A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines. Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program in 2022 which an
Month: August 2022
Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote. Data Shows Illicit Crypto
Summary: The Ethereum Foundation released an update to debunk misinformation regarding the Merge. ETH’s switch from Proof-of-Work to Proof-of-Stake is scheduled to happen on or around September 15. Final tests and upgrades are in the works after a successful Merge on the Goerli public testnet. False statements have flooded the crypto community in the weeks
For all the good that Bitcoin brings to the table, it also possesses a commonly accepted issue in scalability. Bitcoin can only process a limited number of transactions per block and, as of Aug. 17, 2022, can handle about five transactions per second, which in comparison to most other blockchains is low. The factor limiting
According to a new clarification by the Ethereum Foundation on Wednesday, the network’s upcoming proof-of-stake transitory upgrade — dubbed the “Merge,” — will not reduce gas fees. Regarding this, the Ethereum Foundation wrote: “Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to
The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police. Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express
Bitcoin (BTC) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar climbs as Fed minutes due Data from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC/USD, which hit $23,325 on Bitstamp.
Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy. Since July 2022, Celsius Networks stands at the crosshair of United States officials after reports of bankruptcy surfaced, which risks
Ethereum (ETH) is all set to transition to a proof-of-stake (PoS) network by Sept. 15-16 that would see an end to its current proof-of-work (PoW) chain. This event would eliminate PoW mining from the Ethereum ecosystem. The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number
Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency plans. Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the government of newly inaugurated Colombian President Gustavo Petro will seek to create
The professional American football team the Houston Texans revealed that it has entered an exclusive partnership with the company Bitwallet. The deal will give Houston Texans fans the ability to purchase single game suites with cryptocurrencies. Bitwallet Becomes the ‘Official Digital Currency Wallet of the Houston Texans,’ NFL Team Accepts Crypto Assets for Single Game
Aave token holders have been asked to take part in an Aave Request for Comment (ARC) that would require them to “commit” to Ethereum’s proof-of-stake (PoS) consensus. The ARC, proposed on Aug. 16, comes in light of Ethereum’s upcoming transition to proof-of-stake. It calls for members to select the Ethereum Mainnet running under PoS consensus as
Play-to-earn (P2E) blockchain-based games gathered investors’ attention in late 2021, with Axie Infinity leading the pack with over 2 million active users. In P2E games, players are awarded tokens or nonfungible token assets (NFTs) as they progress throughout the game. These digital assets can be sold using marketplaces and cryptocurrency exchanges, generating income in a decentralized
John Haar, a former asset manager at financial institution Goldman Sachs believes the lack of support from “legacy finance” for Bitcoin stems from a poor understanding of the cryptocurrency. Haar’s views were expressed in an essay on Aug. 14, which was originally sent to private clients of Bitcoin brokerage platform Swan Bitcoin. Haar previously spent 13
The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers
Summary: Ethereum’s upgrade to a Proof-of-Stake blockchain would see some operations halt temporarily for Coinbase users. The crypto exchange said new ETH deposits and withdrawals would pause during The Merge as a precautionary measure. A similar pause for new ERC-20 token withdrawals and deposits was also announced. Coinbase Prime Institutional customers might also experience delays.
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