Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK Group. Jung-hoon could’ve faced an 8-year sentence had he been …

There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what's in store for Bitcoin for the year ahead. One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the “summer” of 2023, while a Bitcoin billionaire has renewed his bullish $250,000 BTC price prediction for the year. Erik Voorhees — $40,000 by the “summer” Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, was optimistic about a potential recovery of Bitcoin’s price during an interview with Bankless on Jan. 2, stating he …

The S&P 500 index (SPX) fell 19.4% and the Nasdaq nosedived 33.1% in 2022, recording the worst performance since 2008. The crypto markets also had a horrendous year with Bitcoin (BTC) falling roughly 65% in 2022. In comparison, the United States dollar, which is perceived to be a safe haven, rallied nearly 9%, its best year since 2015. There are several green shoots visible for the cryptocurrency sector for 2023. The U.S. dollar index (DXY), which usually moves in inverse correlation with Bitcoin may have topped out. This increases the likelihood that select cryptocurrencies may be close to forming a …

Jan. 2 “marks 47 days since Genesis halted withdrawals,” Cameron Winklevoss, cofounder of the cryptocurrency exchange Gemini, pointed out in an open letter to Barry Silbert, CEO of the Digital Currency Group (DCG), which owns Genesis. Winklevoss went on to make a blunt appraisal of DCG’s business practices. According to the letter Winklevoss posted on Twitter, Genesis owes Gemini $900 million for funds Gemini lent to it as part of the Gemini Earn program. “For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach …

Financial services providers in Hong Kong are already taking the first steps to provide services to retail investors, according to local reports. Brokers and fund managers in the region have reportedly asked for advice on licensing requirements ahead of new legislation. Lawmakers in Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) in December 2022, which aligns with the region’s recent stance on broadening the possibility for crypto trading. The amendment introduces a new licensing scheme for virtual asset service providers, which will allow retail investors the ability to trade in virtual assets. Currently, virtual …

2022 was a watershed year for crypto venture capital, as investors poured tens of billions of dollars into blockchain-focused startups despite the overwhelmingly bearish trend in asset prices. Is the VC-dominated crypto funding model good for the industry? Only time will tell. Cointelegraph Research is still in the process of tallying all the funding figures for the year, but 2022 easily outpaced all other years in terms of total capital raised and deals completed. VC inflows were above $14 billion in each of the first two quarters before receding to just under $5 billion in the third quarter — still …

Proof of reserves (PoR) has gone from a buzzword to a roar in recent weeks as the crypto world tries to recover from the shock and losses of the current crypto winter. After a flurry of discussion and work, criteria and rankings for adequate PoR are beginning to appear, but the fine points of how to conduct proof of reserves, or even who should do it, remain open questions. The difference between proof of assets and proof of reserves was pointed out quickly, along with their deficiencies by themselves. Traditional auditors’ attempts at providing PoR were soon frustrated, with major …

Sam Bankman-Fried, the former CEO of the now-defunct FTX exchange, has denied moving funds tied to Alameda wallets, days after he was released on a $250 million bond. On Dec. 30, Fried tweeted to his 1.1 million followers, denying any involvement in the movement of funds from Alameda wallets. In response to the allegations that he may have been responsible for moving funds out of Alameda wallets, he shared: “None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore.” None of these are me. I'm not and couldn't …

Mr. Park Mo, the vice president of Vidente, the largest shareholder of South Korean Cryptocurrency exchange Bithumb,was reportedly found dead in front of his home at 4 am, on the morning of Dec. 30. Prior to his death, Mr. Mo had been named as a primary suspect in an investigation launched by South Korean prosecutors for his alleged involvement in the embezzling funds at Bithumb-related companies, as well as, manipulating stock prices. In October 2021, the Financial Investigation Division of the Seoul Southern District Prosecutor's Office launched an investigation into allegations made against Mr. Park Mo, which led to the …

Investors have faced a tumultuous year in 2022 as stocks, bonds, and the cryptocurrency sector have all witnessed sharp declines. As of Nov. 30, the performance of a traditional portfolio comprising 60% stocks and 40% bonds has been the worst since 1932, according to a report by Financial Times. The next big question troubling crypto investors is whether the pain in Bitcoin (BTC) is over or will the downtrend continue in 2023. Analysts seem to be divided in their opinion for the first quarter of the new year. While some expect a drop to $10,000 others anticipate a rally to …

Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space. Carter published a detailed examination of the quality of several exchanges’ proof-of-reserves (PoR). The crypto executive used parameters such as attestation to assets held and a disclosure of liabilities, incorporating a third-party auditor, demonstrating credibility by taking a PoR for all assets and committing to an ongoing procedure to determine which PoRs are of the best quality. Crypto trading platforms Kraken and BitMEX topped the list. According to Carter, Kraken, …

Solana (SOL), the cryptocurrency once supported by Sam Bankman-Fried, pared some losses on Dec. 30, a day after falling to its lowest level since February 2021. Solana price down 97% from November 2021 peak On the daily chart, SOL's price rebounded to around $10.25, up over 20% from its previous day's low of approximately $8. Nevertheless, the intraday recovery did little to offset the overall bear trend — down 97% from its record peak of $267.50 in November 2021, and down over 20% in the past week. But while the year has been brutal for markets, Solana now joins the …