Category: Cryptocurrency News

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Both the FBI and the U.S. Justice Department are making moves in the crypto space. Recent high-profile victories offered the necessary incentive for both organizations to take action. Reuters reports that the Justice Department hired “a seasoned computer crimes prosecutor” as their new crypto zar. For their part, the “FBI is launching a unit for blockchain analysis and virtual asset seizure.” Both moves are a clear indication of the U.S.’s newfound attitude towards cryptocurrencies.  The Justice Department’s New Crypto Czar The U.S. Justice Department’s National Cryptocurrency Enforcement Team (NCET) has a new leader. The chosen one is Ms. Eun Young Choi, “a prosecutor who led the case against a Russian hacker who helped steal information about more than 80 million JPMorgan & Chase Co customers.” In the Justice Department’s press release, they quote Director Choi:  “The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds. I am excited to lead the NCET’s incredible and talented team of attorneys, and to get to work on this important priority for the department.”  At Young Choi’s announcement, Reuter quotes Deputy Attorney General Lisa Monaco warning criminals of their organization’s aims: “We are issuing a clear warning to criminals who use cryptocurrency to fuel their schemes. We also call on all companies dealing with cryptocurrency – we need you to root out cryptocurrency abuses. To those who do not, we will hold you accountable where we can.” Their organization is going to move fast and break things, according to Monaco: “Moving forward, prosecutors, agents, and analysts will now assess – at each stage of a cyber investigation – whether to use disruptive actions against cyber threats, even if they might otherwise tip the cybercriminals off and jeopardize the potential for charges and apprehension.” BTC price chart for 02/18/2022 on Easymarkets | Source: BTC/USD on TradingView.com Why Is The FBI Creating On A Crypto-Focused Unit Right Now? Remember those high-profile victories we mentioned? Well, of course, the recent capture of the alleged Bitfinex hackers is one of those. “The creation of the FBI’s “virtual asset exploitation” unit comes after the Justice Department’s largest-ever financial seizure earlier this month,” said Reuters. When NewsBTC covered the story, to summarize the situation, we used the unanswered questions: “Could this tech entrepreneur and this writer/ rapper have hacked a cryptocurrency exchange? Or are they just the money launderers for a bigger operation? And, did they really save the private keys to billions in BTC on the cloud? Or were they set up? Is law enforcement playing tricks on the public or are they the heroes of the day?”  The other high-profile victory is the Colonial Pipeline hack. According to Reuters, the FBI is “ratcheting up their scrutiny of the crypto industry in the wake of a series of high-profile cyberattacks last year on the largest U.S. fuel pipeline network and the world’s largest beef supplier.” When law enforcement recovered millions in BTC from the Colonial Pipeline ransomware payout, NewsBTC summarized the situation like this: “According to the report, Colonial Pipeline controls around 45% of the fuel for the U.S. East Coast. Its CEO Joseph Blount was forced to pay the ransom enforced by the hacker on a control room’s main computer. Estimated in around $4.4 million paid in 63.7 Bitcoin. The operation was carried out by a special ransomware task force created by the U.S. Federal Government. This type of attack has become regular. There is a growing concern in the public and the authorities.” That growing concern ended up creating a new crypto czar and a new FBI unit focused on the problem. Conclusions And Market Considerations There’s a growing concern about how will these high-profile seizes affect the market. Will law enforcement just give the BTC to Bitfinex? Or, will they auction it instead? Will the U.S. absorb it as Bitcoin in their balance sheet? How will law enforcement play it? And what will happen if those coins reach the market in any of those ways? The Bitfinex hack could become a landmark case and point in the direction that the government will go with all of this. Don’t worry, for you, NewsBTC will keep an eye out for every little development. Featured Image by Marija Zaric on Unsplash | Charts by TradingView

The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan […]

The Association of Banks of Russia has launched a dedicated expert center focused on cryptocurrency regulation.

The dao voted on buying a real estate property, great! How do they actually do that? Or are daos limited to online actions at the moment? Even if the dao said lets buy a stock who executes that voting result? Do you need to program a smart contract to execute upon approval? submitted by…
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​ There was a post by Kraken founder about new Canadian legislation and I saw one very interesting and alarming reply on the comments. One of his followers just replied Jesse that Kraken may be put in position to freeze our assets without judicial consent and will probably comply to that request. Jesse just 100%…
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Ariva Wonderland is the metaverse project from Ariva.Digital, a blockchain-based tourism payments product. With its latest product, the project once again launches its users into a new world filled with possibilities. The Ariva Wonderland presents a new experience, while also allowing users to earn by owning assets. Like its parent product, Ariva Wonderland focuses heavily on the tourism aspect of the metaverse. It allows users to travel not only to different places in the metaverse but through time as well. It aims to bring the dynamics of life and the pinnacle of entertainment all built around a unique travel experience. Experience The Real World In The Metaverse In the Ariva Wonderland game, there are metaverse versions of real-life landmarks. Although these versions are modeled closely after their real-life versions, they are also designed in a way that allows users to see various interesting landmarks in the world and also view them from different perspectives. An example of this is the pyramids in Egypt. They are one of the eight wonders of the world and the way they were built continues to boggle the minds of people around the globe. With Ariva Wonderland, users no longer have to wonder how these structures were erected. They can choose to visit the pyramids in the present time or travel back in time and experience the construction of the pyramids. This time travel feature helps to set the metaverse apart from the rest, providing users a never-before-seen experience of real-life landmarks. Not only can users travel back in time, but they can also travel into the future to see these places from a futuristic perspective. Own A Piece Of Ariva Wonderland Like with any metaverse, users are able to own a piece of the Ariva Wonderland metaverse. They can do this by purchasing land in the metaverse. It consists of seven galaxies and seven craters, which house thousands of customized lands in 49 different space areas. All of the lands in the metaverse are connected. However, there are only a total of 160,000 parcels available. This number makes land in Ariva Wonderland an incredibly valuable asset. Some lands are rarer than others, making them even more valuable. An example is a VIP plot of land that is available in the Dubai crater. The city has been making strides when it comes to its crypto investments, as such, a crater was reserved for it. In the middle is the Dubai Palm Island surrounded by luxury hotels, malls, etc. Only one VIP plot will be made available for sale in this crater for now. Users are also able to build a life in Ariva Wonderland. They can go on dates to the movies, theaters, etc. Other unique experiences include traveling, visiting, trading, even getting married in the metaverse. Ariva Wonderland gives users the chance to have a second life. Users can build businesses, customize their lands to their taste, and earn money through Travel2Earn which rewards users for spending time in the metaverse and completing activities.  

The Crypto.com coin (CRO) has just been rebranded as CRONOS in the Crypto.com app. This is giving the coin the same name as the cronos mainnet which is currently in beta. I think this is a welcome name change, personally I was always confused why they had the name “Crypto.com coin”. It’s awful, so much…
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