Elliptic Founder Says More Banks Are Considering Offering Bitcoin Services

With interests in Bitcoin (BTC) skyrocketing, leading the cryptocurrency to set a new all-time (ATH) of above $51,000, large financial institutions, especially banks, are considering offering Bitcoin-related services.  Co-founder of Elliptic, Tom Robbinson, told Telegraph today that several global financial institutions have reached out to him to explain the compliance risk of launching Bitcoin services.  “I’ve seen a massive uptick in inquiries from several financial institutions that are seriously considering launching some type of cryptocurrency service,” he said.  According to Robbinson, Asian banks first indicated an interest in offering bitcoin-related services four months ago, followed by US financial institutions, which started

JPMorgan’s Strategists: BTC Rally Will Not Last Unless Volatility Reduces

Strategists from JPMorgan Chase have recently opined that the largest cryptocurrency by market cap, Bitcoin (BTC), needs to disassociate from its increased volatility to sustain its current bull run.  The strategists led by Nikolaos Panigirtzoglou noted in a report that BTC’s current price of above $51,000 is “not sustainable” unless the cryptocurrency eases its high volatility.  BTC Volatility Not New, Sparks Controversy BTC’s volatile nature has been a major topic of discussion among global financial experts since 2017.  The asset, which spiked as high as almost $20,000 in early 2018, plunged below $10,000 that year.  This unfavorable price swing has sparked debate

German Authorities Arrest Darkweb Operator For Processing Illicit Crypto Transactions Worth $164M

German authorities have arrested the operator of DarkMarket, a dark web marketplace that helped criminals process illicit transactions amounting to more than $164 million in cryptocurrencies.  The DarkMarket operator, a 34-year-old unnamed Australian was arrested near the German-Danish border over the weekend in a joint international operation involving several nations, such as Germany, Australia, Denmark, Moldova, Ukraine, the U.K., and the U.S.  According to a Europol report today, the illegal dark web marketplace has been taken offline by officers of the cybercrime unit of the Koblenz Public Prosecutor’s Office.  Before the platform was taken down, it had nearly 500,000 users

XRP Community Petitions The SEC to Limit Charges Against Ripple

Following the charges slammed by the United States Security and Exchange Commission (SEC) against San Francisco-based startup Ripple last year, the XRP community has petitioned the regulator and its acting chairman Elad Roisman.  The lawsuit filed in the Rhode Island Federal Court on January 1, 2020, as published in a press release today, seeks a “writ of mandamus” from the court to limit the charges against the blockchain company. According to the announcement, the XRP community through Attorney John E. Deaton pleads with the court to direct Roisman to correct the ill decision taken by his predecessor Jay Clayton against

PayPal Handles $125 Million Crypto Volume as Market Surpasses $1 Trillion

According to data on Nomics, daily crypto transactions on leading US-based financial service company PayPal has exceeded $125 million.  The trading volume, which has grown tremendously since the start of the year, saw itBit customers, the platform that handles PayPal’s crypto transactions, trade $128.91 million worth of cryptos in one single day, January 6, 2021.  Owned by Paxos, itBit provides access to an exchange, custody Service, and escrow services for Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Stellar Lumens (XLM).   Worth noting is that all the trading volume cannot be linked to only PayPal’s crypto transactions because itBit also

Finland Authorities Poised To Sell Confiscated Bitcoins Worth $77 Million

The Finland Custom Agency has decided to take advantage of the current crypto market bull run to sell off 1,981 bitcoins which is currently worth about $77 million that had been confiscated from various narcotics investigations.  In an interview on Thursday with local news outlet Yle, Pekka Pylkkänen, the agency’s Chief Financial Officer, disclosed that the sales would be conducted either directly by the agency or via a broker over the next couple of months.  Earlier last year, the agency could not decide what to do with the seized assets but has now decided to sell the cryptocurrency, taking advantage

Hackers Exploited COVER Protocol to Mint 40 Quintillion Tokens and Then Returned Everything

Cover Protocol is the latest decentralized finance (DeFi) project to be exploited by hackers, as the perpetrators minted infinite amounts of COVER tokens today.  According to data on popular Ethereum on-chain data provider Etherscan, the attackers minted over 40 quintillion COVER tokens. The development came from a mining bug found in the project’s smart contract, which allows the malefactors to produce an infinite amount of COVER tokens.  Cover Token Crashed By 92% After successfully conducting one of the largest hacks in the crypto industry, the attackers dumped $5 million worth of COVER tokens in the market, leading to a sharp

Turkish Police Arrest 21 Suspects for SMS Fraud That Used Proceeds to Buy Bitcoins 

Turkish authorities have arrested 21 people for allegedly defrauding 35 unsuspecting victims up to the tune of 450,000 Turkish Lira ($59,397) and using the fund to purchase bitcoin (BTC).   Local news outlet Sozcu reports today that the suspects sent out text messages, asking the victims to download and install an app, in order to receive 1,000 Turkish Lira ($132) coronavirus (COVID-19) relief funds from the Turkish government.  “Download, install, and upload 1000 TL support from the state ,” excerpts of the text reads.  Part of the registration process required the victims to provide their bank account details before

Drying Up: Grayscale Bitcoin Trust Bought 12,319 BTC ($290 Million) in Only 24 Hours

As institutional interests in bitcoin (BTC) continue to spike, popular U.S-based digital asset manager Grayscale Investments has made another groundbreaking purchase of the asset.   According to data on crypto derivative analytic platform Bybt, the Grayscale Bitcoin Trust (GBTC), a closed-end investment fund that focuses exclusively on BTC, bought 12,319 BTC valued at approximately $290 million over the past 24 hours.  Based on the feat, Grayscale’s investment product for bitcoin now has $13.9 billion in assets under management (AUM) or an equivalent of 588,970 bitcoins.  NEW: Grayscale buys 12,319 BTC worth $285m over the past 24 hours, pushing its total #Bitcoin AUM

Three Crypto Exchanges Already Delisted XRP Following $1.3 Billion SEC Charge

Shortly after the U.S. Security and Exchange Commission (SEC) announced charges against Ripple for conducting unregistered security offerings, three crypto exchanges discontinued support for the XRP coin.  Crypto exchange, CrossTower was the first exchange to delist the third-largest cryptocurrency by market cap following the news.  The exchange noted that cryptos are listed on its platform based on multiple dimensions, especially whether the asset is a security or commodity.  While XRP users were still trying to recover from the shock, Beaxy exchange followed suit. The Chicago-based exchange only halted trading for the cryptocurrency, as users are allowed to make withdrawals of