According to Global Ledger, a Swiss blockchain analytics firm, Garantex shifted liquidity and customer balances to the new platform after its official shutdown. On-chain and off-chain evidence points to the two exchanges being closely linked despite Garantex’s closure.
Global Ledger’s report revealed that Garantex laundered over $60 million worth of ruble-backed stablecoins, using a process of burning and reminting to erase transaction histories.
The funds were then channelled to Grinex, which began processing large transaction volumes soon after Garantex went offline. Blockchain data showed systematic fund transfers through temporary wallets before reaching Grinex’s deposit addresses.
Further evidence linking the two platforms includes user reports of previously blocked funds from Garantex appearing in Grinex accounts.
A Grinex staff member also confirmed that users were visiting Garantex’s office to move funds between the two platforms. Additionally, Grinex’s website and promotional materials strongly resemble those of Garantex, and it is listed as being founded by the same team.
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The Czech National Bank (CNB) remains cautious about adding Bitcoin to its reserves, with board member Jan Kubicek citing legal complexities and extreme price volatility as key concerns.
While the bank is evaluating various asset classes, Kubicek expressed scepticism about Bitcoin’s suitability as a central bank reserve asset.
Kubicek noted that Bitcoin’s unpredictable price swings undermine its stability, making it less attractive for reserve holdings.
He also highlighted the need for new accounting and auditing processes if Bitcoin were to be included. The CNB’s assessment of alternative assets, including corporate bonds and technology stocks, is expected to conclude by October.
The idea of holding Bitcoin in reserves was initially proposed by CNB Governor Ales Michl in January 2025, sparking interest in the crypto community but drawing scepticism from policymakers.
European Central Bank President Christine Lagarde opposed the move, emphasising that central bank reserves must prioritise liquidity and security.
Despite concerns, several countries have already integrated Bitcoin into their strategic reserves. The US, under the Trump administration, has taken a more proactive stance on cryptocurrency, influencing global discussions on digital asset adoption.
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The Arizona House of Representatives Commerce Committee has approved the Bitcoin Reserve Bill (SB1373) in a closely contested 6-to-4 vote.
The bill marks a significant milestone in Arizona’s efforts to integrate cryptocurrency into its financial framework. It aims to establish a ‘Digital Assets Strategic Reserve Fund,’ which would be managed by the state’s Treasury, with funds derived from state allocations and seized cryptocurrency assets.
Sponsored by Republican Senator Mark Finchem, SB1373 includes risk management provisions, such as limiting the Treasurer’s ability to invest more than 10% of the fund in any single year.
The bill also permits the lending of digital currencies to generate returns, with safeguards to prevent excessive financial exposure.
Arizona is now positioned as a leading state in the US’s push for crypto legislation, following Utah in adopting formal crypto reserve investment policies. Another related bill, the Strategic Bitcoin Reserve Act (SB1025), is gaining momentum and focuses on public fund investments in digital assets.
Meanwhile, Bitcoin’s price has seen mixed signals in recent days. Despite a 1.36% increase following the bill’s approval, Bitcoin has dropped 13% over the past month.
Technical indicators show a neutral to slightly bearish trend, though there are signs of a potential bullish reversal, with the MACD showing a positive divergence.
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President Donald Trump is set to address the Digital Asset Summit in New York on Thursday, marking the first time a sitting American president has spoken at a cryptocurrency industry conference.
His speech follows remarks from Bo Hines, executive director of the White House’s President’s Council of Advisers on Digital Assets, who hinted at the administration’s commitment to Bitcoin accumulation.
Hines emphasised the importance of securing digital assets for the nation, stating that President Trump is focused on acquiring Bitcoin for the recently announced strategic reserve.
He suggested that the administration aims to obtain as much Bitcoin as possible, reinforcing the growing role of cryptocurrency in national policy.
The summit will also feature notable speakers, including Representatives Ro Khanna and Tom Emmer, as well as industry leaders such as Strategy CEO Michael Saylor and Ripple CEO Brad Garlinghouse.
During the event, Garlinghouse announced that the SEC had withdrawn its appeal against Ripple, marking a significant development for the company.
Trump’s speech will be available via a live stream on X and YouTube, allowing a global audience to witness his address on the future of digital assets.
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Pakistan is set to legalise cryptocurrency trading, joining a growing list of nations embracing digital assets. According to Bilal bin Saqib, CEO of the Pakistan Crypto Council, a regulatory framework is in development to provide clarity on crypto-related activities.
The country’s shift highlights the rapid evolution of the cryptocurrency sector. Once associated with illicit activities, various nations are now exploring digital assets as reserves.
Pakistan’s interest in crypto reflects its ambition to attract foreign investment, leveraging its young, tech-savvy workforce. Saqib emphasised that Pakistan, with 60% of its population under 30, is well-positioned to become a Web3 hub.
With a projected population of 511 million by 2100, Pakistan ranks among the most populous countries. The nation already has 15 to 20 million cryptocurrency users, signalling strong domestic interest.
Saqib, recently appointed as the finance minister’s chief advisor for digital asset management, is leading efforts to integrate crypto and artificial intelligence into government operations.
Inspired by Donald Trump’s push to prioritise cryptocurrency in the US, Pakistan aims to follow suit. Saqib noted that as Trump advances a national crypto strategy, other countries will adopt similar approaches to remain competitive.
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A Brazilian lawmaker has introduced a bill to regulate salary payments in cryptocurrencies like Bitcoin. Federal Deputy Luiz Philippe de Orleans e Bragança filed the proposal on 12 March, seeking to legalise voluntary crypto wage payments while ensuring at least 50% of salaries remain in the national currency, the Brazilian real.
The bill prohibits full salary payments in virtual assets, except for expatriate or foreign employees under Central Bank of Brazil regulations. Independent service providers may receive full compensation in cryptocurrency, provided specific contractual conditions are met. Employers must use an authorised exchange rate for crypto conversion, aligning with official financial regulations.
Orleans-Bragança, a descendant of Brazil’s former royal family, argues that the bill would strengthen the financial technology sector and attract crypto investment. He also emphasised that the measure promotes contractual freedom between employers and employees without undermining fundamental labour protections. The proposal follows global examples from countries like Japan, Switzerland, and Portugal, where regulated crypto payments have encouraged adoption and flexibility in financial transactions.
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Binance CEO Richard Teng has reiterated that Binance is not in deal talks with business entities linked to US President Donald Trump.
Speaking at the Blockworks 2025 Digital Asset Summit, Teng dismissed reports that Binance. US was considering selling an equity stake to Trump-affiliated firms, including World Liberty Financial.
His statement echoed denials from both Binance’s founder, Changpeng ‘CZ’ Zhao, and Trump.
Teng emphasised that Binance.US operates independently from its global counterpart, highlighting differences in shareholders, governance, and leadership.
Despite not directly operating in the US, he praised Trump’s pro-crypto stance, stating that Binance has benefited from policies supporting institutional adoption of digital assets.
He also noted that Trump’s push for a national crypto reserve could prompt other governments to take the sector more seriously.
The Wall Street Journal had reported that CZ was seeking a pardon from the Trump administration, suggesting a potential conflict of interest if a deal were struck.
Both CZ and Trump refuted the claims, with Trump dismissing the report as politically motivated. His recent involvement in crypto, including the launch of a meme coin and ties to World Liberty Financial, has sparked debate over presidential ethics and industry influence.
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Crypto.com is under fire from the cryptocurrency community after approving a proposal to mint 70 billion CRO tokens, worth approximately $5 billion. Concerns over financial stability have intensified, with some fearing the exchange may face liquidity issues.
The decision reverses a 2021 token burn initially presented as a strategy to enhance CRO’s long-term value. Despite strong opposition from independent validators, Crypto.com’s control over voting power ensured the proposal’s passage. Following the decision, CRO’s price fell 5.2%, reaching $0.077.
Critics have drawn attention to CEO Kris Marszalek’s past business controversies, including the collapse of Ensogo in 2016. The move has also reignited concerns over Crypto.com’s transparency, as the exchange has not released an audited financial statement since 2022.
However, a proof-of-reserves report was shared that year, and auditing firm Mazars later distanced itself from the assessment.
While Crypto.com insists it remains financially strong and operates under strict regulatory oversight, the lack of updated audits has left many sceptical.
Until the exchange provides clarity on its financial health and the intended use of the new tokens, trust within the crypto community is unlikely to be restored.
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US prosecutors have charged filmmaker Carl Erik Rinsch with fraud and money laundering, alleging he misused $11 million of Netflix’s funds on risky investments instead of producing a sci-fi series.
The US Department of Justice (DOJ) unsealed the indictment on 18 March, stating that Rinsch could face up to 20 years in prison.
Authorities claim Netflix provided the filmmaker with funds in 2020 to finance the production of Conquest, originally titled White Horse. Instead of completing the project, he reportedly used $10.5 million to make speculative trades, losing over $5.5 million on share options.
However, he made significant gains in cryptocurrency, later purchasing luxury items, including five Rolls-Royces, a Ferrari, and high-end watches.
Prosecutors also allege that Rinsch used nearly $1.8 million to pay off credit card bills and $1 million for legal fees in his lawsuit against Netflix.
The streaming giant cancelled Conquest in early 2021, citing concerns over his erratic behaviour. Despite receiving at least $44 million for the show, no episodes have aired.
Rinsch now faces multiple charges, including one count of wire fraud and one count of money laundering, each carrying a maximum sentence of 20 years.
He was arrested on 18 March, with the case assigned to New York federal Judge Jed Rakoff. His lawyer has declined to comment on the matter.
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Minnesota has taken a significant step towards embracing digital assets with a newly introduced Bitcoin bill.
The Minnesota Bitcoin Act (SF2661), presented by Senator Jeremy Miller, seeks to modernise the state’s financial system and position it as a leader in the cryptocurrency space.
The proposed legislation would permit the Minnesota State Board of Investment to allocate state funds to Bitcoin and other digital assets, treating them similarly to stocks and bonds.
Additionally, state employees would have the option to include cryptocurrencies in their retirement plans, expanding their investment choices.
Under the bill’s provisions, residents could also pay state taxes and fees using Bitcoin. Furthermore, tax incentives would allow certain cryptocurrency gains to be deducted from taxable income, potentially encouraging further adoption of digital assets in the state.
Minnesota joins a growing number of US states considering cryptocurrency-related policies. Texas recently introduced a bill to invest $250 million in Bitcoin, while Senator Cynthia Lummis proposed expanding the US government’s Bitcoin holdings through an updated Strategic Bitcoin Reserve Act.
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