roadrunner

Saudi Aramco, the largest oil and gas company by market cap, has partnered with SBI Holdings, a financial services group in Japan, to explore a potential collaboration for investing in digital assets. SBI also contemplates the launch of a subsidiary in the Middle East to expand its influence in the region. Oil Colossus Saudi Aramco Mulls Investing in Digital Assets Saudi Aramco, the largest oil and gas company, might be on the brink of investing in digital assets. The company, which has a market capitalization of over $2 trillion, has signed a memorandum of understanding (MOU) with SBI Holdings, a financial services company in Japan, to explore a collaboration in various fields of investment, including digital assets. The MOU establishes that both companies will collaborate “in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets.” SBI has an extensive investment in companies that use digital assets in their business models. The company has recently partnered with stablecoin company Circle and has a long-time collaboration with Ripple, a crypto-based payments company. The memorandum details that Saudi Aramco will identify and support Japanese startups in the digital assets area that wish to expand their business to the Middle East, supporting their entry and growth in the region. The alliance also extends to the field of semiconductors, as the document states that the company might launch several undetermined projects in this industry, establishing factories in Saudi Arabia and Japan through Powerchip Semiconductor Manufacturing Corporation, a Japanese organization. SBI Holdings revealed plans to open a subsidiary called “SBI Middle East” to expand the company’s influence into the region and explore new business avenues. Saudi Aramco has invested in blockchain-linked companies before. Its first deal in the arena happened in 2020 when the company invested $5 million in VAKT, a global commodities blockchain digitization business. Also, the company signed an MOU with Droppgroup, a Web3 tech development platform, in February. What do you think about Saudi Aramco’s potential crypto investments? Tell us in the comments section below. View the full article

PRESS RELEASE. Road Town, BVI, December 13, 2023 – In a significant move for cryptocurrency and mobile technology enthusiasts, LBank Exchange, a premier global digital asset trading platform, has announced the listing of FINSCHIA (FNSA) on December 14, 2023. Users of LBank Exchange can brace themselves for the FNSA/USDT trading pair, which will go live at 6:00 UTC on the slated date. FINSCHIA (FNSA), evolving from its predecessor, the LINE Blockchain since 2019, aims to be the world’s leading blockchain ecosystem with the ambition of popularizing Web3 and reaching over 1 billion users. As a public mainnet, Finschia continues the vision and mission of LINE Blockchain, focusing on essential service growth, increasing token demand, and adhering to the principles of the Finschia Token Economy 2.0. Introducing FINSCHIA: Pioneering user-centric blockchain for Web3 adoption LBank Exchange is thrilled to announce the upcoming listing of FINSCHIA (FNSA), a pioneering project in the blockchain space, designed to address the key challenges hindering widespread adoption of blockchain technology. Their approach centers on improving user experience, creating a more inclusive market, and establishing clear principles for a token economy. The project’s ethos is to democratize the benefits of blockchain, making it accessible and beneficial for a broader audience beyond just investors. The token economy is crafted to ensure equitable distribution of rewards, promoting a sustainable and growth-oriented ecosystem. By focusing on a balanced token model, Finschia aims to attract a diverse range of participants, from casual users to serious investors, ensuring everyone benefits from the ecosystem’s growth. Technologically, Finschia introduces innovative solutions to streamline blockchain usage. Their focus is on creating a user-friendly interface and removing technical barriers that often deter non-technical users. This emphasis on ease of use is a cornerstone of their strategy to bring blockchain technology into everyday use, making it as simple and intuitive as any conventional digital platform. Lastly, Finschia’s strategic roadmap outlines their vision for future expansion and development. This roadmap is a comprehensive plan detailing how Finschia intends to evolve, highlighting milestones and objectives. It reflects their commitment to continual improvement and adaptation, ensuring the platform remains at the forefront of the blockchain revolution. About FNSA Token The FNSA token is an integral component of the Finschia ecosystem, serving as the primary medium of exchange and utility within the platform. Designed to incentivize participation and ensure a balanced distribution of benefits, the FNSA token facilitates various transactions and activities within the ecosystem. Its role is pivotal in fostering a sustainable economic model, encouraging engagement, and supporting the overall growth and functionality of the Finschia network. FNSA token distribution is structured as 50% for Network Contribution Rewards, 30% for Service Contribution Rewards, and 20% reserved for various ecosystem needs. The token is poised for its debut on LBank Exchange at 6:00 UTC on December 14, 2023. Investors who are interested in FNSA can easily buy and sell on LBank Exchange after that time. Learn More about FNSA Token: Official Website: https://www.finschia.network/ Twitter: https://twitter.com/finschia Facebook: https://www.facebook.com/finschia/ Medium: https://finschia.medium.com/ Discord: https://discord.gg/finschia/ Explorer: https://explorer.blockchain.line.me/finschia Github: https://github.com/finschia About LBank LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies. Start Trading Now: lbank.com Community & Social Media: l Telegram l Twitter l Facebook l LinkedIn l Instagram l YouTube Press contact: press@lbank.com Business Contact: LBK Blockchain Co. Limited LBank Exchange marketing@lbank.com business@lbank.com 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

Galaxy Digital founder and CEO Mike Novogratz has admitted that his past perception of XRP and Ripple was “dead wrong.” Novogratz now sees Ripple as an institution and the XRP army as a “real” organization that cares about the ecosystem and the coin. The billionaire believes that the current U.S. government’s unmatched spending has spurred the economy, but admitted there would be a price to pay down the road. Ripple’s Unconvincing Business Proposition The founder and CEO of Galaxy Digital, Mike Novogratz, recently said his perception of XRP and Ripple’s business proposition was “dead wrong.” Novogratz, a billionaire, added that he now sees the so-called XRP army as a real entity that “cares” about the ecosystem and the digital asset. In his remarks, while appearing on Raoul Pal’s Real Vision show, Novogratz conceded that he was skeptical about XRP’s prospects primarily because Ripple at one point held 60% of the coin. According to the billionaire, when one organization holds that much share of the circulating coins, such a business proposition is not going to work. However, seeing XRP emerge from several setbacks in the past few years has now seen the Galaxy CEO change his perception of Ripple and its leadership. “Hats off to Brad Garlinghouse and his team. Ripple is now an institution, the XRP army is real, they care about their ecosystem and their coin,” Novogratz said. ‘No One Is Buying Stuff With BTC’ Meanwhile, when asked about the prospects of bitcoin (BTC) becoming the future currency for everyday purchases, the billionaire said he does not see this happening. Although it started off functioning as a currency for regular payments, according to Novogratz, “no one is buying stuff with bitcoin.” 🧵 Alpha time: @novogratz x @RaoulGMI Please enjoy 5 takeaways from this convo… 🫡 1/ 🚀 Novo on Ripple's $XRP triumph against all odds: "I was wrong…" https://t.co/aleePocwRQ pic.twitter.com/T3rXFbbF3L — Real Vision (@RealVision) December 10, 2023 When asked about the U.S. government’s unprecedented spending which now equates to around 25% of the country’s gross domestic product (GDP), the billionaire believes the unparalleled expenditure helped to spur the economy. He, however, admitted that there would “be a price to pay down the road.” Concerning the prospects of the ethereum (ETH) spot exchange-traded fund (ETF), Novogratz said he does not see this doing as well as the spot bitcoin ETF unless there is a way of getting the staking rewards. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Luke Dashjr, Bitcoin developer and CTO of Mummalin, has registered a method that allows Ordinal inscriptions to be saved on the Bitcoin blockchain as a code vulnerability. The vulnerability, CVE-2023-50428, states that “datacarrier size limits can be bypassed by obfuscating data as code,” as Ordinal inscriptions do to embed images and other kinds of data directly onto the BTC blockchain. Luke Dashjr Registers Bitcoin Vulnerability CVE-2023-50428 Luke Dashjr, Bitcoin developer and CTO of Mummalin, the company behind the Ocean mining pool, has registered the method that allows Ordinal inscriptions to embed data directly on top of the Bitcoin blockchain as a vulnerability. The vulnerability, registered as CVE-2023-50428, describes how the Ordinals protocol allows this data to be obfuscated and embedded into the chain. The description of the so-called vulnerability explains: In Bitcoin Core through 26.0 and Bitcoin Knots before 25.1.knots20231115, datacarrier size limits can be bypassed by obfuscating data as code (e.g., with OP_FALSE OP_IF), as exploited in the wild by Inscriptions in 2022 and 2023. The National Institute of Standards and Technology’s (NIST) National Vulnerability Database (NVB), which hosts a copy of the Common Exploits and Vulnerabilities (CVE) list, gives this exploit a 5.3 score, identifying it as a “medium” threat. Dashjr, who has already stated that Ordinal inscriptions are a bug and expects to get the issue fixed in the next release of the Bitcoin Core full node software, is facing enormous criticism from the Bitcoin community. Other developers have conceptually rejected the fix for this “vulnerability,” already proposed as a patch for Bitcoin Core in September. Peter Todd, a Bitcoin Core developer who opposes this change, explained that: It is very unlikely that miners will give up that source of revenue. Censoring those transactions would simply encourage the development of private mempools – harmful to small miners – while making fee estimation less reliable. In the same way, Bitcoin contributor Sjors Provoost stated that the approach taken by Dashjr “does not create an incentive to use a slightly less harmful method to post ‘spam,'” encouraging programmers to find more innovative ideas to avoid the proposed filter. Ocean, a Bitcoin mining pool, uses a fork of Bitcoin Core developed by Dashjr, called Knots, which has been criticized for censoring Samourai Wallet’s private transactions after applying this fix targeting Ordinal inscriptions. What do you think about the Bitcoin CVE-2023-50428 vulnerability? Tell us in the comments section below. View the full article

The U.K. Financial Conduct Authority (FCA) has revealed that it has dealt with over 1,400 crypto cases between January 2020 and June 2023. The regulator noted that “a shortage of crypto skills meant the FCA took longer than planned to register crypto-asset firms under money laundering regulations.” 1,400 Cases Related to Unregulated Crypto-Asset Activity The U.K. National Audit Office (NAO) issued a report on Friday titled “Financial services regulation: Adapting to change.” The NAO, which examines public spending for Parliament, operates independently of the government and the civil service. “The financial services sector is also undergoing significant changes: whole new sets of products, such as crypto-assets, and rapid advances in technology, such as AI, provide opportunities for innovation but also risks to businesses and consumers which the FCA [Financial Conduct Authority] must plan for,” the report details, adding that there were: 1,400 cases related to unregulated crypto-asset activity that the FCA has dealt with between January 2020 and June 2023. The FCA began supervising crypto firms in January 2020 through money laundering regulations. Any firm wishing to exchange currency for crypto, vice versa, or safeguard crypto assets in the U.K. must register and be supervised by the FCA. Existing firms had to register by January 2021, while new firms must do so before operation. “The FCA assessed 158 applications between 2020 and 2021. Only 29 firms were registered, and the others were withdrawn, refused or rejected. The FCA created a temporary registration regime for firms to continue to operate after the deadline while it completed their assessments, and all cases were resolved by March 2022,” the NAO report states. “While the FCA has required crypto-asset firms to comply with anti-money laundering regulations since January 2020, and began supervision work including engaging with unregistered firms, it did not begin taking enforcement action against illegal operators of crypto ATMs until February 2023.” The report further explains, “There can be a significant delay between the FCA identifying an issue to tackle, and it taking regulatory action,” elaborating: The FCA is aware it needs to maintain specialist skills to avoid causing delays in its work — for example, a shortage of crypto skills meant the FCA took longer than planned to register crypto-asset firms under money laundering regulations. The FCA also monitors firms for violations of the financial promotions regulations. The report notes that the FCA has “a dedicated team to tackle high risk and illegal financial promotions,” adding that more than 3,150 crypto-asset scams were reported in 2020, rising to more than 6,300 in 2021 and more than 3,900 in the first half of 2022. “The FCA published a public list of unauthorised firms and since this list has been published more than 300 firms have been flagged by the FCA,” the report notes. What do you think about the U.K. regulatory environment for crypto? Let us know in the comments section below. View the full article

The International Monetary Fund (IMF)’s first deputy managing director has warned of the risk of Cold War II. Noting that in the Cold War, it was the U.S. and the Soviet Union, the IMF official stressed that now it is the U.S. and China. “If fragmentation deepens, we could find ourselves in a new Cold War,” she cautioned. IMF Official Warns of Cold War II International Monetary Fund (IMF) First Managing Deputy Director Gita Gopinath discussed “Cold War II” in her speech on Monday at the 20th World Congress of the International Economic Association in Colombia. The IMF official began by stating that she believes we are “at a turning point.” She then discussed whether we are “on the brink of Cold War II,” citing historian Niall Ferguson’s argument that it has already begun. She analyzed the “parallels and differences between the Cold War and today” to explore this question, adding: In the Cold War it was U.S. and Soviet Union, now it is U.S. and China. But the stage on which these forces are unleashed is fundamentally different along several dimensions. “To start, the degree of economic interdependence between countries now is higher, as economies have become much more integrated into the global marketplace and through complex global value chains. Global trade to GDP is now 60 percent compared to 24 percent during the Cold War. This will likely raise the costs of fragmentation,” the IMF official detailed. “There is also greater uncertainty on the bloc with which countries may choose to associate. Within-country swings in the ideology of the political leadership have increased compared to the Cold War era and make it difficult to pin down allegiances. This uncertainty can further raise costs.” She opined: “If we descend into Cold War II, knowing the costs, we may not see mutually assured economic destruction. But we could see an annihilation of the gains from open trade. Ultimately, policymakers must not lose sight of those gains. It is in their — and everyone’s — best interest to advocate strongly for a multilateral rules-based trading system and the institutions that support it.” While the IMF official noted that “there are no signs of broad-based retreat from globalization,” she cautioned that “fault lines are emerging as geoeconomic fragmentation is increasingly a reality.” Gopinath warned: If fragmentation deepens, we could find ourselves in a new Cold War. “The economic costs of Cold War II could be large. The world has become much more integrated, and we face an unprecedented breadth of common challenges that a fragmented world cannot tackle,” she opined. “After all, many emerging and developing countries face the biggest losses from a fragmented world, and while some benefit in the early stages of fragmentation, all lose in a full-blown Cold War.” What do you think about the IMF official’s warning about a new Cold War? Let us know in the comments section below. View the full article

U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Senator Warren. Elizabeth Warren’s Crypto Bill Gains More Support U.S. Senator Elizabeth Warren (D-MA) announced on Monday “an expanded coalition of Senate support” for her bipartisan Digital Asset Anti-Money Laundering Act. Senators Raphael Warnock (D-GA), Laphonza Butler (D-CA), Chris Van Hollen (D-MD), John Hickenlooper (D-CO) and Ben Ray Luján (D-NM) have joined the bill as cosponsors. The Digital Asset Anti-Money Laundering Act “would mitigate the illicit finance risks that crypto poses by closing loopholes and bringing the digital asset ecosystem into greater compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern much of the financial system,” the announcement describes. Senator Warren first unveiled the bill in December last year. In July, she and Senators Roger Marshall (R-KS), Joe Manchin (D-WV), and Lindsey Graham (R-SC) reintroduced the bill. Crypto proponents have called this bill the most direct attack on the personal freedom and privacy of crypto users. Besides Warren, Marshall, Manchin, and Graham, the bill’s existing cosponsors comprise Senators Gary Peters (D-MI), Dick Durbin (D-IL), Tina Smith (D-MN), Angus King (I-ME), Jeanne Shaheen (D-NH), Bob Casey (D-PA), Richard Blumenthal (D-CT), Michael Bennet (D-CO), Catherine Cortez Masto (D-NV), Sheldon Whitehouse (D-RI), and John Fetterman (D-PA). Senator Warren commented: The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks. “The lack of basic legal safeguards around crypto opens up Americans to countless risks. What’s more, crypto has become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes in order to fund their illicit activities,” said Senator Van Hollen. “Crypto should be governed by the same transparency rules as traditional banks to protect Americans and help ensure it isn’t used to facilitate illegal behavior by criminal enterprises and rogue nations.” This bill has also been endorsed by Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center (on behalf of its low-income clients), and National Consumers League. The announcement details that the Digital Asset Anti-Money Laundering Act would: Extend Bank Secrecy Act (BSA) responsibilities, including know-your-customer requirements, to digital asset wallet providers, miners, validators, and other network participants that may act to validate, secure, or facilitate digital asset transactions. The bill will also “Address a major gap with respect to ‘unhosted’ digital wallets … by directing FinCEN to finalize and implement its December 2020 proposed rule, which would require banks and money service businesses (MSBs) to verify customer and counterparty identities, keep records, and file reports in relation to certain digital asset transactions involving unhosted wallets or wallets hosted in non-BSA compliant jurisdictions,” the announcement notes. In addition, it would “Strengthen enforcement of BSA compliance” and “Extend BSA rules regarding reporting of foreign bank accounts to include digital assets by requiring United States persons engaged in a transaction with a value greater than $10,000 in digital assets through one or more offshore accounts to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service.” In October, Warren and over 100 lawmakers asked the Biden administration to address “crypto-financed terrorism” after reports claimed that Hamas raised millions in crypto to fund its operations. Blockchain analytics firm Elliptic, however, has debunked the claim, stating that there is no evidence that Hamas received significant crypto donations. While Warren is worried about crypto’s illicit use, less than 1% of the trillions transacted annually in crypto are illicit. Meanwhile, the UN estimates that annually between 2% to 5% of global GDP ($800 billion – $2 trillion) is used for illicit activities and money laundering through the traditional banking system and cash. What do you think about Senator Elizabeth Warren’s crypto bill gaining support among lawmakers? Let us know in the comments section below. View the full article

During Q4 of 2023, the stablecoin supply available to invest in crypto assets was $3.8 billion. This is the first time the net supply of the top five stablecoins has turned positive in nearly two years. In 2023, zero-knowledge (ZK) technology became one of the most consistent talking points in the crypto space. Stablecoin Inflows Outpacing Outflows After six consecutive quarters of negative net supply, the top five stablecoins recorded a positive net supply of $3.8 billion in Q4, according to a new study by Binance. The last time the stablecoin supply was positive was in Q1 2022 when it exceeded $17 billion. As explained in the study report, stablecoin supply indicates the amount of capital that is ready and available to buy crypto assets. The study data shows that Q2 2022 had the largest negative net supply of $15.6 billion, while Q3 of the same year had the lowest negative net supply during the period. However, since the last quarter of 2022 when it topped $9.9 billion, the stablecoin inflows have outpaced outflows. “Given that increasing stablecoin supply is a measure of capital inflows into crypto and an indication of potential buying pressure, the recent move can be evaluated as a positive sign,” the study said. The Rising Protocol Fees According to the study, the other key narrative in 2023 and one to look out for in the coming year is the rise in protocol fees in November. As shown by the data, protocol fees of the top 20 projects were “over 88% higher on a month-on-month basis in November as compared to January.” The Ethereum blockchain generated over $2 billion in fees, followed by Tron with $880 million. Decentralized platforms Lido Finance and Uniswap had the next highest generated fees, with $547 million and $477 million, respectively. In 2023, zero-knowledge (ZK) technology also became one of the most consistent talking points in the crypto space. Previously, the growth of ZK technology was constrained by its incompatibility with the Ethereum Virtual Machine (EVM). However, the introduction of special types of ZK-rollups known as zkEVMs meant that smart contracts could now be easily deployed on the EVM. In 2023, several such special types of ZK-rollups were launched. The other top ten narratives in 2023 as per the Binance report include the emergence of real-world assets (RWA) and Socialfi. The growth of alternative layer ones (L1), the re-emergence of decentralized finance (defi), and talk of a decline in interest rates were also among the key narratives of the year. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Financial services giant Fidelity recently met with the U.S. Securities and Exchange Commission (SEC) regarding its spot bitcoin exchange-traded fund (ETF) application. Like Blackrock, the world’s largest asset manager, Fidelity appears to be pushing to use the in-kind creation model for its spot bitcoin ETF. Fidelity’s Meeting With SEC Officers from financial services giant Fidelity met with staff from the U.S. Securities and Exchange Commission’s Division of Trading and Markets and the Division of Corporation Finance on Thursday to discuss the firm’s application for Wise Origin Bitcoin Trust, a spot bitcoin ETF, according to a memorandum posted on the SEC website. The memorandum states: The discussion concerned Cboe BZX’s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4). Based on the presentation attached to the memorandum submitted to the SEC by Fidelity during the meeting, the two parties discussed using the in-kind creation model for Fidelity’s spot bitcoin ETF. The presentation shows the process for the “in-kind crate” flow as well as the “in-kind redeem” flow. The SEC also recently met with several exchanges and other spot bitcoin ETF applicants regarding their applications. Following these discussions, several applicants, including Blackrock, revised their filings. Notably, Blackrock advocates for the “in-kind create model” and even proposed a modified version to address potential SEC concerns. Investors are eagerly awaiting the SEC’s decision on spot bitcoin ETFs, with Vaneck predicting initial approvals as early as the first quarter of next year. This could trigger a significant inflow of over $2.4 billion into these investment products within the same timeframe, the asset manager stated. A director with Moody’s Analytics recently shared his expectation that large asset managers are getting ready to buy bitcoin ahead of spot bitcoin ETF launches. Financial advisors are also reportedly waiting for these products to launch so that they can offer them to their clients. Skybridge Capital founder Anthony Scaramucci foresees massive capital inflow from Wall Street into spot bitcoin ETFs. Galaxy Digital CEO Mike Novogratz said the price of bitcoin will be “significantly higher” after the SEC approves spot bitcoin ETFs. What do you think about Fidelity meeting with the SEC on its spot bitcoin ETF application? Do you think the SEC is close to approving spot bitcoin ETFs? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has renewed its warning that investments in crypto assets can be “exceptionally risky.” The regulator stressed that crypto-related investments “continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.” SEC’s Crypto Investment Warnings The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy reiterated its warnings about investing in crypto assets on social media platform X on Friday. “Investments in crypto asset securities can be exceptionally risky and are often volatile,” the authority wrote. Investments in #crypto asset securities can be exceptionally risky and are often volatile. Learn more in our Investor Alert: https://t.co/Qd9ps9BPvm pic.twitter.com/dTlk9LE2KV — SEC Investor Ed (@SEC_Investor_Ed) December 8, 2023 The SEC’s investor education office also shared a link to an investor alert it published in March titled “Exercise Caution with Crypto Asset Securities.” The alert highlights several key points relating to investing in crypto assets. Firstly, “Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.” Noting that no crypto asset entity is registered with the SEC as a national securities exchange, such as the New York Stock Exchange (NYSE) or the Nasdaq Stock Market, the alert cautions: Investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges. Next, the alert emphasizes that “Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses.” The authority cautioned: “Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.” Another point highlighted in the alert states: Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success. The debate over crypto tokens being securities or commodities continues to cast a shadow over the U.S. crypto industry. While SEC Chair Gensler asserts all crypto tokens except bitcoin (BTC) are securities, a recent court ruling on XRP suggests otherwise. Meanwhile, the SEC’s silence on ether (ETH), the second largest cryptocurrency, adds to the confusion, prompting accusations of deliberate obfuscation from lawmakers, including Congressman Tom Emmer. There is currently a bill in Congress that seeks to remove Gensler as the chairman of the SEC. The SEC is currently evaluating 13 spot bitcoin exchange-traded fund (ETF) applications. Several analysts expect the securities watchdog to approve multiple spot bitcoin ETFs at once early next year. What do you think about the SEC warning about the risks of investing in crypto tokens? Let us know in the comments section below. View the full article

A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. Cryptocurrencies No Longer Seen as Speculative Assets According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. The growth in the number of Nigerians owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system. However, the depreciation of the Nigerian currency, which accelerated in the second half of 2023, and rising inflation, have pushed residents into digital assets like bitcoin (BTC) and USDT. Max Coupland, commenting on the findings of his firm’s study, said, “The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.” He added that the growth in the use of cryptocurrencies in not just Nigeria but across the world underlines their pivotal role in shaping the future of global finance. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Recent data indicates that CME Group maintains its top position in bitcoin futures open interest, holding $5.29 billion, followed closely by Binance with $4.65 billion. A comprehensive analysis of 14 distinct exchanges offering derivatives reveals a combined open interest totaling $40.74 billion as of Dec. 10, 2023. Rising High: CME Bitcoin Futures Open Interest Surges and the Enigmatic $40K ‘CME Gap’ Continuing its dominance in bitcoin futures open interest (OI), CME Group has maintained its leading position since ascending to the top in the second week of November 2023. Back then, CME Group’s OI stood at $4.06 billion, surpassing Binance, which logged $3.87 billion. On November 10, 2023, the aggregate open interest amounted to $34.25 billion. Presently, these figures have significantly increased. Coinglass data from Sunday, Dec. 10, 2023, reveals that CME Group registered an open interest (OI) of $5.29 billion, equivalent to 120.54K BTC. In comparison, Binance recorded 105.74K BTC, or $4.65 billion. Bybit’s OI stands at $3.39 billion, while Okx reports $2.08 billion, Bitget at $1.30 billion, and Deribit at $1.24 billion. Overall, these figures contribute to a total of $40.74 billion in OI across 14 exchanges in the previous day. In the last 24 hours, about $100.35 million was liquidated, marking a 40% decrease from the previous day’s totals. During the same period, long positions accounted for 48.67%, while short positions made up 51.33%. Even as CME Group leads the futures market, it also has a notable gap at the $40,000 mark. This “futures gap” is the difference between BTC’s price at the close and reopening of CME’s market, a variance from the ongoing prices on 24/7 native crypto exchanges like Binance, Okx, Bybit, and Bitget. There’s speculation that this gap might close, indicating a potential correction for BTC. This theory suggests that BTC’s price might realign to the level it was when the CME futures market closed. The likelihood of the CME gap filling is a subject of ongoing debate, but historical trends and analyst insights suggest a 60-80% chance of these gaps eventually closing. What do you think about CME Group surpassing Binance in terms of bitcoin futures open interest? What are your thoughts about the $40K ‘CME Gap?’ Share your thoughts and opinions about this subject in the comments section below. View the full article

This week, the crypto community actively discussed Massachusetts Senator Elizabeth Warren’s remarks labeling crypto as a potential threat. Additionally, JPMorgan boss Jamie Dimon voiced a similar sentiment, asserting he would close crypto down if he held governmental power. In response to Warren and Dimon’s statements, Edward Snowden, the former National Security Agency (NSA) contractor and whistleblower, publicly criticized Warren for her inclination towards banks. Snowden Accuses Warren of Favoring Big Banks in Crypto Tussle Recently, Democratic Senator Elizabeth Warren of Massachusetts has been advocating for revisions to U.S. banking regulations to encompass cryptocurrencies. Her opposition to crypto has intensified, as evidenced on CNBC’s “Squawk Box,” where she labeled crypto as a “threat” and emphasized that the U.S. government must not let it persist. Lately, Warren has shown increased favor towards the banking sector, even advocating for a central bank digital currency (CBDC) during an April interview with Chuck Todd. In a recent Senate banking committee oversight hearing, Warren engaged in discussions about this matter with several leaders from America’s foremost banks. The hearing saw Warren in agreement with key figures like Bank of America’s CEO Brian Moynihan, JPMorgan’s Jamie Dimon, Wells Fargo’s Charles Scharf, and other top brass officials from some of the largest financial institutions in the U.S. Although Warren was previously recognized as a formidable adversary of the banking sector, recently, it seems she’s finding common ground with them. Warren stated: I am not usually holding hands with the CEOs of multibillion-dollar banks — But this is a matter of national security. Digital currency proponents have expressed strong disapproval of Warren’s anti-crypto position. The statements of the Massachusetts politician have faced mockery and criticism, with accusations that she is “bought and paid for by the banks.” On Dec. 8, 2023, whistleblower and privacy advocate Edward Snowden aimed a pointed remark at the official, expressing his views on the social media platform X. Snowden said: So now we live in a world where a pro-banker Elizabeth Warren sits, stays, and rolls over for the CEO of JP Morgan so long as he feeds her self-serving attacks on his industry’s primary competitor. What’s next, a pro-war Bernie? Snowden is a crypto advocate despite expressing concerns about their lack of privacy. He has hinted at buying bitcoin (BTC) at certain price levels in the past and has also mentioned that he uses BTC to pay for servers pseudonymously. Amidst the escalating debate, Warren’s shifting stance highlights the complex dynamics between traditional finance and emerging digital currencies. As crypto advocates like Snowden continue to challenge her views, the narrative underscores cryptocurrency’s profound impact on the intersection of politics, finance, and technology. What do you think about Snowden’s criticism of Elizabeth Warren’s anti-crypto remarks? Share your thoughts and opinions about this subject in the comments section below. View the full article

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Launched in 2023, the Cogwise platform has quickly gained a reputation as a top-tier cryptocurrency that combines the best of AI and blockchain technology. One of the primary features of the Cogwise platform is its AI-powered trading system. Using machine learning algorithms, the platform’s trading system can analyze vast amounts of data and identify trends that may be invisible to human traders. This enables the platform to offer highly accurate trading signals, which can help users make informed investment decisions. In addition to its AI-powered trading system, Cogwise also provides users with a range of other features. These include no-code smart contract generator, a smart-contract auditor, technical chart analysis, wallet tracking, Cogwise smart alerts, and a news source. By pioneering the most advanced AI model, Cogwise opens the door to limitless use cases applicable in diverse scenarios. 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Its AI News Aggregator goes beyond conventional reliance on news and social media content, integrating historical data and technical analysis to elevate predictive capabilities. This amalgamation of approaches ensures predictions are not only anchored in real-time events but also informed by a comprehensive understanding of market dynamics. A Hybrid Precision Model What sets Cogwise AI apart is its hybrid precision model. By fusing real-time insights with historical context, the platform confirms and refines predictions based on news events and global trends. This nuanced approach provides a robust foundation for traders, offering a multifaceted perspective that adapts to the ever-changing market landscape. The Need for Speed in Trading In the fast-paced world of trading, speed is a game-changer. Cogwise AI’s trading bot, finely tuned to track news and global trends, operates with exceptional speed. The ability to analyze information in real-time allows the bot to swiftly identify potential trading opportunities and execute trades at a pace unmatched by human traders. In an environment where seconds matter, this speed can be the decisive factor between seizing an opportunity and facing a loss. Shaping the Future of Trading As financial markets evolve, Cogwise AI heralds a new era in trading technology. The amalgamation of artificial intelligence, machine learning, and real-time data analysis is not just a technological leap; it’s a transformation in how we approach stock and cryptocurrency trading. Cogwise AI empowers traders with unparalleled insights, facilitating more informed decisions and, ultimately, increasing the potential for profitable outcomes. In navigating the complexities of modern markets, Cogwise AI is not just a tool; it’s a strategic advantage that paves the way for a more enlightened and prosperous trading future. Conclusion Whether you’re diving into technical analysis, searching for crypto trends, or unraveling smart contract intricacies, Cogwise Core stands as your illuminating guide. Cogwise extends a golden opportunity, inviting investors to step onto the ground floor of the upcoming crypto sensation. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Market statistics indicate that two specific crypto assets among the top 20 in market capitalization, avalanche and cardano, have experienced substantial gains this past week. Avalanche has surged 48.7% and cardano has increased by 50.4% against the U.S. dollar in the previous seven days. Top Performers of the Week: Cardano and Avalanche Record Substantial Rises Currently, the 11,380 crypto assets listed on 940 crypto exchanges hold a collective value of $1.71 trillion. Among the top 20 tokens, bitcoin (BTC) rose 10.2% this week, and ethereum (ETH) saw an 8.3% increase. It was cardano (ADA) and avalanche (AVAX) that stood out, as both coins recorded double-digit gains against the U.S. dollar. ADA is up 50.4% after reaching a high of 63 cents on Dec. 9, 2023. Over the past month, ADA has climbed 60.4%, and in the last year, the token has increased 89.1% against the dollar. Cardano’s market capitalization is approximately $20.75 billion, placing it ninth among the top ten cryptocurrencies. In the last day, ADA has seen $1.39 billion in 24-hour trade volume. While ADA is up 89.1% for the year, the crypto asset is still down more than 80% from its all-time high. On Sept. 2, 2021, it reached $3.09 per coin, and today, it is trading at 59 cents per unit. Cardano is up 2,964% from its price of about 1.9 cents recorded three years ago. Avalanche (AVAX) has increased 48.7% against the dollar this week, and with a market capitalization of $12 billion, it is the 11th largest crypto asset in terms of overall valuation. It is down from the recent high of $33.98 recorded on Dec. 9, 2023, currently exchanging hands at $33.15 per AVAX. The crypto asset has seen significantly larger gains than ADA over a 30-day timeline, jumping 149%. Over the past year, AVAX is up 146.5% against the dollar. Meanwhile, AVAX is still down more than 77% from its all-time high price recorded on Nov. 21, 2021. At that time, AVAX was trading at $144.96 per unit. AVAX is up 1,067% from its all-time low of $2.80 on Dec. 31, 2020. In the past 24 hours, avalanche has seen around $1.13 billion in global trading volume. What do you think about the gains ADA and AVAX have seen? Share your thoughts and opinions about this subject in the comments section below. View the full article

In recent days, discussions have intensified around the emerging bitcoin mining pool Ocean and its decision to exclude certain transactions, specifically those linked to Ordinal inscriptions and coinjoin activities. Luke Dashjr, a key figure in Ocean’s operations and a prominent Bitcoin Core developer, clarified to the public that the roots of this debate stretch back to 2014. He emphasized that the release of Bitcoin Core 0.90 was a pivotal moment, introducing measures aimed at curbing blockchain data storage to mitigate spam. Bitcoin Community Divided by Ocean Pool’s Exclusion Tactics The bitcoin (BTC) mining pool, Ocean Pool, has recently been at the center of much controversy due to its decision to blacklist certain transactions in its block templates. These excluded transactions encompass those related to coinjoins, Ordinal inscriptions, and BRC20 tokens. Luke Dashjr, the operator behind Ocean, has been vocal about the pool’s approach and chose to address these issues on a social media platform on X. “The OP_RETURN discussion is not new and dates back to 2014 when Bitcoin Core 0.9.0 was released with the OP_RETURN policy included which was intended to discourage more egregious forms of spam,” Dashjr wrote. However, he further noted that Ocean Mining did not intend to filter coinjoins and that he has ideas on how to “alleviate the recent issue.” He added that he was willing “to work collaboratively on a solution in good faith.” There is significant dissent regarding the actions of Dashjr and Ocean. Critics have pointed out that by blocking transactions, Ocean is actually forfeiting potential fees. A particular analyst highlighted that one of Ocean’s block templates could miss out on 17% in fees. “Economically irrational behavior does not fare well in free market environments,” they remarked. However, Juan Galt countered this view, arguing, “economics are more complex than that my friend … There are short and long term consequences to consider.” In response, another individual commented: If the long term consequence of censoring transactions isn’t being put out of business then proof-of-work isn’t doing its job properly. In a separate discussion, Guy Swann stepped up in support of Dashjr and Ocean, stating that Bitcoin should be exclusively utilized for financial transactions and that the blacklisting does not constitute censorship. “Ordinals and inscriptions aren’t using bitcoin the money,” Swann said. “They are merely using Bitcoin *nodes* to store their garbage, and the bitcoin *name* to sell it to people.” Swann added: It makes perfect, and necessary, logic to build, optimize, and restrict the Bitcoin system to only allow and facilitate the bitcoin *money.* This isn’t a contradiction, it isn’t censorship, it’s necessary to defining what the protocol even does. Udi Wertheimer, co-founder of the Taproot Wizards inscriptions startup, disagreed with Swann. “Look man, for the time being we’re allowing you and your cultist friends to use our ordinals chain for your spammy coffee purchases,” Wertheimer replied. “But if you keep making mentally ill tweets like this one we might have to filter you out so that you can focus on your mental health.” Scott Melker, also known as the Wolf of All Streets, argued against Swann’s perspective of what censorship is. “Permissionless is Permissionless,” he wrote. “Even if they’re awful, removing them is… permission. And censorship.” Blockstream founder Adam Back also shared his two cents about Dashjr’s moves. “[Luke Dashjr] is the 10th man from World War Z,” Back wrote. “I want him to keep doing that for the robustness of Bitcoin. his job (self-chosen mission in fact like Rorschach in Watchmen) is to do things his way and be immune to group think; and he’s really good at that.” Back also remarked that F2pool and Peter Todd will “also do contrarian things” and added that this attitude helps with “robustness.” Numerous individuals hold opposing views and believe that Dashjr, Ocean, and their supporter Jack Dorsey have not justified their recent actions. Several have playfully inscribed Dashjr’s likeness in an inscription, while others have conveyed messages to him through Ordinal inscriptions. One critic expressed, “Luke Dashjr should have been ostracized from the Bitcoin ‘community’ years ago, yet some people continued to vouch for him even after it’s been clear (several times) that he’s a bad actor.” Meanwhile, another person mockingly referred to Dashjr’s loss of bitcoin, commenting, “Let’s all run a version of Bitcoin made by the dude who couldn’t secure his bitcoin.” What do you think about the heated debate about Ocean pool’s censoring? Share your thoughts and opinions about this subject in the comments section below. View the full article

BTC developer Luke Dashjr wants to “fix” Bitcoin Ordinal inscriptions, as he views them as exploitative, dividing the crypto community. In other news, in a spot bitcoin exchange-traded fund (ETF) filing update, monolithic asset manager Blackrock has noted the possibility of BTC being legally classified as a security. This and more, just below, in the latest Bitcoin.com News Week in Review. Bitcoin Developer Luke Dashjr States Inscriptions Are Exploits, Hints at Future Fix Luke Dashjr, bitcoin developer and Mummolin’s CTO, has reiterated his negative opinion about Ordinal inscriptions, stating these leverage and exploit a vulnerability in the Bitcoin Core full node software implementation. Dashjr also hinted at correcting this “exploit” in an upcoming version of the Bitcoin node software. Read More Blackrock’s Spot Bitcoin ETF Filing Update Addresses Potential Classification of BTC as a Security by SEC Blackrock, the world’s largest asset manager, has warned in its latest spot bitcoin exchange-traded fund (ETF) filing update of the potential for bitcoin to be classified as a security by the U.S. Securities and Exchange Commission (SEC), state regulators, or court rulings. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets,” Blackrock cautioned. Read More Bitcoin Breaks $40K Barrier — Highest Value in Nearly Two Years On Sunday, December 3, 2023, bitcoin’s value surged past the $40K mark, peaking at $40,846 at 8:45 p.m. Eastern Time. Over the past week, bitcoin has witnessed an 8.4% increase and a 3% rise in the past 24 hours, achieving a peak that the cryptocurrency hadn’t seen in 19 months. Read More Report: Bankman-Fried Struggles With Extortion Attempts Behind Bars in Brooklyn’s MDC Sam Bankman-Fried (SBF), previously a key figure in the crypto sphere, encountered a stark contrast to his past life at the Metropolitan Detention Center (MDC) in Brooklyn. Gene Borrello, a past mob enforcer for the Bonanno crime family, shared insights with journalist Tiffany Fong about the daily challenges SBF faces in prison. Borrello’s revelations paint a picture of SBF grappling with threats of extortion and bouts of depression. Read More What are your thoughts on these stories? Let us know in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.” Robert Kiyosaki on Giant Crash and a Depression The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued: This next crash may turn into a depression. The renowned author also shared in an X post on Sunday that the Israel-Hamas war has motivated him to buy an electric vehicle. “The war is about oil,” he said. “Higher gas prices will make the poor poorer.” He proceeded to reiterate his recommendation of buying gold, silver, and bitcoin, which he believes to be the best investment for unstable times. The well-known author has repeatedly expressed concerns about challenging times ahead for the U.S. economy. Last week, he similarly cautioned about a possible next Great Depression and a war, predicting “really hard times ahead” for millions of people. Kiyosaki also previously warned of the “greatest real estate crash ever,” emphasizing that the Federal Reserve’s rate hikes will also crash stocks, bonds, and the U.S. dollar. What do you think about the warnings by Rich Dad Poor Dad author Robert Kiyosaki about the next crash turning into a depression? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug traffickers, money laundering, and tax avoidance. Jamie Dimon Wants to Shut Down Crypto, Bitcoin The chief executive officer of global investment bank JPMorgan Chase shared his view about crypto and bitcoin on Wednesday during the Senate Banking Committee’s annual Wall Street oversight hearing. Responding to U.S. Senator Elizabeth Warren’s question about why cryptocurrencies are an attractive tool for criminals, Dimon stated: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. “That is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously because it doesn’t go through all these systems built up over many years: Know Your Customer [KYC], sanctions, OFAC [Office of Foreign Assets Control] — they can bypass all of that,” the JPMorgan boss emphasized, adding: If I were the government, I’d close it down. “Today’s terrorists have a new way to get around the Bank Secrecy Act — cryptocurrency,” Senator Warren claimed. “I’m not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security.” Dimon has always been skeptical about crypto and bitcoin. He previously said crypto tokens are “decentralized Ponzi schemes.” In January, he called bitcoin “a hyped-up fraud” and likened the cryptocurrency to a pet rock. He also believes that Bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. Responding to Dimon’s testimony, crypto proponents expressed on social media platform X that if he thinks he can shut down bitcoin, he doesn’t understand it. Many pointed out that banks and fiat money are used more heavily by criminals than crypto. Vaneck’s director of digital asset strategy, Gabor Gurbacs, commented: “Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion. Banks should stay silent.” He added: JPMorgan Chase parent company is the second most penalized financial institution with close to $40 billion in fines for 272 violations since 2000. Jamie Dimon is in no position to criticize bitcoin with this sort of track record. They should start the hearing with these stats. Lawyer John Deaton called Dimon a hypocrite. “Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when JPMorgan has been fined over thirty-five billion dollars ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use bitcoin or crypto?” he asked. Even X’s “readers added context” pointed out that people might want to know: “Less than 1% of the trillions transacted annually in crypto are illicit. The UN estimates that annually between 2% to 5% of global GDP ($800 billion – $2 trillion) is used for illicit activities and money laundering through the traditional banking system and cash.” What do you think about JPMorgan Chase CEO Jamie Dimon wanting to shut down crypto and bitcoin? Let us know in the comments section below. View the full article

Brazil will address the subject of digital currencies and how they can improve the financial system for the Group of Twenty (G20). Roberto Campos Neto, president of the Central Bank of Brazil, stated he wants the G20 to consider the benefits of using these currencies for making financial transactions and to work towards adapting rules to take advantage of this. Brazil to Discuss Digital Currencies as G20 President The government of Brazil will discuss digital currencies and the possible benefits of implementing them for financial transactions as part of the Group of the Twenty (G20). Having assumed the G20 presidency on December 1, Brazil will leverage its position to advance the digital agenda and assess how the twenty largest economies could adapt their regulatory frameworks to take advantage of digital currencies. At a recent event, Roberto Campos Neto, president of the Central Bank of Brazil, explained Brazil will touch on this subject in the group. According to Valor Economico, he stated: Digital currencies can greatly reduce the costs of international transactions. The G20 will work to improve the settlement and governance of international transfers. Campos Neto referred to the improvements that programmability, a trait of digital currencies, brings to the financial transactions arena, clarifying that it can offer efficiency gains due to the possible scheduling of asset purchases and payments. Monetization of user data will be a significant factor in lowering the costs associated with using these currencies, Campos Neto stressed. “It is a technology that is here to stay. It democratizes,” he concluded. Brazil is currently in the pilot stages of its upcoming digital currency, dubbed drex, which features an elevated degree of programmability, including automating transactions involving assets such as cars and real estate. The launch of this currency could happen in 2024, according to previous statements from Campos Neto. What do you think about Brazil taking the issue of digital currencies to the G20? Tell us in the comments section below. View the full article

Terraform Labs’ co-founder, Do Kwon, is on the brink of extradition to the United States from Montenegro. This development follows a decisive ruling by a high court and the endorsement from a top official. According to The Wall Street Journal, Justice Minister Andrej Milovic has confidentially agreed to the extradition, signifying a crucial twist in Terraform Labs’ continuing narrative and its profound repercussions on the crypto economy. High Court Approves U.S. Extradition of Terraform Labs Co-Founder Do Kwon Amid Fraud Charges The Wall Street Journal released an exclusive report on Thursday regarding Do Kwon’s extradition. This follows the judgment of a Montenegrin high court, which received subsequent support from Justice Minister Andrej Milovic during closed-door and private conversations. Insiders reveal that the high court has consented to the U.S.’s extradition request and plans to transfer Kwon to American soil. The path to extradition for Kwon has been complex, with the possibility of him being extradited to either South Korea or the U.S. Though Kwon consented to be extradited to South Korea, which added complexity to the case, the ultimate decision lay in the hands of Montenegrin officials. They now appear inclined to grant the U.S.’s extradition request. The Journal’s Alexander Osipovich and Marko Vešović stated: Montenegro’s top justice official has privately said he plans to send disgraced crypto tycoon Do Kwon to the U.S. rather than South Korea to face criminal charges, people familiar with the matter said. The charges from the U.S. against Kwon are extensive and multifaceted, including accusations of commodities fraud, securities fraud, wire fraud, and conspiracy to commit fraud and manipulate the market. The U.S. Securities and Exchange Commission (SEC) has leveled these charges, alleging that Kwon deceived investors through his operations at Terraform Labs. Despite facing these significant legal hurdles, Kwon has steadfastly refuted all claims of fraudulent conduct. What do you think about the insiders who say Montenegro plans to send Do Kwon to the United States? Share your thoughts and opinions about this subject in the comments section below. View the full article

After the notable appearance of a mega whale on December 4, another block reward from the Satoshi era was moved on December 7, at a block height of 820,156. This transaction marks the 21st block reward from 2010 to be spent in the initial week of December. Sleeping Bitcoin Stash Stirs After a Decade On Thursday, December 7, 2023, a dormant stash of 50 bitcoin (BTC) stirred into action for the first time in over ten years. This movement of the so-called ‘sleeping bitcoins’ was detected by the blockchain parsing platform btcparser.com. Echoing the activity seen on December 4, where a series of 20 blocks were utilized, the original address divided the funds between two separate Pay-to-Script-Hash (P2SH) addresses. The originating address, known as “18JkK,” was established on July 24, 2010. From this, it transferred 1 BTC to the address labeled “32Xas” and a further 48.99 BTC to “3DD4X.” Nevertheless, the transaction was conspicuous in terms of privacy, garnering a low privacy score of 5 out of 100 from Blockchair’s privacy analysis tool. This was attributed to identifiable issues like matched inputs and outputs. While the transfer of 50 BTC may seem modest compared to the 1,000 BTC moved by the spender of 20 block rewards on December 4, its current value of $2.18 million is striking, especially when contrasted with its July 2010 worth of just $15. Moreover, instances of moving bitcoins from 2010 have become notably scarce in 2023, with more frequent sightings of 2012-era bitcoins. The specific block reward, number 69,986, spent on that Thursday marked its first movement in over a decade. Importantly, it wasn’t part of the collection of block rewards linked to Bitcoin’s creator, Satoshi Nakamoto. Notably, Satoshi was active during that July but departed the community permanently in December 2010. What do you think about the 2010 block reward awakenings in December? Share your thoughts and opinions about this subject in the comments section below. View the full article

Sotheby’s, the world’s oldest fine art auction house, recently declared its intention to conduct an auction featuring Bitcoin-based Ordinal inscriptions, marking a first in the auction house’s history. This online event is set to commence in December at Sotheby’s New York, where an exclusive selection of “Bitcoinshrooms” from the Shroomtoshi’s Ordinals collection will be on display. Sotheby’s Unveils Bitcoinshrooms Ordinals Auction Michael Bouhanna, the lead for digital and contemporary art at Sotheby’s, revealed the auction house’s strategy to offer non-fungible token (NFT) assets that are created on the Bitcoin blockchain. These NFTs originate from the “Bitcoinshrooms” Ordinals collection, which showcases an 8-bit artistic style. This unique collection is the brainchild of the digital artist Shroomtoshi. Set to conclude in New York on December 13, 2023, at noon (EST), the Sotheby’s Bitcoinshrooms auction is currently underway. As of now, all lots have attracted bids, with some even surpassing their anticipated prices. Additionally, bidders can purchase the Bitcoinshrooms NFTs using cryptocurrency, should they choose to do so. “I am so excited to present Bitcoinshrooms, the first Ordinal sale at Sothebysverse, and we couldn’t start with a better project,” Bouhanna said on the social media platform X. “This is the first time works from the very anticipated collection will be available to the public.” The trio of lots features 8-bit style Ordinals, including one depicting a mushroom emblazoned with an “S” symbolizing “Self-Sovereignty,” and another mushroom adorned with a crown, representing the “Sovereign Individual.” The final lot presents an 8-bit rendition of a BIP39 seed, which also echoes the theme of sovereignty. Sotheby’s estimates place the value of each Ordinal from the Bitcoinshrooms collection between $20,000 and $30,000. Recently, Ordinal inscriptions have sparked significant interest, and for some, they are a topic of debate. As of this writing, over 46.5 million Ordinal inscriptions have been permanently embedded into the Bitcoin blockchain. Since their introduction in December 2022, bitcoin miners have garnered a total of 3,388 BTC from this Ordinals inscription phenomenon. Shroomtoshi considers this collection as a vivid pictorial summary of Bitcoin’s 13-year evolution. “The Bitcoinshrooms collection is a pixelated recap of the first 13 years of Bitcoin, a homage to the 8-bit style of art that expresses a slight nostalgia for the 90s, a way to soil 10s of thousands of SSDs spread across the world with my art (->next level cyber-vandalism), a tool to raise awareness about Bitcoin and what I personally view as its core principles, an ironic way to vent at what I see as its annoying pop elements and aberrations,” the artist said in a statement. What do you think about Sotheby’s latest auction that features Bitcoin-based Ordinals? Share your thoughts and opinions about this subject in the comments section below. View the full article

Tether, the leading stablecoin by market capitalization, has seen its supply increase by 5.5% in the last month, achieving a significant market valuation of $90 billion. Since 2015, Tether’s Market Cap Has Swelled by 35,912,812% Since the dawn of 2023, tether (USDT) has experienced substantial growth. Starting the year with a market value of $66.3 billion on January 1, 2023, it has surged to $90 billion in 340 days. This expansion represents more than a 35% increase, adding $23.7 billion to USDT’s market capitalization since the year’s commencement. Tether’s market capitalization now represents 5.369% of the total $1.68 trillion crypto economy. Not only does tether hold the third position among over 10,000 digital currencies in terms of market valuation, but it also leads in daily trading volume with $23 billion. USDT’s principal trading pairs involve major fiat currencies such as the USD, EUR, TRY, MXN, and THB. While year-to-date data indicates a more than 35% rise in USDT’s market cap, 5.5% of this upswing occurred in the preceding month. According to Tether’s transparency page, of the $90 billion total, the Tron network accounts for $47.82 billion and Ethereum for $41.01 billion, with the remainder distributed across various other blockchain platforms. Looking back to March 16, 2015, USDT’s market value was a modest $251,000. Over eight years, the coin’s market cap has soared by a massive 35,912,812%. Tether’s aggregate market valuation is on the brink of entering the world’s top 100 assets, including exchange-traded funds (ETFs) and companies, in terms of market capitalization. In order to achieve this feat, USDT will need a market cap of more than $130 billion. What do you think about the stablecoin tether and its market cap growing to $90 billion? Share your thoughts and opinions about this subject in the comments section below. View the full article

Recently, the Worldcoin Foundation unveiled the launch of its community grants program, beginning with its first phase, Wave0. In the crypto economy, Worldcoin’s WLD token has not experienced the growth that other crypto assets have enjoyed, declining over 3% in the past fortnight. This downturn followed the departure of CEO Sam Altman from Openai, a notable Worldcoin backer. Worldcoin Debuts Three-Tiered Grants Program The community grants program, as outlined by the Worldcoin Foundation, commits an initial pool of two million WLD across three distinct grant tracks in its initial stages. Worldcoin details that these tracks include community grants, project grants, and open track grants, each catering to different scales and scopes of community projects. Community grants, capped at 5K WLD, focus on events, sponsorships, and hackathon projects. The announcement details that project grants, offering up to 25K WLD, target larger-scale initiatives. The largest of the grant projects fall under open track grants, which have no predefined budget limit. The native token WLD took a hit losing 3% against the U.S. dollar when Sam Altman was let go by Openai’s board members. However, after frenzied discussions about the future of the company, he was reinstated and has returned to Openai as the CEO. Altman helped co-create Worldcoin as he is the chairman and co-founder of Tools for Humanity, the firm that’s been building and scaling the Worldcoin project. Worldcoin’s latest announcement discusses decentralization and the “Worldcoin Tech Tree.” At the time of writing, 980,401 unique wallets hold the WLD token. However, the top 100 wallets command 90.68% of the supply. The project’s grants initiative excludes individuals or companies based in the United States and other specified restricted territories. The application period for the grants is set from December 6 to December 22, 2023, with recipients to be announced in January 2024. What do you think about the Worldcoin grants program? Share your thoughts and opinions about this subject in the comments section below. View the full article