24 April Crypto News- What Happened Crypto Markets Today

Crypto News– Nigeria’s central bank initially announced its intention to issue a directive instructing banks and financial institutions to provide details of users from several crypto exchanges and to block transactions.

24 April Crypto News- What Happened Crypto Markets Today

However, it later refuted this story. Additionally, K33 expressed concerns that the return of over $9 billion to Mt. Gox creditors could have a negative impact on the market. Meanwhile, Tether informed Cointelegraph that it would freeze all addresses attempting to bypass sanctions on Venezuela.

Nigeria’s Central Bank Refutes Allegations of Crypto Account Freeze

The Central Bank of Nigeria (CBN) found itself compelled to refute a report stating that it had issued a directive mandating all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. It was claimed that such accounts were to be placed on Post No Debit (PND) instruction for six months.

A Post No Debit instruction is a measure imposed by a bank or financial institution to restrict certain transactions on a customer’s account. With a PND instruction in effect, the account holder is unable to carry out debit transactions, meaning they cannot withdraw funds or make payments using the affected account.

The situation became muddled when the central bank initially denied the report, but later removed the denial. Several hours afterward, they asserted that the allegations were indeed false.

K33 Warns of Potential Market Disruption from $9 Billion Mt. Gox Situation

More than $9 billion worth of Bitcoin from the Mt. Gox era, which could be returned to its users in the coming weeks, has the potential to cause a drop in BTC’s price and unsettle the market, according to analysts at K33 Research.

Mt. Gox’s 142,000 Bitcoin Payout

Trustee announces payout plan: 142,000k BTC, 143k BCH, & 69 Billion Yen to be distributed.

Repayment possible by Oct 31, 2024 pic.twitter.com/n0iOYYmZUk

— Kashif Raza (@simplykashif) April 22, 2024

Creditors of Mt. Gox, who have been awaiting the return of their funds for over a decade since the exchange’s collapse in February 2014, have begun reporting updates on their claims earlier this week. K33 analysts Anders Helseth and Vetle Lund suggested that this could lead to the commencement of Bitcoin refunds as early as May.

Tether Announces Freezing of Assets for Entities Evading Venezuela Oil Sanctions

Tether, the stablecoin issuer, has officially announced its intention to freeze assets and addresses associated with any entity utilizing USDT to evade Venezuelan oil sanctions.

A spokesperson from Tether informed Cointelegraph that the company is dedicated to halting payments to entities sanctioned by the Office of Foreign Asset Control (OFAC), which includes Venezuela’s state-owned oil company, PDVSA.

Tether fully respects the OFAC SDN list and is committed to promptly freezing addresses subject to sanctions, stated the spokesperson.