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Belarus seizes millions of dollars in crypto

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Belarus seizes millions of dollars in crypto, according to new investigation claims

The head of the country’s Investigative Committee revealed in a recent interview Belarus has already confiscated crypto assets worth millions of dollars.

As published in Bitcoin news, Belarus had to deal with the challenge of how to seize cryptocurrencies when they were first used in drug trade and later economic crimes.

The head of the nation’s Investigative Committee, told stat-run media that law enforcement agencies had to find a way to confiscate such digital assets.

The former Soviet republic, a close ally of Russia, legalised various crypto activities with a presidential decree which went into force 4 years ago.

Last year, President Alexander Lukashenko hinted at a possible tightening of the country’s crypto regulations, referring to China’s example.

Since the Ministry of Justice adopted a legal procedure last month, the seizure of crypto funds as part have been allowed part of enforcement proceedings.

Business

Binance pours in another billion to help crypto

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Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively doubling the size of the fund within just one week.

The additional allocation was announced by Binance’s CEO.

Binance won’t be on its own. Aptos Labs and Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.

The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business.

The recovery fund will be used to buy distressed crypto assets and support the industry.

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Business

Billion dollar fund to save crypto

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Cryptocurrency exchange Binance is trying to shore up trust in the industry, revealing new details about its industry recovery fund.

It aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy.

Binance plans to devote $1 billion in initial commitments to the recovery fund and may even double that if the need arises.

Binance CEO Chang-peng Zhao shared the public wallet address with its initial commitment to prove the company is acting transparently.

The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.

Musk’s distance

Twitter CEO Elon Musk is distancing his new company from FTX’s disgraced founder Sam Bankman-Fried and his alleged ownership of Twitter shares.

In a series of tweets, Musk called out a “news report that alleged Bankman-Fried rolled his $100 million holdings of Twitter into private shares.

Musk discredited the report which alleged Bankman-Fried “owns a sizable chunk of a now privately held and debt-laden Twitter.”

The report claimed an FTX balance sheet prepared after the takeover closed at the end of October and circulated to investors earlier this month.

In a tweet Musk says “SBF/FTX do not own shares in Twitter.”

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Business

Should crypto be banned for NYC retirement savings?

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New York’s Attorney General wants lawmakers to ban the use of crypto assets as an investment option for retirement accounts.

In the letter addressed to members of Congress, the attorney general claimed that US lawmakers need to protect workers’ retirement funds from high-risk crypto assets.

It follows the recent collapse of FTX which delivered billions in losses to retail users.

She added that while investment in crypto assets has found momentum over the past few years, these assets “have no intrinsic value on which their prices are based.”

James also urged Congress to reject a recent law that would prevent the Secretary of Labor from banning digital asset investments.

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