1. Russia–Ukraine conflict

The Facts:

• On 24 February Russian president Putin authorized military operations to “demilitarize Ukraine.” Since then, several border crossings and missile incidents have been reported.
• Ukrainian president Zelensky declared martial law urging the population to “stay calm”.
• It is considered to be the biggest attack by one state against another in Europe since WW2 and is widely condemned by the international community.

Why it’s important:

• The Ukrainian central bank has suspended electronic cash, as part of its declaration of martial law.
• Ukrainian crypto exchange Kuna, has seen a significant rise in volumes, making a clear point for crypto in times where trust is scarce, and damage is applied on all fronts.

2. Tether

The Facts:

• Tether released its quarterly update on its reserve assets.
• The decrease of its commercial paper reserve by 21% is marking the most significant change.
• The recent attestation is the first one authorized by accounting firm MHA Cayman, which announced it would take over Tether as a client earlier this year.

Why it’s important:

• The largest stablecoin issuer is required to release quarterly attestations of its assets and liabilities as part of a settlement with the New York Attorney General in February 2021.
• Bringing more transparency into what assets are backing USDT, has been a long-awaited implementation and could possibility enable multiple providers to start considering it as an alternative to other, smaller stablecoins.

3. BitMEX founders plead guilty

The Facts:

• The Department of Justice released a statement on Thursday as a result of charges set in October 2020 regarding violation of the bank secrecy act by failing to establish an anti-money laundering program.
• Co-Founders Arthur Hayes and Benjamin Delo, each agreed to pay a $10 million fine under the terms of their plea agreement.
• In August 2021, BitMEX agreed to pay up to $100 million to settle separate charges for unlawfully accepting customer funds without proper registration.

Why it’s important:

• S. Attorney Damian Williams elaborates on how “companies engaged in the virtual currency economy have become critical gatekeepers in efforts to ensure that U.S. markets are fair, efficient, and secure.”
• It is to be seen if a $10 million fine is an effective form of punishment to prevent further similar instances, considering how much profit individuals have made form such ventures.

In other news

• ICE buys stake in tZero. (via Cointelegraph)
• Huobi to reopen U.S. market. (via TODAY)
• Picasso family fight over NFTs. (via beINcrypto)

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