• Crypto crime near $2B 2020
    Cryptocurrencies,  Regulation

    Crypto crime near $2B in 2020, but still down 57% from 2019

    Blockchain analytics firm CipherTrace’s annual report said DeFi became ‘the next major threat vector for fraud and money laundering.’

    One reason for that decline is that while the number of incidents of thefts, hacks, and fraud remained largely the same, the take by criminals in 2019 was 160% higher than in 2020. This indicates growing “maturity in the crypto space as entities continue to harden systems and take precautions against inside and outside threats,” the report said.

  • Ukraine selects Stellar for digital currency
    Cryptocurrencies,  Regulation,  Technology

    Ukraine selects Stellar to develop a digital currency

    The Ukranian government partners with the Stellar Development Foundation to build the infrastructure for a central bank-issued digital assets

    “The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets in Ukraine," said Deputy Minister for IT Development Oleksandr Bornyakov. "We believe our cooperation with the Stellar Development Foundation will contribute to development of the virtual asset industry and its integration into the global financial ecosystem.”

  • People

    Coinbase’s chief compliance officer leaving, as dozens of staffers take exit package

    Jeff Horowitz’s departure is said to be unrelated to Coinbase’s controversial decision to adopt an ‘apolitical’ stance on societal issues

    Horowitz joined Coinbase in the middle of 2018 after spending 12 years at Pershing LLC, a BNY Mellon company. In an announcement at the time, the exchange described his appointment as an important step in its quest to become “the world’s most trusted and easiest to use cryptocurrency service.”

  • stablecoin bank runs
    Europe,  Regulation

    ECB fears stablecoin ‘bank runs’

    According to the European Central Bank, a panicked “stablecoin run’ could cause damage that spreads into the traditional banking and financial system

    Specifically, the ECB said stablecoins are vulnerable to so-called liquidity “runs” if consumers fear that the token may lose its value. In such instances, the stablecoin may stop functioning normally and its redemption may not be possible in the usual way.