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Crypto

U.S. targets Russia’s darknet and illegal bitcoin in major crackdown

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There are more sanctions coming for Russia’s darknet and a crypto exchange

The U.S. Treasury Department imposed harsh sanctions to crackdown on Russia-based darknet market site and a cryptocurrency exchange.

The Moscow and St. Petersburg based sites are responsible for most illegal activity in cyberspace.

The Treasury Department described Hydra as the world’s “largest and most prominent darknet market”

The Department says they’re sending a clear message to criminals that “you cannot hide on the darknet or their forums”

The new sanctions block anyone in the U.S. from making or receiving funds, goods, or services to Hydra or the crypto exchange known as Garantex.

This is part of an international crackdown on malicious cybercrime, drugs and ransomware activity that come from Russia.

Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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Business

Kim Kardashian charged over crypto promotion

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Kim Kardashian is making headlines today but not for good reasons.

The celebrity has been charged $1.26 million by the Securities and Exchange commission for unlawfully promoting a crypto asset on her Insta profile.

The SEC found that the star failed to disclose she was paid $250, 000 to post about the digital coin.

Chair Gary Gensler says this is a reminder that “when celebrities endorse investment opportunities, it doesn’t mean that those investment products are right”

Gensler warned investors to do their own research and analyse the risk involved based on their own financial goals.

Kardashian fully cooperated with the investigation and is not allowed to promote another crypto asset for three years.

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Crypto

Coinbase users in the dark following company-wide fault

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Coinbase users were left in the dark at the weekend because of a company-wide fault

The crypto exchange temporarily stopped transactions for users in the U.S. for over five hours.

Withdrawals and deposits involving bank accounts were put on hold.

But users could still use a debit card or PayPal to buy their crypto.

It follows a string of delays with Solana too, after the network suffered an outage last Friday.

Of course, Coinbase dropped over 1-thousand staff as the value of the crypto falls dramatically.

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