Author: Atis. Sh

Moscow was abuzz with the recent arrest of Valeria “Bitmama” Fedyakina, popularly hailed as Russia’s “Crypto Queen”. On September 15, police detained Fedyakina, after an anonymous acquaintance alleged a fraudulent transaction amounting to almost $70 million. According to sources like Moskvich Magazine and Telegram-based channels Baza and Readovka, the police suspect Fedyakina of operating a sophisticated “financial pyramid”. Alarm bells rang when reports emerged of her sudden disappearance, approximately a week before her arrest. Rumors spread about her intent to abscond with investors’ funds. The financial promises Fedyakina made to her investors, such as the enticing 1% returns on deposited…

As the world witnesses an escalating surge in cyber activities, North Korea’s notorious hacking unit, the Lazarus Group, is drawing attention once again. Reports reveal that they have amassed a significant cryptocurrency fortune, valued at approximately $47 million. Of this sizable hoard, Bitcoin (BTC) unsurprisingly dominates the lot. According to fresh insights sourced from Dune Analytics and presented by 21.co, parent of 21Shares, the Lazarus Group has assets that include $42.5 million in BTC. Furthermore, they hold $1.9 million in Ether, $1.1 million in BNB, and a notable $640,000 in stablecoins, predominantly in Binance USD. However, a sharp-eyed observer might…

Coinbase, the predominant US cryptocurrency platform, has clinched an Anti-Money Laundering (AML) compliance registration from Spain’s central bank. This pivotal registration not only solidifies Coinbase as a legitimate crypto exchange within Spain but also propels its European expansion journey. Detailing the development in a Friday blog post, Coinbase delineated its broader European aspirations. Spanish cryptocurrency aficionados now find themselves at an advantage, possessing the capability to confidently secure their digital currencies on Coinbase and actively engage in crypto transactions with the euro. The Bank of Spain’s approval facilitates Coinbase’s endeavor to render its comprehensive range of products and services, tailored…

In the latest report from dappGambl, findings paint a dramatically transformed picture of the once-thriving NFT (Non-Fungible Token) market, emphasizing that a vast majority of NFTs now hold minimal to no tangible value. The Meteoric Rise and Subsequent Decline During the cryptocurrency bull market of 2021/22, NFTs rose to prominence as a unique digital asset verified via blockchain technology. Distinct from interchangeable cryptocurrencies such as Bitcoin or Ether, each NFT contains specific attributes, setting it apart. This singularity provided a groundbreaking platform for digital artists, collectors, and even real estate moguls, heralding a new era of digital ownership and revenue…

Apple, the tech giant renowned for its innovative products, has reportedly dropped its ambitious venture of introducing built-in stock trading on iPhones. This comes in collaboration with financial heavyweight Goldman Sachs, the partnership aimed to bring forth an application akin to Robinhood. However, as per insider sources quoted by CNBC, this revolutionary idea has been shelved. Initiation and Halt: A Timeline The inception of this project traces back to 2020, a time when the financial market witnessed plummeting interest rates and an unprecedented spike in share trading activities. The viral wave of meme stocks significantly fueled this trading frenzy. Apple…

The Federal Reserve has recently announced its decision to pause the string of consecutive interest rate hikes. Between March 2022 and 2023, the FED made the move to raise interest rates at 10 successive meetings. Yet, the latest insights from the central financial institution paint a promising picture: they are not only optimistic about the nation’s economic prospects but are also firmly confident that the U.S. will sidestep a recession entirely. This was made public through a statement by the Federal Reserve. The FED has put forth projections indicating a robust 2.1% growth in the economy this year—doubling the rate…

Today, the House Financial Services Committee advanced a crucial bill that could effectively stall the Federal Reserve’s ambitions of introducing a central bank digital currency (CBDC) without congressional approval. The Digital Dollar Dilemma: Should a USD CBDC Exist? The push for a CBDC, a digital version of the US dollar, recently hit a roadblock. Congressman Tom Emmer, the driving force behind the bill, believes that the advent of a CBDC could jeopardize the foundational values of privacy, personal liberty, and market competition that the United States cherishes. Contrary to the decentralized nature of digital currencies like Bitcoin, which operate largely…

The Hong Kong crypto market is under scrutiny after allegations of a massive fraud incident involving the unlicensed exchange, JPEX. The Securities and Futures Commission (SFC) received a staggering 1,400 complaints about the platform, focusing on fraudulent activities, withdrawal restrictions, and dwindling wallet balances. With losses reaching a reported 1 billion Hong Kong dollars ($128 million), the Hong Kong government is intensifying its efforts to tighten regulations in the crypto sphere. JPEX Saga Unfolds The whirlwind began on Sept. 13, when the SFC made public that they had been inundated with over a thousand complaints related to the unlicensed JPEX…

Three of Canada’s most prominent banks, BMO, TD, and CIBC, are grappling with an unsettling trend. Almost 20% of their outstanding mortgages are undergoing negative amortization, meaning that the monthly payments homeowners are making aren’t covering the interest expense, leading to rising loan balances over time. What’s Negative Amortization? Under usual circumstances, a borrower’s monthly mortgage payment decreases the outstanding loan balance. However, in a rapidly escalating interest rate environment, variable rate mortgages with fixed monthly payments can run into negative amortization. Essentially, the loan balance grows instead of shrinking. The sharp rise in interest rates has contributed to this…

In an era marked by economic uncertainties, the US has hit a momentous fiscal benchmark that underscores the growing concerns around the nation’s economic health. On Monday, the Treasury Department documented that America’s gross national debt surged past $33 trillion, highlighting the alarming rate at which the country’s financial burdens are mounting. Government Shutdown and the Congressional Standoff As this financial threshold was crossed, Congress was concurrently embroiled in a tense deadlock, with the impending threat of a government shutdown by month’s end if funding measures aren’t agreed upon. The last such shutdown occurred in 2019, and the specter of…