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Ukraine Asks Crypto Exchanges to Freeze Accounts of All Russian Users — Major Exchanges Deny Request

Ukraine Wants Accounts of All Russian Crypto Users Frozen　　Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Sunday asking all major cryptocurrency exchanges to block addresses of Russian users. “Its crucial to freeze not only addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,” he tweeted.　　His tweet has been widely criticized in the crypto community. One person said the request “Totally violates the foundations and very basis of cryptocurrency.”　　Another pointed out: “A lot of people in Russia donate money to Ukraine, condemn the war, and crypto is one of few safe spaces for them to operate and not get jailed by own government.” Many advised, “Get your money out of exchanges,” emphasizing, “not your keys, not your coins.”Crypto Exchanges Respond to Request to Freeze Russian Users‘ Accounts　　Two major cryptocurrency exchange platforms have responded to the Ukrainian vice prime minister’s request to freeze accounts of all Russian users at press time.　　Binance told CNBC Monday, “We are not going to unilaterally freeze millions of innocent users accounts,” adding:　　Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban peoples access to their crypto would fly in the face of the reason why

2022-03-01Deep Dive

How NFTs and the Metaverse Can Help Save the Planet

The Crypto Mining Required for Minting Supports the Development of Green Energy　　South Korea is not only among the leaders of the global cryptocurrency and blockchain race — the fans of South Korea‘s most successful, world-famous K-pop band BTS are also very educated on the subject. When Hybe, the entertainment company that manages BTS, announced that they would issue BTS-themed NFTs that will play music, the reaction of the fans was not “what is an NFT,” but rather “NFTs are not eco-friendly.” Sirgoo Lee, CEO of Upbit’s operator Dunamu which is in a joint venture with Hybe, had to promise in response that Hybe would use “low carbon, eco-friendly” technology to mint the NFTs.　　The controversy surrounding the environmental impact of crypto mining and minting NFTs is mainly centered on energy consumption. But in fact, many crypto mining farms tend to be located in low-temperature, high-latitude countries where electricity is much cheaper and is generated from renewable sources such as geothermal or hydroelectric power. Even energy from volcanoes is being developed for crypto mining. The recently formed Bitcoin Mining Council calculated 56% of the industry uses sustainable energy resources.　　Although some industry experts do argue about the calculation, its undeniable that seeing cryptocurrency

2022-03-01Deep Dive

South Korea Plans a $187 Million National Metaverse Effort

The metaverse trend appears to be showing no signs of slowing down as South Korea becomes the first country to express desires to build its own project in the field.　　According to a recent report, the country plans to invest a whopping $187 million in a national metaverse project.　　The pledge of roughly $187 million comes from South Korea‘s Ministry of ICT, Science, and Future Planning, and it’s in a bid to create a Metaverse ecosystem thats intended to support the expansion of digital content and corporate growth.　　Per the official statement, the funds are to be spent on completing various objectives with aims of creating a large digital ecosystem carrying the name Expanded Virtual World.　　The government agency also intends to use its metaverse as a platform to expand industrial virtual growth of education, media, and cities altogether.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2022-03-01Deep Dive

Why Russia Is Unlikely to Turn to Crypto Following International Banking Blockade

IN BRIEF　　Ruble collapses 30% after banking blockade.　　Not enough liquidity in crypto for Russia to use.　　The U.S. may be forced to crush the industry if this happens.　　There has been a lot of recent narratives on the possibility of Russia switching to utilizing crypto if its ostracized by the international banking system. However, this may not be the case and it may not be a good thing anyway.　　Over the weekend, the United States and European nations decided to block certain Russian banks from the SWIFT payments system. Consequently, long queues have been seen at ATMs in Russia and the ruble has plunged 30% against the dollar today.　　Crypto industry analysts and experts opined that the country could switch to digital assets to avoid the banking blockade if this was the case. However, not all are in agreement and some industry experts think that Russia will not be adopting cryptocurrencies any time soon.　　Russia unlikely to adopt crypto　　On Feb. 28, RippleNet general manager Asheesh Birla debunked this theory in a tweet on why he thinks that Russia will not evade sanctions using crypto.　　Firstly, crypto is becoming more easily tracked so it would not be difficult to block Russian affiliated addresses and wallets. On Feb. 27,

2022-03-01Deep Dive

Bitcoin Could Stifle Incidents Of Cyber Attacks, Says MicroStrategy CEO With Compelling Reasons

Michael Saylor claims Bitcoin can stifle incidents of cyber attacks.　　He claims that this will be possible because of Bitcoins nature as it revolves around energy.　　Bitcoin trades at under $40,000 amid the tensions in Eastern Europe.　　Bitcoin bull, Michael Saylor thinks that Bitcoin might be the answer against DDoS and other cyber attacks. He goes on to claim that the asset “will never be a currency.”　　Bitcoin Will Rein Cyber Attacks　　Michael Saylor stated that Bitcoin is the answer to the hordes of rampaging attacks in cyberspace. The MicroStrategy CEO stated this in an interview with CNBC over the weekend, citing Bitcoins energy usage as an integral part of the solution.　　He claimed that this could be the most important use case scenario for Bitcoin beyond usage in fundraising or a speculative tool for companies to put on their balance sheets. He said that as “digital energy”, Bitcoin is the best tool against scammers and hackers because there is currently “conservation of energy in the cyberspace.”　　He uses the analogy of physically going to a hotel to break items and getting charged for the repairs as compared to using a python script to gain access to any hotel on earth and not get charged any money.

2022-03-01Deep Dive

Israeli Authorities Seize 30 Crypto Wallets Linked to Financing Terrorism

Israel continues its fight against financing terrorism through cryptocurrencies. Israeli Defense Minister Benny Gantz ordered the seizure of 30 crypto wallets and 12 accounts, all linked to financing terrorism.　　The crypto wallets were linked to Al Mutahadun exchange company that is owned by the Shamlach family of Gaza. Al Mutahadun crypto exchange was labeled as a terrorist organization in 2021 for its active role in financing Hamas.　　source: NBCRF　　Israels National Bureau for Counter Terror Financing (NBCTF) recommended listing Al Mutahadun as a terrorist organization. Shamlach familys companies were used to transfer millions of dollars from Iran to Hamas.　　The operation was conducted by the NBCTF and Lehav 433.　　This is not the first time the Shamlach family has been making headlines. In 2021, Israel confiscated 23 tons of chocolate imported by Al Mutahadun for Exchange and the Arab Training Company China. Both companies were owned by Zahir Younes Shamlach.　　The investigation concluded that Hamas planned to sell the imported chocolate bars to the people while using the funds to finance terrorism. The capital was intended to be used mostly by Hamas armed military wing.　　Todays seizure marks the third time Israeli authorities have seized cryptocurrencies that were linked to terrorism.　　July 2021 Seizure Blockchain Analysis　　In July 2021

2022-03-01Deep Dive

Crypto Donations Pour in After Ukraine Government Asks for Bitcoin and Ether — $17 Million Raised so

Crypto Community Responds to Ukrainian Governments Plea for Cryptocurrency Donations　　The Ukrainian government began soliciting cryptocurrency donations Saturday morning. The official Twitter account for Ukraine tweeted: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, ethereum, and USDT.” The tweet also includes a BTC address and an address for ETH and USDT donations. Mykhailo Fedorov, vice prime minister of Ukraine, also tweeted a similar message.　　Following the Ukrainian governments solicitation of crypto donations, blockchain data analytics firm Elliptic said Sunday:　　The Ukrainian government and NGOs providing support to the military have raised $17.2 million through thousands of cryptocurrency donations since the start of the invasion.　　“Twitter accounts belonging to the Ukrainian government have posted pleas for cryptocurrency donations. The addresses mentioned in the tweets have already received $10.6 million across 13,670 transactions,” Elliptic detailed. “This includes a single donation worth $1.86 million, which appears to have originated from the sale of NFTs [non-fungible tokens] originally intended to raise funds for Julian Assange.”　　The blockchain analytics firm continued:　　The majority of donations received to date have been in bitcoin and ether, although US dollar stablecoins contribute a significant proportion.　　A chart showing which cryptocurrencies have been donated to the Ukrainian government and nonprofit organizations supporting the

2022-02-28Deep Dive

EBay Might Take Crypto Payments, Already Accepts NFTs

Jamie Iannone says, in a phone interview, the e-commerce platform wants to be the marketplace for Gen-Z and millennials. The major e-commerce platforms have still not taken the leap of cryptocurrencies. Almost none accept digital currencies as a means of payment. But its safe to say the first to do so would become the topic of conversation in the crypto space.　　EBay (EBAY) - Get eBay Inc. Report which aims to be the marketplace for Gen-Z and millennials, is studying the possibility of adding cryptocurrencies as possible means of payment. The firm could make an announcement on March 10 during its day dedicated to investors, its CEO Jamie Iannone told TheStreet. “Were just completing our transition to manage payments where were now managing $85 billion of volume on our platform directly,” Iannone told TheStreet. “This gives us the ability to open up new forms of payment.”　　“We opened up Google Pay and Apple Pay. We have a partnership with Afterpay in Australia, which is a platform that appeals to Gen Z, and that is a buy now pay later platform on the marketplace,” Iannone continued. “And so we continue to evaluate other forms of payments that we should take on the platform.

2022-02-28Deep Dive

eBay to accept Crypto Payments, Already exploring NFTs

In a world where no major e-commerce platform has taken the step to accept cryptocurrencies, it would be the topic of interest among the crypto community if one does so.　　As per the report by Reuters, America-based e-commerce corporation eBay Inc., which aspires to be the global market for Gen-Z and millennials, is looking at the possibility of accepting crypto as a payment method.　　eBay might officially announce this March　　During an interview with CNBC, the companys CEO, Jamie Iannone, said that e-commerce giant eBay could make an official announcement on March 10 during its investor day.　　“We‘re just completing our transition to managing payments where we’re now managing $85 billion of volume on our platform directly. This gives us the ability to open up new forms of payment,” he added.　　eBay has already opened up major payment methods like Google Pay and Apple Pay. It has also partnered with the Australia-based payment service that appeals to Gen-Z and is a buy now pay later platform, Afterpay.　　As a result, the company is still considering what other types of payments it should accept on the platform. Notably, the country does not accept any cryptocurrency as of now on its platform.　　Iannone believes that Gen-Z is a top

2022-02-28Deep Dive

FTX CEO On What Russia-Ukraine Crisis Holds For Bitcoin’s Future

Key Takeaways　　Bankman-Fried says the Russia-Ukraine crisis has brought crypto into a new regime.　　How this regime will play out is up to two major factions of investors, he explained.　　Market participants have noted that his prediction may already be playing out.　　Russias military action against Ukraine has had unavoidable effects on the crypto market. While still not convinced of what the long-term fate of Bitcoin will be amidst the crisis, Sam Bankman-Fried has pointed out several scenarios that could play out in the market.　　Bitcoin is in a new regime, says FTX CEO　　In a long Twitter thread, SBF, as Bankman-Fried is popularly called, explained that market forces in a war situation were highly unpredictable. Regardless, the FTX CEO sees two possible directions that the Bitcoin market could take based on how different types of investors trade.　　For one, the leading cryptocurrency could be dominated by investors who focus on the fundamentals. These investors, by being focused on the advantages of Bitcoin, remain unmoved and even buy up the asset in the midst of panic.　　Conversely, algorithmic investors, as he calls them, are not so confident in Bitcoin. These investors consider the benchmark crypto to be a risk asset that is correlated with the stock market. Hence

2022-02-28Deep Dive
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