Tuesday, May 17, 2022

Crypto News from the World: Week in review 30Sep – 05Oct

The Takeaway:

Week in review (29th September-5th October): If you've had a busy week just like the crypto world, here are the top events that took place all over the world from phishing scams under Queen's name to Tim Cook saying no to Apple's future in cryptocurrencies.

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The world of cryptocurrencies is an area where new and innovative things keep on happening every day. In case you have missed the highlights of this week, here are the events that took place all over the world this week.


Phishing scams getting out of hand in the U.K.

Scammers have adopted the new method of stealing people’s Bitcoins in the U.K. People are receiving emails which are posed as letters from Buckingham Palace, and the scammers are pretending to be Edward Young, the personal secretary of Queen Elizabeth II. The email says that they need money to save the economy and any donation from 450,000 Euros to 2,000,000 Euros to the royal house to help.


JP Morgan blames Bakkt for the crash in BTC price

Bakkt’s BTC futures trade platform was launched at the end of September, and the Bitcoins price faced a sharp decline right after its launch. Since then, the price has been trading near the $8,000 level, and many crypto enthusiasts and investors have blamed Bakkt for this decline. JP Morgan analyst, Nikolaos Panigirtzoglou, has backed this fact by explaining how overbought technicals and long contracts gave a push for the decline.


Russian Engineer performs illegal mining in a secret lab

Illegal crypto mining has been part of the crypto world where people use viruses or scams to perform mining of Bitcoins. This time things took a different turn when a Russian Engineer in Sarov performed illegal mining process on the country’s most powerful supercomputer. Denis Baykow, the accused engineer, was charged $7,000 as fine for his actions.


Facebook’s Libra might lose Visa and Mastercard

Libra has faced backlash from governments ever since its launch was announced, and the governments have been against its launch. This backlash has led to the backing partners of the project questioning the launch and success of the project. Visa and Mastercard have decided to act as a sleeping partner, and they won’t support it publically. On the other hand, PayPal is also planning to end its association with the project.



Kik CEO announces shutdown and further plans

Social messaging app Kik’s CEO, Ted Livingston, has announced that the platform will be shut down on 19th October. They have slowly taken steps in this direction with the mass cutting of staff, and now they have decided to focus on the cryptocurrency platform, Kin.


Ohio Treasurer suspends Bitcoin tax payments

Ohio Treasurer, Robert Sprague, has suspended the Bitcoin payment tax service, which started in November 2018. The tax was collected in the form of Bitcoins, and then it was converted into U.S. dollars by BitPay. This decision was taken as officials think the website falls under the “financial transaction device” category, and this needs approval from the Board of Deposit.


Staking services added by BitGo

BitGo has added staking services for Algorand and Dash on its platform, and this service will help the token holders in earning 7%-13% annual returns on the investments they make. They acquired a startup working in the direction of staking infrastructure called Hedge to use its services on their platform.



Apple’s Chief Executive says no to cryptocurrency

Tim Cook, Chief Executive of Apple, has denied all the rumors of companies’ plan of launching a new cryptocurrency. He believes that the governments should control the currencies, and Apple has no intention of making a debut in this field. He also informed that the Apple credit card might get a global version soon.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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