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South Korea to deploy cryptocurrency tracking system in 2023

[ad_1] The Ministry of Justice in South Korea announced plans to introduce a crypto tracking system to counter money laundering initiatives and recover funds linked to criminal activities.The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.The South Korean Ministry of Justice will introduce a "cryptocurrency tracking
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Core Scientific files motion to sell over $6M in Bitmain coupons

[ad_1] Bankrupt Bitcoin (BTC) mining firm Core Scientific filed on Jan. 25 an emergency motion seeking to sell Bitmain coupons worth $6.6 million, according to court records.As per the filing, some conditions applied to the coupons make them useless for Core Scientific's business. Specifically, the coupons can "only be used to pay 30% of any new order of S19 Miners from Bitmain, and cannot be exchanged with Bitmain for cash."The
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Sam Bankman-Fried seeks to access FTX funds

[ad_1] Sam Bankman-Fried's legal team is seeking to remove a bail condition that prevented him from accessing FTX's funds, according to court filings from Jan. 28.A letter from Bankman-Fried's lawyer, Mark Cohen, to United States District Court Judge Lewis Kaplan stated that Bankman-Fried should have access to assets held by FTX, claiming the client was not involved in previous unauthorized transactions.FTX and FTX US have sought over $659 million in
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Genesis Capital’s fall might transform crypto lending — not bury it

[ad_1] Is crypto lending dead, or does it just need better execution? That’s a question asked with more urgency in the wake of Genesis Global Capital Jan. 19 bankruptcy filing. That, in turn, followed the demise of other prominent crypto lenders, including Celsius Network and Voyager Digital in July 2022, and BlockFi, which filed for Chapter 11 bankruptcy protection in late November 2022.Unlike many traditional creditors, like banks, cryptocurrency lenders
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US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023

[ad_1] Commentators believe that Bitcoin (BTC) bulls do not need to wait long for the United States to start printing money again.The latest analysis of U.S. macroeconomic data has led one market strategist to predict quantitative tightening (QT) ending to avoid a “catastrophic debt crisis.”Analyst: Fed will have “no choice” with rate cutsThe U.S. Federal Reserve continues to remove liquidity from the financial system to fight inflation, reversing years of
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IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

[ad_1] With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of U.S. federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.Until 2021, the IRS used the term ‘virtual currencies’ in income tax-related reporting forms, which have been updated to ‘digital assets.’ All US citizens must answer questions about cryptocurrencies “regardless
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CZ predicts ‘existential implications’ for anti-crypto traditional finance

[ad_1] As traditional institutions proactively reduce exposure to cryptocurrencies as a reaction to ecosystem collapses in 2022, Binance CEO Changpeng ‘CZ’ Zhao believes this move could potentially have a negative impact on such traditional financial players.The collapse of major crypto platforms, such as FTX and Terraform Labs, not only reduced trust among investors but also forced the traditional market to reevaluate their strategies for stepping into the crypto ecosystem. While
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White House cryptocurrency ‘roadmap’ recommends against pension funds

[ad_1] The White House released a statement on Jan. 27 that provided the United States President Joe Biden administration a roadmap for mitigating risks associated with cryptocurrencies. Much of the document was addressed to the U.S. Congress with the administration’s legislative guidance.The authors of the statement outlined a two-pronged path forward. They wrote: “We have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using
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US prosecutors seek to ban SBF from Signal after alleged witness contact

[ad_1] Federal prosecutors have requested that former FTX CEO Sam Bankman-Fried's (SBF) bail conditions are modified to prevent further alleged attempts at influencing witnesses’ testimonies. Court documents filed on Jan. 27 revealed that The Department of Justice (DOJ) have asked U.S. District Court Judge Lewis Kaplan to ban Bankman-Fried from communicating with “current or former employees” of FTX or Alameda.The prosecutors have requested this after they alleged that Bankman-Fried had reached
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Silvergate suspends dividends to preserve ‘highly liquid balance sheet’

[ad_1] California-based crypto bank Silvergate has suspended dividend payouts to preserve its “highly liquid balance sheet.”In a Jan. 27 announcement, the firm stated that it is halting “the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.”The company outlined that it made the decision so that it can weather the storm of crypto winter, but did stress that it still