News & Blog

Weekly crypto news: Russia invades Ukraine, markets go down

Weekly crypto news: Russia invades Ukraine, markets go down

The past month has been very hectic for the crypto market and the stock market and this is largely due to the heated situation between Russia and Ukraine. One moment the situation seemed to de-escalate and the markets reacted positively to it, and the next everything seemed to go south.

This geopolitical conflict, therefore, overshadowed just about all the other crypto news of the past week, but of course, there were other developments in the crypto industry as well.

Below you'll find the most important news of the past week.

Russia invades Ukraine

After what feels like a very long time of uncertainty, yesterday the inevitable happened: Russia invaded Ukraine. In the night from Wednesday to Thursday Putin declared in a video message that he had authorized a special military operation. Not much later, all kinds of shocking videos appeared on social media platforms of exploding missiles in Ukraine.

This news affects the crypto market, the stock market, and all kinds of other markets. There is a lot of uncertainty in the world and that is usually not good for investments. It‘s another story for silver, gold, and oil.

The crypto market capitalization dropped by 11% yesterday and stock markets also went down by big numbers. The Russian stock market even fell by more than 50%, due to the anticipation of major sanctions to be imposed from Europe and the US.

Our thoughts are with the victims and those who are currently in danger.

Hostage-taker at Apple Store asks for €200 million in crypto

On Tuesday night, a hostage situation took place at the Apple Store on Leidse Plein in Amsterdam. Around 17:40 a report came in to the police of a possible hostage situation. When officers arrived, the hostage-taker immediately fired a shot. He had a handgun and a semi-automatic weapon.

The hostage-taker, demanded €200 million in cryptocurrency in exchange for the hostage.

Later in the evening, the hostage managed to escape and ran outside. The hostage-taker followed him and was hit very hard by a police car. The hostage-taker was not immediately taken to the hospital, but was first examined by robots because it looked like he was wearing a bomb vest.

On Wednesday afternoon the news came out that the hostage-taker died of his injuries.

Court of Canada demands freeze on crypto funds

Truckers protesting the Covid-19 measures in Ottawa in recent weeks have resulted in many protesters having their bank accounts frozen and Canadian Prime Minister Justin Trudeau invoking the Emergencies Act to record crypto transactions.

As the Canadian government steps up its efforts to stop the flow of money to protesters, the Ontario Superior Court of Justice has sent a Mareva Injunction to the Bitcoin wallet Nunchuk, ordering it to freeze and disclose information about assets involved in the Freedom Convoy 2022 campaign.

In an official response to the Ontario Superior Court of Justice, Nunchuk responded that it is a "self-custodial, collaborative multi-sig Bitcoin wallet" and that it is a "software provider, not a custodial financial intermediary."

In short, this means that Nunchuk cannot manage the funds, but only provides the software for people to manage their own funds. As long as no one owns the passwords to your crypto wallet, no one can decide on your money, unlike a bank account.

Luc Smits van Oyen
Coinmerce news