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Bitcoin King arrested in Brazil for $300 million fraud, Square officially confirms hardware wallet building and TikTok bans crypto ads. These stories and more are coming this week in Cryptocurrency.
Police in Brazil have arrested Claudio Oliveira – also known as the “Bitcoin King” – and several executives of his Bitcoin Banco Group. The men have been accused of running a cryptocurrency scam that may have stolen more than $300 million in digital funds from as many as 7,000 separate investors.
Square — The company led by Twitter CEO Jack Dorsey has officially confirmed its plans to build a Bitcoin hardware wallet after Dorsey hinted in June that the company was considering the option. Square aims to popularize cryptocurrency, make Bitcoin custody more widespread and boost its mass adoption with the new development.
New advertising guidelines on TikTok specifically prohibit users from posting promotional content about financial products globally. Crypto-based promotional content is also included under Now Prohibited Topics. TikTok was a hotbed of Dogecoin hype in 2020, when users shared related videos in an effort to get more people to join their cart.
Seven-figure cryptocurrency Circle plans to go public after it completes a $4.5 billion merger with Concord Acquisition Corp., SPAC, or a special purpose acquisition firm, which recently raised nearly $300 million through Atlas Merchant Capital. . Circle was founded eight years ago and has been recognized for issuing its own stablecoin in US dollars.
Swiss crypto-focused bank Sygnum Bank has become the first bank in the world to allow its customers to acquire Ether. The company’s customers can now leverage ETH through Sygnum’s institutional banking platform to earn returns of up to 7% annually. Sygnum staking Ethereum has been described as a key component of digital asset wallets.
BlockFi and Visa have partnered to create a new bitcoin rewards credit card that will allow users to receive up to 2% bitcoin cashback on all their purchases. Demand for the card was so high that nearly 400,000 customers initially signed up for the product back in December with the first announcement.
Nearly 170 Android-based encryption apps have been identified as fraudulent by Google Play. So far, more than 93,000 people have been scammed out of $350,000 in digital money after these apps – which provided cloud-based mining services – were made available on Google Play. Google now claims that these apps have been removed.
A Russian hacking group known as REvil has encrypted the files of more than 1,000 companies and organizations in a number of countries, including the United States, Sweden and New Zealand. The organization is currently demanding a $70 million bitcoin ransom for the release of these companies’ data.
Coinstar Connecticut clients can now trade the loose change of bitcoin. Several money exchange kiosks stationed at the Stop & Shop and Big Y grocery stores in the state have partnered with the Coinme exchange to provide customers with a new crypto option that will allow them to buy BTC with cash.
This is what happened this week in cryptocurrency, see you next week.
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