While Iran Pays Import Purchases of USD 10 Million Worth of Cryptocurrencies, a German Exchange Declares Bankruptcy

Alexander Salazar
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While Iran Pays Import Purchases of USD 10 Million Worth of Cryptocurrencies, a German Exchange Declares Bankruptcy

The Iranian Deputy Minister of Industry predicted that his country would expand the use of cryptocurrencies and smart contracts in global trade. Cryptocurrency exchange Nuri believes the provisional bankruptcy process is the best basis to restructure the company in the long term.

The government of Iran recently placed its first official import purchase through cryptocurrencies, a crucial step toward adopting crypto assets.

Alireza Peyman-Pak, the Iranian Deputy Minister of Industry, Mines, and Trade and the head of the Trade Promotion Organization (TPO), recently confirmed those details. That way, Iran officially issued its first import purchase of USD 10 million worth of crypto assets.

The Iranian official said they successfully placed import orders at USD 10 million worth of cryptocurrencies. He predicted they would expand the use of cryptocurrencies and smart contracts in global trade with target nations by late September.

Iran has prepared to use cryptocurrencies for payments in foreign trade for over a year and officially confirmed it in early 2022. In 2021, the Central Bank of Iran (CBI) told authorized banking institutions and exchange providers to use crypto assets. The only condition was that cryptocurrency miners operating legally in Iran for payments of imported products developed them.

Since the Iranian government has always favored the cryptocurrency mining market, they accredited it as a marketplace in 2019. The Ministry of Industry, Mines, and Commerce has already issued over 1,000 licenses to traders and organizations that mine crypto assets.

However, there are significant power shortages in the Iranian electrical power sector because some illegal miners use additional electricity. Therefore, the operations of licensed miners have suffered repeated disruptions to protect against repeated blackouts.

In September, the Iranian authorities seized over 220,000 miners and shut down nearly 6,000 illegal mining farms. Besides, the Iranian government plans to approve new laws to maximize penalties for illicit cryptocurrency mining to solve this issue.

A German Cryptocurrency Exchange Declares Bankruptcy Due to Insolvency

German cryptocurrency exchange Nuri recently filed for bankruptcy under the law in a Berlin court. They decided to do so to regulate the liquidity of the company.

The COVID-19 pandemic-induced macroeconomic challenges, the Russia-Ukraine conflict, the Terra ecosystem crash, the considerable boost in the industry, and the possible default on Celsius Network may have led to that decision.

Nuri said excessive movement is the safest route for bankruptcy, so they think bankruptcy proceedings will not affect user assets.

According to the platform, the provisional bankruptcy process is the best basis to restructure the company in the long term. They believe that nothing will change and they will continue to do their job.

In late May, Nuri laid off twenty percent of its employees. The platform has raised EUR 42.3 million (equivalent to around USD 43.2 million) through eight funding rounds from 13 investors. These included Earlybird Venture Capital and Sony Financial Ventures.

By Alexander Salazar

Vitalik Buterin: Tornado Cash Also Used for Good Causes

Audy Castañeda
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Vitalik Buterin: Tornado Cash Also Used for Good Causes

Vitalik Buterin shared that he used Tornado Cash, recently sanctioned by the US Treasury, to make donations to Ukraine.

Vitalik Buterin, co-founder of the second leading cryptocurrency Ethereum, said he used Tornado Cash, the now sanctioned cryptocurrency mixing service.

“I will introduce myself as someone who has used TC [Tornado Cash] to donate to [Ukraine],” Buterin wrote in a tweet, agreeing with another user who noted that services like Tornado Cash are often used for good causes, such as donations to Ukraine.

Jeff Coleman, co-founder of Counterfactual, twitted that, “Wanting to donate to Ukraine is a great example of a valid need for financial privacy […] on this note, curious if there are any documented examples of TC having been used for this.”

To such post on Twitter, Buterin replied that, “I’ll out myself as someone who has used TC to donate to this exact cause.”

Sanctions against Tornado Cash

Tornado Cash is an Ethereum-based smart contract mixer, which has been sanctioned by the US Treasury Department’s Office of Foreign Assets Control (OFAC).

According to the US Treasury Department, Tornado Cash “has been used to launder more than $7 billion in virtual currencies since its inception in 2019,” including $455 million stolen by Lazarus Group, a group of hackers sponsored by the Democratic People’s Republic of Korea (DPRK).

Tornado Cash co-founder Roman Semenov shared that his GitHub account was suspended, along with a number of other TC resources, including the Tornado Cash GitHub organization, smart contract addresses linked to Tornado Cash on Circle, Infura’s RPC, and others.

Community Reaction

The ban sparked a discussion about services like Tornado Cash that are used for transactions in the crypto industry and their proper regulation.

Jerry Brito, CEO of Coin Center, a non-profit organization that works with the political problems facing cryptocurrencies, pointed out that this prohibition seems to be the sanction of “a tool that is neutral in nature and that can have good or bad uses, like any other technology,” instead of taking action against a single person or agency.

Jake Chervinsky, a crypto attorney and chief policy officer at the Blockchain Association, said that while the association supports the “mission of the US Treasury to combat illicit activity in crypto,” they are also concerned that the mixer ban “has crossed the line” that the US government has always respected [and] should continue to uphold as good policy.”

He also added that this decision to “sanction […] a decentralized protocol, threatens that smart [and] balanced approach to cryptocurrencies,” which the agency has supported before.

It is worth remembering the huge losses suffered by investors during notable incidents such as the collapse of UST, the fall of high-profile companies such as Three Arrows Capital, and the theft of cryptocurrencies by nation-states such as North Korea.

In this sense, the United States has made it clear that it will allow the market to continue to develop, but in a responsible manner. This is a position that US Treasury Secretary Janet Yellen vehemently holds.

By Audy Castaneda

Number of Cryptocurrency ATMs in the World Exceeds 39,000 Units

Audy Castañeda
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Number of Cryptocurrency ATMs in the World Exceeds 39,000 Units

87.9% of ATMs are installed in the United States. CoinATMRadar claims that in 77 countries there are 614 ATM operators, and of the 39,011 ATMs, 38,998 support Bitcoin. Bitcoin Depot is the world’s leading crypto ATM operator, with a 17.7% market share.

According to Coin ATM Radar, by August there are more than 39,000 cryptocurrency ATMs installed in the world, 14,000 more than the same month last year when there were 25,154 units:

“The United States has 87.9% of crypto ATMs, constituting 34,299 machines. The rest of the world has 4.9%, of which Europe has 3.8%. Canada has 6.3%, which is equivalent to 2,461 machines”.

The manufacturers that have installed the most cryptocurrency ATMs are: General Bytes, Genesis Coin, Bitstop, Covault, Freedom Gateway, Shitcoins Club, Chainbytes, Cryptocurrency ATM, zzBit, Lamassu, Ghostlab, RusBit, Centurion, Vault Logic, Coinsource, BTCRiot, LightningXchange , Intellogate, Bytefederal, and BitAccess.

Bitcoin ATM Installations Growth

There are 614 ATM operators in seventy-seven countries, and of the 39,011 ATMs, 38,998 support Bitcoin, according to the data. More than thirty thousand machines also support other alternative crypto assets. Additionally, 32,466 machines support Litecoin, 29,324 machines support Ethereum, and 16,132 machines support Dogecoin, while 13,801 machines support Citcoin Cash.

At the end of July, the Research and Markets report stated that the global cryptocurrency ATM market would be 46.45 million dollars by the end of the year, but 472.18 million dollars by 2027, that is, in five years it will have a growth of 59.01%, due to a growth in the adoption and use of cryptocurrencies.

According to the report, “market dynamics are forces that affect pricing and stakeholder behavior of the global Crypto ATM market. These forces create price signals that result from changes in the supply and demand curves for a given product or service. The forces of market dynamics can be related to macroeconomic and microeconomic factors.”

Bitcoin Depot: Main ATM Worldwide Operator

According to Binance, Bitcoin Depot is the world’s leading crypto ATM operator with a 17.7% market share, followed by Coincloud with 5,643 machines, and Coinflip with 4,124 ATMs. Finally, Bitcoin of America with 2,339, Bitstop with 1,969 machines, and Rockitcoin with 1,781 ATMs.

“14.7 crypto ATMs are installed per day. Taking that into account, around 40K crypto ATMs will be installed worldwide in around 67.27 days. Previously, Today NFT News reported, Kwik Trip added Coinsource Bitcoin ATMs.”

The latest reports from Coin ATM Radar show that the number of new crypto ATMs installed around the world has fallen to its lowest since 2019, as the crypto market slows. The number of ATMs installed and withdrawn monthly has been reduced to 252. At the beginning of this year, the figure was 1,687.

By Audy Castaneda

Elon Musk Believes Inflation Has Peaked and Recession Will Last around 18 Months

Alexander Salazar
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Elon Musk Believes Inflation Has Peaked and Recession Will Last around 18 Months

Musk predicts a relatively mild crisis, although he has highlighted that macroeconomic forecasting is a recipe for disaster. The CEO of Tesla said Tesla receives much information about prices, as they must handle products and supplies to produce its cars.

Elon Musk recently said he was optimistic about the future of the US economy. During a meeting with Tesla shareholders, the billionaire entrepreneur talked about the difficulties the North American country is experiencing.

The US Federal Reserve (Fed) has chosen to raise interest rates to fight the highest inflation seen in forty years. Besides the Russia-Ukraine conflict and the tensions with China, that situation has affected many industries, including the crypto market.

Despite Warning about Severe Crisis, Musk Is Optimistic about the Future

Musk has already warned that a period of severe crisis might cause several bankruptcies until late 2023. However, the wealthiest man thinks the scenario is not as pessimistic as many imagine.

Despite highlighting that macroeconomic forecasting is a recipe for disaster, he predicts a relatively mild crisis. He said the relatively low debt of companies might lead to a mild to moderate recession for around 18 months.

Musk Expects the Trend of Falling Prices to Continue

The CEO of Tesla commented that they are optimistic about where prices will go over time. That is because the electric car company must handle various products and supplies from different countries to do its activities.

Musk said they receive much information about where prices will go over time. The executive explained that they bought the products many months before, as they must produce millions of cars.

Since it is a long supply chain with much inertia, they know ​​where prices might head over time. The executive stated that they predict the value of most basic products going into Tesla will drop in six months.

He explained that they expect the price of raw materials to continue dropping for the next six months. Therefore, he predicts that inflation will come down in the short term.

Many analysts consider it is crucial to improve the economic scenario for cryptocurrencies to re-enter a bullish cycle and reach new highs.

The Price of DOGE Might Rise Significantly in the Short Term

Dogecoin (DOGE), the favorite cryptocurrency of Elon Musk, looks bullish and might reach a significant level within the next 48 hours. Since the price is around the consolidation area, it might break out of hoarding and attempt to remove a zero.

DOGE trades inside an ascending triangle while it forms consistently higher highs and lows. The recent rejection caused the price to drop to lower support. A bounce might drive it toward the resistance zone between USD 0.074 and USD 0.076.

The price must test and break out of this zone to establish a significant bullish path.

Dogecoin is trading at around USD 0.068714 and has accumulated a 2.7% over the last week. While its daily trading volume is above USD 491.46 million, its market capitalization is about USD 9.12 billion, according to CoinGecko.

By Alexander Salazar

ZENEX Conducts P2PB2B Token Sale

Audy Castañeda
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ZENEX Conducts P2PB2B Token Sale

The token sale session for ZENEX is now live on the P2PB2B exchange. Tokens can be purchased until August 20, after which users will get an additional 5% bonus.

ZENEX (ZNX) is a universal token that brings together gaming and payment services in a single ecosystem. The token is a fundamental solution to attract traffic, and accept and send payments.

When the token is used by online platforms, it protects them from unjustified chargebacks and bank blocks, as well as providing a fraud monitoring system (protection against bank and card fraud) and a fast customer identity verification (KYC) system.

ZENEX makes transactions transparent and undeniable through the use of Blockchain technology.

What Makes ZNX So Special?

ZENEX is issued by a licensed European financial service BitexPRO.eu, which has been on the market for more than 4 years. The project is not a startup and is based on an existing infrastructure that has been polished to perfection over the years.

With the creation of tokens, legal entities can now securely accept customer payments online by adding ZENEX tokens as a means of payment for services on their platform.

The integrated payment solutions allow the token purchase process to be integrated into the interface of gaming platforms, and users can purchase ZNX using fiat and crypto payment methods. Fraudsters cannot use such transactions to illegally dispute the transaction since the purchase of the digital currency is confirmed on the Blockchain.

ZENEX benefits for businesses include the following:

For game services (and other online projects)

  • Easy to accept fiat payments in different currencies (with instant conversion to payment tokens);
  • No rollover reserve;
  • Fast fiat and crypto currency conversions;
  • Blockchain transaction verification;
  • Marketing Potential (As ZNX is available on various platforms and is always running airdrops, bounty campaigns, co-op bonus programs, and other marketing activities. We also help build customer loyalty through various bonus programs for existing customers) of online platforms).

For payment systems and crypto projects:

  • Chargeback protection;
  • Confirmation of the service (the delivery of the token to the user’s wallet is recorded in the Blockchain);
  • Various integration scenarios;
  • Significant increase in traffic;
  • User verification via widget or API with secure data exchange with already registered users.

At the moment, the ZENEX token pre-sale is taking place, where you can buy ZNX coins at a lower price.

The high liquidity of the ZENEX token, even at the presale stage, has been made possible due to the fact that its issuer is the authorized financial service BitexPro, which provides a highly liquid pool.

In addition to revenue from currency appreciation, all ZENEX token holders have the opportunity to earn by staking. Given the specific scope of the token, staking returns can be very promising. The business model of the ZENEX project is based on large commissions that gaming services are willing to pay to attract customers and provide payment solutions.

As usual, before making decisions regarding the ZENEX token, do your own research.

By Audy Castaneda

Cryptocurrency Investors Should Know How to Detect Pump and Dump Schemes

Alexander Salazar
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Cryptocurrency Investors Should Know How to Detect Pump and Dump Schemes

The SEC has warned that pump and dump schemes target cryptocurrencies, as they trade on unregulated exchanges and have volatile prices. Investors must be careful with advertisements or press releases seeming too good and research a project before buying it.

The skyrocketing value of cryptocurrencies has drawn a flood of investors unable to recognize a pump and dump operation.

Many people still need to learn how to identify a fraudulent pump and dump scheme to avoid losing money. They must recognize legitimate cryptocurrency investments and research facts and information on the market.

Defining a Dump and Dump Scheme

A pump and dump scam occurs when someone tries to inflate the price of a stock artificially. It consists of convincing others to buy it and then sell holdings at an inflated price.

That strategy includes distributing wrong or misleading information to create a buying frenzy and then selling high.

The Securities and Exchange Commission (SEC) has warned investors about looking for pump and dump schemes. These also target cryptocurrencies as they trade on unregulated exchanges and have volatile prices.

Identifying a Pump and Drain Scheme

Investors must first try to understand how a pump and dump scheme works. The criminals usually claim partnerships, features, or adoption to push the price of a token higher.

When the prices are high enough, the scammers sell their tokens at a profit. That situation creates a bubble that eventually bursts, causing investors to lose their funds. However, they can protect against pump and drain schemes in various ways.

Investors must be careful with advertisements or press releases that seem too good to be true. Besides, they must research the project and its team and never invest more than they can afford to lose.

The Importance of Being a Risk-Aware Investor

Besides being an exciting investment opportunity, cryptocurrencies also involve risks like the possibility of a pump and dump scam.

Investors can keep a few things in mind to avoid being victims of a pump and dump scheme.

They may look for coins promoted by multiple sources, as someone could be behind a suspicious pattern. In addition, they must be careful with projects whose value has increased overnight, which might indicate an artificially driven price.

Likewise, investors need to avoid investing in cryptocurrencies with low market volume, which makes them susceptible to manipulation. They should also research the cryptocurrencies they want to buy and understand the risks.

How to Locate a Legitimate Cryptocurrency Investment

Those interested in crypto assets must look for projects with a strong team behind them. That group of developers must have experience in the cryptocurrency space and be able to execute their roadmap.

It is also crucial to ensure the project is legitimate and not fraudulent. Investors should look at its white paper, which describes its goals and how to achieve them.

Finally, they should research the project and ensure they feel comfortable.

Cryptocurrencies are vulnerable to pump and dump schemes due to the high volatility of the crypto market. Investors must be aware that scammers can artificially inflate or deflate prices as they rise and fall.

By Alexander Salazar

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