Monat: Oktober 2022

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Bittrex fined $24 million for violating US sanctions

The US treasury has finned Bittrex exchange $24 million for violating sanctions issued by the United States against individuals in different countries around the world. According to the US treasury, Bittrex did not stop sanctioned individuals from Cuba, Crimea, Iran, Syria, and Sudan from using the exchange.

The US Treasury fine against Bittrex is one of the biggest fines that has been issued against any entity especially for contravening sanctions.

Where it all started

1,730 individuals that fell under the list of sanctioned individuals by the Office of Foreign Assets Control (OFAC) were found to have used Bittrex between March 2014 and December 2017. It is reported that these individuals conducted about 116,421 transactions involving digital assets worth about $263.4 million.

It is important to note that Bittrex operated without a sanctions compliance program until December 2015, after which customer identity verification was enacted, followed by the retainment of a third-party vendor for the sanction screening process.

But even after putting in place measures to screen sanctioned individuals, Bittrex still lacked in its efforts leading to the issuance of a subpoena against it by the OFAC. The subpoena drove Bittrex to put in place multiple measures in a bid to curtail the number of violations.

The Treasury Department has noted this by saying:

“Bittrex subsequently implemented a number of other remedial measures, including implementing new sanctions screening and blockchain tracing software, conducting additional sanctions compliance training, and hiring additional compliance staff. Once implemented, these remedial measures substantially curtailed the number of Apparent Violations.”

The $24 million fine

To settle the fines of the aforementioned violations, specifically for allowing sanctioned individuals to transact with the exchange, Bittrex agreed to remit about $24.2 million.

It is however not the first time that the US Treasury has penalized a crypto exchange for violating sanctions. In February 2021, BitPay was fined $507,000 and BitGo was fined $98,000 for sanctions violations.

The post Bittrex fined $24 million for violating US sanctions appeared first on CoinJournal.

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Litecoin price: what’s the outlook after the latest dip?

Litecoin has been underperforming over the last seven days and could record further losses before the end of the week.

LTC, the native coin of the Litecoin blockchain, has been underperforming over the last few days. The coin is down by more than 5% in the last seven days and has lost more than 2% of its value over the past 24 hours.

However, with LTC underperforming at the moment, what is the outlook after this latest dip?

What drove the Litecoin price to dip toward $50?

LTC is trading at around $51 per coin at press time. The cryptocurrency could record further losses and lose its support above the $50 psychological level over the next few hours.

Litecoin’s poor performance comes as the Litecoin Foundation announced on Tuesday, October 11th, that its MWEB feature will soon come to mobile phones.

MWEB is a privacy-preserving improvement on the Litecoin network. Essentially, MWEB makes Litecoin a sounder way to transact with as it doesn’t allow the person you’re paying (or, the person you’re receiving money from) to see how much money you hold in your address.

Since the launch of MWEB earlier this year, the feature has only been available for users that have Litecoin Core downloaded on their computer. However, according to David Burkett (MWEB Lead Developer), light-client adoption may be just around the corner.

What’s the outlook for the Litecoin price?

Litecoin has been underperforming despite the news that MWEB could soon be available for mobile users. The poor performance coincides with that of the broader cryptocurrency market.

The broader cryptocurrency market has lost nearly 2% of its value in the last 24 hours, and the total crypto market cap could drop below $900 billion if the momentum is maintained.

Litecoin could drop below $50 soon as the broader cryptocurrency market continues to underperform. 

However, this latest cryptocurrency news could push LTC’s price higher in the near term when the feature is launched for mobile users. The current announcement is not enough to push Litecoin’s price higher in the near term.

Litecoin technical analysis

The LTC/USD 4-hour chart is currently bearish, as Litecoin has been underperforming over the last 24 hours. 

LTC/USD Chart By TradingView

The MACD line is below the neutral zone and continues to drop lower, indicating bearish momentum for Litecoin.

The 14-day relative strength index of 37 shows that Litecoin could enter the oversold region soon if the bears continue to control the market.

Litecoin could drop below $47 support level over the next few hours or days if the current momentum is maintained. However, the bulls should defend LTC around the $43 support level in the short term.

How to buy Litecoin?

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LTC with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy LTC with Skilling today

The post Litecoin price: what’s the outlook after the latest dip? appeared first on CoinJournal.

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CACHE Gold integrates Chainlink Proof of Reserve on Polygon mainnet

CACHE Gold, a DeFi protocol that supports fully backed, redeemable and regulated tokenized gold assets, has integrated Chainlink Proof of Reserve on the Polygon mainnet. After the integration CACHE Gold users can now verify on-chain cross-chain CACHE Gold tokens (CGT) on Polygon are fully backed by CGT tokens on Ethereum in a ratio of 1:1.

The latest Chainlink Proof of Reserve integration on Polygon builds upon the previous integration of Chainlink Proof of Reserve and Chainlink Price Feeds on the Ethereum mainnet. The integration on Ethereum helps users monitor the locked gold currently backing the CGT tokens. It also allows users to accurately verify that the token’s value accurately reflects the real-world market price of gold.

The combination of Chainlink integrations gives users an assurance that sufficient real-world gold reserves bake the CGT tokens on Polygon.

The CACHE Gold Token (CGT)

The CGT token is a fully backed, redeemable, and regulated tokenized gold asset. One CGT token represents one gram of pure gold stored in vaults around the world.

The CACHE Gold protocol ensures that the number of CGT tokens in circulation remains equal to the amount of stored physical gold. Every gram of the physical gold is tracked by the asset tracking platform GramChain and then verified by Chainlink Proof of Reserve and the proof is published on-chain.

The recurring verification enabled by Chainlink Proof of Reserve allows for transparency of the actual status of the reserves backing the tokens.

The assets (gold) long viewed by investors as safe-haven assets can now be used as a source of collateral in Polygon’s DeFi ecosystem.

Chainlink Proof of Reserve

Chainlink Proof of Reserve allows for the automation of smart contracts on-chain by keeping up-to-date reference contracts thus removing the need for manual audits. It also provides highly accurate and viable data by sourcing data from financially incentivized premium providers.

Chainlink Proof of Reserve Feeds are also decentralized at the oracle node level and data source thus removing central points of failure in the sourcing and delivery of external data to Polygon.

Lastly, Chainlink Proof of Reserve Feeds is transparent. They can be monitored by anyone in real time; a feature that allows any user to independently verify asset collateralization.

The post CACHE Gold integrates Chainlink Proof of Reserve on Polygon mainnet appeared first on CoinJournal.