An overview of current news in the crypto space

Bit Team
5 min readMay 27, 2024


In our digest, we reviewed several important crypto-industry news over the past week:

  1. The growth of Russians’ activity on cryptocurrency platforms and redistribution of preferences between crypto exchanges;
  2. UAE banned cryptocurrency mining on agricultural farms;
  3. Paraguay fights illegal mining: more than 5,000 miners confiscated;
  4. Telegram introduces ‘Telegram Stars’ internal currency:
  5. Crypto entrepreneur raised bitcoin flag on Mount Everest.

Now for more details. Reading time: 8 minutes.

Growth of Russians’ activity on cryptocurrency exchanges and redistribution of preferences between crypto exchanges

Recently, the activity of Russians on cryptocurrency platforms has increased significantly. Data from the Russian Central Bank shows that Russian users visited the largest cryptocurrency exchanges more than 104.6 million times in the fourth quarter of 2023 and the first quarter of 2024. This figure is 16.4% higher than in the second and third quarters of 2023.

The monitoring service Inchein calculated that the volume of inflows and outflows of digital assets during this period amounted to 4.5 trillion rubles, which is 15.6% higher than in the previous two quarters of 2023.

Interestingly, the largest crypto exchange Binance lost its status as the most popular platform with users from Russia. If in the third quarter of 2023, it accounted for 47% of the total Internet traffic of Russians to crypto platforms, then in the first quarter of 2024, this figure decreased to 16%.

At the same time, the share of five crypto exchanges working with Russian citizens increased to 64% in the first three months of this year. In the fourth quarter, this figure was equal to 39%.

Thus, interest in cryptocurrencies among Russians continues to grow, while there is a redistribution of user preferences among crypto exchanges.

UAE bans cryptocurrency mining on agricultural farms

The authorities of Abu Dhabi, the capital of the United Arab Emirates (UAE), have decided to control the use of energy on agricultural farms. The Emirate’s Agriculture and Food Safety Authority has issued a regulation that farms can no longer serve as a place for cryptocurrency mining.

The decision was prompted by concerns about a possible unmanageable spike in electricity consumption associated with mining. Authorities emphasize that such use of farms is considered inappropriate for their original purpose. Violators of the new rule face a fine of up to 10,000 UAE dirhams, which is roughly $2722.

Despite this ban, the UAE continues to actively support the development of the cryptocurrency industry. The country now accounts for about 4% of the global bitcoin hashrate, which equates to about 400 megawatts. The authorities strive to create a favorable climate for cryptocompanies, and thanks to this, many large platforms open their offices in the emirates.

For example, in May this year, blockchain company Chainalysis opened a regional headquarters in Dubai, while infrastructure provider Blockdaemon expanded its presence in the UAE by opening an office in Abu Dhabi. Despite the ban on farm mining, the UAE continues to take a progressive stance on cryptocurrencies.

Paraguay fights illegal mining: more than 5,000 miners confiscated

Paraguayan authorities, fighting illegal mining of cryptocurrencies, conducted a series of raids to confiscate equipment. The operations were organized jointly with the National Electricity Authority (ANDE) and the police.

In the town of Salto del Guaira in the department of Kindeu, two transformers of 1,000 kVA each and 176 bitcoin mining devices were found and seized. This is just one example of consistent actions against the illegal mining of digital assets resulting in the theft of electricity.

Earlier in the department of Paraguari, 396 ASIC miners and other equipment were seized. In Sapukai, about 400 bitcoin mining machines were confiscated. In total, more than 5,000 miners have been seized this year.

The country’s authorities say that mining threatens ANDE’s economic stability due to massive power thefts. To combat illegal activities, it is planned to adopt a bill on the regulation of mining and cryptocurrencies.

Thus, it is planned to introduce punishment for illegal miners in the form of imprisonment for up to ten years. Police and prosecutors will be authorized to confiscate and sell illegal mining equipment. These measures are expected to help protect ANDE from huge economic losses.

Telegram introduces internal currency “Telegram Stars”

Telegram, the popular messenger, has announced the introduction of a new internal currency called Telegram Stars starting June 12. The move is in response to Apple’s notice of violation of its App Store policy, which prohibits the acceptance of internal payments, including cryptocurrencies.

Telegram Stars will be used to pay for digital goods and services in bots and mini-apps. Users can purchase the new currency through the App Store or Google Play and use it to pay for digital purchases. Payments for physical goods and services will remain unchanged.

Developers will be able to exchange Telegram Stars at any time via the TON blockchain. This has raised concerns among bot owners, who criticize Apple’s 30% commission on each payment and argue that Telegram is receiving dollars from users and paying developers with “wrappers” in the form of TON, which is volatile in value.

It is still unclear how Russian users will acquire Stars currency, given the current difficulties with App Store and Google Play purchases in Russia.

The initiative follows Telegram founder Pavel Durov’s announcement of the ability to purchase digital goods with cryptocurrency in April during the Token2049 conference.

Crypto entrepreneur raised the bitcoin flag on Mount Everest

A 23-year-old cryptocurrency entrepreneur, Dadwan Yusuf, has raised the bitcoin flag on the highest point in the world — the summit of Mount Everest. Yusuf completed his ascent on May 20, 2024, becoming the first Kurd and Iraqi to reach the top of Mount Everest. He explained that his goal was to bring attention to the global injustice in financial education.

Yusuf was born in Iraq, but his family moved to Switzerland when he was 11 years old. Since then, he has become an active cryptocurrency enthusiast and investor, with an equity of over 300 million dollars as of 2020. Yusuf claimed to own 416,000 ETH, which was worth over $1.2 billion at the time.

It took Yusuf about 50 days to climb Everest, which is 8,849 meters high. This time was required to acclimatize to the conditions at high altitude. Despite Everest’s popularity among climbers, the ascent is not without risk. More than 300 climbers have lost their lives attempting to summit.

Yusuf’s feat serves as a reminder of the importance of financial education and the freedom that cryptocurrencies offer, even on the world’s highest peaks.

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