Category: Top Crypto News

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EU Finalises Crypto Anti-Money Laundering Rules – Top Crypto Updates

EU finalises crypto anti-money laundering rules

The European Union (EU) has finalised a deal regarding anti-money laundering rules that would apply to crypto transactions. The new rules aim to prevent money laundering and terrorist financing. Crypto-assets service providers will now have to collect and store information to identify people involved in crypto transactions. However, the new regulations will not impose tracking requirements on private, unhosted wallets.

Crypto prices today: Bitcoin falls 3.1%, ETH down 5.9% 

Bitcoin is currently trading at $19,436.62, a decline of 3.11% over the previous day. Ethereum is down 5.9% over the last 24 hours to $1,060.38. Solana fell 9% to $31.88, while Cardano is trading lower by 3.25% at $0.452. Avalanche (AVAX) is down 8.31% to $16.58. The global crypto market cap stands at $868.92 billion, a 2.99% decline over the previous day.

North Korean attackers behind $100M Harmony hack: Report

As per a report by blockchain forensics company Elliptic Enterprises, North Korean hackers known as the Lazarus Group are believed to be behind the recent $100 million heist on the Harmony blockchain. Harmony confirmed that its Horizon Bridge, a seamless layer that allows crypto to move across different blockchains, had been hacked last week.

Grayscale sues SEC after Spot Bitcoin ETF rejection

Grayscale Investments sued the U.S. Securities and Exchange Commission shortly after the regulator rejected its bid to list the first Spot Bitcoin exchange-traded fund (ETF). In its ruling, the SEC said the Grayscale spot ETF application did not do enough to protect investors from “fraudulent and manipulative acts and practices.”  Meanwhile, Grayscale said it would continue to leverage all of its resources to advocate for its investors and the “equitable regulatory treatment of Bitcoin investment vehicles.”

OpenSea reports email data breach

An employee of Customer.io, a platform for managing email newsletters and campaigns, leaked a list of OpenSea customers’ emails to an outside party. OpenSea is the world’s largest NFT marketplace. Email newsletter management platforms and Customer Relationship Management (CRM) software appear to be a weak spot for crypto firms as data leaks continue to occur frequently.

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HTC’s Metaverse Phone to Include Crypto, NFT Wallet – Top Crypto Updates

HTC’s metaverse phone to include crypto, NFT wallet

Smartphone manufacturer HTC has launched its first “Viverse” phone that is compatible with its metaverse platform. The HTC Desire 22 Pro comes preloaded with apps that allow users to access and manage their metaverse content, including crypto and NFTs. HTC’s Viverse app also lets users buy NFTs in a digital marketplace and create their own virtual space.

Crypto prices today: Bitcoin falls 4.3%, ETH down 7% 

Bitcoin is currently trading at $20,006.77, a decline of 4.3% over the previous day. Ethereum is down 6.95% over the last 24 hours to $1,124.17. Solana fell 9.6% to $34.89, while Cardano is trading lower by 4.8% at $0.465. Avalanche (AVAX) is down 8.45% to $18. The global crypto market cap stands at $895.58 billion, a 4.75% decline over the previous day.

Anchorage Digital announces Ethereum staking for institutions

Crypto storage firm Anchorage Digital announced the launch of an Ethereum staking service for institutions. Users will be able to earn rewards linked to the second-biggest digital asset by market cap. Anchorage Digital will keep funds safe for institutions (banks, venture capital firms, and even governments) by holding their crypto in cold storage.

Axie Infinity’s ETH bridge back online after $622M hack

The bridge that connects the non-fungible token (NFT) game Axie Infinity’s Ronin sidechain to the Ethereum mainnet is back online. It was taken down in late March after $622 million worth of crypto assets were stolen through an exploit. Users can now make deposits and withdrawals from the Ronin network.

1% TDS on transfer of crypto, NFTs to be levied from July 1

A 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000 will come into force from July 1. In a peer-to-peer (P2P) transaction, the buyer is required to deduct tax under the given section. When a transfer is made through an exchange/broker, TDS may be deducted only by the exchange which is crediting or making payment to the seller.

Read more here.

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CoinFlex to Issue Tokens After Withdrawal Freeze – Top Crypto Updates

CoinFlex to issue tokens after withdrawal freeze

Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 1.3% 

Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.

Crypto.com removes Dogecoin, Shiba Inu from Earn program

Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.

400+ crypto ads found violating ASCI guidelines

The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.

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CoinDCX Extends Withdrawal Restrictions – Top Crypto Updates

CoinDCX extends withdrawal restrictions

Crypto exchange CoinDCX has extended the withdrawal restrictions that have been in place since May 13 until further notice. The company said these extreme steps are necessary to implement enhanced compliance and risk frameworks. The recent liquidity crises at several institutions (including Celsius Network), which paused crypto withdrawals and transfers, have stirred fear among Indian investors.

Crypto prices today: Bitcoin falls 1%, ETH down 2.1% 

Bitcoin is currently trading at $21,258.98, a decline of 1.02% over the previous day. Ethereum is down 2.1% over the last 24 hours to $1,220.1. Solana fell 3.9% to $40.05, while Cardano is trading lower by 4.5% at $0.499. Avalanche (AVAX) is down 4.83% to $20.42. The global crypto market cap stands at $952.19 billion, a 1.41% decline over the previous day.

Harmony offers $1M reward after discovering $100M altcoin hack

The team behind Harmony Protocol is offering a $1 million reward for information leading to the return of $100 million in altcoins stolen from its Horizon bridge. Last week, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) and swapped them for Ethereum. Harmony also halted all Horizon bridge activity following the hack.

Klaytn partners with OpenSea for NFT expansion in Asia

Singapore-based public blockchain platform Klaytn has partnered with non-fungible token (NFT) marketplace OpenSea to boost the Asian NFT ecosystem. The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience.

Indian investors lose Rs 1,000 Crore to fake crypto apps, website scam

As per a report by cyber security research company CloudSEK, Indian crypto investors have lost about Rs 1,000 crore to several ongoing fake crypto exchanges scam. Attackers replicated an exact copy of original crypto websites and made it difficult for people to differentiate between the original and duplicate. A host of phishing domains and Android applications with the keyword ‘CoinEgg’ were used to dupe victims.

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Coinbase to Launch ‘Nano’ Bitcoin Futures – Top Crypto Updates

Coinbase to launch ‘Nano’ Bitcoin Futures via derivatives exchange

Coinbase Derivatives Exchange (formerly known as FairX) is launching its first crypto derivatives product this month. The CFTC-regulated futures exchange will launch its Nano Bitcoin Futures (BIT) on June 27. Coinbase is also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts for its clients.

Crypto prices today: Bitcoin rises 1.2%, ETH up 3.2% 

Bitcoin is currently trading at $20,815.18, an increase of 1.27% over the previous day. Ethereum is up 3.2% over the last 24 hours to $1,135.97. Solana rose 4.3% to $37.96, while Cardano is trading higher by 2.47% at $0.486. Avalanche (AVAX) surged 10.56% to $19.20. The global crypto market cap stands at $926.59 billion, a 1.18% increase over the previous day.

Binance teams up with Cristiano Ronaldo for NFT push

Binance announced a multi-year non-fungible token (NFT) partnership with football legend Cristiano Ronaldo. With this partnership, the firm plans to launch a global marketing campaign to promote Web3 and provide football fans with a compelling entry point into the NFT market.

Solana Labs launches mobile platform; reveals smartphone

Solana Labs has announced an Android-based software kit for developing mobile Web3 apps. “Solana Mobile Stack” (SMS) is an open-source software kit designed to enable the development of native Android apps built around the Solana blockchain. The firm will also release its own android smartphone called Saga, which will be released in 2023.

Indian govt gives clarity on taxation of digital token transactions

The Indian government has brought in some much-needed clarity in the matter of taxing digital token transactions. The Union Budget 2022-23 had declared a 30% tax on income from crypto from the new financial year and a 1% TDS on all crypto transactions starting July 1. Now, the Central Board of Direct Taxes has clarified how firms could comply with the revised tax.

According to the new rules, exchanges will have to deduct tax from the crypto buyer’s side in a transaction. This tax must be paid to the Centre within 30 days of the end of the month during which the deduction was made.

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Uniswap Labs Acquires NFT Aggregator Genie – Top Crypto Updates

Uniswap Labs acquires NFT aggregator Genie

Uniswap Labs has acquired Genie, a non-fungible token (NFT) marketplace aggregator. This move is part of its mission to unlock universal ownership and exchange on its platform. Uniswap is now integrating NFTs into its product line, beginning with the web app. Later integrations will include developer application programming interfaces (APIs) and widgets. 

Crypto prices today: Bitcoin falls 4.2%, ETH down 6% 

Bitcoin is currently trading at $20,176.16, a decline of 4.2% over the previous day. Ethereum is down 6.11% over the last 24 hours to $1,080.24. Solana fell 7.6% to $34.19, while Cardano is trading lower by 6.5% at $0.465. Avalanche (AVAX) fell 8.3% to $16.13. The global crypto market cap stands at $887.51 billion, a 4.1% decline over the previous day.

Indian investors lose Rs 1,000 crore in fake crypto exchanges: Report

Researchers at CloudSEK (a cyber security firm) have unearthed a new scam called CoinEgg, which defrauded as much as Rs 1,000 crore from Indian investors. The scammers used fake domains and social media accounts to persuade users to invest in fake exchanges. After making victims invest, the attackers approached them as investigative agents who could “help” with the scam.

Black Hills Energy signs first deal under new blockchain tariff

US-based Black Hills Energy has completed its first agreement to provide power to a crypto mining facility under Wyoming’s Blockchain Interruptible Service Tariff. The unidentified facility will be one of the largest bitcoin mining operations in the region. It is expected to be operational and purchasing energy by the end of the year.

Crypto lender BlockFi gets $250 million bailout from FTX

Crypto lender BlockFi has received a $250 million revolving line of credit from crypto exchange FTX to help strengthen its balance sheet. The agreement will give BlockFi access to capital amid the crash in the crypto markets. Last week, the company said it was reducing its headcount by ~20%. BlockFi is also implementing other cost-cutting measures like reducing marketing spending and executive compensation.

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ProShares to Launch First ETF For Shorting Bitcoin – Top Crypto Updates

ProShares to launch ETF aimed at shorting Bitcoin

ProShares has announced plans to launch an exchange-traded fund (ETF) aimed at shorting Bitcoin. The ProShares Short Bitcoin Strategy ETF will allow investors to potentially profit from a decline in the price of Bitcoin or hedge their crypto exposure. In October 2021, ProShares launched its Bitcoin Strategy ETF, the first US bitcoin-linked ETF. It attracted more than $1 billion in assets from the public in two days.

Crypto prices today: Bitcoin rises 5.4%, ETH up 6.9% 

Bitcoin is currently trading at $21,087.10, an increase of 5.45% over the previous day. Ethereum is up 6.96% over the last 24 hours to $1,153. Solana surged 14.6% to $37.02, while Cardano is trading higher by 6.7% at $0.499. Avalanche (AVAX) jumped 13.43% to $17.71. The global crypto market cap stands at $924.83 billion, a 5.06% increase over the previous day.

CryptoPunk sale raises $100K in ETH to support Ukraine war effort

The Government of Ukraine announced that its Aid for Ukraine crypto fundraising campaign sold a donated Cryptopunk NFT. It has raised over $100,000 from the sale to support its war efforts against Russia. Since February, Ukraine has reportedly raised over $135 million in crypto through donations and sales of donated NFTs. 

ParaSwap launches peer-to-peer NFT trading app

Decentralized exchange (DEX) aggregator ParaSwap announced that it is releasing a peer-to-peer (P2P) non-fungible token (NFT) trading app. The app allows sellers to create custom orders for their NFTs that can be sent directly to buyers. Using ParaSwap’s DEX engine on the backend, both parties would be able to transact in their preferred token.

MoonPay expands further into NFTs

Crypto payments company MoonPay is partnering with major entertainment brands as it expands further into the NFT market. Fox Corp., Universal Pictures, Creative Artists Agency, and Death Row Records will create NFT collections using HyperMint, MoonPay’s platform for minting digital assets

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Do Kwon, Terra Labs Slapped with Class-Action Suit – Top Crypto Updates

Do Kwon and Terra Labs slapped with class-action suit

An Illinois resident sued Terraform Labs, its founder Do Kwon, and several venture capitalist (VC) firms that make up the Luna Foundation Guard (LFG). The lawsuit claims that the defendants violated federal securities laws and misled investors. LUNA and TerraUSD (UST) collapsed last month after the stablecoin lost its peg. An attempt to relaunch LUNA has so far failed to bring investors back to the project.

Crypto prices today: Bitcoin surges 8.8%, ETH up 12%

Bitcoin is currently trading at $19.953.99, surging 8.82% over the previous day. Ethereum is up 12% over the last 24 hours to $1,072.58. Solana rose 9.26% to $31.95, while Cardano is trading higher by 4.5% at $0.465. Avalanche (AVAX) jumped 11.45% to $15.68. The global crypto market cap stands at $874.88 billion, a 6.66% increase over the previous day.

Iran to cut electricity to authorized crypto miners: Report

As per a Bloomberg report, the Iranian govt is restricting crypto mining activity as it tries to ease the strain on the country’s power supply. Electricity to all 118 state-authorized mining operators in Iran will be cut off from June 22 ahead of seasonal spikes in power demand.

Celsius says it’ll ‘take time’ to stabilize its liquidity

A week after freezing withdrawals, crypto lending platform Celsius Networks Ltd. said it will “take time” to stabilize its liquidity and operations. Earlier this month, Celsius announced it was pausing withdrawals, swaps, and transfers “due to extreme market conditions.”

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Panama’s President Vetoes Crypto Bill – Top Crypto Updates

Panama’s President vetoes crypto bill

Panama’s President Laurentino Cortizo has partially vetoed a ‘crypto bill’, saying it requires more work to better fit the country’s financial regulations. Cortizo had previously warned that he would not sign the bill unless it included additional Anti-Money Laundering rules. If passed, the new law would allow Panamanians to buy everyday goods with crypto. 

Crypto prices today: Bitcoin down 3%, ETH falls 5%

Bitcoin is currently trading at $21,105.2, a decline of 3.13% over the previous day. Ethereum is down 4.9% over the last 24 hours to $1,111.26. Solana fell 5.68% to $31.69, while Cardano is trading lower by 1.3% at $0.502. Avalanche (AVAX) fell 2.8% to $16.62. The global crypto market cap stands at $901.88 billion, a 4.05% decline over the previous day.

Solana’s new gas fees won’t make the network ‘expensive’: Co-Founder

Solana is planning to launch a new fee prioritization model and other network upgrades aimed at stability. The model will charge an additional fee during times of congestion, but only for on-demand apps and services. Solana co-founder Anatoly Yakovenko has claimed that the model would not punish users with high fees across the entire network.

Crypto exchanges seek meeting with NPCI to restore UPI services

CoinSwitch Kuber, WazirX, CoinDCX, and other top crypto exchanges have written to the National Payments Corporation of India (NPCI), asking them to restore UPI services for crypto players. Members of the Blockchain and Crypto Assets Council have sought a meeting to discuss the regulator’s concerns regarding UPI usage for trade in cryptocurrencies.

Elon Musk, Tesla sued over allegations of running Dogecoin pyramid scheme

Elon Musk has been sued for $258 billion by a Dogecoin investor who accused him of running a pyramid scheme to support the meme coin. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, Tesla Inc, and SpaceX of racketeering. He claims that Musk hyped up Dogecoin and drove up its price, only to let the price tumble later.

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Blockchain Security Firm Forta Launches Native Token – Top Crypto Updates

Blockchain security firm Forta launches native token

Blockchain security firm Forta introduced a native token, FORT, to provide an incentive to secure the network. Forta was born from blockchain security startup OpenZeppelin late last year. It takes a decentralized approach to security by working with researchers who deploy bots to patrol various corners of the blockchain world.

Crypto prices today: Bitcoin rises 2.6%, ETH up 4%

Bitcoin is currently trading at $21,796.45, an increase of 2.6% over the previous day. Ethereum is up 4.2% over the last 24 hours to $1,171.26. Solana jumped 17% to $32.91, while Cardano is trading higher by 10.16% at $0.509. Avalanche (AVAX) rose 11.56% to $17.13. The global crypto market cap stands at $938.20 billion, a 3.14% increase over the previous day.

The crypto market responded positively to the U.S. Federal Reserve’s move to raise interest rates by 75 basis points on Wednesday.

OpenSea moves to Seaport Protocol to cut ETH gas fees by 35%

OpenSea has moved to the “Seaport Protocol,” a new smart contract that will allow its 1.8 million users to save money on Ethereum gas fees. With the Seaport contract, users will be able to save roughly 35% on transaction fees. New accounts will no longer require the one-time “setup fee” OpenSea previously charged.

MetaMask, Phantom patch serious security bug

Solana wallet Phantom said it is rolling out a new update next week to strengthen its security after it patched a “demonic vulnerability” discovered by blockchain cybersecurity firm Halborn in May 2021. The bug affected MetaMask, Phantom, Brave, and XDefi browser extension crypto wallets.

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Coinbase Cuts Workforce by 18% – Top Crypto Updates

Coinbase to cut workforce by 18%

U.S.-based crypto exchange Coinbase will cut its global workforce by 1,100 or ~18% to ensure it stays “healthy during this economic downturn.” It will take a restructuring charge of up to $45 million to cover the job cuts, mostly for employee severance and other termination benefits. Coinbase stock was trading around $250 at the beginning of the year and has fallen about 80% since then.

Crypto prices today: Bitcoin falls 5%, ETH down 8%

Bitcoin is currently trading at $21,145.21, a decline of 4.9% over the previous day. Ethereum fell 8.25% over the last 24 hours to $1,118.7. Solana fell 7.7% to $28.08, while Cardano is trading lower by 8.15% at $0.460. Avalanche (AVAX) fell 8.8% to $15.25.

Bored Ape ETH NFTs drop below $100K for first time since Aug 2021

The floor or entry-level price for a Bored Ape Yacht Club NFT has fallen below $100,000 for the first time since August 2021. It’s down 78% since late April, when Bored Apes started at nearly $429,000. Since its launch, the Bored Ape Yacht Club has been a key symbol of rising valuations in the NFT market.

US crypto bill could undermine market protections: SEC Chair

The recently proposed U.S. crypto bill could undermine the existing regulatory framework for broader capital markets, said Securities & Exchange Commission (SEC) Chairman Gary Gensler. He said many crypto companies are issuing tokens that should be classified as securities, while services such as offering yield for staking are overseen by the SEC.

SEC launches inquiry into insider trading at crypto exchanges: Report

According to a Fox Business report, the US SEC has begun an investigation into whether crypto exchanges have sufficient protections against insider trading. The regulator had sent a letter to a major crypto exchange asking about the kinds of protections it has in place against insider trading. The letter was sent after the collapse of TerraUSD and LUNA last month.

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Binance US Sued For Promoting UST, LUNA – Top Crypto Updates

Binance US sued over promoting, selling UST and LUNA

A class-action lawsuit was filed against Binance.US, alleging that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA. The lawsuit also claims Binance violated federal law by selling UST and LUNA. Plaintiffs noted that the digital assets should have been registered with the US Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin crashes 12%, ETH down 8.6%

Bitcoin is currently trading at $22,331.84, a decline of 12.13% over the previous day. Ethereum fell 8.6% over the last 24 hours to $1,218.9. Solana is up 8.8% to $30.46, while Cardano is trading higher by 5.6% at $0.492. Avalanche (AVAX) rose 5.27% to $17.07. The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.

NFT floor prices fall amid crypto crash

Values of non-fungible tokens (NFTs) are plunging alongside traditional crypto. The floor price (lowest price NFT can be purchased) of the blue-chip NFT Bored Ape Yacht Club has dropped 14% in the last 24 hours. Mutant Ape’s floor price is down 16%. However, NFT trading volume has risen sharply over the past 24 hours, up 54% over the previous period.

WazirX partners with MoEngage to boost customer engagement

WazirX has partnered with insights-led customer engagement platform MoEngage to boost the adoption of Web3 and crypto in India. The crypto trading platform will use AI-driven insights to offer course corrections to its customers whenever needed. WazirX aims to boost its customer onboarding and app promotion with respect to the crypto industry in India.

BlockFi, Crypto.com lay off hundreds as digital coins crash

Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees amidst the crash in the crypto markets. BlockFi CEO Zac Prince said that the company is reducing its headcount by roughly 20%. Coinbase has announced slow hiring and reportedly revoked over 300 job offers.