Crypto crime’s overall impact set to fall even further in 2022: Chainalysis
“Cash is still king when it comes to illicit finance, and that is not likely to change,” says Chainalysis researcher Kim Grauer.
“Cash is still king when it comes to illicit finance, and that is not likely to change,” says Chainalysis researcher Kim Grauer.
Tether has been one of the biggest question marks in crypto in recent years, and that hasn’t changed as adoption has grown. Decentralization has been a hot topic, and while the word itself isn’t mentioned once throughout Satoshi Nakamoto’s Bitcoin whitepaper, it is a core identity that has been latched on to bitcoin, and crypto in general, since near inception. Of course, decentralization is the core component of just one of many question marks around Tether. However, this week the spotlight is on just that, as Tether announced that roughly $160M worth of stablecoin USDT would be frozen. Let’s look at what we know. Tether Faces Scrutiny Around Decentralization Three Ethereum-based USDT addresses, holding north of $150M, were frozen this week, according to Tether officials, as the blockchain cited the move due to “a request from law enforcement.” The blockchain has now blacklisted over 560 addresses since November 2017. It was the first blacklisting maneuver from Tether in 2022. Tether representatives have previously stated that “through the freezing of addresses, Tether has been able to help recover funds stolen by hackers or are compromised,” leading to heated debates in the crypto community – one that has largely embraced decentralization – over what degree of power blockchain authorities should be able to weild over the network. Long-time crypto loyalists are, generally speaking, not ecstatic about Tether’s level of control of the market – even if the end result is to replace funds that were lost due to the actions of malicious bad actors. Furthermore, recent U.S. government scrutiny over the likes of stablecoins – notably USDT and USDC – have arguably led to substantial growth of more decentralized alternatives, namely UST and DAI – the third and fourth largest stablecoins in the market. Related Reading | Jack Dorsey’s Block Looking To Democratize Bitcoin Mining With Open Source Mining System As broader cryptocurrency markets have grown, so too have stablecoins such as USDT; however increased scrutiny from crypto loyalists have left many wondering about the extent of power that the network should carry. | Source: CRYPTOCAP: USDT on TradingView.com Where We Go From Here Admittedly, Tether is undoubtedly in between a bit of a rock and a hard place. The leading stablecoin is rapidly approaching a $100B market cap, and is salivating at the thought of solidifying it’s stature as the ‘go-to’ stablecoin in a world of rapid crypto growth. Additionally, according to a Chainalysis report, illicit activity and cryptocurrency-based crime nearly doubled in 2021 compared to 2020, and government officials are likely ramping up communications with the blockchain. As we kick off the new year, expect more of the same when it comes to Tether, and perhaps even Circle’s USDC – as the two look to ingrain crypto in more mainstream outlets, a degree of centralization to come with that is inevitable. Related Reading | UAE Authorities Announce New Stringent Measures Against Crypto Scammers Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Buterin has been both the golden child of crypto, and the recipient of some of the most trenchant criticism. For a bit of fun, he decided today was the day he wanted to dig some notable digs up and share them with his Twitter followers.
I wanted to buy eth to play poker on CoinPoker but have no idea where to start. What’s the best site to purchase eth so I can have in my own wallet What wallet would I use if I buy eth so I can transfer to a poker account submitted by /u/TittsMaagee [link]…
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It looks like Second Life might be approaching its second coming, with creator Philip Rosedale returning to the project as it prepares to tackle the Metaverse.
submitted by /u/fallenkeith2018 [link] [comments]
Nasdaq-listed cryptocurrency exchange Coinbase has acquired a regulated derivatives trading platform. Coinbase plans to make the derivatives market more approachable to millions of its retail customers. Coinbase Plans to Offer Crypto Derivatives to All US Customers Nasdaq-listed crypto exchange operator Coinbase announced Wednesday that it has acquired Fairx, a regulated derivatives trading platform. Fairx is […]
I did a stupid thing. I deposited USDC on Polygon to Kraken, but they only support it on Ethereum. I feel stupid of course (I’ve done tons of transactions and always get nervous – but never has something actually gone wrong)… I then texted support about it, thinking they could maybe recover it using their…
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We also think there is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers. Therefore, even if other countries do not believe in the investment thesis or adoption of bitcoin, they will be forced to acquire…
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So After Spending time on this sub for a couple of months and seeing people complain about moon farmers and constant repost, I am finally going to have to agree that the same thing does get posted over and over again. I sort by New due to wanting to read and comment on brand new…
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