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India crypto app CoinSwitch chief calls for regulatory ‘peace, certainty,’ Reuters says

India needs crypto rules to resolve regulatory uncertainty, protect investors and boost the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters. “Users don’t know what will happen with their holdings – is government going to ban, not ban,” Singhal, who co-founded CoinSwitch, told Reuters at the World Economic Forum in Davos. “Regulations will bring peace … more certainty,” he added. While India’s central bank has in the past voiced concerns and even supported a ban on …

BEEPLE Twitter account hacked to share Louis Vuitton phishing link

The Twitter account of graphic artist Mike Winkelmann, also known as BEEPLE, was hacked today to promote a crypto scam. His account was hacked to share a fake link ostensibly to a website of a collaboration with fashion designer Louis Vuitton. Harry.ETH, a security researcher from MetaMask/MyCrypto, tweeted that “Beeple’s Twitter account has been compromised (ATO) to post a phishing website to steal funds.” It appeared that the victims had lost 35 ETH today, so far, valued at about $71,000. …

Musk tweets his support for crypto over fiat currencies

Tesla and SpaceX CEO Elon Musk made his position clear in a couple tweets early today: He supports crypto over fiat currencies. It began when the world’s richest person tweeted: “Any sufficiently advanced magic is indistinguishable from technology.” This was a riff on science fiction writer Arthur C. Clarke’s famous quote: “Any sufficiently advanced technology is indistinguishable from magic.” Someone then asked what Musk thought of people who were “angry at him because of crypto,” as he has in the …

Lawsuits aimed at recouping UST/Luna losses test uncharted waters

Quick Take A major South Korean law firm, LKB & Partners, is suing Do Kwon and co-founder Daniel Shin on behalf of five investors. Other investors are also organizing online to launch their own lawsuits; we may end up seeing cases centered around whether TFL represented its products and the risks of investing accurately. This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

FTX’s Bankman-Fried donated $16 Million to super PACs in April, Bloomberg Says

Samuel Bankman-Fried, founder of crypto derivatives exchange FTX,  gave $16 million to super PACs in April, making him one of the top donors to such outside political groups, according to the Federal Election Commission, Bloomberg reported on Saturday. The crypto billionaire gave $10 million to Protect Our Future, a super PAC that says it supports candidates who can help prevent the next pandemic, the report said. The group has spent $19 million to influence election primaries so far, all in …

ECB’s Lagarde says while crypto has no worth, she would back digital euro: Politico  

European Central Bank President Christine Lagarde said that while crypto assets have no value, she would “guarantee” a digital euro because the ECB would stand behind it, Politico reported today, citing an interview. “I have said all along the crypto assets are highly speculative, very risky assets,” Lagarde told Dutch television show College Tour in an interview to be aired on Sunday. “My very humble assessment is that it is worth nothing. It is based on nothing, there is no …

CFTC charges two men with $44 million cryptocurrency ‘Ponzi scheme’

The Commodity Futures Trading Commission (CFTC) on Thursday charged two US residents with fraud “akin to a Ponzi scheme” in soliciting about $44 million from at least 170 investors through a website and YouTube videos. Sam Ikkurty of Portland, Oregon, and Ravishankar Avadhnam of Aurora, Illinois, were identified in the CFTC announcement, which added that a restraining order had been issued by a judge freezing assets controlled by the two, preserving records and appointing a temporary receiver. The complaint alleges …

Terraform Labs has no tax liabilities in Korea, Do Kwon says

Do Kwon, CEO of Terraform Labs, said today on Twitter that contrary to reports, his company has no tax liabilities in South Korea. Terraform Labs is the core development team working on the Terra blockchain whose native assets, LUNA and UST stablecoin, recently collapsed after a bank run that wiped out billions of dollars of value .  A recent media report suggested that authorities in Korea were investigating Kwon and Terraform Labs in more than $78 million in unpaid corporate …

UK financial regulator advises against rush to add crypto markets, Financial Times says

Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported. The UK’s chancellor, Rishi Sunak, revealed plans in April to regulate stablecoins and issue an NFT as part of a bid to position the UK as a crypto hub, The Block reported at the time. Still, the head of the Financial Conduct Authority (FCA), Charles …

Waning institutional demand is forcing high-yield crypto accounts to slash rates

The returns available on crypto holdings have fallen to their lowest levels in more than a year on some platforms as institutional demand to borrow recedes, diminishing one of the market’s most attractive selling points for smaller investors.  Crypto lending platforms such as BlockFi and Celsius have experienced staggering growth since 2020, attracting millions of customers by providing yields to individual investors that have ranged from a few percent to as high as 17%.  These platforms take deposited funds and …