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Terra aftermath triggers stricter regulations in China

The Economic Daily which is Chinas state owned media outlet has indicated that the government might announce even tighter regulations on cryptocurrencies and stablecoins due to the downfall of the Terra ecosystem.

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The Economic Daily which is Chinas state owned media outlet has indicated that the government might announce even tighter regulations on cryptocurrencies and stablecoins due to the downfall of the Terra ecosystem.

The outlet detailed the collapse of TerraUSD and Luna, explaining the workings of the algorithmic stablecoin. It used the so called black swan event to praise the Chinese government’s decision to ban cryptocurrency.

After banning crypto exchanges back in 2017, the Chinese government has been hardening its position on crypto again since mid-2021. Multiple agencies warned of the risk of investing in crypto, and a major crackdown on mining within the country took place.

Colin Wu who is a China-focused cryptocurrency reporter, cleared up the misconception around the ban, stating that the laws don’t allow institutions to provide crypto services “but they don’t prohibit ordinary people from using cryptocurrencies.

In early May, a Shanghai court found that Bitcoin is subject to property rights, laws and regulations as its value, scarcity and disposability meet the definition of virtual property according to the court. Following the last round of restrictions, traders began increasingly using offshore exchanges or P2P platforms for all of their activities.

Wu says there is a high probability that the Chinese government would impose even tighter restrictions or even complete bans on stablecoins to prohibit ownership, transfer, purchase and sale of the assets.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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