Top Headlines
- The cryptocurrency market cap continues to break records, hitting an all-time high of $1.13T earlier this week (Coin Telegraph)
- Embattled cryptocurrency exchange Bitfinex has reportedly repaid in full the loan from Tether that put the company squarely in the New York Attorney General’s crosshairs. Bitfinex was charged in 2019 with losing over $850M of commingled client funds and then engaging in a series of corporate transactions with Tether, the stable coin owned by the same parent company, to cover up the loss (Bloomberg)
Cryptocurrency Spotlight:
- Jack Dorsey, CEO of social media platform Twitter, posted photos of his nearly-functional Bitcoin node this week. His node will be one of thousands hosting an immutable copy of the Bitcoin blockchain and will help secure the blockchain of the most popular cryptocurrency in the world (Coin Telegraph)
- Visa has paired with neobank First Boulevard to pilot their crypto API, giving the bank’s clients opportunities to invest in cryptocurrency through their banking system. The partnership is notable as First Boulevard is a neobank focused on empowering Black investors and is the first bank to partner with the credit card giant to use their crypto API (Decrypt)
- Cryptocurrency company Protege Trust was granted only the second federal banking charter by the Office of the Comptroller of the Currency this week. The company plans to use the charter only to provide their clients with crypto custody services at this time (American Banker)
- The founder of cryptocurrency hedge fund operator Virgil Capital, 24-year old Stefan He Qin, is facing multiple criminal charges after admitting to defrauding clients of over $100M during the operation of the company’s two hedge funds (Bloomberg)
International Spotlight:
- The Central Bank of Nigeria has ordered the immediate closure of any banking accounts associated with users of cryptocurrency, signaling a strong crackdown on any cryptocurrency transactions occurring within the country (Coindesk)
- German authorities confiscated $60M of Bitcoin from a man convicted of fraud; however, they’re unable to access the 1,700+ Bitcoins as the fraudster, who has already served his prison sentence in full, refuses to divulge his password for his digital wallet (The New York Post) Thanks to reader Mark for the tip!
- The Israeli Securities Authority has ruled that cryptocurrency is a security and therefore subject to securities laws in the country. The ruling comes in response to a request by Kirobo LTD for their token to be deemed a utility token and therefore exempt from securities regulations (Mondaq)