Daily Archives: July 14, 2021

SEC Charges Token Listing Website With Unlawfully Touting Crypto Securities

SEC Charges Token Listing Website With Unlawfully Touting Crypto Securities

The U.S. Securities and Exchange Commission (SEC) has charged a token listing website with unlawfully touting crypto securities. The site did not disclose that it was paid by the token issuers to profile their coin offerings.

SEC Charges Website Touting Security Tokens Without Clarifying Which Tokens Are Securities

The U.S. SEC announced Wednesday that a token listing website has been “charged with unlawfully touting digital asset securities.” The commission also stated that it has already settled charges against the operator of the website.

Coinschedule.com was a popular website that “profiled offerings of digital asset securities,” the SEC described, adding that its operator was a company based in the U.K. called Blotics Ltd. The regulator explained that the website was accessible in the U.S. from 2016 to August 2019, during which time U.S. visitors comprised a significant portion of its web traffic.

The website offered details of each initial coin offerings (ICOs) profiled, including links to the token issuers’ websites and a “trust score.” The platform claimed that this score “reflected its evaluation of the ‘credibility’ and ‘operational risk’ for each digital token offering based on a ‘proprietary algorithm.’” However, the commission alleged:

In reality, the token issuers paid Coinschedule to profile their token offerings on Coinschedule.com, a fact that Coinschedule failed to disclose to visitors.

The SEC claims that the British company “violated the anti-touting provisions of the federal securities laws by failing to disclose the compensation it received from issuers of the digital asset securities it profiled.”

Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, explained that “Coinschedule presented potential investors with seemingly independent profiles about token offerings when in fact they were bought and paid for by token issuers.” She emphasized, “The securities law prohibiting touting securities for compensation without appropriate disclosures to investors is clear and longstanding.”

The commission detailed: “Without admitting or denying the SEC’s findings, Blotics has agreed to cease and desist from committing or causing any future violations of the anti-touting provisions of the federal securities laws, and to pay $43,000 in disgorgement, plus prejudgment interest, and a penalty of $154,434.”

Following the settlement, two commissioners at the SEC issued a joint statement regarding the case. Commissioner Hester Peirce and Commissioner Elad Roisman stated:

We agree with our colleagues that touting securities without disclosing the fact that you are getting paid, and how much, violates Section 17(b). We nevertheless are disappointed that the commission’s settlement with Coinschedule did not explain which digital assets touted by Coinschedule were securities.

What do you think about the SEC’s action? Let us know in the comments section below.

Internet Company The9 Reveals Hosting Partnership With Russian Bitcoin Miner Bitriver

Internet Company The9 Reveals Hosting Partnership With Russian Bitcoin Miner Bitriver

During the first week of April, the publicly-listed gaming and internet company The9 Limited revealed its intentions to purchase 2,000 Avalonminers from the manufacturer Canaan. On Monday, The9 announced it has signed a hosting agreement with the Russian-based firm Bitriver as the company will leverage 15 megawatts (MW) of Bitriver’s capacity for two years.

The9 Teams Up With the Bitcoin Mining Operation Bitriver

The9 Limited (Nasdaq: NCTY) has explained its plans to collaborate with the bitcoin mining company from Moscow, Bitriver. As part of the agreement, both parties can extend the two-year agreement for 15 MW for each additional year thereafter. “At present, the targeted data-center for The9’s mining machines has an initial total power supply capacity of 300 MW, which could be extended up to 500 MW,” the announcement details.

The9’s deal with Bitriver follows the company’s acquisition of 2,000 bitcoin mining rigs from Canaan, which gave the company 0.1 exahash per second (EH/s) of hashpower. The legally binding memorandum of understanding (MOU) noted that the machines were traded for Class A ordinary shares. Over a month later, The9 signed a definitive agreement to acquire a Canadian company called Montcrypto.

The plan with Montcrypto is to construct a 20 MW bitcoin mining facility in Calgary, Canada. “The carbon-neutral infrastructure Montcrypto provides [is] a greener and more environmentally friendly power supply to the cryptocurrency mining business of The9,” the company detailed on June 4. The Russian company Bitriver has also been making various moves within the bitcoin mining industry.

In mid-April, Bitriver announced it launched a sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. Bitriver’s tokens called “bitriver token (BTR)” represent a single watt-hour (Wh) of the mining company’s power in Bratsk. As far as the latest deal with Bitriver, The9’s announcement further explains that the firm will continue to seek out energy solutions in order to expand.

“The9 will continue to actively seek low-cost electricity and sustainable energy mining facilities in different regions of the world,” the company’s announcement concludes. “To accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both self-construction of mining facilities and hosting cooperation with mining facilities companies.”

What do you think about The9 partnering with the Russian bitcoin mining firm Bitriver? Let us know what you think about this subject in the comments section below.

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network’s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, says it has suspended bitcoinsv trading “due to several large exchanges disabling BSV deposits [and] withdrawals.”

Following Blockchain Reorganization Attack Last Week, Taal Captures Well Over 51% of the Bitcoinsv Network’s Hashrate

According to statistics, a mining operation called Taal currently commands well over 51% of the Bitcoinsv (BSV) network’s hashrate. On Wednesday, the mining pool Taal captures more than 78% of the BSV hashrate in terms of distribution among five known pools and 13% of unknown hashrate. Data from the web page sv.coin.dance/blocks indicates that during the trailing seven days, Taal commanded 69% of the network’s hashpower. Block details show that a great majority of BSV blocks have been found by Taal’s operation.

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate
Data from the web portal sv.coin.dance/blocks on July 14, 2021.

Besides Taal’s hashpower, other mining pools mining the BSV chain include Viabtc, SBI Crypto, Btc.com, F2pool, and Svpool, at least for today. During the week, other known pools like Solomining, Hathor, and Matter pool have also found BSV blocks. Last week, the Switzerland-based global industry organization, the Bitcoin Association (for BSV), explained that the BSV network was being attacked by a malicious entity.

“A malicious actor has recently been carrying out block re-organisation attacks on the Bitcoin SV network,” the Bitcoinsv group noted on July 8. “[It] appears to be intentional acts in an effort to mask the illegal double-spending of coins. The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack as being long associated with ransomware and other attacks on the BTC, BCH, and BSV chains – so the malicious actor is engaged in illegal activity which could involve also BTC and BCH, and not just the BSV network,” the BSV organization added.

Gravity Suspends Bitcoinsv Trading and 51% Attack Explanations

Following the attack, the Twitter account @dash_community tweeted that the Bitcoinsv chain should have had protections like Chainlocks, similar to what’s been implemented on the Dash network. “To prevent damaging block reorganizations like this one, BSV should implement Chainlocks, which Dash pioneered (but which other projects like [Firo] also use), which make reorganizations impossible. Evolve or die,” the account tweeted last week.

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate
The Bitcoinsv (BSV) conversation has been a very topical discussion on Twitter.

After the reorganization issue, reports noted that the exchanges Huobi and Okex halted withdrawals and deposits for BSV. “Huobi Global [has] disabled BSV deposits and withdrawals; no advance warning was given. They are fighting BSV because they know it is the real Bitcoin,” one Bitcoinsv supporter wrote.

Then on July 13, the cold storage provider, Gravity, told its Twitter followers that it was disabling BSV trades.

“Urgent Notice,” Gravity tweeted. “Our liquidity providers have just informed us that, due to several large exchanges disabling BSV deposits [and] withdrawals, they are also suspending access to BSV liquidity until further notice. This means it will not be possible to trade BSV on Gravity at this time. We sincerely apologise for the short notice [and] will update you with more information when we have it. Trading of all other digital assets on Gravity remains unaffected.”

Meanwhile, the Coingeek streaming channel that focuses on Bitcoinsv (BSV) news coverage and the BSV ecosystem, also discussed the situation. Kurt Wuckert Jr. hosted the show and he responded to the criticisms that were being cast at the BSV chain. Wuckert Jr., also made similar statements the day prior on Twitter.

“51% attacks don’t really exist without the exchange-based bitcoin economy,” Wuckert Jr. tweeted. Huobi [and] Okex stopped withdrawals/deposits, but they will be back. Honest nodes reject malicious blocks, and then further attempts are waste. Things will be back to normal soon,” he added.

Commenting on the 51% attack discussion stemming from the Coingeek streaming channel video, the bitcoiner Theo Goodman wasn’t impressed by the host’s explanation of the events. When someone tweeted: “Watch this, Kurt explains what is happening at the start,” Goodman responded to the video content.

“He does explain it but then adds some opinion,” Goodman wrote. ‘There is no such thing as a 51% attack’ and from 9:14 he contradicts himself regarding trust. Then later he [basically] says not to worry unless you are in infrastructure they will figure it out.”

What do you think about the discussions revolving around the Bitcoinsv network? Let us know what you think about this subject in the comments section below.

Greenidge Joins Foundry USA, Deal Gives Bitcoin’s Fifth-Largest Pool 800 Petahash

Greenidge Joins Foundry USA, Deal Gives Bitcoin's Fifth-Largest Pool 800 Petahash

Greenidge Generation Holdings Inc., the mining firm based in Upstate New York, has announced the company has partnered with the Digital Currency Group mining and staking subsidiary Foundry Digital LLC. Furthermore, Greenidge revealed that it has purchased 2,300 Microbt-manufactured Whatsminer M30S mining rigs and also secured financing for 6,000 Bitmain-made Antminer S19 devices.

Greenidge Partners With Foundry, 8,300 Bitcoin Miners Transferred in the Deal

On Wednesday, Greenidge announced that the company has partnered with the Rochester, New York-headquartered Foundry, a company that provides North American crypto mining businesses with capital and intelligence.

Greenidge will be joining the Foundry USA mining pool which currently commands the fifth-largest hashrate worldwide. At the time of writing, Foundry USA commands 10.46% of Bitcoin’s global hashrate or 10.23 exahash per second (EH/s) of hashpower.

Greenidge Joins Foundry USA, Deal Gives Bitcoin's Fifth-Largest Pool 800 Petahash
The bitcoin mining pool Foundry USA is the fifth-largest bitcoin mining pool according to pool distribution data on July 14, 2021.

In addition to the collaboration, the two firms jointly announced the sale of 2,300 Whatsminer M30S mining machines that will be used by Greenidge. The company’s announcement notes that the 2,300 mining rigs were previously operational at Greenidge’s facility in Dresden, New York, and Foundry sold 1,800 devices to Greenidge. The remaining Whatsminer M30S machines will be transferred by the end of 2021.

‘Pioneering the Integration of a Clean Power Plant Operation and Carbon-Neutral Cryptocurrency Mining’

As far as the Bitmain Antminer S19 models are concerned, 5,000 are currently operating and the remaining 1,000 machines will be transferred by Q3 2021. Greenidge will join a number of firms that are already members of the Foundry USA pool alliance. Other Foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8, and Bitfarms. Jeffrey Kirt, the CEO of Greenidge explained that Foundry and the company had a previous relationship in hosting arrangements.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” Kirt said in a statement.

The partnership with Foundry follows Greenidge’s plans to develop a mining facility in South Carolina. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022.

“The Spartanburg site will be the company’s second mining facility in the United States as it seeks to expand to 500 MW of mining capacity by 2025,” the announcement on Wednesday details. Greenidge’s latest arrangement will add “approximately 800 petahashes of computing power to the [Foundry USA] pool” or 0.8 EH/s of hashpower.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry,” the executive added.

What do you think about Greenidge partnering with Foundry Digital LLC? Let us know what you think about this subject in the comments section below.

China’s Anhui Province to Shut Down Crypto Farms as Grid Operator Issues Closure Notice, Reports

China’s Anhui Province to Shut Down Crypto Farms as Grid Operator Issues Closure Notice, Reports

Anhui has reportedly become China’s latest region planning to end cryptocurrency mining. The province is going to shut down all mining facilities due to power supply shortages, according to local media. Another source revealed that the state-run network operator has issued a closure notice for bitcoin farms across the country.

Anhui to Halt Bitcoin Mining Amid Electricity Shortage

The Eastern province of Anhui has joined what’s become a long list of Chinese regions where cryptocurrency miners are no longer welcome. According to media reports, provincial authorities want to shut down mining facilities and also prevent new energy intensive projects in order to address the power deficit in the province.

China’s Anhui Province to Shut Down Crypto Farms as Grid Operator Issues Closure Notice, Reports

According to a local news portal owned by the government-affiliated Hefei Media Group, which was quoted by Reuters and Bloomberg, the plan is to close down all crypto mining farms to deal with a serious supply shortage of electricity over the next three years. The report says data centers will be built in the future but in an orderly manner.

Officials expect electricity demand in Anhui to reach 73.14 million kilowatts in 2024. That compares to the current supply of 48.4 million kilowatts, highlighting a growing gap which the local government intends to mitigate. Besides banning crypto mining, the province is also preparing to adjust electricity pricing with the aim of stimulating more economic power consumption.

State Grid Corporation of China Issues Closure Notice for Crypto Mining

Global Times, an English-language newspaper under the People’s Daily, also shared the news on Twitter. The state-run publication added that “By now, nearly 90% of #China’s #Bitcoin mining capacity has been shut down.” Although Anhui is not a coin minting hotspot, its move underscores the ongoing crackdown in the country which has already affected mining hubs such as Sichuan, Xinjiang, Qinghai, Yunnan, and Inner Mongolia.

Meanwhile, Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain,’ tweeted on Wednesday that the State Grid Corporation of China (SGCC) has issued a closure notice for cryptocurrency mining operations across the People’s Republic. The measure concerns “all parts of the country” and the post detailed:

At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it.

Wu Blockchain later revealed that Gansu, a province in Northwestern China, has received the notification from the SGCC as well. The network operator “manages the vast majority of China’s electricity, but this notification appears to be formal,” the journalist explained in a comment on the latest developments in the battered crypto mining industry of China.

What do you think of this latest episode in China’s crackdown on cryptocurrency mining? Share your thoughts on the subject in the comments section below.

South Korean Regulator Analyzing 578 Cryptocurrencies

South Korean Regulator Analyzing Data on 578 Cryptocurrencies

South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said.

South Korea Prepares to Regulate Crypto Industry

The South Korean National Assembly’s National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors, Business Korea reported Wednesday.

The country’s top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. Chairman Eun Sung-soo reportedly said Tuesday:

We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms.

The chairman also confirmed that banks providing real-name accounts for cryptocurrency exchanges will not be held fully accountable in the event of money laundering related to cryptocurrency transactions.

He clarified: “According to the current law, transactions at banks entail their duty to report every suspicious transaction to the Korea Financial Intelligence Unit. Fines will be imposed only when banks fail to fulfill the duty.”

Eun was also asked about whether Binance needed to be licensed to operate in South Korea. Several regulators worldwide recently issued warnings on the exchange, including the U.K., Cayman Islands, Thailand, and Japan.

The FSC chairman emphasized that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit, reiterating:

According to the Act on Reporting and Using Specified Financial Transaction Information, every cryptocurrency exchange providing won settlement must report to the unit.

What do you think about the South Korean regulator evaluating hundreds of cryptocurrencies? Let us know in the comments section below.

Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto

In a follow-up to Tanzanian President Samia Suluhu Hassan’s call for cryptocurrency action, a government minister has now announced plans to set up a crypto advisory team. This team, according to the Information and Communication Technology (ICT) minister Faustine Ndugulile, will consist of not more than 10 experts.

Advisory Team to Be Set Up in 14 Days

In addition, as one media outlet reported on July 9, the Tanzanian ICT Commission has been given 14 days to set up this team. This team is expected to “advise the government on policy, legislation and guidelines to enable the technology to be used effectively.” This announcement by the minister is the latest response by Tanzanian authorities to President Hassan’s call for forward-thinking steps regarding crypto.

As previously reported by Bitcoin.com News, Hassan asked the country’s central banks to prepare for cryptocurrencies. Already, the country’s central bank has confirmed it is “working on the directive given.”

However, Ndugulile, who says he is cognizant of the technology’s benefits, argues that this needs to be well understood before its adoption. Therefore, on top of its advisory role, the task force will be responsible for “providing awareness to government institutions that will be involved in the system, ministers and permanent secretaries.” Ndugulile added that while he agrees with the idea of “making Kigamboni a smart city for testing the use of the technology,” he still favors prioritizing public awareness.

Support for Tanzania’s Pivot to Blockchain and Crypto

Meanwhile, the same media report also quotes Sandra Chogo, an expert in trade and blockchain, explaining the importance of raising awareness about this technology among young people in college. She said:

The fourth industrial revolution is gaining momentum and every day, new technologies are emerging.

Another expert, Joseph Matiko, suggested that “it was good for the government to allocate funds for model projects.” Matiko also makes reference to another important use case of blockchain technology, the storage of documents. He noted:

“The blockchain can be a great tool for storing government information and even the preparation of important documents such as citizenship IDs, birth certificates, passports and even Taxpayers’ Identification Numbers.”

Do you agree with Tanzania’s approach of appointing an advisory team to guide its crypto adoption drive? Tell us what you think in the comments section below.

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency

Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining “the legal attributes of virtual currency” was among the main topics at the forum which also focused on matters of financial supervision.

Prosecutors and Professors Discuss Crypto Oversight in Shanghai

Amid an ongoing crackdown on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered recently to talk about “virtual currency.” The debate focused on issues pertaining to applicable legislation and oversight as well as the challenges of providing a legal definition for cryptocurrencies and the treatment of crimes involving digital assets.

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency
Source: Shanghai Prosecutor’s office.

The event was organized by various departments of the Shanghai Prosecutor’s Office, the People’s Court, the legal team of the Shanghai Public Security Bureau, and the Financial Supervision and Criminal Governance Research Center of East China University of Political Science and Law. The Banking and Insurance Financial Crime Research Center under Shanghai’s Prosecutor’s Office took part in the discussions as well that also addressed financial risks associated with decentralized money.

More than 50 experts and scholars from the city’s public security agencies, judicial authorities, and academia participated in the forum, the Shanghai Prosecutor’s Office announced Monday.

The seminar was hosted by Wang Jianping, department director at the Shanghai People’s Procuratorate. In opening remarks, Prosecutor General Chen Siqun noted that financial security is an important part of national security and preventing systemic financial risks is a priority for authorities in Shanghai, which is a global financial center. Chen Siqun also stated:

We have the responsibility and obligation to actively respond to the risks implied in various financial innovations, take the lead in studying the regulatory issues … unify standards for financial justice and provide suggestions for financial supervision.

The forum paid particular attention to two important topics – the legal attributes and supervision of cryptocurrency and regulations dealing with crimes involving digital assets. Participants noted the increasing activity in the field of blockchain-based virtual currencies in recent years. In China’s judicial practice, this has led to a number of cases of theft, robbery, and extortion of crypto as well as illegal fund-raising and money laundering offenses.

“At present, crimes involving virtual currency mainly include: crimes involving ‘virtual currency’ as the direct object of infringement, investment object, settlement method, and money laundering method, as well as those associated with ‘virtual currency’ transaction activities and initial coin offering activities,” the Shanghai Prosecutor’s Office remarked in its report on the event. A major issue is that various judicial departments in China have a different understanding regarding the legal attributes of the many types of virtual currencies. Some identify them as data, others consider them property. As a result, similar crimes involving cryptocurrencies often receive very different sentences.

Cryptocurrency Deemed to Have Property Attributes in China

Yu Haisong, director of the Crime Division at the Research Office of the Supreme People’s Court, pointed out that virtual currency undoubtedly has property attributes, but whether it is property only is yet unclear. He quoted Article 127 of China’s Civil Code which stipulates: “Where the law has provisions on the protection of data and network virtual property, follow those provisions.” He admitted there seems to be no other applicable law at the moment but stressed that having property attributes does not necessarily mean cryptocurrency is property as far as the criminal law is concerned.

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency
Mao Lingling

According to Mao Lingling, director of the Financial Regulation and Criminal Governance Research Center and professor at East China University of Political Science and Law, the legal status of cryptocurrency remains undefined and the treatment of crypto-related offenses as property crimes creates controversy.

Virtual currency is a new type of property, she elaborated, involving computer data and can be used in money laundering or illegal fundraising and issuance of securities. In her opinion, if a digital coin has economic attributes, a crime involving the crypto should be treated as a property crime, and if it doesn’t, then it should be dealt with as a computer crime.

Professor Lingling emphasized that the Chinese government has long insisted on strengthening financial supervision and has a “zero tolerance” policy towards acts that endanger national financial security. The development of virtual currencies, especially privately issued coins in unlimited quantities, presents risks that threaten China’s financial security, she warned, adding that relevant departments should pay sufficient attention and further strengthen supervision.

What’s your opinion about the views regarding cryptocurrencies expressed during the seminar in Shanghai? Tell us in the comments section below.

Rwanda-Based NGO Partners With Cardano Foundation to Launch ADA Crypto Charity Platform

Save the Children in Rwanda recently became the latest member of the NGO community to endorse cryptocurrencies after it announced the establishment of a partnership agreement with the Cardano Foundation.

ADA Donations

According to a statement released by parties to the project, this arrangement became possible after Cardano “installed a payment gateway that allows ADA donations to come directly to the project without intermediaries.” Once received, the funds will be “invested in African-based social enterprises with a proven impact on children, families, or youth.”

Already, some 22,000 ADA, worth nearly US$30,000, has been donated through the system within hours of its launch, according to the statement. Meanwhile, Maggie Korde, Save the Children’s country director in Rwanda is quoted explaining how cryptos and blockchain technology can help school children from the country. She said:

Through Cardano, Save the Children in Rwanda now has a starter pot of the cryptocurrency ADA which we can deploy to projects for children. But there are also countless possibilities through blockchain to firstly directly impact children’s lives through initiatives such as digital school records and secondly to increase our efficiency and transparency as an organization.

New Path for Save the Children

Similarly, Ettore Rossetti, a senior advisor at Save the Children, also applauds the partnership, which has brought another “exciting new path for the organization.” She also discusses other solutions that are made possible by blockchain technology. Rossetti said:

“Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent, and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth holding onto.”

Founded more than 100 years ago, Save the Children says it has now reached more than one billion children. Save the Children also claims to have been the “first global NGO” to endorse cryptocurrencies when it accepted bitcoin donations from well-wishers. These donations were used to fund the response to Typhoon Haiyan that struck Southeast Asia in 2013.

The Rise of Crypto Donations

Besides Save the Children, other NGOs that have received donations in digital currency include Give Well, which started accepting crypto donations in December 2017. Another NGO, India’s Crypto Covid Relief Fund, is reported to have recently received shiba inu tokens worth millions of dollars from Vitalik Buterin. Other bodies like UNICEF are accepting crypto donations because these provide an unprecedented level of transparency in the funding and NGO space.

In addition to its embrace of cryptocurrencies, Save the Children in Rwanda is also involved in efforts to bring together innovation and impact investment across Africa via the recently launched Kumwe Hub. Under this initiative, “projects such as academic records for children crossing borders, digital IDs for refugees, and lending mechanisms for the financially excluded, are all in the pipeline to pilot through the project.”

Do you foresee more NGOs accepting crypto donations? You can share your thoughts in the comments section below.

Cryptocurrency Trading Volumes Decreased 40% in June

trading

Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest.

Trade Volumes Kept Falling in June

Cryptocurrency trading volumes experienced a sharp decline in June, according to data from Cryptocompare. The data collected by the price and volume tracking organization shows that trading, in general, experienced a slump of at least 40%. Spot volumes suffered the most, with users trading 42.7% less compared to volumes in May. In total, $2.7 trillion was traded last month.

Derivatives trading also suffered a sharp decline. Trading fell 40.7% month-on-month to $3.2 trillion. Analysts state this decline has to do with one key reason: the mining and cryptocurrency trading crackdown that happened in China last month. This caused crypto traders to be wary of the future of the market and precipitated the plunge in volume. Cryptocompare stated:

Headwinds continued as China persisted with its crackdown on bitcoin mining. As a result of both lower prices and volatility, spot volumes decreased.

Internet Traffic to Exchanges Also Fell

Consequently, internet traffic to exchanges also fell drastically. Exchanges got 369.1 million visits in June, a drop of 42.2% month-on-month, according to research from The Block. While Binance experienced a sharper trading volume drop of 56%, it managed to retain the top position in spot trading volumes.

There might be other reasons why customers are avoiding Binance right now. Multiple organizations have been blocking payments to the exchange since last week. Also, the exchange has faced opposition for not complying with local laws in several countries since last month.

But perhaps the most likely catalyst for this fall is the decline in bitcoin prices affecting the cryptocurrency market. Bitcoin touched $60K+ in April, and it now trades in the $30K-$35K stripe. This has discouraged swing traders and chilled the cryptocurrency craze that was in full effect earlier this year.

Some analysts believe this decline will continue in the near future. Scott Minerd, CIO of Guggenheim Partners, stated that bitcoin’s “real bottom” might be around $10K last week. At the time of writing, bitcoin is trading just under $33K.

What do your think about the decline in trading volumes that happened in June? Tell us in the comments section below.