Twenty seven cryptocurrency exchanges are under the MHA scanner over a Rs 623 crore scam, being called “one of the most sophisticated financial laundering models yet” in the country.
MHA has flagged 27 Indian crypto exchanges in Rs 623-crore laundering case. (Image: AI Generated/Meta AI)
At least 27 cryptocurrency exchanges are under the Home Ministry scanner over a Rs 623 crore scam, in what investigators are calling one of the “most sophisticated money laundering model yet” to emerge from the country’s cyberfraud ecosystem, a report states.
According to report by the Indian Express, crypto exchanges such as Coin DCX, WazirX, Giottus, ZebPay, Mudrex, and CoinSwitch, have been flagged by the MHA as channels used by cyber criminals to launder the money.
As per the report, the funds were siphoned off from 2872 victims over a period of 21 months, from January 2024 to September 2025.
As per officials cited by the report, the victims had used fake trading or investment apps to invest their funds, unaware that their money was being converted into digital assets, and “layered through dozens of wallets”.
The MHA’s Indian Cyber Crime Coordination Centre (I4C) has now shared an internal list of these crypto exchanges, or Virtual Asset Service Providers (VASPs), with enforcement agencies and the Financial Intelligence Unit (FIU) under the Finance Ministry.
Officials also say that these crime proceeds may just be the tip of the iceberg.
When asked for a comment, CoinSwitch “categorically” denied that any such “transfers” occurred on its platform, saying that it “operates within a fully ringfenced and compliant environment designed to prevent any misuse”.
CoinDCX said it was “bound by strict confidentiality obligations and therefore cannot disclose case-specific details” but added that the platform used advanced security protocols such as multi-signature and multi-party computation (MPC) wallets to ensure safe handling of seized assets.
Several others added that a crypto platform is not a party “beyond facilitating lawful trade” to any transaction between individuals.
Vikram Subburaj, CEO of Giottus crypto platform, said, “If a person with a criminal background were to order food on Swiggy or hail a cab through Ola, it would not make those platforms complicit in any crime that he has committed or would commit. The same principle applies to all FIU-registered crypto exchanges. A lot of proceeds of crime get transferred through banks as well. However, the banks are not party to any crime.”
China has accused the US government of orchestrating a $13 billion Bitcoin theft from mining pool LuBian in 2020, calling it a “state-level hack.” The US has not commented.
China Accuses US of 13 Billion Bitcoin Heist — Says It Was a ‘State-Level Hack’ Photo : AP
China has accused the United States government of being behind one of the largest cryptocurrency thefts in history – the disappearance of around 127,272 Bitcoin (worth roughly $13 billion) from a Chinese-linked mining operation known as LuBian, a Bloomberg report said.
According to a report published last week by the Chinese National Computer Virus Emergency Response Center (CVERC), the December 2020 theft was not the work of ordinary cybercriminals but rather a “state-level hacker operation” directed by the US government.
The report alleges that the quiet, delayed movement of the stolen Bitcoin over several years fits the pattern of a government-led cyber operation rather than typical crypto-criminal activity.
“The US government may have already used hacking techniques as early as 2020 to steal the 127,000 Bitcoins held by Chen Zhi,” the report wrote. “This is a classic ‘black eats black’ operation orchestrated by a state-level hacking organization.”
The Case: How the Bitcoin Was Stolen and Later Seized
LuBian, once one of the world’s largest Bitcoin mining pools, reported a massive breach in late 2020. The stolen cryptocurrency, investigators say, later appeared in wallets that were confiscated by the US government.
The US Department of Justice (DOJ) has claimed those same Bitcoin tokens are linked to Chen Zhi, the billionaire chairman of Cambodia’s Prince Group, who was charged in October with money laundering and wire fraud conspiracy.
However, China’s cybersecurity agency argues that the timeline and technical evidence suggest Washington itself hacked and took the Bitcoin, later connecting the loot to Chen as a cover story.
US prosecutors, meanwhile, have filed a civil forfeiture case to seize the 127,271 Bitcoin — the largest such action ever by the US government — but have not explained when or how they obtained control of the funds. Federal prosecutors in Chen’s case declined to comment on how they accessed the Bitcoin wallets.
A lawyer for Chen, Matthew L. Schwartz of Boies Schiller Flexner, said his client is trying to trace the stolen Bitcoin and challenge the DOJ’s seizure.
“As we explained in our submission to the Court, we are working closely with cryptocurrency experts to trace the Bitcoin that the government seized over a year ago, and which was stolen back in 2020,” Schwartz said in a statement to Bloomberg.
In a court filing this week, Schwartz called the government’s allegations “seriously misguided.” Chen is not in US custody, prosecutors said when the indictment was unsealed.
A Pattern of Cyber Tensions Between China and the US
This accusation marks the latest escalation in China’s broader campaign to publicly call out alleged US cyber espionage operations.
Earlier this year, Beijing claimed the US exploited a vulnerability in Microsoft Exchange servers to target Chinese firms.
In October, China said it had “irrefutable evidence” of a US cyberattack on its National Time Service Center.
A RUSSIAN crypto millionaire has died after his luxury Lamborghini burst into flames after flipping over on a highway.
Alexei Dolgikh, 36, was driving three friends in his £329,000 Lamborghini Urus at 93mph when he lost control and rammed into a crash barrier in Moscow.
A Lamborghini Urus belonging to a Russian crypto millionaire has set on fire after flipping over on a highway in MoscowCredit: East2West
The car was sent flying upside down at around 1:30am before smashing into the busy road and catching on fire in a horror explosion.
Parts of the car were even sent flying over a bridge with wads of cash seen strewn across the International Highway.
The brash crypto businessman and one of his passengers, Ivan Solovyov, died instantly in the crash in the Molzhaninovo area.
Nikita Tezikov, 21, and Kirill Mochalov, 22, were both rushed to hospital with critical injuries but miraculously survived.
The State Traffic Inspectorate confirmed Dolgikh lost control as he hit the barrier causing the car to flip.
A huge fire erupted within seconds.
Disturbing footage, which The Sun has decided not to release, shows a body laid out on the road next to the charred wreckage of the Urus.
The Moscow Prosecutor’s Office said: “According to preliminary information, at night on International Highway, the driver of a Lamborghini hit an obstacle, after which the vehicle overturned and caught fire.
“As a result of the accident, two young guys were killed, two more were hospitalized with injuries.
“One of the victims has an open leg fracture, the second also has multiple fractures, he was taken to the Botkin hospital.
“The causes and all the circumstances of the accident are being clarified.”
Dolgikh had reportedly been blacklisted by Russian banks in the past few months “due to suspicions of money laundering”.
Since buying the Lamborghini just 15 months ago, he had amassed a total of 586 fines.
Most of them were for speed offences, according to local media.
An investigation into the crash is ongoing.
The crash follows the brutal murder of crypto tycoon Roman Novak, 38, and his former TV reporter wife Anna, 37.
The Court was hearing a plea filed under Section 9 of the Arbitration and Conciliation Act, 1996 against WazirX
Madras High Court and a representation of crypto currency
The Madras High Court on Saturday held that cryptocurrency qualifies as property under Indian law, capable of ownership and being held in trust. [Rhutikumari v. Zanmai Labs Pvt Ltd].
Justice Anand Venkatesh held that while cryptocurrency is intangible and not legal tender, it possesses the essential characteristics of property.
“There can be no doubt that “crypto currency” is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust,” the Court said.
The ruling came in a petition filed by an investor (applicant) whose XRP holdings on the WazirX platform were frozen after a 2024 cyberattack.
The applicant had invested ₹1,98,516 in January 2024 on the WazirX exchange platform operated by Zanmai Labs, purchasing 3,532.30 XRP coins. A portfolio account was allotted to her and registered with her mobile number and email address.
On July 18, 2024, WazirX announced on its website that one of its cold wallets had been compromised in a cyberattack that resulted in the loss of Ethereum and Ethereum-based tokens (ERC-20).
The exchange said it had suffered losses of approximately US$230 million, following which it froze all user accounts including that of the applicant thereby, preventing her from accessing or trading her XRP holdings.
The applicant contended that her assets were distinct from the stolen Ethereum tokens and were held by WazirX as a custodian in trust. She sought an injunction under Section 9 of the Arbitration and Conciliation Act, 1996 to prevent the company from redistributing or reallocating her portfolio.
The respondents, Zanmai Labs and its directors including Nischal Shetty, opposed the plea.
They stated that the exchange’s Singapore-based parent company, Zettai Pte Ltd, had initiated restructuring proceedings after the cyberattack and that a scheme of arrangement approved by the Singapore High Court required all users to share losses on a pro-rata basis.
It was argued that Zanmai Labs merely operated the Indian rupee leg of transactions while the crypto wallets were maintained by Zettai, and that the proceedings in Singapore would determine how assets were to be distributed.
Justice Venkatesh devoted a large part of the 54-page judgment to analysing how cryptocurrency fits within established legal notions of property.
The Court observed that although digital tokens consist merely of data on a blockchain, they are definable, identifiable, transferable and capable of exclusive control through private keys—qualities sufficient to confer a proprietary character.
Referring to Ahmed GH Ariff v. CWT and Jilubhai Nanbhai Khachar v. State of Gujarat, Justice Venkatesh noted that “property” under Indian jurisprudence encompasses “every species of valuable right and interest.”
The Court relied on international precedents including the New Zealand High Court’s decision in Ruscoe v. Cryptopia Ltd (in liquidation) and the UK High Court ruling in AA v. Persons Unknown, both of which held that cryptocurrencies are a form of property that can be held on trust.
The judgment also recorded that Section 2(47A) of the Income Tax Act, 1961 recognises cryptocurrencies as virtual digital assets.
“In Indian law regime, the crypto currency is treated as a virtual digital asset and it is not treated as a speculative transaction. This is in view of the fact that the investment made by the user is converted into crypto currency, which is capable of being stored, traded and sold. Crypto currency is termed as a virtual digital asset and is governed under Section 2(47A) of the Income Tax Act, 1961,” the Court said.
The objection that the Madras High Court lacked jurisdiction on the ground that the arbitration was seated in Singapore, was also rejected by the single-judge.
Referring to the Supreme Court’s ruling in PASL Wind Solutions Pvt Ltd v. GE Power Conversion India Pvt Ltd (2021), the Court held that Indian courts can grant interim protection under Section 9 where assets situated in India require protection.
The Court observed that the applicant had transferred funds from her Kotak Mahindra Bank account in Chennai to purchase crypto assets on the WazirX platform and that she accessed the platform from within India. On that basis, a part of the cause of action was held to have arisen within the territorial jurisdiction of the Madras High Court.
Justice Venkatesh also noted that Zanmai Labs was a registered reporting entity under the Financial Intelligence Unit (FIU) in India, whereas its Singapore parent, Zettai Pte Ltd, and its former international partner, Binance, were not registered entities under Indian law. This distinction, the Court said, further established the domestic nexus of the applicant’s claim.
“In the present case, it is the first respondent, which got registered as a reporting entity and is, therefore, authorized to handle crypto currency in India. Neither the Zettai nor Binance is registered as a reporting entity in India and hence, they are not authorized to handle crypto currency within India or operate the platform,” the Court held.
On the merits, Justice Venkatesh found that the applicant’s XRP holdings were unaffected by the July 2024 cyberattack, which involved Ethereum-based tokens. He held that applying the Singapore restructuring scheme to unrelated assets was unsustainable.
The Court recorded that the applicant’s holdings, 3,532.30 XRP coins, were distinct from the Ethereum-based tokens affected by the hack:
“What were held by the applicant as crypto currencies were 3532.30 XRP coins. What were subjected to cyber attack on 18.7.2024 in the WazirX platform were ERC 20 coins, which are completely different crypto currencies not held by the applicant.”
After finding that the applicant’s XRP assets were unaffected by the hack and that cryptocurrency is property capable of ownership and enjoyment, the Court granted interim protection.
Volatility in the cryptocurrency market has once again become a focal point for investors. After several rounds of price swings, the outlook for XRP and Dogecoin (DOGE) remains uncertain. This uncertainty has prompted some investors to seek new asset allocation strategies aimed at securing more stable returns and reducing overall risk.
Industry analysts point to SolMining as one of the major beneficiaries of this capital shift. Leveraging on-chain smart contracts, the platform offers multiple yield tiers without requiring hardware mining equipment or high-frequency trading. Investors simply lock their digital assets into a contract and receive scheduled payouts. Data shows that top-tier plans can generate up to $9,800 in daily earnings, a figure that stands out in the cryptocurrency space.
Community members say SolMining’s model allows them to maintain liquidity while enjoying relatively predictable returns. One long-term DOGE holder shared, “In the past, when the market dipped, I could only wait passively for a rebound. Now, at least part of my capital is growing steadily, which gives me more confidence to keep holding.”
How do you start earning long-term, stable passive income with SolMining?
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Some contract examples
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Entry-Level Miner: Investment: $500 | Period: 6 days | Daily Return: $6 | Return at Maturity: $500 + $36
Basic Miner: Investment: $3,000 | Period: 20 days | Daily Return: $40.50 | Return at Maturity: $3,000 + $810
Advanced Miner: Investment: $5,000 | Period: 30 days | Daily Return: $70.50 | Return at Maturity: $5,000 + $2,115
Top Miner: Investment: $16,000 | Period: 30 days | Daily Return: $248 | Return at Maturity: $16,000 + $7,440
Top Miner: Investment: $55,000 | Period: 40 days | Daily Return: $935 Maturity Payout: $55,000 + $37,400
Automatic Daily Payout Settlement: The system regularly settles mining profits daily, and users can log in to the backend to view details at any time. Upon contract expiration, the principal will be fully returned, saving time and worry.
Six reasons to choose SolMining:
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Headquartered in the UK, SolMining adheres to local financial regulations in all its operations. Clear and transparent contract information ensures full traceability of fund flows.
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Our data centers are located in Northern Europe and Canada, powered by 100% renewable energy. This not only ensures stable operations but also demonstrates environmental responsibility.
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Whether you hold major cryptocurrencies such as USDT, BTC, ETH, BNB, XRP, LTC, or SOL, the platform supports seamless deposits and earnings management.
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Bitmain, a leading global manufacturer of crypto mining machines, provides strategic support for the platform, further strengthening its technical and supply chain security.
The entire site utilizes Cloudflare security, EV SSL certificate encryption, and multi-factor authentication to ensure the safety of user funds, from login to withdrawal.
Safe and Sustainable
Trust and security are paramount in the cryptocurrency mining industry. Our platform operates with high transparency and fully complies with relevant regulations to maximize the protection of all users’ investments. This allows you to focus on stable returns without worrying about the security of your assets.
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BlackRock Spoils the Party – Says No to XRP-Spot ETF Filing
Speculation about BlackRock (BLK) applying to launch an iShares XRP Trust intensified on Friday, August 8. Investors and the ETF community expected Ripple and the SEC’s appeal withdrawals to lead to an XRP-spot ETF application.
ETF Store President Nate Geraci referred to the Joint Stipulation of Dismissal (appeal withdrawals), stating:
“Yes, I think BlackRock was waiting to see this before filing for iShares XRP ETF. I’ll own it if I’m wrong.”
However, BlackRock reportedly stated:
“At this time, BlackRock does not have any plans to file an XRP or SOL ETF.”
Geraci remarked:
“BlackRock immediately calls me out… Says no at this time to launch xrp (or sol) ETF. IMO, this will be looked back on as a mistake. We shall see.”
The news poured cold water on the euphoria surrounding the conclusion of the SEC vs. Ripple case.
Why Does BlackRock Matter?
According to VettaFi, BlackRock is the world’s largest ETF issuer, with total assets under management (AUM) of $3,562,008 million. The ETF issuer has dominated the BTC and ETH spot ETF markets, climbing above Vanguard to top the AUM rankings.
The iShares Bitcoin Trust (IBIT) has reported total net inflows of $57,426 million since launching in January 2024. Fidelity Wise Origin Bitcoin Fund (FBTC), the second-largest BTC-spot ETF, has seen $12,007 million in net inflows, which pales in comparison to IBIT’s haul.
Considering the current issuers awaiting the SEC’s decision on pending XRP-spot ETF applications, BTC-spot ETF net inflows since launch include:
Bitwise (BITB): $2,318 million.
Franklin Templeton (EZBC): $280 million.
WisdomTree (BTCW): $40 million.
Grayscale (BTC): $1,663 million.
Grayscale (GBTC): Total net outflows of $23,708 million.
In terms of ETF issuer rankings, WisdomTree ranks #13 by AUM, with Franklin Templeton #22, while Bitwise sits at #53.
While BlackRock’s comments weighed on the appetite for XRP, leading players in the ETF space could fuel institutional demand, potentially driving XRP to record highs. Polymarket places the odds of an XRP-spot ETF approval at 78%, down from 89% on Thursday, August 7.
XRP Price Outlook: Focus Shifts to Spot ETFs
XRP fell 1.05% on Friday, August 8, partially reversing Thursday’s 10.94% rally to close at $3.2852. The token underperformed the broader market, which climbed 0.10%, lifting the total crypto market cap to $3.84 trillion. Market disappointment over BlackRock’s stance on an XRP-spot ETF filing and profit-taking left XRP in the red.
In the near-term, XRP’s price trajectory hinges on several crucial events, including:
XRP-spot ETF headlines.
Ripple’s progress on a US banking license.
SWIFT-related updates.
Legislative developments.
A breakout above the August 8 high of $3.3830 could pave the way toward the crucial $3.5 resistance level. A sustained move through $3.5 may enable the bulls to target the July 18 all-time high of $3.6606 (Binance Exchange).
However, a drop below $3.2 may expose the August 5 low of $2.9184. If broken, the bears could target the 50-day Exponential Moving Average (EMA).
Bitcoin (BTC) joined XRP in the red on August 8, bucking the broader market trend. Crucial developments on Capitol Hill failed to drive BTC to record highs.
On August 7, White House A.I. and Crypto Czar David Sachs shared details of two key Executive Orders affecting the digital asset space. Commenting on the Executive Order Guaranteeing Fair Banking For All Americans, Sachs remarked:
“Guaranteeing Fair Banking for All Americans” prevents the denial of banking services based on political beliefs, religious beliefs, or lawful business practices. This means unfair censorship campaigns, like the debanking of conservatives or Operation Chokepoint 2.0, can never happen again.”
Commenting on Executive Order Democratizing Access to Alternative Assets for 401(k) Investors, he stated:
“Democratizing Access to Alternative Assets for 401(k) Investors” will allow more than 90 million American workers, whose retirement accounts are currently limited, to access the same range of alternative assets (including digital assets) that are available to government workers, for better returns and diversification.”
The Executive Orders could drive BTC demand, potentially opening the door to new record highs. However, BTC-spot ETF flows weighed on sentiment.
US BTC-Spot ETF Market Risks Weekly Outflows
The Executive Orders and expectations of a September Fed rate cut lifted demand for BTC-spot ETFs. However, inflows waned in early August, capping BTC’s gains. BTC has risen just 0.56% to 116,450 in August to date. In contrast, the broader market has gained 2.83%, taking the total crypto market cap to $3.84 trillion.
According to Farside Investors, the US BTC-spot ETF market has reported total net outflows of $919.1 million in August to date, excluding pending IBIT flow data from August 8. For context, the US BTC-spot ETF market recorded total net inflows of $6,012.6 million in July.
On August 8, key inflows included:
Fidelity Wise Origin Bitcoin Fund (FBTC) reported total net inflows of $30.5 million.
Grayscale Bitcoin Mini Trust (BTC) saw total net inflows of $13.4 million.
With BlackRock iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $43.9 million.
BTC Price Outlook: US Economic Data and Spot ETF Flows in Focus
BTC fell 0.83% on Friday, August 8, partially reversing Thursday’s 2.11% gain to close at $116,512.
Several key events will influence the near-term price outlook. These include:
US CPI Report.
Fed policy guidance.
Legislative developments on Capitol Hill.
BTC-spot ETF flows.
Potential scenarios:
Bearish Scenario: Legislation roadblocks, higher US inflation, hawkish Fed signals, and ETF outflows. A combination of these may push BTC toward $115,000, potentially exposing the 50-day Exponential Moving Average (EMA).
Bullish Scenario: Bipartisan support for crypto legislation, softer US inflation, dovish Fed rhetoric, and ETF inflows. In this case, BTC could target the all-time high of $122,055.
Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights
Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month’s tariff-induced selloff.
The world’s largest cryptocurrency touched a high of $109,760.08, and was last up 1.1% at $108,117.
Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody’s downgrade of U.S. sovereign debt which has prompted investors to seek alternative investment sources to the dollar.
“Now that January’s high has been surpassed – and the 50 percent upside from April’s lows has been achieved – bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment,” Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment.
Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq (.IXIC) is up 30% from its early April low.
That has also coincided with continued weakness in the dollar (.DXY), a further boost for bitcoin’s exchange rate against the U.S. currency.
Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains.
This week they have referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who said the bank will let clients buy bitcoin. Earlier this month, crypto exchange Coinbase (COIN.O), was added to the S&P 500 index.
Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company.
The Supreme Court on Monday orally questioned why no regulation is being considered to govern cryptocurrency [Shailesh Babulal Bhatt v. State of Gujarat & Another].
A Bench of Justice Surya Kant and Justice NK Singh observed that no one is suggesting a complete halt to cryptocurrency, as that may not be wise for the economy, but emphasized the need for regulatory measures and oversight.
The Court added that the issue must be taken up in consultation with experts.
“In (another) matter, almost two years back, I made an observation and called upon learned Attorney General (and asked him), are you doing something to regulate this cryptocurrency? He came and said, ‘We can’t. There is international market, this and that’ … There are new kinds of mechanisms evolving for international trade also. Banning may be shutting your eyes (to) ground reality. But what about regulating it? … We aren’t experts. Experts would examine it, but some steps to regulate it and have an eye on it (are necessary),” the Court observed.
The Court also noted that the current taxation of Bitcoin trading profits at 30 per cent implies a form of legal recognition. If it is already acknowledged in this manner, why not regulate it, the Court asked.
Addressing Additional Solicitor General (ASG) Aishwarya Bhati, Justice Kant added that courts have been facing practical challenges while dealing with cryptocurrency cases.
“Tomorrow, somebody will ask me, you please prove – what is the asset? How are we going to prove it?” Justice Kant remarked.
ASG Bhati replied that she would seek instructions from the Central government on the matter.
The Court was hearing a plea in a case tied to allegations of cryptocurrency-related fraud spanning multiple States.
The litigant before the Court was accused of having abducted two employees of BitConnect in early 2018 and extorted 2,091 Bitcoins, 11,000 Litecoins, and ₹14.5 crore in cash from them, purportedly to recover losses incurred from his investment in the now-defunct cryptocurrency platform, M/s. Bit Connect Ltd.
During yesterday’s hearing, the Court asked ASG Bhati about the expected timeline for completing the investigation against the accused petitioner.
She replied that an updated report on the investigation’s progress, along with the Union’s position on cryptocurrency, would be submitted by July.
The Court noted that the larger issue of a policy on cryptocurrency can be dealt with separately. It added that the primary focus must be on the petitioner, as it was unclear from the records whether he was a victim or a perpetrator.
“That (Cryptocurrency regulation), we can deal with separately. We have to deal first of all with this gentleman (petitioner), because right now it is difficult to understand from the file whether he is victim or victimizer,” the Bench said.
The Trump administration is pressuring trading partners to Buy American — American energy, defense and agricultural products, that is, and as The Wall Street Journal reports, many anxious global leaders, eager to placate the commander in chief and avoid a prolonged trade war, have voiced support for the idea.
However, just as foreign leaders are saying they’ll buy American goods and services, foreign investors, from Japanese pensioners to European mutual funds to state actors are Selling American — specifically American stocks, corporate debt and, worryingly, the treasury bonds America relies on to finance trillions in government spending.
Ross Perot gained political fame (or infamy, depending on who you ask) in the 1990s by arguing that the flow of factory jobs from the Midwest to Mexico from NAFTA would cause a “giant sucking sound going south.” We’re hearing a new sucking sound, but this time it’s capital, rather than jobs, that’s whooshing out of our national doors.
Digital currencies are emerging in global economic markets. Getty Images
Since the beginning of the year, the US dollar has weakened against nearly every major currency, falling more than 10% against the Euro and Japanese Yen, and more than 8% against the British pound. And while US stock markets are reeling under pressure from Trump’s tariffs, European and British markets are up.
Some fear the damage from tariffs to American business, US financial markets and even the dollar itself could be long lasting. “Global trust and reliance on the dollar was built up over a half century or more,” says Barry Eichengreen, an economist and professor at the University of Berkeley, adding “But it can be lost in the blink of an eye.”
Predictions that current policy will lead America down the road to ruin are probably overblown. But this dollar angst raises a pressing and real concern that the US could run out of buyers for its government debt as traditional investors shun treasuries along with other US assets.
In a worst case scenario, China may even dump US debt intentionally to retaliate for tariffs, sending rates higher, impacting everything from car loans to mortgage payments. Treasury Secretary Scott Bessent tried to calm markets of these worries, saying, “If a foreign rival were weaponizing the US government bond market or attempting to destabilize it for political gain, I am sure that we would do something.”
So, the US needs to fund key government spending at reasonable rates of interest, but legacy buyers may not line up as eagerly in the future to buy the debt. Now what?
The good news is that a new buyer of US treasuries is emerging, made possible by the technology behind cryptocurrencies like Bitcoin.
Blockchain-based stablecoins are now the seventh largest buyer of US government debt, exceeding Germany, Australia and other big countries. And they’re growing quickly — surpassing $200 billion in size this year and nearly $250 billion today.
Because stablecoins are fully backed 1:1 by dollar reserves, typically US government debt, they are a persistent and growing buyer of new treasury issuances. Increasingly, government leaders see their potential. In a June 2024 opinion piece in The Wall Street Journal, former Speaker of the House Paul Ryan said, “Dollar-backed stablecoins are becoming an important net purchaser of US government debt.”
To be sure, stablecoins are still a small piece of the enormous treasury market. But the trend suggests that stablecoins will continue to grow, perhaps capturing as much as 5%-10% share of the global money supply, or $5-$10 trillion, over the next decade.
Jeremy Allaire, CEO of Circle, the largest American stablecoin issuer, said that the stablecoin market could reach $3 trillion by 2030. For context, a $3 trillion stablecoin market would soak up more US debt than China, Japan or the UK, the three largest current owners of US government debt, combined.
The US has benefited enormously from the US dollar being the global reserve currency. Despite accounting for about 25% of the world’s GDP, the greenback is involved in most of global trade.
North Korea is said to have the third-largest Bitcoin reserve in the world, behind only the US and the UKImage: Hannes P Albert/dpa/picture alliance
North Korean hackers have stolen the equivalent of billions of dollars in recent years and the nation is seeking to amass even greater wealth through illicit means, experts told DW.
Hackers belonging to the Lazarus Group — a notorious North Korean crypto theft ring — stole a record $1.5 billion (some €1.37 billion) in digital tokens from Dubai-based cryptocurrency exchange ByBit in late February. The company said the hackers had accessed its digital wallet for Ethereum, the second-largest electronic currency after Bitcoin.
Binance News, a new platform operated by cryptocurrency exchange firm Binance, reported last month that North Korea now has some 13,562 Bitcoins, the equivalent of $1.14 billion. Bitcoin is the world’s oldest and best known cryptocurrency, often compared with gold due to its alleged resistance to inflation. Only the US and Great Britain have greater reserves of the currency, Binance News said, citing crypto data provider Arkham Intelligence.
“Let’s not mince words — [North Korea] achieved this through theft,” Aditya Das, an analyst at cryptocurrency research firm Brave New Coin in Auckland, New Zealand, told DW.
“Global policing agencies like the FBI have publicly warned that North Korean state-sponsored hackers are behind numerous attacks on cryptocurrency platforms,” he added.
Hackers use social engineering against crypto firms
Despite those warnings, however, crypto firms are still being robbed and North Korean hackers are becoming increasingly sophisticated, the analyst said.
“North Korea employs a wide range of cyberattack techniques, but they’ve become especially known for their skill in social engineering,” said Das.
“Many of their operations involve infiltrating employee hardware, then using that access to breach internal systems or lay traps from the inside.”
The hacker’s primary targets are crypto startups, exchanges and decentralized finance (DeFi) platforms due to their “often under-developed security protocols,” he said.
Recovery of funds ‘extremely rare’
Elite North Korean hackers tend to take their time when infiltrating a legitimate global organization, often by impersonating venture capitalists, recruiters or remote IT workers to build up trust and breach firms’ defenses.
“One group, Sapphire Sleet, lures victims into downloading malware disguised as job applications, meeting tools or diagnostic software — essentially turning victims into their own attack vectors,” Das said.
Once crypto has been stolen, Das says recovery is “extremely rare.” Cryptocurrency systems are designed to make transactions irreversible and striking back against North Korean operatives “is not a viable option because these are nation-state actors with top-tier cyber defenses.”
Kim Jong Un’s regime ‘saved’ by cryptocurrency theft
Park Jung-won, a professor of law at Dankook University, said North Korea previously relied on risky transactions — such as smuggling narcotics and counterfeit goods or supplying military instructors to African nations — to earn illicit funds.
The legal expert says the advent of cryptocurrency “has been a huge opportunity” for dictator Kim Jong Un.
“It is probably fair to say that given the way the world was cracking down on Pyongyang’s smuggling efforts, crypto has saved the regime,” Park told DW. “Without it, they would have been completely without funds. They know that and they have invested heavily in training the best hackers and getting them up to a very high level of skill.”
“The money that they are stealing is going straight to the government and the assumption is that it is being spent on weapons and greater military technology as well as the Kim family,” according to Park.
North Korea immune to international pressure
Park does not believe that outside pressure would force North Korea to end hacking attacks.
“For Kim, the survival of his dynasty is the most important priority,” the law professor said.
“They have become accustomed to this source of revenue, even if it is illegal, and they will not change,” he added. “There is no reason for them to suddenly start abiding by international law and there is no way to apply more pressure.”
Das agrees there are few tools available to influence North Korea. He says companies need to do everything in their power to avoid becoming the next victim.
“Best practices like secure-by-design smart contracts, constant internal verification and social engineering awareness are essential if the industry wants to stay ahead,” he said.
Bitcoin fell below the $78,000 level as investors braced for more financial market volatility after U.S. equites suffered their worst decline since 2020 on the rollout of President Donald Trump’s restrictive global tariffs.
The price of bitcoin was last lower by 6% at $77,730.03, according to Coin Metrics, after trading above the $80,000 for most of this year — barring a couple brief blips below it amid recent volatility. It’s off its January all-time high by 28%.
The flagship cryptocurrency usually trades like a big tech stock and is often viewed by traders as a leading indicator of market sentiment, but last week it bucked the broader market meltdown – holding between $82,000 and $83,000 and rising to end the week as stocks tumbled and even gold fell.
Other cryptocurrencies suffered bigger losses overnight. Ether and the token tied to Solana tumbled about 12% each.
Bitcoin’s down move triggered a wave of long liquidations, as traders betting on an increase in its price were forced to sell their assets to cover their losses. In the past 24 hours, bitcoin has seen more than $247 million in long liquidations, according to CoinGlass. Ether saw $217 million in long liquidations in the same period.
Rattled investors dumped their holdings of cryptocurrencies, which trade 24 hours, over the weekend as they anticipated further carnage, after Trump’s retaliatory tariffs raised global recession fears and caused investors to sell all risk.
The duties on all imports, in addition to custom tariffs for major trading partners, have sparked worries of a global trade war that could lead the U.S. into a recession. Growing concerns about the far-reaching impact of the tariffs sent markets reeling worldwide.
In the two sessions following the tariff announcement, global stocks wiped out $7.46 trillion in market value based on the market cap of the S&P Global Broad Market Index, according to S&P Dow Jones Indices.
The U.S. Securities and Exchange Commission (SEC) under a new leadership on Thursday clarified its stance on Proof-of-Work (PoW) mining operations, saying “mining activities” as defined in its statement do not need to register with the Commission, effectively removing them from the list of activities subject to securities laws.
The Wall Street regulator went into detail on its views around cryptocurrency mining, and reiterated that PoW mining, which involves miner validation, does not fall under the registration requirements of the Securities Act.
SEC Explains Why PoW Mining Doesn’t Need Registration
In a statement Thursday, the financial regulator explained why there is no securities laws violation if crypto miners don’t register with the SEC.
“It is the Division’s view that ‘Mining Activities’ (defined in this statement) in connection with Protocol Mining, under the circumstances described in this statement, do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1993 (the ‘Securities Act’) and Section 3(a)(10) of the Securities Exchange Act of 1934 (the ‘Exchange Act’). [9] Accordingly, it is the Division’s view that participants in Mining Activities do not need to register transactions with the Commission under the Securities Act or fall within one of the Securities Act’s exemptions from registration in connection with these Mining Activities,” it said.
SEC staff pointed out how PoW, a consensus mechanism that involves rewarding miners who validate transactions on a blockchain network. Bitcoin is the perfect example of the PoW mechanism in crypto mining.
They further reiterated that its views on the segment pertain to self or solo mining, and mining pools.
According to the statement, the SEC staff came up with its conclusion by using the Howey Test, which relies on four questions to determine if an asset is a security or not.
Specifically, the test determines if the asset is an investment, if it is within a common enterprise, if the investor is expecting profits, and if it is derived from the efforts of other people.
“A miner’s Self (or Solo) Mining is not undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others,” the SEC said.
“Likewise, when a miner combines its computational resources with other miners to increase their chances of successfully mining new blocks on the network, the miner has no expectation of profit derived from the entrepreneurial or managerial efforts of others,” it added.
Crypto Leaders Hail SEC’s Move
For some crypto leaders, the SEC’s clarification is a blessing.
The Digital Chamber President Cody Carbone said the clarification “gives much-needed legal certainty and clears the path for the mining industry to grow in the U.S.”
Other crypto executives and prominent figures in the Bitcoin community have since thanked the SEC, specifically Commissioner Hester Peirce, for the work accomplished in providing clarity for Bitcoin miners. Pierre Rochard, the VP of Research at leading BTC miner Riot Platforms, is one among them.
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) March 20, 2025
Peirce is dubbed as “Crypto Mom” and she leads the regulatory agency’s task force on digital assets.
For Coinbase Chief Legal Officer Paul Grewal, the clarity provided on Thursday “is so refreshing.” He agreed with the SEC’s stance on mining pools, saying they don’t offer securities and instead only offer “administrative or ministerial” services.
Pi Network Listing on Binance – Will March 14 Be the Big Day?
The crypto space is once again filled with speculation, and this time, it’s about whether Binance — the world’s largest cryptocurrency exchange — will finally list Pi Network (PI) on March 14. Pi Network has already been listed on multiple centralised exchanges (CEXs), but Binance has yet to make a move. In February, an overwhelming 86% of Binance users voted in favour of listing PI, yet the exchange has remained silent.
Many believe March 14 is the perfect date for the listing, as it marks Pi Network’s sixth anniversary. A Binance listing could be the catalyst needed to push PI’s price back above $3, especially after its recent 20% drop to $1.40 due to a broader market correction.
Pi Network: A Revolution or a Scam?
Despite its strong community, Pi Network has its share of critics. Some believe it represents the future of decentralised mining, while others question its long-delayed roadmap. Launched in 2019, the project’s Open Network only went live this year, leaving early adopters frustrated.
Will Binance Finally List PI?
As of now, Binance has not made any official announcement. However, the crypto world thrives on speculation, and if the rumors are true, March 14 could be a historic day for Pi Network. If not, the wait continues.
Trump wants to create a national stockpile of bitcoin and other digital currenciesImage: Daniel Kalker/picture alliance
Bitcoin is often touted as an alternative to the US dollar, the world’s reserve currency, as only a limited number of coins will ever be produced. Proponents argue that bitcoin’s fixed supply makes it an inflation-proof value store outside the global financial system. Bitcoin is often compared to gold for a similar reason.
While central banks worldwide keep large reserves of the dollar and gold, until now, only one country — El Salvador — has created a strategic reserve of cryptocurrencies, although several governments do hold them, mostly seized from criminal activities or to circumvent international sanctions.
On Thursday, US President Donald Trump signed an executive order to create a strategic reserve of bitcoin, having previously said he wants the United States to be a leader in digital money.
Crypto advocates have responded euphorically to the plans, while skeptics argue it will expose US taxpayers to the huge price volatility of digital currencies.
As Trump welcomes the top crypto movers and shakers to the White House for a summit on Friday, DW explores what the president has in mind.
What do we know about Trump’s plan?
Under Trump’s order, the federal government will retain the nearly 200,000 bitcoin seized in criminal and civil proceedings, according to Trump’s “crypto czar” David Sacks.
“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called ‘digital gold,'” Sacks wrote on X, referring to the location in Kentucky where most of the US gold reserves are kept.
The executive order calls for a “full accounting” of the government’s bitcoin holdings, which Sacks said have never been fully audited.
Sacks added that over the last decade, Washington had sold off about 195,000 bitcoin for $366 million, which he said would be worth about $17 billion if still held.
Sacks said the order allows for the Treasury and Commerce Departments “to develop budget-neutral strategies for acquiring additional bitcoin.”
On Sunday, Trump named the five cryptocurrencies to be held in the reserves, namely bitcoin, ether, XRP, solana and cardano.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” Trump wrote on his Truth Social platform. “I will make sure the U.S. is the Crypto Capital of the World.”
Trump, who was once anti-crypto, is now a growing fan of alternative currencies and first mooted the idea of a strategic stockpile at the Bitcoin 2024 Conference in Nashville, Tennessee, in July.
US agencies hold 198.109 bitcoins, worth around $18.1 billion (€16.7 billion) as of Thursday, according to a tally by Arkham Intelligence.
Most of the holdings are the seized proceeds of crime, including drug trafficking, money laundering, and hacking. The government also holds millions of dollars of seized ethereum, tether and other smaller digital coins.
What is a strategic reserve?
A strategic reserve is a stockpile of vital resources kept by governments or large organizations to provide a safety net during hard times.
Examples include the US Strategic Petroleum Reserve, which helps ensure a regular supply of oil during crises, food reserves, including stockpiles of grain, to protect against hunger, and the stockpiling of vaccines by the US and European Union during the COVID-19 pandemic.
Countries also maintain monetary reserves, like foreign currencies or gold, to stabilize their economies and facilitate trade. The US government, for example, holds around 8,133 metric tons of gold, most of it at the United States Bullion Depository at Fort Knox, Kentucky.
Increasingly, reserves of critical minerals needed for technology, the energy transition and defense are also being established.
Will a crypto stockpile work?
Proponents say a crypto strategic reserve could help financial stability by diversifying US national reserves beyond traditional assets like gold and foreign currencies.
Such a stockpile would also help legitimize cryptocurrencies, encouraging more financial institutions to hold them. The likes of bitcoin are still viewed by many institutional investors with suspicion due to their price volatility and decentralization.
But some analysts think the value of the stockpile could vanish in a market crash.
Others worried that if the government were to buy Bitcoin near its all-time high price of $109,000, it would be a costly endeavor, at a time when Trump is seeking billions of dollars in public sector cuts.
But Sacks insisted the use of the seized crypto assets “means it will not cost taxpayers a dime.”
Other critics accused Trump of favoritism toward a highly speculative investment, without providing clear strategic benefits for the nation.
Many of Trump’s backers are big crypto investors. Trump, himself, has a meme coin named after him.
Some observers pointed to the contradiction between creating a government stockpile of an asset that is deemed anti-establishment. Bitcoin was originally designed as a way to bypass government and central bank control.
Others were worried that if more governments began stockpiling the likes of bitcoin, they could potentially start to manipulate the crypto market, just as they do with gold and currencies.
Only Bitcoin is suitable to be included in a U.S. strategic reserve, as per some crypto leaders. Kanchanara/Unsplash
The United States is all set to have its own cryptocurrency reserve following President Donald Trump’s announcement; however, crypto executives are pushing back against the idea of the reserve having multiple digital assets.
Several crypto executives believe Bitcoin, the world’s largest crypto asset by market capitalization, is the only coin suitable for a crypto reserve, even as Trump has specifically said “valuable” coins will be included.
“Just Bitcoin”: Coinbase CEO
Brian Armstrong said he was looking forward to learning more about the strategic crypto reserve and was still coming up with his opinions about the matter. However, currently, he believes:
“Just Bitcoin” – The Coinbase CEO said he thinks BTC “would probably be the best option” due to its “clear story” as a potential successor to the world’s most valuable asset, gold.
Weighted assets – If the majority of the crypto space believes that a U.S. crypto reserve should have variety, a market cap weighted index of crypto assets should be established “to keep it unbiased,” he recommended.
Still, Armstrong noted that the first option was the “easiest,” especially given Bitcoin’s core purpose as a store of value.
Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is:
1. Just Bitcoin would probably be the best option – simplest, and clear story as successor to gold
2. If folks wanted more variety, you could do a market cap weighted index of crypto… https://t.co/jv8Gcn8N2S
Prominent cryptographer and cypherpunk Adam Back agrees with Armstrong, with many other Bitcoin maximalists also believing the Coinbase chief made the right call.
Only $BTC “meets the bar”: Cameron Winklevoss
The Gemini crypto exchange co-founder said he was “surprised” by the digital assets being considered by the national reserve.
Bitcoin only – Only BTC “meets the bar for a store value of value reserve asset.”
Probably ETH too – He did acknowledge that Ethereum, the second-largest crypto by market cap, may also meet the said bar.
A very high bar to beat – He argued that it was still possible for other cryptocurrencies to meet the requirements for a store of value, but Bitcoin had set “a very high bar.”
He went on to note that he thinks it will work if other big market cap assets such as XRP and Cardano (ADA), or Solana (SOL) were placed into the reserve via forfeiture or seizure, but not through active acquisition.
While I’m excited about a Strategic Reserve, I was surprised by the digital assets being contemplated. Bitcoin is the only asset that meets the bar for a store of value reserve asset. Maybe Ethereum. Digital gold and digital oil. Which mirrors America’s physical reserves of gold…
The other co-founder of the Gemini exchange and Cameron’s twin, also shared his brother’s sentiments, saying he had “nothing against” the other cryptocurrencies specifically mentioned by the U.S. president (XRP, ADA, SOL, and ETH), but he doesn’t believe they were suitable assets for a strategic reserve.
Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump’s weekend proposal for a national strategic reserve of cryptocurrencies.
Optimism on digital currency after Trump’s Sunday post on Truth Social turned to caution as market participants awaited more details about this crypto initiative.
The world’s largest cryptocurrency, bitcoin, rose 2.4% from Friday’s levels, to $86,292 , but was down 8% from Sunday.
Trump said his January executive order on digital assets would create a stockpile of currencies, including bitcoin , ether, XRP, Solana and Cardano. The names had not previously been announced.
Bitcoin and ether will be at the heart of this reserve, he said in a post on Sunday that sent bitcoin up by a fifth from the November lows. The token has been sliding since mid-January due to disappointment Trump had not followed through on pledges to loosen regulation.
Ether was down 4.3% from Friday’s level, at $2,127.10, but sank nearly 16% from Sunday.
XRP tumbled more than 15% from Sunday’s levels to $2.48, but surged 25% from Friday. Solana also weakened, down 16% from Sunday to $148.89, but was up 1.6% from Friday.
Cardano sank 19% from Sunday to $0.8940, and fell 3% from Friday.
Anthony Pompliano, founder and chief executive officer at Professional Capital Management, and one of the biggest crypto investors, said in a letter to his clients on Monday that he was not in favor of a strategic crypto reserve.
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Purchase Licensing Rights
“Even though Solana is our second largest crypto position, and various public equities I hold are heavily correlated to altcoins, I still think this decision on a wide-ranging crypto strategic reserve is an unforced error that will be regretted in the future,” Pompliano said in a letter to investors.
He warned that the emerging policy appeared to be “a random smattering of speculative tools that will enrich the insiders and creators of these coins at the expense of the U.S. taxpayer.”
Cameron and Tyler Winklevoss, who run the Gemini crypto exchange, said on X, formerly known as Twitter, also expressed concern about the reserve. They noted that only bitcoin meets the bar for a store of value as a reserve asset, but were not sure about the other cryptocurrencies.
Still, Trump’s promise of a strategic reserve has generated excitement for the crypto industry, which has languished in recent weeks.
Bitcoin fell more than 17% in February, its biggest monthly percentage fall since June 2022. It lost more than a third of its price since topping $105,000 in early January.
Its rally since Trump’s November election was spurred by optimism that he would champion a strategic bitcoin fund and end former President Joe Biden’s crackdown.
“Ironically, a currency that was designed to be isolated from government interference and decentralized, is now reliant on the U.S. government for its fortunes,” said Kathleen Brooks, research director at XTB, reiterating that the $100,000 level was an “obvious target” for bitcoin.
Beyond a flurry of appointments of crypto-friendly officials when Trump took office, there has been little concrete news so far around that policy for investors.
IG market analyst Tony Sycamore wrote that the Trump announcement has raised concerns.
U.S. President Donald Trump on social media announced the names of five digital assets he expects to include in a new U.S. strategic reserve of cryptocurrencies on Sunday, spiking the market value of each.
Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including bitcoin , ether , XRP , solana and cardano . The names had not previously been announced.
More than an hour later, Trump added: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”
Bitcoin, the world’s largest cryptocurrency by market value, was up more than 11% at $94,164 Sunday afternoon. Ether, the second-largest cryptocurrency, was up about 13% at $2,516.
The total cryptocurrency market has risen about 10%, or more than $300 billion, in the hours since Trump’s announcement, according to CoinGecko, a cryptocurrency data and analysis company.
XRP is cryptocurrency company Ripple Labs’ token. Ripple backed a so-called super PAC to influence congressional elections in November in favor of the crypto industry, Reuters reported.
“This move signals a shift toward active participation in the crypto economy by the U.S. government,” said Federico Brokate, head of U.S. business at 21Shares, a digital assets investment management firm. “It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation.”
James Butterfill, head of research at asset manager CoinShares, said he was surprised to see digital assets other than bitcoin included in the reserve.
“Unlike bitcoin…these assets are more akin to tech investments,” Butterfill said. “The announcement suggests a more patriotic stance toward the broader crypto technology space, with little regard for the fundamental qualities of these assets.”
Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights
Trump won support from the crypto industry in his 2024 election bid, and he has quickly moved to back their policy priorities. He is hosting the first White House Crypto Summit on Friday, and his family has also launched its own coins.
Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in a bid to protect Americans from fraud and money laundering.
Under Trump, the Securities and Exchange Commission has withdrawn investigations into several crypto companies and dropped a lawsuit against Coinbase (COIN.O), the largest crypto exchange in the U.S.
But in recent weeks cryptocurrency prices are down sharply, with some of the biggest digital currencies erasing nearly all of the gains made after Trump’s election win triggered a wave of excitement across the industry.
Analysts say the market needs a reason to move higher, such as signs that the U.S. Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.
Reuters has reported that Geoff Kendrick, an analyst at Standard Chartered, is targeting bitcoin to hit $500,000, against a record high of $109,071, before Trump leaves office.
Regulatory filings in the U.S. showed that while hedge funds remain the dominant crypto buyers, banks and sovereign wealth funds are buying too.
Quarterly filings showed that asset managers boosted allocations to U.S. ETFs tied to the price of spot bitcoin in the fourth quarter of 2024.
Analysts and legal experts are divided on whether an act of Congress will be necessary to set up the reserve. Some have argued the reserve could be created via the U.S. Treasury’s Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies.
James Howells is considering buying a council dump in South Wales after his former partner accidentally threw away a hard drive containing his Bitcoin wallet. Howells has already lost a high court case to allow him to search the tip for the hard drive, which he believes contains bitcoin worth £600 million, or US$757,284,000.
But would it even be possible to find it? Let’s do the maths.
Howells, a Welsh IT engineer, was an early adopter of the cryptocurrency Bitcoin in December 2008. By February 2009, he had started mining the coins on his laptop – a process which involves using your computer to carry out complex mathematical processes in exchange for the coins.
At the time, he was one of just five people mining the currency, and he eventually accrued a fortune of around 8,000 bitcoins. Initially, these were basically worthless – the first real-world transaction involving the currency was in 2010, when a man in Florida bought two pizzas for 10,000 bitcoins.
However, in the 15 years since, the value of the currency has grown dramatically, with a single bitcoin passing the US$100,000 mark in December 2024 – a value which would mean those two pizzas are now worth US$1 billion (£790 million).
Doing the calculations
No wonder Howells wants to find his hard drive. But what are the chances of finding a tiny 10cm hard drive in a site containing 1.4 billion kg of waste? Is it literally like finding a needle in a haystack?
At first, this seems like a simple calculation. If we randomly select a single location within the landfill, the probability that the hard drive will be there is simply the size of the object divided by the total size of the landfill.
A Google Maps estimate of the area of the Docksway landfill site suggests it is roughly 500,000 square meters (or 5 billion square centimeters), which is approximately the size of 70 soccer fields.
However, we also have to account for the depth of the landfill, with years of rubbish piled on top of each other. Even a conservative estimate of 20 meters would give a total volume of 10 million cubic meters (or 10 trillion cubic centimeters). This is roughly 3,600 times the volume of the swimming pool used at last summer’s Paris Olympic Games.
Howells says the Bitcoin are on a 2.5-inch hard drive, which has a volume of around 70 cubic centimeters (7cm x 10cm x 1cm). Therefore, the odds of finding the bitcoin at a single randomly selected location are 70/10,000,000,000,000 = 0.000000000007 – approximately a one in 143 billion chance.
This is over 3,000 times less likely than winning the jackpot on the UK’s National Lottery. However, with £600 million on the line, it seems unlikely anyone would just turn up and search one single location.
So, the real question here is about time and money. If we know that the hard drive is located somewhere within the landfill site, how long would it take to find it, and how much would it cost?
If we focus on time to begin with, this is really just an extension of our first calculation. Suppose it takes 1 second to search each 1,000 cubic centimeter section of the landfill (an incomplete estimate since my experience of hunting landfill for hard drives is limited), then it would take us 10 billion seconds (or 316 years) of continuous searching to cover the entire site. But of course, this could be significantly reduced by having an entire team searching at the same time.
Is it financially worth it?
Clearly, Howells does not have 316 years available to complete his search, but what if he was given the resources for one full year of non-stop searching? The odds of finding the hard drive this year would be 1 in 316, and while the chances remain slim, this might start to sound tempting given the potential reward.
That is where the aspect of cost comes in. How much would you be willing to pay in order to have a 1 in 316 chance of winning £600m? The answer lies in the statistical concept of “expected value”, which is the expected long-term outcome of a scenario if you were able to repeat it over and over again.
For example, suppose you were rolling a die, and you were told that you would be given £2 if you rolled a six but would have to pay £1 if you rolled any other value. You can work out the expected value of this game to see if it is worth playing. The odds of rolling a 6 are 1/6, and the odds of rolling any other value are 5/6. We can therefore compute the expected value as:
In other words, you would expect to lose half of £1, on average, every time you played this game.
In the case of our bitcoins, we can think about the expected value as being the amount of money you would expect to make on average if you searched the landfill for a whole year. We would expect that, on average, we would find the hard drive (and the £600 million) 1 time out of 316, and would fail to find it 315 times out of 316 and get absolutely nothing. Therefore, we can compute the expected value as:
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration
More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report on Friday.
Nearly half the people who reported losing digital currencies in a scam said it started with an ad, post or a message on a social media platform, according to the FTC. (https://bit.ly/3x2NRQx)
The craze for cryptocurrencies was at a fever pitch last year with bitcoin hitting a record high of $69,000 in November.
Reports point to social media and crypto as a combustible combination for fraud, the agency said, adding that about $575 million of all losses related to digital currency frauds were about “bogus investment opportunities”.
Nearly four out of every ten dollars lost in a fraud originating on social media was lost in crypto, far more than any other payment method, with Instagram, Facebook, WhatsApp and Telegram being the top social media platforms in such cases, according to the report.
Previous to sanctions, Russia’s restrictions on cryptocurrencies were inexorable, contrary to what is proposed now.
The Chairman of the State of Duma Committee on Energy Pavel Zavalny said that Russia will now accept Bitcoin payment for oil. He made the announcement at a press conference on Thursday. However, Russia specified that only China and Turkey could pay for oil with Bitcoin.
The economy of Russia has thrived fervently on oil & gas for centuries. So much so that the country is referred to as an “energy superpower” with the world’s largest natural gas reserves. The oil and gas industry makes up about 40% of its budget revenue. Having faced sanctions from virtually all quarters that supported its economic growth, Russia’s economy has nose-dived. Trades on Russia’s stock market have equally stopped, reducing the ruble by half its value, thereby bleeding against the dollar.
Bitcoin hit $44,118 for the first time since early March. The digital coin has seen an upward movement after the announcement. The cryptocurrency managed to reclaim the mid-area around its current levels and could see further upside in the short term if bulls can sustain momentum.
Russia to Accept Bitcoin as Payment for Oil and Gas
As Russia is enlisted as the eighth-largest oil reserve and the world’s leading natural gas exporter, there were earlier speculations that Russia would resort to oil and gas amid sanctions. Indeed, wide speculation is now an option for Russia. Russia has lost its investors since it invaded Ukraine. The withdrawal of countries resulted in President Putin’s acceptance of Bitcoin from neutral countries like Turkey and China. Other countries regarded as “unfriendly” due to their exit from economic ties with the Russian Federation must pay for oil with rubles and gold. According to Zavalny’s transcripted speech version:
“If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency. As for friendly countries, China or Turkey, which are not involved in the sanctions pressure… You can also trade bitcoins.”
Investment management company BlackRock CEO Larry Fink noted in an investor letter on Thursday. He posited that the invasion has caused nations to agree on deterring economic and trading ties with Russia. Unified in their steadfast commitment to supporting Ukraine, the West launched an “economic war” against Russia.
Why Bitcoin?
Previous to sanctions, Russia’s restrictions on cryptocurrencies were inexorable, contrary to what is proposed now. Russia planning to accept Bitcoin acceptance for oil may indicate that Putin’s war is nowhere near an end. Until the Western Societies strengthen their policy against Russia, nothing will stop its gas producers from Bitcoin payments. The matter was discussed on the agenda at the meeting between President Biden and European leaders on Thursday in Brussels. The West will dissociate every source of potential growth in Russia. They range from technology, supply chain, and human resource.
The speculation that Russia intends to evade sanctions through cryptocurrencies is still unproven. No one can seize or stop funds that are in BTC and any entity can use it worldwide. Nonetheless, energy transactions involve heavy funds, which is almost impossible to push through Bitcoin’s broad virtual paper trail.
The global cryptocurrency market-capitalisation rose 0.53 percent over the last 24 hours to stand at $1.87 trillion. Trading volumes also jumped 13.96 percent to $89.28 billion during this period.
The total volume in the decentralised finance (DeFi) space stood at $13.39 billion, around 15 percent of the aggregate 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $74.90 billion, making up 83.90 percent of the 24-hour cryptocurrency trading volume.
Bitcoin’s market dominance was down marginally by 0.41 percent to 41.75 percent and the largest currency in the crypto space was trading at $41,086.15, just above the $40,000-mark on the morning of March 22.
In the rupee terms, Bitcoin dipped 0.69 percent to trade at Rs 32,17,584 while Ethereum rose 1.11 percent to Rs 2,27,244.9
Cardano was up 2.9 percent to trade at Rs 71.11 and Avalanche also jumped 2.74 percent to Rs 6,764.23. Polkadot was up by 0.64 percent to Rs 1,471.64 and Litecoin also slightly rose by about 1.59 percent to Rs 9,153.36 in the last 24 hours. Tether, on the other hand, dipped marginally by 0.04 percent to Rs 78.28
Memecoin SHIB was up 1.23 percent, trading at a meager Rs 0.0018 while Dogecoin fell by 0.24 percent to trade at Rs 9.36. Terra (LUNA) rose 2.91 percent to Rs 7,375.15, while Algorand (ALGO) jumped almost 8.82 percent to Rs 63.32
In other news, Goldman Sachs recently became the first major US bank to have made an over-the-counter (OTC) cryptocurrency transaction. Notably, the Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital, a New York-based cryptocurrency investment firm, run by billionaire Mike Novogratz.
Essentially, it means that Goldman Sachs bought a contract betting on the future price of Bitcoin—rather than actually buying the digital asset itself.
As of 7:30 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX)
Sanctions may have thrown Russian businesses for a loop, but leaders of the country are reportedly using cryptocurrency to bypass the recent sanctions against the country. Blockchain analysis firm Elliptic has tracked down a crypto wallet, which has ‘significant asset holdings’. In an interview with Bloomberg, the co-founder – Tom Robinson – revealed that the wallet likely contains millions of dollars that belong to sanctioned Russians officials and oligarchs.
The exact value or the nature of the crypto assets has not been revealed by the company, but they claim to have shared the information with the relevant authorities.
Not everyone is complying with Russia’s sanctions
Mainstream crypto players, like Coinbase and Binance, have complied with the regulator’s requests and cracked down on transactions originating out of Russia. However, there are still more than 400 crypto services in the world that let anonymous users trade digital assets using Russia’s native currency, the ruble.
According to Elliptic, a week before the conflict between Russia and Ukraine broke out, ruble-related activity on some of these services – like Tornado Cash – was seen surging. Tornado Cash has declined to restrict services or comply with the sanctions and continues to anonymise transactions in Ethereum.
Some venture capitalists hope that the Ethereum-based OpenSea will soon take a backseat to Magic Eden, a new NFT marketplace on Solana.
Forty-three percent of all NFT purchases take place on OpenSea, with $23.3B in total sales, according to research firm DappRadar. But it is limited by the blockchain it operates on, which is Ethereum.
Venture capital titan Sequoia Capital has set its sights on Magic Eden, a company using the Solana blockchain to authenticate NFTs on its marketplace. Research by Etherscan indicates that Solana is capable of greater transaction throughput and lower transaction costs than Ethereum. However, history tells us that the cheapest or more efficient tool does not always end up superior. “We’ve also seen that most innovative projects choose Ethereum,” said Tim Beiko, a contributor to Ethereum.
Do Kwon, co-founder and CEO of Terraform Labs, has taken a $1 million wager that the price of LUNA will not fall below $88 by one year from now.
“Cool. I’m in,” Do Kwon wrote on Twitter on March 13, in response to a challenge issued by a self-proclaimed ‘semi-retired degen’ going by the name of ‘Sensei Algod.’
LUNA an ‘overpriced Ponzi’
Sensei Algod described LUNA, the native token of the Terra ecosystem, as an “overpriced Ponzi” that would fail.
“LUNA is a glorified TITAN, when people lose confidence it goes to zero,” he scorned, referring to the DeFi protocol Iron Finance’s token that went from $65 to $0 last year.
Claiming to have been early in identifying “gigantic Ponzis OHM, TIME and LooksRare.” Algod went on to dare anyone to “take a $1 million bet that LUNA will be lower in price one year from now.”
Do Kwon accepted the challenge, and took the mocking a step further,
Clipart rock NFT and small paper boxes that hold slips with QR codes are seen inside digital art collecting platform Neon’s first in-person non-fungible token (NFT) vending machine in Lower Manhattan’s financial district of New York City Photograph:( Agencies )
A non-fungible token (NFT) collector accidentally sold his Clipart rock NFT worth $1 million for less than a penny.
They listed their valuable NFT for 444 Wei instead of 444 ETH. Wei is the smallest unit of Ether and one Wei is equal to one quintillionth of an Ether.
A non-fungible token (NFT) is a crypto asset that uses blockchain to record who owns a digital file such as an image or video.
Soon after the NFT was sold for less than a penny, it was listed again for 234 ETH (Rs 4.6 crore). This NFT seller who made a huge blunder took to Twitter to share his bad luck and asked for help.
He wrote, “How’s your week? Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth. Bot sniped it in the same block and tried to flip for 234 eth In one click my entire net worth of ~$1 million dollars, was gone. Is there any hope? Am I GMI? Can snipers show mercy?”
How's your week?
Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth🤦♂️
Bot sniped it in the same block and trying to flip for 234 eth
In one click my entire net worth of ~$1 million dollars, gone
Business Today explains how you can mint your NFT for free on three platforms.
While some NFT minting platforms charge high gas prices, others have developed more efficient and cost-effective minting processes.
Do you know what is common between Kalpana Chawala, Deadpool, Amitabh Bachchan, Neo from Matrix, Micheal Jordan, Batman and the Ukrainian flag?
All of them have launched their own Non-Fungible Tokens (NFTs). NFTs are all the rage right now. But don’t worry, you don’t need Bruce Wayne’s fortune to launch your own NFTs, you can do it for free.
While some NFT minting platforms charge high gas prices, others have developed more efficient and cost-effective minting processes and, in this guide, we would be exploring three such platforms. Moreover, no code is required to mint your NFTs on these platforms.
But first, let us understand what minting an NFT means.
Minting is the process of integrating your NFT onto the blockchain. It occurs when the immutable and tamper-resistant digital public ledger, i.e. blockchain, accepts and stores your NFTs.
Minting is the process of integrating your NFT onto the blockchain. It occurs when the immutable and tamper-resistant digital public ledger, i.e. blockchain, accepts and stores your NFTs.
Several NFT marketplaces have updated their pricing structures over time to ensure that they continue to attract a broader audience. Three of them are discussed below.
The crypto market gives a thumbs up to Biden’s crypto executive order which sets to bring clear regulations in place. This is likely to boost institutional participation in the crypto space.
On Wednesday, March 9, the Joe Biden administration signed the much-awaited executive order on cryptocurrencies. The executive order points federal agencies to work on regulations for the crypto space.
This is for the first time that any federal agencies will be directly involved in dealing with crypto. Further, it sets a clear tone of an accommodative stand for digital assets in the US financial system.
On Wednesday, the crypto market reacted positively with Bitcoin (BTC) gaining over 8% and moving past $41,500 levels. Other cryptocurrencies from the altcoin space posted similar gains. The Ethereum (ETH) price surged 8% moving past $2,750 levels. However, Terra’s LUNA marked the biggest gains on Wednesday. The LUNA price shot up by over 20% moving closer to $100 levels.
However, yesterday’s crypto market and Bitcoin rally remain short-lived. As of press time, Bitcoin (BTC) is down 5% dropping under $40,000 once again as volatility hits hard. The broader cryptocurrency market is also trading down 5% but Terra’s LUNA has managed to hold back the losses and is currently trading at $94.
Cardano was up 1.25 percent to Rs 65.12 and Avalanche jumped 1.52 percent to Rs 6,053.005. Polkadot was up 0.82 percent to Rs 1,379.18 and Litecoin rose 1.82 percent to Rs 8,294.87 in the last 24 hours. Tether was down 0.49 percent to Rs 78.95
The global cryptocurrency market capitalisation rose 3.77 percent over the last 24 hours to $1.82 trillion while trading volumes rose 20.99 percent to $94.86 billion during the period.
The total volume in the decentralised finance (DeFi) space stood at $17.08 billion, around 18.01 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $79.68 billion, making up 84 percent of the 24-hour cryptocurrency trading volume.
Bitcoin’s market dominance was up 0.86 percent to 43.17 percent and the currency was trading at $41,428.48 on the morning of March 10.
In rupee terms, Bitcoin rose 4.27 percent to trade at Rs 32,36,608 while Ethereum jumped about 1.69 percent to Rs 2,11,117.8
Cardano was up 1.25 percent to Rs 65.12 and Avalanche jumped 1.52 percent to Rs 6,053.005. Polkadot was up 0.82 percent to Rs 1,379.18 and Litecoin rose 1.82 percent to Rs 8,294.87 in the last 24 hours. Tether was down 0.49 percent to Rs 78.95
