Opinion

A court in the US has ruled in favour of the SEC in a case it had filed against ICOBox and its founder cum CEO Nikolay Evdokimov. Reports indicate that The District Court of the Central District of California granted the U.S. SEC’s motion for default judgement against the defendants. The case first came before the court in September of last year. In its filing, the SEC accused ICOBox of hosting an unregistered securities sale. Further, it alleged that the…

Bitcoin's continued decline is sending ripples through the crypto market. Yesterday, the coin registered its largest single-day crash in over ten months. The trading frenzy that ensued resulted in the crushing of BitMEX, the most profitable crypto-derivatives exchange.    BTC shed nearly 50% of its value to close at about $3,800, a decline that proved too much for the exchange's handling. Skew markets reports that BitMEX experienced liquidations of up to $863 million. Additionally, the platform saw the liquidation of…

The U.K.’s central bank, the Bank of England (BoE) yesterday officially issued a discussion paper on Central Bank Digital Currency (CBDC). In the 57 page document, the bank outlined a model CBDC. According to the bank, it's CBDC would be an electronic form of central bank currency designed to store value and facilitate transactions between individuals and businesses. New Opportunities in Finance The BoE contends that CBDCs could open several opportunities in finance, including the realisation of a sturdy payments…

Reports emerging from Australia indicate that the Country's tax administrator, The Australian Tax Office (ATO) is preparing to seek out crypto traders concerning their tax obligations.  Tax Claim Goes Back Several Years A media report on Wednesday cites an ATO spokesman confirming that the agency will contact over 35,000 traders regarding their tax compliance spanning a few last years.  The Australian law regards cryptos as property subjecting them to capital gains tax. Thus trades are mandated to report all proceeds…

Reports from March 11, 2020, indicate that some members of the Facebook-led Libra Association have thrown their weight behind a rival project, the Celo Alliance for Prosperity. Bloomberg reports that the new project has the support of more than 50 members. Part of the membership consists of entities that are affiliates of the Libra Association. These include Anchorage, Coinbase Venture, and Andreessen Horowitz. The Celo Project's aims at providing humanitarian aid, facilitating payments, and enabling micro-lending through the Celo Dollar.…

On the 11th of March 2020, Bitcoin tested the $7600 support area and corrected a few points against the USD. The virtual currency is at the $7800 level and stayed under the 100 hourly simple moving average (SMA). Nevertheless, the momentum to climb above the $8000 level was not enough. A daily high formed near $7988 and the price is currently making a downward correction. The $7800 support level broke to start a fresh decline. Bitcoin’s price broke the 61.8%…

On the 10th of March 2020, Liam Kovatch, the CEO of Paradigm Labs, announced the closure of the company. Paradigm Labs is a decentralized finance (DeFi) project. The company noted that the closure is because of lack of significant product-market fit and limited resources. Paradigm Labs however expressed their gratitude to their community for their support in two years of their operation. What’s Next after Paradigm Labs Closure? The DeFi  project's announcement stated that the closure will affect the broader ox…

Any area that involves cryptocurrency is usually linked to a scam. But none affected and is still affecting the market like the PlusToken scam. Let us follow up on one of the biggest events in the history of cryptocurrency. What was PlusToken? Sometimes called the “Biggest Scam in the History of Cryptocurrency,” the PlusToken Scam shook the entire crypto market. The remnants of the scam can be felt to this date. Building upon a Ponzi scheme's age-old tactics, the people…

Chainalysis, the blockchain analytic company, announced the successful deployment of its investigations solution, Chainalysis Reactor, with Bithumb Exchange.  The announcement follows the South Korean National Assembly’s vote last week in favor of amending the Special Financial Transactions Information Act. The Chainalysis Reactor is an investigation software linking crypto transactions to real-world entities. The feature allows crypto businesses and law enforcement agencies to tackle criminal activities, including fraud and money laundering on the blockchain. In this case, Bithumb will use Chainalysis…