Connect with us
nairametrics

Cryptocurrency

U.S Government makes biggest crypto grab, worth $1 billion

Thousands of BTCs worth $1 billion linked to a criminal marketplace were snatched by the US law enforcement agencies.

Published

on

Over $500 million dollars worth of Bitcoins withdrawn from BitMEX

The U.S. Justice Department released a statement, yesterday night, which disclosed that it seized over $1 billion worth of bitcoin associated with a shady online marketplace – Silk Road.

Thousands of BTCs worth $1 billion were seized by the United States law enforcement agencies this week, in what the Justice Department disclosed was the largest seizure of cryptocurrency in the history of the agency.

READ: Bitcoin whale transfers $105 million worth of crypto, BTC trading at $15,800

The United States government will now try to prove in court the items are subjected to forfeiture. In the past, the government has later auctioned off forfeited cryptocurrencies.

In a report credited to CNBC, the U.S. Attorney David Anderson of the Northern District of California said in a civil complaint on Thursday,

GTBank 728 x 90

“Silk Road was the most notorious online criminal marketplace of its day. The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?”

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

What you should know

Coronation ads

Silk Road is a shady marketplace, where individuals use the online platform for buying illegal stuff that includes hard drugs, child pornography, malware, and use bitcoin in paying for such transactions.

The platform had earlier been shut down by U.S. federal authorities in 2013 and its Founder, Ross Ulbricht, was sentenced to life in prison two years later.

READ: U.S Department of Justice sets strategy targeted at crypto criminals

How did the crypto seizure happen?

The U.S. enforcement agencies were able to make such seizure through a unit within the Internal Revenue Service that specializes in tracking virtual currency transactions prevalent when using cryptos.

Jaiz bank ads

The Internal Revenue Service agents were able to identify 54 new bitcoin transactions executed on the shady platform.

Stanbic IBTC

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Ujah Gabriel

    November 6, 2020 at 10:20 am

    How can I started trading

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Investors fast using stablecoins rather than money in keeping their profits

USDC, a stablecoin project, in recent days has shown significant use among crypto investors.

Published

on

OUSD: Stablecoin that pays you interests like a bank

In recent times the use of Stablecoins has gained momentum amid high volatility and the strong bullish trend currently in play at the crypto market.

Such evidence was attributed to the daily trading volume seen in the world’s leading stablecoins, which at the time of writing Tether’s price was  $1.00 with a daily trading volume now at 43.4 billion. 

Also, the fast-rising USDC, a stable coin project founded by Circle and Coinbase, in recent days has shown significant use among crypto investors.

Data retrieved from Glassnode revealed over 12million USDC were moved in just two transactions some hours ago.

READ: Bamboo says USD Wire Transfer option is no longer available for deposits

GTBank 728 x 90

READ:  Ethereum whale transfers $78 million worth of Cryptos

Coronation ads

What are Stablecoins?

Stablecoins are cryptocurrencies created to minimize the price swings that occur in an asset. They are usually pegged to fiat currencies and often exchange-traded commodities.

Global Investors and traders are using it to give their investment portfolios exposure to the US Dollar during these times when uncertainty is high as a result of the worst pandemic (COVID-19) known to man.

Recall Nairametrics, a few months ago broke the news on, U.S national banks now permitted to hold reserve currencies for stablecoins (Tether, Circle), meaning more investors now use stable coins in hedging against the volatility often prevalent in the crypto market.

The letter which was released by the Office of the Comptroller of the Currency (OCC) responds to questions regarding the application of stablecoin-related bank activities.

Jaiz bank ads

It concludes that national banks and federal savings associations may hold ‘reserves’ on behalf of customers who issue stablecoins in situations where the coins are held in hosted wallets.

Stanbic IBTC

What you should know

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies, like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol ‘USDT’.

USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open-source project bootstrapped by contributions from Circle and Coinbase.

READ: Tether, the most promising stable coin, now the third most valuable cryptocurrency

  • USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC: 1 USD ratio.
  • Investors of stablecoins make money by earning dividends from the newly created digital coins given to them for holding such stablecoin stock.

Explore Data on the Nairametrics Research Website

Continue Reading

Cryptocurrency

Ripple gains 12%, CTO owns at least a million XRP

Ripple CTO, David Schwartz disclosed that he owns between 1 million to 10 million XRP.

Published

on

Ripple locks 800,000,000 XRP, prices push up

Ripple CTO, David Schwartz has disclosed more details about his crypto holdings.

What we know: From a series of tweets seen by Nairametrics, Schwartz, who is one of the original orchestras behind the creation of XRP Ledger, revealed he owned at least 1,000,000 XRP, valued at $555,000 at the time of writing. The crypto is up 12%.

READ: Ethereum robber transfers $1.5 million worth of Crypto

READ: Ripple’s big players move XRP worth over $50 million

GTBank 728 x 90

At the time of writing, Ripple traded at $0.614954 with a daily trading volume of $11,844,053,933. XRP price is up 12.3% in the last 24 hours. It has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

Recall some months back, Nairametrics revealed how Ripple’s Chief Technology Officer, David Schwartz, had revealed with regrets that he and his wife made bad decisions for their crypto portfolio in 2012 — resulting in the eight-figure worth of missed profit at current prices.

In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million in today’s prices.

Coronation ads

READ: Slack gains 22% on Salesforce buyout offer

Meanwhile, wealthy Rich players seem to be upping their game in Q4, 2020, as regards moving XRP – the third most valuable crypto by market value, as lately seen by Nairametrics.

Many crypto experts anticipate the movement of such cryptos are coming from major stakeholders of Ripple, on the bias some of these wallets contain a significant amount of XRP.

READ: 2,257 investors globally own at least 1,000 Bitcoins

Explore Data on the Nairametrics Research Website

Jaiz bank ads

Stanbic IBTC
Continue Reading

Cryptocurrency

Ripple is selling 33% of its ownership in MoneyGram

Published

on

Ripple helps MoneyGram records 100% growth on digital transactions 

The world’s fast-emerging financial juggernaut, Ripple, recently disclosed it is selling roughly 33% of its stake in MoneyGram. It is its first sale of such shares since Ripple invested in the popularly known American remittance firm in 2019.

Data retrieved from Ripple’s filing with the U.S. Securities and Exchange Commission revealed Ripple owns 8.6% of shares outstanding in Moneygram or 6.22 million shares, including a warrant to purchase another 5.95 million shares for a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding.

Ripple disclosed it will be selling around 4 million shares, approximately 33.3% of its entire stake. After such a sale, the fintech company will still own at least 3.22 million shares or 4.44% of MoneyGram.

What you should know

MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries.

GTBank 728 x 90

Recall that Nairametrics exclusively broke the news in June, about MoneyGram receiving $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

  • The funding by Ripple completes its $50 million offerings for some stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
  • The deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics, shows that Western Union is now bent on buying MoneyGram to scale its robust growth experienced lately.

Continue Reading