Crypto Land

2023-11-08 17:00:50 Japanese Megabank Mitsubishi UFJ Teams up with Crypto Exchange for Stablecoin Project

The Japanese banking giant Mitsubishi UFJ will join forces with one of the nation’s biggest crypto exchanges for a new stablecoin offering. The bank will team up with Bitbank, one of Japan’s biggest and longest-running crypto exchange platforms.

The firms and their partners want to develop a stablecoin-powered settlements platform for crypto firms.

The bank has been keen to launch stablecoin services after the government earlier this year approved legislation that allows banks and other regulated, traditional financial institutions to launch, handle, and operate stablecoins.

Per an official release and a report from Nikkei, Mitsubishi UFJ (MUFJ)’s trust and banking arm will work on the project with a range of domestic crypto and Web3 firms. The result, the firm claimed, will be the creation of a stablecoin-powered “international payment system.” The platform is slated to roll out in 2024, and will involve issuing stablecoins that are pegged to the Japanese yen and the United States dollar.

MUFJ revealed that it is working with the Web3 provider Ginco on the platform construction, along with Progmat, the bank’s own stablecoin affiliate. Open / Comment

2023-11-05 17:00:51 Bitcoin’s Value Can Outpace Gold, Says Fidelity Executive

Bitcoin (BTC) may be a form of “exponential gold” capable of outperforming the precious metal in times of high inflation, wrote Fidelity’s Global Macro Director Jurrien Timmer on Wednesday.

In a series of threads posted on X this week, Timmer outlined how Bitcoin’s risk-return ratio is in a “different universe” from traditional asset classes like gold, stocks, or treasury debt.

“In my view, Bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement,” he wrote on Wednesday. “I think of it as exponential gold.”

While recognizing gold as “money,” the analyst said it is “too deflationary and clunky to be used as a medium of exchange.” Nevertheless, the precious metal has gained market share relative to GDP during periods of excessive money supply growth, such as in the 1970s and 2000s.

Bitcoin bullish hedge fund managers from Paul Tudor Jones to BlackRock’s Larry Fink have frequently likened Bitcoin to “digital gold” for its reliable scarcity in comparison to dollars or other forms of fiat currency.

When the Federal Reserve reduced interest rates in 2020, Bitcoin and gold surged to new all-time highs within months. Likewise, each experienced major retracements in 2022 as interest rates climbed, but both have recovered remarkably well since then. Open / Comment

2023-11-02 17:02:08 JPEX Scandal Won’t Deter Hong Kong’s Web3 Market Development, Says Treasury Secretary

Amidst the $213 million scandal involving the cryptocurrency exchange JPEX, the Hong Kong government has maintained its commitment to advancing its Web3 vision for the region.

Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, assured the city’s vision to develop the web3 market during a keynote address at Hong Kong Fintech Week on November 2.

Hui emphasized that the recent controversy surrounding JPEX would not deter the government’s determination to foster growth in the Web3 market.

The JPEX scandal revolves around a financial scandal involving the Dubai-based exchange, which has faced allegations of defrauding 2,500 locals. The scandal has balloned up to $213 million since it was uncovered in late September.

This prompted the Securities and Futures Commission (SFC) to issue a warning that JPEX was promoting its services locally without a license.

In response to the alleged actions of the JPEX scandal, Hong Kong has vowed to tighten its cryptocurrency regulations. Open / Comment

2023-11-01 17:29:10 November promises to be a very eventful month for all participants of the Sundae project

Is this tied to the project's creator announcing an imminent token listing on a major exchange or the upcoming Sundae Day in the USA? We will find out soon.

A reminder of what is known about the project:

Sundae is a crypto token that equates to digital art. Currently, Sundae is available at the price of an ice cream, but in a month, the token's value may reach $25, and subsequently $50, $100, or even $1000.

What is remarkable it's the coincidence: one of the Sundae creators posted information about the project on Telegram, and 20 minutes later, Elon Musk posted a photo where he was eating Sundae ice cream in his childhood. It might be a coincidence, but it could also be Musk's intention.

Investing in Sundae today might resemble buying McDonald's stocks on its opening day in 1940 or accidentally purchasing a Picasso drawing for ten dollars.

The Sundae project was established by the team of Odyssey and the popular meme token Grimace.

This pathetic uptrend on the crypto market you call a pump is just a dead cat's bounce.

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2023-10-31 14:00:08 No Tricks, Only Treats - Halloween Giveaway Alert!

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2023-10-30 17:00:43 One of the Main Accused Arrested in Alleged $240 Million Crypto Scam in India

A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as part of the ongoing investigation into the alleged $240 million crypto scam.

The operation resulted in the arrest of Abhishek Sharma, one of the main accused who had been evading capture, police told local media today. Abhishek Sharma, a resident of Una district, was identified as one of the primary individuals involved in the scam that began its illicit operations back in 2018.

The alleged kingpin of the multi million crypto scam, identified as Subash, is still at large. At the core of this fraudulent scheme were promises of substantial returns through an investment plan related to a locally created cryptocurrency known as “Korvio Coin” or KRO coin.

Initially, the scame was alleged to be at around $24 million, but amid ongoing investigations police estiamtes the scam to be somewehere around 2000 crore INR ($240 million). Open / Comment

2023-10-27 17:02:04 Bitmain’s Latest Air-Cooled Antminer Set for Q1 2024 Shipping

Bitcoin mining firm Bitmain has formally launched the Antminer T21, a new air-cooled Bitcoin miner. The company made the announcement today, October 26, on X.

The Antminer T21 is the company’s new air-cooling miner, which can tolerate temperatures as high as 45 degrees Celsius. The new mining gear from Bitmain is anticipated to ship in January 2024. The BTC miner comes with an energy efficiency ratio of 19 joules of energy efficiency per terahash (J/TH) and a processing power of 190 terahashes of processing power per second (TH/a).

This new Antminer T21 offers more energy efficiency per terahash compared to its predecessor, the Bitcoin Miner S21 Hyd, which offers 16.0 J/TH. In addition, the air-cooling miner is compatible with the SHA256 mining algorithm, which is used for mining proof-of-work (PoW) cryptocurrencies like Bitcoin, Bitcoin Cash, and Bitcoin SV (BSV).

According to Bitmain’s head of marketing, Xmei Lin, the Antminer T21’s global launch took place at the Blockchain Life 2023 Forum in Dubai. Open / Comment

2023-10-24 17:02:12 Doctor Pleads Guilty to Bitcoin-Paid Darknet Murder Plot Against Girlfriend

A Georgia medical doctor admitted to using Bitcoin to pay someone $16,000 on the dark web in an attempt to kill his girlfriend, according to the US Attorney's Office, Northern District of Georgia. On October 17, Dr. James Wan, 54, pleaded guilty in Atlanta federal court to one count of using a facility of interstate commerce in the commission of murder-for-hire, the US Attorney's Office announced in a news release.

The US Attorney, Ryan K. Buchanan, highlighted how Dr. Wan used the dark web to hide his sinister plan, but thankfully, it was stopped before any harm was done to the girlfriend. The FBI learned of this murder-for-hire plot from a confidential informant who watches the dark web and alerts authorities about solicitations for murder that seem credible and dangerous.

The court allowed the government to keep the informant's identity and the dark web marketplace secret from public filings to aid future investigations. The targeted girlfriend, whose name is not disclosed in court documents, was placed under FBI protection after the plot was discovered, ensuring her safety.

According to US Attorney Ryan K. Buchanan, Dr. Wan used the dark web to hide his dangerous scheme, but thankfully, it was uncovered before anyone got hurt. Open / Comment

2023-10-23 20:00:03 Our friends at Bets.io are holding yet another amazing giveaway, and this time it’s bigger, badder and radder! Yeah, you heard it right — this time it’s five iPhones 15 Pro 256 GB and twenty five $200 cash prizes!

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Good luck and have fun at Bets.io! Open / Comment

2023-10-23 18:00:56 Keep crypto anonimized and out of governmental control

The times of total control are coming, and its purpose is to deprive you not only of property, whatever it may be, but to destroy even the very feeling of it. You will be poor, but happy. That is why huge information bases are being collected, but in a year or two or three they allow you to block your funds and make them under control. It is not the most complex thing in life to earn money, everyone can do it, but only a few can keep it and use what they have earned.

In this anthology of author's articles we shared with you the basics of crypto-security and once again reminded all of us that anonymity in the cryptosphere is a common myth and no one is immune from justified or unjustified claims about the use of cryptocurrency.

Soon there a private channel will be created where we will discuss the situation in the cryptosphere and offer various methods of bypassing cryptocurrency control, whitening cryptocurrencies and other interesting methods of taking cryptocurrency out from under the all-seeing eye of the system.

But first of all let's refresh what was already said on this topic. Visit channel for insights.

#CryptoHygiene by @Snatch_team Open / Comment