Bitcoin Crypto News

Gemini Announces 10% Reduction In Employment To Survive Crypto Winter

For the first time, Gemini Trust Co., a crypto exchange established by two brothers, Tyler and Cameron Winklevoss, has announced a 10% reduction in employment due to the overall industry decline. Gemini is a United States-based regulated crypto exchange established in 2014, providing services to its customers to trade digital currencies, including Bitcoin, Ethereum, and […]

Bitcoin Crypto News

FDIC Wants All US Banks To Report Crypto-Related Activities, Citing ‘Safety Hazards’

The Federal Deposit Insurance Corp. is advising banks to contact it if they are currently engaged in or intend to engage in cryptocurrency-related activities. The FDIC notes that exposure to crypto assets may pose “safety and soundness hazards, as well as financial stability problems.” The FDIC, the country’s top banking regulator, said lenders considering dabbling […]

Bitcoin Crypto News

Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report

Chainalysis recently published a study on criminal enterprises, specifically the so-called criminal whales, that retain vast sums of money in the form of cryptocurrencies. The study claimed that criminal whales still hold $25 billion in crypto assets despite substantial law enforcement seizures last year. Cryptocurrency had a solid year in 2021, reaching a value of over $3 trillion in November, while bitcoin, which accounts for around a third of all cryptocurrency, also achieved a high until plummeting by more than 40% last week. Criminals who stole bitcoin were among the biggest winners from rising prices, as the number of cryptocurrencies linked to illegal operations more than quadrupled since last year. The Dark Web comes in second, providing $448 million in illegal cryptocurrency. Scams rank third with $192 million, Fraud Shops in fourth with $66 million, and Ransomware is at last row with $30 million. Criminal Whales Swallow Big According to the report, last year saw “a huge increase in criminal balances,” with criminal whales holding around $11 billion in 2021 compared to $3 billion in 2020. Furthermore, the funds represent the lion’s share of crypto held by unscrupulous entities out of stolen funds, Ransomware, fraud and illegal trading. Throughout the years, stolen funds have accounted for 93% of all criminal balances, according to latest figures. Criminal whales have obtained more than 10% of their funds through illegal addresses. They account for 3.7% of cryptocurrency whales. Chainalysis is a popular blockchain surveillance company that publishes blockchain analytics research regularly. Total crypto market cap at $1.711 trillion in the daily chart | Source: TradingView.com Related Article | Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War Illegal Crypto-Related Activities Whales are the biggest hodlers, with wallets containing over $1 million in cryptocurrency. Iranian hackers were the most significant contributors to ransomware activity globally through 2021, according to the 2022 Global Threat Report by the cyber security firm CrowdStrike. Thefts soared by 516%, accounting for $3.2 billion in illegal transactions, with the DeFi sector becoming a new cause of concern. “Criminal balances also fluctuated throughout the year, from a low of $6.6 billion in July to a high of $14.8 billion in October,” Chainalysis disclosed. Hodling is a phrase used in the cryptocurrency industry to describe persons who keep vast amounts of cryptocurrency without selling them in the hopes of making a profit in the future. On the Brighter Side Meanwhile, in a memo to investors, FSInsight predicted that Bitcoin would reach $200,000 in the second part of 2022. According to FSInsight, Ethereum might reach a price of $12,000 this year, representing a 385% premium to where it is now trading. According to the analysis, cryptocurrencies have become increasingly linked to infotech stocks. Sean Farrell, head of digital asset strategy, said this is due to “legacy market money joining the fold.” Related Article | Russian Politicians’ Crypto Wallets Targeted By Ukraine – Hefty Reward Up For Grabs Featured image from Nairametrics, chart from TradingView.com