Category Archives: Cryptocurrency
Top GOP Congressman Backs Passing Marijuana Banking Bill Paired With Cryptocurrency Reform, Saying ‘Our … – Marijuana Moment
The Republican vice chair of the House Financial Services Committee says he would support a hybrid marijuana banking and cryptocurrency regulation bill, saying our country will benefit if both reforms are enacted.
In an interview with Bloomberg, Rep. French Hill (R-AR) was asked to weigh in on ongoing talks about merging the Secure and Fair Enforcement (SAFE) Banking Act and the cryptocurrency legislation.
I would vote for if it were coupled. I have supported the SAFE Banking Act for nine years in Congress now, which would allow cannabis dealers in states where its legal to have access to the banking system, Hill, whos twice voted for the cannabis legislation on the House floor, said. I think its a lot easier to catch bad actors and illegal activity if those companies are participating in the banking system.
If someones trying to take advantage of legal cannabis in an illegal way, its a lot better to have those companies participating in the banking system, he said, adding that he agrees with recent remarks from the committees ranking member, Rep. Maxine Waters (D-CA), that legislation is close to being finalized.
Hill was also asked about the prospect of including the reforms in a must-pass Federal Aviation Administration (FAA) billa possibility that a top marijuana industry group said is no longer being considered in an internal message to stakeholders last week.
I think thats a call that leadership has to make, the congressman said. I think there are other ways that we can do it during the course of the year. But if we get an agreement, then House and Senate leadership can work on the best floor strategy for moving the legislation forward.
Bottom line is weve made a lot of progress in the last year, he said. Our country will benefit if we get both these bills passed.
Meanwhile, last week Senate Majority Leader Chuck Schumer (D-NY)once againincluded the bipartisan marijuana banking bill in a list of legislative prioritieshe hopes to advance this year.
Since the Senate recently approved must-pass appropriations legislation and foreign aid to Ukraine, Israel and Taiwan, there are heightened expectations that floor action could be on the horizon.
Adding to those expectations is the recent introduction of a bill toincentivize expungements for past cannabis offenses at the state, local and tribal levels. Schumer has made clear he intends to attach that measure to the banking legislation on the floor.
Schumer also recently asked people toshow their support for the SAFER Banking Act by signing a petitionas he steps up his push for the legislation. A poll released last month by the American Bankers Association (ABA) shows that roughly three out of five Americanssupport allowing marijuana industry access to the banking system.
Rep. Nancy Mace (R-SC) said that thatif Republicans want to keep the House, they should pass the marijuana banking bill, arguing that there are votes to approve it.
The congresswoman also told the majority leader to stop holding the SAFER Banking Act as a campaign carrot in a social media post on Monday.
Schumer told Marijuana Moment last month thatthe bill remains a very high priority for the Senate, and members are having very productive bicameral talks to reach a final agreement.
Senate Banking Committee Chairman Sherrod Brown (D-OH) said last month thatpassing the SAFER Banking Act off the floor is a high priority.However, he also recently said in a separate interview thatadvancing the legislation is complicated by current House dynamics.
House Majority Whip Tom Emmer (R-MN) separately said during a recent American Bankers Association (ABA) summit that he wants to see the SAFER Banking Act move.
He said that, for whatever reason, the federal government has been slow to act on the incremental reform that he supports even though he doesnt identify as a marijuana guy.
One key factor thats kept the bill from the Senate floor is disagreement over mostly non-cannabis provisions dealing with broader banking regulations, primarily those contained in Section 10 of the legislation.
Marijuana Moment is tracking more than 1,400 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they dont miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
Bicameral negotiations have been ongoing, however, and recent reporting suggests that a final deal could be just over the horizon.
The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), told Marijuana Moment last month that the legislation is gaining momentum as lawmakers work to bring it to the floor and pass it this year.
Rep. Earl Blumenauer, founding co-chair of the Congressional Cannabis Caucus, told Marijuana Moment last week that,every day were closer on SAFE Banking,and negotiations are ongoing in the House and Senate, and we are, in fact, making progress.
At the close of the first half of the 118th Congress in December, Schumer said in a floor speech that lawmakers would hit the ground running in 2024, aiming tobuild on bipartisan progress on several key issues, including marijuana banking reformthough he noted it wont be easy.
New Mexico Governor Offended By Top Biden Officials Reaction To Marijuana Business Seizure Concerns, Leaked Audio Shows
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Top GOP Congressman Backs Passing Marijuana Banking Bill Paired With Cryptocurrency Reform, Saying 'Our ... - Marijuana Moment
Founders And CEO Of Cryptocurrency Mixing Service Arrested And Charged With Money Laundering And Unlicensed … – Department of Justice
Damian Williams, the United States Attorney for the Southern District of New York; Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (IRS-CI); and James Smith, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), announced today the unsealing of an Indictment charging KEONNE RODRIGUEZ, the Chief Executive Officer and a co-founder of Samourai Wallet (Samourai), and WILLIAM LONERGAN HILL, the Chief Technology Officer and also a co-founder of Samourai, with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. These charges arise from the defendants development, marketing, and operation of a cryptocurrency mixer that executed over $2 billion in unlawful transactions and facilitated more than $100 million in money laundering transactions from illegal dark web markets, such as Silk Road and Hydra Market; a web-server intrusion; a spearphishing scheme; and schemes to defraud multiple decentralized finance protocols. RODRIGUEZ was arrested this morning and is expected to be presented today or tomorrow before a U.S. Magistrate Judge in the Western District of Pennsylvania. HILL was arrested this morning in Portugal based on the U.S. criminal charges. The United States will seek HILLs extradition to stand trial in the United States. The case is assigned to U.S. District Judge Richard M. Berman.
In coordination with law enforcement authorities in Iceland, Samourais web servers and domain (https://samourai.io/) were seized. Additionally, a seizure warrant for Samourais mobile application was served on the Google Play Store. As a result, the application will no longer be available to be downloaded from the Google Play Store in the United States.
U.S. Attorney Damian Williams said: As alleged, Keonne Rodriguez and William Lonergan Hill are responsible for developing, marketing, and operating Samourai, a cryptocurrency mixing service that executed over $2 billion in unlawful transactions and served as a haven for criminals to engage in large-scale money laundering. Rodriguez and Hill allegedly knowingly facilitated the laundering of over $100 million of criminal proceeds from the Silk Road, Hydra Market, and a host of other computer hacking and fraud campaigns. Together with our law enforcement partners, we will continue to relentlessly pursue and dismantle criminal organizations that use cryptocurrency to hide illicit conduct.
IRS-CI Special Agent in Charge Thomas Fattorusso said: $2 billion in transactions with an unlicensed money transmitter means $2 billion flowed without any oversight, from whomever to wherever. Because of the companys disregard for regulation, its alleged that Samourai Wallet laundered more than $100 million in criminal proceeds. Special Agents with IRS:CI New York and IRS:CI LAs Cyber units worked with our federal and international law enforcement partners to not only arrest the founders and CEO, but to also seize their domain. Samourai Wallet is now closed for business.
FBI Assistant Director in Charge James Smith said: Threat actors utilize technology to evade law enforcement detection and create environments conducive to criminal activity. For almost 10 years, Keonne Rodriguez and William Hill allegedly operated a mobile cryptocurrency mixing platform which provided other criminals a virtual haven for the clandestine exchange of illicit funds, the facilitation of more than $2 billion in illegal transactions, and $100 million in dark web money laundering. The FBI is committed to exposing covert financial schemes and ensuring no one can hide behind a screen to perpetuate financial wrongdoing.
According to the allegations in the Indictment unsealed today in Manhattan federal Court:[1]
Background on Samourai
From about 2015 through February 2024, RODRIGUEZ and HILL developed, marketed, and operated a cryptocurrency mixing service known as Samourai, an unlicensed money transmitting business from which they earned millions of dollars in fees. Samourai unlawfully combined multiple unique features to execute anonymous financial transactions valued at over $2 billion for its customers. While offering Samourai as a privacy service, the defendants knew that it was a haven for criminals to engage in large-scale money laundering and sanctions evasion. Indeed, as the defendants intended and well knew, a substantial portion of the funds that Samourai processed were criminal proceeds passed through Samourai for purposes of concealment. During the relevant period, Samourai laundered over $100 million of crime proceeds originating from, among other criminal sources, illegal darkweb markets, such as Silk Road and Hydra Market; various wire fraud and computer fraud schemes, including a web-server intrusion, a spearphishing scheme, and schemes to defraud multiple decentralized finance protocols; and other illegal activities.
RODRIGUEZ and HILL began developing Samourai in or about 2015. Samourai is a mobile application that users can download onto their cellphones, and the application has been downloaded over 100,000 times. After users download Samourai, they can store their private keys for any BTC addresses they control inside of the Samourai program. These private keys are not shared with Samourai employees, but Samourai operates a centralized server that, among other things, supervises and facilitates transactions between Samourai users and creates new BTC addresses used during the transactions. Samourai is used by customers all over the world, including customers located in the United States and in the Southern District of New York.
RODRIGUEZ and HILL designed Samourai to offer at least two features intended to assist individuals engaged in criminal conduct to conceal the source of the proceeds of their criminal activities. First, Samourai offers a cryptocurrency mixing service known as Whirlpool, which coordinates batches of cryptocurrency exchanges between groups of Samourai users to prevent tracing of criminal proceeds by law enforcement on the Blockchain. Second, Samourai offers a service called Ricochet, which allows a Samourai user to build in additional and unnecessary intermediate transactions (known as hops) when sending cryptocurrency from one address to another address. This feature similarly may prevent law enforcement and/or cryptocurrency exchanges from recognizing that a particular batch of cryptocurrency originates from criminal activity. Since the start of the Whirlpool service in or about 2019, and of the Ricochet service in or about 2017, over 80,000 BTC (worth over $2 billion applying the BTC-USD conversion rates at the time of each transaction) has passed through these two services operated by Samourai. Samourai collects a fee for both services, estimated to be about $3.4 million for Whirlpool transactions and $1.1 million for Ricochet transactions over the same time period.
RODRIGUEZ and HILLs Knowledge and Intent for Criminal Proceeds to be Laundered by Samourai
RODRIGUEZ and HILL operated Twitter accounts that encouraged and openly invited users to launder criminal proceeds through Samourai. For example, in or around June 2022, Samourais Twitter account operated by RODRIGUEZ posted the following message regarding Russian oligarchs seeking to circumvent sanctions:
Similarly, in a private message on or about August 27, 2020, HILL using a Twitter account with the username Samourai Dev discussed the use of Samourai by criminals operating in online black markets such as Silk Road in private messages with another Twitter user (the Twitter User) (emphasis added):
Twitter User: Silk Road is why I first found Bitcoin and the desire to keep engaging in those types of markets is one reason that I want to defend/strengthen those use cases . . .
Samourai Dev: No, not at all. We probably have different views on some basic tenets of bitcoin, you and I so to each his own so to speak. At Samourai we are entirely focused on the censorship resistance and black/grey circular economy. This implies no foreseeable mass adoption, although black/grey markets have already started to expand during covid and will continue to do so post-covid. . . .
Additionally, in response to Europol highlighting Samourai as a top threat to the ability of law enforcement to trace the proceeds of criminal activity, HILL posted a message in or around March 2021 suggesting that Samourai would not change its practices in response to allegations that Samourai was being used for money laundering:
Similarly, RODRIGUEZ and HILL possessed and transmitted to potential investors marketing materials that discussed how Samourais customer base was intended to include criminals seeking privacy or the subversion of safeguards and reporting requirements by financial institutions. For example, in Samourais marketing materials, RODRIGUEZ and HILL similarly acknowledge that the individuals most likely to use a service like Samourai include individuals engaged in criminal activities, including Restricted Markets.
In the below excerpt from Samourais marketing materials, RODRIGUEZ and HILL acknowledge that its revenues will be derived from Dark/Grey Market participants seeking to swap their bitcoins with multiple parties to avoid detection:
In Samourais marketing materials, RODRIGUEZ and HILL promoted Samourais Wallet and its Mixing Service as a Premium Privacy Service for transactions involving the proceeds of goods and services that include, among other things, Illicit Activity.
* * *
RODRIGUEZ, 35, of Harmony, Pennsylvania, and HILL, 65, a U.S. national who was arrested in Portugal, are each charged with one count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison, and one count of conspiracy to operate an unlicensed money transmitting business, which carries a maximum sentence of five years in prison.
The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge.
Mr. Williams praised the investigative work of IRS-CI and the FBI. He also acknowledged the assistance of the Justice Departments Office of International Affairs. Mr. Williams also thanked Europol, the Portugal Judiciary Police, the Icelandic Police, the FBI Field Office in Pittsburgh, the FBIs International Operations Division, and the IRS-CI Los Angeles Field Office for their assistance in the investigation of this case.
This case is being handled by the Offices Complex Frauds and Cybercrime Unit and Illicit Finance and Money Laundering Unit. Assistant U.S. Attorneys Andrew K. Chan and David R. Felton are in charge of the prosecution.
The charges contained in the Indictment are merely accusations and the defendants are presumed innocent unless and until proven guilty.
[1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.
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Founders And CEO Of Cryptocurrency Mixing Service Arrested And Charged With Money Laundering And Unlicensed ... - Department of Justice
FBI Norfolk warns of growing dilemma of cryptocurrency scams in Hampton Roads – 13newsnow.com WVEC
Forensic accountants with the Norfolk field office of the FBI want to get ahead of a crypto-based trend they're seeing greatly impact people's finances.
CHESAPEAKE, Va. Daniel Booth calls it old tricks with a new look.
Everything seems to be moving in that direction, that these are old crimes facilitated by cryptocurrency," Booth says.
Booth, a forensic accountant with the Norfolk Field Office of the Federal Bureau of Investigation shared that cryptocurrency scams are becoming a more prevalent issue across FBI field offices and that the Hampton Roads region of Virginia is no stranger to this trend.
The scams executed distinctly involve a combination of the finances of a person (or business), and its use toward trading exclusively digital forms of cryptocurrency, which have garnered more attention and public interest in recent years.
Booth warns of three of the most common cryptocurrency scams:
Based on relatively traditional forms of financial fraud, the scammers in these instances breach a businesses' security platforms and take hold of their systems in exchange for repayment. Only now, these payments can instead be used toward cryptocurrency.
Theyll sell you a decryption key. But depending on the size of your business, you may be a hospital or law firm, they may get you for millions of dollars. You have the options of doing nothing and trying to restore everything or pay that ransom, and that ransom is in cryptocurrency," Booth says.
A similar cryptocurrency scam attacks individuals more so than businesses or organizations.
"A lot of times, if you're on a website there is a pop-up or it looks like an anti-virus software. Really you don't, or it's a website with an anti-virus warning, and it encourages you to dial a number, and it puts you in touch with a customer service representative. From there they encourage you to install certain software that gives them access to your computer because they explain they'll fix your computer. When you give them the remote access they'll scour that data for anything of value, for financial records to size you up, or they're looking for identifying documents. But eventually what it boils down to is: they've fixed the problem, they charge you for it but they "accidentally" charged you too much.
This form, Booth says, is prevalent and a frequent form of crypto scam for individuals in Hampton Roads.
In these scenarios, victims are enticed to invest their own money through a site that's created to look like a legitimate trading website. Except, the site is disconnected from any trading platform and is solely a platform for scammers to keep victims contributing money, thinking they're making financial gains on crypto-style investments.
Whats key about these scams, they dont ask for money. Theyre never going to say 'give me money.' Instead, they recommend a very legitimate website or app and theyre going to say here is where I make my trades and where I make my money," Booth says.
Lets say it starts as a $1,000 investment, it looks legit. Like you can execute trades on it and it gives you feedback as if the trade occurred. Through the 'mentor' coaching you may make 10,000 dollars on a single trade," Booth said, adding that people can lose entire life savings in this method if they're not careful.
Im not sure on the exact numbers or if we [FBI] can even share the exact numbers, but Ive run across several instances in this area that people are really affected by this.
The red flags raised by Booth come one day after a public service announcement from the FBI, issuing a warning for cryptocurrency-related scams.
Those who believe they've fallen victim in these cases can submit their cases to the Internet Crime Complaint Center.
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FBI Norfolk warns of growing dilemma of cryptocurrency scams in Hampton Roads - 13newsnow.com WVEC
Cryptocurrency Market News: Bitcoin Trips Amid Growing Regulatory Friction – Investopedia
Key Takeaways
Bitcoin (BTC) slipped below $63,000 on multiple occasions last week during a volatile stretch, but was trading closer to that level again Monday. The friction between regulators and the cryptocurrency industry was heightened last week after the U.S. Department of Justice (DOJ) charged founders of a non-custodial bitcoin wallet with money laundering, while crypto firm Consensys took the Securities and Exchange Commission (SEC) to court.
On Wednesday, the U.S. DOJ filed charges against Samourai Wallet co-founders Keonne Rodriguez and William Lonergan Hill for their alleged roles in facilitating more than $100 million in money laundering via their crypto mixing service.
The charges, which include conspiracy to commit money laundering and operating an unlicensed money transmitting business, underscore the government's ongoing crackdown on crypto privacy tools. Last year, a similar case was filed against the developers behind Tornado Cash, a privacy-enhancing decentralized application on Ethereum.
Following the legal action, other bitcoin wallet providers have decided to leave the U.S. market. zkSNACKs, which is the creator of another privacy-preserving bitcoin wallet called Wasabi Wallet, announced it's blocking all U.S.-based users from its wallet offering. Additionally, ACINQ, which is the creator of the self-custodial, Lightning Network-enabled PhoenixWallet, has decided to remove its wallet from the U.S. market following the action taken against Samourai Wallet.
On Thursday, the Federal Bureau of Investigation (FBI) also issued a warning for consumers against the use of crypto services that may operate as unlicensed money transmitters.
In its lawsuit, Consensys is requesting that the court confirm that Ethereums native cryptocurrency, ether (ETH), is not a security. This legal move comes amid reports that the SEC already is seeking to define ether as a security.
In its legal filing, Consensys also argued that the SEC's overreach into the crypto space could disastrously halt the use of the Ethereum blockchain in the U.S., stifling a significant technological innovation. According to Fortune, Consensys had received an SEC Wells Notice, which indicated a coming lawsuit and accused Consensys's MetaMask wallet of acting as an unlicensed broker due to its staking features.
The lawsuit reflects broader frustrations within the crypto industry regarding the SEC's perceived lack of clear regulatory frameworks tailored to blockchain technology.
Fintech giant Stripe has reentered the cryptocurrency arena, announcing on Thursday its plan to allow customers to accept cryptocurrency payments. This return to crypto initially will begin with acceptance of the USDC stablecoin via the Solana, Ethereum, and Polygon networks.
The strategic move marks Stripe's first foray back into accepting crypto payments since discontinuing Bitcoin support in 2018 due to its volatility. The announcement highlighted the improved transaction efficiency and affordability that crypto can now offer via the Solana network.
While some market analysts expected bitcoin's recent halving event to lead to a price boom, that has not been the case thus far. In fact, inflows into the spot bitcoin exchange-traded fund (ETF) market mostly have been negative since the halving on April 19, according to data from Farside Investors. This is despite the outflows from the Grayscale Bitcoin Trust (GBTC) slowing a bit.
In the future, the relationship between spot bitcoin ETF inflows and the bitcoin price will be closely watched, as some analysts already have predicted the ETFs will have a much greater impact on price than the halving going forward.
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Cryptocurrency Market News: Bitcoin Trips Amid Growing Regulatory Friction - Investopedia
Safest Ways To Store Your Cryptocurrency In 2024 Forbes Advisor INDIA – Forbes
Table of Contents
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Cryptocurrency investment is high-risk and complex. The market is volatile, regulators are still rallying to form a policy framework, and numerous scams and fraudulent activities have emerged in recent years. A Web3 security firm, DeFi, found that hackers stole around $2 billion in cryptocurrencies in 2023 and around $3.8 billion in 2022.
Its no surprise that India, too, has witnessed numerous crypto scams, given that the market is forecasted to reach $343.5 million in 2024, with a user penetration rate of 18.78%. Remember that investing in cryptocurrency requires obtaining appropriate financial advice and investing in only what you can afford to lose.
Related: Why Is the Crypto Market Rising Today?
A cryptocurrency is a digital asset that exists on a network of computers running in a ledger of transactions built on blockchain technology. These digital tokens, like Bitcoin and Litecoin, do not exist in a physical form. Crypto wallets store cryptocurrencies, which is fundamental to safeguarding the ownership of digital assets.
A crypto wallet is software that creates and stores public and private keys, allowing users to send, receive, store, and monitor crypto assets. A public key contains a long string of alphanumeric characters shortened to make up a wallet address used to receive cryptocurrencies. A private key is required to process the transaction.
Both public and private keys are used to perform successful cryptocurrency transactions. As the name suggests, a public key (like a QR code) is visible to the public and is used to receive cryptocurrencies. The sender, on the other hand, needs a private key to process the transaction. A private key is private to users and protects their digital assets from unauthorized access.
Malicious actors may try every method to access the private key and steal cryptos stored in the wallet. Remember, if you accidentally lose or destroy the private key and seed phrases, your cryptos will be lost forever.
Crypto exchanges are online platforms that help traders buy and sell digital currencies in exchange for cash, fiat currencies, or crypto tokens. They allow users to create an account, add funds to trade their investment in INR to buy cryptocurrencies like Bitcoin or Litecoin, trade crypto tokens for another, or receive the value of their return in cash to their bank account.
There are two types of crypto exchanges. A centralized crypto exchange (CEX) functions like a bank setup that traders trust to conduct transactions or store their digital assets. This means giving complete control to the centralized crypto exchange, including access to the private key. For this reason, CEX is called a custodial wallet, as users dont have access to private keys.
On the other hand, a decentralized crypto exchange (DEX) leverages blockchain technology to add security to your trading. Such crypto exchanges eliminate third partiesand instead, buyers and sellers directly trade crypto tokens for one another without using cash or fiat currencies. DEXs are known for providing non-custodial wallets, also known as self-custodial, as they provide users complete control of their private keys.
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Hot wallets are online software for sending, receiving, storing, and monitoring crypto assets. They function like online banking, where users can access their crypto wallet and public and private keys via smartphones, desktops, laptops, and tablets connected to the internet. Users need to be connected online to access their crypto wallet.
Cold wallets can be classified as offline wallets that use physical or hardware devices, such as a USB drive or smartcards, that store users public and private keys. It comes in various physical forms depending on the users needs. Some cold wallets also perform all the functions required to complete a transaction from a single online device. Cold wallets can also include paper-based documentation, which functions like physical shares. It can be used to store large amounts of cryptos given the security, however, the drawback is that the funds can be permanently lost if the devices are misplaced, lost, or damaged.
When it comes to storing crypto safely, users can choose hardware wallets or self-custody wallets, however, that might be complicated for some people given their infrastructure, according to Nischal Shetty, an experienced software developer who founded a popular crypto platform in India, WazirX.
Shetty explained that crypto platforms comply with regulators and law enforcement to prevent illicit transactions and ensure multi-level KYC checks, ID verification for onboarding users, and fund withdrawalsoverall required to provide a secure operating environment for all users.
Managing crypto assets via wallet has pros and cons, says Sumit Gupta, who co-founded the cryptocurrency trading platform CoinDCX.
Gupta explained that while traditional cold wallets offer robust security, they require careful handling of physical devices. Self-custodial wallets provide greater control but pose the risk of asset loss if seed phrases are forgotten. Centralized exchanges offer convenience but involve trusting a third party with funds.
It is crucial to choose a compliant crypto platform for legal protection and recourse in case of unforeseen events, added Edul Patel, founder of a crypto investment platform, Mudrex.
Patel explained that users need to regularly update security measures, such as two-factor authentication and encryption protocols, across all storage solutions to add protection against evolving threats to a great extentall of which balances convenience with security, empowering investors to manage their cryptocurrency holdings effectively while minimizing potential vulnerabilities.
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Cryptocurrencies can be stored in three different ways, as follows:
YesCold wallets use physical devices, like USB or smart cards, to store large amounts of cryptocurrencies, and come with a set of security features to access the device. However, you can lose crypto assets permanently if the devices are misplaced, lost, or damaged.
A crypto wallet is software that creates and stores public and private keys, allowing users to send, receive, store, and monitor crypto assets.
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Safest Ways To Store Your Cryptocurrency In 2024 Forbes Advisor INDIA - Forbes
10 Best Cryptocurrencies To Buy In April 2024 – Forbes
From bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when youre first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies to invest in based on their market capitalization or the total value of all the coins currently in circulation.
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A cryptocurrency is a digital asset that is based on blockchain technology and can circulate without the centralized authority of a bank or government. To date, there are 24,630 cryptocurrency projects out there in the cryptocurrency market that is estimated to reach $4.94 billion by 2030.
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoins price has skyrocketed as its become a household name. In May 2016, you could buy one bitcoin for about $500. As of Apr. 25, 2024, a single bitcoins price was around $64,427. Thats a growth of 12,785%.
Related: How To Buy Bitcoin
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the end of April 2024, its price went from about $11 to around $3,158, increasing 28,605%.
Related: How To Buy Ethereum
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning its backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tethers value is supposed to be more consistent than other cryptocurrencies, and its favored by investors who are wary of the extreme volatility of other coins.
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binances exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or bitcoin.
BNBs price in 2017 was just $0.10. By late April 2024, its price had risen to around $613, a gain of 613,003%.
Related: How To Buy Cryptocurrency
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Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solanas native token, powers the platform.
When it launched in 2020, SOLs price started at $0.77. By late April 2024, its price was around $148.30, a gain of 19,159%.
Like Tether, USD Coin (USDC) is a stablecoin, meaning its backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of Apr. 25, 2024, its price reached $0.53, equal to a rise of 8,676%.
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoins price in 2017 was $0.0002. By April 2024, its price was at $0.15, up 75,904%.
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Welcome Bonus On First Deposit:
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Originally developed as a layer-1 blockchain for Telegrams encrypted messaging platform, Toncoin was soon abandoned before being taken over by the TON foundation. The project name was even changed to The Open Network from its original name Telegram Open Network, both of which are referred to by their acronym: TON.
Toncoinfirst known as Gramis the native token for TON. It is an application that allows users to buy, send and store funds on TONs incredibly fast, environmentally friendly network.
Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Read more:
10 Best Cryptocurrencies To Buy In April 2024 - Forbes
Cryptocurrency: Top 3 Coins To Buy For 10X Profits In May – Watcher Guru
Cryptocurrency investors are constantly on the lookout for coins that have the potential to deliver substantial returns. With May approaching, three coins have emerged as top contenders for achieving 10X profits: Golem (GLM), Popcat (POPCAT), and Shiba Inu (SHIB).
Golem, a decentralized computing power platform, has been making significant strides in recent days. Currently trading at $0.5408, GLM has experienced an impressive 14.72% increase in the past 24 hours. The coins market cap has also surged by 14.72%, reaching $540,793,622 and securing the 126th position in the cryptocurrency rankings.
With a 24-hour trading volume of $569,127,539, Golem has demonstrated strong demand and investor interest. The coins 24-hour low and high stand at $0.4624 and $0.6016, respectively. Although GLM is currently trading 56.86% below its all-time high of $1.25, reached on January 8, 2018, the recent price action suggests that the coin may be poised for a potential 10X surge in the coming weeks.
Also read: Top 3 Meme Coins For 10X Gains To Include In Your Portfolio
Despite its relatively short existence, Popcat, a meme-inspired cryptocurrency on the Solana blockchain, has been making waves in the market. Currently trading at $0.4132, POPCAT has experienced a 14.67% decrease in the past 24 hours. However, the coins market cap remains strong at $400,433,341, securing the 220th position in the cryptocurrency rankings.
With a 24-hour trading volume of $58,823,666, Popcat has shown significant market activity. The coins 24-hour low and high stand at $0.409 and $0.5035, respectively.
Despite the recent price dip, Popcat has demonstrated an impressive growth trajectory, with an all-time low of $0.00383 on January 4, 2024, and an all-time high of $0.5479 just three days ago on April 26, 2024. This meteoric rise suggests that Popcat may have the potential to deliver 10X profits in the near future.
Also read: Shiba Inu: AI Predicts SHIB Price For May 1, 2024
Shiba Inu, the second-largest meme coin by market capitalization, continues to be a favorite among investors seeking potentially high returns. Currently trading at $0.0000234, SHIB has experienced a 6.38% decrease in the past 24 hours. However, the coins market cap remains substantial at $13,792,577,388, securing the 11th position in the cryptocurrency rankings.
With a 24-hour trading volume of $407,267,626, Shiba Inu has demonstrated strong market activity. The coins 24-hour low and high stand at $0.00002337 and $0.00002512, respectively.
Also read: Shiba Inu: ChatGPT Predicts When SHIB Could Hit $0.01
Despite trading 73.57% below its all-time high of $0.00008845, reached on October 28, 2021, Shiba Inus all-time low of $0.008165 on September 1, 2020, and its subsequent growth of over 28,000,000% suggest that the coin may still have room for significant upside potential.
Golem, Popcat, and Shiba Inu have emerged as top contenders that could achieve 10X profits in May. Each coin has demonstrated unique strengths and growth potential, capturing the attention of the investment community.
Read more from the original source:
Cryptocurrency: Top 3 Coins To Buy For 10X Profits In May - Watcher Guru
BNY Mellon’s Role in Cryptocurrency and Banking – The Dales Report
The TDR Three Key Takeaways regarding BNY Mellon and Cryptocurrency:
Last week, BNY Mellon, one of the oldest and largest financial institutions, announced its investment in Bitcoin ETFs, indicating a notable move by a major institution into cryptocurrency investments. This announcement comes at a time when the financial sector is keenly observing how prominent banks are engaging with the cryptocurrency market. The companys approach highlights its leadership in adopting digital currencies, which are increasingly considered mainstream. This initiative could reflect a growing acceptance and incorporation of Bitcoin into institutional investment strategies.
BNY Mellon, recognized as the oldest bank in America and the worlds largest asset custodian, has now invested in spot bitcoin exchange-traded funds (ETFs), as per its latest quarterly filing with the U.S. Securities and Exchange Commission (SEC). The bank, managing over $2 trillion in assets, has chosen BlackRocks iShares Bitcoin Trust and the Grayscale Bitcoin Trust for its bitcoin investments, following their SEC approvals earlier this year.
BlackRock iShares Bitcoin Trust has notched its first day of $0 in inflows since Bitcoin exchange-traded funds (ETFs) were introduced in the United States in January. Ever since its launch on Jan. 11, IBIT has consistently attracted investments worth millions of dollars daily, racking up nearly $15.5 billion in just 71 days. The inflow streak ended for BlackRock on April 24 after it recorded $0 of inflows. Bitcoin has been sitting at 12% lower than it all time high reached last month. The all time high reached last month was based on excitement about Bitcoins halving event that happened last week and they inflows to ETFs.
The decision to include Bitcoin ETFs in its asset management options indicates a significant shift in strategy for BNY Mellon, addressing the increasing demand for cryptocurrency options from its clients. This decision not only broadens the variety of assets offered but also enhances BNY Mellons standing in a market that is rapidly embracing digital assets. BNY Mellons participation in the cryptocurrency market through Bitcoin ETFs is significant, potentially impacting market stability and regulatory frameworks.
Link:
BNY Mellon's Role in Cryptocurrency and Banking - The Dales Report
AVAC Exchange Welcomes New Cryptocurrency Metaland to Define the Future of Financial Technology – AccessWire
LOS ANGELES, CA / ACCESSWIRE / April 29, 2024 / In January 2024, AVAC Exchange made a landmark launch of the star project it participated in the incubation of - the new cryptocurrency MetaLand. This important milestone not only symbolizes AVAC's strategic expansion in the global cryptocurrency market but also heralds its pace of innovation in the fintech field.
The introduction of MetaLand benefits from the strong technical foundation and profound market insights of AVAC Exchange. This new type of digital currency is based on cutting-edge blockchain technology and adopts the full AI custody of the CAI4.0 system developed by SFIC, ensuring the safety and smoothness of transactions while significantly improving the intelligence of the system.
The original intention of designing MetaLand was to meet the market's urgent need for an efficient, transparent and secure trading platform. MetaLand is not only a new form of digital currency, but also a core component of the one-stop financial trading platform created by AVAC. Going forward, AVAC plans to integrate MetaLand with various cryptocurrencies, stocks, and foreign exchange assets to provide comprehensive and efficient trading services.
The listing of MetaLand has attracted widespread attention from global investors. To celebrate this event, AVAC Exchange has launched a series of promotions, including special offers and additional rewards for early investors. These activities not only enhance MetaLand's market appeal, but also effectively expand its potential user base.
As an emerging digital asset with potential, MetaLand's market performance has attracted much attention. Its exclusive listing not only opens up new asset allocation avenues for investors, but also injects new vitality into the entire market. AVAC Exchange promises to continuously monitor MetaLand's performance and adjust development strategies based on market feedback to maintain its leading position in the fiercely competitive cryptocurrency market.
In the future, AVAC Exchange plans to further expand the application scope of MetaLand, develop related financial products and services, and advance in step with global technological innovation and market demand. Through continuous technological updates and market expansion, AVAC hopes to shape MetaLand into an important benchmark in the encryption market and lead the future development direction of finance.
About the company
Overall, the launch of MetaLand is a key link in the strategic layout of AVAC Exchange. It is not only a major advancement for the exchange in the global financial technology field but also opens up a new path for global investors to explore the future of the digital economy.
Contact details
1. Company name: AValon coin
2. Website link: https://avac.net/
3. Contact email: [emailprotected]
4. Contact person name: Mason Smartfield
SOURCE: AValon coin
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AVAC Exchange Welcomes New Cryptocurrency Metaland to Define the Future of Financial Technology - AccessWire
Russia Plans to Ban Public Cryptocurrency Use: What to Know – BSC NEWS
The legislation aims to limit the use of non-Russian digital assets to strengthen the ruble's dominance, allowing only digital financial assets and digital rubles issued within Russian jurisdiction.
Russia will implement strict regulations on the general circulation of cryptocurrencies like Bitcoin, starting September 1,according to Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. Aksakov will spearhead this policy change, marking a significant effort by the Russian government to exert control over the cryptocurrency landscape
The forthcoming legislation is designed to curtail the use of non-Russian digital assets, promoting the ruble as the primary currency within the nation. Aksakov emphasized the necessity of these measures, stating,
"Digital financial assets issued in Russian jurisdiction, and digital rubles will be allowed. The need for a ban is due to the fact that today cryptocurrency is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of the monetary unit, so this decision has been made."
While the new policy introduces severe restrictions, it notably carves out exceptions for specific activities within the cryptocurrency sector. The bill does not outright ban cryptocurrencies but instead targets the creation of crypto exchanges and other platforms facilitating cryptocurrency transactions outside the scope of a new experimental legal regime.
Anton Gorelkin, a member of the State Duma, clarified:
Of course, the circulation of cryptocurrencies will not be banned. The creation of exchanges outside the zone of the experimental legal regime will fall under the ban.
Crypto mining, a significant contributor to Russia's tax revenues, will also see tailored exceptions. Crypto miners in Russia generated over $2.59 billion in liquidity for foreign trade settlements, underscoring the economic importance of this sector, Statista reported.
The policy has ignited a internal debate among Russian policymakers.
Artem Kiryanov, Deputy Chairman of the State Duma Committee on Economic Policy, stressed the importance of precise, clear regulations, codified digitally to ensure consistent judicial enforcement.
In contrast, Russias Finance Minister, Anton Siluanov, advocates for a moderated stance that would enable the use of cryptocurrencies in both domestic and international transactions, potentially easing the strictures of the new law.
Meanwhile, Elvira Nabiullina, Head of the Bank of Russia, supports the experimental use of cryptocurrencies in international settlements, indicating a possible softening in certain areas of the financial landscape.
Report from the US Department of Treasury indicate that Russian entities have procured military technology components using cryptocurrencies, particularly Tether's USDT.
The cryptocurrency market has experienced volatility influenced by regulatory changes worldwide. Notably, Chinas blanket ban on cryptocurrencies and mining significantly impacted the global market.
However, Russia's cryptocurrency market, smaller in comparison to China's during its peak, is unlikely to provoke a similarly dramatic global effect due to the planned restrictions.
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Russia Plans to Ban Public Cryptocurrency Use: What to Know - BSC NEWS