The Rotterdam court said bankruptcy was necessary to ensure an orderly settlement because the company lacked enough assets to fully repay users. A Dutch court has declared cryptocurrency platform Knaken Cryptohandel BV and its affiliated foundation bankrupt after prosecutors said 7 million euros ($8 million) in customer assets were missing. The Rotterdam court issued the ruling on Thursday, saying the bankruptcy was needed to ensure an orderly settlement after Knaken blocked access to its platform and accounts. According to the court, the company has insufficient assets to fully repay users. The court also said customers lacked sufficient information to determine their legal position. Read more
ECB’s Piero Cipollone said stablecoin adoption could erode bank deposits, but the digital euro will keep banks at the center of payments. European Central Bank Executive Board member Piero Cipollone said wider stablecoin adoption could erode commercial banks’ retail deposit base. He made the remarks Friday in a speech to Italy’s Federation of Cooperative Credit Banks in Rome, where he argued that digital payments are reshaping banking and increasing Europe’s reliance on non-European payment infrastructure. Cipollone said banks are already losing payment fees and transaction data to mobile payment providers. He added that the digital euro would help preserve banks’ role in the payments system. Read more
The pair pleaded guilty after investigators linked them to the Scattered Spider cybercrime group, which US prosecutors say extorted dozens of companies. The United Kingdom National Crime Agency (NCA) and City of London Police said two men associated with the “Scattered Spider” hacking group were sentenced to five years and six months in prison. The two pleaded guilty during their first court appearance at Woolwich Crown Court on June 22 and were sentenced on Thursday, according to a press release from the NCA. British authorities said the pair were part of the Scattered Spider cybercrime group, which investigators have linked to high-profile ransomware and cryptocurrency extortion attacks targeting companies in the UK and the US. Read more
ESMA adds 14 CASPs to its MiCA register, with banks and Ripple Payments Europe among the new entries as total providers reach 294. European authorities added 14 crypto companies to the Markets in Crypto-Assets (MiCA) framework register in the second post-deadline update, signaling a slower licensing pace after an initial surge. The European Securities and Markets Authority (ESMA) updated its interim MiCA register on Thursday, bringing the total number of licensed crypto-asset service providers (CASPs) to 294. The new entries include Ripple Payments Europe, the European payments arm of blockchain company Ripple, as well as Portugal-based Bison Bank and Croatia’s state-owned bank, Hrvatska poštanska banka (HPB). Read more
Bitcoin supply in loss hit 50% nearly 50 days ago, mimicking the countdown to BTC price bear-market bottoms. Bitcoin (BTC) has been counting down to its next bottom for nearly two months, a classic onchain metric suggests. Key points: Read more