Bitfinex’s balance sheet includes Bitcoin; Australian Senate rejects crypto bill; South Korea plans to track and freeze cryptocurrencies used by North Korea
Bitfinex’s balance sheet includes Bitcoin
Cryptocurrency exchange Bitfinex keeps Bitcoin on its balance sheet.
According to the source, Bitfinex has been keeping some of its earnings from transaction fees in Bitcoin for a long time. No information has been shared about how much Bitcoin the exchange has.
Bitfinex CTO Paolo Ardoino recently stated that cryptocurrency exchanges that benefit from the leading cryptocurrency should have a policy to invest some of their profits in Bitcoin.
Ardoino noted that this policy was followed by Bitfinex’s development of the RGP protocol, which supports Bitcoin’s Layer 2 networks such as the Lightning Network and Liquid Network, allowing cheaper transactions, making it easier to print tokens on the Bitcoin network.
Tether, one of the largest BTC investors
USDT issuer Tether, described as Bitfinex’s sister company, is the 11th largest BTC holder. No information was previously shared that Bitfinex held Bitcoin on its balance sheet.
Tether first announced its BTC holdings in the first quarter of 2023. The company announced that it will regularly invest BTC with 15 per cent of its profits.
According to its latest statement, Tether has approximately $ 1.6 billion worth of Bitcoin.
Australian Senate rejects crypto bill
The Australian Senate announced the rejection of a bill aimed at regulating cryptocurrency exchanges.
According to u.today, the Senate committee rejected the bill, citing various concerns about the operation of the proposed reforms.
Although the committee recognised the need for regulation on the subject, it pointed out that the bill prepared was not sufficiently detailed. In addition, it claimed that it did not complement existing regulations.
The bill was presented by Australian Senator Andrew Bragg last March.
The primary purpose of the bill was to establish a licensing system for cryptocurrency exchanges. The bill included various requirements regarding minimum capital, governance procedures and segregation of customer funds.
Bragg thinks that efforts should be accelerated
Senator Bragg pointed out that the regulatory moves towards the crypto sector in the country are extremely slow and that faster steps should be taken to provide clarity in the sector, which is in a difficult situation due to the bear market.
The bill submitted by Bragg also included various provisions on stablecoin and custody services.
In a statement about the rejection of the bill, Bragg criticised the Labour Party government. According to him, proper regulation will benefit consumers
Finally, Bragg stated that the bill is workable and that waiting for the government to act is not a reasonable option.
South Korea plans to track and freeze cryptocurrencies used by North Korea
South Korea plans to track and freeze cryptocurrencies used by North Korea. Taking things seriously, South Korea is preparing to present a new bill for this.
Local media outlet JoongAng Daily, based on multiple government sources familiar with the matter, reported that the bill aimed at cutting the financing of Pyongyang’s weapons programmes emerged as a result of 10 months of consultations between South Korean state institutions.
In addition, it was stated that President Yoon Suk Yeol instructed the bill to be revised to include measures to support national security before it was submitted. It was also reported that the bill expects South Korea to be added as an existing supplement to North Korea.
Cryptocurrencies in North Korea can be monitored
A government official told the Daily that the South Korean president believes the country’s cybersecurity structure urgently needs to be repaired. Another executive said the latest bill details measures to track and neutralise cryptocurrencies and other assets stolen by the North through hacking.
As it is known, many crypto frauds that have recently occurred in North Korea continue to come to the agenda.
South Korea’s National Intelligence Service found last month that North Korea’s hackers illegally stole $ 180 million worth of cryptocurrency in the first half of 2023.
According to published data, it was reported that $1.28 billion worth of Bitcoin and Ethereum were stolen in North Korea last year through hacking alone.
The world-famous North Korean hacking group Lazarus ranks first among the most wanted suspects in numerous crypto-related hacking incidents. CoinsPaid, an organisation linked to crypto payments processor Alphapo, announced in July that it suffered a $37 million exploit and suspected Lazarus Group as the culprit of the attack.