VP of Bithumb Division Found Dead, Investigation Ongoing

• A vice president of Vident, a division of the virtual currency exchange Bithumb, was found dead in front of his residence in Seoul, South Korea.
• South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation.
• The cause of death is currently unknown and authorities are conducting an investigation to determine the circumstances surrounding the incident.

Today, tragedy struck in South Korea as Mr. Park Mo, a vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead in front of his residence in Dongjak-gu, Seoul. South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation and are currently trying to piece together the circumstances surrounding the incident.

Mr. Park Mo was a major shareholder of Bithumb and his death has sparked a great deal of speculation among the local news outlets. Money Today reported that optometric and CCTV analysis at the scene have indicated that there is no other possibility than that the death was a suicide. The police statement has further fuelled suspicions concerning the Kang siblings, who are accused of illicit gains by manipulating stock prices and selling convertible bonds, as well as setting up slush funds by extorting money from companies founded under borrowed names.

The investigation is still ongoing and it is too early to jump to any conclusions. However, it may be that Mr. Park Mo was influenced by the Kang siblings deflecting all responsibility for theft and stock price manipulation to others. Bithumb has yet to release an official statement regarding the matter.

As more details become available, it is hoped that the truth behind Mr. Park Mo’s death will be uncovered. In the meantime, speculation regarding the Kang siblings’ involvement will likely continue to run rampant.

Bitfarms Appoints New CEO to Lead Expansion of International Mining Operations

• Bitfarms, a bitcoin mining firm, has confirmed hiring a new CEO, Geoff Morphy.
• The former CEO, Emiliano Grodzki, resigned as the CEO but will remain as a director on its board.
• Nicolas Bonta, the new chairman of the board of directors, praised Geoff’s appointment, saying that the new CEO helped remake Bifarms from a small Canadian company with five mining farms to an international operation with over 10 farms in four different countries.

Bitfarms, a Canadian-based bitcoin mining firm, has announced the appointment of a new CEO to the helm of the firm. Geoff Morphy has been promoted from his role as Chief Operating Officer (COO) and President to become the new CEO and President of Bitfarms. The firm broke the news via its official website and Twitter page.

The change in leadership comes days after the firm completed the sale of a $3.6 million property to further expand its mining activities. The former CEO of Bitfarms, Emiliano Grodzki, has resigned from his role but will remain as a director on the company’s board. Meanwhile, co-founder Nicolas Bonta will shift from the firm’s Executive Chairman to the chairman of the board.

Geoff Morphy, the new CEO, expressed his confidence in handling the company’s growth in the coming years. He also highlighted his determination to help the firm level up as it continues its mining activities. Nicolas Bonta, the new chairman of the board of directors, praised Geoff’s appointment, saying that he helped remake Bifarms from a small Canadian company with five mining farms to an international operation with over 10 farms in four different countries.

The recent changes at Bitfarms are expected to bring about renewed energy and focus to the firm’s operations. The firm’s commitment to providing quality services to its users and the industry at large remains unchanged. With the new leadership at the helm, Bitfarms is poised to make further strides in the cryptocurrency mining space in the coming years.

Venezuelan Banks Freeze Accounts for Crypto Transactions: Here’s What You Need to Know

• Venezuelan banks have frozen over 75 accounts for enabling crypto-to-fiat and fiat-to-crypto transactions since the end of 2021.
• Ana Ojeda, CEO of Legalrocks, claims that shutting these accounts for collecting fiat money in exchange for cryptocurrencies can’t be justified.
• Financial authorities may deem transactions made via cryptocurrency exchanges which aren’t properly regulated as illegal activities.

Cryptocurrency has become a popular asset class in many countries and it has grown in popularity in Venezuela as well. Recently, Venezuelan banks have been paying more attention to accounts that frequently involve bitcoin transactions and have frozen over 75 accounts for enabling crypto-to-fiat and fiat-to-crypto transactions since the end of 2021.

The accounts of consumers with connections to cryptocurrency trading, particularly those connected to peer-to-peer (P2P) transaction activity, have caught the attention of Venezuelan banks. According to Ana Ojeda, CEO of Legalrocks, a crypto and blockchain-focused law practice in Venezuela, shutting these accounts for collecting fiat money in exchange for cryptocurrencies can’t be justified. Ojeda adds that if there are convincing indications that the money spent in these transactions is connected to unlawful or criminal activity, it changes the situation.

Furthermore, financial authorities may deem transactions made via cryptocurrency exchanges which aren’t properly regulated as illegal activities. This is why it’s important for individuals to be aware of the risks associated with cryptocurrency trading and to only use exchanges which are properly regulated and compliant with local laws.

Given the increased scrutiny from banks and financial authorities, it’s important for individuals to remain cautious when dealing in cryptocurrencies, especially when it comes to P2P transactions. It’s also critical to remain informed and up to date on the latest developments in the world of cryptocurrency and blockchain technology. By doing so, individuals can ensure they are able to safely and securely trade in cryptocurrency and avoid having their accounts frozen by banks.

Paxos Announces BUSD, a US Dollar-Backed Stablecoin Regulated by NYDFS

• Paxos announced on Dec. 28th that it is the sole issuer of BUSD, a US dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS) on Ethereum.
• BUSD is built on Ethereum and pegged to the US dollar, with reserve monies maintained in a bank account wholly segregated in the event of liquidation.
• Paxos follows specified and tested third redemption processes, and an independent party attests to the reserves every month to ensure that BUSD meets the necessary standards in New York.

The Paxos organization recently announced on its official Twitter account that it is now the sole issuer of BUSD, a US dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS), on Ethereum. BUSD is built on the Ethereum blockchain and is tied to the US Dollar through Binance’s branding efforts. It is designed to be a secure and strictly-governed option among other existing stablecoins.

The reserve monies required for BUSD are maintained in a bank account that is wholly segregated in the event of liquidation. Paxos follows specified and tested third redemption processes, and an independent party attests to the reserves every month in order to meet the necessary standards in New York. The Paxos team also releases reports detailing the specific US Treasuries held by Paxos to back the coin to third-party auditors on a monthly basis.

The inspection board closely monitors the currencies by regularly auditing the banks and adhering to BSA/AML regulations. Additionally, BUSD tokens can be locked onto other chains by a third party, just like any other digital asset. It is important to note that Paxos only issues tokens backed by Ethereum, rather than any other network.

Overall, BUSD is a secure and strictly-governed stablecoin option, backed by the US Dollar, and regulated by the New York State Department of Financial Services. Paxos follows specified and tested third redemption processes, and provides regular reports to third-party auditors to ensure that all standards are met. Lastly, BUSD tokens can be locked onto other chains by a third party, allowing for a more versatile digital asset.