Latest Crypto News: Feds Seize $3.6 Billion in Stolen Crypto, Binance Invests $200 Million in Forbes, and More!
Prepare for the “Crypto Bowl,” which will take place this weekend. For the first time ever, advertisements for cryptocurrency companies are likely to dominate the commercial breaks during the most important athletic event of the year.
The Super Bowl comes on Sunday, and according to multiple news outlets, major cryptocurrency exchanges — including Coinbase, EToro, band FTX — will likely air advertising throughout the game. However, the expanding prominence of cryptocurrency in the general market does not stop with Super Bowl advertisements.
Bitcoin exchange Crypto.com recently spent $700 million for the rights to Los Angeles’ Staples Center, while FTX recently signed deals for the name rights to the Miami Heat’s arena and field at California Memorial Stadium, respectively, for $135 million and $17.5 million, respectively.
Many other cryptocurrency companies have also entered into sponsorship agreements with professional athletes and sports leagues. Celebrities are also getting involved: Canadian rapper Drake published his Super Bowl wagers on Instagram, including a wager of more than $400,000 in Bitcoin on the Los Angeles Rams defeating the Cincinnati Bengals, which he placed on Twitter.
While this was going on, federal law enforcement investigators seized more than $3.6 billion in cryptocurrencies tied to a 2016 hack of virtual cryptocurrency exchange Bitfinex, according to a press release from the Justice Department. In the near future, BlackRock may begin offering a cryptocurrency trading service to its clientele of investors. The cryptocurrency exchange Binance also made an investment in Forbes, which totaled $200 million.
Here’s Some Additional Information on the Newest Cryptocurrency News That Investors Should Be Aware of:
Ilya Lichtenstein, 34, and his wife Heather Morgan, 31, were arrested and charged earlier this week in connection with an alleged conspiracy to launder cryptocurrency stolen during the 2016 hack of cryptocurrency exchange Bitfinex. Lichtenstein and Morgan were both charged with conspiracy to launder cryptocurrency.
The stolen cryptocurrency is currently worth around $3.6 billion, making it the greatest financial seizure in the history of the Justice Department. According to the Department of Justice, the couple “used numerous sophisticated laundering techniques,” but they were not charged in connection with the Bitfinex hack, which resulted in the theft of nearly 120,000 Bitcoin, which is now worth more than $4.5 billion, according to the FBI’s investigation.
The arrests, according to Deputy Attorney General Lisa O. Monaco, illustrate that “cryptocurrency is not a safe haven for criminals” and that the government will take a “strong” stance against anyone participating in unlawful crypto activities.
Investor clients of BlackRock, the world’s largest asset manager, may soon be able to take advantage of cryptocurrency trading services. The news outlet CoinDesk said that the firm will allow its clients to trade cryptocurrency on the portfolio management system Aladdin and that the firm also aims to allow investors to borrow money using cryptocurrency as collateral. The New York-based business presently manages $10 trillion in assets on behalf of financial institutions worldwide.
Earlier this week, cryptocurrency exchange Binance announced a $200 million investment in the company, according to Forbes. Following the announcement, Forbes plans to merge with a publicly traded special purpose acquisition company, or SPAC, in the first quarter of 2022.
The investment, according to Forbes, will aid in the execution of that strategy. Consequently, it would elevate Binance to a position as one of the company’s top two largest shareholders. The magazine will be listed on the New York Stock Exchange under the ticker symbol “FRBS.” As a result of the investment, two executives from Binance will join the Forbes board of directors.
Bitcoin is the most valuable cryptocurrency in terms of market capitalization, and it serves as a useful barometer for the overall cryptocurrency market because other coins such as Ethereum (and smaller altcoins) tend to follow its movements.
In spite of the fact that Bitcoin recently reached a new all-time high, it was a rather average climb for the cryptocurrency, which is infamous for its volatility. That is not to imply that investors should take swings in either way lightly, and it is for this reason that investment professionals advise against making any significant adjustments to their portfolios as a result of natural volatility.
Cryptocurrency is still in its infancy, and everything from innovation to regulation has the potential to have a significant influence on investors. Here’s how to make informed investment decisions, regardless of what’s trending in the news or how much Bitcoin is worth.
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- Cryptocurrency Hack Results in the Seizure of $3.6 Billion in Bitcoin by the Justice Department