US Government Sanctions Two Chinese Nationals in Connection With Lazarus Group Hack

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Chinese nationals accused of laundering cryptocurrency that was stolen in a 2018 crypto exchange hack. At the same time, the Department of Justice announced an indictment for money laundering against the same two individuals. Their activity is linked to Lazarus Group, a hacking group allegedly connected to the North Korean government. OFAC accuses Yinyin Tian and Juiadong Li of assisting “a malicious cyber-enabled activity.” Secretary Steven Mnuchin gave the following statement: “The North Korean regime has…

Coronavirus Could Be Better Than Black Friday For These 4 Stocks

Coronavirus could hurt quite a few industries around the world, but a handful might benefit from a shopping frenzy. This weekend saw sales of hand sanitizer and cleaning products rise exponentially as the public panicked about a potential coronavirus outbreak. Cleaning products aren’t the only place to look for coronavirus-related gains. The Dow ripped meaningfully higher on Monday as investors buckled up for what is likely to be a bumpy ride. The coronavirus caused financial markets to plummet to historic lows last week, but despite a rise in new cases…

Don’t Let the Dow Rebound Fool You Into Buying This Market Crash

The Dow Jones Industrial Index rebounded by more than 2% Monday. Many investors might be tempted to buy more stocks, thinking the rebound will continue. In most cases, they should wait to see the full economic impact of the coronavirus. The Dow Jones Industrial Index (DJIA) fell 12.4% last week. The index hasn’t plunged that much since the financial crisis of 2008. On Monday, the DJIA rose by more than 2%. After last week’s massive market crash, investors might be tempted to load up on quality stocks to profit from…

Coronavirus Is Doing More to Topple Iran’s Regime Than Trump Ever Could

The Iranian government faces a crisis of legitimacy as the coronavirus outbreak exposes the weaknesses of its authoritarian rule. Iranian authorities may be underreporting the extent of the outbreak and suppressing dissidents. Covid-19 is literally killing government officials and could do more to lead to regime change than the Trump administration ever could. The assassination of Qasem Soleimani was a watershed moment. It demonstrated the lengths to which the Trump administration was prepared to go to achieve its foreign policy goals in the Middle East. But the coronavirus outbreak may…

Fed’s Big Rate Cut Won’t Save the U.S. Stock Market from Coronavirus

Both the S&P 500 and Dow Jones are attempting to rebound after a brutal selloff last week. The Fed is very likely to aggressively cut rates to support the stock markets. The rate cuts may inspire an immediate bounce but the long-term impact of the virus on the economy may eventually cripple the stock market. The coronavirus (COVID-19) is showing no signs of slowing down. The stock market has been reacting like the virus is a legitimate black swan event. Last week, coronavirus fears ignited a vicious selloff that wiped…

This Major Turkish Bank Is The Latest Binance Partner for Fiat-to-Crypto Transfers

Major crypto exchange Binance announced that their fiat on-ramp for Turkish Lira is live thanks to a partnership with major Turkish bank Akbank, Cointelegraph Turkey reported on March 2. Binance users from Turkey can now deposit and withdraw directly through money order or EFT, whether they have an Akbank account or not. “As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017,” Binance CEO Changpeng “CZ” Zhao told Cointelegraph. He continued: “By working with Akbank, Binance KYCed users who have Turkish bank accounts will…

Institutional Custody Is Key as KPMG Estimates $9.8 Billion in Crypto Stolen Since 2017

Owning cryptocurrency is still considered a risk by institutional investors, according to a March 2 KPMG report shared with Bloomberg. The accounting firm estimated that more than $9.8 billion worth of crypto has been stolen since 2017. The findings revealed that lax security and poorly written code were responsible for most thefts. As institutional investors adopt Bitcoin (BTC) and Ethereum (ETH) to their portfolios, securing the tokens becoming a critical issue, KPMG argues. The need to satisfy this market demand resulted in several companies offering custody services, both from traditional…

LocalBitcoins Hits a 7-Year Low of Weekly Traded Bitcoins

Popular peer-to-peer (P2P) crypto trading exchange LocalBitcoins saw a major decline in Bitcoin (BTC) trading volumes amid apparent user uncertainty. According to data from Bitcoin (BTC) statistics website Coin Dance, global Bitcoin trading volumes on LocalBitcoins exchange have touched a seven-year low during the week ending on Feb. 22. BTC trading volumes drop from 13K bitcoins in February 2019 to about 3K in 2020 During the weekly period, LocalBitcoins traded just 3,144 bitcoins, or around $28 million at press time, which is the lowest weekly trading amount since May 2013.…

Tron Executes Hostile Takeover of Steem, Exchanges Collude

Justin Sun and several major exchanges executed what seems to be a hostile takeover of the Steem blockchain, say sources. After Tron acquired Steemit Inc two weeks ago, it seems that its CEO Justin Sun is using the company to consolidate power over the supposedly decentralized blockchain. Today, the majority of Steem’s witnesses, the decision-makers for the blockchain’s governance, were ousted by what appear to be accounts connected to Tron. Major exchanges including Binance, Huobi, and Poloniex participated in the takeover, staking (“powering up”) Steem held in their custody and…

The Dow Is Surging – But Analysts Warn It’s Just a ‘Dead Cat Bounce’

The Dow Jones surged nearly 700 points on Monday on hopes of emergency stimulus from G7 central banks to combat the “coronavirus crash.” Despite Wall Street optimism, analysts are concerned about whether a rate cut from the Fed can truly help the economy. ISM manufacturing came in weak, and economists expect it to get even worse. The Dow Jones rallied aggressively on Monday, as a deeply oversold stock market rebounded on burgeoning hopes of coordinated central bank easing. Dow bulls are rabidly pricing in a sizable cut from the Federal…