An early bitcoin investor from Texas has been ordered by a federal judge to relinquish access to his cryptocurrency holdings by handing over the private keys and access codes to his wallet in a landmark case.

The fintech firm closely related to the XRP Ledger, Ripple, has announced that it will use data feeds from provider Chainlink in a bid to expand the use of its RLUSD stablecoin within decentralized finance (DeFi) applications.

Backpack Exchange is set to expand its footprint in the European Union’s cryptocurrency market after acquiring FTX EU, the European arm of the now-bankrupt exchange FTX.

Top stories in the Crypto Roundup today:

• Bitcoin Investor Ordered to Surrender Crypto Keys in Landmark Case
• Ripple Taps Chainlink's Data Feeds to Boost RLUSD Stablecoin in DeFi
• Backpack to Expand Crypto Derivatives Offerings With FTX EU Acquisition

Bitcoin Investor Ordered to Surrender Crypto Keys in Landmark Case

An early bitcoin investor from Texas has been ordered by a federal judge to relinquish access to his cryptocurrency holdings by handing over the private keys and access codes to his wallet in a landmark case.

The order came after Frank Richard Ahlgren III underreported capital gains on more than $3.7 million in bitcoin sales between 2017 and 2019, leading to a two-year prison sentence being handed down in December after he was sentenced for tax fraud. 

On Jan 6., Judge Robert Pitman of the Federal Court of Austin directed Ahlgren and any of his family members, associates or representatives to disclose all physical devices used to store his cryptocurrency, over owing the U.S. government about $1.1 million in restitution.

The order also requires the parties to identify all cryptocurrency accounts related to bitcoin, bitcoin cash, bitcoin gold, ether, or litecoin, and barred Ahlgren from doing any crypto transactions without prior court approval. 

That includes any action that would conceal or diminish the value of the cryptocurrency he holds, except if being used for “normal monthly living expenses.” The case marks the first criminal tax evasion prosecution centered on cryptocurrency.

Ripple Taps Chainlink's Data Feeds to Boost RLUSD Stablecoin in DeFi

The fintech firm closely related to the XRP Ledger, Ripple, has announced that it will use data feeds from provider Chainlink in a bid to expand the use of its RLUSD stablecoin within decentralized finance (DeFi) applications.

The feature, which went live on the Ethereum blockchain on Tuesday, allows developers to incorporate the stablecoin into DeFi protocols for various activities including trading and lending.

Ripple launched its RLUSD stablecoin, whose value is pegged to the U.S. dollar, last month on both the Ethereum network and the XRP Ledger. The token currently has a market capitalization of around $72 million and Ripple’s adoption of Chainlink’s data feeds is aimed at accelerating its adoption.

Reliable pricing data is crucial for DeFi applications to manage the risks associated with stablecoin usage. Chainlink’s infrastructure, deigned to provide this pricing data, has facilitated over $18 trillion in transaction value so far.

Backpack to Expand Crypto Derivatives Offerings With FTX EU Acquisition

Backpack Exchange is set to expand its footprint in the European Union’s cryptocurrency market after acquiring FTX EU, the European arm of the now-bankrupt exchange FTX.

The deal, approved by the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court, paves the way for Backpack to relaunch the MiFID II-licensed entity as Backpack EU.

The firm plans to offer a full suite of regulated cryptocurrency derivatives products later in the first quarter of the year, addressing a relatively scarcity of such offerings In the EU market.

The expansion position Backpack alongside competitors like Coinbase, Bitstamp, and the Netherlands.based D2X, offering potential alternatives to unregulated offshore exchanges like Panama.based Deribit.

Backpack EU aims to attract both institutional and retail traders by offering features including perpetual futures, streamline fiat-to-crypto payment systems including SEPA transfers, and secure fund management.

A key element of the acquisition agreement is Backpack’s commitment to managing bankruptcy claims for former FTX EU customers.

State of the Crypto by Top Tier Exchange Volume

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