Latest crypto news – The Cryptonomist

Latest and important crypto News: Spanning from Singapore to Hong Kong for a License to launch crypto servicesTo Bitcoin’s NFTs and their effect.

Not only that, but significantly, Binance and Huobi freeze $1.4 million worth of cryptocurrencies linked to North Korean hackers.

In the latest crypto news: DBS and the licensing of bitcoin services

As expected, some of the most important crypto news includes the fact that DBS, Singapore‘s largest bank, applied for a Hong Kong License to start bitcoin and crypto services.

The news is also reported by the Bitcoin Archive official Twitter account, which is:

BREAKING‼️ Singapore’s largest bank, DBS, will apply for a license to launch in Hong Kong #Bitcoin and crypto services – Bloomberg 🚀

— Bitcoin Archive (@BTC_Archive) February 13, 2023

In addition, DBS Bank recently recorded one 80% annual growth of bitcoin (BTC) traded on the DBS Digital Exchange (DDEx) in 2022 and a doubling Bitcoin held with the bank’s Digital Asset Custody solution.

The amount of ether (ETH) held in the bank’s institutional solution for custody of digital assets grew 60% in FY 2022. DDEx is the bank’s members-only exchange that offers accredited investors, financial institutions and family offices access to digital assets, specifically security tokens and cryptocurrencies.

The exchange has observed a net long position for its clients despite the capitulation of the cryptocurrency market in the second half of 2022. In addition, the exchange almost doubled its membership 1,200 participants Registered with DDEx at the end of the year.

Taken together, these metrics speak to a growing recognition of the long-term potential of digital assets by mainstream investors who are actively seeking reliable and regulated platforms to access the market.

Bitcoin is featured in the latest and most relevant cryptocurrency news: NFTs

On February 7, the embossing of more than 13,000 Ordinal NFTs on the Bitcoin blockchain was performed and occupied 526 MB of blockchain space with an output of 6.77 bitcoins. Therefore, the protocol is called by Bitcoin’s new NFTs ordinal numbers.

Based on what we now know, it can be said that Bitcoin’s NFTs and their network are better managed than ether‘s in that regard, although most non-fungible tokens are currently minted in the latter.

The development of the newly introduced Ordinals protocol mentioned above has resulted in the first time a Bitcoin minted NFT can store an actual image accurately on-chain.

Thanks to the upgrades that Bitcoin underwent a few years ago, Ordinals found a way to store information in a Bitcoin transaction beyond the limits the network previously deemed acceptable.

The process is one improvement compared to other chains, as such transactions can only store a link, which then points to a webpage hosting the image.

In any case, not everyone seems excited about the implementation of the NFT originals on Bitcoin’s blockchain. In it, some argue that it is contrary to the Creator Satoshi Nakamotothat the Bitcoin blockchain was created solely for financial purposes.

However, likes or dislikes aside regarding the existence of Bitcoin-based NFTs, they make a significant impression on the network.

Binance and Huobi freeze $1.4 million worth of crypto, possible links to North Korean hackers

Crypto news doesn’t end here. In fact, cryptocurrency exchanges Binance and Huobi have once again frozen accounts linked to the $100 million harmony horizon Bridge hack last June.

Around $1.4 million of the cryptocurrencies frozen by the trading platforms came from accounts linked to the Notorious Lazarus Group operating out of North Korea.

The research was conducted by a blockchain analytics company Ellipticalaccording to a report by the company on February 14.

However, the company did not specify which coins or tokens were frozen. Elliptic explained that it forwarded the information to Binance and Houbi, who then acted promptly to freeze the accounts associated with the Lazarus Group:

“The stolen funds lay dormant until recently, when our investigators began seeing them being routed through complex chains of transactions to exchanges. By promptly notifying these platforms of these illegal deposits, they were able to block these accounts and freeze the funds.”

Since the Harmony exploit, it has been well documented that the Lazarus Group has resorted to it Tornado Cash Privacy Blender, now licensed by US OFAC, in an attempt to trace transactions back to original theft.

While this allegedly facilitates the withdrawal of funds on an exchange, in this case Elliptic investigators were able to trace all of the stolen funds that were sent through the mixer, the report said.

Elliptical CEO Simon Maini suggested that the events showed that the industry takes responsibility for preventing money laundering and preventing cryptocurrencies from becoming a “haven” for illegal activity:

“Today money laundering was revealed and stolen funds linked to North Korea were frozen in real time. As an industry, we have the power and responsibility to prevent digital assets from becoming a haven for money launderers and sanctions dodgers and ensure they are a force for good.”