Cryptocurrency Weekly News – Latest Updates

There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. COVID – 19 has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. As a matter of fact, the price of Bitcoin has been through the roof in recent weeks. For that reason, we have picked some of the most exciting and most recent news for this article.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

The world is trying to move on after the COVID-19 crisis and the same goes for crypto. Sure, the pandemic is still going but most industries are slowly opening up. Major bitcoin news are happening every day. For that reason, we have picked the most important recent information on the matter. First, we are going to talk about a matter that we thought was over a long time ago. The hackers that took Bitcoin from the exchange Bitfinex in 2016 are in action again. Next, we will talk about Kyrgyzstan and their recent news about crypto. Their bank is apparently suspending SWIFT but more about that below. Last but not least, we have some news from the Dutch Central Bank. They are approving their first crypto service, under some regulations, of course. Keep reading to find out the newest information on cryptocurrency.

Bitfinex Hackers move $30 million in stolen Bitcoin

Bitcoins (BTC) stolen from major cryptocurrency exchange Bitfinex back in 2016 are on the move again, as hackers shift another massive batch of funds to unknown wallets. According to data from crypto transaction tracking service Whale Alert, Bitfinex hackers moved more than $4.6 million in stolen BTC on Oct. 8. These funds were sent to unknown wallets in two separate transactions of 435 BTC and 8 BTC. But the hackers have moved far more than this amount earlier this week. According to Whale Alert, Bitfinex hackers completed seven more similar transactions on Oct. 7, totaling at 2,900 Bitcoin, or $26.4 million. As such, during this week hackers have transferred about 2.4% of the total 120,000 BTC stolen by hackers in 2016.

The Bitfinex hackers have been moving thousands of stolen BTC over the course of 2020. As previously reported by Cointelegraph, the hackers moved 3,503 Bitcoin worth about $39 million at the time of transaction in July 2020. Bitfinex hackers moved a total of around 8,600 Bitcoin to unknown wallets in 2020. This amount is worth around $88.6 million at the time of the completed transaction. As previously reported, the amount of stolen BTC from Bitfinex was equivalent to $72 million at the time of the hack in August 2016. Founded in 2012, Bitfinex is one of the world’s largest crypto firms, and is part of the top 10 largest crypto exchanges by daily trading volume, according to Coin360.

Kyrgyzstan’s Central Bank Suspends Switft

The central bank of Kyrgyzstan has disabled cross-border transactions on the SWIFT financial network. This happens because of the widespread unrest over the country’s disputed parliamentary elections. Aida Karabaeva, an official representative of the National Bank of the Kyrgyz Republic, announced a temporary suspension of SWIFT in Kyrgyzstan in a statement on Oct. 7. According to Karabaeva, the bank decided to suspend SWIFT transactions in order to prevent capital outflows from the country and ensure the safety of assets. The executive claimed that the bank is planning to resume SWIFT transactions as soon as the situation in the country stabilizes:

“The measures taken are necessary to ensure security of the system and the safety of assets. The National Bank is monitoring the situation, and as it stabilizes, the banking system will resume operations in normal mode.”

Karabaeva’s statement comes in conjunction with Kyrgyzstan’s central bank. Both are recommending local financial institutions to temporarily suspend their activities due to the complicated political situation. On Oct. 7, the National Bank of the Kyrgyz Republic issued an official statement. The statement told banks and lenders in Kyrgyzstan to halt operations:

“In order to ensure safety of the country’s financial and banking sector and to preserve assets of financial credit institutions, the National Bank of the Republic of Kyrgyzstan recommends that commercial banks and non-banking financial credit institutions suspend their work on October 7 and step up security measures until the political situation in the country stabilizes.”

These measures come amid violent protests that began on Oct. 5 in response to Kyrgyzstan’s parliamentary elections that were perceived by protestors as unfair. Following the massive protests, local electoral authorities annulled the election results on Oct. 6.

First Crypto Service is Approved by the Dutch Central Bank

The central bank of the Netherlands, De Nederlandsche Bank NV (DNB), has granted AMDAX BV the ability to operate under its jurisdiction. This marks the first time a digital asset company can start their business in the country following the introduction of strict new regulations that saw many crypto related businesses close or leave the Netherlands. Receiving official registration from the governing body means AMDAX BV, an Amsterdam-based digital asset service company, can now give Dutch residents access to its offerings according to an Oct. 7 brief from Finextra. The company went on to share the following info:

“AMDAX B.V. has been registered by De Nederlandsche Bank (DNB) as the first provider of crypto services in the Netherlands. This enables AMDAX to process crypto transactions and store crypto currencies.”

Fintech firms in the Netherlands must abide by European Union regulations, which have tightened significantly over the last few years, including its updated anti-money laundering laws, known as the 5th Anti-Money Laundering Directive, or AMLD5. In September 2019, the DNB ordered any crypto-involved entities to register with the bank, noting January 2020 as the starting point for any approval requests.  Catering to institutions, as well as individuals, AMDAX BV began its journey toward AMLD5 approval back in May, Finextra reported. Although other crypto companies have previously operated in the country, the new AMLD5 laws caused such entities to close or move. Popular crypto derivatives platform Deribit left the Netherlands in January 2020. 

Tune in Next Week!

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