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Signs the crypto market is recovering after a volatile week

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Bitcoin is recovering after a very bad week

It seems the crypto market is slowly recovering after slumping over recent days

Bitcoin at one point was at the low $30,000 mark but at least for now, it’s retaken the $40,000 mark.

A rebound in Bitcoin has held strong even as the U.S. Treasury Department called for new rules.

The department has called for regulation that would require large cryptocurrency transfers to be reported to the Internal Revenue Service.

The comments from U.S. officials come one day after a brutal sell-off on concerns over tighter regulation in China.

Elon Musk has also been one to blame for the turbulent ride for Bitcoin, after his company, Tesla suspended transactions using the crypto. The electric car company, Tesla admitted they remain concerned with how much energy Bitcoin uses.

Crypto’s notorious volatility appears to be on the rise. On Wednesday, Bitcoin’s 30-day volatility went over 80% for the first time since March. Ethereum was even more volatile.

US investors to report to the tax office

The Biden administration has revealed new measures that will require crypto investors to report their digital earnings to the US tax office

Cryptocurrency transfers of more than $10,000 will need to be flagged with authorities, as Biden moves to tighten regulations surrounding the currencies.

These new measures are designed to prevent tax evasion within the underregulated sector, and come one day after China revealed it would also be cracking down on the crypto market.

The price of Bitcoin fell 5 percent after the announcement, following a week of disastrous slumps for the world’s most popular crypto.

Chair of the US Federal Reserve, Jay Powell says authorities should be“paying attention to private-sector payments innovators who are not within the traditional regulatory arrangements applied to banks and other financial institutions”.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Crypto

FBI offers reward for the Bulgarian ‘crypto queen’

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A woman has been dubbed the ‘crypto queen’ after raising billions of dollars in a fraudulent currency scheme

In 2014, Ruja Ignatova launched ‘OneCoin’ which sought to replace Bitcoin as the world’s top digital currency.

The coin was marketed to friends and family in exchange for their own payouts, which added up to over USD $3 billion.

The entrepreneur had previously told investors she had created the “Bitcoin killer”.

“This network was created to become and to fuel the growth of OneCoin,” she told a packed London event in 2016.

But once the scheme was uncovered, reports emerged the woman had disappeared in Greece. That was five years ago, and she has not been seen since.

The 42-year-old has made it onto the FBI’s top 10 most wanted list, with a USD $100,000 reward on offer.

“She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency.”

Damian Williams, a U.S. prosecutor

The FBI says Ignatova may have travelled to the United Arab Emirates, Bulgaria, Germany, Russia, or other eastern European nations on a German passport.

“[It’s] one of the largest Ponzi schemes in history,” Williams said.

Her own brother was arrested in Los Angeles two years ago, and later pleaded guilty to wire a fraud in a deal with U.S. authorities.

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North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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