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China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns

Financial regulators in China appear set to crack down on cryptocurrency trading again after President Xi Jinping’s praise for blockchain technology revived speculation in the sector. Regulators in each district of Shanghai must search and inspect local crypto exchange-related services before Nov. 22 and report to the central bank for further actions, according to an official notice signed by the Shanghai Internet Finance Rectification Agency and the Shanghai Bureau of the People’s Bank of China. …

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Chainalysis Says BitForex Trading Volumes Could Be Fake

BitForex exchange could be faking its bitcoin trading volume, according to a report released Friday by crypto auditors Chainalysis. For every one bitcoin recorded entering on-chain between January and November, BitForex claims some 40,000 bitcoins trades traded, the Chainalysis report said. That compares to most leading exchanges average with about 6 bitcoins traded to one on-chain.  “There should be a relationship with the bitcoin moving onto the exchange and how much it is traded,” Philip …

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Tether to File Motion to Dismiss Class Action Lawsuit Based on NYAG Claims

Tether has released a letter of intent saying that it plans to file a motion to dismiss the lawsuit that claims it manipulated the crypto market. The class action lawsuit seeks retribution for damages of more than $1 trillion. It’s based on an allegation made by the New York Attorney General’s office in April that USDT was not backed 1:1 by U.S. dollars and a study published by professors at the University of Texas at …

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Stablecoin Crisis Could Wreck Global Finance, Fed Warns in New Report

The U.S. Federal Reserve Board on Friday warned that a stablecoin crisis could wreak havoc on the global economy and outlined the steps issuers must take to protect the status quo.  The central bank’s prognosis – buried deep in the November edition of its semiannual “Financial Stability Report” – rests on a stablecoin worst case outcome: a run on the issuers, in which coin holders panic en-masse and demand the return of the fiat they …

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Criminal Case Against Failed WEX Crypto Exchange Points at Russian Law Enforcement

The formerly anonymous administrator of the cryptocurrency exchange WEX, which shut down last summer, has made some shocking claims about the fate of “hundreds of millions” of dollars of clients’ cryptocurrency in talks with Russian police. Russian citizen Alexei Bilyuchenko, who confessed to being the tech administrator of the infamous BTC-e exchange and later co-founder of WEX, had been questioned as part of a criminal investigation underway in Russia since late 2018, BBC News Russian reported …

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German Regulator Orders ‘KaratGold Coin’ Issuer to Cease Operations

The hammer is coming down again on the Karatbars ecosystem as German and South African regulators have taken separate actions over sales of a purportedly gold-backed cryptocurrency. Germany’s Financial Supervisory Authority (BaFin) disclosed Monday that it had issued a cease-and-desist order against Karatbit Foundation on Oct. 21 for issuing its KaratGold Coin without necessary licensing in the country.  Also Monday, South Africa’s Financial Sector Conduct Authority (FSCA) warned consumers to avoid investments offered by Karatbars …

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ConsenSys Strategy Chief Steps Down to Launch Venture Fund

ConsenSys chief strategy officer Sam Cassatt is stepping down to launch a new venture fund, Aligned Capital, with the backing of ConsenSys founder Joe Lubin. ConsenSys said Cassatt will stay on with the ethereum venture studio in an advisory capacity. Speaking Friday at San Francisco’s TransTech Conference, Cassatt said his fund is seeking to raise $50 million for its first round. Aligned will focus on emerging technologies including artificial intelligence, healthcare, cryptocurrency and blockchain, according …

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As Bitcoin Cash Hard Forks, Unknown Mining Pool Continues Old Chain

A rogue chain has developed during a planned bitcoin cash hard fork, as an unknown mining pool failed to update to the new chain’s software. The on-going chain battle, which should be resolved by bitcoin cash’s internal rules, gives an insider look into how proof-of-work (PoW) consensus mechanisms operate. The hard fork occurred on Friday at 16:49:28 UTC at block number 609,135. Two additional blocks broke into two different chains that have been mined for …

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Nestle, Carrefour Extend Blockchain Tracking Effort to Baby Milk

Nothing is more important to new parents than the safety of their infants, and food giants Nestle and Carrefour aim to use blockchain to help appease that instinct. Following on from a previous food tracking effort by the two companies, based on IBM’s Food Trust platform, Nestle and Carrefour will track baby milk products and provide consumers with data on their origins and movements “from dairy to shelf.” Specifically, the GUIGOZ Bio 2 and 3 infant milk range …

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