Bitfinex
Seizure of Bitfinex funds is a reminder that crypto is no good for money launderers
As public understanding of how digital assets work becomes more nuanced along with the mainstreaming of crypto, the language of Bitcoin’s (BTC) “anonymity” gradually becomes a thing of the past. High-profile law enforcement operations such as the one that recently led to the U.S. government seizing some $3.6 billion worth of crypto are particularly instrumental in driving home the idea that assets whose transaction history is recorded on an open, distributed ledger are better described as “pseudonymous,” and that such a design is not particularly favorable for those wishing to get away with stolen funds. No matter how hard criminals try to obscure the movement of ill-gotten digital money, at some point in the transaction chain they are likely to invoke addresses to which personal details h...
Bitfinex advises Ontario-based users to close accounts before March 1
In a Friday announcement, Bitfinex said it would be immediately closing the accounts for Ontario-based customers who have no balances on the platform. In addition, it planned to restrict access to those who do not have open positions in the exchange’s peer-to-peer financing market or open margin positions. Users who have balances or open positions on Bitfinex and are one of the roughly 15 million residents of Ontario — which includes Toronto and the nation’s capital city of Ottawa — “will no longer have access to any services” starting on March 1. The exchange advised customers to withdraw funds before the effective date. Though Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been responsible for cracking down on crypto exchange...
2 key Bitcoin trading metrics suggest BTC price has bottomed
Bitcoin (BTC) has been struggling to sustain the $47,500 support since the Dec. 4 crash, a movement that wiped out over $840 million in leveraged long futures contracts. The downside move came after the emergence of the Omicron variant of the Coronavirus and recent data showing U.S. inflation hitting a 40-year high. Bitcoin/USD price at FTX. Source: TradingView While newcomers might have been scared by the 26% price correction over the past month, whales and avid investors like MicroStrategy added to their positions. On Dec. 9, MicroStrategy announced that they had acquired 1,434 Bitcoin, which increased their stake to 122,478 BTC. According to some analysts, the rationale behind Bitcoin’s weakness was the contagion fear that Evergrande, a leading Chinese property developer, defaulte...
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