Home Bitcoin “Bitcoin King” Arrested | This Week in Crypto – Jul 12, 2021

“Bitcoin King” Arrested | This Week in Crypto – Jul 12, 2021

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The Bitcoin King in Brazil arrested for a $300M fraud, Square formally confirms constructing a {hardware} pockets and TikTok bans crypto adverts. These tales and extra this week in crypto.

Police in Brazil have arrested Claudio Oliveira—also called the “Bitcoin King”—and a number of other executives of his firm Bitcoin Banco Group. The males have been charged with working a cryptocurrency rip-off that will have stolen greater than $300 million in digital funds from as many as 7,000 separate traders.

Square – the corporate led by Twitter CEO Jack Dorsey, formally confirmed its plans to construct a  Bitcoin {hardware} pockets after Dorsey hinted in June the corporate is contemplating this feature. Square goals to popularize the cryptocurrency, make Bitcoin custody extra mainstream and additional improve its mass adoption with the brand new growth.

The new promoting tips on TikTok particularly prohibit customers from posting promotional content material about monetary merchandise globally. Crypto-based promotional content material was additionally included among the many now-forbidden matters. TikTok was a hotbed for Dogecoin hype in 2020, when customers shared associated movies in an effort to get extra of us to leap on the bandwagon.

Seven-figure crypto agency Circle is planning to go public after it completes a $4.5 billion merger with Concord Acquisition Corp, a SPAC, or particular goal acquisition firm, that just lately raised near $300 million by Atlas Merchant Capital. Circle was based eight years in the past and earned recognition for the discharge of its stablecoin USD Coin.

Crypto-focused Swiss financial institution Sygnum Bank has change into the primary financial institution in the world to permit its shoppers to stake Ether. The agency’s shoppers can now stake ETH by Sygnum’s institutional banking platform to earn yields of as much as 7% yearly. Sygnum described Ethereum staking as a core component for digital asset portfolios.

BlockFi and Visa have partnered to create a brand new bitcoin rewards bank card that may enable customers to garner as much as 2 % cashback in bitcoin on all their purchases. Demand for the cardboard was excessive as practically 400,000 prospects initially signed up for the product again in December with the primary announcement.

Roughly 170 Android-based crypto apps have been recognized as fraudulent by Google Play. Over 93,000 folks to this point have been scammed out of $350,000 in digital funds after these purposes—which supplied cloud-based mining providers—have been made accessible on Google Play. Google is now claiming these purposes have been eliminated.

A Russian hacking group generally known as REvil has encrypted the information of greater than 1,000 companies and enterprises in quite a lot of international locations, together with the United States, Sweden, and New Zealand. The group is presently demanding a $70 million bitcoin ransom in alternate for the discharge of those corporations’ knowledge.

Coinstar prospects in Connecticut can now commerce their unfastened change for bitcoin. Several of the money-exchanging kiosks stationed in Stop & Shop and Big Y grocery shops in the state have partnered with Coinme alternate to supply prospects a brand new crypto possibility that may enable them to buy BTC with money.

That’s what’s occurred this week in crypto, see you subsequent week.

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