The post UAE Company Caught in Crypto Laundering Scheme Supporting North Korea’s WMDs appeared first on Coinpedia Fintech News The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions against two people and an associated company who are involved in a complex cryptocurrency money laundering operation tied to Pyongyang. The operation channelled millions of dollars to finance the WMD and ballistic missile regime. The two persons, including Lu Huaying and Zhang Jian, used Green Alpine Trading, LLC, a company in UAE as an intermediary front. They worked with Sim Hyon Sop, a China-based board of directors of North Korea’s Korea Kwangson Banking Corp (KKBC). Sim managed elaborate money laundering solutions that put into operation money from North Korean IT personnel as well as cyber criminals to the regime’s fund. A Global Operation Between February 2022 and September 2023, Lu Huaying was cashing out cryptocurrency received from unlawful operations. Zhang Jian also unbolted the operation to the outside world and repeatedly served as a postman to transfer Sim’s money. These funds were used to buy military-related resources in North Korea. This operation shows that Pyongyang has been using cryptocurrency more and more to circumvent sanctions and finance activities that destabilize the region. Contrary to recommendations made by its partners around the world, the DPRK has been identified as taking advantage of loopholes within digital financial systems thus posing a threat to worldwide security. The introduced sanctions measures restrict all the American-associated property of the named persons and companies. They also bar the same from doing business with them especially those in the United States of America. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Crypto Hack Alert: $5.63M Lost as LastPass Breach Hits 40 Wallets , A Collaborative Effort Implementations of the sanctions were done together with the UAE to emphasize the role of global cooperation against illicit financing. Bradley T Smith, Acting Under Secretary for Terrorism and Financial Intelligence reiterated Treasury’s focus and determination to counter the financial sources supporting North korea’s unfavourable activities . 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Binance has announced that it has decided to delist three tokens: Kaon (AKRO), Bluzelle (BLZ), and WazirX (WRX) effective from December 25, 2024, 06:00. Binance to Delisting AKRO, BLZ, and WRX on December 25, 2024 This move comes as part of Binance’s regular review process to ensure that all listed digital assets meet the platform’s high standards and evolving industry requirements. Reasons for Removal from the List The decision was based on several factors, including: Insufficient trading volume and liquidity Network stability and security concerns Lack of ongoing development activity and team commitment Regulatory compliance issues Contribution to a sustainable crypto ecosystem Affected Trading Pairs The following spot pairs will cease trading at the specified time: AKRO/USDT BLZ/BTC, BLZ/USDT WRX/USDT Important Deadlines and Actions for Users Spot Trading: All open trading orders will be removed and token values will no longer be visible in wallets after being delisted. Users are advised to check their wallet settings to ensure tokens are not hidden under “Hide Small Balances.” Deposits and Withdrawals: Deposits for these tokens will not be available after December 26, 2024, and withdrawals will be suspended after February 25, 2025. Binance Futures: The BLZUSDT perpetual contract will close for trading at 12:00 on December 23, 2024. Users are advised to close their positions before this time to avoid automatic liquidation. *This is not investment advice. Continue Reading: Bitcoin Exchange Binance Continues to Delister! Announced that 3 More Altcoins Have Been Delisted! Here Are Those Altcoins
The Current State of the Altcoin Season Index On December 18, 2024, the Altcoin Season Index registered a score of 59 , down three points from the previous day. Tracked by CoinMarketCap (CMC), this index measures the market’s shift between Bitcoin and altcoins based on their relative performance over 90 days. With a score above 50, the market remains in Altcoin Season , a period when altcoins outperform Bitcoin in price gains. This shift indicates a growing preference among investors for altcoins, which can offer higher volatility and potentially greater returns. But what does this drop in the index mean for traders and the broader crypto market? Understanding the Altcoin Season Index 1. How the Index Works The Altcoin Season Index evaluates the performance of the top 100 cryptocurrencies , excluding stablecoins and wrapped tokens, compared to Bitcoin over the past 90 days. The scoring system is simple: Above 75: Strong Altcoin Season, with most coins outperforming Bitcoin. Below 25: Bitcoin Season, with Bitcoin dominating altcoin performance. The index serves as a barometer for market sentiment, guiding traders on whether to focus on Bitcoin or diversify into altcoins. 2. Altcoin vs. Bitcoin Performance For the market to be in Altcoin Season, 75% or more of altcoins need to outperform Bitcoin. At 59, the index indicates a balanced but altcoin-leaning market, reflecting a competitive environment where altcoins are holding their ground. What a Drop to 59 Signals The three-point drop in the index suggests subtle shifts in market dynamics. While the score remains in Altcoin Season territory, the reduced margin hints at Bitcoin regaining some relative strength. Here’s what this means: 1. Increased Bitcoin Activity The drop may signify rising interest in Bitcoin, possibly due to macroeconomic factors or significant news, such as regulatory developments or institutional adoption. 2. Consolidation Among Altcoins Altcoin performance may be consolidating as traders take profits from recent rallies. This can lead to decreased momentum and reduced index scores. 3. Investor Sentiment A slight decline in the index could reflect shifting sentiment, with investors cautiously returning to Bitcoin or waiting for clear market trends before making significant moves. Why Altcoin Season Remains Strong Despite the minor drop, the crypto market remains firmly in Altcoin Season. Here’s why altcoins continue to shine: 1. Diversification and Innovation Altcoins often provide exposure to emerging blockchain technologies, from DeFi platforms to NFT ecosystems. This diversification attracts investors looking for the next big opportunity. 2. Higher Volatility Altcoins tend to exhibit greater price swings, which can lead to substantial short-term gains. Traders capitalizing on these movements contribute to altcoin dominance. 3. Bitcoin Saturation As Bitcoin matures, its price gains become less dramatic compared to smaller-cap altcoins. This dynamic encourages investors to explore altcoin projects with higher growth potential. Top Performing Altcoins Driving the Index While Bitcoin remains the market leader, several altcoins have outperformed it recently, contributing to the Altcoin Season Index score: Ethereum (ETH): With its strong presence in decentralized finance (DeFi) and upcoming updates, ETH continues to attract significant investment. Solana (SOL): Known for its scalability and low transaction costs, Solana has seen substantial adoption. Polygon (MATIC): Benefiting from Layer 2 scaling solutions, Polygon has gained traction among developers and users alike. Pepe (PEPE): A meme coin gaining popularity due to community-driven hype and speculation. Risks and Opportunities During Altcoin Season Opportunities High Returns: Altcoins often deliver exponential returns during this phase. Emerging Projects: It’s a great time to identify and invest in innovative blockchain projects. Risks Volatility: While altcoins can generate massive gains, they are also prone to steep corrections. Market Sentiment Swings: A sudden shift toward Bitcoin or external factors like regulatory crackdowns can impact altcoin performance. What to Watch for Moving Forward 1. Bitcoin’s Influence A significant rally or increased dominance by Bitcoin could push the Altcoin Season Index lower. Watch for Bitcoin breaking key resistance levels or news of institutional inflows. 2. Regulatory Developments Government policies toward cryptocurrencies, especially altcoins, could shape the market’s direction. Favorable regulations might strengthen Altcoin Season, while crackdowns could boost Bitcoin’s relative appeal. 3. Altcoin-Specific Innovations Keep an eye on advancements within the altcoin ecosystem, such as new protocol upgrades, partnerships, or use cases that could drive further outperformance. Conclusion: The Implications of a 59 Altcoin Season Index The Altcoin Season Index’s drop to 59 reflects a nuanced market where altcoins still outperform Bitcoin but with reduced dominance. This balance provides opportunities for traders who diversify their portfolios, leveraging both Bitcoin’s stability and altcoins’ growth potential. As the crypto market evolves, staying informed about trends like the Altcoin Season Index can help investors make smarter decisions. Whether you’re holding Bitcoin, trading altcoins, or exploring new blockchain projects, understanding these dynamics is crucial for navigating the ever-changing world of cryptocurrency. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Pyth Network shows promising potential to compete with Chainlink. High-frequency data streaming offers significant advantages for Pyth Network. Continue Reading: The Pyth Network Competes with Chainlink in the Oracle Services Market The post The Pyth Network Competes with Chainlink in the Oracle Services Market appeared first on COINTURK NEWS .
In a recent Twitter community space, Binance Co-founder He Yi revealed that only a few meme coins will…
An analyst at one of the biggest asset managers in crypto thinks the US will establish some form of a strategic Bitcoin ( BTC ) reserve next year. Matthew Sigel, the head of digital assets research at VanEck, says in a new interview with Natalie Brunell that the reserve might not be generated from Congressional legislation, however. “I think more likely it’ll be an executive action that tries to reclassify the roughly 200,000 Bitcoin that the US government already owns, having seized in crimes or other events, and just call that a Bitcoin reserve and pledge not to sell it. Our prediction for next year is that there will either be a national Bitcoin reserve like what I’ve just described, or that one or a handful of states will pass their own, and I think the most likely candidates for that are Pennsylvania, Florida or Texas.” In July, Republican Senator Cynthia Lummis of Wyoming said she would announce a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt. The legislation would drive the US government to accumulate one million BTC, or 5% of BTC’s total supply in five years. On the campaign trail this year, President-elect Donald Trump promised that the US would stop selling its trove of seized Bitcoin on the open market and instead strategically hold the asset as an investment. Earlier this month, a member of the Texas House of Representatives proposed new legislation that would enable the Lone Star State to establish a strategic Bitcoin reserve within its treasury. The decentralized betting platform Polymarket currently prices the odds that Trump will create a Bitcoin reserve in his first 100 days in office at 41%. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post VanEck Predicts Establishment of US Strategic Bitcoin Reserve Next Year Without Aid of Congress – Here’s How appeared first on The Daily Hodl .
BitMEX co-founder Arthur Hayes has sparked discussions in the digital assets space, predicting a crypto market crash ahead. These comments have fueled speculations, especially amid soaring optimism over pro-crypto regulations and a Bitcoin strategic reserve in the US. Besides, it also comes as the broader market experienced a setback today, which has left investors looking for potential reasons behind the latest dip. Arthur Hayes Predicts Crypto Market Crash Ahead Arthur Hayes’s recent blog showed that the BitMEX co-founder is expecting a crypto market crash as soon as next month. This comment has fueled speculations, especially as Bitcoin and top altcoins have recorded a robust rally recently. However, despite the gloomy predictions, it appears that the expert remains optimistic on the long-term trajectory of BTC and the broader market. In his recent Blog, Hayes said that the crypto rally started with Donald Trump’s election victory in November. Notably, Trump’s pledge to make the US the crypto capital and hinting towards a Bitcoin Strategic Reserve has fueled market optimism, which has helped gains in the sector. While Hayes also lauded the Bitcoin Strategic Reserve (BSR) development, he also said “I still don’t believe that BSR will happen.” He believes that politicians would rather spend newly created dollars on public goods than invest in Bitcoin. Despite that, he remained optimistic about the long-term BTC trajectory, noting that just the discussions over BSR have created a “buying pressure” in the market. He further stated: “While I don’t believe the US government will purchase Bitcoin, it doesn’t affect my positive price outlook.” Meanwhile, despite the optimism, Hayes predicts short-term corrections for BTC during its run toward the $1 million mark. In addition, he also said that a crypto market crash is likely in January around Trump’s inauguration day on January 20. However, despite the gloomy outlook, he said that following the “harrowing dump”, the market will witness a “crack-up-boom phase in the crypto bull market.” Bitcoin & Altcoins Retreat Sparking Speculations The recent global shift towards the digital assets space has sparked a robust rally in Bitcoin and other crypto. Notably, EU politicians have also called for a Bitcoin Strategic Reserve recently, following the global buzz after Donald Trump hinted towards a similar move for the US. Considering all these aspects, the market sentiment appeared to have remained high. However, despite that, the recent dip in the market has fueled speculations. Besides, Arthur Hayes’s warning about a potential crypto market crash ahead has further triggered discussions in the market. It appears that some investors are booking profits after the recent massive rally, which has weighed on the broader market performance. In addition, the market participants might be taking a pause ahead of the US FOMC later today , which would provide cues on the Fed’s rate cut policy stance and the broader economic health. How’s The Crypto Market Performing? The global crypto market cap declined nearly 3% today to $3.64 trillion, with Arthur Hayes’s crypto market crash prediction further weighing on sentiments. Bitcoin price today recorded a dip of 2.5% to $104,140, after touching its ATH of $108,268.45 in the last 24 hours. Despite the recent dip, BTC noted monthly gains of 13%. On the other hand, the latest Ethereum price showed a decline of 4% to $3,851, a day after the crypto crossed the brief $4K mark. Cardano price retreated 4%, while XRP slipped 1%, despite RLUSD launch optimism and soaring whale activity recently. Among the top meme coins , Dogecoin price today was down nearly 4% to $0.3845. On the other hand, Shiba Inu price dipped about 5% while Pepe Coin retreated more than 7% in the last 24 hours. However, despite the recent setback noted in the broader digital assets space, it appears that the market experts remained optimistic about the long-term picture of the sector. The post Crypto Market Crash: Arthur Hayes Warns Potential Dip Ahead appeared first on CoinGape .
Santa Rides Shiba could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Santa Rides Shiba (SANTSHIB), a new Solana memecoin that was launched today, is set to explode over 19,000% in price in the coming days. This is because SANTSHIB is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Santa Rides Shiba can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days. Early investors in SHIB and DOGE made astronomical returns, and Santa Rides Shiba could become the next viral memecoin. Santa Rides Shiba launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains. How to Buy To buy Santa Rides Shiba on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Santa Rides Shiba by entering its contract address – CxpeR8vdgeVWZFwBytS7PRrXHBwVgPJWZBJUcpK3k7vT – in the receiving field. If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others. In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price. If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner. The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum. This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like SANTSHIB. Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Binance to Delist AKRO, BLZ, WRX on December 25 ————— 💰Coin: BLZ ( $BLZ ) $0.1044 ————— NFA.
The post Will South Korea Punish Crypto Tax Evaders? Kim Nam-guk’s Trial Sets a Precedent appeared first on Coinpedia Fintech News In an eye-opening case, Recently Kim Nam-guk, a former lawmaker from South Korea’s Democratic Party is accused of hiding his crypto wealth. Prosecutors have requested to the Seoul Southern District Court a six-month prison sentence for Kim on charges of intentionally hiding a large sum of cryptocurrency in his asset declarations to the National Assembly, which he is legally required to submit. The case shows South Korea’s zero tolerance for defaulters in crypto tax-related cases. The case is heating a crypto tax debate and how to tackle such cases in the current scenario where crypto assets are seen as a safety net by many small-scale traders and investors. How Kim Hid His Cryptocurrency ? According to the prosecutors, Kim planned to hide his crypto assets from the National Assembly’s Ethics Committee, which reviews the financial details of lawmakers. He transferred a significant portion of his crypto holdings to a regular bank account to make it appear as though he was not holding coins. Plus, he misreported his total assets, falsely declaring much lower amounts than he possessed. This was done by converting some of his coin deposits into regular bank deposits and reporting them as part of his total assets while keeping the actual value of his cryptocurrency hidden. False Declarations in 2021 and 2022 Kim’s asset declarations in both 2021 and 2022 were significantly lower than what he truly owned. In 2021, he declared assets worth approximately 1.2 billion won, but prosecutors believe he had 9.9 billion won in cryptocurrency at the time. Kim in his Defense Despite being a serious tax defaulter, Last month, Kim Nam-guk criticized his party’s push for virtual asset taxation, calling it an ineffective move to gain more support. The Democratic Party is currently discussing a revision of the tax law to increase the tax deduction limit for virtual assets to 50 million won, as promised in the last election. The court will soon decide on his punishment, which could set a precedent for how such cases are handled in the future. To regularize such cases the country needs some solid plans so that no one takes advantage with minimum control over digital assets.