BMT saw reduced selling volume during its retracement phase - Could the bulls be preparing for another rally?
Shuttered crypto exchange Garantex is reportedly back under a new name after laundering millions in ruble-backed stablecoins and sending them to a freshly created exchange, according to a Swiss blockchain analytics company. Global Ledger claims the operators of the Russian exchange have shifted liquidity and customer deposits to Grinex, which they say is “Garantex’s full-fledged successor,” in a report released to X on March 19. “We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.” “The movement of funds, including the systematic transfer of A7A5 liquidity, the use of one-time-use wallets, and the involvement of addresses previously associated with Garantex, provides clear onchain proof of their link,” the Global Ledger team said in the report. After completing its investigation on March 13, Global Ledger says it had found onchain data showing Garantex laundered over $60 million worth of ruble-backed stablecoins called A7A5 and sent them to addresses associated with Grinex. Global Ledger claims Garantex has moved all its funds over to a newly launched exchange and is back in business. Source: Global Ledger “In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said. A Garantex manager also reportedly told Global Ledger that customers have been visiting the exchange office in person and moving funds from Garantex to Grinex. “Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” it said. The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, claiming that the owners of Garantex created it. The reports said this shows “Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite the exchange’s official shutdown.” Source: Global Ledger By March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million. The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations. Related: US, UK, Australia sanction Zservers for hosting crypto ransomware LockBit On March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019. Stablecoin operator Tether also froze $27 million in Tether ( USDT ), on March 6 which forced Garantex to halt all operations, including withdrawals. Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex , on US charges that included conspiracy to commit money laundering. Magazine: How crypto laws are changing across the world in 2025
The Federal Reserve made a significant announcement today, revealing a strategic shift in its approach to managing a hefty $6.8 trillion balance sheet. The monthly cap on Treasury reductions will
The Federal Reserve maintained its policy interest rate, aligning with market expectations on March 20, 2023. Alongside this decision, the Fed significantly eased the pace of balance sheet reduction, aiming
Metaplanet increases Bitcoin reserves with a new bond issue. The company aims for 10,000 Bitcoin by 2025 and 21,000 by 2026. Continue Reading: Metaplanet Boosts Bitcoin Holdings with New Bond Issue The post Metaplanet Boosts Bitcoin Holdings with New Bond Issue appeared first on COINTURK NEWS .
The post Is the Ripple Lawsuit Entirely Over? CEO Discusses Pending Cross Appeal appeared first on Coinpedia Fintech News After nearly four years of intense legal battles, the long-standing case between the U.S. Securities and Exchange Commission (SEC) and Ripple has finally come to an end. The SEC, which initially filed the lawsuit in December 2020, claiming Ripple’s cryptocurrency XRP was an unregistered security, has now dropped the appeal. Garlinghouse Reflects on the Long Fight In an interview with Bloomberg, CEO Brad Garlinghouse said “This has been a long battle. “But now, there is a lot more certainty for Ripple, and frankly, for me personally, because the SEC had sued me.” He revealed that the SEC has officially abandoned its appeal in the case, which had been ongoing since the lawsuit was filed in December 2020. Ripple scored a key victory in the summer of 2023 when Judge Torres ruled that XRP, the cryptocurrency at the center of the case, is not a security. This ruling marked a pivotal moment in the case. The SEC’s Appeal is Dropped Despite the SEC’s withdrawal from its appeal, Garlinghouse clarified that the case is not entirely over. A cross-appeal is still pending, but the dynamics have shifted. “We go from being the defendant to the plaintiff,” he explained. “Now, we’re in the driver’s seat, deciding how we want to proceed.” Ripple’s Legal Victory and the Industry’s Future For Ripple, the outcome of this case is crucial not just for the company itself but for the broader crypto industry. Garlinghouse noted that Ripple had spent over $150 million defending the case, a legal expense not only aimed at protecting the company but also supporting the entire cryptocurrency sector. “It was important for the whole industry,” he said. Judge’s Ruling and Ripple’s Strategy Garlinghouse also commented on the broader implications of the case’s resolution, especially in terms of the legal status of XRP. “The SEC’s decision to drop its appeal is a significant moment,” he stated. “It’s clear now that the SEC likely regrets bringing the case in the first place, especially given the judge’s ruling.” However, some elements of the case are still unresolved, such as the $125 million civil penalty Ripple was ordered to pay. This fine is currently held in escrow, pending the final resolution of the case. The $125 Million Fine and What’s Next Ripple has expressed interest in potentially reclaiming the $125 million fine, given that no investors were harmed in the process. “There was no investor harm, no investors lost money,” Garlinghouse remarked, suggesting that the penalty may be reconsidered as the case nears its conclusion.
Crypto custody and trading firm Bakkt Holdings has appointed a new co-CEO and is cutting some of its services to focus on its crypto offerings after recently losing two major clients. Akshay Naheta, the founder of stablecoin payments infrastructure firm Distributed Technologies Research (DTR), will join Bakkt CEO Andy Main in the role, the company said on March 19. Bakkt added that it will enter into an agreement with DTR to integrate its stablecoin-based payment infrastructure with Bakkt’s crypto trading and brokerage technology, subject to regulatory approval. Bakkt said the partnership would open new revenue streams in stablecoin payments and crypto trading while increasing efficiency in cross-border payments, a popular use case for crypto. Naheta founded DTR in 2022 after a nearly six-year stint in various executive roles at investment management giant SoftBank Group, which has a history of investing in crypto firms. In a separate statement reporting its fourth quarter and full year 2024 results, Bakkt said it wants “to focus resources on core crypto offerings” and was potentially looking to sell or wind down its loyalty services business, which allows its clients to offer travel and merchandise perks. Bakkt recently shared its take on stablecoins ahead of it, sharing it had partnered with DTR. Source: Bakkt Bakkt added that it was selling its crypto custody subsidiary, Bakkt Trust, to its parent company, Intercontinental Exchange, for $1.5 million. It said the sale would cut operating costs by $3.8 million a year and free up around $3 million for investment into its crypto business. The firm added it would maintain custody solutions “through a robust network of reputable custody providers.” Its moves come after Bakkt disclosed on March 17 that its major clients, Bank of America and trading platform Webull, won’t be renewing contacts with the firm when they expire in April and June, respectively. Bank of America accounted for around 16% of Bakkt’s loyalty services revenue in 2023 and 2024, while Webull represented 74% of its crypto revenues over that same period. The disclosure sent its share price tumbling on March 18, which closed the trading day down over 27% to $9.33. Bakkt improves top and bottom-line earnings Bakkt reported on March 19 that its total 2024 revenues came in at $3.49 billion, up nearly 350% year-over-year, while its yearly net loss roughly halved to $103.4 million. Related: Fund managers dump US stocks at record pace — Can recession fears hurt Bitcoin? Fourth quarter revenues increased more than seven-fold from 2024, reaching $1.8 billion, while its net loss narrowed to $40.4 million. It forecast revenues of between $1.03 billion to $1.28 billion for the first quarter of 2025, which would be a nearly 50% bump from the first quarter of 2024. Shares in Bakkt (BKKT) closed flat at $9.31 on March 19 after a dip to $8.50 during trading; it reached a top of $9.88 after the bell but has since settled to around its closing price, according to Google Finance. Bakkt shares closed mostly flat on March 19 and settled after the bell. Source: Google Finance Bakkt is down nearly 62.5% so far this year and has essentially lost all value since peaking at over $1,000 in October 2021. Opinion: Coinbase and Base: Is crypto just becoming traditional finance 2.0?
The post Trump to Speak at First-Ever Crypto Summit as Market Shows Signs of Recovery appeared first on Coinpedia Fintech News Donald Trump will speak at the Digital Asset Summit (DAS) in New York on March 20, notably, this will be the first time a sitting U.S. president has ever joined a crypto conference. Just recently, Donald Trump hosted the inaugural White House Crypto Summit. While the crypto community wasn’t thrilled with the outcomes, the event delivered key updates on the US Bitcoin Reserve and shed light on the government’s current approach to crypto regulation. Could Be A Pre-recorded Message The announcement comes after Bo Hines, Executive Director of the White House’s Council of Advisers on Digital Assets, spoke at DAS this week, hinting at plans to stockpile Bitcoin for a new strategic reserve. “It’s high time that our president started accumulating assets for the American people, which is what President Trump is doing rather than taking it away,” Hines told the crowd on Tuesday. Some reports suggest that Trump’s appearance at the event may not be live, with some sources hinting at a pre-recorded message instead. Regardless, this still marks a historic moment as the U.S. president is set to formally address a crypto conference. Key Discussions At the event, discussions will center on Bitcoin’s adoption by institutions, regulatory updates, and the future of the crypto market. Trump is expected to outline his administration’s next steps on Bitcoin. FOX business journalist Eleanor Terrett also shared that multiple sources at the DAS Conference have clarified that President Trump is planning to livestream into the event either today or tomorrow to address the audience. https://twitter.com/EleanorTerrett/status/1902445688245321981 Top Lawmakers To Feature The summit will bring together top lawmakers like Representatives Ro Khanna and Tom Emmer, along with industry giants like MicroStrategy’s Michael Saylor and Ripple CEO Brad Garlinghouse. Michael Saylor will give a keynote speech and join a discussion with BTC historian Pete Rizzo. Bloomberg ETF analyst James Seyffart will moderate a panel with key players, including Robbie Mitchnick, Head of Digital Assets at BlackRock, and Giang Bui, Head of U.S. Equities & Exchange-Traded Products at Nasdaq. Ripple-SEC Lawsuit Ends In a remarkable update, Garlinghouse revealed today that the SEC has dropped its appeal in the XRP lawsuit, marking a major victory for Ripple and the crypto industry. The crypto market has been showing signs of recovery this week, following a period of volatility. Besides, the Federal Reserve announced today that it won’t be making any immediate rate cuts. However, the central bank has plans for two rate cuts later this year, which could influence financial markets, including crypto.
On March 20, in a significant update, former President Donald Trump expressed his views on economic strategies through a post on the Truth platform. He emphasized that the impact of
Bitcoin has experienced a significant surge as the Federal Reserve adjusts its balance sheet reduction policy, igniting optimism in crypto markets. This rally reflects a broader shift in global liquidity,