U.S. Sanctions on Cryptocurrency Mixers On Monday the U.S. Treasury Department placed sanctions against the cryptocurrency mixing service Tornado Cash, citing its use by the North Korea-backed Lazarus Group in the high-profile hacks of Ethereum bridges to launder and cash out the ill-gotten money. Tornado Cash is a so-called mixer, which blends streams of digital currency to mask their origin and improve anonymity. To achieve privacy, TC uses smart contracts that accept token deposits from...Continue Reading
ACCC Trials Countermeasures to Cryptocurrency Scams The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974, which was renamed the Competition and Consumer Act 2010 on 1 January 2011. The ACCC’s mandate is to protect consumer rights and...Continue Reading
Bitcoin Mining Industry Reaches 59.5% Sustainable Energy The global Bitcoin mining industry had a sustainable electricity mix of 59.5% during Q2 of the year, or a marginal increase compared with Q1, according to the latest quarterly survey conducted by the Bitcoin Mining Council. The latest Q2 report also details how energy efficiency among Bitcoin miners is on the rise. The full report can be read here. The survey, which collected data from over 50% of...Continue Reading
Zipmex’s Withdrawal Freeze Zipmex, a cryptocurrency exchange that operates in Singapore, Thailand, Indonesia and Australia has paused withdrawals on its platform following a “combination of circumstances” beyond its control. Per Cointelegraph, reports that Zipmex could be in trouble were dismissed as “rumours” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. “Due to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial...Continue Reading
Tesla’s Bitcoin Strategy and Its Impact Leading electricity car manufacturer Tesla has revealed it has converted 75% of its Bitcoin holdings into fiat currency, selling $936 million worth, the company reported Wednesday in its earnings report. “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet,” the company said in the earnings presentation. At the end...Continue Reading
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