The digital currency exchange known as Bitfinex said on July 6 that it has been given $312,219.71 in cash together with 6.917 Bitcoin Cash by the United States Department of Homeland Security.
The seizure was carried out with the assistance of the United States Customs and Border Protection Service.
The stolen assets will be refunded to the Bitfinex customers who were affected by the breach in 2016 on a proportional basis.
After holders of Unus Sed Leo (LEO), Bitfinex’s native token, have had their RRTs redeemed with the recovered assets, the remaining funds will be distributed to those who possess Unus Sed Leo.
Bitfinex had a security breach in 2016, which resulted in the loss of Bitcoin belonging to 119,576 clients. These Bitcoin were valued around $70 million at the time but are now worth $3.7 billion.
Ilya Lichtenstein and Heather Morgan, his wife, were taken into custody by the United States Department of Justice on February 8, 2022. The two were reportedly involved in a conspiracy to launder cryptocurrency that was tied to the breach.
Efforts to retrieve the monies are still under progress at this time.
An affiliate of the cryptocurrency loan company Genesis has filed a lawsuit against the Bitcoin Cash (BCH) supporter Roger Ver for unresolved crypto options totaling $20.8 million. In the lawsuit that was filed against Ver on January 23 in the New York State Supreme Court, GGC International, which was a part of the defunct crypto lender, claimed that the BCH proponent had failed to settle crypto options transactions that had expired on December 30. GGC International filed the suit on behalf of the bankrupt crypto lender.
A total of twenty days was allotted to Ver in order for her to respond to the summons.
In the event that the BCH advocate does not provide a response within the allotted length of time, he will be required to pay the whole sum by default.
As this article is being written, the proponent of BCH has not yet provided a response to the case.
According to information provided on the Genesis website, GGC International is a business that operates out of the British Virgin Islands.
Genesis Bermuda Holdco Limited, which is a subsidiary of Genesis Global Holdco and is listed as an entity in the bankruptcy petition, is the owner of the company. In addition, Ver was in the news the previous year due to charges that he had defaulted on a loan.
Mark Lamb, the CEO of CoinFLEX, said that Ver was obligated to pay the company $47 million USD Coin (USDC) and that this obligation was stipulated in a written contract.
On June 28th, Ver also refuted these allegations while avoiding making direct reference to the corporation.
The cryptocurrency lender filed its petition for Chapter 11 bankruptcy in the Southern District of New York on January 20.
In order to advance the company’s operations, the company initiated a reorganisation that was overseen by the court.
A specialised committee will be in charge of the process, and their goal is to provide results that are satisfactory not just to Genesis customers but also to users of Gemini Earn.
In the meanwhile, creditors of Genesis have turned their attention to Digital Currency Group (DCG), the parent company of Genesis Global.
On January 24, creditors of Genesis filed a securities class action lawsuit against DCG and Barry Silbert, the company’s founder and chief executive officer.
The creditors asserted that the company had broken federal securities laws by selling unregistered securities, which they said was done in violation of the laws.
The Ethereum co-founder took to Twitter to recap and update previous views.
During the tweetstorm, Buterin shared a not-so-flattering take of Bitcoin Cash.
Ethereum co-founder Vitalik Buterin took to Twitter on New Years Day to highlight some of what he’s written and said about the blockchain space over the last 10 years and how those views have evolved. During the tweetstorm, Buterin also shared his current thoughts on Bitcoin Cash, an altcoin that was created in 2017 by forking the original Bitcoin blockchain.
“I was optimistic about Bitcoin Cash specifically, because I agreed with the big-blocker arguments in the scaling war more than the small-blocker argument,” Buterin wrote on Saturday in response to a 2017 tweet he wrote about BCH.
9. I was optimistic about Bitcoin Cash specifically, because I agreed with the big-blocker arguments in the scaling war more than the small-blocker arguments.https://t.co/PgVHuFGadM
— vitalik.eth (@VitalikButerin) January 1, 2022
The Russian-Canadian programmer who wrote the Ethereum whitepaper in 2013 then laid out why he sees Bitcoin Cash as “mostly a failure.”
“Today, I would call BCH mostly a failure,” Buterin tweeted. “My main takeaway: communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward.”
Crypto Twitter was quick to respond to Buterin’s critique. “It was not a good cause,” wrote Blockstream co-founder and CEO Adam Back. “It was a rejected corporate takeover attempt. Learn history man. You supported it even. Meh.”
It was not a good cause, it was a rejected corporate takeover attempt. Learn history man. You supported it even. Meh.
— Adam Back (@adam3us) January 2, 2022
“Projection is a bitch,” wrote The Bitcoin Matrix Podcast host Cedric Youngelman.
“That is a very interesting characterization of rebellions,” wrote Id Software founder John Carmack.
“Failure?” wrote author, programmer, and Bitcoin Cash maximalist Cyprian, formerly known as Vin Armani. “How much gas would I pay to send $1 in USDT on Ethereum right now? (Hint: $20). Sending $1 in USDT on BCH costs less than a cent. What was the mission, again?”
Failure? 🤔
How much gas would I pay to send $1 in USDT on Ethereum right now? (Hint: $20)
Sending $1 in USDT on BCH costs less than a cent. 🤷
What was the mission, again? https://t.co/1s0nVJgYRZ
— Cyprian (@cyprianous) January 2, 2022
Buterin co-founded Ethereum in 2015 alongside Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. In 2017, Bitcoin Cash (BCH) hard forked (or split) from the main Bitcoin network. The following year, Bitcoin Cash saw a split of its own into Bitcoin ABC (Adjustable Blocksize Cap), which retained the name “Bitcoin Cash,” and Bitcoin SV (Bitcoin Satoshi Vision). Supporters of both altcoins have claimed each to be “the real” Bitcoin.
Bitcoin (BTC) looks set to beat its forked versions Bitcoin Cash (BCH) and Bitcoin SV (BSV) in terms of price-performance in 2021, market data shows.
Notably, BTC’s year-to-date (YTD) returns sat near 60% at press time as its price wobbled near $47,500. In comparison, BCH rallied a little over 26% to $435.50, while the BSV price plunged over 25% to $122.30 in the same period.
But the biggest takeaway remained the performance of Bitcoin Cash and Bitcoin SV against Bitcoin. In detail, the BCH/BTC rate declined over 22.50% YTD to 0.00916. Meanwhile, BSV/BTC dipped by nearly 55% YTD to 0.00258 BTC, signaling capital rotations out of Bitcoin forks.
BCH/BTC and BSV/BTC daily candle price chart. Source: TradingView
Market dominance
Additionally, forked Bitcoin tokens — once counted among the top-ten cryptos by market capitalization — lost their positions to the emerging layer-one blockchain projects.
Notably, the arrival of Solana (SOL), Cardano (ADA), Terra (LUNA), Avalanche (AVAX), and other protocols opened more avenues for crypto traders to park their money.
On the other hand, Bitcoin Cash’s and Bitcoin SV’s main selling point remained claims of greater scalability, which didn’t gain traction with investors as Bitcoin’s transaction fees fell by over 50% this year.
Performance of top 25 crypto assets as of Dec. 30, 1330 UTC. Source: Messari
That resulted in a decline in the market dominance of both Bitcoin Cash and Bitcoin SV. While the BCH’s share in the entire crypto market slipped to 0.37% from 0.84% at the beginning of this year, the BSV’s market portion also declined to 0.10% from 0.40% in the same period.
Bitcoin, whose market dominance also slipped from 70% to under 40%, performed better than Bitcoin Cash and Bitcoin SV, nonetheless. That is primarily because of its rising adoption among retail and institutional investors as they searched for safe-havens against the central banks’ inflation-friendly loose monetary policies.
Inflation keeps rising, debt keeps rising, interest rates near zero, and in some countries negative…
Yeah, feels good to be a #bitcoin holder!
— Lark Davis (@TheCryptoLark) December 19, 2021
Abysmal development data
Bitcoin also excelled over BCH and BSV based on developers’ activity.
Data fetched by CryptoMiso.com showed that Bitcoin approved 2,937 changes suggested by over 100 contributors to its source code this year, the seventh-largest number of commits recorded on GitHub. In comparison, Bitcoin Cash and Bitcoin SV processed 1,099 and 496 commits in the same period.
Bitcoin Cash and Bitcoin SV commits in 2021. Source: CryptoMiso
A higher number of commits shows that more developers want to improve the open-source project in concern. Conversely, a lower count alerts about a slower rate of improvements on the protocol.
In the end, Bitcoin SV turned out to be the worst-performer than Bitcoin Cash in terms of price-performance, as well as market dominance and developers activity. Investors also kept their distance as the Bitcoin SV network suffered three 51% attacks and its co-founder Craig Wright remained embroiled in a lawsuit, as Cointelegraph covered earlier.
Now, BSV price may face more losses ahead should it break below a long-withstanding support level near $121.50, as shown in the chart below.
BSV/USD weekly price chart. Source: TradingView
Conversely, a pullback from the $121.50-support could have the BSV price test its 50-week exponential moving average (currently near $167) as the next upside target.
Related: Top crypto winners and losers of 2021
Likewise, the BCH price’s latest decline has brought it near its multi-year ascending trendline support. Therefore, a pullback from the said level could have the Bitcoin Cash token eye approximately $600 as its next upside target, as shown via Fibonacci levels below.
BCH/USD weekly price chart. Source: TradingView
Otherwise, breaking below the long-term support level risks puts the BCH price en route to near $195, a level with a history of sending prices higher.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Despite retracing after the latest two-week high by several hundred dollars, bitcoin has remained above $50,000. Most altcoins are also slightly in the red following yesterday’s gains, with a few exceptions, such as Bitcoin Cash ABC, which is up by 50%.
Bitcoin Maintains $50K
Following a few consecutive weeks of consistent price drops, bitcoin finally initiated an impressive leg up yesterday, in which it broke above $50,000. Moreover, the cryptocurrency kept going upwards in the following hours and tapped a new two-week high of almost $52,000.
However, BTC failed to continue north as the bears stepped up. They pushed it south, but bitcoin still stands at around $51,000. It’s worth noting that the asset was not able to trade above $50,000 for two days in a row since the early December price crash.
The current price level means that BTC’s market capitalization has remained above $950 billion, while the dominance over the altcoins is at 40.6%.
BTCUSD. Source: TradingView
Alts Stall as BCHA Spikes
The alternative coins also registered notable gains yesterday. Ethereum led the charge with a surge above $4,100 just a few days after the asset struggled below $3,800. A minor decrease since then, though, has driven ETH to just shy of $4,100.
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Binance Coin has remained relatively still at nearly $550. More minor losses come from Cardano, Terra, Polkadot, Shiba Inu, Litecoin, and Chainlink, while Ripple, Avalanche, and MATIC have dropped slightly more.
Solana, Dogecoin, and CRO, on the other hand, are in the green. SOL has spiked by 2% to above $190, DOGE is up by more than 5% to $0.19, and CRO’s 7.5% increase has driven it to $0.65.
Nevertheless, Bitcoin Cash ABC is the most significant gainer from the top 100 coins with a 50% surge to above $100.
The cryptocurrency market capitalization has declined slightly and is under $2.4 trillion now.
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Tokyo’s biggest finserv firm, SBI Group, will now allow general Japanese investors to purchase cryptocurrencies via its newly launched ‘crypto asset fund’. The fund is composed of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT).
The crypto-asset fund, to be traded and operated by the SBI Alternative Fund, was established on Dec. 02 with a dedicated capital of 5 million yen, worth approximately $45,000 at the time of writing. However, the company may choose to release the capital in smaller break-ups of 1 million yen each.
Source: SBI
According to the official statement, investors will be required to go through an application process that includes an anonymous partnership agreement with SBI Alternative Fund prior purchases. The company’s reasoning behind this move states:
“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”
In addition, the crypto investments made by such anonymous associations will be handled by SBI VC Trade, a sister firm dealing with cryptocurrency trading. SBI also highlighted that none of the seven cryptocurrencies in the crypto-asset fund will exceed 20% in ratio.
Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Investors will also be subject to unrealized capital gains taxes in addition to bearing other shared expenses including establishment and liquidation costs and audit expenses.
SBI has set an age limit between 20 to 70 for this fund and will enforce a three-month locking period for every purchase “aiming to reduce investment risk by diversifying time.” The company will also rebalance the investment ratio allocation once every month.
Related:SBI Holdings invests in Singaporean crypto exchange Coinhako
In addition to contributing to Japan’s crypto adoption, SBI continues to spread its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange named Coinhako.
Coinhako received SBI’s funding soon after its received regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund jointly set up by SBI and Switzerland-based Sygnum Bank.
Coinhako plans to “expand our business to other countries in Southeast Asia” by using SBI’s fund infusion and its pre-existing international network.
Movie theater giant AMC is finally accepting Bitcoin (BTC), Ethereum (ETH) and other cryptos as forms of payment after months of anticipation.
AMC CEO Adam Aron took to Twitter this morning to announce the news.
Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next. pic.twitter.com/a7pqYBm7HB
— Adam Aron (@CEOAdam) November 12, 2021
According to Aron, you can now purchase tickets and other AMC offerings with Bitcoin, Bitcoin Cash (BCH), Ethereum and Litecoin (LTC). The chief executive also mentions that popular memecoin Dogecoin (DOGE) will be next.
The news comes after months of announcements suggesting that AMC’s adoption of crypto was just around the corner. In a tweet this past September, Aron signaled the entertainment giant’s intentions to accept crypto for purchases.
In October, AMC announced that consumers could buy gift cards loaded with DOGE. Then, just last week, Adam Aron surveyed Twitter on whether or not AMC should accept fellow dog-themed altcoin Shiba Inu (SHIB). The response was resoundingly positive.
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
— Adam Aron (@CEOAdam) October 29, 2021
Although AMC is exploring SHIB as a payment option, the Dogecoin competitor was absent from today’s announcement.
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The Kroger Company, a major US retail firm headquartered in Ohio, is investigating fake news was published on PR Newswire, a service used by major businesses to distribute press releases.
On Friday, November 5, PR Newswire published a press release, claiming that Kroger will accept Bitcoin Cash cryptocurrency at its retail stores this holiday season.
However, the grocery retailer responded to the incident and indicated that the press release was fake news.
In an email statement, a Kroger spokesperson stated that “this communication was fraudulent and is unfounded and should be disregarded,” and added that Kroger was in touch with PRN on the issue.
Kroger becomes the second major retailer in recent weeks to get entangled in a cryptocurrency scam.
PR Newswire removed the inaccurate press release from its website afterwards, but not before the false information was picked up by some publications including Kroger’s own investor relations site.
PR Newswire stated that it was “urgently investigating the incident including looking into any criminal activity associated with this matter.”
Kroger also deleted the release, which appeared on its investor relations page, automatically received from PR Newswire as a direct feed.
This seems to be the latest attempt to boost a cryptocurrency by linking it to a major retailer.
The price of Bitcoin Cash surged briefly on Friday, hitting $636 before going back to $600 according to CoinMarketCap.
Crypto Fraud
The incident follows a similar situation that occurred in September, when GlobeNewswire published a false press release, stating that Walmart would begin accepting Litecoin cryptocurrency.
Walmart later confirmed that the information was false but not before the fake release received some attention and temporarily spiked the value of Litecoin.
As reported by Blockchain.News on September 13, Walmart Inc issued a press release in response to the fake news of its partnership with Litecoin. The giant retail firm stated that the announcement issued by Globenewswire was false and have had no relationship with Litecoin.
Following the incident, Walmart had been in touch with the new newswire firm to investigate how the false news got posted.
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