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Cryptocurrency financial services firm Genesis recently struck a tentative debt repayment agreement as part of its ongoing bankruptcy proceedings. While details remain fluid, the case highlights paths for the crypto industry to emerge from the current downturn. Genesis filed for Chapter 11 bankruptcy protection after the 2022 crypto market crash
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Researchers from the University of Cincinnati recently developed a crypto literacy scale (CLS) to standardize measurement of knowledge related to cryptocurrencies. The CLS provides a framework to quantify crypto understanding separate from traditional financial literacy. With crypto adoption still in its early stages, focused education initiatives informed by the CLS
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Elon Musk's social media company X took a major step towards enabling crypto payments by receiving approval for a digital currency license in Rhode Island last week. The license will allow X to provide custody, transfer and exchange services for both fiat currencies and digital assets. While X&
ZTX
With a massive legacy user base to build upon, the on-chain metaverse project tested out a pilot initiative to bridge its Web2 and Web3 platforms Singapore, August 29, 2023: ZTX, the pioneering Web3 virtual world and creator platform, has exhibited the strength of its reach by successfully executing a user
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South Korea has imposed new minimum reserve requirements for crypto exchanges holding real-name bank accounts. Starting September 2023, affected exchanges must hold at least 3 billion won (approximately $2.3 million) in reserves. This aims to improve consumer protections but adds costs for smaller platforms. While not a direct Bitcoin
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The IRS recently released long-awaited proposed regulations on tax reporting requirements for digital asset brokers. The rules aim to increase oversight of crypto transactions, but the industry has raised concerns about potential negative impacts. While not directly related to Bitcoin, the regulations could influence BTC markets - here is an
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According to crypto analytics provider Santiment, the amount of Bitcoin held on exchanges has fallen to its lowest level in over 5 years. Just 5.8% of Bitcoin's total circulating supply currently sits on trading platforms. This declining availability suggests growing scarcity and hints at major price appreciation
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In an intriguing series of transactions, decentralized exchange 1inch withdrew over $40 million worth of assets from its investment fund this past weekend. The DeFi protocol then used a portion of the funds to purchase $10 million worth of Ethereum. A Closer Look at 1inch's Asset Movements According
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A sophisticated SIM swap attack targeting a Kroll employee led to a data breach impacting several prominent cryptocurrency firms, according to statements from the companies involved. The incident highlights the lingering vulnerabilities of SMS-based authentication. Bankrupt platforms FTX, BlockFi, and Genesis privately notified customers last week that financial services firm
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Leading Indian cryptocurrency exchange CoinSwitch has become the latest crypto startup to trim its workforce, laying off 44 employees this week. The move highlights the broader industry slowdown as volumes remain depressed in the ongoing 'crypto winter.' CoinSwitch cut 7% of its staff, specifically from customer support roles.
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With crypto poised for its next bull cycle as early as 2024, traders who weathered past booms have wisdom to share on navigating the mania. Their insights highlight strategies for newcomers entering their first crypto bull run. Millions discovered cryptocurrencies in 2021. Now their first taste of a bull market
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A group of influential House Republicans have raised concerns over the Federal Reserve's new crypto oversight programs, arguing they may stifle innovation in the absence of clear federal legislation. In a letter to Fed Chair Jerome Powell, House Financial Services Committee ranking member Patrick McHenry (R-NC) and others
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India's Prime Minister Narendra Modi made headlines this week when he called for a global framework to regulate cryptocurrencies and other emerging technologies like artificial intelligence. In an interview with Business Today magazine days before the G20 summit in New Delhi, Modi said "not only crypto, but
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Cryptocurrencies Sui (SUI) and Hedera (HBAR) have declined over the past day amid scheduled unlocks that will increase their circulating supplies. SUI has fallen 7% to $0.54, while HBAR is down 4% to $0.05, based on CoinDesk pricing data. The drops come ahead of pre-planned unlocks for both
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A former New Jersey corrections officer allegedly defrauded police, firefighters and EMTs out of over $620,000 through a fake cryptocurrency investment scheme. The accused scammer John DeSalvo created a crypto token called Blazar that he aggressively marketed as a "crypto pension" for first responders. However, the token&
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The U.S. Internal Revenue Service (IRS) has proposed far-reaching tax regulations that would require cryptocurrency brokers to report customer digital asset transactions. While the rules intend to standardize crypto tax reporting, critics argue they overstep by treating decentralized networks like centralized finance. As regulators eye closing tax gaps, the