Automated Crypto Investing App Coinseed Faces Fraud Charges In NY, SEC Suits

Coinseed Inc, an automated crypto investing app, is facing allegations of defrauding investors and breaking U.S. registration laws in a pair of legal actions brought Wednesday by the U.S. Securities Exchange Commission and the State of New York. The app-based service bilked investors of $1 million through hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which did not have a BitLicense or federal clearance, with running an unregulated securities and commodities trading shop. James said she…

North Koreans Stole $100M From Crypto Firms, US Alleges

The U.S. Department of Justice (DOJ) has charged three North Korean computer programmers with theft and extortion on various allegations, including stealing over $100 million in cryptocurrencies between 2017 and 2020. The thefts are part of a broader conspiracy in which the alleged hackers steal over $1.3 billion, the DOJ announced Wednesday. In a related second case, a Canadian-American was charged with participating in a money laundering scheme. In a statement, Assistant Attorney General John Demers said, “as laid out in today’s indictment, North Korea’s operatives, using keyboards rather than…

Bitcoin Poised for Short-Term Gains Past $51K as MicroStrategy Upsizes Debt Deal

Bitcoin’s rally could continue in the short term, analysts and traders said, after the largest cryptocurrency by market cap surged on Wednesday to a new all-time-high price above $51,000.  At press time, bitcoin’s price is above 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.  “On the hourly time frame, bitcoin has a short-term support in the zone between $50,000 and $50,600 and an immediate resistance at $51,600,” Hunain Naseer, senior editor at OKEx Insights, told CoinDesk. Ki Young Ju, CEO of South Korea-based…

What’s Next After Bitcoin Hits $50K? Another $1K Gain

Bitcoin’s momentum carried through overnight, pushing upward to a new all-time high above $51,000 just a day after passing $50,000 for the first time.  “It’s not exactly soaring, as it has with other major technical breakouts, but another 3% gain isn’t to be sniffed at,” Craig Erlam, senior market analyst for the foreign exchange broker OANDA, wrote in an email.  In traditional markets, investors were focused on the recent rise in the U.S. Treasury yields to a 12-month high around 1.3% – taken as a sign that bond traders are…

World’s Oldest Central Bank Extends Digital Currency Test Till 2022

The world’s oldest central bank, Sweden’s Riksbank, is to extend its pilot project for a potential central bank digital currency (CBDC) for another 12 months. According to a press release on Friday, the project, which is being carried out with assistance from professional services firm Accenture, will run until February 2022. The Riksbank said it would continue developing a technical solution for a central bank-issued e-krona “as a complement to cash,” with the primary objective being for the bank to increase its knowledge around the technology. For 2021, the institution…

Head of St Louis Fed Says Bitcoin Not a Challenge to US Dollar’s Global Dominance

The head of the St. Louis Federal Reserve believes bitcoin does not pose a threat to the U.S. dollar’s status as the global reserve currency. In an interview with CNBC on Tuesday, James Bullard said the Fed’s policy focus will remain fixed on a global dollar economy “as far as the eye could see.” “Whether the gold price goes up or down or the bitcoin price goes up or down doesn’t really affect that,” said Bullard. Instead, the Fed’s president flagged “privately issued” cryptocurrencies, not sanctioned by the government, as…

Kakao to Record Private Securities on Its Own Blockchain

South Korean internet giant Kakao’s blockchain arm Ground X is now storing and verifying unlisted investments as nonfungible tokens (NFTs) on its public blockchain. Unlisted investments are shares of startups that are offered to investors for purchase prior to a public offering. Since these securities are not listed on formal markets, they are traded over the counter (OTC).  South Korea’s OTC trading market is growing: the country’s OTC exchange K-OTC ended 2020 with a record-high market capitalization of over 1 trillion won ($1.1 billion) since its launch in 2014. Foreign…