roadrunner

PRESS RELEASE. Tel Aviv – July 27, 2021 – Kirobo, a blockchain technology company, has launched its ‘P2P Swap Button‘, a decentralized tool allowing cryptocurrency users to execute token swaps without having to use an exchange or custodial third party. By taking the swap off-exchange, the tool allows users to decide their own prices for their tokens and transact directly with peers. As a result, slippage is avoided completely. Asaf Naim, co-founder and CEO of Kirobo, said: “Until now, it wasn’t possible to execute a swap without losing money, because exchange algorithms adjust token prices according to the amounts put up for sale. We’re allowing people to trade without an exchange and to set their own prices, with complete security, for the first time ever.” Kirobo’s safe transfer platform secures transactions with an authentication key, the component parts of which are divided between the first party, the smart contract, and the Kirobo server. There’s no single point of failure, and Kirobo does not hold users’ funds at any point. Token swaps are a key feature of the cryptocurrency ecosystem, allowing people to diversify their portfolios and support new DeFi projects. Previously, users had no choice but to go through an exchange or custodial OTC party to avoid the inevitable complications caused by two-way cryptocurrency transfers. However, exchanges will raise and lower prices according to market demand, ultimately forcing sellers to sell at a “discount”. The P2P Swap Button is designed to solve this issue. An extension of Kirobo’s groundbreaking Undo Button, it protects the initiator of the transaction with a passcode created by that person. The second party has to input the correct passcode on their end in order to execute the transfer. With the P2P Swap Button, the second party must also sign off on the transaction, and the transfer itself is executed simultaneously by smart contract. In other words, the two swappers have to agree on a price before the swap is completed. As a result, neither lose money on the trade, and they can also choose an off-peak time to execute the deal, avoiding high gas fees. The P2P Swap Button is compatible with ETH and ERC-20 tokens. Kirobo is not charging a fee for use of the service, stating that its intention is to level the playing field of trading. Tal Asa, Kirobo co-founder and CTO, said: “The P2P Swap Button allows users to benefit from fairer swaps trades from the safety of our non-custodial authentication mechanism. We envisage the tool encouraging adoption and use of cryptocurrency, and giving a real boost to the ecosystem for years to come.” Tel Aviv-based Kirobo has received two grants from the Israel Innovation Authority, something that no other blockchain company has achieved. Its retrievable transfer mechanism has already processed more than $1.5 billion worth of cryptocurrency transfers, and helped users retrieve more than $6 million via hundreds of cancelled transactions. About Kirobo Kirobo’s mission is to make cryptocurrency an everyday tool that everyone can use with confidence. We achieve this with user-friendly products that remove the risk of human error and fraud from cryptocurrency transactions, making crypto management as safe as can be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the only blockchain technology company to achieve this. 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

Companies providing trading services for digital assets will be able to open accounts with banks in Kazakhstan, local media reported, quoting the country’s crypto industry association. The service should allow Kazakhs to legally invest in cryptocurrencies and cash out their profits. Crypto Exchanges in Kazakhstan to Be Offered Banking Services Kazakh banks will be permitted to open accounts for cryptocurrency exchanges registered at the Astana International Financial Center (AIFC), Kazakhstan’s National Association of Blockchain and Data Center Industry announced, quoted by local news portal Habar 24. The move is part of а pilot project with second-tier banks that’s expected to continue for one year. Astana International Financial Center. Potential crypto investors will be required to have an account with a participating banking institution to trade on any of the exchanges. This would allow them to transfer fiat money, buy digital coins and carry out various other operations on Kazakhstan’s crypto trading market. Income from profitable investments can then be deposited back to personal accounts. The government in Nur-Sultan is planning to use the project to conduct an assessment of the risks and benefits of digital assets. The circulation of cryptocurrencies in the Central Asian republic is still prohibited but industry observers hope the restrictions can be loosened or even lifted following the successful completion of the project. Banks in Kazakhstan to Benefit From Crypto Turnover Experts point to several reasons for a revision of the official policy towards decentralized digital money. Sergey Putra, who coordinates relations with the government at Kazakhstan’s blockchain association, noted that the global crypto economy represents a fairly large volume of finance, billions of dollars of daily turnover. He further commented: Even if Kazakhstan takes a fraction of a percent, even one percent of this turnover, this is serious money that will come to Kazakhstan in the form of investments and that will remain here in the form of taxes, jobs and salaries. This is a very large industry, which Kazakhstan is still bypassing. In the past couple of years, Kazakhstan has become a magnet for crypto miners, especially in the midst of an ongoing crackdown in China. With its low-cost energy and generally positive attitude towards the sector, the country has increased its importance as a coin minting destination, currently accounting for 6 – 8% of global mining volume. The local banking system would benefit from processing financial transactions for the growing industry. Last but not least, authorities hope the project will help to prevent fraud in the crypto space by facilitating safe cryptocurrency exchange for local residents. Cases in which Kazakhs are lured into fake investment schemes and losing crypto or fiat funds have been mounting, the report notes. What do you expect from the project to allow banks in Kazakhstan to work with cryptocurrency exchanges? Let us know in the comments section below. View the full article

The Brazilian authorities seized $33 million linked to a money-laundering investigation involving cryptocurrency exchanges. The operation, called “Exchange Transaction” by the Brazilian police, involved six search warrants in different locations of the country. These searches were directed to find shell companies that used cryptocurrency exchanges for alleged money laundering purposes. Brazilian Police Seize $33 Million in Money Laundering Probe Brazilian authorities have seized $33 million belonging to shell companies that, according to reports from the Brazilian police, used cryptocurrency exchanges for money laundering purposes. Brazilian courts issued six search warrants in properties linked to these shell companies located in Diadema and in the Capital. These orders resulted in different account blocks from two individuals and 17 legal entities. The investigations found that several companies transacted large amounts of funds among themselves as a way of fooling authorities, and then they used a crypto brokerage to transform these funds into cryptocurrency assets that cannot be linked to their original source. Some of these exchanges only operate with the support of these shell companies, according to the report from the Brazilian police. The official report also states this specific broker transacted larger amounts of money with at least 14 companies that are classified as fictitious or shell companies. However, the authorities didn’t provide the names of the exchanges or the shell companies involved in the probe. Exchanges Suspected The police believe that the brokerages probed, which don’t require the minimum KYC verifications from their customers and don’t make inquiries into the origin of the funds transacted, are operating in tandem with these shell companies to funnel black market funds into cryptocurrencies to obtain profits. The Brazilian police stated these operations are: intended to send money to companies abroad with subsequent repatriation through simulation of sales or service-provision operations Brazilian authorities have been quick to react to this kind of crime involving cryptocurrency assets and exchanges. This is the second cryptocurrency-related operation that Brazilian authorities have carried in less than a month. The Federal police arrested Claudio Oliveira, known as the “King of Bitcoin” in Brazil for his alleged participation in a $300 million fraud. His exchange faked a hack that left roughly 7,000 customers affected, according to the ongoing police probe. What do you think about this $33 million seizure linked to a cryptocurrency exchange probe? Tell us in the comment section below. View the full article

Ethereum will have a very bullish year, according to a price prediction poll made by Finder. The average price that the second-ranked crypto asset by market capitalization will reach this year is about $4.5K, according to polled experts in the cryptocurrency industry. The panel is also bullish about ethereum long term, expecting a price of about $18K for the year 2025. Experts Bullish About Ethereum in the Short Term Finder, an investing companion app, released its Ethereum price prediction poll results, which reveal a bullish sentiment for the present and future of Ethereum. 27 of 42 experts that gave their opinions in Finder’s poll expect ethereum to be at $4,596 by December 31, 2021. Experts give different reasons for this opinion, but most of them are related to the bullish outlook of the crypto market and to the different changes the chain has vowed to apply to fix its scaling issues in the near future. Allnodes CEO and founder Konstantin Boyko-Romanovsky, who was consulted in the poll, gave a prediction price of $5K for the end of this year. The reason for this above-average prediction, according to him, is the continuous development of Ethereum. He stated: Upgrading to a deflationary type of asset, Level 2 networks, institutional adoption, mass utilization, DeFi, and dapps continuous development and rise — are all contributing factors to Ethereum’s future price appreciation. Ethereum has grown immensely this last year, with the rise of supplementary scaling networks, like Arbitrum and Optimism. Ph.D. candidate of the University of Saskatchewan, Ajay Shrestha, states this is a very important thing for the currency. He stated: The ETH community seems to be the most active of all, and that surely aids in the continuous development further along the road. Bullish Long Term, Too Most of the experts are also bullish regarding ethereum’s long-term performance. The average prediction of the panel signals ethereum will reach $17,810 in 2025. But there are yet people far more bullish on the future of the crypto asset. Trade the Chain cofounder Ryan Gorman believes ethereum will go up to $100,000 by December 2030. He stresses that: DeFi projects and other applications we have not yet even considered will continue to be built on the Ethereum blockchain and see rapid growth. This will, in turn, lead to ETH eventually overtaking Bitcoin as the world’s most valuable crypto asset. Also, 71% of the consulted experts state that the switch to proof-of-stake Ethereum is planning to make in the future will give it an edge over other, proof-of-work-based cryptocurrencies, like Bitcoin. What do you think about Finder’s ethereum price predictions? Tell us in the comments section below. View the full article

In a new twist to the Africrypt saga, two different reports have made contradicting claims about the whereabouts of Raees and Ameer Cajee, the two directors of the collapse bitcoin investment firm. However, both reports suggest the Cajees brothers had planned their escape prior to the alleged hacking incident in April. Vanuatu or Tanzania In its report, the UK outlet Daily Mail claims to have seen documents suggesting that Raees had purchased Vanuatu citizenship for about $131,000 (£95,000) back in October 2020. About three months later, Ameer would make a similar purchase. The same report quotes Cajees brothers suggesting that their disappearance had been prompted by fears that a criminal gang wanted to harm them. Interestingly, the claims by the brothers that they fled South Africa to avoid being harmed by an organized criminal syndicate appear to be corroborated by a Moneyweb report. In this report, the Cajees brothers are quoted claiming that they had received death threats following the collapse of Africrypt. It is these death threats that Raees uses to justify their joint decision to flee the country. However, in its report, the South African-based Moneyweb appears to contradict the assertion that Raees and his brother are hiding in Vanuatu. Instead, it points to an affidavit signed by Raees which indicates that he may have been in Tanzania when he signed this document. The signing of the affidavit had apparently been prompted by a South African High Court’s decision to grant a provisional liquidation order against Africrypt. Africrypt’s Fightback As the Moneyweb report notes, in the next few months, the High Court is expected to rule on whether to grant the final order or not. However, before this ruling is delivered, interested parties argue their cases hence Raees’ affidavit. Meanwhile, in his affidavit, Raees again dismisses claims that $3.6 billion in investors’ funds have gone missing under the Cajee brothers’ watch. Instead, Raees suggests that the amount in question is closer to $6 million. Also in his affidavit, Raees rejects allegations that Africrypt had a bank account at FNB or the assertions that the investment company had invested in cryptocurrencies. He also repeats Africrypt management’s long-shot argument that the investment firm should not be held liable for the losses. Is liquidation the best way to recover the vanished investor funds? Tell us what you think in the comments section below. View the full article

The founder of investment management firm Michael Lee Strategy says that “the best days of bitcoin are definitely ahead of it,” expecting the cryptocurrency to “make all-time new highs.” The strategist further says that it will be a long time “before we see any sort of taper or any sort of restrictive policy from the Fed” or other central banks worldwide. Market Strategist Expects Bitcoin to Make All-Time New Highs Michael Lee, founder of Michael Lee Strategy, shared his outlook for bitcoin in an interview with Fox Business Monday. Michael Lee Strategy offers wealth planning and investment management as an investment adviser representative through Compass Financial. Lee is a former vice president in the Institutional Middle Markets group at Morgan Stanley. Commenting on the price of bitcoin hitting $60,000 earlier this year, Lee said that “it is just a side effect of endless money printing that’s going on.” He dismissed the theory that the BTC price increase Monday resulted from the rumor that Amazon may be accepting bitcoin and other cryptocurrencies for payments. The e-commerce giant published a job posting last week seeking a digital currency and blockchain lead. Lee said that “the best days are ahead for cryptocurrencies, specifically bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to profit as much or more as any of the other cryptocurrencies.” “I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class,” he continued. “So, as soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from $29,000 to almost $40,000 in the span of a little over a week.” Declaring that he is a bitcoin owner, Lee opined, “I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed.” Emphasizing that “it’s not only like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded: That’s why I think bitcoin is likely to make all time new highs, maybe, maybe not in the next few months. But the best days of bitcoin are definitely ahead of it, not behind it. Do you agree with Lee that bitcoin’s best days are head? Let us know in the comments section below. View the full article

Elon Musk’s electric car company, Tesla, is holding bitcoin worth $1.311 billion. The company did not buy or sell any bitcoin during the second quarter but recorded bitcoin-related impairment of $23 million. Tesla’s action reaffirms Musk’s prior statement that neither he nor Tesla had sold their coins. Tesla’s Q2 Bitcoin Holdings Elon Musk’s Tesla released its second-quarter earnings report Monday. The company’s Q2 2021 unaudited balance sheet shows a net digital asset value of $1.311 billion as of June 30. Tesla’s Q2 unaudited balance sheet showing the company’s net digital assets. Source: Tesla Tesla Neither Purchased Nor Sold Bitcoin in Q2 Tesla did not buy or sell any bitcoin in the second quarter. The company’s Q2 unaudited statement of cash flows still shows that the only cryptocurrency purchase made was the $1.5 billion BTC purchase in Q1. The cash flow statement also shows that the only time Tesla sold its bitcoin was in Q1 for $272 million. Tesla CEO Elon Musk previously explained that the sale was to prove the liquidity of bitcoin, tweeting on June 13: “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.” Tesla’s Q2 unaudited cash flow statement showing the company’s purchase and sale of bitcoin. Source: Tesla In April, Tesla revealed in a filing with the U.S. Securities and Exchange Commission (SEC) that its bitcoin stash was worth $2.5 billion. $23 Million Bitcoin-Related Impairment Tesla’s Q2 earnings report specifically mentions bitcoin once, under the “profitability” section which highlights items offsetting the company’s operating income, including “bitcoin-related impairment of $23M.” Tesla’s Q2 earnings report. Source: Tesla According to Tesla’s 10-K form filed with the SEC, the company treats digital assets “as indefinite-lived intangible assets in accordance with ASC 350, Intangibles–Goodwill and Other,” elaborating: The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition. “We will perform an analysis each quarter to identify impairment. If the carrying value of the digital asset exceeds the fair value based on the lowest price quoted in the active exchanges during the period, we will recognize an impairment loss equal to the difference in the consolidated statement of operations,” the company detailed. Tesla’s financial statements confirm Elon Musk’s previous statements that Tesla had diamond hands and would not sell its bitcoins. Musk said on several occasions that neither he nor Tesla had sold any BTC. Tesla started accepting BTC for payments in March but stopped in May. Musk cited environmental issues as the reason and said that Tesla would resume accepting bitcoin when miners confirm they are using 50% clean energy. At the recent Bitcoin event “B Word,” Musk revealed that he personally owns three cryptocurrencies — bitcoin, ether, and dogecoin — while Spacex owns bitcoin. “I might pump but I don’t dump … I would like to see bitcoin succeed,” he said, adding that “Tesla will most likely resume accepting bitcoin.” What do you think about Tesla’s bitcoin strategy? Let us know in the comments section below. View the full article

PRESS RELEASE. AscendEX, a global cryptocurrency financial platform with a comprehensive product suite, is excited to announce the Ternoa token (CAPS) listing under the pair USDT/CAPS on July 27 at 1 p.m. UTC. AscendEX and the Ternoa team will jointly launch two limited-time promotional events to celebrate the CAPS listing. The activities will consist of airdrop rewards tasks and a trading competition taking place between July 27, 1:00 a.m. UTC to August 3, 12 a.m. UTC, offering users a chance to win a share of pooled rewards worth 40,000 USDT! Ternoa is an NFT-based decentralized data transfer blockchain protocol. Ternoa provides long-term secure data storage and transfer to third parties. It relies upon the innovative use of NFTs to encrypt, segment, and store data on decentralized storage infrastructures. In addition, oracles allow for automated, programmable data transfers. Ternoa also offers a Software Development Kit (SDK) to facilitate the development of mobile and web applications making the protocol accessible to various use cases. Ternoa’s team built its protocol on three guiding principles. Firstly, they aim to create an infrastructure that exemplifies the essence of blockchain technology: open-source, decentralized, and democratic. Secondly, Ternoa seeks to provide a service that is easily accessible to the general public by focusing on optimized web and mobile application user experiences. Finally, Ternoa provides a token ecosystem and a business model that leverages its native token to offer token holders a clear and fair value creation trajectory for the project’s success. The Ternoa application layer allows users to create “Time Capsules” to encrypt, store, and securely transfer data over long periods of time. These Time Capsules are non-fungible tokens issued on the Ternoa blockchain. The project’s native token (CAPS) rewards the network for minting NFTs and recording information on the blockchain. The Democracy module manages the administration of the general stakeholder vote. Ternoa allows Capsule Coins holders to have decision-making power regarding the governance of developments, partners, protocols, and more on the network. About AscendEX AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex About Ternoa Ternoa is an NFT-based decentralized data transfer blockchain protocol. Ternoa is geared towards long-term secured data storage and transfer to third parties. It relies upon the innovative use of NFTs to encrypt, segment, and store data on decentralized storage infrastructures. For more information and updates, please visit: Website: https://www.ternoa.com Twitter: https://twitter.com/Ternoa_ Telegram: https://t.me/ternoa Discord: http://bit.ly/TernoaDiscord 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

Thorchain, a popular defi protocol, has been compromised twice in the last two weeks, resulting in losses of over $10,000,000. The hacker responsible for the latest exploit left behind a message detailing the measures that should be undertaken to protect users. Hacker Returns to the Scene to Lecture on Security In another blow against the Thorchain protocol, the defi network has found itself the victim of another hack after the equivalent of 4,000 ethereum (ETH) was stolen just days earlier. Thorchain, which features an automated market maker (AMM) and decentralized exchange (dex), is known for its liquidity pooling, with total value locked (TVL) currently around $101.75 million. This time, the attack was perpetrated against the ETH Router contract to target the Thorchain Bifrost component, resulting in more than $8 million in losses for the protocol. According to the hacker allegedly behind the move, the vulnerability was known before the latest attack and was entirely preventable. When using Solidity, the Ethereum smart contract coding language used in the protocol, programmers advise developers against using certain coding methods to transfer funds. However, this was allegedly overlooked by the team in charge, leading to an issue within the protocol’s native RUNE token’s contract code. The hacker behind the exploit was not quick to leave the crime scene. Instead, the malicious actor left behind a message effectively trolling the protocol. In tx input data, the hacker pointed out the following: The hacker laid bare all the steps that were required to engage the exploit, highlighting the protocol’s decision not to issue bounties or engage auditors to check code that currently oversees a nine-figure TVL. While the protocol developers initially believed the hack cost them only $800,000 and was the work of a whitehat hacker, the following amounts were actually stolen: 966.620 ACLX 20,866,664.530 XRUNE 1,672,794.010 USDC 56,104.000 SUSHI 6.910 YFI 990,137.460 USDT RUNE tokens have continued their decline after dipping close to 25% following the breach, with tokens currently trending around $4.17. While Thorchain has since issued a recovery plan to restore user funds lost to the attack, the more significant development was the decision to hire security firms to audit the code and defend the defi protocol against future, preventable exploits. What do you think of this “honest hacker”? Let us know in the comments section below. View the full article

Reports show a vast majority of the American populace has been worried about rising inflation and as the weeks roll by, the financial situation continues to look grim. US Senator: ‘There’s No Justification for the Fed to Maintain Its Purchases’ A few analysts believe the upcoming two-day meeting held by the U.S. central bank’s Federal Open Market Committee (FOMC) will give markets clues on whether or not the Federal Reserve plans to taper quantitative easing and raise interest rates. Meanwhile, Joe Biden’s administration has dismissed inflation and Biden claimed at a recent CNN Town Hall that he doesn’t know anybody “who’s worried about inflation.” On Monday, Reuters reported that the U.S. central bank is divided over the rising inflation and now the country’s monetary managers are dealing with double inflation due to supply chain complications. To further the problems the U.S. 10-year Treasury note yields slipped lower on Monday morning as investors are concerned about this week’s FOMC meeting. Last week, the Federal Reserve’s chairman Jerome Powell answered to lawmakers about their inflation concerns. Powell again said that inflation was temporary and the central bank’s lead also mentioned supply shortages. Politicians and economists are starting to wonder why the Federal Reserve needs to keep quantitative easing going. The chief economist at PGIM Fixed Income, Nathan Sheets, told the press that people are asking these questions because the U.S. economy has been doing better. “The economy is, bottom line, much better than it was a year ago,” Sheets said. “It is getting harder and harder for the Fed to explain why it needs to keep buying $120 billion of assets a month.” U.S. senator Pat Toomey told the publication Politico in an interview that the spending is not justifiable. Toomey said: There’s no justification for the Fed to maintain [its purchases] at current levels, and doing so seriously risks contributing to heightened inflation. ‘Everyone’s Questioning What We’re Getting for $120 Billion a Month Right Now’ Politico also discussed the situation with Lou Crandall, the chief economist at Wrightson ICAP and he called the Fed’s spending disadvantageous. “It’s counterproductive on every level,” Crandall remarked. “Encouraging more borrowing like this is just not necessary,” the ICAP economist added. PGIM’s chief economist Sheets stressed that bond market signals show less concern about future inflation. “There is no reason whatsoever for us to be in a hurry here,” Sheets said. Speaking with Politico, Megan Greene, a senior fellow at Harvard Kennedy School, gave a similar opinion and said abruptly stopping the Fed’s purchasing may have negative effects. “Everyone’s questioning what we’re getting for $120 billion right now,” Greene explained. “But tapering could have even more nefarious effects, so the risk of carrying on seems lower than the risk of backing out of it too abruptly.” Former Deputy Director at the IMF Says Fed Needs to Remove the Punch Bowl, Joe Biden ‘Doesn’t Know Anybody Worried About Inflation’ Desmond Lachman, a South African-born economist and finance author, recently explained that it’s “time for the Fed to take away the punch bowl.” Lachman said the U.S. central bank should have learned from past bubbles in his latest opinion editorial for The Hill. Our painful experience with the bursting of the 2000 dot.com bubble and the 2006 housing and credit market bubbles should be informing the Fed of how costly burst bubbles can be,” Lachman emphasized. The economist added: When these bubbles burst, they can have major spillover effects on the financial system. They also can have costly effects on output and employment, which make it difficult for the Fed to meet its dual mandate of price stability and full employment. At the CNN Town Hall, U.S. president Joe Biden shrugged off fears of inflation and even mentioned the economist Larry Summers, who recently warned about runaway inflation at the end of May. “I don’t know anybody, including Larry Summers, who’s a friend of mine, who’s worried about inflation,” Biden said. What do you think about the Federal Reserve’s upcoming FOMC meeting and the current fear of inflation? Let us know what you think about this subject in the comments section below. View the full article

Amazon is reportedly planning to accept bitcoin for payments, after which the company will roll out support for other major cryptocurrencies. “The directive is coming from the very top … Jeff Bezos himself.” Amazon’s Crypto Project ‘Ready to Roll’ Following the news of Amazon seeking to hire a digital currency and blockchain lead, City A.M. publication reported that the company actually has plans to accept bitcoin and other popular cryptocurrencies. Citing “an insider” at the company, the news outlet reported that Amazon is looking to accept bitcoin payments “by the end of the year” and the company is also investigating its own token for 2022. Amazon “isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future,” the insider claims, adding that its crypto project “is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.” She elaborated: It begins with bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top … Jeff Bezos himself. “This entire project is pretty much ready to roll,” the insider revealed, emphasizing that “It won’t take long because the plans are already there, and they have been working on them since 2019.” Noting that Amazon’s directors were keen to move forward with adding support for other big cryptocurrencies once a fast and secure method of bitcoin payment is established, she said: Ethereum, cardano and bitcoin cash will be next in line before they bring about eight of the most popular cryptocurrencies online. Besides accepting crypto payments, Amazon is also exploring launching its own coin, the insider explained. “When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” she opined, adding: After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenisation. “This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme,” she described. Editor’s Note (4:37 p.m. EDT): After publication, Bloomberg reported that a spokesperson for Amazon said: “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon … We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.” Do you think Amazon will accept bitcoin by the end of the year? Let us know in the comments section below. View the full article

The Binance Smart Chain has launched a $10 million bug bounty fund for projects building on top of the protocol, called “Priority One.” The initiative aims to keep the blockchain network secure by encouraging bug bounty hunters and ethical hackers. Binance Smart Chain Reveals $10 Million Bug Bounty Fund ‘Priority One’ Security experts and bug bounty hunters now have incentive to help the Binance Smart Chain (BSC) developers secure the network. On Monday, the BSC project revealed “Priority One,” a $10 million fund for projects built on top of the BSC protocol. The announcement says the initiative aims at “refining the lifecycle management of BSC users and decreasing project exploits.” Eligible projects will be able to leverage proactive penetration testing and risk management schemes. Julian Tan, the BSC community coordinator, explained that these types of evaluations shrink the possibility of future exploits. “The shortlisted projects for the bug bounty will be open for continuous testing,” Tan said in a statement sent to Bitcoin.com News. “With more experts identifying specific vulnerabilities and evaluating [decentralized apps] regularly, there’s more to explore; BSC community will work together to check every nook and corner of the target and leave no room for potential exploits.” Immunefi CEO: ‘Bug Bounties Compel Disclosure Incentive for Mainnet Contracts’ Bounty hunters combing the BSC protocol for vectors and security flaws will be rewarded for their disclosures. Applicants can apply here and the types of vulnerabilities include but are not limited to: Smart contracts/Blockchain/Cryptographic flaws Logic errors Financial/Economic attacks Susceptibility to block timestamp manipulation Novel governance attacks Congestion and scalability Oracle failure/manipulation Submissions have to complete a proof-of-concept and describe the vulnerability in a step-by-step guide. Rewards will be based on the severity assessment of the exploitation found by the ethical hacker. BSC also has help from the Binance Security team, Peckshield, Certik, and Immunefi. “Bug bounties are a core pillar of the [decentralized finance] security stack, providing both a compelling disclosure incentive for mainnet contracts and attracting new security researchers,” the CEO and founder of Immunefi, Mitchell Amador, said in the announcement. “This fund supercharges bug bounties on BSC, by driving the community to adopt best practices while providing compelling incentives for more security researchers to participate in the BSC ecosystem at large,” Amador added. What do you think about BSC creating a $10 million bug bounty program for the BSC protocol? Let us know what you think about this subject in the comments section below. View the full article

The price of bitcoin jumped over 15% in a matter of three hours on Sunday evening and came awfully close to the $40K handle. Since then, the crypto asset has dropped back a few percentages and currently hovers above the $38K range. The entire cryptocurrency economy has spiked 9.72% rising to $1.53 trillion in overall value. Bitcoin’s Price Skyrockets After Long Period of Consolidation Bitcoin and digital asset values have risen dramatically during the last 12 hours as bitcoin (BTC) jumped more than 15% yesterday evening (EDT). BTC has managed to hold above the $38K zone on Monday after falling from $39,850 per unit at 9:00 p.m. on Sunday. Bitcoin is still up 12% during the last 24 hours and 24% for the week. Out of the crypto economy’s $1.5 trillion, bitcoin commands 47.1% of that value while ethereum (ETH) commands 17.8%. At the time of writing, BTC is exchanging for $38,489 per coin. The second-largest crypto asset, in terms of market valuation, is ethereum (ETH), which is swapping for $2,345 per coin. ETH has gained 9.59% over the last day and is up 29.47% during the last seven days. The third-largest crypto asset, binance coin (BNB), is up 7.89% during the last 24 hours and 12.6% for the week. Dogecoin (DOGE) has been the biggest gainer in the top ten today as it jumped 15.15% across the last day and is up 29.2% for the week. Today’s biggest gainer out of all 10,000+ crypto assets is the token amp (AMP), up 50.3% during the last day. 24-hour statistics show thorchain (RUNE) is up 23% and bittorrent (BTT) has also gained 23%. Today’s biggest losers include flow (FLOW), down 7.5%, stacks (STX), down 1.7%, and axie infinity (AXS), which lost 1.3% in 24 hours. Market aggregators show there’s an increase in global trade volume today with BTC commanding $38 billion of that volume. Tether (USDT) captures $74 billion and ethereum (ETH) has $24 billion. Rumors of Amazon Expanding Its Crypto-Asset Presence Sparks FOMO Speaking with Bitcoin.com News, Etoro’s crypto analyst Simon Peters explained how digital assets saw a phenomenal breakout to start the week. “Crypto has staged a stunning breakout on Monday morning, defying the recent gloom for investors,” Peters wrote. “The bullish trading comes on the back of news over the weekend that Amazon is looking to expand its crypto-asset presence, with the news it was hiring a cryptocurrency and blockchain lead,” Peters said. The crypto analyst added: When Paypal made its announcement, bitcoin languished around $11,700, but the ensuing bull run took the crypto asset to an all-time high of $63,346. Bitcoin Shorters Lose Their Shirts in Liquidation Land Besides the Amazon rumors, most of the action on Sunday evening stemmed from the massive liquidation of short-sellers. Bitcoin.com News reported on a possible short squeeze on July 12, when BTC/USD shorts were starting to stack up. The market report explained that usually, short squeezes occur in the world of bitcoin trading when there’s an unusually high amount of BTC/USD short positions recorded. At times when this trend happens, it triggers an extremely fast pump that leaves short sellers in the dust and in the land of liquidations. Many other analysts and traders assumed this market play was in the cards. Close to $900 million in short positions were liquidated in a 12-hour time span as BTC spiked 15% in value rather quickly. Bybit data shows a great number of traders were “rekt” by the short squeeze and 24-hour liquidation stats now measure $1.15 billion. Bitcoin’s Yearly Cycle In another investor’s note sent to Bitcoin.com News, the CEO at crypto trading bot firm Cryptohopper, Ruud Feltkamp, explained that all the market action is simply part of bitcoin’s price cycles. “At a superficial level, the current bull run resembles that of 2017, though that’s technically absurd and illogical. However, if this continues, it would mean that bitcoin should soon reach $50k again,” Feltkamp remarked. The Cryptohopper executive added: The market has been consolidating for some time, and an upturn was expected by many in late Summer or early September, as this is part of bitcoin’s yearly cycle. In addition, the decision by Amazon to hire a crypto team and Tesla accepting bitcoin again have given the necessary spark to fire up the cryptocurrency market once more. What do you think about the crypto market action during the last 12 hours and the recent value spikes? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Santo Blockchain Labs have joined forces with French artist Jerome Peschard to create an XR-NFT art series like nothing the crypto market has seen before. 26th July 2021, Ho Chi Minh City, Vietnam — Santo Blockchain Labs, a creative blockchain software development company has joined forces with renowned French pop artist Jerome Peschard, to bring to life a new series of NFTs called XR-NFTs “eXtended Reality Non-Fungible Tokens”. What Are XR-NFTs? XR-NFTs are the most eclectic form of using 3D scanning telemetry, augmented reality, virtual reality, sound, and digital smell technology intertwined with the creativity of Jerome Peschard’s digital pop art. The NFT creations use blockchain technology to offer their user a one-of-a-kind sensorial digital asset experience. Rush of Mars To honor this new dawn of space travel, where the likes of Sir Richard Branson, Jeff Bezos, and Elon Musk are disrupting space travel and making it a reality for all humankind to one day travel to space, Jerome Peschard has created a limited-edition series of 50 XR-NFTs and 1 Digital-Physical Asset Based XR-NFT allegory entitled “Rush of Mars“. The “Rush of Mars” allegory will feature a 150X150cm physical original artwork from pop artist Jerome Peschard. Jerome’s canvas of choice are rusty steel sheets from building construction sites pieced together to form the masterpiece. The creation has a neon greenish light on the words “Rush of Mars” the neon light will slowly flash 2-3 times, before an electric spark ignites the electrode gas in the neon, to light up the letters. Additionally, viewers will experience a humming sound that atoms make when getting electrically charged inside the vacuum tube. NFC Tag From the greenish futuristic hue, with elements of 1950s fast-food signage, to a countdown of a rocket ship, electric futuristic vehicle, 60s style female model and flying saucers, including many hidden elements, gives us a true sense of the allegory of “Rush to Mars”. This physical masterpiece asset will have an NFC-Tag that can be scanned by any smartphone to open the XR-NFT, it will show multiple 3D elements, and sounds to bring this masterpiece to life in a digital and blockchain world. The purpose of the NFC-Tag is to give not only the owner a unique sensorial experience and transfer the asset but to also give anyone that experience when admiring this masterpiece in any museum, gallery, or private showing. The limited-edition series of 50 XR-NFTs, will each have one unique element chosen by Jerome and minted on the blockchain. Own an XR-NFT With this unique XR-NFT series, Santo Blockchain has made it possible for art aficionados around the world to purchase artworks from renowned artists like Jerome Peschard. Interested parties can sign up for the presale waiting list through Santo Blockchain. The limited edition of 50 XR-NFTs are set to be minted in mid-August and will be available to buy with ETH. Anyone interested in the unique creations can stay up to date about the minting details, and future airdrops via the Santo Blockchain social media channels. The hope is that one day, in the not-so-distant future; not only will humans travel to space, but also take these digital assets along, empowering us to enjoy and to barter in these new frontiers. Santo Blockchain Socials Twitter | Reddit | Linkedin | YouTube Media Contact Details Contact Name: Franjose Yglesias Contact Email: frank@sbl.dev Santo Blockchain Labs is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 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

Attackers are abusing an attack vector present in one of the most popular execution engines (Argo Workflows) to repurpose Kubernetes systems to mine cryptocurrencies. The attack exploits a vulnerability in the system of permissions of Argo Workflows machines connected to the internet, deploying malicious workflows that install Monero-based containers. Attackers Leveraging Argo Workflows for Crypto Mining A group of attackers discovered a new attack vector that uses a vulnerability in the permission system of Argo Workflows, one of the most used execution engines for Kubernetes, to install cryptocurrency mining modules in machines connected to the internet. This vulnerability means that every instance of Kubernetes, one of the most used cloud computing systems, could be used to mine Monero if it is paired with Argo Workflows. A report from Intezer, a cybersecurity firm, informs they have already identified infected nodes and others vulnerable to this attack. The unprotected nodes allow any user to ping them and insert their own workflows into the system. This means anyone can use the resources in a vulnerable system and direct them to any task. Luckily for attackers, there are several Monero-based cryptocurrency mining containers that can be leveraged easily to start mining Monero using these Kubernetes machines. Most of them are derived from kannix/monero-miner, but there are more than 45 other containers available to use. This is why security experts are anticipating large-scale attacks involving this vulnerability. Cloud Computing Vulnerability This is just one of the recent attack vectors compromising cloud computing platforms and being used to enable cryptocurrency mining. Just last month, Microsoft informed of a similar attack that also targeted Kubernetes clusters with Kubeflow machine learning (ML) instances. Attackers use the vulnerable nodes to mine monero and also ethereum using Ethminer. Attacks to this kind of platform started gaining traction back in April 2020, when Microsoft reported an instance that caused tens of thousands of infections in just two hours. These attacks have also prompted companies to switch their policies to avoid abuse. This is the case of Docker, which had to put limits to the free tier of its product because attackers were using its autobuild function to deploy cryptocurrency miners in its free servers. What do you think about these attacks targeting Kubernetes nodes? Tell us in the comments section below. View the full article

The upcoming Tesla Q2-2021 earnings call, which will be announced this Monday after market hours, will at last shed some light on what has happened with the company’s bitcoin holdings. The company held more than 1.5 billion dollars in bitcoin on Q1 and has reported only one sale to “test the market’s liquidity” according to its CEO, Elon Musk. The cryptocurrency community has been patiently waiting in anticipation to see the disclosures stemming from Tesla’s forthcoming earnings report. Tesla’s Earnings Call Generates Expectation in the Bitcoin Community The upcoming earnings call of Tesla, the leading electric car manufacturer, has generated expectations in the Bitcoin community due to the large bitcoin (BTC) stash the company holds on its balance sheet. The CEO of Tesla, Elon Musk, jumped on the bitcoin bandwagon last quarter when he announced Tesla’s purchase of $1.5 billion earlier this year. The current status of this bitcoin stash is unknown, and it will be revealed on Monday if the company sold, held tightly, or bought the dip during Q2. There is just one publicly recorded sale of Tesla’s bitcoin holdings. The company reportedly sold $272 million in bitcoin last quarter to test the liquidity of the market. At the time, the news created a temporary slump in prices. However, Musk was quick to state that this was just a test to ensure the market could manage these kinds of sales. Then, Musk had a change of heart about the Bitcoin network and its effects on the environment, something that created a schism between the entrepreneur and the crypto community. Tesla Promoted a Green Narrative Tesla stopped supporting bitcoin for payments for electric cars due to environmental concerns stated last May, a fact that started the recommendations for a more effective and greener cryptocurrency for payments by the company. At that time, Musk also signaled his personal preference for dogecoin (DOGE) and announced the changes the Dogecoin network would have to complete to fulfill this role. Dogecoin developers have been prepping the network so it can offer cheaper transaction fees. At the B Word event, a cryptocurrency conference that took place this week, Musk stated he would like for bitcoin to succeed, even after his harsh criticism of the currency. Musk hinted Tesla’s holdings were still intact when he declared “I might pump but I don’t dump.” But, due to the mixed signals offered by Musk, the only trustable data on the subject will be released next Monday. What do you think about Tesla’s position on Bitcoin and its holdings? Tell us in the comments section below. View the full article

FTX CEO Sam Bankman-Fried told his Twitter followers on Sunday that his crypto exchange has lowered its margin trading limit from 101x to 20x. Prior to the change, FTX supported 50x, 100x, and 101x leverage but Bankman-Fried said these high leverage positions represent “a tiny fraction of volume.” FTX CEO Announces Cutting Leverage Limits, 2x Leverage the Most Common FTX customers will have to adjust to changes as the crypto-asset exchange has dropped its max leverage rate from 101x to 20x this weekend. Of course, the formerly supported 50x, 100x, and 101x positions are considered high leverage. Bankman-Fried told his 233,000 Twitter followers the news on Sunday when he stressed that “an effective margin system is integral to an efficient economic system” and added that “there are limits to everything, though.” Bankman-Fried added: There’s been a bunch of discussion recently around high leverage (> 20x). Nearly every crypto derivatives exchange allows it, and nearly every one will say the same thing: It’s a tiny fraction of volume and positions. Margin trading is often called leverage trading because it allows a trader to leverage their position and multiply it. A margin trader with 100x leverage can multiply either profit or loss by 100 times. High leverage trading has been considered risky and regulators from a few countries have limits on the amount of leverage an exchange can offer. With 100x leverage, even smaller than usual swings in price, can either give a trader nice profits or liquidate them in a matter of seconds. At FTX, Bankman-Fried says liquidations represent a very small part of the exchange’s action. “For us, like liquidations, it’s way less than 1% of our volume and positions,” Bankman-Fried remarked. “It’s not a significant part of the exchange. It’s also not what chiefly contributes to volatility. Liquidations do, [on] some exchanges (although generally not so much FTX). But > 20x is small.” The FTX CEO further explained the average margin position held on the trading platform. Bankman-Fried stated: The average leverage used on FTX is ~2x. Crypto Proponents Respond to Exchange’s New Leverage Limit A number of crypto proponents and industry veterans discussed the decision FTX made and some people claim a lot more exchanges will follow FTX’s lead. “FTX has decided to remove all leverage over 20x from their platform,” Morgan Creek Digital’s Anthony Pompliano tweeted. “The assumption would be [that] most other platforms will follow suit over time,” he added. Galaxy Digital’s Mike Novogratz replied to Pompliano’s tweet and said: “20x on an 80 vol instrument is still insanity.” Investor and financial writer Lyn Alden also responded to Pompliano’s tweet and remarked: “It’s like a bar implementing a 10-drink maximum per customer after some bad weekends. Lower than before but still like… a lot of alcohol.” .@binance futures started limiting new users to max 20x leverage last Monday, Jul 19th, 7 days ago. (We didn't want to make this a thingy). In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks. Stay #SAFU. 🙏 — CZ 🔶 Binance (@cz_binance) July 26, 2021 The CTO of Bitfinex and Tether, Paolo Ardoino, decided to speak on the subject as well. “Finex could do 21%. Feels the right limit for bitcoin,” Ardoino tweeted. “Jokes aside, it makes sense to limit leverage. On a 100x position, a 0.5% market move liquidates you. Our upcoming x-margin [is] meant to reduce leverage to 25%. Glad to see FTX being [a] first mover.” The head of product at Messari, Qiao Wang liked the idea that FTX was self-regulating. “Reducing leverage from 100x to 20x won’t materially impact system-wide leverage,” Wang wrote on Sunday. “But optics matter. I’d like to the world to see us not as a giant greedy casino but as an industry capable of self-regulating. Good 1st step by FTX and would love to see other exchanges follow suit.” What do you think about FTX’s decision to lower leverage from 101x to 20x? Let us know what you think about this subject in the comments section below. View the full article

CNBC’s stock analyst and crypto investor Jim Cramer says he’s still bullish on his choice to invest in ethereum after removing bitcoin from his portfolio. Three days ago, Cramer tweeted that he’s “sticking with” his ethereum position “but not adding to it.” Jim Cramer: ‘Ether Is a Pied Piper Security’ A number of CNBC broadcast hosts are proponents of cryptocurrencies and Jim Cramer, the host of the “Mad Money” show is one of these individuals. At the end of June, Bitcoin.com News reported on how Cramer moved his bitcoin position into ethereum instead and he opined that ether was “more of a currency.” A few days ago, Cramer tweeted about sticking to his ETH position but also emphasized that he wasn’t adding to it. Cramer also discussed his fondness for ethereum (ETH) in a recent interview with the news outlet thestreet.com. Jim Cramer who was once a bitcoin bull has now turned his attention to ethereum. In fact, in late June Cramer said he wanted BTC to get “wrenched out” when he said: “Have you noticed how low bitcoin is and how it seems to be hanging by a thread? Once again, a sign of speculative excess. I like bitcoin, but I want to see it wrenched out before I get in again.” The host of the “Mad Money” show explained during the interview that he believes ethereum is “the Pied Piper of cryptocurrency.” Cramer expressed his thoughts after Elon Musk’s discussion with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood. The CNBC broadcast host explained to thestreet.com that the Tesla founder had an influence on the price. “You should go buy Ethereum for trade, ETH is going to run and I may bail on half my position if we get about 20% up (for ETH) and I think we will,” Cramer said. The CNBC show host added: Musk is out there saying he buys Ethereum, and therefore Ethereum goes higher. It’s a Pied Piper security. Mad Money Host Highlights Ethereum’s Dominance in the NFT Sector Cramer vouched for ethereum’s use cases and discussed the fact that people are buying non-fungible token (NFT) collectible assets like the Steve Jobs handwritten job application NFT. The CNBC show host remarked that most NFTs are typically purchased with ether today. A number of individuals responded to Cramer’s tweet that noted he wouldn’t be adding to his position. While many people disagreed with Cramer’s point of view and even implied his exposure to crypto was merely “ethereum shares,” a few people responding to his thread agreed with Cramer. Some people questioned Cramer in a different manner and wanted him to elaborate on why he wasn’t stacking more ether. “$4,400 was the ATH for ETH set in April of this year,” one person said in response to Cramer’s ETH position tweet. “We’re currently sitting at approximately $2K per unit representing basically a 55% retracement. Curious as to why you wouldn’t take advantage of this opportunity? Do you foresee lower prices? Care to elaborate?” the individual asked. For someone who believes ethereum is a “Pied Piper security,” Cramer’s tweet seemingly reveals uncertainty. Since his tweet concerning his ethereum position, the “Mad Money” show host has been tweeting about tech stocks and equities tied to the franchise Domino’s Pizza. What do you think about Jim Cramer saying ethereum is a Pied Piper security? Let us know what you think about this subject in the comments section below. View the full article

A portfolio strategist for American financial services firm Morningstar says that cardano could become a mainstream cryptocurrency alongside bitcoin and ether, forming a “big three” of mainstream cryptocurrencies. Strategist Believes Cardano, Ether, Bitcoin Could Become Mainstream Cryptocurrencies Amy Arnott, a cryptocurrency-focused portfolio strategist at Morningstar, shared her views on crypto regulation, ether, and cardano in an interview with the Insider last week. Noting that since many cryptocurrencies are not cash-generating, Arnott said it is difficult to determine a suitable price for them. However, she explained that ether has an in-built price to an extent because it is used to power decentralized finance (defi) transactions and support non-fungible tokens (NFTs). The strategist elaborated: The fact that ether is used as a utility should provide some sort of price floor, but I’m not sure what that should be. A lot of people talk about a network effect where these currencies become more valuable as they are used more and there are more interdependencies and connections. Arnott also believes that cardano (ADA) is a promising cryptocurrency that could join bitcoin and ether to form a “big three” of mainstream cryptocurrencies. She elaborated: Cardano is similar to ethereum in that it’s a protocol that has a lot of potential technical applications. There’s a lot of enthusiasm about cardano, and also various stablecoins. The Morningstar strategist continued to share her view on the institutional adoption of cryptocurrencies. “The interesting thing that’s happened over the past year or so is that institutional investors have been far more willing to adopt cryptocurrencies and look at them as an investment asset. As that trend continues we’ll see other cryptocurrencies become more mainstream,” she opined. She noted that she would really like to see a diversified cryptocurrency index fund in the form of an exchange-traded fund (ETF). However, the U.S. Securities and Exchange Commission (SEC) still has not approved any crypto ETF, making it “very difficult for mainstream investors to gain exposure to cryptocurrencies.” Arnott opined: Regulatory risk is a big issue – that’s been the driving factor behind a lot of the volatility over the past few months. If governments around the world clamp down on crypto in general, or bitcoin and ether specifically, that would be a large negative. What do you think about the comments by the Morningstar strategist? Let us know in the comments section below. View the full article

Twitter CEO Jack Dorsey says that bitcoin will be a big part of the company’s future. “If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet,” he said. Bitcoin Set to Be a Big Part of Twitter Twitter announced its quarterly earnings Thursday that beat analysts’ forecasts. During the company’s Q2 earnings call, CEO Jack Dorsey said that bitcoin would be a “big part” of the company’s future. Dorsey said during the call: “There are three trends relevant to Twitter and you, our shareholders: AI, decentralization, and the Internet finally having access to a global native currency in bitcoin. All these will help us do our jobs better, and we intend to lead the way in each.” During the Q&A part of the call, Douglass Anmuth, an analyst with JPMorgan Chase & Co., asked Dorsey about how he sees bitcoin becoming more integrated into Twitter, particularly around some of the newer products like Super Follows and Spaces, and how they can drive both engagement and monetization for Twitter over time. “I’ve been tweeting and talking a lot about Bitcoin,” Dorsey replied. “Focusing on the use case of the Internet having native currency and that bitcoin probably is the best, actually known to be the best candidate for that role, that’s what I think we should really focus on.” The CEO added: “If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscription, Tip Jar, and we can reach every single person on the planet because of that instead of going down on market-by-market approach.” He further opined: I think this is a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. “There’s an obvious need for this and appreciation for it. And I think an open standard that’s native to one of that is the right way to go, which is where, why my focus … our focus … should be on Bitcoin. So I do think it allows speed. It allows a lot more innovation, and it really opens up entirely new use cases for everyone on Twitter,” he opined. Last week, Dorsey said that his other company, Square Inc., is developing a new business focused on “decentralized financial services” using bitcoin. Dorsey was recently also featured speaker at the bitcoin event “B Word” alongside Tesla and Spacex CEO Elon Musk and Ark Investment Management (Ark Invest) CEO Cathie Wood. What do you think about Twitter saying that bitcoin will be a big part of its future? Let us know in the comments section below. View the full article

A U.S. senator has launched an investigation into the rise of ransomware attacks as well as how cryptocurrencies facilitate cybercrimes. “The investigation will also look into current oversight efforts and regulations related to virtual currencies,” the senator explained. Investigation Into Crypto’s Use in Cybercrimes U.S. Senator Gary Peters announced last week a bipartisan “investigation into [the] rise of ransomware attacks and how cryptocurrencies facilitate cybercrimes.” Peters is the chairman of the Homeland Security and Governmental Affairs Committee. He has led several efforts to bolster the U.S. cybersecurity defenses. The announcement states that he “is conducting an investigation into the role cryptocurrencies continue to play in emboldening and incentivizing cybercriminals to commit ransomware attacks that pose an increasing threat to United States national security.” Senator Peters stated: The increased use of cryptocurrencies as the preferred method of payment in ransomware attacks shows that cybercriminals believe they can commit attacks without being held accountable. Ransomware attacks increased 150% in 2020 over the previous year, and more than $412 million was paid to cybercriminals in ransom through cryptocurrencies during that same time period, the senator noted. He added that this month, a ransomware attack paralyzed the networks of nearly 200 companies and hackers demanded nearly $70 million in cryptocurrency to unscramble the affected networks. The investigation “will examine the rise in ransomware attacks, how cryptocurrency emboldens cybercriminals and how federal regulators and lawmakers can work to disrupt the incentive to commit crimes in exchange for cryptocurrencies,” the announcement details, elaborating: The investigation will also look into current oversight efforts and regulations related to virtual currencies, as well as make recommendations into how lawmakers and federal agencies can work to ensure all Americans can safely benefit from access to cryptocurrencies while ensuring they are not providing an incentive for criminal organizations and foreign adversaries to continue assaulting American networks and communities across the nation. What do you think about this crypto investigation launched by Senator Peters? Let us know in the comments section below. View the full article

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the crypto ATM tracking website Coinatmradar. At the time of writing, the total number of crypto ATMs worldwide stands at 24,022 locations. The machines are located in 75 countries. The U.S. tops the list with 21,161 locations, followed by Canada with 1,698 locations and the U.K. with 174 locations. There are 42 cryptocurrency ATM manufacturers. Genesis Coin tops the list with 9,813 machines, followed by General Bytes with 5,720, Bitaccess with 2,766, and Coinsource with 1,684 machines. The largest crypto ATM operator out of 617 operators in total is Bitcoin Depot, which has 3,793 machines, followed by Coin Cloud with 2,629, and then Coinflip with 2,498 machines. Last week, a leading convenience and fuel retailer, Circle K, announced that it has started deploying bitcoin ATMs in its stores across the U.S. and Canada. More than 700 machines have already been installed in partnership with Bitcoin Depot. “By adding bitcoin ATMs to the company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology,” said the leading bitcoin ATM operator. Recently, a couple of operators partnered with celebrities to promote their cryptocurrency ATMs. Coin Cloud teamed up with award-winning director Spike Lee to produce a short film titled “The Currency of Currency” starring and directed by Lee. Coinflip partnered with actor and bitcoin investor Neil Patrick Harris in June on a marketing campaign. “I’m pleased to partner with them and spread the word about how their ATMs and online trade desk services work so more people can have access to the exciting world of cryptocurrency,” said Harris. What do you think about the growing number of cryptocurrency ATMs worldwide? Let us know in the comments section below. View the full article

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state with some well-known players now looking to hire local talent. Major Crypto Companies Set Up European Branches in Ireland, Fill New Positions California-based cryptocurrency exchange Kraken has chosen Ireland as its European base, the Irish daily Independent reported. The company, a major provider of digital asset trading services in the United States is now forming a team in Dublin to support its European operations, the newspaper revealed on Sunday. According to the publication, the crypto platform has around 2,000 employees globally. Three ads for open positions with Kraken have been published on Glassdoor in the past month or so – for software project manager, compliance risk officer, and senior site reliability engineer. The exchange was also looking for an Operational Resiliency Specialist on Linkedin. All of them are based in the Irish capital. Another U.S. digital currency exchange that’s building up a base in Dublin is Gemini, the Independent wrote earlier in July. The New York-headquartered crypto company has applied for an electronic money license from the Central Bank of Ireland which it hopes to use to access other EU markets. The crypto platform obtained regulatory approval in the U.K. last year. To facilitate its European expansion plan, Gemini has already hired Gillian Lynch to manage its operations on the Old Continent from Ireland. The executive has previously served as a chief operating officer of Leveris, a fintech firm, and as head of retail planning at Bank of Ireland. Lynch occupied the latter position for several years. The crypto exchange has also filled a number of other vacancies in the island nation. The list includes a head of finance and a head of risk and compliance. Gemini is now recruiting accounting managers and traders as well. People who will be appointed to these positions will be expected to handle orders on behalf of its customers. Not only crypto-focused companies but also financial institutions with aspirations to get involved in the market have been choosing Ireland as a destination for their digital asset business. Following a decision to enter the crypto space in February, U.S. giant Bank of New York Mellon established a ‘Digital Innovation Hub’ in Dublin in May. The unit will operate as a crypto asset custodian holding and transferring digital currencies for its clients. In June, the Irish press reported that Goldman Sachs-backed fintech firm Blockdaemon plans to expand its presence in Galway as it looks for acquisitions. The company which develops blockchain technology for financial service providers opened an office in the western Irish city some three years ago and has since started hiring talent for remote positions across Ireland. It currently has ten employees, seven of which are based in Galway with the rest residing in other parts of the country. Furthermore, the latest findings from the Cambridge Bitcoin Electricity Consumption Index also note that 2.27% of Bitcoin’s hashrate is situated in Ireland. Do you expect Ireland to attract more companies from the crypto industry? Let us know in the comments section below. View the full article

The Bank of Namibia (BON) is on course to complete its study into cryptocurrencies by April 2022, the central bank governor, Johannes Gawaxab recently confirmed. The governor however reiterated that cryptocurrencies are not legal tender as there is currently no provision for digital currency use in the country’s laws. Although Gawaxab did acknowledge that cryptocurrencies “are not a bad thing,” he still argues that attempts to approve the use of cryptocurrencies in Namibia will not be easy. In a video shared by the country’s state broadcaster, the governor explains why it’s almost impossible to formally introduce cryptocurrencies in that country. He explained: As Common Monetary Area [CMA] four countries, Lesotho, Swaziland, South Africa and Namibia, we need to collectively look at the cryptocurrencies. We cannot look at [this] just as one country because this going to impact the [entire] CMA currency pool. The Governor’s Crypto Warning Namibia, as a member of CMA, is obliged to pursue foreign exchange and monetary policies that are consistent with those of the three other member countries. Therefore, as the Gawaxab indicates, Namibia will only move to incorporate cryptos when the CMA — whose policies are reportedly heavily influenced by the South African Reserve Bank — collectively agrees to this. However, despite the lack of laws that govern the use of digital currencies, Gawaxab still warned Namibians of the dangers of cryptocurrency trading. Gawaxab’s warning marks the second time the BON has expressed concern over the proliferation of crypto-related scams. As reported by Bitcoin.com News in June 2021, the central bank has previously warned Namibians that it would not entertain complaints by victims of cryptocurrency-related scams. What are your thoughts on BON’s remarks about cryptocurrencies? Tell us what you think in the comments section below. View the full article

A class-action lawsuit has been filed against cryptocurrency exchange Coinbase, its executives, and investors over the company’s direct listing on Nasdaq. “According to the complaint, the registration statement and prospectus used to effectuate the company’s offering were false and misleading,” the lawsuit alleges. Class Action Lawsuit Against Coinbase Scott+Scott Attorneys at Law LLP announced Friday that it has filed a securities class action lawsuit against Coinbase Global Inc. (NASDAQ: COIN), with Donald Ramsey as the lead plaintiff. The lawsuit also names several Coinbase directors and officers, including CEO Brian Armstrong, as defendants. Other defendants include venture capital firms and investors that benefited from Coinbase’s direct offering, including Marc Andreessen, Fred Ehrsam, Fred Wilson, AH Capital Management, Tiger Global Management, Union Square Ventures, and Viserion Investment. Coinbase is the largest cryptocurrency exchange in the U.S. According to its website, the company currently has approximately 56 million verified users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries. The company went public on April 14 through a direct listing on Nasdaq, making available 114,850,769 shares of its Class A common stock to the general public. Coinbase’s shares began trading on the Nasdaq exchange at $381 per share. The law firm explained: According to the complaint, the registration statement and prospectus used to effectuate the company’s offering were false and misleading. Moreover, Coinbase allegedly “omitted to state that, at the time of the offering,” it “required a sizeable cash injection” and its “platform was susceptible to service-level disruptions, which were increasingly likely to occur as the company scaled its services to a larger user base.” In addition, the lawsuit claims that “as a result of the foregoing, the positive statements about the company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.” Stock chart of Coinbase Global (NASDAQ: COIN) The lawsuit further states: As the truth about the company’s need to raise cash and its platform’s limitations reached the market, the value of Coinbase’s shares declined dramatically. What do you think about the lawsuit against Coinbase, its executives, and investors? Let us know in the comments section below. View the full article