InCoin Eng (crypto news)

2022-02-19 17:46:00 Freedom Convoy cryptocurrencies frozen by court order

An Ontario Supreme Court judge has ordered the freezing of millions of dollars in donations, including in bitcoin and other cryptocurrencies, transferred to stock wallets by protesting truckers in Ottawa.

The court's decision to block the funds, also known as the "Mareva injunction," was announced as part of a lawsuit filed against the convoy by Ottawa residents.

I can confirm that this is the first success. The Canadian court injunction targets bitcoin and cryptocurrency exchanges," said an attorney for the Ottawa residents who spoke for the plaintiffs.

The Canadian government is continuing its efforts to seize funds from the protesters. The freeze is a separate process aimed at potentially redistributing about $20 million to Ottawa citizens. The redistribution will only occur if the lawsuit against the Freedom Convoy is successful. Open / Comment

2022-02-18 20:58:00 SEC: Spot Bitcoin-ETF doesn't meet legal standards

SEC head Gary Gensler responded to a petition from Congressman Tom Emmer explaining why the agency has yet to approve the launch of a bitcoin-based spot exchange-traded fund (ETF). According to the regulator's head, applications for such funds do not meet the Securities Act's standards for cracking down on fraudulent or manipulative practices.

Co-founder and CEO of CoinRoutes David Weisberg criticized the SEC chief's response and called his arguments "nonsense."

Weisberg recalled that the regulator approved a futures-based bitcoin-ETF in late 2021, even though the spot and futures markets are 99% correlated. Weisberg also added that the spot market is much more transparent than the futures market because trading platforms allow you to view an aggregated exchange stack. Open / Comment

2022-02-18 19:47:00 Kraken admits the possibility of pre-trial asset freezes

Users worried about the possibility of the authorities to freeze digital assets without a court decision, should store funds in non-custodial wallets. That's the opinion of Kraken CEO Jess Powell, commenting on the situation in Canada.

"Procedural rules are for plebs. In Canada, the strong is always right. If someone disagrees, you just confiscate their wealth, revoke their license and exclude them from the financial system [...]. There is no need to discuss law, policy or even rights when you have a monopoly on violence," Powell wrote.

Earlier, Prime Minister Justin Trudeau invoked the Emergency Law of 1988, which gives the government broad powers to impose order and allows banks to freeze the personal accounts of anyone connected to or supporting demonstrations without a court order. Open / Comment

2022-02-18 18:55:08 Finder: Cardano cryptocurrency will reach $58

Despite the fact that Cardano cryptocurrency has not traded above $1.6 since the beginning of the year, and recently its rate fell to $1.008, a group of Finder analysts believe that ADA will start a rapid rally in the coming years. They estimate that the coin will rise 168% to $2.79 by the end of the year.

More than 10% of fintech analysts predict that ADA could overtake its nearest competitor XRP this year, pushing it to a lower market capitalization position. Analysts believe ADA will trade at $8.18 per coin by 2025 and reach $58.04 by 2030.

Researchers explained that the Cardano Alonzo upgrade allowed the network to implement smart contract functionality, so we can expect more from ADA in the next eight years. On the other hand, after the activation of Alonzo, the value of the coin began to decline. Open / Comment

2022-02-14 21:01:01 Ethereum commission fell to lowest level in four months

According to statistics as of Feb. 13, 2022, the average transaction fee on the Ethereum network has fallen to its lowest level in four months. $15.13 per transfer.

Transactions in Ethereum are cheaper today than they were in mid-January 2022, when the average transaction fee in Ethereum was about $52.46 per transfer. As of today, statistics show that it would take 0.0052 ETH, or $15.13 per transaction, to move Ethereum (ETH). The average transfer fee on Ethereum is even cheaper, as metrics on bitinfocharts.com show that the average gas fee today is 0.0023 ETH or $6.67 per transfer.

The average gas commission on Ethereum today is 0.0052 ETH or $15.13 per transfer. Ethereum commissions have not been this low since mid-September 2021. Open / Comment

2022-02-14 19:10:00 Digital yuan defeated Visa at the Olympics

The first serious test for China's national steblecoin, the digital yuan, was the Olympic Games that opened a week ago in Beijing. Testing the digital yuan amid an influx of foreigners and noisy confusion with a large number of guests is a good fit for the coin's developers. And so far, the digital yuan is doing well.

The People's Bank of China has made no secret of the fact that it sees the Winter Olympics, which officially opened on Feb. 4, as an opportunity to raise awareness of the digital yuan amid steady progress in trials in about a dozen regions across the country since 2020.

Even before the Games began, foreigners could download an app or get a physical card with digital yuan or convert foreign currency into electronic yuan (e-CNY) at self-service machines, which are abundant in the Olympic venues. Open / Comment

2022-02-14 17:19:01 The Central Bank of Jamaica will launch its own cryptocurrency this year

Last year, the Central Bank of Jamaica tested the digital Jamaican dollar. According to Prime Minister Andrew Holness, the state-owned cryptocurrency performed well in the pilot project and the digital Jamaican dollar will be fully launched in 2022. The regulator issued more than $230 million worth of coins during the test.

"The CBDC will serve as the foundation for Jamaica's digital payments architecture, will facilitate greater access to financial services and increase the speed of transactions. At the same time, the cost of banking services for Jamaican citizens will be reduced through the use of the state's digital currency. This is a big step toward building a nation of peace and opportunity," Holness wrote.

The Central Bank of Jamaica will not be able to track transactions with the state's Stablecoin because of consumer data protection measures. The Bank of Jamaica will only collect general data. Open / Comment

2022-02-14 15:36:01 Coinbase and FTX commit to giving away cryptocurrency

Two cryptocurrency firms that typically compete for customer order flow competed for attention with their own ads during the Super Bowl.

A minute-long Coinbase ad with a QR code bouncing across the screen invited viewers to participate in a major giveaway, with more than $100 million in rewards expected for the cryptocurrency community this year.

Sam Bankman-Fried's FTX also bought ad space during a sporting event featuring comedian Larry David. In a two-minute commercial that introduces viewers to some of the greatest inventions in history, from the wheel to the fork to the toilet bowl, David dismisses these ideas as innovative. Then he is introduced to FTX and says, "I don't think so. And I'm never wrong about that."

As part of its own raffle, FTX gives away 7.54 BTC to those who enter before midnight. Open / Comment

2022-02-14 13:14:01 Giant black truffle sold at NFT auction

Inspired by the success of other NFT creators, French truffle maker Bernard Planche decided to hold an NFT auction to sell one of the largest truffles.

The auction was held on OpenSea, and the winner could pay for the truffle in both cryptocurrency and fiat money. Along with NFT, the buyer also received a copy of the physical certificate of authenticity.

The winner of the auction will be invited to a private day of truffle hunting demonstrations (searching for truffles with dogs or pigs) at Saint-Sirk-Madelon in Perigord at the Bernard Planche estate. The day will end with dinner on site with the Surprise du Chef! - was how the auction advertisement sounded.

According to Planch, the NFT is the perfect way to demonstrate how new technology can be used to support and even strengthen long-standing cultural traditions. Open / Comment

2022-02-12 20:41:01 In 10 years the crypto market has stolen more money than Moldova's GDP

Cryptocurrency fraudsters have stolen a total of $12.1 billion since 2011, Crystal Blockchain analysts concluded.

According to the published report, there have been 120 security hacks and 73 attacks on decentralized finance (DeFi) protocols in the market over the past 11 years. In addition, attackers have implemented 33 fraud schemes. By comparison, the volume of stolen cryptocurrency surpassed Moldova's gross domestic product for 2020, analysts said.

One of the most lucrative strategies for cybercriminals since 2019 remains fraud. The most telling is the Chinese PlusToken scheme, which has collected more than $3 billion in BTC, ETH and EOS cryptocurrency from victims.

Security breaches also account for a significant share. Here, Crystal analysts cite as an example the hacking of the Coincheck cryptocurrency exchange, which lost more than $535 million in NEM tokens. Open / Comment