UK gov’t introduces bill aimed at empowering authorities’ to ‘seize, freeze and recover’ crypto

The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities’ ability to target cryptocurrencies used for illicit purposes. In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the country. The bill contained provisions forcutting down on the “red tape around confidentiality liability” and granting law enforcement the authority “to compel businesses to hand over information…

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Tens of Celsius clients ask US court to recover $22.5M in crypto

The bankrupt cryptocurrency lender Celsius is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze withdrawals in June. An ad hoc group of 64 custodial account holders at Celsius on Wednesday filed a complaint with the U.S. Bankruptcy Court for the Southern District of New York in order to recover their assets. According to court documents, the creditors are seeking to recover a total of more than $22.5 million worth of cryptocurrency assets collectively held in Celsius’ custody service. The ad…

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Ethereum Could Recover To $1,800 If It Clears This Key Resistance

Ethereum found support near the $1,520 zone against the US Dollar. ETH is attempting an upside correction and might eye a strong move towards $1,800. Ethereum remained well bid above the $1,520 level and corrected above $1,600. The price is now trading below $1,650 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,625 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a clear move above the $1,650 resistance.…

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Scaramucci highlights key factors why crypto market will soon recover

Founder and managing partner of Skybridge Capital, Anthony Scaramucci, has an optimistic outlook for the future of crypto markets, advising investors to “see through the current environment” and “stay patient and stay long term.” In an interview with CNBC, the hedge fund manager spoke about his belief that several recent developments in the crypto space could spark “a lot more commercial activity.” In particular, he highlighted the ever-improving Lightning Network, the two-layer payment protocol layered on top of Bitcoin (BTC), BlackRock’s partnership with Coinbase, and their subsequent establishment of a…

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Semantics? Analysts unpack ‘technical recession’ as crypto markets recover

Data from the United States commerce department suggests America has entered a technical recession, but market analysts have highlighted key metrics that suggest investors are optimistic. The American economy shrunk for the second consecutive quarter, according to government data released on Thursday, fitting the criteria for a technical recession. The Biden Administration maintains that the U.S. is not in a recession, highlighting low unemployment rates and other metrics that counter the argument. Mati Greenspan, founder & CEO of Quantum Economics, addressed the topic in his latest QE newsletter, noting a…

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Bitcoin Price Could Recover If It Holds This Key Support

Bitcoin extended losses and traded below $19,600 against the US Dollar. BTC could start a recovery wave if it stays above the $19,300 support zone. Bitcoin remained in a bearish zone and settled below the $20,000 level. The price is now trading below the $19,600 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a recovery wave if it stays above the $19,300…

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Dutch University set to recover more than twice the paid BTC ransom in 2019

Netherland-based Maastricht University (UM) is set to recover nearly €500,000 ($512,150) worth of Bitcoin (BTC) after the police authorities managed to solve the infamous ransomware attack in December 2019. In 2019, a ransomware hack targeted the said university and froze all its research data, emails and library resources. The hackers demanded €200,000 in BTC and the university, fearing losing critical research data, decided to pay the said amount . The Dutch Public Prosecution Service (DDPS) managed to track down one of the crypto wallets associated with the hack in 2020 to…

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Cardano (ADA) Looks To Recover After Sliding To $0.43

Cardano (ADA) price experienced a protracted run along a falling angle formed on June 27, when the price was $0.52. Since then, ADA has retreated gradually to find support at $0.44. Nonetheless, ADA may be slowly returning to the green zone, as its price increased throughout the weekend’s session after plummeting to a low of $0.43 on Friday. Cardano is a decentralized proof-of-stake blockchain platform of the third generation aiming to be a more effective option to proof-of-work networks. Suggested Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto…

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White hat hacker attempts to recover ‘millions’ in lost Bitcoin, finds only $105

Joe Grand, a computer engineer and hardware hacker known by many for recovering crypto from hard-to-reach places, spent hours breaking into a phone only to find a fraction of a Bitcoin. In a YouTube video released on Thursday, Grand traveled from Portland to Seattle in an effort to potentially recover “millions of dollars” in Bitcoin (BTC) from a Samsung Galaxy SIII phone owned by Lavar Sanders, a local bus operator. Sanders originally purchased the BTC in July 2016 in a “super sketchy” way, paying a person at a cafe and…

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Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat.  In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that: “We had known them since 2018, thought they were competent and didn’t think they were degen enough…

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