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Ukraine Vice PM Asks Major Crypto Exchange to Stop Servicing Russian Customers

Mykhailo Fedorov – Vice Prime Minister of Ukraine – has called on crypto exchanges to freeze all Russian users‘ blockchain addresses to help Ukraine defend itself from Russia’s invasion.　　In a tweet on Sunday, Fedorov emphasized the importance of both cutting off crypto access to Russian and Belarusian politicians, as well as “sabotaging ordinary users”.　　The request follows a slew of sanctions against Russia from western allies, including freezing the assets of Russias four largest banks and reducing reliance on Russian oil exports.　　Crypto is going center stage in the conflict, providing a vehicle of financial support to Ukraine, and potentially Russia. In October, Putin discussed using crypto as a means of payment “to transfer funds from one place to another” in the context of international trade.　　Earlier this month, Bitcoin was used to bypass Canadas financial restrictions prohibiting donations to the freedom convoy protest. While self custodial Bitcoin transactions successfully made it to the truckers, any funds connected to exchanges were red-flagged and frozen by court order.　　Some view the Ukrainian Vice PM‘s request as antithetical to crypto’s promise of universal access and neutrality, while others back the move for the help it could provide Ukrainian citizens.　　Some in the crypto industry have explicitly picked

2022-02-28Deep Dive

BUYING AND SELLING REAL ESTATE WITH BITCOIN IN 2022

Bitcoin has created a new form of wealth, particularly for those who purchased bitcoin at its lowest value. Bitcoin is being used in over 270,000 transactions daily, and its usage is only increasing.　　So, why not use your Bitcoin to make your real estate transactions？ This guide will explain everything you need to know about property transactions involving bitcoin.　　How To Make Your Real Estate Transactions Using BitcoinFINDING REAL ESTATE AGENTS THAT USE BITCOIN　　When using bitcoin to make your real estate transactions, you must be aware of real estate agents and companies that have experience of using bitcoin in the sale or purchase of a home.　　Some real estate agents that have experience using bitcoin include:　　Magnum Real Estate Group - This is a New York-based real estate company adapted to the younger generations desire to make business transactions using bitcoin possible.　　Kuper Sothebys International Realty - This Texas-based real estate company was the first in Texas to make a real estate transaction using Bitcoin.　　Sand Key Realty - This real estate company is Florida-based and has a history of listing properties for sale, with the seller accepting bitcoin as the form of payment.　　Open Listings - sites like Open Listings are making it easier to purchase

2022-02-28Deep Dive

BitConnect Founder Charged with Defrauding Investors

Satish Kumbhani, the founder of the Ponzi scheme BitConnect, has been charged with orchestrating a $2.4 billion, according to a press release published by the U.S. Department of Justice.　　According to prosecutors, BitConnects lending program, which was supposed to use proprietary technologies for generating guaranteed returns, was shut down after operating for about one year.　　Kumbhani relied on a group of promoters in order to give the cryptocurrency a veneer of legitimacy and artificially prop up its value.　　After being charged on multiple counts of wire fraud, conspiracy to commit money laundering and conspiracy to manipulate commodity prices, Kumbhani is facing a maximum prison sentence of 70 years.　　The U.S. Securities and Exchange Commission filed a lawsuit against BitConnect as well as Kumbhani and the leading U.S. promoter of the high-profile fraud back in September 2021.　　BitConnect gained prominence in 2017, but the native BCC token suffered a massive crash in early 2018 after it transpired that the whole thing was a Ponzi scam.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2022-02-28Deep Dive

Cryptocurrency market: Which are the cheapest to buy?

The top cryptocurrencies have attracted investors looking to diversify their portfolios. While many growing companies are accepting cryptocurrencies as legitimate means of payment, the timing seems optimal for investing in cryptocurrencies based on your budget.　　Financial networks like CNBC talk about Bitcoin daily and keep a ticker up on the screen showing the current price.　　However, many people are likely still unaware that Bitcoin is not the only cryptocurrency out there. If youre ready to invest in some crypto, check out the 6 cheap options that could generate nice returns in 2022.XRP (XRP)　　XRP, developed by Ripple - a blockchain company that facilitates global transactions - is an open source cryptocurrency that uses an open source distributed ledger called XRP Ledger. Ripple says XRP was built for payments and can settle transactions faster, more reliably and at a lower cost.VeChain　　VeChain, which is the currency for the impressively named VeChain Thor Blockchain, is used to transfer value across the network. The VeChain Thor Blockchain was designed specifically for supply chain management and business processes through the use of distributed ledger technology.Dogecoin (DOGE)　　The coin is certainly “cheap” at under $0.15 per coin as of Jan. 29, especially compared to its 52-week high of $0.73. The

2022-02-28Deep Dive

Finally, U.S. authorities indict founder of $2 billion BitConnect fraud

Three years after the official closure of BitConnect, an infamous crypto exchange platform, the United States authorities are still in the business of bringing the brains behind it to book for allegations leveled against them.DOJ indicts BitConnect founder　　According to available information, the companys founder, Satish Kumbhani, has now officially been charged to court following his indictment by the US Department of Justice (DOJ),　　The case against him bothers on multiple allegations that he misled investors and, in turn, siphoned over $2 billion.　　A statement released by the DOJ indicated that a San Diego-based federal grand jury said that Kumbhani used BitConnects “Lending Program” to carry out a Ponzi scheme. The statement explicitly stated that the infamous exchange paid “investors with money from later investors.”　　Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering.BitConnect operated like a Ponzi scheme　　But how did he commit these crimes？ A few years ago, Kumbhani created a scheme that offered a trading bot service and volatility software. As a return, he promised investors that those who used BitConnect would receive substantial profits in crypto.　　This move played a

2022-02-27Deep Dive

Cardano’s scaling solution based on ZK Rolloups unveiled

The official blog post by the team behind Cardano‘s first ZK Rollup dubbed ’Orbis‘ revealed how the solution will allow the network to tackle those scaling problems Hydra won’t be able to solve.　　ZK Rollups leverage computation and verification of transactions to be performed on a specialized off-chain network.　　The revealed Layer 2 solution is supposed to support greater throughput for DeFi applications, without putting Cardanos Layer 1 security guarantees at stake. Orbis design 　　“We propose Orbis as the best possible scaling solution as it maintains all the core design principles of the Cardano blockchain while having the ability to scale the network to where it can safely host RealFi and DeFi applications at mass scale,” explained the protocol in a blog. 　　As Cardano‘s dapp ecosystem and user base expands, the number of transactions that can be processed at any given moment is bound to scale–otherwise congestion issues will hinder the network’s growth.　　ZK Rollups are Layer 2 solutions for increased scalability that, in short, bundle, or “roll-up,” a batch of transactions into a single “zero knowledge” proof.　　With Orbis, like with other ZK Rollups out there, each batch generates a cryptographic proof, a so-called ZK-SNARK that is submitted on-chain to the Layer 1

2022-02-27Deep Dive

Russian Rubles Could Become 'Worthless' as Allies Target Central Bank After SWIFT Move

After the EU, Canada, and the US agreed to remove selected Russian banks from the SWIFT messaging system, the Russian Central Bank is to be targeted next, which could make rubles “close to worthless.”　　In a joint statement on Saturday evening, the allies said they commit to ensuring that the Russian banks are disconnected from the international financial system and harm their ability to operate globally.　　But what comes as a more unexpected and possibly more painful move is that the allies also said they “commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.”　　According to Rob Person, an Associate Professor of International Relations at the US Military Academy in West Point, this would mean that the central bank wont be able to access most of its reserves for currency interventions or exchange dollars and euros for rubles.　　“Rubles could (in theory) become close to worthless, with ordinary citizens conducting exchange in dollars. That would have to be on the black market, since its technically illegal to pay for things with dollars/euros directly. Dollars will be scarce s war represents an assault on fundamental international rules and

2022-02-27Deep Dive

Ethereum After 1559: Network Nears 2 Million ETH Burned Worth Over $6.9 Billion

Ethereum Burn Rate Inches Closer to 2 Million Burned, 3.57 Ether Is Burned Every Minute　　The Ethereum (ETH) network has burned approximately 1,915,220 ethereum and the metric is nearing the two million mark. Since the EIP-1559 improvement was added on August 5, 2021, the community has been observing how much ether is being burned on a daily basis. At the time of writing, the 24-hour burn rate is 3.57 ether per minute or around $9,809.16 every 60 seconds.　　EIP-1559 essentially changes the algorithm tethered to the base fee per gas in the protocol and it burns the base fee per gas. Ethereum advocates have been fans of the idea because it makes ethereum (ETH) deflationary over time. When the London hard fork was implemented, Ethereum co-founder Vitalik Buterin told Bloomberg that EIP-1559 was the most important part of London.　　“Now it gets much easier to send a transaction that will get included in the next block and thats very important to user experience,” Buterin explained at the time.Gas Fees Remain Dynamic, Opensea the Largest Ether Burning Entity　　Weeks after the London upgrade, EIP-1559 did not seem to affect the high gas fees users dealt with while trying to send on-chain (layer one) transactions. In

2022-02-27Deep Dive

How Blockchain Is Disrupting the Future of Gaming, From NFTs to Play-to-Earn?

The gaming industry finds itself at an exciting crossroads. AAA Developers seem unable to retain players for more extended periods, whereas play-to-earn games captivate global audiences through monetary incentives. The role of blockchain in the gaming industry will only become more apparent, as there are numerous benefits to unlock.　　2021 Was A Good Year For Gaming　　A recent report on Newzoo confirms the gaming market has not suffered from the global pandemic in 2021. if anything, it has noted strong resilience and even growth in certain areas. That trend continues the 2020 growth, although many people expected a dropoff in revenue for 2021. Instead, consumers spent more on games than before, creating an industry worth over $180 billion.　　Even though numerous AAA games faced delays and incomplete launches, and supply shortages affected new game hardware deliveries, gaming remains as popular as before. It is no longer a “seasonal” industry where numbers pick up during highly anticipated release windows. Instead, the new era of gaming content can continually attract users, spending, and growth.　　One of the crucial growth trends in the mobile space. It is – by far – the most prominent aspect of the gaming industry today, yielding over $93 billion in revenue. That

2022-02-27Deep Dive

What happened to the BitMEX founders in New York federal court?

BitMEX co-founders Arthur Hayes and Benjamin Delo have pleaded guilty to breaking anti-money laundering (AML) regulations in the U.S. Southern District Court of New York.　　This caps a long-running saga in which the pair were indicted by the Department of Justice (DoJ), in October 2020, on charges of violating the Bank Secrecy Act and operating inadequate AML procedures on the derivatives exchange platform.　　“conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an adequate anti-money laundering (”AML“) program at the Bitcoin Mercantile Exchange or ”BitMEX.“”　　Fellow co-founder Samuel Reed and Head of Operations Gregory Dwyer were also named in the DoJ notice. But details of Reeds case have yet to be made public. Dwyer delayed his court appearance to October, arguing a lack of preparation time due to fighting extradition from Bermuda to the U.S.　　In entering their guilty pleas, Hayes and Delo agreed with New York prosecutors to pay $10 million each. But both men will return to court for a sentencing hearing, raising questions over the judiciarys treatment of cryptocurrency versus banking.The fall of BitMEX　　Launched in April 2014, BitMEX was one of the first crypto derivative platforms. It pioneered products such as Perpetual Swaps, which are

2022-02-26Deep Dive
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