Bitcoin miners are investing heavily in equipment and energy to capitalize on the surge in cryptocurrency value. (REUTERS) News 

Bitcoin miners are consuming energy at an unprecedented rate amid the surge in cryptocurrency prices

Following a close call during the previous crypto winter, Bitcoin miners are now in a fight for survival, investing billions in equipment and consuming energy at unprecedented levels in anticipation of an upcoming update to the digital currency’s code that could impact their profits. The surge in activity is due to the rise of the world’s largest cryptocurrency, fueled by recently launched Bitcoin exchange-traded spot funds, and a quadrennial event called the halving, which is scheduled to take place in April. Bitcoin has more than quadrupled since plunging 64% in…

Read More
Spain's ban on Worldcoin sparks a heated debate over privacy risks and data protection, drawing criticism and defense from both sides. (AP) News 

Spain bans Sam Altman’s eye-scanning Worldcoin technology

Spain has imposed a three-month ban on Worldcoin, prompting a strong response from Sam Altman’s company due to concerns about privacy risks associated with the project’s use of iris scanning for a digital ID and free cryptocurrency. Spain’s data protection authority AEPD announced on Wednesday that it has demanded Worldcoin immediately stop collecting personal data and stop using the data it has already collected. Worldcoin said in response to the ban that AEPD is “circumventing EU law” and “spreading inaccurate and misleading claims about our technology”. AEPD said its action…

Read More
A study reveals that pig-butchering scammers have stolen over $75 billion globally by exploiting victims through crypto investments. Criminal networks in Southeast Asia move funds to exchanges, with Tether being a preferred choice. (REUTERS) News 

Study Finds Pig-Butchering Scams in Cryptocurrency Investments Net Over $75 Billion

A recent study suggests that pig-butchering scammers have potentially swindled over $75 billion from victims globally, a significantly higher amount than previously thought. John Griffin, an economics professor at the University of Texas at Austin, and graduate student Kevin Mei collected crypto addresses from more than 4,000 scam victims. The popularity of fraud has exploded since the pandemic. Using blockchain tracking tools, they tracked the flow of funds from victims to fraudsters, who are mainly in Southeast Asia. Over four years, from January 2020 to February 2024, criminal networks transferred…

Read More
Global electricity demand from data centers, cryptocurrencies, and artificial intelligence could more than double over the next three years, (AP) AI 

Data centers expected to experience a 100% increase in electricity demand within three years

According to the latest report from the International Energy Agency, the global electricity demand stemming from data centers, cryptocurrencies, and artificial intelligence is projected to increase by over 100% in the next three years. This surge in demand is expected to be equivalent to the total power requirements of Germany. There are more than 8,000 data centers worldwide, of which about 33% are in the United States, 16% in Europe and almost 10% in China, with more planned. In Ireland, where data centers are developing rapidly, the IEA expects the…

Read More
The move marks a significant escalation of India’s clampdown on offshore crypto platforms like Binance. (REUTERS) News 

Government requests Apple to delete cryptocurrency apps, including Binance, from its local app store.

The Indian government has intensified its efforts to regulate offshore cryptocurrency exchanges that are operating without local registrations. As part of this crackdown, the government has requested Apple Inc. to remove the apps of platforms like Binance from its App Store in India. As a result, popular exchanges such as Bitfinex, HTX, and Kucoin are no longer available on the App Store in the country. These removals were carried out based on instructions from the Ministry of Electronics and Information Technology, as per anonymous sources familiar with the matter. The…

Read More
A 33-year-old woman from Maharashtra's Thane city allegedly lost ₹26.88 lakh to fraudsters online who lured her to invest in Bitcoin. (Pexels) News 

Woman loses Rs. 26.88 lakh in online scam involving Bitcoin fraud; learn how to protect yourself

Bitcoin fraud continues to plague the volatile cryptocurrency market, providing a haven for fraudsters who employ clever tactics to deceive and exploit users through online scams. Despite this, Bitcoin has experienced a positive trend in recent months, rebounding from its lowest point. According to Bloomberg, on January 2, the price of Bitcoin increased by 3%, surpassing $45,000 for the first time since April 2022. This surge marked a strong start to 2024 for the world’s largest and most well-known cryptocurrency. Additionally, Bitcoin reached a 21-month high of $45,386 earlier in…

Read More
Not just the notices, FIU has even taken the next step by writing to the MeiTY to block the URLs of these nine cryptocurrency dealing entities. (REUTERS) News 

FIU urges MeiTY to block URLs of 9 offshore cryptocurrency platforms including Binance, Kucoin, and Huobi

The Financial Intelligence Unit (FIU), a division of the Finance Ministry in India, has sent show cause notices to nine offshore cryptocurrency and virtual digital assets platforms, such as Binance and Kucoin. These notifications were issued due to their failure to comply with anti-money laundering regulations, potentially dealing a significant blow to the cryptocurrency sector in India. Apart from just the notifications, the FIU has even taken the next step of writing to the Ministry of Electronics and Information Technology (MeiTY) to block the URLs of these nine parties who…

Read More
Crypto scammers exploit 'wallet drainers' in Google and X ads to steal $59 million in phishing scams. (Reuters) News 

Report: Phishing scams on Google and X ads generate $59 million as crypto scammers employ ‘wallet drainer’ tactic.

Over the course of the past year, there has been a concerning increase in cybercriminals using deceptive advertisements on popular platforms like Google and X to steal millions of dollars worth of cryptocurrency. ScamSniffer, a cybersecurity firm, has discovered that these scammers are utilizing a malicious tool called ‘wallet drainers’ to execute their malicious phishing scams. Unveiled in a recent blog post, ScamSniffer reveals that this wallet drainer was originally spotted in Google search ads phishing, which later ended up among X-phishing ads shared by ZachXBT. A recent study of…

Read More
Bitcoin stormed back with a more than 160% advance this year that added some $530 billion to its market capitalization. (REUTERS) News 

Bitcoin’s 160% surge in 2023 is a risky bet on ETF ‘demand shock’ in crypto markets.

A year after experiencing a $1.5 trillion loss, the prevailing feeling of despair in the cryptocurrency markets has now transformed into a strong desire for wealth. Bitcoin stormed back by more than 160% this year, adding about $530 billion to its market cap. Since then, countless smaller tokens, from the Sam Bankman-Fried-backed Solana to dog- and frog-themed memecoins, popped up as investors again took the risk. An investor who bought $100,000 of Solana at the start of 2023 would now have a profit of over $800,000. Much of the bonanza…

Read More
US regulators have until January 10 to decide whether to approve a physically-backed Bitcoin ETF, with more than 10 companies working towards approval. (REUTERS) News 

Deadline for bitcoin ETF decision looms as countdown begins

The countdown to January 10th is underway in the crypto world, as digital-money advocates eagerly await the potential redemption offered by a leap into traditional finance after the FTX incident. This optimistic outlook revolves around the possibility of US regulators approving a physically-backed Bitcoin ETF, a decision that must be made by the Securities and Exchange Commission. Among the first applicants are Cathie Wood’s ARK Investment and 21Shares, with over 10 other companies also striving to obtain approval for ETFs that directly hold Bitcoin. If the approval finally happens, it…

Read More
Crypto hackers stole over $1.7 Billion in 2023. (REUTERS) News 

Despite a decrease in crypto hacks, hackers managed to pilfer approximately $1.7 billion from crypto projects in 2023.

Improved security measures and increased law enforcement actions have resulted in a significant decrease in the amount of funds lost to hackers by crypto projects this year, dropping by approximately 50% to approximately $1.7 billion. According to TRM Labs, which helps clients detect financial crimes, this year will likely “finish with a significantly lower total than 2022” despite all the additional hacks in December. Last year’s $4 billion total in crypto hacks included several major thefts, such as the $600 million-plus attack on the blockchain network connected to the Axie…

Read More
Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined. (AFP) News 

Altcoins in the Crypto Market Outperforming as Bitcoin Price Moves Closer to $50,000

After the impressive surge of Bitcoin in recent weeks, smaller and less popular digital currencies are now surpassing it in performance. Cardano was up as much as 30% on Friday, Solana was up around 8% and Avalanche was up 12%. Meanwhile, Bitcoin rose by about 2% and Ether fell by about 1%. Together, the two largest tokens account for about 70% of crypto’s $1.6 trillion market cap. “After the huge rallies Bitcoin and Ethereum have seen, it’s no surprise they’re breathing a little sideways,” said Matt Maley, market strategist at…

Read More
Binance was used by terrorists, hackers and sanctions violators to move billions of dollars. (REUTERS) News 

Binance’s Lapses: A Gateway for Terrorists, Hackers, and Sanctions Violators

According to US prosecutors, Binance Holdings Ltd. had insufficient regulations in place for cryptocurrency transactions on its exchange, allowing terrorists, hackers, and individuals violating sanctions to utilize it as a means to transfer billions of dollars for an extended period of time. Binance and CEO Changpeng Zhao pleaded guilty to criminal charges on Tuesday, admitting they failed to implement basic anti-money laundering measures that are the basis of the government’s efforts to control the flow of dirty money worldwide. Binance will pay $4.3 billion, while Zhao will step down as…

Read More
Binance CEO Changpeng Zhao (C) leaves the U.S. District Court on November 21, 2023 in Seattle, Washington. Zhao pleaded guilty to a money-laundering charge. (AFP) News 

Crypto Craves a Game-Changing App: Binance Takes a Backseat

Few individuals will ever face the following dilemma: would you prefer to reside in the United Arab Emirates, where there is no extradition treaty with the US, with a staggering $23 billion, or would you be willing to relinquish a portion of your wealth and potentially endure a prison sentence of 18 months to resolve all legal matters with the US Department of Justice and Securities and Exchange Commission? Binance Holdings Ltd CEO Changpeng Zhao seems to have opted for the latter. We don’t know all the details of the…

Read More
Binance CEO Changpeng Zhao is the founder of Binance, the world’s largest cryptocurrency exchange (AP) News 

Crypto Kings No More: Binance CEO Changpeng Zhao and Terraform Labs’ Do Kwon

In a remarkably turbulent two-year period, Changpeng Zhao, the CEO of Binance, has emerged as the most influential figure in the cryptocurrency world to face significant challenges. This occurrence is particularly noteworthy given the already unpredictable nature of the industry. Zhao stepped down as CEO of Binance, the world’s largest cryptocurrency exchange, after he and the company pleaded guilty on Tuesday to broad US money laundering violations and agreed to pay more than $4 billion in fines. Here are three of the highest-profile crypto leaders who have run afoul of…

Read More
Know how Binance being hit with penalties for breaking US regulations can impact the future of the crypto industry. (REUTERS) News 

Binance Busted: World’s Biggest Crypto Exchange Pleads Guilty!

Binance, the biggest cryptocurrency exchange globally in terms of trade volume, faced regulatory investigation earlier this year due to its failure to implement proper regulatory and legal measures to prevent illicit activities such as funding terrorism and drug deals, according to the US Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). On Tuesday, the CEO of Binance, Changpeng Zhao, admitted guilt and reached a settlement of 4.3 billion dollars. But if you’re new to the world of crypto and want to know what Binance is, why it’s…

Read More
Former Binance CEO Changpeng Zhao has pleaded guilty to charges brought down by the US DOJ, CFTC, and SEC in a 4.3 billion dollars settlement case. (AFP) News 

Changpend Zhao: The Ex-Binance Boss Who Struck a $4.3 Billion Bargain!

Binance cofounder Changpeng Zhao, in a groundbreaking move, has decided to resign as CEO of the company and has admitted guilt in relation to US anti-money laundering charges filed by the US Department of Justice. The resolution of this case involves an extraordinary payment of $4.3 billion, aiming to settle a lengthy investigation into the largest cryptocurrency in terms of trade volume. However, it is important to examine the background of Zhao, the mastermind behind this colossal empire that has now faced a downfall, and his agreement to personally pay…

Read More
Binance founder and CEO Changpeng Zhao steps down as CEO of Binance after court pleaded guilty to criminal charges for anti-money laundering. (AP) News 

Titanic Tussle: Changpeng Zhao’s Binance Battle Ends in Defeat

Changpeng Zhao had carefully crafted the persona of a tough fighter in the realm of cryptocurrencies. When his rival Sam Bankman-Fried’s crypto empire collapsed a year ago, Zhao, or “CZ” as his fans call him, was at the center of it all, looting his money in a very public way and helping to trigger the ultimately fatal breakout. companies. Years earlier, he argued that the company’s headquarters were where he happened to be, a thinly veiled bulwark against regulators trying to nail down jurisdiction. And this March, when U.S. regulators…

Read More
Sam Bankman-Fried departs court in New York, in 2022. (Bloomberg) News 

Crypto Revolution: A Look at How Crypto is Transforming One Year After FTX Implosion

The events of a year ago are permanently ingrained in the minds of those who make a living trading cryptocurrencies. Travis Kling, the head of Ikigai Asset Management, described the day FTX halted withdrawals as the most dreadful day of his career and one of the worst days of his life in a series of tweets on November 7. Just four days later, Sam Bankman-Fried’s exchange declared bankruptcy, marking what could be considered the bleakest period in the history of cryptocurrency. “The first few weeks were incredibly brutal. I didn’t…

Read More
The largest cryptocurrency by market value rallied for a third day, pushing the price back to around $35,000, the highest level in about 18 months. (AFP) News 

Crypto Comeback: Bitcoin Doubles in Value in 2021!

In a remarkable comeback from a turbulent 2022 that led many doubters to anticipate the downfall of digital assets, Bitcoin has experienced a significant surge in value, more than doubling its worth this year. The largest cryptocurrency by market capitalization rose for a third day, pushing the price back to about $35,000, the highest level in about 18 months. Bitcoin fell 64% last year amid industry scandals and bankruptcies. It reached a record close to $69,000 in late 2021. Growing expectations that the U.S. Securities and Exchange Commission will allow…

Read More