#cryptocurrency

At a parliamentary committee session, New Zealand central bank governor Adrian Orr voiced his skepticism towards stablecoins, labeling them as inherently unstable. He argued that their reliability is solely contingent on the financial reserves of the issuing entity. The governor also dismissed the notion of Bitcoin or any similar cryptocurrency as a viable substitute for fiat money or a store of value.

The bankrupt cryptocurrency exchange FTX is set to sell Digital Custody Inc. (DCI), a subsidiary it acquired for $10 million, to CoinList for merely $500,000. The leadership deems this transaction favorable, given that DCI, a provider of custodial services, has lost its utility following the abandonment of plans to reboot the platform.

Ransomware attacks achieved a record-breaking milestone in 2023, stealing $1 billion in cryptocurrency, despite a notable downturn in 2022.

The South Korean regulator might launch an investigation into the cryptocurrency exchange OKX for unauthorized advertising of one of its programs. Local laws mandate that every crypto company must undergo registration to smoothly engage with South Korean clients.

Belarusian-Latvian entrepreneur Aliaksandr Klimenka was apprehended on December 21, 2023, in Latvia by US authorities. He now faces charges of money laundering conspiracy and operating the unlicensed cryptocurrency exchange BTC-e.

KPMG's 2023 report reveals that cryptocurrency and blockchain have become the frontrunners in Canada's fintech sector, outpacing other areas despite a general decline in transaction volumes and deal values.

Effective July 19, South Korea's new Virtual Asset User Protection Act will come into force, criminalizing market manipulation, illicit and insider trading within the cryptocurrency sector. Offenders face severe penalties, including a minimum fine of three times the amount of profit gained or imprisonment.

In South Korea, authorities have detained the CEO of Haru Invest along with two other executives of the cryptocurrency platform. They face accusations of illicitly misappropriating 1.1 trillion won ($830 million) in cryptocurrency from 16,000 clients.

The U.S. Department of Justice has leveled charges against three American individuals for committing fraud through SIM card swaps. Bloomberg reports that among the companies affected was the cryptocurrency exchange FTX, which suffered a loss of over $400 million in client assets in the aftermath of its bankruptcy announcement.