try to re-incorporate the tax into an omnibus measure in the future.Regarding its intentions to pursue the DAME tax, the White House has not yet provided any statement in response to Cointelegraph’s inquiry.

Recently, the U.S. Securities and Exchange Commission (SEC) sued U.S crypto exchange Coinbase (COIN) on account of violating federal securities law, a day after filling the same suit against Binance. In accordance with SEC Coinbase has operated as an unregistered broker, exchange and clearing agency simultaneously, arguing that it solicited customers, handled orders, allowed for

London-based Cryptocurrency storage provider Zodia Custody said it will offer crypto staking to institutional clients via a collaboration with infrastructure provider Blockdaemon. In a recent announcement, the duo partnership aims to tap into the rising institutional demand for staking, which involves providing digital assets to support blockchain networks and earning rewards in return Since the

In a press release posted on Twitter on Monday, Volcano Energy revealed $1 billion in commitments for the construction of a 241 MW bitcoin mine in the Metapán region of El Salvador.According to a different news release shared with CoinDesk, one of the investors is Tether, the creator of the stablecoin USDT.According to press releases, 169 MW of solar energy and 72 MW of wind energy will be used to power the mining site, providing computational power of more than 1.3 exahashes per second (EH/s).It will be situated in Santa Ana, Metapán, in the northwest of the nation. In planning and execution, the government will play “a crucial role” and has agreed to a “preferred participation equivalent to 23% of revenues,” according to Volcano.The enterprise will be 27% owned by outside investors, with the remaining 50% being “reinvested” to increase mining and energy production capabilities, according to the company.The geothermal energy potential of El Salvador has been the subject of earlier mining ventures, but it was unclear how the planned solar and wind energy park would be related to volcanic activity.Volcano stated in its news release that this mining site is meant to be a “pathway to our geothermal future,” but it didn’t elaborate. According to Chief Technology Officer Paolo Ardoino, Tether has been working to broaden its “strategic ecosystem,” and Volcano Energy is one of the “most ground-breaking” projects it has supported.The stablecoin issuer has been active in recent weeks on the investment front, investing in Uruguayan bitcoin mining and buying bitcoin to increase its reserves backing USDT.Due to the lack of chances for new advancements in North America, mining companies and other investors have been searching for investment opportunities in other regions, such as the Middle East and Latin America.

According to data from CryptoSlate, the virtual reality (VR) market in cryptocurrency has increased by more than 7.9% over the past day as investors eagerly await Apple’s (AAPL) major VR headset announcement on Monday. The tech giant’s stock price has increased by 7.4% in the last two weeks thanks to the unveiling of what is being hailed as Apple’s first significant product in ten years. Today’s metaverse and virtual reality crypto currencies have followed suit.According to CoinGecko, Decentraland (MANA), the largest VR-related token with a market worth just shy of $1 billion, has increased by 5.4% over the past day despite the overall cryptocurrency market losing 1.5% of its value in that time. Metaverse project in five dimensions.The sector’s top gainer for the day is Wilder World (WILD), which has risen by 18.8% over the past 24 hours and gained 119% over the past 30.Apple is one of two businesses setting the standard for virtual and augmented reality, as stated by Goldman Sachs in a research paper published last year.In Q4 of this year, the tech giant is anticipated to make a mixed reality headset widely available, according to a recent investment note from Morgan Stanley.With numerous assets plummeting more than 80% from their all-time highs during the crypto winter, the broader metaverse sector has been hurt.The latest uptick, though, suggests that the tide may be changing. Over the last 24 hours, metaverse tokens have seen $905 million in trade volume, bringing the group’s total market valuation to $8.65 billion, according to CoinGecko.

Hayden Adams, the founder of Uniswap recently posted on twitter to reveal an extensive scam targeting the Chinese cryptocurrency community. The scam has to do with a fake fork of the Uniswap website and supposedly it features a one-hour Zoom recording with individuals imitating Uniswap executives. However, clarifications were made by the founder stating that

The Co-founder of Binance He Yi, in recent times took to Twitter, to the explain the metrics for Token listing on the platform, emphasizing that binance endeavour to put to consideration various demands of the users when listing coins. He noted that listing decisions is a majorly a collaborative perspective which doesn’t exclude the CEO

Just one month after asking for $4 billion from the similarly bankrupt cryptocurrency lender Genesis, the bankrupt cryptocurrency exchange FTX is now disputing the assertion that it is not entitled to anything.The FTX debtors have objected to Genesis’ estimate that they are entitled to claims totaling “$0.00,” as Genesis stated in an estimating procedures motion filed on June 1 in the United States Bankruptcy Court for the Southern District of New York. The FTX debtors claimed they were excluded from the mediation process and did not get “any advance notice” prior to the motion being filed.Even FTX debtors disputed a Genesis claim that they were kept informed of the proceedings:Despite the Genesis Debtors’ claim in the Estimation Procedures Motion that they are “working expeditiously with all parties in interest to formulate a plan structure,” the FTX Debtors have not been invited to take part in the mediation.It was stated once more that the Genesis debtors considered the nil claim estimation to be “critical” in order to avoid any delays and swiftly proceed with the “confirmation of a Chapter 11 plan.” Additionally, it was asserted in the filing that the FTX debtors “are by far the largest unsecured creditors in the Genesis Debtors’ Chapter 11 cases” and that it is essential that they take part in the mediation:“Without the participation of the FTX Debtors, the mediation is a waste of estate resources and should not proceed.”As recently as May 3, attorneys for FTX were requesting over $4 billion from Genesis in order to recover “avoidable transfers” that took place within 90 days prior to a corporation filing for bankruptcy, as allowed by bankruptcy statutes. The automatic suspension of legal procedures against Genesis that occurs when a company files for bankruptcy has been requested to be lifted by FTX debtors in a plea for relief from the stay.The court is scheduled to hear the motion on June 15. This comes after Genesis’ parent firm, the Digital Currency Group (DCG), stated that it had no way to resolve its “outstanding intercompany obligations” that would help repay creditors.Due to demands from creditors, DCG and Genesis were involved in a mediation process during this time.Genesis creditors were expected to gain an 80% recovery of their money after the company filed for Chapter 11 bankruptcy, according to a settlement plan the firm presented in February.

John Deaton, a pro-XRP attorney, experienced a phone hack on June 4 as a result of a persistent cyberattack that lasted several days. The hacker’s tweet was addressed by CryptoLaw, an account set up by the lawyer who is defending over 76,000 XRP token owners in the Ripple v. United States Securities and Exchange Commission (SEC) litigation.The tweets, according to CryptoLaw, were posted by hackers, not Deaton, and immediate action is being taken to correct the situation. As Deaton celebrated his birthday and received well wishes from all across the crypto community, the hack happened.The hackers’ tweets touted the LAW cryptocurrency token, which has a minuscule market worth.The lawyer, who is well-known for his tenacity in taking on regulatory enforcement measures put in place by American agencies, has made a name for himself as a leading player in the cryptocurrency industry.Given that traders frequently follow advice from powerful players in the sector, the spread of fraudulent information and misleading financial data poses a serious concern within the cryptocurrency market.Such activities put the stability of the market in jeopardy and give regulators more justification to approach the sector with care and discretion. Deaton used his daughter Jordan Deaton’s Twitter account to inform people about the hack as part of his proactive outreach to his Twitter followers.Deaton requested that the public report the hack. Deaton’s request was favourably received by several members of the XRP community, who then tweeted about it to inform other users of the issue.Osakar Arnarson, a Twitter user, issued a step-by-step guide that instructed other users on how to report the compromised account.Numerous additional users also sent their responses, showing that they had successfully reported the attack.

Users have apparently reported total losses of their cryptocurrency portfolios due to an exploit of Atomic Wallet.Since Atomic is a noncustodial decentralized wallet, users are in charge of whatever assets they store there. “We have heard stories of hacked wallets. We are making every effort to look into and evaluate the situation.The Atomic team said in a tweet on June 3 that “we will share it appropriately as we have more information.”Several users have left comments on the page alleging losses and that the digital wallet app has been wiped clean of all monies. Participating in the probe is on-chain investigator ZachBTX, who is renowned for tracking down stolen money and supporting compromised companies.It’s unclear how the attack was carried out as of this writing. Atomic states that it has more than 5 million users. Additionally, Twitter users have stated that money has already been taken from the Atomic Wallet app.“This occurred to my BTC with Atomic six months ago.They only responded with “protect your pw,” “seed phrase,” etc. It’s not even feasible, I informed them.I merely exchange using U, then send cryptocurrency outside. I told them I wouldn’t use “U” any more after that.One user commented on the post with the words “Now I was right! “.The attack is the latest in a long line of weekly cryptocurrency attacks.Jimbos Protocol, a decentralized finance (DeFi) program, was attacked on May 28. As a result, 4,000 Ether, or around $7.5 million, were lost.a decentralized cryptocurrency mixer called Tornado Cash. According to a Chainalysis research, crypto hackers stole an estimated $3.8 billion last year, mostly through North Korea-affiliated attackers who took advantage of DeFi protocols.Although there were the same number of incidents in Q1 2023, according to another report from TRM Labs, the average hack size decreased to $10.5 million from almost $30 million in Q1 2022.TRM Labs stated, “Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend,” and cautioned that only a few significant attacks would be needed to tilt the scales once more.

In a bid to detect and curb the menace of Crypto, a foremost crypto management institution, elliptic combined Chat Gpt, this is imminent as other crypto bodies report lumped results in its execution. The core functions of elliptic is the provision of risk evaluation to the client of Crypto as it concerns their transactios, Exchanges

Mitsubishi UFJ Financial Group (MUFG), a major bank in Japan, has introduced stablecoin issuance platform, Progmat Coin, which several Japanese banks will soon make use of to pioneer Japanese yen-pegged stablecoins on multiple public blockchains. Progmat Coin is built to work with stablecoin issuance from any trust bank, not only MUFG. However, this development follows

The resultant aftermath of artificial intelligence (AI) technology in the hands of illicits enabling the creation of deep fakes and malware, have heightened the need to take action. OpenAI, the creator of ChatGPT and Dall-e, has disclosed a $1 million cybersecurity grant program to enhance and measure the impact of AI-driven cybersecurity technologies The initiative,

The CEO of Uniswap Labs and the inventor of the Uniswap protocol, Hayden Adams, recently tweeted his amazement at a fraud involving a bogus Uniswap website. Adams expressed his surprise at the elaborateness of the fraud in a tweet, highlighting the fact that it took a lot of work.He added that the con artists had links on their false website that led users to the authentic Uniswap app as well as Chinese community information integrated into their plan. The con artists went to considerable measures to produce an hour-long Zoom recording featuring people posing as senior officials from Uniswap in order to give their scheme an added degree of authenticity.The purpose of this carefully crafted video presentation was to trick viewers into thinking the swindle was real. Adams acknowledged his perplexity after watching the footage by saying, “footage is weird.I’m not familiar with any of those people. Adams clarified that neither Uniswap nor the Uniswap Foundation had any affiliation or involvement with the disputed video or the people who participated in it, clearing up any misunderstandings. According to Crypto Twitter, the fraud may be centered around a video showing individuals in Shenzhen, China, marketing the Uniswap coin.According to reports, the video had titles like “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap.” Adams and his group have been working to stop the swindle and lessen its effects.Their actions include deleting the domain that was utilized to build the fake website. In response to Adams’ tweet on the incident, Roland, a Twitter user, expressed his surprise. He claimed to not be familiar with such an event despite living close to Shenzhen and surmised that it might have been planned covertly because of China’s strict cryptocurrency laws. In 2018, the People’s Bank of China outlawed the operation of cryptocurrency exchanges in the nation on the grounds that they supported public financing without authorization.Since September 2021, China has outlawed all cryptocurrency transactions.

Celsius Network, a troubled cryptocurrency lender, is altering its ETH staking technique, adding to the already lengthy wait time for new validators to be activated on the Ethereum network.  Over the course of two days, the firm has been diligently moving ETH into staking contracts after redeeming some $813 million of staked ETH from liquid staking leader Lido Finance. Since June 1, Celsius has deposited some $745 million of ETH, data by Arkham Intelligence shows.  The transactions have added 44 days to the already lengthy waitlist to add new validators to the Ethereum network, and Celsius may be to blame for over a week of that delay. Crypto investment product manager 21Shares analyst Tom Wan highlighted The transactions mark the most recent step in the lender’s strategy to reorganize its stored staked ETH since April, when Ethereum’s Shanghai upgrade made it possible to withdraw from staking contracts. At that time, Celsius held

The largest Crypto body was affirmed as a payment institution by the country’s Apex bank recently The company has been charged with operating as a payment institution, under the status of an electronic money issuer. The central bank’s approval is an important step, as it allows us to continue with our business expansion plans to

A Seychelles based cryptocurrency exchange Huobi could receive crypto trading licence in Hong Kong within the span of six to twelve months, Huobi advisor and Tron founder Justin Sun said in an interview on Friday. The exchange submitted an application to become a virtual asset service provider (VASP) last week, he said, which includes an

The Federal Reserve Board recently disclosed a consent order against Silvergate Capital Corporation and its subsidiary Silvergate Bank , providing the necessary regulatory supervision for the financial institution’s voluntary self-liquidation. However, Silvergate Capital Corporation and Silvergate Bank, both garrisoned in La Jolla, California, are now informed to follow suit their former announcement on self-liquidation plan

The Apex Bank of Kenya said “pain points” in the country’s payments systems can be addressed by innovations structured around the existing ecosystem and that a central bank digital currency (CBDC) “may not be a compelling priority.” During a recent report, the central bank said it received 100 comments on the previous consultant embarked on