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Fake Kim Jong-Un account gets KYC-approved on popular crypto exchange
- Crypto on-chain analyst ZachXBT created a fake account on Gate.io under the name of North Korea's leader, Kim Jong-Un, to test the credibility of its KYC process.
- ZachXBT alleged that the fake account was approved within minutes and that the KYC-1 basic verification level allowed the account holder to withdraw up to 100,000 USDT daily.
- The analyst repeated the process with fake names and email addresses tied to the OFAC sanctions list, and all were approved by Gate.io.
- It's not clear whether ZachXBT forged any ID documentation to create the fake account, and Gate.io did not respond to Benzinga's request for comment.
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Bhutan plans a $500 million fund for eco-friendly cryptocurrency mining in Himalayas
- Bhutan and Bitdeer plan to launch a $500 million fund to develop green crypto mining in the Himalayan kingdom using hydroelectric power.
- The fund aims to set up carbon-free digital mining and will begin seeking institutional investors at the end of May.
- The CEO of Bhutan’s investment arm, Druk Holding & Investments, says that for now, the focus will be on Bitcoin, as it is the least risky way for Bhutan to tap into crypto opportunities.
- Singapore-based Bitdeer, one of the top crypto miners by computer power, plans to set up a 100-megawatt operation in Bhutan, with construction slated to start in Q2 2023.
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Man photographed in bathtub of cash gets 4 years' jail for stealing 712 Bitcoins
- Gary Harmon, a 31-year-old US man, has been sentenced to over four years in prison for stealing more than 712 Bitcoins.
- Harmon stole the crypto tokens, worth approximately $4.8 million at the time, from a computer device that was seized by the US government during a case against his older brother.
- The photo of Harmon lounging in a bathtub full of cash became viral on social media and is believed to have played a role in his arrest and prosecution.
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What is Bitcoin halving and why does it matter?
- Bitcoin's block reward system cuts in half every four years, a process known as "halving," which decreases the rate of new Bitcoins being produced.
- This system will continue until around 2140 when the limit of 21 million coins is reached, and miners will then receive fees for processing transactions.
- As of April 2023, about 19.3 million Bitcoins were in circulation, leaving just around 1.68 million left to be released via mining rewards.
- This rally is being attributed to the upcoming 'Bitcoin halving' event, which is set to occur around April 2024.
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US government sells seized bitcoin for $215.5 million in auction
- The U.S. government sold over 9,800 bitcoins seized in the Silk Road case and earned $215.5 million in profits, according to a memo filed in the Southern District of New York.
- The per-coin sale price of the bitcoins sold by the government was about $2,000 less than the going rate on the day of the sale, with a per-coin sale price of approximately $21,877.
- Despite the sale of the bitcoins, the transaction did not appear to affect bitcoin's value, which actually gained 2.43% the day of the sale.
- With bitcoin's current value sitting around $28,000, some analysts believe the government could have timed the market better when selling the seized bitcoins.
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Russia's gold-backed cryptocurrency could establish 'new economic order': Zerodha CEO
- Russia collaborating with allies to create stablecoin clearing platforms for cross-border settlements, according to Tass news agency.
- "Nikhil Kamath, co-founder of Zerodha, suggests trend in stablecoin could potentially alter the global economic order."
- He tweets, "Iran and Russia to issue a new stablecoin backed by Gold. Damn, if this picks up could be day 1, event 1 of establishing a new economic order everywhere. No idea why it's getting no oxygen from the global press...".
- "Stablecoins are digital currencies with a fixed value tied to a reference asset."
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