The Agricultural Bank of China (ABC), one of China’s “big four” banks, is embarking on a pilot program to enable the first digital yuan ATMs. The banking institution deployed the first machines in selected branches in Shenzhen. ATMs Will Work With a Smartphone App According to SZ News, the program is part of the ongoing second digital yuan trial, consisting of a giveaway of 200 yuan ($31) to 100,000 residents. The ATMs enable the possibility to deposit and withdrawal the digital yuan via a smartphone app. The pilot program’s mobile app allows customers to convert cash and savings to and from the token. As the digital yuan pilot programs keep underway across the country, it’s not surprising that the ABC is testing the digital yuan ATMs. In fact, the bank is a partner of the People’s Bank of China (PBoC). Zou Hua, manager of the bank’s Digital Yuan Innovation Lab, commented on the ATMs infrastructure’s deployment across Shenzhen: Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation. Shenzhen’s Interest in the Digital Yuan High, Says Expert Moreover, local experts are reporting positive progress from the digital yuan tests in the city. A comment from Song Qinghuim, a local economist quoted by SZ News, reads as follow: The third station of the digital RMB pilot program returned to Shenzhen again, indicating that the market has recognized the city. Compared with the first pilot, there have been many changes, which indicates that the digital RMB project is progressing steadily. The Shenzhen authorities and the PBoC are also preparing the ground to launch another $3 million digital yuan giveaway. They expect to make it possible before the Lunar New Year holidays (mid-February). Recently, the People’s Bank of China approved a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.

Billionaire Shark Tank investor Mark Cuban sees cryptocurrency “exactly” like the dot-com bubble. He says bitcoin and a few other cryptocurrencies are analogous to those dot-com stocks, like Amazon and Ebay, that survived the bubble burst and thrived. Mark Cuban Likens Crypto to Dot-Com Bubble Shark Tank star Mark Cuban compared what he feels is a bubble in bitcoin to the dot-com bubble on Monday after the price of the cryptocurrency took a nosedive. The owner of the National Basketball Association’s (NBA) Dallas Mavericks tweeted: Watching the cryptos trade, it’s exactly like the internet stock bubble. Exactly. I think BTC, ETH, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, Ebay, and Priceline. Many won’t. “Along the way, many fortunes will be made and lost and we find out who has the stomach to hodl and who doesn’t. My advice? Learn how to hedge,” he elaborated. At the time of writing, his tweet has garnered 895 comments. It has also been retweeted over 1.7K times and liked more than 10.8K times. Several people on Twitter view Cuban’s comment as bullish for BTC and ETH. Among the commenters was Tyler Winklevoss, co-founder of Gemini cryptocurrency exchange, who argued that cryptocurrencies are not like stocks. “Wrong. Cryptos like BTC and ETH are networks, they are definitely not stocks or shares of a company. They are like owning a piece of the early Internet. Comparing them to stocks is an apples to oranges comparison,” he explained to Cuban. After discussing bitcoin as a store of value, the Shark Tank star reiterated his stance: I said BTC is like gold, it’s a store of value with no other utility. At least I can eat bananas. Gold bug Peter Schiff chimed in, telling Cuban: “Mark, you can’t store what you don’t have. Gold is a store of value as you are storing gold for future use as a metal. Jewelers will need gold, computer chip manufactures will need gold, dentists, etc. But no one actually needs bitcoin now, so no one will need it in the future.” In a follow-up tweet, Cuban wrote: As during the dot-com bubble, ‘the experts’ try to justify whatever the pricing of the day is. Crypto, much like gold, is a supply and demand driven. All the narratives about debasement, fiat, etc are just sales pitches. The biggest sales pitch is scarcity vs demand. That’s it. The Gemini co-founder disagreed. “The narratives around debasement of fiat are facts. Have you looked at the Fed’s balance sheet lately? What’s the matter with supply and demand? The value of land, a Picasso, or the Dallas Mavericks franchise are determined by supply and demand too,” he told Cuban.

Telegram, a popular messaging app within the cryptocurrency space, surpassed 500 million monthly active users during the first week of January, according to Telegram chief executive officer Pavel Durov. In the last 72 hours, said Durov, the app has seen a massive surge in new users, with an additional 25 million people signing up to use the platform. These new users are coming from all around the world, with the majority – 38% – drawn from Asia. Some 27% are coming from Europe, 21% from Latin America, and 8% from the Middle East and North Africa (Mena region). Around 200 million people used Telegram in 2018, meaning user growth has exceeded 150% over two years. Telegram may have benefited from changes to the privacy policy at rival Whatsapp. Recent updates to Whatsapp’s privacy policy require that users share their personal information with parent firm Facebook or stop using the service altogether. These changes are believed to have prompted users uncomfortable with sharing more of their personal data with Facebook to leave Whatsapp, and join privacy-centric competitors such as Telegram or Signal. Unlike other competing messaging apps, Telegram does not share personal data and offers encrypted chats. Posting on his personal Telegram channel on Jan. 12, Durov said: People no longer want to exchange their privacy for free services. They no longer want to be held hostage by tech monopolies that seem to think they can get away with anything as long as their apps have a critical mass of users. The Telegram CEO added that “with half a billion active users and accelerating growth, Telegram has become the largest refuge for those seeking a communication platform committed to privacy and security.” In 2020, Telegram reported new user sign-ups of 1.5 million each day, a far cry from the current influx of people joining the platform. “We’ve had surges of downloads before, throughout our 7-year history of protecting user privacy. But this time is different,” noted Durov. Until now, all services on Telegram have remained free. However, Durov announced in December that some services may now be monetized. He said additional functions will appear for “business teams and users with advanced needs” and those features will be paid because they are “resource-intensive”. Ordinary users will continue to use Telegram for free, he emphasized. Telegram attempted to launch its own cryptocurrency called Gram, through the TON blockchain platform, but was blocked by the U.S. Securities and Exchange Commission. That left Pavel Durov, who had raised $1.7 billion from select investors for the project, saddled with a debt of $1.2 billion and $18.5 million in penalties. Now some investors in TON are preparing a lawsuit against Durov to try and force the businessman “to sell part of Telegram or the entire company and pay off the investors, because he spent money on Telegram,” according to a Forbes report. Durov allegedly spent $500 million of the TON money to upgrade Telegram, something investors claim was not part of the original deal.

New Zealand’s financial regulator issued a warning alert to local cryptocurrency investors and traders amid the recent bitcoin’s price action. The Financial Markets Authority (FMA) asks people to remain cautious because cryptos are “high risk and highly volatile assets.” FMA Warns About Unregulated Overseas Crypto Exchanges According to an official statement published in the NZ Herald, New Zealand’s financial watchdog is concerned about the latest “rollercoaster move” seen in the bitcoin (BTC) price. “Cryptocurrencies are not regulated in New Zealand and are often exploited by scammers and hackers,” said an FMA spokesman. But the regulator’s warning is not the only one seen over the last few days. In fact, the FMA quoted its U.K. counterpart, the Financial Conduct Authority (FCA), as saying: The FMA shares the FCA’s concerns that some crypto exchanges are promising high returns and customers should be prepared to lose all of their money. The advisory includes a warning on unregulated overseas crypto exchanges. Per the FMA spokesman, exchanges with no connection to New Zealand make it “hard to find out who is offering, exchanging, buying or selling” cryptos. The Cryptopia’s Saga The watchdog issued a reminder when dealing with a crypto exchange, stating: You should also check if the exchange holds your New Zealand dollars in a trust account. The FMA said that locals need to make sure if the exchange is registered in the Financial Service Providers Register (FSPR). That’s a requirement to access a “dispute resolution scheme,” it added. NZ Herald’s article also references Cryptopia’s heist — a Christchurch-based crypto exchange that suffered a major hack in January 2019. That year, the Cryptopia team estimated they lost almost 9.5% of their total holdings, and the article noted that “crypto deposits are not guaranteed.”

A class-action lawsuit has reportedly been filed against a cryptocurrency scam that has duped many Indian investors. The scam, promoted in three Indian languages, lures investors by promising up to 900% return on investments. The Delhi court has directed a notice to be placed in major newspapers, seeking victims of this scam to come forward. Class-Action Lawsuit to Stop a Crypto Scam in India A representative lawsuit has reportedly been filed in order to stop a cryptocurrency scam from continuing to dupe Indian investors. The Delhi court last week directed a notice to be published in leading Indian newspapers to invite victims of the scam to come forward. Advocate Nipun Saxena filed the suit on behalf of various Indian citizens who said they had been duped by a company called IQ Option, local media reported. This platform claims to allow users to trade stocks, forex, options, and cryptocurrencies. Twenty-six cryptos are listed on its website, including bitcoin (BTC), ether (ETH), stellar (XLM), and bitcoin cash (BCH). “The financial products offered by the company include contracts for difference (‘CFDs’) and other complex financial products,” the company detailed. According to its website, IQ Option has over 48 million registered users from 189 different countries, including India. The site is owned and managed by the Cyprus-registered IQ Option Europe Ltd. and St. Vincent and the Grenadines-registered IQ Option Ltd. Advocate Saxena was quoted by The Leaflet publication as saying: The platform uses three Indian languages, Hindi, English, and Bangla to target Indian customers. The scheme lures investors with mouth-watering promises, such as a return of up to 900%. Only a small $1 initial investment is required to participate in the scheme. The lawyer explained that the platform has hidden fees, including a 2% fee charged for every withdrawal. However, after paying the fee, customers said they were still unable to withdraw any money as the website would ask them for their credentials and then display a series of error messages. The lawsuit seeks a permanent injunction against the scammers and to block all websites and mobile apps used for this scam in India. The suit also seeks an injunction to prevent the defendants from operating a future business in India. Advocate Saxena believes that there are thousands of other victims scattered across India who have been duped by this scam. Many people outside of India have also reported IQ Option as a scam.

A Reddit user says he (or she) recently regained access to the keys of 127 bitcoins eight years after last accessing the coins. Immediately after regaining access, the user sold all the bitcoins and pocketed over $4 million in the process. According to the user, they received the bitcoins as payment for participating in surveys and some random online tasks. Bitcoin Keys in Old Computer The user initally intended to purchase a valuable in-game currency called Uridium using the bitcoins as payment. Writing about their experience, the user who goes by the name Bitcoinholderthanku, explains how a visit to his grandparents’ home reunited him (or her) with the 127 bitcoins. In the post, the Reddit user begins his account saying: I used to play Dark Orbit at my grandpa’s house, and I was there for around a week during the holidays. While I was there I was through his old Dell computer that I used to play the game and came across a .txt folder that was labelled ‘keys.’ Although the user claims they do not remember why they ultimately failed to buy the gaming currency, they are nonetheless grateful for the way things have turned out. After holding the coins for eight years, the Reddit user sold these on January 3 for a price of just under $34,000 each. Liquidating the 127 BTC Meanwhile, the Reddit user’s initial post generated interest with some users expressing doubts about the story. Others questioned how the user managed to liquidate all the 127 BTC when “even the largest exchanges have limits well under $100K/day of how much BTC you can trade on their platform.” In the follow-up post, the user explains that after weighing the various liquidating options, they settled for selling “the assets through an OTC Principal Desk.” Next, the user explains this process unfolded: I went back and forth between different companies and ultimately ended up selling all 127 bitcoins for a price of $33,439.02 per coin minus a 0.15% fee. The net was roughly $4.24 million. Meanwhile, to prove that the story is real as demanded by some Redditors, the user has shared a screenshot that appears to show their checking account with a balance of $4.2 million on January 7. The user, however, says they “had to scribble out the title of the transaction” because they did want to reveal the identity of the company they dealt with. The user ends by saying that after “hodl(ing) for 8-9 years which is more than the vast majority of crypto users”, he thinks he would “not have sold all the 127 bitcoins if given a second chance.” Between the period of receiving the $4.2 million payment and the second Reddit post, the price of bitcoin went up by more than $7,000 to $41,000. Still, at the time of writing, the crypto had dropped and was trading at just above $35,000.

Two New York City bars are up for sale for a combined 25 bitcoins or 800 ether – over $800k at current prices. Bar owner Patrick Hughes has seen the worst of the Covid-19 pandemic lockdown on his operations and decided to sell the two watering holes for crypto. ● “Crypto is on fire, it’s a hot currency,” Hughes told the New York Post on Jan. 9. “It’s decentralized. It’s global.” The 56-year-old Ho-Ho-Kus, NJ, resident’s decision may have been motivated by bitcoin’s recent bullish run – and also the need to preserve value against a falling dollar. ● Hughes is selling his side-by-side Hell’s Kitchen outfits, Hellcat Annie’s and Scruffy Duffy’s, both located on Tenth Avenue for crypto only, said the report. The man’s family has been in the Manhattan bar business since 1970, it added, though these two bars were opened later. ● “I’m hoping to catch one of these crypto dudes who always wanted to own a bar,” said Hughes. He’s put up a bitcoin (BTC) sale sign in front of the bars, but inquiries have been mostly casual. The bar owner remains upbeat a serious buyer will come along. ● Prior to the pandemic, Hughes had up to 50 people employed at his two establishments, but that is now down to just “five or six” people. His businesses largely remained closed for most of 2020, as per the report. Hellcat Annie’s reopened in November but Scruffy Duffy’s remains closed. ● More people are starting to see the monetary value of bitcoin. In September last year, U.S. aircraft sales company Aviatrade Inc., said it would accept BTC as a means of payment for its luxury jets. The first plane to go on sale for crypto was a six-year-old Gulfstream G650ER, which was selling for $40 million or the bitcoin equivalent.

Guggenheim Investments’ global chief investment officer has some advice on what investors should do as the price of bitcoin plummets. His company, with $230 billion in assets under management, has been trying to buy bitcoin for months. Guggenheim’s Strategist Has Some Bitcoin Advice as Price Falls Scott Minerd, Guggenheim Investments’ global chief investment officer, has shared his recommendation on bitcoin as the price of the cryptocurrency tumbled. Guggenheim Investments is an asset management firm with over $230 billion under management. The price of bitcoin dropped about 25% in the past 24 hours, before recovering slightly. The market cap of bitcoin has fallen from more than $760 billion to below $600 billion during the same time period. Minerd tweeted Sunday night: Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table. Comments flooded his Twitter thread with many people accusing Minerd of manipulating the bitcoin market and wanting to purchase many bitcoins at a discount. “Take some off the table so you can scoop up cheap coin? Nah,” one Twitter user wrote. Another commented: “You are not getting my bitcoin. Nice try.” A third opined, “You must be new to bitcoin.” Another Twitter user chimed in: “Everyone reading this needs to realize that Guggenheim has not even bought [bitcoin] yet. They are still waiting on the approval from the SEC, their ability to buy from Greyscale Trust doesn’t take into effect till January 31st.” Trader and economist Alex Krüger shared Guggenheim’s filing with the U.S. Securities and Exchange Commission (SEC) on Twitter, pointing out: Guggenheim’s SEC filing to invest in bitcoin via GBTC … proposed filing would become effective Jan. 31. Seems Minerd wants to buy $500 million in bitcoin and as the price runs higher he’s now telling people to take profits. According to the company’s SEC filing, “the Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (‘GBTC’), a privately offered investment vehicle that invests in bitcoin.” In December, Minerd himself revealed that Guggenheim was waiting for the SEC to approve its fund to invest in BTC. “We made the decision to start allocating towards bitcoin when bitcoin was at $10,000,” he was quoted as saying. “It’s a little more challenging with the current price of $20,000.” Nonetheless, Minerd stressed that his firm will be buying bitcoin, predicting that the cryptocurrency would reach $400,000 based on its fundamentals.

A region in the Pacific Northwest of the United States is on high alert because of concerns about a possible invasion of bitcoin (BTC) miners. The state has previously experienced an influx of Chinese bitcoin miners, due to decreasing electricity prices. Bitcoin Bull-Run Could Revive Interest in Mining, Officials Warn Per the Seattle Times, bitcoin’s bull-run is putting the public utility districts (PUD) in Central Washington on high alert, monitoring for suspiciously high power bills. PUD officials claim crypto miners from China have come to the region to take advantage of its low hydroelectricity prices. Such developments worry the Columbia River Basin authorities because the “2017-2018 mining boom could happen again.” Although electricity prices have been increased to combat mining, authorities believe new bitcoin miners could still establish themselves in the state. So far the authorities haven’t seen an increase in commercial mining, however, the PUDs still brace for a return of “small-scale mines” that could overload local residential power lines. John Stoll, managing director of customer utilities at Chelan County’s PUD, commented on the matter: We haven’t seen that, but definitely we are keeping our radar up. PUDs Are Not Willing to Welcome New Bitcoin Miners Stoll says he doesn’t let his guard down, keeping an eye on market volatility: The biggest concern we have is somebody coming in, we build 50 megawatts’ worth of capacity for them, bitcoin prices change, and then they just leave. Seattle Times quotes one of the measures taken by Grant County, where costs for bitcoin miners will be increased if the outlet meets this specific criterion: it’s using 5% or more of the district’s power. But building new mining facilities is not the only headache that PUDs are facing. The districts’ officials believe small-size bitcoin miners could restart operations from currently inactive facilities. The U.S. East Coast is also witnessing its own bitcoin mining-related controversy. On December 20, 2020, organizations led by an environmental organization filed a lawsuit against the U.S. town Torrey in New York for giving the green light to expand a bitcoin mining facility at the Greenidge Generation power plant.

JP Morgan’s analysts say that the U.S. Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF) is likely negative for bitcoin in the near term. There is optimism around the prospect of the SEC approving a bitcoin ETF under new leadership, the analysts say. SEC Approving Bitcoin ETF Could Be Negative JP Morgan published a report on Friday that discusses the impact of an SEC-approved bitcoin ETF on the bitcoin market. “Optimism around the prospect of the SEC approving a bitcoin ETF in the US this year has risen in anticipation of SEC leadership changes,” the analysts wrote, stating: The approval of a bitcoin ETF in the US this year would likely be negative for bitcoin in the near term. The analysts, including strategist Nikolaos Panigirtzoglou, proceeded to explain why they are forecasting a negative outlook. “The reason is a potential decline in the Grayscale Bitcoin Trust (GBTC) premium to NAV [net asset value] from the introduction of bitcoin ETF in the US, which would unwind a big portion of GBTC investments currently placed for monetizing this premium.” They elaborated that “Some institutional investors likely subscribed to GBTC (at NAV) during the second half of last year with the intention of selling after the 6m unlock period … As the 6m unlocked period expires, some of these institutional investors might sell GBTC during the first half of 2021 to monetize the premium. If it materializes, this selling pressure would put downward pressure on GBTC premiums.” Emphasizing that a bitcoin ETF would provide an alternative investment vehicle to GBTC for institutional investors, the JP Morgan analysts concluded: A cascade of GBTC outflows and a collapse of its premium would likely have negative near-term implications for bitcoin given the flow and signaling importance of GBTC. Nonetheless, JP Morgan’s analysts admitted in their report that the approval of a bitcoin ETF in the U.S. would be positive for bitcoin over the long term. Many people on Twitter disagree with the assessment by JP Morgan’s analysts that an SEC-approved bitcoin ETF would be negative for the industry at all. Vaneck’s director of digital assets strategy, Gabor Gurbacs, tweeted that “Institutions want a bitcoin ETF.” His company recently filed a proposal with the SEC for a bitcoin ETF. Gurbacs opined: “I believe that a bitcoin ETF may bring many structural benefits to the bitcoin as well as traditional financial markets.” Contrasting JP Morgan analysts’ view, the Vaneck director wrote, “The approval of a bitcoin ETF would be positive for bitcoin in the near as well as long term.”

Her Majesty’s Treasury in the U.K. issued a document that details a series of proposals addressing the crypto community. With the consultation, the Treasury is initiating a “regulatory approach to cryptoassets and stablecoins” for 2021 following the Brexit turmoil. Special Focus on Stablecoin Regulation According to the official announcement, the consultation mainly targets stablecoins to gather investments and wholesale uses. The HM Treasury expects to collect insights from the “industry and stakeholders” in the crypto sphere until March 21, 2021. In 2018, the British government launched a cross-authority taskforce to assess the impact of a “rapidly developing cryptoasset market” in the economy. With such motivation, the HM Treasury wants to “ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability.” The Treasury explains in the document why they put a special focus on stablecoins after the taskforce’s launching: Two years on, the landscape is changing rapidly. So-called stablecoins could pave the way for faster, cheaper payments, making it easier for people to pay for things or store their money. There is also increasing evidence that DLT could have significant benefits for capital markets, potentially fundamentally changing the way they operate. The Government Keeps Monitoring the Crypto Market to Set a ‘Proper’ Regulatory Approach Per the document, signed by John Glen, Economic Secretary to the U.K. Treasury, this approach marks the “first stage in our consultative process” with the crypto industry. They also want to spot “where the most serious risk lie,” stressing the importance of a risk-led approach to regulation. Secretary Glen commented in the document: The government will continue to actively monitor new and emerging risks as this market continues to mature. We will stand ready to take further regulatory action to ensure the market is working for the people and businesses who operate in it. On January 11, 2021, the U.K.’s Financial Conduct Authority (FCA) warned investors about high-risk crypto investments and the surge of related scams in the industry.

Stacks 2.0 is set to revolutionize the internet itself by empowering a decentralized and user-owned ecosystem built on top of the most secure blockchain in the world. This will be achieved by bringing apps and smart contracts anchored to bitcoin. The innovation will also create a brand new way for users to earn BTC, without the need to buy mining infrastructure or trust buggy DeFi protocols. Smart Contracts, Decentralized Apps and Staking on BTC When the internet was still young, visionaries described how it could bring about a future of endless possibilities, free exploration, uncensored communication and unconstrained creation. Instead, what is left today is constant surveillance and a handful of giant corporations extracting all the profits they can from selling your private data. Luckily, there is big change on the horizon. Bitcoin has the potential to free humanity from the shackles of centralized banking systems and in many places, corruption. By virtue of its decentralized nature, the elimination of the need for a trusted 3rd party, and by being a provable and reliable store of value, it is already revolutionizing money. Now it can do the same for the internet. Stacks 2.0 will reinvent the internet by enabling a whole new ecosystem of services and applications where the users own their personal data and everything is secured by bitcoin. In straightforward technological terms, Stacks 2.0 is a layer-1 blockchain that uses the BTC blockchain as a base-layer. Proof-of-Transfer allows for consensus between two blockchains, Bitcoin and Stacks, creating a native connection that allows for innovation on Bitcoin without ever modifying it. Along with Stacks 2.0 also comes a new programming language called Clarity which gives developers a safe way to build complex smart contracts where the code itself clearly shows what the program will do when run (hence the name). Stacks 2.0 Creates a Brand New Way to Earn BTC Beyond these important technological innovations, Stacks 2.0 will allow users to earn BTC in a brand new way that is currently missing from the scene. For the first time ever you can lock up one asset (STX) and earn rewards from the protocol in a reserve currency (BTC). This is called ‘Stacking’ and is a key aspect of the aforementioned ‘Proof-of-Transfer consensus mechanism. Stackers support consensus on the blockchain by locking or delegating their STX and are rewarded each cycle with BTC payouts. Currently, DeFi users are forced to stake all kinds of tokens and usually earn the same token in kind, which they then usually convert to BTC for safe keeping. Stacks 2.0 will enable STX holders to directly earn the most valuable and sought after cryptocurrency in the world, without the extra hassle. Additionally, there is no need to trust any shady projects with buggy code that the current DeFi landscape is sadly full of. STX were initially distributed to the public through the first-ever SEC-qualified token offering in U.S. history and the project recently released a legal memo outlining how STX can exit securities status and become tradable on US exchanges. In fact, OKCoin has committed to listing STX in the US upon the Stacks 2.0 launch. Stacks 2.0 is based on the success of Blockstack that raised over $75 million from equity investments and token offerings for the Stacks 1.0 ecosystem which currently includes over 400 apps. The new mainnet launch is expected on January 14, 2021. To learn more about the upcoming Stacks 2.0 launch visit the project’s website and make sure to register to secure your spot for the event.

Bitcoin futures exchange Bakkt is going public via a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC) created for taking startup firms public. Both companies have now confirmed the transaction, and will be listed on the New York Stock Exchange (NYSE) under a new name – Bakkt Holdings Inc., – sometime in the second quarter of 2021. Rumours about the deal have swelled since early January. After the merger, Bakkt is expected to have an enterprise value of $2.1 billion, the company announced on Jan. 11. Bakkt was founded by Intercontinental Exchange (ICE), owners of the NYSE, in 2018 as an institutional crypto trading platform. But the exchange has faced stiff competition from market leaders such as the Chicago Mercantile Exchange (CME). According to the announcement, the exchange will also raise an additional $582 million through a private placement, leveraging existing cash at VPC Impact Acquisition Holdings and contributions from ICE. The money is expected to bankroll Bakkt’s pivot to developing consumer applications for digital assets. Bakkt is expanding its business model, with a new app that allows users to manage crypto assets, including bitcoin (BTC), along with reward and loyalty points, intended for launch in March. Bakkt said that more than 400,000 customers have pre-registered for the app. The exchange, which supports over 30 loyalty program sponsors and 200 gift card merchants, is targeting 30 million users over the next five years. Starbucks has already integrated Bakkt Cash as a payment method for its clients. In its statement, Bakkt detailed that it aims to “enable incremental consumer spending, reduce traditional payment costs and bolster loyalty programs, adding value for all key stakeholders within the payments and digital assets ecosystem.” Bakkt’s announcement comes on the heels of U.S. crypto exchange Coinbase’s filing of a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). Through the SPAC, the so-called blank-check firms that allow other companies to go public through them, Bakkt has avoided the often lengthy process associated with IPOs – roadshows, issuing of prospectus, selling shares to investors etc.

JPMorgan Chase CEO Jamie Dimon has given personal advice to investors regarding investing in cryptocurrencies, like bitcoin. He said that his own personal advice to people is to “stay away” from cryptocurrencies. However, his bank, JPMorgan, will not stay away as clients want exposure to this asset class. Jamie Dimon’s Personal Advice to Investors About Bitcoin, Other Cryptocurrencies Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the U.S., gave his congressional testimony before the House of Financial Services Committee regarding cryptocurrency on Thursday. While admitting that JPMorgan’s clients are interested in investing in bitcoin, Dimon said: My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana but if you make it nationally legal, I’m not going to stop our people from banking it. “We are debating should we make it available in some way, in a safe way, that people can buy and sell it” and put it in their financial statements and balance sheets, the JPMorgan CEO continued. “But my own personal view, it’s nothing like a fiat currency. It’s nothing like gold. Buyer beware.” Dimon clarified that his statements only apply to cryptocurrencies, not blockchains or stablecoins, which are “supported by assets,” he said. The JPMorgan boss further emphasized that his personal views do not influence the financial services that JPMorgan Chase offers to its clients. “A lot of our clients are asking, ‘can we help them buy or sell cryptocurrency?” Dimon said at JPMorgan Chase’s annual shareholder meeting last week. “And we’re investing in that as we speak.” The JPMorgan executive further said during his congressional testimony Thursday: I don’t tell people how to spend their money, regardless of how I might personally feel about something. Reiterating his view expressed in April that cryptocurrencies are emerging issues that need to be dealt with quickly, Dimon said in his congressional testimony that the crypto asset class could benefit from more regulation. “I do think that eventually the regulators who are a day late and a dollar short should be paying a lot more attention to the future, like payment for the order flow, a high-frequency trading, cryptocurrency, and put a legal regulatory framework around it,” he opined. Dimon has long been a bitcoin skeptic. He called the cryptocurrency a fraud back in September 2017. Now JPMorgan is slowly getting into the crypto space. In March, the bank launched a crypto investment product tracking public company stocks with bitcoin exposure. The bank is also reportedly working on providing clients access to bitcoin investments. JPMorgan recently highlighted three reasons for investing in bitcoin after its analysts predicted that the price of the cryptocurrency could reach $146K as its competition with gold heats up. The firm subsequently lowered its bitcoin price estimate to $130K but said that clients can put 1% of their portfolios in BTC. Last week, JPMorgan initiated coverage of the Coinbase stock with an overweight rating and a 60% upside from the current price.

Bank of America, Citigroup, and Wells Fargo have shared their policies regarding cryptocurrency before the U.S. Senate banking committee. The three banks are in different stages of offering crypto services to their clients. They also lag behind some of their peers, such as Morgan Stanley and Goldman Sachs, in offering access to investments with exposure to bitcoin or other cryptocurrencies. Bank of America Evaluating Crypto Opportunities The CEOs of Bank of America, Citigroup, and Wells Fargo gave their testimonies on cryptocurrency before the Senate banking committee last week. The committee, headed by Senator Sherrod Brown, summoned the investment bankers for its annual oversight hearing on Wall Street firms. Bank of America CEO Brian Moynihan said that BofA was keeping distance from bitcoin and other cryptocurrencies as the bank continued “to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency.” Noting that his bank holds more than 60 blockchain-related patents, he emphasized, “We still have not found a use case at scale.” The Bank of America executive confirmed: Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment. Bank of America’s analyst said in January that bitcoin was the “mother of all bubbles.” Nonetheless, the bank’s most recent fund manager survey saw “long bitcoin” as the most crowded trade. In March, the bank says the only good reason for holding bitcoin was “sheer price appreciation.” Senator Brown is skeptical of cryptocurrencies. He recently sent a letter to the new Acting Comptroller of the Currency, Michael Hsu, urging him to review the cryptocurrency regulation under the purview of the Office of the Comptroller of the Currency (OCC). Citigroup Taking Measured Approach to Crypto Citigroup CEO Jane Fraser talked about her company taking a “measured approach” to cryptocurrency as the bank sought “to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements.” The Citi executive noted: Before we engage with cryptocurrencies, we see it as our responsibility to ensure we have clear governance and controls in place. Citigroup is reportedly planning to launch crypto services as the firm sees a “very rapid” accumulation of interest in bitcoin. In March, Citigroup says bitcoin was at a tipping point and could become the preferred currency for international trade. Wells Fargo Closely Watching Crypto Space Wells Fargo CEO Charles Scharf said that his company was close to announcing a pilot project using blockchain technology “to complete internal book transfers of cross-border payments within our global branch network.” However, in terms of cryptocurrency, he said: We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investments products, though their status as a currency and mechanism of payment remains fluid. Darrell Cronk, the president of Wells Fargo Investment Institute, said last week that his firm is in the final stages of adding an actively managed cryptocurrency investment strategy to its platform. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” the executive opined.

The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20%. However, the rule is applicable only to crypto holders with annual income of over 2.5 million won ($2,300). The Ministry of Economy and Finance said the enforcement decree is scheduled to be promulgated after meetings with the central government’s cabinet. The amendment is being applied to the country’s existing 2020 revised tax rules. Although it will be enacted in the next month, the legislative notice clarifies that the new rule will start applying in 2022, according to government documents. The amendment also covers new tax rules for stock transactions. In fact, transactions of listed shares will also be part of the 20% taxation rules for profits of over 50 million won annually, which is substantially lower than the one imposed on crypto gains. Stocks transactions will be taxed at 25% for annual profits of over 300 million won. Korean Government Kept Delaying Crypto Taxation Plan Reports of the South Korean government delaying the launch of a new tax framework for crypto profits made headlines several times in 2020. In November, the National Assembly asked to delay the process, which was originally set to take place in October 2021. In December, the planning and finance committee of the National Assembly announced that it will postpone the new tax rule until 2022. Moreover, the Korea Blockchain Association requested on Oct. 14, 2020, that the regulators postpone the 20% crypto tax plan until 2023. The group argued that local crypto firms need “a reasonable period” of time to comply with the new rules.

Even at this point in Bitcoin’s evolution, it’s still relatively rare for cryptocurrencies to hit mainstream news headlines unless volatility reaches dramatic extremes. It’s even more extraordinary for blockchain apps to get picked up by the global media. Cryptokitties is one of those rare exceptions. When it launched in December 2017, at the peak of crypto price mania, it was an immediate hit. In the first few days post-launch, people spent over $1 million worth of ETH on digital feline artwork. It was so popular that it became the first app to generate congestion on the Ethereum blockchain, drawing the attention of mainstream outlets, including Bloomberg and the BBC. Cryptokitties was among the first applications to make use of the ERC721 token standard, which allows developers to create non-fungible tokens (NFTs.) The game’s popularity led to speculation that there would be a boom in NFT-based applications. However, the craze cooled off as the 2018 crypto winter set in. Now, NFTs are most definitely making a comeback. In fact, the trends that we’re seeing are comparable to the inexorable rise in total value locked in DeFi applications. By September, weekly volumes of NFT transactions had hit the $1 million mark. By December, that number had risen to $2 million. Furthermore, unlike in 2017, when trading volumes were driven out of a single application, transactions are now distributed across a diverse swath of apps and use cases. The Rising Popularity of NFTs Even at a time when Bitcoin is flying high, Ethereum 2.0 has just launched its genesis block, and DeFi continues to dominate, NFTs are also now featuring more frequently in the crypto news. In some cases, they’re even gaining celebrity backing. Over the summer, Hollywood stalwart and blockchain investor Ashton Kutcher auctioned a piece of digital art via Cryptograph. More recently, renowned gamer and YouTube star Pewdiepie confirmed a collaboration with a blockchain-based game called Wallem, which uses NFTs for skins and other in-game assets. Elsewhere, decidedly analogue-flavored auction house Christie’s announced it had sold a digital portrait of the Bitcoin code for the princely sum of $130,250 – over seven times the highest estimate for the work. And the Sorare platform, running a global fantasy football league, has signed up over 100 clubs, including Juventus, Paris Saint-Germain, Atletico Madrid, and FC Bayern München. Sorare allows users to collect and trade digital cards representing their favorite players, to build their own fantasy football teams. Sorare has grown to become one of the most popular NFT games, having accrued over $5 million in traded volume since launching, according to the aggregator website NonFungible. A Match Made in Heaven? Although the global gaming market is huge and offers vast potential for NFTs, there could be another killer use case for NFTs on the horizon: DeFi. 2020 has undeniably belonged to decentralized finance, with the market having grown by over twenty times since last January, according to DeFi Pulse. Despite the growth in popularity of NFTs, they remain relatively illiquid compared to the rest of the cryptocurrency markets, limiting their value. Now, a growing number of projects are starting to see the potential in merging the DeFi and NFT segments to power up the value in both. Although this is still a very nascent field, a core feature that’s emerging is allowing NFT holders to stake their tokens in DeFi applications. So someone owning a rare Cryptokitty, or a piece of land in Decentraland, could use their NFT as collateral to obtain a loan in the same way they’d put down ETH. This is the premise behind NFTfi, which bills itself as a “simple marketplace for NFT collateralized loans.” The borrower agrees to stake their NFT into a smart contract, which will unlock to the lender if the borrower fails to make their repayment. Aavegotchi takes this a step further. Aavegotchis are ERC721 tokens represented as pixelated collectible artworks. Each has specific attributes that determine its overall value and rarity within the Aavegotchi universe. Each Aavegotchi ERC721 token manages an escrow contract address that holds an Aave-backed aToken, generating a yield on Aave lending pools. It effectively means those holding Aavegotchis can use them for liquidity farming. Connecting DeFi to Other Assets If this seems gimmicky, then remember that the entire NFT concept kicked off with digital cat artwork, but now globally recognized legacy brands such as Christie’s are getting involved. Taking the idea further, the fusion of DeFi and NFTs offers the intriguing potential to connect DeFi to other assets, including those in the real world. Currently, the only way to get involved in DeFi is to stake cryptocurrencies. Now, imagine that whoever bought the Christie’s artwork could stake that piece, worth $130,000, to obtain a loan. Furthermore, imagine if a real-world piece of art, or a car, or real estate, was represented as an NFT on the blockchain and could be staked as collateral. While these developments may be some way off, there are other reasons to believe that the NFT trend will gain further traction in 2021. When Cryptokitties first launched, there was little infrastructure in place to support an NFT economy. Stablecoins were in their infancy, meaning users had to transact in volatile cryptocurrencies like ETH. Crypto derivatives hadn’t yet taken off, and the concept of DeFi was unheard of. Today, all of these developments provide a solid basis on which an NFT economy can flourish. Although it’s hard to make any concrete predictions, it doesn’t seem outlandish to suggest that at this point, NFTs have the potential to become the next biggest trend in crypto as we head into the new year. Combined with DeFi, it seems highly likely that they could see even further meteoric growth.

The U.S. Internal Revenue Service (IRS) has updated its instructions for disclosing crypto activities. The update provides clarification on who must answer “yes” to the IRS’ crypto question and when it is appropriate to select “no” as the answer. IRS Publishes New Crypto Tax Filing Instructions The IRS published updated instructions for Form 1040 on Dec. 31. They include additional information on how to answer the cryptocurrency question on the main tax form used by individuals to file U.S. tax returns. The first question on Form 1040 is about cryptocurrency. It reads: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” Taxpayers only need to answer “yes” or “no” to this question. According to Cryptotrader Tax, a crypto tax software company, the IRS now requires taxpayers who purchased cryptocurrency in 2020 to answer “yes” to the crypto question on Form 1040 — not just if they sold, traded, or exchanged cryptocurrency as outlinned the previous instructions. The company detailed: This language was not present in the prior instructional guidance that was released in October. The IRS will now know everyone who purchased cryptocurrency in 2020 as all taxpayers must answer this question under penalty of perjury. In summary, taxpayers must answer “yes” to the IRS’ cryptocurrency question in 2020 if they purchased or received (including from an airdrop or a fork) cryptocurrencies. They must also answer “yes” if they sold a cryptocurrency for a fiat currency or exchanged a cryptocurrency for another cryptocurrency. In addition, they need to answer yes if they used cryptocurrency to pay for goods or services. Form 1040 for the tax year 2020 showing the cryptocurrency question. Source: IRS The new instructions also clarify when taxpayers do not need to answer “yes” to the crypto question. The IRS described: A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control to another that you own or control. “This is valuable clarification for long-term holders who were unsure if they needed to select yes or no to the question,” Cryptotrader Tax commented. The IRS also explained that if a taxpayer disposes of any cryptocurrencies that were held as capital assets through a sale, exchange, or transfer, they must use Form 8949 to figure out their capital gain or loss and report it on Schedule D of Form 1040.

South Korean politicians won’t be required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills failed to pass the National Assembly. Proposal Submitted in November 2020 According to the Electronic Times, the bills aimed to require lawmakers and senior public servants to report all their cryptocurrency holdings and their trading profits, which raised controversy amongst the political sphere. The proposal was submitted in November 2020 by Min Hyung-bae, a lawmaker of the ruling Democratic Party of Korea and a parliamentary finance committee member, whose rule stated that politicians with $9,200 (10 million won) or more worth of cryptocurrency holdings should submit declarations before the Ethics Committee. Min wanted the bills to prevent conflicts of interest within the public officials who “could use their political positions to pursue private interests.” The current act, known as Public Officials Ethics Act, requires South Korean lawmakers and candidates to a political position to declare their lands, housing possessions, cash, and bonds only if each property declared is worth $9,200 or more. Another of the motivations behind proposing the three bills was a case of conflict of interest with lawmakers Park Deok-heum and Jeon Bong-min. However, that case was not related to crypto whatsoever but raised concerns in the National Assembly to “strengthen the existing laws,” the report said. Ministries still point out that cryptocurrencies have no official property value, as their legal status is not reviewed yet. Similar Proposal Approved in Russia A similar proposal was approved by Russian President Vladimir Putin. As news.Bitcoin.com reported on Dec. 13, 2020, Putin signed an order that requires government workers to disclose their cryptocurrency holdings. The order stipulates that employees must submit details of where they bought the digital assets and the value thereof by June 30, 2021. Although the discussions to make the legal concept of cryptocurrencies in South Korea unambiguous are halted, the government was actively submitting proposals during 2020 to tax profits made from buying and selling cryptocurrencies.

The price of bitcoin smashed through the last all-time high again jumping above the $37k zone to $37,400 per coin. The crypto asset’s market valuation is around $689 billion at the time of publication, as it has seen $26 billion in trade volume worldwide. Moreover, the entire crypto-economy surpassed the $1 trillion mark on Wednesday evening (EST) as well. Bitcoin (BTC) has jumped over the $37k handle on Wednesday surpassing the cryptocurrency’s previous all-time high (ATH). At approximately 7:04 p.m. (EST), BTC touched an ATH of around $37,400 per unit. Bitcoin is up 8.5% during the last 24 hours, 27% during the last seven days, 91% for the month, and 235% for the 90-day span. BTC is also up more than 350% against the U.S. dollar for the last 12 months. At approximately 7:04 p.m. (EST), BTC touched an ATH of around $37,400 per unit. Currently, BTC is still riding above the $37k handle. Despite BTC’s price being so high, the Bitcoin dominance index is a tad lower. The metric shows bitcoin’s market dominance compared to all the other crypto assets in existence is around 68.5%, after riding high above 70% for a while. The Bitcoin network hashrate has also skyrocketed during the last 24 hours as miners are dedicating 162 exahash per second (EH/s) to the BTC network. There’s approximately 19 mining pools with hashrate pointed at the blockchain and F2pool leads the pack. The pools that follow F2pool include operations such as Huobi Pro, Binance Pool, Antpool, and Btc.com. The executive at the Bitcoin Depot, Brandon Mintz, told news.Bitcoin.com that BTC’s scarcity is driving demand. “The scarcity of BTC compared to the printability of dollars is likely to attract savvy individuals looking to diversify their assets in the event of a lapse in the traditional financial system,” Mintz said. “As the adoption rate of BTC increases and the supply remains constant, the value of BTC will only continue to rise.” Meanwhile, as BTC crossed a new ATH, digital assets like ETH, ADA, BCH, LINK, and XLM have all seen percentage gains between 8% to 70%. Ethereum’s market cap, which is hovering around $138 billion, is partly the reason BTC’s dominance has dropped a few percentages. Currently, the entire market cap of all 7,500+ crypto assets is approximately $1,000,395,709,742 according to exchange data.

An unnamed 37-year-old man was a victim of a theft from a gang of robbers who fled with 15 bitcoin (BTC), worth HKD 3 million ($387,000) in cash. They had agreed to meet in person for a crypto exchange transaction. Six Non-Chinese Suspects Allegedly Involved in the Theft Per the South China Morning Post, the bitcoin trader intended to meet in person in Hong Kong with the alleged buyers after an online conversation. Initially, the unnamed victim was paid the HKD 3 million in cash as agreed while in the robbers’ car, as he previously transferred 15 BTC to the buyers, outside a hotel in North Point, Hong Kong. According to markets.Bitcoin.com data, 15 BTC is worth $519,969 as of press time. However, following the transaction, the robbers kicked the victim out of the car on a hillside while counting the money, sparking a nationwide search. According to the police, the incident happened after the robbers traveled for more than 6km and stopped on Tai Tam Road in Chai Wan. Afterward, three men appeared on the scene, kicked out the victim, stole the victim’s cash and two mobile phones. Hong Kong police stated that they are looking for a total for “six suspects of non-Chinese ethnicity, aged around 30,” including the driver, who are possibly involved in the incident. Reactions From the Crypto Community Police sources told the South China Morning Post that the robbery didn’t involve any weapons, nor struggles that left people injured. As of press time, the Eastern district crime squad of Hong Kong is in charge of the investigation. Reacting to the news, Jameson Lopp, CTO of Casa and former software engineer at Bitgo, issued a short, but straight-to-the-point recommendation: Don’t engage in six figure face to face bitcoin trades without an armed escort, folks. Some people commented on Lopp’s Twitter thread that in-person bitcoin-related transactions are quite common in some countries, such as Japan, even involving “large cash trades.

Grayscale has sold all of its XRP holdings to purchase bitcoin, ether, and other crypto assets. In an announcement made earlier today, Grayscale made it known that the firm has sold all of its XRP tokens from the Digital Large Cap Fund. Grayscale Sells Off All XRP Holdings There appears to be more gloom for XRP as Grayscale Investment announced that it had sold off all XRP tokens it was holding in its Digital Large Cap Fund. This news comes days after a report emerged that Grayscale had purchased a large number of XRP tokens at a much lower price. According to data from Cryptowhale, the firm had bought over 12 million XRP tokens on New Year’s eve. However, in what appears to be a twist in the decision of the leading crypto investment company, the firm has now decided to totally liquidate all XRP holdings in the large-cap fund. This decision might be connected to Genesis Global Trading, the solely authorized participant of the fund, who earlier announced that it would be suspending XRP tradings on its platform. Genesis cited the impending lawsuit between Ripple and Securities and Exchange Commission (SEC) as to why it has decided to stop trading the crypto asset from January 15, 2020. Grayscale made it known that the proceeds from the liquidation have been used to purchase other crypto assets like bitcoin (BTC), bitcoin cash (BCH), and litecoin (LTC). XRP Token Is Still Suffering the Effects of the Impending Litigation Against Ripple Labs Since reports emerged that the U.S. SEC was going to be suing Ripple, the regulator alleged that the firm was offering a $1.3 billion unregistered security offering. Due to this litigation, many crypto exchanges have started delisting the token from their platform. Bitwise, Coinbase, Binance, and a host of other major crypto exchanges have either suspended or totally stopped trading the token on their platform. Another effect of the lawsuit is the tumbling of the price of the crypto asset since the legal issues emerged. Since then, the price of XRP has dipped below $0.20 which equates to a 70% drop. Ripple has vowed to stand up against the SEC, noting that the allegations against it remain false and unfounded. The firm also stated that it was going to continue supporting its operations and products that were outside the United States.

Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high. 1,620 Crypto Mining Farms Shut Down in Iran Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the unauthorized cryptocurrency mining farms were identified in December as the price of bitcoin surpassed all-time highs. Mostafa Rajabi Mashhadi, a spokesman for the Power Generation, Distribution and Transmission Company (Tavanir), told the state broadcaster on Saturday: Tavanir is strict in dealing with unauthorized miners, those who use subsidized power, such as unlicensed miners, will be fined as much as the loss they impose on the national grid. Their mining places will be disconnected from the national grid and face prosecution. In July 2019, the Iranian government said it would recognize crypto mining as a legal industry. The publication noted that initially, miners welcomed this move but later they claimed that the electricity tariffs were too high and took their businesses underground. Tavanir is legally authorized to shut down illegal crypto mining businesses, the news outlet noted, adding that a total of 24 cryptocurrency mining farms using 310 MW have been approved by the Ministry of Industries, Mining, and Trade so far. The Iranian Energy Ministry explained that the electricity bills for miners are based on average power export rates and the country’s Forex Management Integrated System (Nima). “Miners are charged 4,800 rials for one kilowatt-hour that is half the electricity export rate in autumn, winter and spring,” the publication detailed. “However, billings are planned to be based on 19,300 rials/kw, twice the price for exported electricity in summer (June to Sept).” Rajabi Mashhadi said that the judiciary reported a jump in court cases related to illegal cryptocurrency mining in December and nearly 500 cryptocurrency mining farms were identified with the help of whistleblowers. They are given incentives, including rewards of 100 million rials, for helping energy officials identify illegal crypto mining farms.

On Monday, a British judge rejected the U.S. request to extradite the Australian editor, publisher, and activist Julian Assange. Following the U.K. judge’s decision, the current president of Mexico, Andres Manuel Lopez Obrador, has offered Assange political asylum in the country. Meanwhile, Wikileaks has gathered hundreds of thousands of dollars in crypto-asset donations since the founders’ arrest in April 2019. US Extradition Requests for Julian Assange Denied The world recently watched a United Kingdom judge reject the United States’ request to extradite the Wikileaks founder Julian Assange. The activist told the court that the state of the harsh U.S. prisons would likely lead to killing himself. “I find that the mental condition of Mr. Assange is such that it would be oppressive to extradite him to the United States of America,” the judge said after rejecting the U.S. request. Assange was arrested on April 11, 2019, and he faces espionage charges over the publication of classified U.S. documents. Following the judge’s rejection, the notorious whistleblower Edward Snowden tweeted about the decision to not let the U.S. take Assange. “Let this be the end of it,” Snowden tweeted after hearing the news. Additionally, the sitting president of Mexico, Andres Manuel Lopez Obrador, has offered Assange political asylum. Obrador told a daily press briefing that the British judge’s decision to reject the U.S. government was a milestone of justice and added that Assange is “a journalist and deserves another chance.” “I’m in favor that Assange is pardoned, furthermore, I will ask the foreign minister to initiate proper procedures to ask the United Kingdom’s government about the possibility that Julian Assange is set free, and that Mexico offers to provide political asylum,” Obrador stressed. $800K in Crypto Donations Moreover, the cryptocurrency community has been sending Assange and Wikileaks quite a bit of crypto-funding since his arrest in 2019. At the time of publication, the Wikileaks BTC donation address holds 19.66 BTC or over $600k using today’s exchange rates. Bitcoin cash (BCH) proponents have donated 222.99 BCH or over $87k at current BCH prices. The Wikileaks litecoin (LTC) address has 140 LTC or over $21,000 in litecoin donations. 76.87 unshielded zcash (ZEC) has been sent to the Wikileaks address worth $4,350 today. Wikileaks also accepts private transfers of zcash (ZEC) and monero (XMR) as well. As far as ethereum (ETH) donations are concerned, the organization has collected over 89 ether or over $87,000 using today’s ETH exchange rates. Since his arrest in 2019, Assange has spent his time at the high-security Belmarsh Prison. If Assange was to be extradited to the U.S. he faces 18 cyberattack crimes for hacking government computer systems. Assange is also charged with espionage and the aggregate of U.S. charges could see Assange get a 175-year sentence in prison. Out of all the cryptocurrency donations Wikileaks has received, most of the coins have been held for a long period of time. Out of a total of 24.21 BTC donations sent to the nonprofit, Wikileaks has only spent 4.55 BTC to date ($140k) and many other coins have been held long-term as well. Without knowing how much shielded zcash (ZEC) and monero (XMR) Wikileaks has been sent, the addresses that do show donations we can see, indicate that the organization holds over $800,000 worth of crypto donations today.

Chile’s Free Competition Defense Court (TDLC) ruled in favor of the Latin American cryptocurrency exchange Buda after their checking accounts were closed by two major banks in the midst of a lawsuit related to a Ponzi scheme unrelated to the exchange. Chilean Court Rejected Petitions From Two Banks to Keep Checking Accounts Closed From Crypto Exchange Buda According to Diario Financiero, the TDLC decided that Banco Itaú and BancoEstado should keep open Buda’s bank accounts, which were shut down in 2018 during an investigation of a bogus company named Terra Finance that turned to be a scam. The lawsuit filed by four victims of the scheme — defrauded with a total amount of 100 million Chilean pesos ($200,000 approximately) — said that they were users of the crypto exchange. At that time, Banco Itaú backed its decision by claiming that Buda allowed the usage of its platform for bogus companies like Terra Finance indirectly and did nothing to stop it: “Buda is indirectly allowing the use of Itaú’s systems by other cryptocurrency exchanges, of recognized risk, without being able to do anything about it.” However, the Chilean court didn’t consider strong enough such claims and issued the following resolution on the matter: The new information presented does not undermine the serious presumption of the right that is claimed or of the facts denounced in the lawsuit. Legal Battle Is Still Alive Speaking with the local media outlet, Samuel Cañas, Buda’s chief legal officer, said: The bank has not been able to present sufficient information to dismiss the serious presumption of acts that threaten free competition that the Court determined to grant the precautionary measure in favor of Buda.com. But the legal battle had not ended, said Guillermo Torrealba, Buda’s CEO, since the lawyers told him that there is still 1 year left. Still, he pointed out that the exchange is going “on the right path,” as four of five judges voted in favor of Buda, instead of the three votes they got in the last audience.