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Business World

Bitcoin becomes legal tender in Central African Republic

The Central African Republic (CAR) has approved Bitcoin as legal tender. The second country to do so. CAR is one of the world’s poorest countries, but is rich in diamonds, gold and uranium. It has been wracked by conflict for decades and is a close Russian ally, with mercenaries from the Wagner Group helping fight […]

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World

FBI blame North Korean hackers for stealing $600 million in cryptocurrency from video gaming company

The FBI on Thursday blamed hackers associated with the North Korean government for stealing more than $600 million in cryptocurrency last month from a video gaming company. “Through our investigation we were able to confirm Lazarus Group and APT38, cyber actors associated with the DPRK, are responsible for the theft of $620 million in Ethereum […]

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Insane World

US authorities seize $5 billion worth of stolen Bitcoin, arrest two for attempting to launder money

Stolen Bitcoin worth more than $5 billion has been seized by the US Department of Justice, the largest ever confiscation of its kind. Officials also arrested and charged two people on Tuesday with attempting to launder the money, which amounts to nearly 120,000 Bitcoin. The funds, stolen by a hacker who breached a cryptocurrency exchange […]

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Business World

IMF urges El Salvador to strip Bitcoin legal tender status citing obstacle to get loan from the institution

The International Monetary Fund’s board urged El Salvador to strip Bitcoin of its status as legal currency due to its large risks, highlighting a major obstacle for the nation’s efforts to get a loan from the institution. El Salvador last year sought a $1.3 billion IMF loan, but talks have been stymied by the lender’s […]

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Business World

Bitcoin has lost almost half its value since its November 2021 high

Bitcoin lost almost half its value since its November high, with cryptocurrency prices continuing to plunge as major economies look to curb their growing popularity. It’s not just Bitcoin, as cryptocurrencies in general have had a dismal start to the year. Bitcoin has fallen over 8% in the last 24 hours, and was trading at […]

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Insane World

Cryptocurrency scammers stole record $14 billion in 2021

Scammers took home $14 billion in cryptocurrency in 2021, thanks in large part to the rise of decentralized finance (DeFi) platforms, according to new data from blockchain analytics firm Chainalysis. Losses from crypto-related crime rose 79 percent from a year earlier, driven by a spike in theft and scams. Scamming was the greatest form of […]

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World

El Salvador to build Bitcoin city at base of Conchagua Volcano

El Salvador plans to build a Bitcoin city at the base of the Conchagua volcano, with the cryptocurrency used to fund the project, its president has announced. The city will be circular to represent the shape of a large coin and will be built in the south-eastern region of La Unión, President Nayib Bukele said. […]

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Insane

Pennsylvania: Crypto mining company buys power plant to meet electricity requirements

Crypto mining companies are continuing to find innovative solutions to power problems despite concerns regarding Bitcoin mining’s immense power requirements and ecological impacts. A Pennsylvania firm recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by […]

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Business World

China’s central bank declares all crypto-currencies illegal, effectively banning Bitcoin, Ether and all other digital tokens

China’s central bank announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the safety of people’s assets”. China is one of the world’s largest crypto-currency markets. Fluctuations there often impact the […]

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Fake news claiming Walmart would accept cryptocurrency surges prices

Cryptocurrency Litecoin saw a sudden surge in price on Monday after a press release claimed Walmart began accepting it for payment — this turned out to be fake. The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all its digital stores. Walmart later told US media outlets the […]

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Business World

Bitcoin tumbles over 10% on El Salvador’s first day using it

Bitcoin tumbled more than 10% on Tuesday, below the $43,000 mark. The volatile cryptocurrency saw huge sell off as El Salvador made good on a plan announced in June and adopted the cryptocurrency as legal tender, making it the first country in the world to do so. The move received some criticism in El Salvador, […]

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Business World

El Salvador buys 200 Bitcoins as cryptocurrency becomes legal tender

El Salvador became the first country to adopt bitcoin as a national currency on Tuesday. President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels. Bitcoin […]