Top cryptocurrency news on November 29: Over $270 million in crypto stolen in the UK, BlockFi files for… – Moneycontrol

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Last Updated : November 29, 2022 / 10:47 AM IST
Top cryptocurrency news on November 29: Over $270 million in crypto stolen in the UK, BlockFi files for bankruptcy, El Salvador’s Nayib Bukele sued, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin and Ethereum drop due to unrest in China, concerns about crypto contagion

Along with global stocks, the price of Bitcoin, Ethereum, and other digital assets fell on November 28 as investors dumped risky assets reportedly alarmed by unrest in China related to the anti-lockdown protests. According to CoinGecko, the largest digital asset was trading for $16,081 at the time of writing, a 3 percent 24-hour decline. The sell-off in Ethereum was more severe, down about 5 percent in price, at $1,158. According to on-chain expert Lookonchain, the significant decline in the value of the second-largest digital asset may be caused by a whale sending 73,224 Ethereum, valued at $85.7 million, to the cryptocurrency exchange Binance on November 28. This year, Bitcoin has generally followed the US stock market: when traders switch equities, the price of cryptocurrency declines as well. Read full here

Big Story
Crypto frauds in the UK increased by a third to over $270 million

Cryptocurrency theft in the UK increased by a third in a single year, with thieves taking hundreds of millions of pounds from victims, according to police data. The crypto industry is still reeling under the aftermath of the collapse of FTX, as evidenced by the increase in reported losses, discovered through a freedom of information request to UK police unit Action Fraud, Financial Times reported. From October 2021 to September 2022, Action Fraud received reports of £226 million ($273 million) in cryptocurrency-related financial losses, a 32 percent rise over the same time in the previous year. With 10,030 reported incidents, a 16 percent surge has been reported. Read details here

Legal Matters
A Salvadoran human rights group sues President Nayib Bukele for lack of transparency in Bitcoin transactions

A non-profit human rights organization called Cristosal has revealed that it has filed three lawsuits against El Salvador President Nayib Bukele in an effort to shed light on the source and details of the transactions involving the money used to buy Bitcoin. One of the lawsuits, according to Ruth Lopez, a representative for the group fighting corruption, was over the legitimacy of changes Bukele had made to the legislation governing these expenses. Lopez said that these rules permitting the president to control the assets are invalid, explaining that Bukele is in charge of managing $750 million as part of the Bitcoin trust formed by the nation’s central bank. Take a look

FTX Contagion
Crypto lender BlockFi declares bankruptcy

The collapse of the world’s third largest cryptocurrency exchange FTX has claimed another victim, with crypto lender BlockFi filing for Chapter 11 bankruptcy protection. According to the insider, the crypto lender is also relieving a sizable percentage of its workforce. On November 11, the same day FTX filed for bankruptcy, BlockFi, which allowed users to receive yield for depositing dormant cryptocurrency on the platform, first stopped allowing withdrawals. At the time, BlockFi stated in a letter, “We, like the rest of the world, found out about this situation through Twitter,” BlockFi wrote in a letter at that time. Read more here

Sign of the Times
Installation of cryptocurrency ATMs hits record low in September

The use and installation of crypto ATMs were one of several aspects of the cryptocurrency sector that suffered greatly during the market slump. According to statistics from Crypto ATM Radar, which was first published by Bloomberg, the rise of crypto ATM installations has been rising consistently over the years before spiking somewhat in August to roughly 34,123. But recently, things have changed, and in September, more crypto ATMs were removed from the US than built for the first time ever. Around $18,000 that month, the price of Bitcoin fell to a two-month low before deteriorating further. Read more here

Money Matters
BlockFi’s bankruptcy filing reveals that it owes the SEC $30 million

The Securities and Exchange Commission (SEC) is one of the biggest creditors of crypto lending company BlockFi, which filed for bankruptcy after a string of failures in the digital-assets market. According to a filing made on November 28, the regulator has a $30 million unsecured claim against the cryptocurrency lender. It now ranks behind Ankura Trust Company, which is owed more than $729 million, West Realm Shires Inc., which runs FTX US and is owed $275 million, and an unidentified customer who is owed more than $48 million as BlockFi’s fourth-largest creditor. According to BlockFi’s website, Ankura serves as a trustee for interest-bearing crypto accounts. Read more here

Corporate Watch is being sued by Jack Dorsey’s Block for trademark violation

Block Inc., a provider of digital payments, is suing Roger Ver’s for allegedly violating its trademarks with respect to the newly launched Verse token, which completed a $33.6 million private sale in May 2022. Lawyers for Block asserted that’s use of “Verse” constituted trademark infringement under German trademark law in a letter to CEO Dennis Jarvis and the company’s legal counsel Joseph Collement. The letter, dated August 10, 2022, was a response to a notice from Block’s attorneys, Bird & Bird, dated July 4, 2022, in which they first described their trademark infringement claim in Germany. Read more here

127K Bitcoin exits Binance, CEO explains why

According to Changpeng Zhao, the CEO of cryptocurrency exchange Binance, huge quantities of cryptocurrency are being moved as part of its proof-of-reserve (PoR) audits. On November 28, according to a report by Whale Alert, Binance sent 127,351 Bitcoin, or more than $2 billion, to an unidentified wallet. On-chain data shows that the transaction took place at 10:00 AM UTC and cost Binance just 0.000026 BTC ($0.42) in fees. FUD, or fear, uncertainty, and doubt, was quickly sparked by the big Bitcoin transaction, with many pointing out that Binance shifted an entire fortune’s worth of BTC in one transaction. Read more here

Quick Steps
Aave temporarily shuts down the credit markets to ward off new assaults

Protocol for decentralised liquidity Aave has temporarily shut down lending markets for 17 tokens in an effort to prevent volatility risks that might result in additional market manipulation attempts. Following a vote by its governance members to temporarily freeze assets deemed to be volatile and low liquidity, lending markets were shut down., Curve Finance (CRV), 0x (ZRX), Decentraland, 1inch (1INCH), Basic Attention Token (BAT), Enjin (ENJ), Ampleforth (AMPL), DeFi Pulse Index (DPI), RENFIL, Maker, and xSUSHI are among the assets on the list. Read more here

Make Peace
Crypto exchange Kraken settles a dispute with the US Treasury over serving Iranian clients

The Office of Foreign Assets Control (OFAC) of the US Treasury in a statement on November 28 said it had reached an agreement with cryptocurrency exchange Kraken regarding serving customers in Iran. In order to resolve any potential civil liability for alleged violations of Iranian sanctions, Kraken agreed to pay $362,159. Additionally, Kraken consented to spend $100,000 putting additional sanctions compliance controls into place. OFAC claims that Kraken allowed customers in Iran to conduct transactions on its platform by failing to implement the necessary geo-location tools, such as an automated internet protocol (IP) address-blocking system. Read more here
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