• Bitcoin mining difficulty has hit a new All-Time High (ATH) of 39.35 T.
• The NYDFS is investigating crypto exchange Gemini over its claims related to the safety of customer funds.
• South Korea’s Ministry of Justice plans to implement a Virtual Currency Tracking System to monitor transactions and check the source of funds.
Bitcoin Mining Difficulty Hits New ATH
The difficulty of mining a Bitcoin (BTC) block increased by 4.68% on Sunday, hitting a new all-time high (ATH) of 39.35 T. It had hit its previous ATH of 37.59 T following the previous difficulty adjustment on January 15.
Gemini Investigated by NYDFS
The US, New York Department of Financial Services (NYDFS) is investigating crypto exchange Gemini over its claims related to the safety of customer funds. Gemini reportedly claimed last year that the assets of its Earn product customers were safe due to it being backed by the Federal Deposit Insurance Corporation (FDIC). Current and former FDIC officials told Axios that while the FDIC language Gemini used is misleading, it’s unclear whether it actually violates the law.
South Korea Plans Crypto Tracking System
The South Korean Ministry of Justice said it plans to create a crypto tracking system in the first half of 2021, in order to „strengthen the tracking of money laundering using virtual currency and recovery criminal proceeds.“ The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions, and check sources funds before and after remittance.
China Should Consider Long-Term Effects Of Crypto Ban
Huang Yiping, a former adviser to China’s central People’s Bank of China (PBOC), said Beijing should consider long-term effects when considering its cryptocurrency ban as reported by South China Morning Post..
FTX Seeks To Remove Turkish Units From Bankruptcy Case
Crypto exchange FTX seeks removal Turkish units from bankruptcy case arguing Turkish authorities are unlikely follow instructions from US courts according court filing stating: “The orders entered this Court do not have legal or practical effect Türkiye Debtors have no reason believe Turkish government will comply with this Court’s orders.“