roadrunner

Court documents filed on May 17, 2023, reveal that current executives overseeing FTX and its subsidiary, Alameda Research, have initiated a lawsuit against Sam Bankman-Fried, the former CEO of FTX, Nishad Singh, FTX’s former director of engineering, and Zixiao “Gary” Wang, co-founder of FTX. The legal action stems from the exchange’s ambitious FTX Stocks project, which was being pursued alongside the acquisition agreement with Embed, a stock clearing service. Legal Battle Ensues as FTX Executives Accuse Former CEOs of Fraud in Relation to FTX Stocks Venture Representatives for FTX Limited and the subsidiaries Alameda Research and West Realm Shires (WRS) are suing three former FTX executives over a deal the company now believes is “worthless.” Prior to FTX’s bankruptcy protection filing, Bankman-Fried, Singh, and Wang allegedly purchased a stock clearing firm and FINRA-licensed broker-dealer called Embed. The deal was made so FTX could launch a service called FTX Stocks but the product never became reality. FTX lawyers say the trio leveraged $248,010,467.02 of misappropriated FTX Group shares to settle the deal. The deal was finalized in “mere weeks” before the Chapter 11 bankruptcy petition date on November 11, 2022. “[Bankman-Fried, Singh, and Wang,] among others, took advantage of the FTX Group’s lack of controls and recordkeeping to perpetrate a massive fraud—lavishly spending the FTX Group’s assets on, among other things, private homes and jets, political and ‘charitable’ contributions, and various investments,” the lawyers said. “The acquisition of Embed was one such transaction.” Allegedly, the entirety of the financing for the Embed acquisition was sourced from Alameda. Under the guidance of the FTX Insiders (Bankman-Fried, Singh, and Wang), the lawyers insist that Alameda covertly and unlawfully redirected and relocated assets that rightfully belonged to FTX.com, the primary global cryptocurrency exchange managed by the FTX Group, for the purpose of funding the FTX Insiders’ personal endeavors. The alleged misappropriation of funds resulted in the FTX Insiders deceiving FTX.com’s creditors, which encompassed both customers and investors. The lawusit further claims: They performed almost no due diligence on Embed and accepted the significant terms proposed by [Michael] Giles, Embed’s founder, CEO, and sole representative during the negotiation, who personally received approximately $157 million in connection with the acquisition. As a consequence, WRS paid far more than fair or reasonably equivalent value for Embed, and awarded Giles an extravagant and unwarranted retention bonus as an incentive to complete the acquisition quickly. In a bid to expedite the negotiation process, FTX Insiders not only agreed to a hefty price tag of $220 million for Embed but also included a provision in both the April 15, 2022 Memorandum of Terms and the June 10, 2022 Agreement and Plan of Merger that entailed a staggering $55 million retention bonus for the firm’s CEO, representing a quarter of Embed’s alleged value. Ostensibly, the purpose of this substantial payment was to retain Giles as the CEO until the completion of the acquisition, even though FTX lawyers stress that he held no obligation to continue in that position beyond that point. This peculiar arrangement did not escape the notice of Embed’s remaining shareholders, FTX lawyers disclosed. A representative from Propel Venture Partners, the second-largest shareholder of Embed, allegedly expressed to Giles that he had “ha[d] never seen so much of a deal this size go to a founder … just unusual proportions.” What are your thoughts on the allegations against the former FTX CEOs and the failed FTX Stocks project? Share your opinions in the comments section below. View the full article

On Thursday, the bitcoin mining company U.S. Bitcoin Corp revealed the firm has successfully secured hosting agreements with five different companies to install 150,000 application-specific integrated circuit (ASIC) bitcoin miners. The bitcoin mining machines will be hosted in data centers situated in Texas and Nebraska. The chosen sites for this endeavor are U.S. Bitcoin Corp’s Charlie, Delta, and Echo locations. U.S. Bitcoin Corp Partners with Industry Leaders to Deploy 150,000 Bitcoin Miners in Texas and Nebraska Despite the challenges faced during the crypto winter of 2022, a significant surge in bitcoin mining operations is now underway. On May 18, U.S. Bitcoin Corp (USBTC) unveiled its ambitious plan to unleash a formidable army of 150,000 mining machines. The latest deployment will be executed in collaboration with five prominent bitcoin mining operations: Marathon Digital, Foundry USA, Sphere 3D, Decimal Group, and Teslawatt. USBTC sealed a multi-year deal to host their machines at the company’s Charlie, Delta, and Echo locations. The Charlie facility, nestled in Kearney, Nebraska, will be one of the hosting sites, while the Delta site is located in Granbury, Texas. Notably, the Echo mining site in Upton County, Texas, co-located with a wind farm, is a shared facility with joint ownership between USBTC and Nextera Energy (NEE). This partnership with NEE was solidified in December 2022 when USBTC acquired its stake from Compute North. “Our most recent partnerships with major hosting customers showcase our commitment to collaborative growth and innovation,” Asher Genoot, the president of USBTC said in a statement. “We continue to expand operations across sites both fully owned by USBTC and operated in partnership with pioneering site owners like Generate Capital and Nextera Energy.” Genoot added: We are committed to driving the future of sustainable and efficient bitcoin mining infrastructure and our ability to secure major hosting contracts at these sites is a testament to this vision and our operating capabilities. Following in the footsteps of others in the industry, USBTC joins a wave of mining companies deploying machines on a global scale. Notably, Cleanspark made headlines by acquiring 65,000 bitcoin miners from Bitmain, with the transactions occurring on two separate occasions in 2023. Another significant move came from Stronghold Digital, who forged a strategic partnership with a subsidiary of the mining rig manufacturer Canaan. Stronghold’s collaboration aims to unleash the power of 400 petahash per second (PH/s) through the deployment of Avalon-made ASIC machines. What are your thoughts on the recent expansion of bitcoin mining operations and the partnership between U.S. Bitcoin Corp and leading industry players? Share your insights and opinions in the comments section below. View the full article

PRESS RELEASE. Dubai, UAE — May 18, 2023 – Today, Unidef (unidef.org), a global network of organizations focused on hastening the global shift to a decentralized future, proudly unveils its latest initiative, Decemount. This ambitious project seeks to fund and empower talented individuals and teams working on projects aligned with the vision of a decentralized future. Decemount, also known as Unidef Decemount, is a vibrant global community composed of creators, builders, communities, organizations, and ecosystems dedicated to advancing the world toward a decentralized future. Decemount aims to cultivate an ecosystem of projects, infrastructure, and organizations that will develop into the largest network of decentralized entities, accelerate the global adoption of Unidef (U), and explore synergies connecting its value to the wider Web3 ecosystem. Azim Ghader, Global CEO of Unidef, said: “The launch of Decemount marks a significant milestone for us, and we are thrilled to support teams worldwide who share our mission of accelerating the world’s transition to a decentralized future.” Decemount allows like-minded individuals from diverse backgrounds to unite under a common goal: building a better future through decentralization. The initiative offers resources, training, and mentorship opportunities to help teams successfully develop their projects. “We’re challenging the status quo and introducing a new paradigm in decentralization—one where people and communities hold the power to change the world,” Azim added. “That’s why we’re dedicated not only to supporting powerful tools but also ensuring that everyone has access to them.” Unidef and its members are steadfastly devoted to promoting and advancing decentralized technologies, protocols, assets, entities, and initiatives that empower the world to control its finances, data, and identity and engage in a decentralized future. Unidef furthers its mission by strategically investing in entrepreneurs and organizations driving industry advancements and by awarding grants to diverse groups, individuals, and projects focused on decentralization and aligned with Unidef’s vision and mission. With its launch today, Decemount marks an exciting new chapter for both Unidef and Web3 as a whole. As more projects join this network over time, it could potentially become one of the most influential forces driving adoption in this space for years to come. About Unidef Unidef is a global network of organizations working to accelerate the world’s transition to a decentralized future. It invests in and supports communities and builders of next-generation technologies, incubates creative ideas in the Web3 space, and provides institutional support and organizational backing. For more information and updates, visit www.unidef.org and follow @UnidefGlobal on Twitter, Telegram, Instagram, and Facebook. About Decemount Decemount is a network of DAOs (Decentralized Autonomous Organizations) working together to empower the next generation of organizations with $U-governed initiatives. It is a part of Unidef’s interconnected network of organizations that work to accelerate the world’s transition to a decentralized future. For more information and updates, visit www.unidef.org/decemount and follow @Decemount on Twitter, Telegram. About Azim Ghader Azim Ghader is an entrepreneur, investor, philanthropist, and the Global CEO of Unidef. He leads a global network of member organizations working together to accelerate the world’s transition to a decentralized future, empowering all individuals to take control of their finances, data, and identity. He can be followed on LinkedIn and Twitter (@AzimGhader). Disclaimer This information is provided solely for informational purposes and does not constitute an offer or advice to buy or sell securities, investments, or any assets, including but not limited to tokens, coins, and cryptocurrencies. Unidef does not endorse, recommend, or make any representations regarding any exchanges or the purchase or sale of digital assets. It is highly recommended that you conduct your own due diligence before relying on any third-party technology or provider, as compliance, data security, and privacy practices may vary significantly. Purchasing and selling digital assets, including Unidef (Ticker: U), is inherently risky, and holders must bear the risk of loss. Neither the owner(s) nor publisher(s) of this material nor any participants in the Unidef ecosystem accept any liability for losses or taxes incurred by holders, purchasers, or sellers of U. The value of U may decrease and may be highly volatile. This material is not intended for any person located in a jurisdiction where purchasing, selling, or holding U is prohibited or regulated. It is your responsibility to comply with all applicable laws and regulations in your jurisdiction before transacting any digital assets. All Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the statements made here. The data and non-Unidef names are for informational and identification purposes only. All non-English versions of resources are translations of the original in English and are for informational purposes only. Global Communications Unidef Global media@unidef.org This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Xrp rose for a fifth straight session on Thursday, as the token moved close to a two-week high. The rise comes as cryptocurrencies rebounded from recent losses, with the global market cap up 1.38% as of writing. Cardano also surged, hitting an 11-day peak. XRP Xrp, formerly ripple, was once again a big mover in cryptocurrency markets, climbing by as much as 5% on Thursday. Following a low of $0.4389 on Wednesday, XRP/USD rose to a peak of $0.4713 earlier in today’s session. As a result of this surge, the token moved to its strongest point since April 30, when price was above $0.4800. From the chart, it appears that this latest rise comes as the relative strength index (RSI) moved beyond a key resistance level at 55.00. At the time of writing, price strength is at the 55.71 mark, with the next visible ceiling at the 61.00 point. If bulls were to take the RSI to this point, there is a good chance that XRP could recapture the $0.4800 level. Cardano (ADA) In addition to XRP, cardano (ADA) also rose significantly, hitting an 11-day high in today’s session. ADA/USD jumped to an intraday high of $0.3798 earlier today, which follows on from Wednesday’s low at $0.3658. This has resulted in the token climbing for a third consecutive day, reaching its strongest level since May 7. Overall, cardano is up by as much as 7% in the past week, this coming as the 10-day (red) moving average begins to gain momentum. Should the trend line continue to climb in its current direction, a crossover with its 25-day (blue) counterpart is highly likely. For this to happen the RSI will need to break out of a ceiling at 47.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cardano to climb higher this week? Let us know your thoughts in the comments. View the full article

Grayscale Investments, the largest digital currency asset manager by assets under management, made an announcement on May 17 regarding a comment received from the U.S. Securities and Exchange Commission (SEC). According to the SEC, the crypto asset filecoin qualifies as a security under federal securities laws. Consequently, the securities regulator has requested that Grayscale withdraw the registration statement for its Filecoin Trust. SEC Labels Filecoin a Security In 2023, the U.S. Securities and Exchange Commission (SEC) made significant determinations regarding the classification of various crypto assets. The regulatory body identified several crypto assets, such as DASH, ALGO, LUNA, UST, and OMG, as securities or investments based on their definition. Notably, DASH, ALGO, and OMG were explicitly mentioned in the lawsuit targeting Bittrex. Bringing the focus to filecoin (FIL), the latest development arises from Grayscale’s update on the registration statement for the Grayscale Filecoin Trust. Grayscale revealed that they recently received a “comment letter from the SEC staff” on May 16, stating that the underlying asset FIL in their trust is legally classified as a security. In response, the digital asset manager has been asked by the SEC to withdraw the registration statement for the Filecoin Trust. However, Grayscale strongly disagrees with the SEC’s viewpoint and remains determined to challenge the decision through litigation. “Grayscale does not believe that FIL is a security under the federal securities laws and intends to respond promptly to the SEC staff with an explanation of the legal basis for Grayscale’s position,” the company said. Filecoin (FIL) is a decentralized storage network designed by Protocol Labs, and the computer scientist Juan Benet, who is well known for his creation of IPFS. The mainnet for Filecoin was introduced in October 2020, and the following year in March 2021, Grayscale introduced the Grayscale Filecoin Trust. In the update, Grayscale acknowledges that the SEC’s response to their position remains uncertain, and the company may face a crucial decision: either “register under the Investment Company Act of 1940 or, alternatively, seek dissolution of the trust.” Will Grayscale Investments’ dispute with the SEC over Filecoin’s security classification and other cases like these set a precedent for the future regulation of digital assets? Share your thoughts about this subject in the comments section below. View the full article

Bitcoin rebounded on Thursday, as markets responded to news that U.S. President Joe Biden held positive talks regarding the debt ceiling. Biden reportedly met with Republican House Speaker Kevin McCarthy, in a bid to find an agreement. Ethereum also rose, moving back above $1,800. Bitcoin Bitcoin (BTC) rebounded in today’s session, following news that Joe Biden had held positive talks with U.S. House Speaker Kevin McCarthy, in regards to the debt ceiling. Following a low of $26,600.14 on Wednesday, BTC/USD raced to an intraday peak of $27,465.93 earlier in the day. The move saw bitcoin once again climb above a key level of resistance at the $27,300 mark, after a recent breakout. Looking at the chart, the surge also coincided with the 14-day relative strength index (RSI) moving beyond a ceiling at 42.00. As of writing, price strength is tracking at 44.58, and seems to be heading close to a higher resistance zone of 49.00. In the event bulls take the index towards this point, there is a reasonable chance that BTC will move to $28,000. Ethereum Additionally, ethereum (ETH) also trended higher, racing back over the $1,800 level in today’s session. ETH/USD hit a high of $1,834.27 earlier today, which comes less than 24 hours after falling to a bottom at $1,786.67. This has resulted in the world’s second largest cryptocurrency bouncing from a support point at the $1,790 mark. However, unlike bitcoin, the RSI on ethereum has still yet to move beyond its own resistance, which is at the 47.00 mark. Price strength is currently at the 45.10 level, and should it cross the line of 47.00, more bulls will likely reenter the market. Register your email here to get weekly price analysis updates sent to your inbox: Can ethereum hit $1,900 this month? Leave your thoughts in the comments below. View the full article

Between 2017 and 2022, hacking groups affiliated with North Korea are thought to have stolen crypto assets worth $721 million from Japan alone. According to the findings of a study by Elliptic, hackers were primarily focused on Japan and Vietnam because operators from the two countries had lax security systems. Japan Losses Equivalent to 30% of the Global Total According to the findings of a study conducted by the blockchain intelligence firm Elliptic, North Korea coordinated cyber attacks targeting Japanese crypto assets netted $721 million worth of digital assets between 2022 and 2017. This figure is equivalent to 30% of total global losses that have been attributed to North Korea-affiliated hacker groups. As per the report in Nikkei Asia, which commissioned the study, the value of crypto assets stolen from Japan alone is 8.8 times more than North Korea’s 2021 export figure. While the cyber attackers are thought to have targeted several countries, the Nikkei report suggested that Japan and Vietnam were especially targeted because of their rapidly growing crypto markets. Hackers are also thought to have zeroed in on the two countries because operators there used lax security systems. One of the targeted operators or crypto exchange platforms, Zaif, which lost $51.4 million (7 billion yen) in 2018, has since shut down. Crypto Exchanges Primary Targets North Korea, which is under U.S. and United Nations sanctions, has struggled to secure the foreign currency that it needs. To compensate for this, hacker groups affiliated with Pyongyang including the Lazarus Group have been handed the task of stealing crypto assets for North Korea. To achieve this, the hacker groups have used two types of cyber attacks; hacking and ransomware. However, according to the report, North Korea-affiliated cybercriminals have primarily used hacking because these methods enable Pyongyang to “bring in a huge haul of crypto assets” from just one targeted crypto exchange. The hacking also enables North Korea, which is reeling from the effects of sanctions, to raise foreign currency. Besides Japan, the same hacker groups are said to have targeted the United States and other Asia countries like Hong Kong. As noted in the report, the hacker groups are believed to have stolen $497 million from the United States and $281 million from Hong Kong. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Authorities in Pakistan intend to prohibit all internet-based crypto services despite significant digital-asset investments made by Pakistanis. The decision comes as government officials in Islamabad take a strong stance against the legalization of cryptocurrencies like bitcoin. Crypto ‘Will Never Be Legalized in Pakistan,’ Minister Tells Senators Pakistan’s government announced on Wednesday its decision to suspend cryptocurrency services offered online in the country, local media reported. One of the declared goals of the measure is to prevent illegal transactions with digital assets. The State Bank of Pakistan (SBP) and the Ministry of Information Technology have already started working on banning cryptocurrencies, Minister of State for Finance Aisha Ghaus Pasha revealed during a meeting of the Senate Standing Committee on Finance and Revenue. Cryptocurrency will “never be legalized in Pakistan,” Pasha insisted, quoted by the News International daily. She cited requirements by the Financial Action Task Force (FATF), the international body combatting money laundering and terrorism financing, that the country must meet. According to the Pakistani newspaper, the government official was referring to potential risks for Pakistan following its removal from the FATF’s ‘grey list’ last fall. The country had been on it since 2018 due to “strategic counter-terrorist financing-related deficiencies.” Pasha has been quoted as stating: FATF had set a condition that cryptocurrency will not be legalized. Supporting her position, SBP Director Sohail Jawad added that crypto transactions are highly risky and therefore will never be permitted in Pakistan. He also pointed to the great number of coins existing today and highlighted that the $2.8 trillion crypto market has shrunk to $1.2 trillion. The SBP official also addressed concerns over the billions of dollars that Pakistanis have already invested in crypto assets. He said that the nation’s Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU) are working on this but did not elaborate. Pakistan saw a boom in cryptocurrency trading and mining before the government banned them in April 2018, the publication noted. Nevertheless, both activities continue in the country despite the government’s attempts to stop them. Do you think that Pakistan’s government will be able to enforce a ban on crypto-related activities and services? Share your expectations in the comments section below. View the full article

Brazilian President Luiz Inacio ‘Lula’ da Silva has announced that state oil company Petrobras will not be using US dollar-based international prices to set its internal fuel pricing structure. The “Brazilianization” of the industry determines discounts for distributors, with prices now being determined by other benchmarks. Brazilian President ‘Lula’ Announces New Fuel Pricing Structure; Abandons U.S. Dollar Import Parity Peg Brazilian President Luiz Inacio ‘Lula’ da Silva has announced the establishment of a new price policy for fuel and oil derivates in the country on Tuesday, breaking away from the import parity for prices pegged to the US dollar. Petrobras, Brazil’s state oil company, will now use different benchmarks to set its fuel and diesel prices for distributors. The measure, which was part of Lula’s presidential campaign promises, was called a “victory for the people” by the president. Lula informed that prices of fuel and diesel would be lowered by more than 12%, while gas prices will be lowered by 21.3% for wholesalers and distributors. Petrobras president Jean Paul Prates stated: Petrobras regains its freedom to set prices. We freed ourselves from a single and exclusive factor, which was parity. Alexandre Silveira, minister of Mines and Energy, also celebrated the move, stating that it was time to “Brazilianize” these prices. However, Petrobras clarified that not all of these discounts would be transferred to customers at the pump. New Pricing Benchmarks The new pricing policies announced by Petrobras will take two different benchmarks as a base for setting wholesale prices. The first one, referred to as the alternative customer cost, has to do with the prices that other providers have on the same or other substitute products. The second one, referred to as the marginal Petrobras costs, has to do with the costs of different alternatives for the company, including production, import, and export. Prices will be set without following a determined time schedule, and will not be affected by the volatility of the energy commodities market. Also, Petrobras announced that this set of measures “maintains a price level that guarantees the realization of investments foreseen in the strategic planning” of the company. Previously, Lula had made moves in the direction of reducing Brazil’s reliance on the U.S. dollar, including using the Chinese yuan as a settlement currency for bilateral settlements with China. Lula has also criticized the use of the US dollar as the default reserve currency. What do you think about Lula’s announcements about Petrobras’ new fuel pricing policies? Tell us in the comments section below. View the full article

Investors, plagued by mounting pessimism, have sought refuge in cash, according to a recent survey conducted by Bank of America. The survey highlights a notable 5.6% increase in cash reserves during May, as apprehensive investors brace themselves for a potential credit crunch and a recession. Flight to Safety: Investors Increase Cash Reserves and Brace for Recession Investors are increasingly gravitating towards cash reserves, as indicated by a recent survey conducted by BOFA, which characterizes this movement as a “flight to safety” in the realm of financial transactions. Notably, stock exposure has attained its peak so far in 2023, while BOFA further highlights that bond allocations have reached their highest level since 2009. Between May 5-11, BOFA’s researchers conducted the survey by engaging with over 250 global fund managers overseeing over $650 billion in assets. According to the BOFA poll, sentiment is souring and taking a bearish turn, with concerns looming over a possible recession and credit crisis. BofA's Fund Manager Survey's most “crowded trades” long big tech (32%) short banks (22%) short US dollar (16%) pic.twitter.com/wQ1PNl5Q5U — Jonathan Ferro (@FerroTV) May 16, 2023 Approximately 65% of the global fund managers surveyed expressed a belief in the likelihood of an economic downturn. When it comes to the U.S. debt ceiling, a significant majority of the investors polled anticipate its increase by a specific date. However, even though most fund managers expect a resolution, the percentage of investors holding such expectations has declined from 80% to 71%. The survey notes investors are gripped by apprehension over the prospects of a global recession and the potential for a giant interest rate hike by the U.S. Federal Reserve as a means to quell persistent inflationary pressures. Fund managers also harbor concerns regarding escalating tensions among major nations and the risk of a contagion in the banking credit system. In addition, BOFA’s research revealed the most heavily populated stocks, with long tech trades claiming the top spot on the list. Among the other crowded trades were bets against the U.S. dollar and U.S. banks, while a substantial influx into tech stocks was witnessed, diverting attention from commodities and utilities. Will this shift towards cash reserves be enough to weather the storm, or are investors overlooking other potential opportunities? Share your thoughts about this subject in the comments section below. View the full article

Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients. Many Crypto Firms Lack Independent Boards Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many others are believed to be operating outside the norm, a Bloomberg study has found. The study also found that out of the 60 crypto industry firms that were polled, about 10 companies did not have a board with at least one non-executive director. According to the study report, Tether, Huobi and Magic Eden are among those firms without independent company boards. In instances where a board actually exists, the report said these were either advisory in nature or mainly comprised of company executives, hence they cannot pass as independent boards. Binance, the largest cryptocurrency exchange by volume traded, is set to have a formal board in place by the end of the year, the report said. Although many investors in crypto firms are said to be insisting on increased transparency and accountability following crypto exchange FTX’s collapse, the Bloomberg study found that just over half (31) of the firms “currently procure a full financial audit or reserve attestations from an independent auditor.” On the other hand, the findings showed that the audit status of some 22 out of the 60 companies is unknown. Only seven companies said they were not audited. Blockchain Technology’s Appeal Said to Be Undermined by Opaqueness of Crypto Firms Meanwhile, Ruth Foxe Blader, a partner at venture capital firm Anthemis, is quoted in the report lamenting the crypto industry’s opaqueness which contradicts the blockchain technology’s promise of transparency and tamperproof record-keeping. “It’s an industry of anonymity that’s masquerading as transparency,” Blader reportedly said. Blader argued that crypto firms should be subjected to the same basic standards — such as audits and independent boards — as other firms, because that is what any investor would expect, particularly for a company operating in the financial services industry. While the study findings paint a picture of an industry whose participants are unwilling to be audited, some have said the real issue is the so-called Big Four accounting firms’ reluctance to take on crypto firms as clients. This argument is seemingly backed by the France-based accounting group Mazars Group’s decision to stop vouching for reserves held by crypto exchanges. As reported by Bitcoin.com News, Mazars Group ended offering such services in Dec. 2022 after citing concerns about the public’s understanding of such reports. Meanwhile, the experts quoted in the Bloomberg report have warned that without an extensive regulatory framework in place, the crypto industry participants will not be inclined to do more to appease investors and clients that are said to be demanding greater transparency. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Axie Infinity Origins, the blockchain-based, play-to-earn (P2E) game, has successfully cleared Apple’s rigorous App Store review process and the game’s app is now available for Apple iOS users. Sky Mavis, the creator behind Axie Infinity, has adopted a strategic approach by rolling out the game’s app in stages, with targeted release plans for various Latin American and Asian countries. Blockchain Game Axie Infinity Origins Clears Apple’s Review Following the phased release on the Google Play Store, Axie Infinity Origins is now available for Apple iOS users in select countries. The game’s developer, Sky Mavis, announced the launch of the iOS version on Wednesday. “Origins has passed review with Apple and is now available on the App Store,” Sky Mavis said. “We believe this is the first time that Apple has agreed to make an externally-purchased NFT usable on the App Store,” the team added. The blockchain-based game that leverages non-fungible token (NFT) assets, Axie Infinity, was launched by the Vietnamese game studio in 2018. To date, the Axie Infinity marketplace has recorded $4.27 billion in total NFT sales. Initially, Sky Mavis announced that the Origins application was made available to Android users via the Google Play Store in Malaysia. The Apple iOS release will also be available in select countries. “If you live in Argentina, Colombia, Peru, Mexico, Venezuela, Indonesia, Malaysia, or Vietnam, download Origins for iOS from the App Store,” Sky Mavis disclosed on Wednesday. Apple’s App Store guidelines are stricter compared to Google’s rules. In recent years, Apple has restricted several blockchain-based apps, specifically targeting NFT platforms. For example, Daily Apps released an NFT application called Sticky, which initially remained on the App Store. However, the app, along with several others, was later removed from the store. Other NFT applications, such as Opensea’s App, are permitted to display NFTs to users, but trading functionality is disabled. Some believe these restrictions on NFT apps are linked to Apple’s requirement for a 30% share in all App Store sales. Regarding the Axie Infinity Origins app, Sky Mavis clarified that certain reward features in the game will only be accessible through the desktop or Android APK versions. “Players will continue to earn SLP through gameplay, but will not be able to claim these rewards in-app,” Sky Mavis explained regarding the recent Apple release. What are your thoughts on the expansion of Axie Infinity Origins to Apple’s App Store? Share your thoughts in the comments section below. View the full article

With the BRC20 token economy maintaining a market capitalization of nearly $500 million, the introduction of the DRC20 token standard has sparked a flurry of excitement within the Dogecoin community. The emerging token type has ignited a surge of activity, leading to a substantial increase in daily transactions on the Dogecoin blockchain. Specifically, on Wednesday, May 17, 2023, the network recorded a tally of over 820,000 confirmed transactions so far. Dogecoin’s DRC20 Token Standard Sparks Surge in Daily Transactions After witnessing the success of the Ordinal inscription and BRC20 trend on the Bitcoin blockchain, the Dogecoin network now has its very own DRC20 token standard. This development enables users to create fungible token supplies on the Dogecoin network in a decentralized manner, with the mere cost of a single DOGE. Taking inspiration from the actions of Litecoin developers after the Ordinals on Bitcoin, DRC20s have implemented a similar technology, allowing arbitrary content to be etched onto elons, the smallest unit of DOGE. Dubbed “Doginals” by certain members of the DOGE community, the DRC20 tokens are garnering infrastructure backing from a couple of projects, albeit at a gradual pace. A prime example of this support is the integration of DRC20 token minting into the Dpalwallet software, which allows users to create their own Doginals. Nonetheless, it’s important to note that DRC20s are still in their infancy, and the exact total supply of DRC20 tokens remains unknown. Furthermore, the absence of dedicated DRC20 marketplaces necessitates users to resort to over-the-counter (OTC) trades when buying or selling Doginals. While the exact quantity of Doginal inscriptions minted on the Dogecoin network remains unknown, the network has been buzzing with a remarkable influx of daily transactions. Blockchair’s data reveals that on May 17 alone, over 820,000 transactions have been confirmed so far, marking a new record for the meme coin network’s daily transaction volume. The surge in activity gained its initial momentum on May 10, and within a span of three days, daily DOGE transactions soared beyond the 600,000 and 700,000 marks. The future of Doginal inscriptions, much like their Bitcoin Ordinal counterparts, remains to be seen in terms of sustained demand. However, the trend has shown remarkable resilience over the past week, reaching its peak. DRC20s, are a hot topic and have garnered significant attention on social media platforms like Twitter. The coming weeks will shed further light on whether this DRC20 token phenomenon can maintain its momentum. What are your thoughts on the rise of Doginals and the increasing daily transactions on the Dogecoin network? Share your insights and opinions about this subject in the comments section below. View the full article

Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the firm detailed in a blog post. “Tether anticipates that the current and future BTC holdings in its reserves will not exceed the Shareholder Capital Cushion and will further strengthen and diversify the reserves,” the stablecoin issuer added. Prior to the announcement, the company’s latest attestation report showcased its possession of $1.5 billion in bitcoin reserves. Notably, the report also indicated that a significant portion of Tether’s reserves, amounting to $3.39 billion, is invested in precious metals. The company’s announcement on Wednesday said that the investment underscores its confidence in bitcoin as a robust store of value. “The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset,” Paolo Ardoino, Tether’s CTO, said. The Tether executive added: Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned bitcoin as a favored choice among institutional and retail investors alike. Tether’s announcement comes at a time when its stablecoin asset USDT is scaling toward USDT’s peak market capitalization. On May 8, 2022, USDT achieved an all-time high (ATH) market cap of $83.279 billion. Presently, it stands awfully close to that ATH, valued at $82.67 billion. In a bid to sustain the growth trajectory of the stablecoin issuer, the company said its integration of bitcoin stands as a pivotal maneuver. “By incorporating Bitcoin into its investment strategy, Tether aims to capitalize on the digital asset’s potential growth, while leveraging its position as a trusted and reliable financial infrastructure provider,” Tether concluded on Wednesday. What are your thoughts on Tether’s decision to allocate profits to Bitcoin and its potential impact on the stability of the crypto market? Share your insights and opinions in the comments section below. View the full article

Introduction. When we discuss the future of the digital economy and real life in the next generation of the Internet, we are inevitably talking about Web 3.0. The future is unknown, but we have seen some tech companies already exploring and deepening on their tracks, such as Alchemy Pay, mentioned in this article. We will analyze the targeted strategies and measures it has taken in the crypto payment space, taking into account the company’s sustainable long-term goals while building a rich crypto payment ecosystem that is prepared for the Web 3.0 vision with its mission of bridging fiat and crypto global economies. These measures are very informative and should be considered by other company leaders. Once seen by mainstream zeitgeist as a fringe technology destined to die out in society, cryptocurrency is now becoming a target of investment for countless fintech industry leaders since the powerful financial future it portrays. The proliferation of crypto payment platforms and users is driving the entire ecosystem closer to mainstream adoption. As more and more large financial companies enter the crypto payment space, the competition in this field is becoming increasingly fierce. Alchemy Pay, an industry veteran with extensive industry experience and solid product technology, is performing exceptionally well in this track on all fronts. Founded in Singapore in 2017, the payment gateway that seamlessly connects cryptocurrencies and global fiat currencies for businesses, developers and users has walked a long way. It took less than 5 years to become the number one project with payment concept in the DeFi space and the leading crypto payment solution and technology provider in the Asia Pacific region. Alchemy Pay currently supports payments from 173 countries, including using Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic bank transfers to purchase crypto, providing a fast, secure and convenient solution for over 2 million online and offline merchants with aggregated cryptocurrency and fiat payment technology. In 2021, ACH, Alchemy Pay’s token issued on Ethereum and BNB Chain, listed on Coinbase, the world’s largest compliant trading platform, continued to rise with an initial bottom of $0.001762 and rose over 13620.8% in the week after listing. How did Alchemy Pay achieve such an impressive performance in such a short period of time? Layout in Advance to Gain Differentiated and Competitive Advantages Shawn Shi, co-founder of Alchemy Pay, has a keen eye for capturing industry trends and assessing business potential. He saw the trend in the crypto payment field, found a head start in it, and boldly took the lead. The series of milestone decisions taken by Alchemy Pay are not only unique, but have built differentiated and competitive advantages that have kept it at the forefront of the competition. These milestone decisions are focused on three main areas: Internationalization. Strategic placement has a direct impact on the survival and growth of a business. While competitors were still working on their local strategies and businesses, Alchemy Pay has recognized the importance of competing on an international strategy and thoughtfully chose a different set of approaches from its competitors. In its second year of establishment, Alchemy Pay incorporated an international strategy into its development plan to create a unique value. Alchemy Pay was founded at a time when mobile payments were at their best, but the entire payment network was almost monopolized by VISA and Mastercard, which deprived traditional merchants of many options. Therefore, Alchemy Pay decided to create a payment system that would connect the entire network and develop the most adaptable digital currency solution that would seamlessly integrate crypto payments with fiat payments, providing payment services and derivative financial solutions to global merchants and users in the crypto ecosystem. In this context, Alchemy Pay has been building a global team since its foundation and has established a advisory board management system in line with the company’s needs, implementing the corporate management philosophy of “leaving the professional to the professionals” and working together with experts worldwide from various industries to contribute to the global development of Alchemy Pay. David Plouffe, the former White House Senior Advisor and Obama’s campaign manager, has recently joined the Alchemy Pay team, serving as a committee member of management and advisory board, and as Global Strategic Advisor to support strategy, compliance and government relations. In addition to the European and American markets, Alchemy Pay also explored and developed the payment market in South East Asia and Latin America based on market demand research, achieving the highest market share in the industry. Alchemy Pay is built as a payment gateway that seamlessly converts the assets of both parties to a transaction, regardless of whether the user is paying in fiat or crypto currency. Its product experience on the user side was simple and smooth, and its professionalism was way ahead of its Asian competitors at the time. Compliance. While advancing its global market strategy, Alchemy Pay has recognized the importance of localized payments before its competitors. By continuously integrating localized payment methods such as e-wallets, Alchemy Pay is now able to support over 300 localized payment methods to meet the payment habits of local users and make it quicker for users to purchase crypto and Web 3.0 services using fiat currency. In the localization process, any actions involving financial and securities transactions and services are subject to local financial and securities laws and regulations. Although many countries allow cryptocurrency investment and trading, the related industries face stricter regulations. While competitors try to avoid compliance constraints to reduce costs, Alchemy Pay believes that the only way to be sustainable is to adhere to the bottom line of compliance. With more and more countries introducing laws and regulations on data security protection and raising new requirements for the globalization of payment systems, greater data security and privacy protection is becoming a global trend. Alchemy Pay has been practicing the local compliance requirements in different countries and regions according to the specific situation, actively applying for licenses and landing business. In addition to regulatory factors, the entry of companies and financial institutions has placed higher demands on cryptocurrency security and compliance, so licensed platforms have a distinct advantage in this regard. To date, less than 1% of web3 companies in the crypto payment industry have a license, but Alchemy Pay already has a large number of compliant licenses and payment channels. Currently, Alchemy Pay has obtained the 1,4,9 financial services license from the Hong Kong Securities and Futures Commission, the license from the Central Bank of Indonesia to operate remittances and fund transfers, the MSB license in the US and Canada, and Lithuanian Cryptocurrency Exchange & Wallet License, while Alchemy Pay is also applying for MSO in Hong Kong, MTL in the US, DPT in Singapore and EMI in the UK. Alchemy Pay is acutely aware of the need to expand the touchpoint to every market in terms of payments, not only to keep an eye on policy trends and changes from regulators, but also to work with local banks. This is a very slow process but is critical to creating a secure and compliant payment experience for users. Cash flow. As Alchemy Pay moves forward with compliance and license applications in different countries, it has found that the compliance standards in Europe and the US are relatively clear, while in most other countries the laws and regulations are less clear. In such a dynamic and uncertain environment, the development of crypto business is bound to encounter some barriers, from which it is a long-term process to find a path to compliance or to establish partnerships to unify mutual understanding. At the same time, the whole business operation and ecological construction will also take a lot of time and cost. Because fiat currencies and crypto currencies, which are the products of two financial systems, the conversion process is sometimes delayed, and a deposit of fiat and crypto funds is formed in between. To avoid users waiting, Alchemy Pay will complete the conversion by paying itself–a process that involves the act of advancing different funds. For this reason, Alchemy Pay proposes to prepare the cash flow in advance. This move not only ensures compliance operations and smooth payment systems, but also prepares itself for weathering the bear market smoothly. Thinking Backwards, Exploring New Needs and Innovations Co-founder Shawn Shi said the Alchemy Pay team tends to think backwards in its decision-making process, agreeing that it should not limit its thinking to the direction it would normally consider, but rather challenge inertia and look at the needs of marginal users or former non-users. In Alchemy Pay’s view, the needs of this group of people are often ignored as noise and thus become a missed opportunity for companies to advance their business. The rage for cryptocurrencies is bound to push businesses into the next phase of the internet Web 3.0 – an internet ecosystem built on blockchain, crypto wallets, non-homogenous tokens (NFT) and decentralized autonomous organizations (DAO) – and Alchemy Pay is no exception. But unlike other companies that have entered the Web 3.0 space in full swing, Alchemy Pay felt the need to pause and think about how these technological developments might affect business and how to solve the payment challenges of people who have difficulty using conventional services, design innovative solutions for them and tap into the broader market. As a result, Alchemy Pay decided to go against the trend and go back to Web2 or Web2.5, identifying exactly those unmet needs and choosing financial institution partners that are more Web2-friendly, thus significantly broadening its reach. Alchemy Pay believes that in order to find out where the customers are, it is necessary to focus on demographic and market trends, as the payment business is determined by user needs. Based on a large user base and user needs, Alchemy Pay has created its unique advantage “easy to use and highly adaptable”, which is compatible with all major forms of payment (POS, APP, Web, etc.) and all major wallets, and is adaptable to all major scenarios of payment solutions ( Apple Pay, Google Pay, national e-mobile wallets, etc.). This means that Alchemy Pay already meets the majority of users’ habits and further breaks the barrier between traditional payment methods and cryptocurrencies. Alchemy Pay also meets the needs of most offline retail, e-commerce, online entertainment, bulk trading, supply chain finance, cross-border trading and other merchants, and further reduces their cost of use and improves transaction efficiency (traditional methods usually settle on the next day and charge high fees). ACH token is a value hub in its payment ecosystem, and it acts as an intermediate reconciliation token in the consensus protocol of the blockchain payment network, and can also be used to offset fees and receive various priority benefits. In the future, ACH is also expected to be the primary DAO governance pass in Alchemy Pay. Payments, in fact, were the function of the earliest cryptocurrencies, such as Bitcoin and Litecoin, which all aimed to create a peer-to-peer, decentralized, open, transparent and irreversible payment ecology. In this ecology, users can make peer-to-peer asset transfers, which are simultaneously packaged by nodes and agreed by the whole network, which is considered a successful transaction. Due to this feature, cryptocurrencies have a theoretical potential for payments. Unlike the traditional Internet fiat payment system, which is already well established, the crypto industry and its online payments space is still in its early days due to credibility and infrastructure issues. The emergence of Alchemy Pay has built a bridge between the fiat and crypto payment shafts, on the basis of which cryptocurrencies are beginning to be accepted by traditional financial institutions. Alchemy Pay’s vision is to create a global cryptocurrency payment scenario, connecting fiat and cryptocurrencies globally, and aspires to be the next generation of payment infrastructure. The payment ecosystem and infrastructure it has built is expected to deeply integrate cryptocurrencies with traditional commerce. As the richness of the ecosystem increases and the integrity of the ecosystem matures, Alchemy Pay’s growth in the future is unlimited. Source: Harvard Business Review This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. 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Dogecoin rose to a one-week high on Wednesday, despite cryptocurrency markets mostly moving lower. As of writing, the global crypto market cap is trading nearly 1% lower. Xrp also surged, climbing by over 6% in today’s session. Dogecoin (DOGE) Dogecoin (DOGE) was able to climb to a one-week high in today’s session, despite markets mostly trending lower. Following a low of $0.07177 on Tuesday, DOGE/USD raced to an intraday high of $0.07422 earlier in the day. Today’s rally saw dogecoin climb for a second straight session, which pushed the meme coin to its highest point since May 8. As a result of the move, the 14-day relative strength index (RSI) collided with a key resistance level of 40.00. Although the index has moved marginally above this point, and is currently tracking at 40.40, DOGE has lost slight momentum. The meme coin is now trading at $0.073, which is relatively lower than today’s earlier high. XRP Another notable gainer on Wednesday was XRP, formerly ripple, which rose by as much as 6% today. XRP/USD rose to a peak at $0.4596 earlier in the day, which follows on from a low of $0.4202 during yesterday’s session. This has resulted in the token climbing for a fourth consecutive day, reaching its strongest level since May 7. Looking at the chart, and similar to DOGE, a collision has occurred on the RSI, with a failure to break a wall at 48.00. At the time of writing, price strength is at the 47.33 mark, with the price now at $0.4457. Should this point be broken, there is a good chance that XRP could be heading to a resistance of $0.48350. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect xrp to climb higher this week? Let us know your thoughts in the comments. View the full article

Hardware wallet maker Ledger is facing significant backlash for its recent introduction of a tool enabling users to back up their seed phrases through the transmission of encrypted key fragments to third-party firms. The crypto community has not embraced this new feature, with numerous digital currency users venting their frustration on social media platforms. Ledger’s Backup Tool Sparks Outrage in Crypto Circles In a recent move, hardware wallet manufacturer Ledger unveiled their latest tool, Ledger Recover. Unfortunately, the reception within the crypto community has been far from positive. “Ledger Recover is an optional subscription for users who want a backup of their Secret Recovery Phrase,” the company stated on May 16. “You don’t have to use it, and can continue managing your recovery phrase yourself if that’s why you bought a Ledger.” By utilizing Ledger Recover, users have the option to divide their seed into three encrypted shards, each containing a portion of the private key. These encrypted fragments are subsequently entrusted to third-party companies for secure storage. The hardware wallet company explains: Ledger Recover encrypts a version of your private key and splits it into three fragments (using Shamir Secret Sharing) – all of this happens on the Secure Element chip, so your Secret Recovery Phrase is not at risk. These encrypted fragments are stored by 3 different parties on cryptographically-secure Hardware Security Modules. The announcement sparked a significant wave of discontent among cryptocurrency users. “Epic Fail,” one user responded to Ledger’s announcement on Tuesday. Bitcoin proponent Alistair Milne told his 126,000 Twitter followers: “Sure, you *could* use Ledger’s new ‘Recover’ service and give them your private keys controlling your assets as well as a copy of your ID and other personal information … but why bother with a hardware wallet in the first place?” By 4:00 p.m. Eastern Time on Tuesday, the name “Ledger” had surged in popularity, garnering 224,000 tweets in the Business and Finance category on Twitter. Notably, Mudit Gupta, an executive at Polygon Labs, vehemently criticized the recovery tool service. “Ledger just released a new update for Nano X that allows social recovery of your seed phrase,” Gupta said. “It encrypts your seed in 3 shards and sends it to different entities that can then reconstruct the seed for you post ID verification. It’s a horrendous idea, DON’T enable this feature.” The Twitter user Foobar told his 131,000 Twitter followers to boycott Ledger products. “Stop using Ledger hardware wallets,” Foobar tweeted. “Migrate away from them immediately. They’ve shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they’ve publicly admitted to intentionally backdooring their own proprietary hardware. Stop using Ledger.” Ledger was also accused of deleting a tweet that it added to the announcement thread. “I have personally used Ledger hardware wallets for about 7 years. Today is the first day I’ve decided to look elsewhere,” the Youtuber Colin Talks Crypto told his Twitter followers on Tuesday. What are your thoughts on Ledger’s controversial backup tool? Do you believe there are better alternatives available, or do you see potential in this approach? Share your insights and opinions in the comments section below. View the full article

Bitcoin fell below the $27,000 level on May 17, as market uncertainty remained high amidst the debt ceiling crisis in the United States. Congress continues to negotiate terms of a potential increase to the limit, before the U.S. government runs out of cash on June 1. Ethereum also dropped, breaking out of the $1,800 level. Bitcoin Bitcoin (BTC) moved below the $27,000 level on Wednesday, following yesterday’s U.S. Retail Sales report. BTC/USD moved to a low of $26,785.41 earlier in today’s session, which was following Tuesday’s peak at $27,223.07. Today’s sell-off comes as bitcoin was unable to move beyond its key price ceiling at the $27,300 mark, leading to a shift in bearish sentiment. Bitcoin chart by TradingView Looking at the chart, the decline also coincided with the 14-day relative strength index (RSI) failing to break its point of resistance at 42.00. As of writing, price strength is tracking at 38.08, and seems to be heading close to a support zone of 36.00. Should this point be reached, then there is a strong possibility that BTC could slip below $26,000. Ethereum In addition to BTC, ethereum (ETH) also trended lower, falling under the $1,800 level in today’s session. Following a high of $1,835.55 on Tuesday, ETH/USD plunged to an intraday low of $1,792.08 earlier in the day. As a result of today’s drop in price, ethereum neared a long-term floor of $1,790, which is where price has retreated to during the past week. Ethereum chart by TradingView Similar to BTC, the RSI here is also edging closer to a floor of its own, which in this instance is at the 41.00 point. Price strength, which is currently at the 41.97 level, was unable to breach a resistance zone of 47.00, leading to today’s drop-off. There is a good chance that ETH could change course in the upcoming days, providing the floor at 41.00 remains firm. Register your email here to get weekly price analysis updates sent to your inbox: What else is behind today’s drop in crypto prices? Leave your thoughts in the comments below. View the full article

Bitcoin.com is proud to announce that it has reached a significant milestone in its mission to increase the adoption of cryptocurrency worldwide: the creation of the 40 millionth crypto wallet in the multi-chain, DeFi-ready Bitcoin.com Wallet. Since its inception in June 2017, the Bitcoin.com Wallet has seen a rapid rise in user adoption, reflecting the increasing acceptance and adoption of cryptocurrency around the globe. It took nearly two years for Bitcoin.com to reach its first five million wallets. In contrast, the recent fifteen million wallets have been created in just a year and a half, reflecting a dramatic increase in the pace of adoption. Bitcoin.com CEO Dennis Jarvis commented, “We are extremely proud of the progress we’ve made since the Wallet’s launch in 2017. The growth and adoption rate we’ve seen is a testament to the increasing acceptance of cryptocurrencies. It’s not just about the numbers – these 40 million wallets represent individuals and businesses who are embracing the freedom, inclusivity, and innovation that cryptocurrency offers.” The Bitcoin.com Wallet has been at the forefront of the crypto revolution, providing a secure, easy-to-use platform for users to buy, sell, trade, and manage a variety of crypto assets. The success of the platform is a result of the company’s unwavering commitment to making cryptocurrency accessible and user-friendly. Bitcoin.com Head of Financial Services Corbin Fraser added, “As we look to the future, we remain committed to ensuring that the Bitcoin.com Wallet continues to be a trusted, accessible, and powerful tool for Bitcoin and crypto users worldwide. To that end, we’re excited to be integrating our rewards and utility token VERSE, which will supercharge crypto adoption by making it easier than ever for newcomers.” As Bitcoin.com celebrates this milestone, the company wants to express its deepest gratitude to all its users. Their belief in the potential of cryptocurrency and their trust in the Bitcoin.com Wallet have been instrumental in the platform’s success. To show appreciation and to further promote crypto adoption, Bitcoin.com is hosting a $10K giveaway and invites everyone to join in and help onboard the world to crypto and DeFi. View the full article

Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants. Russians to Report Crypto Holdings and Transactions to Their Tax Service The Federal Tax Service of Russia (FTS) will likely be the nation’s leading regulator for the cryptocurrency sector and admit participants to the market, Deputy Finance Minister Alexey Moiseev has said in interview with the daily Izvestia. Russian lawmakers are preparing to adopt a package of laws on crypto assets during the spring parliamentary session. According to the draft legislation designed to introduce rules for the industry, the Russian government is expected to appoint a state body that will regulate it. The matter is still under discussion, Moiseev remarked. “In the concept that we have developed, the supervisory agency will accept declarations from people about their wallets and transactions. Now, the FTS does this for everyone’s foreign accounts. It is logical to assume that it should also deal with [crypto] regulation,” the official elaborated. Both legal entities and private individuals in Russia will be able to mine cryptocurrency, sell it on foreign markets, or hold it, the deputy finance minister also noted, pointing out that all these transactions must be reported and taxes paid on the income. Information about the wallets and transactions will be shared with three institutions, he added. “Firstly, this is the Federal Tax Service, which, apparently, will be a window for citizens’ declarations. It is now doing the same for foreign [bank] accounts, and a cryptocurrency wallet is no different in this sense,” Moiseev explained, during the St. Petersburg International Legal Forum. The other two organizations that will receive the data will be Russia’s financial watchdog, Rosfinmonitoring, and the Central Bank of Russia. “But the interface for everyone, except banks, will be the Federal Tax Service,” the finance ministry official emphasized. With wave after wave of Western sanctions and financial restrictions over the invasion of Ukraine, Russia has been stepping up efforts to legalize at least some crypto-related activities such as mining and the use of cryptocurrencies for international settlements. Four laws are currently under review in the State Duma, the lower house of Russian parliament. Last week, the head of the Financial Market Committee, Anatoly Aksakov, said that the plan is to adopt them by the end of July. Do you think the Russian parliament will approve the government’s proposal to task the tax service with crypto regulation? Tell us in the comments section below. View the full article

Kaspersky, the multinational cybersecurity and anti-virus provider, made a startling revelation on May 10th. According to their report, a victim of a crypto hack had unwittingly purchased a counterfeit Trezor Model T from a “trusted seller through a popular classifieds website.” The researchers at Kaspersky were able to extract the custom firmware that the hackers had installed on the device. This revealed that the private key was already known to the hackers before the victim had even purchased the machine. Cybersecurity Firm Kaspersky Investigates Phony Trezor Hardware Wallet It seems crypto enthusiasts need to be extra cautious about counterfeit Trezor hardware wallets circulating in the market, designed with the malicious intent of pilfering cryptocurrency holdings. This unsettling revelation underscores the imperative for heightened prudence and attentiveness when acquiring hardware devices related to digital currencies. Kaspersky, the Russia-based cybersecurity firm, exposed this disconcerting development on May 10, 2023, subsequent to an examination of a forged Trezor Model T that had successfully stolen a victim’s virtual funds. The unsuspecting victim acquired the counterfeit Trezor from a “reliable vendor on a well-known online marketplace.” Furthermore, the device’s packaging was meticulously sealed and utilized Trezor’s tamper-resistant holographic labels typically affixed to their products. “At first cursory glance, the wallet we examined appeared to be exactly the same as a genuine one, and showed no signs of tampering,” stated the researchers at Kaspersky. Yet, on a fateful occasion, “a large sum of money was transferred to someone else” a few weeks after the victim loaded the wallet with their cryptocurrency assets. In an intriguing twist, Kaspersky also revealed that the fraudulent hardware wallet executed unauthorized transactions without even being connected to a computer. “When handling the wallet, nothing felt suspicious either: all the functions worked as they should, and the user interface was no different from the original one. However, mindful of the theft that had occurred via it, we delved deeper,” explained Kaspersky. A notable cause for concern arose when the counterfeit Trezor was found to possess bootloader version 2.0.4., a bootloader release that was deliberately omitted due to previous instances involving counterfeit devices. Gaining access to the internal components proved challenging due to copious amounts of adhesive and tape, a stark departure from Trezor’s meticulous ultrasonic bonding technique. Moreover, distinct traces of soldering were evident, alongside the presence of an “entirely different microcontroller.” Kaspersky unveiled that their experts successfully extracted the counterfeit wallet’s firmware and, through painstaking code reconstruction, made a startling revelation: “attackers indeed knew the private key in advance.” Armed with this information, the attackers could commandeer the funds through an alternate wallet employing the same private key, thereby pilfering the valuable assets. “The fake crypto wallet would operate as normal, but the attackers had full control over it from the very beginning,” Kaspersky detailed. “According to the transaction history, they were in no hurry, waiting a whole month after the wallet was credited for the first time before they grabbed the money. The owner had no protection whatsoever: the game was lost from the very moment the money first arrived in the Trojan wallet.” The recent revelation serves as a stark reminder that individuals invested in cryptocurrencies must exercise heightened vigilance to safeguard their valuable digital assets. Over the years, attackers have honed their techniques for pilfering crypto holdings, presenting an ever-present threat. While hardware wallets have long been regarded as a trusted solution, users must now grapple with the risks entangled within the intricate web of supply chains and so-called reputable vendors. Kaspersky’s groundbreaking discovery underscores the pressing need for individuals to exercise utmost diligence when entrusting significant sums of funds to a hardware device. What steps do you think crypto enthusiasts should take to protect their digital assets from the growing threat of counterfeit hardware wallets? Share your insights and strategies in the comments section below. View the full article

Over the past four days, there has been a surge in Ordinal inscriptions, and as a result, the BRC20 token economy has experienced significant growth with over 10,000 additional coins. The current value of the BRC20 token economy now stands at $497.75 million, comprising a total of 24,677 distinct tokens. Bitcoin Users Issued More Than 10,000 New BRC20 Tokens In a Permissionless Fashion in 4 Days Bitcoin is embracing functionalities that were previously synonymous with the Ethereum blockchain, such as the innovation of new tokens and the generation of non-fungible token assets. As the clock struck 10:43 a.m. Eastern Time on Tuesday, May 16, the BRC20 token economy achieved an impressive valuation of $497.75 million. Archived records indicate that the collective market capitalization of its 24,677 distinct digital tokens has soared 16.56%, surpassing the $427 million mark observed just four days earlier. As of now, the largest market valuation in the BRC20 token realm is commanded by the ordi (ORDI) token, which stands at $342 million. Each ORDI is currently being traded at $16.31, although it may not hold the title of the highest-valued coin per unit. The MEME token, valued at $94.68 per coin, and the OSHI token, valued at $477.50 per unit, surpass ORDI in individual worth. However, both MEME and OSHI have considerably smaller supplies compared to the abundance of ORDI (21M), making them more scarce. Parallel Surges: BRC20 Transactions and Bitcoin’s Backlog Converge In the world of BRC20 tokens, PUNK token boasts a value of $243 per coin, and the token called GOLD holds a trading price of $19.82 per unit. Over the last 24 hours, a total of $206,705,219 in BRC20 trade volume has been generated, with ORDI trades accounting for $197.88 million of that sum. The remaining BRC20 token markets observe trade volumes of $930,485 or even less during the same time frame. According to data from Dune Analytics, 5,906,735 BRC20 transactions have been successfully processed onchain. Just like the spike in Ordinal inscriptions witnessed on May 7, a parallel surge in transaction fees for deploying, minting, and transferring BRC20s coincided with the Bitcoin network’s backlog of unconfirmed transactions. The frenzied BRC20 activity occurred on May 7 and 8, 2023. Interestingly, BRC20s face a similar controversy, stemming from the fact that they emerge from the same technological foundations. Bitcoin maximalists vehemently oppose both Ordinal inscriptions and BRC20s, wishing to confine Bitcoin’s blockchain to solely financial transactions. However, the wider market seems to embrace the trend, demanding its continuation and growth. What are your thoughts on the evolving landscape of BRC20 tokens and their impact on the wider cryptocurrency market? Let us know your insights and opinions in the comments section below. View the full article

On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees. Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882 inscriptions since the inaugural one occurred on December 16, 2022. The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was on this day that Bitcoin’s mempool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system. 30-Day Sales Stats Show Bitcoin’s Ordinal Inscriptions Have Bolstered NFT Market Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy. Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format. The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. Notably, the market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology. What are your thoughts on Bitcoin’s surge in Ordinal inscriptions and its impact on the NFT market? Share your insights and opinions in the comments section below. View the full article

PRESS RELEASE. SDM Financial is thrilled to announce an upcoming webinar focused on digital asset derivatives, taking place on Tuesday, May 23, 2023, at 10:30AM EDT. The webinar is tailored to provide digital asset mining firms, crypto-focused funds, and digital asset investors with valuable insights into the benefits of digital asset derivatives in effectively managing risk and optimizing returns. The webinar will feature a panel of experts who will share their knowledge and expertise: Alan Mittleman, Head of US & Derivatives at SDM Financial Matt Williams, Head of Derivatives at Luxor Technologies Joseph Dillon, CEO at Adakon Energy The expert panel will delve into various aspects of the digital asset derivatives market, discussing how to hedge with different types of structured digital asset products, their benefits and risks, and the state of the market. Participants will also have the opportunity to ask questions about this emerging asset class and gain valuable insights into the most effective strategies for incorporating these instruments into their investment portfolios. With energy prices on the rise, cryptocurrency miners in particular face distinct challenges in managing their exposure. The panelists will explore diverse use cases of derivatives trading for crypto miners as well as funds, delving into effective hedging strategies and discussing the relevant trading instruments for different scenarios. Alan Mittleman, Head of US & Derivatives at SDM Financial, emphasized the significance of the webinar, stating, “Digital asset derivatives present a unique opportunity for risk management and enhanced returns in the digital asset industry. This webinar will provide three different perspectives to help participants navigate this dynamic market.” The webinar is a must-attend event for mining firms, crypto-focused fund managers, and high net worth individuals seeking to understand how using derivatives can benefit their investment strategy. By attending, participants will gain significant knowledge into how digital asset derivatives can play a pivotal role in managing risk and optimizing returns. To pre-register for the webinar, visit https://app.livestorm.co/sdm/hedgingwithderivatives. Limited spaces are available, so secure your spot today and take a proactive step toward protecting your digital asset investments. Stay tuned to our social media and never miss any updates from SDM Financial: Website: https://Sdm.Financial Twitter: https://twitter.com/SDM_FI LinkedIn: https://www.linkedin.com/company/sdm-financialinc This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Litecoin rose for a third consecutive session on Tuesday, despite cryptocurrency markets mostly falling lower. The global market cap is currently down by 1.28%, as overall market uncertainty remains high. Apecoin also rallied, extending recent gains. Litecoin (LTC) Litecoin (LTC) was once again in the green, as the token rose for a third consecutive session. LTC/USD surged to a peak of $89.68 in today’s session, after starting the week at a low at $86.42. Tuesday’s rally has seen litecoin climb to its strongest point since April 30, which is the last time price was above $90.00. From the chart, it appears that this level is once again the target for bulls, and could very likely be hit in the coming days. After breaking out of a ceiling at 50.00, the relative strength index (RSI) is now tracking at 56.28. The next visible point of resistance is now at the 59.00 mark, and should this be hit, not only will LTC be above $90.00, but likely closer to 92.00. Apecoin (APE) In addition to LTC, apecoin (APE) also surged on Tuesday, despite current market uncertainty. Following a low of $3.33 to start the week, APE rose to an intraday high of $3.45 earlier in today’s session. The gain comes as APE broke out of a ceiling at $3.35, resulting in price climbing to its highest point since May 8. APE has fallen marginally lower from earlier highs, as its RSI failed to overcome a resistance point at 38.00. At the time of writing, price strength is at the 37.69 mark, with the price now at $3.42. If bulls are able to break this wall, then there is a good chance that APE could continue its move towards $4.00. Register your email here to get weekly price analysis updates sent to your inbox: What is behind the recent apecoin rally? Let us know your thoughts in the comments. View the full article