Cryptocurrency

Ripple CTO Discusses Risks of Storing Crypto on Exchanges

Wednesday. July 17 at 4:30 PM

1 min. read

Ripple's Chief Technology Officer, David Schwartz, has engaged in a discussion regarding the safety of crypto holdings on centralized exchanges, particularly in light of the collapse of FTX in 2022. Schwartz highlighted the dangers of storing crypto on exchanges, emphasizing that depositors become unsecured creditors with limited rights in case of exchange bankruptcy. While he acknowledged the convenience offered by platforms like Coinbase, Schwartz cautioned that funds could be lost if exchanges make mistakes. The debate also touched on the implications of FDIC insurance on exchanges, with Schwartz noting that the insurance only protects customers if the partner bank fails, not the exchange itself. Speculation arose about potential changes in banking regulations that could impact interactions between banks and digital asset service providers. These developments underscore the ongoing tensions between traditional finance and the crypto industry.

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Ohio Introduces Bill to Create Bitcoin Reserve Fund

Wednesday. February 5 at 10:00 AM

Ohio Senator Sandra O’Brien has proposed Ohio Senate Bill 57, allowing the state to invest in Bitcoin to establish an 'Ohio Bitcoin Reserve Fund.' The bill mandates that BTC investments be held for at least 5 years and requires secure custody solutions. Senator O’Brien emphasized the importance of Ohio being a leader in the crypto world, especially with the potential impact of President Trump's crypto working group. The bill also stipulates that state entities must accept crypto for payments, with agencies converting it to Bitcoin for the reserve. Residents, agencies, and universities can donate BTC to the fund, with a recognition program for significant donors. Ohio is among several states considering similar bills, with Utah also exploring crypto investments. The move reflects a growing trend of states embracing cryptocurrencies for financial purposes.

Cryptocurrency

Neptune Digital Assets Adds 20 Bitcoin to Holdings

Wednesday. February 5 at 8:00 AM

Neptune Digital Assets, a Canadian blockchain company, recently increased its Bitcoin holdings by 20 BTC. The publicly-traded firm, known for its Bitcoin mining, staking, and blockchain operations, disclosed the acquisition of these 20 BTC as part of its expanded Bitcoin strategy from January 26 to February 3, 2025. Neptune purchased the BTC at an average price of $99,833 per coin, amounting to a total expenditure of nearly $2 million. This acquisition boosted Neptune's total BTC holdings to 376 BTC. Additionally, the company also acquired 1 million Dogecoin on December 27, 2024, at an average price of $0.37 per token through a strategic derivative purchase. Neptune's CEO, Cale Moodie, emphasized the company's focus on BTC and strategic asset acquisitions while managing leverage risk effectively. Both Bitcoin and Dogecoin have witnessed significant price fluctuations recently, with BTC hovering around $99,400 and DOGE around $0.27 after experiencing a sell-off.

Cryptocurrency

Whale Transfers Shake Solana Market

Wednesday. February 5 at 7:00 AM

Whales are transferring their Solana (SOL) holdings to presumed safe storage wallets, causing a stir in the market. On Feb. 4, 2025, 5 SOL transfers from various wallets were observed. Notably, a whale moved 1,190,645 SOL valued at $242,492,804 USD from one wallet to another. Another transfer involved 545,281 SOL worth $114,530,747. A third transfer of 637,214 SOL valued at $133,840,278 occurred, followed by a transfer of 1,189,009 SOL worth $250,416,345. The latest transfer saw 1,189,009 SOL tokens worth $255,078,377 moved to an unknown wallet. These actions may be whales adjusting their holdings or securing funds in cold wallets. Despite a recent crypto crash, Solana has rebounded to $212.45, showing a 4.39% increase. Technical indicators suggest a possible consolidation with a potential rise above $215 or a test of support levels below $205.

Cryptocurrency

South Korea City to Seize Crypto From Tax Evaders

Wednesday. February 5 at 6:00 AM

The Gwacheon City in South Korea is set to launch a virtual asset electronic seizure system to track and confiscate crypto from tax evaders. With plans for full-scale seizures in the coming months, the city aims to identify hidden assets and enforce tax collection. Currently, 361 individuals owe more than $2,060 in local taxes, totaling about $12.9 million in arrears. By comparing records with data from major domestic crypto exchanges, authorities will track down these tax evaders. Despite the postponement of a 20% crypto tax by the South Korean government, local agencies now have the power to seize digital assets from tax evaders. Gwacheon officials emphasize the importance of their new electronic seizure system in closing tax loopholes and ensuring fairness. Advance warnings will be issued to encourage voluntary payment before any asset seizures take place. The city has already seized $206,000 worth of crypto from tax evaders in the past five years, with $75,500 recovered in unpaid taxes in 2024 alone. The implementation of the new system is expected to enhance enforcement efforts and deter tax delinquents.

Cryptocurrency