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The scam token’s launch came days after the rapid rise and fall of Argentine President Javier Milei-endorsed Libra (LIBRA) token, which lost over 94% of its value within hours after insider wallets cashed out $107 million worth of liquidity from the token, Contelegraph reported on Feb. 15.
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Shortly after the scam coin was launched, the original owners of the X account, the Saudi Law Conference, confirmed that their X account was hacked by impersonators, according to a Feb. 17 LinkedIn post, which stated:
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The first red flag from the token was the absence of any official government communication and a lack of details on the project’s tokenomics or underlying utility.
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The “Official” Saudi Arabia memecoin (KSA) was announced on Feb. 17, according to an X post by the account “SaudiLawConf,” a fake account impersonating the crown prince.
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Bitfarms, a multinational Bitcoin mining firm, will sell its 200 megawatt (MW) facility in Yguazu, Paraguay, to Hive Digital Technologies — a competing mining and AI company — for approximately $85 million. The capital will be reinvested to strengthen Bitfarms’ capacity in the US.
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The bill proposes the creation of a strategic Bitcoin reserve by the US Treasury for “the storage of government Bitcoin holdings,” which would also allow other public funds to store their digital assets in a “secure, segregated account within the strategic Bitcoin reserve.”
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The bill will now move to the Senate Rules Committee for final debate and amendments. Approval by the Senate would advance the bill to the House of Representatives.
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The Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, was passed by the Arizona State Senate Finance Committee with a five to two vote on Jan. 27.
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Arizona lawmakers have advanced a Bitcoin strategic reserve bill, which seeks to deploy the world’s first cryptocurrency as a savings technology for the state.
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Cryptomus envisions the future of the cryptocurrency industry and the Web3 ecosystem as an era of global financial inclusion, transparency and technological innovation. In that future, Cryptomus aims to be a universal solution that will enable users to unlock the full potential of the digital economy with minimal barriers and maximum convenience.
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Aside from spot trading, Cryptomus aims to broaden the range of trading instruments in the future to better cater to the needs of all exchange users.
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To further improve user experience, the platform employs a low fee structure that ranges from 0.1% to 0.04%, decreasing as trading volumes increase. The exchange operates a tiered trading fee system that reflects the available trader levels and their commission.
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Beyond liquidity and market safeguards, Cryptomus emphasizes a user-friendly experience. Rather than overwhelming newcomers with scattered tools and complex jargon, the interface offers clarity and straightforward navigation.
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To keep spreads narrow, Cryptomus utilizes complex programs that reduce latencies significantly. The project even developed an engine that provides high transaction speed. The combination of special programs and traders, especially the users of auto-conversion feature, ensures high liquidity with tight spreads.
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Singapore has emerged as a global leader in blockchain, in terms of blockchain patents, jobs and crypto exchanges in the country, according to a December study by ApeX Protocol.
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Singapore may emerge as the next major cryptocurrency hub in Asia thanks to its innovation-friendly regulatory regime, according to William Croisettier, chief growth officer of ZKcandy.
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Singapore is becoming a key destination for Web3 companies after it issued twice as many crypto licenses in 2024 as in the previous year.
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More favorable economic policy in the US, along with a more innovation-friendly SEC leader, have bolstered analyst expectations of another year of upside for the wider crypto market beyond Bitcoin.
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The incoming Trump administration is seen as a net positive for the crypto industry, partly due to the choice of Paul Atkins for the US Securities and Exchange Commission (SEC) chair.
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Bitpanda’s push into Dubai underscores the city’s commitment to fostering cryptocurrency innovation through initiatives like the DMCC Crypto Centre.
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