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Tag: crypto

  • New SHIB-Based Token On The Way? Update

    New SHIB-Based Token On The Way? Update

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    The Shiba Inu ecosystem is one of the fastest growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time with lots of tokens and updates to its ecosystem, but it certainly still has a long way to go. In a recent not-so-surprise announcement, a core member of the Shiba Inu team hinted that a new stablecoin called Shi may be in the works. If the rumors are true, this could be huge news for SHIB holders and open up a whole new world of possibilities within the Shiba Inu ecosystem.

    New SHIB-Based Token On The Way

    Taking to a post on social media platform X, Vet Kusama, a member of the Shiba Inu team, talked about the purpose of a stablecoin earlier highlighted by SHIB founder Ryoshi. Shi would be a stablecoin, meaning a cryptocurrency pegged 1:1 to a fiat currency like the U.S. dollar to keep its value stable.

    As demonstrated by BUSD on the BSC chain, the concept of a stablecoin is to give investors a chance to participate in the cryptocurrency sector while experiencing lower levels of volatility. Vet Kusama draws a parallel to BUSD, noting that the workings of the SHI on Shibarium would be likened to BUSD on the BSC chain. 

    There are no doubts about what a stablecoin would do for Shiba Inu, as it would give the overall ecosystem more utility and, according to Kusama, a ‘trading volume growth.’ 

    We still don’t know the specifics of how Shi will work, as no official information has been released. However, the team member did mention that there would be no pre-purchases or airdrops. 

    SHIB market cap currently at $4.125 Billion chart: TradingView.com

    What’s Next For Shiba Inu?

    The Shiba Inu ecosystem is already home to SHIB, BONE, and LEASH tokens that users can stake, swap, or deposit into liquidity pools on ShibaSwap. These tokens are all doing relatively well with many investors and whale accumulation occasionally. However, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, especially those who don’t want to be exposed to crypto volatility. 

    Shi may also make it easier for Shiba Inu holders to buy and sell goods or services using their crypto, as demonstrated by the fish vendor example given by Ryoshi in a Medium article.

    On the other hand, crypto whale transaction tracker Whale Alerts has revealed a massive transaction of SHIB tokens between two unknown wallets. According to the tracker, 4.5 trillion SHIB worth $32.1 million was recently transferred from an unknown wallet to another unknown wallet.

    Featured image from Capital.com

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    Scott Matherson

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  • By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going

    By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going

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    MicroStrategy’s Bitcoin holdings are now in profit again. MicroStrategy is well known to be one of the largest Bitcoin buyers in recent years. The company is such a believer in Bitcoin that it sold some of its stocks to increase its Bitcoin holdings. This would seem extreme to some investors, but as suggested by recent price action, MicroStrategy’s Bitcoin strategy seems to be paying off. 

    How MicroStrategy’s Bitcoin Strategy Is Going

    MicroStrategy started investing in Bitcoin in 2020, becoming one of the first companies to do so. The firm started by buying $250 million worth of Bitcoin in August 2020 and hasn’t slowed down since. In its latest move, MicroStrategy acquired approximately 5,445 Bitcoins for approximately $147.3 million between August 1, 2023, and September 24, 2023. According to the company’s purchase filing, as of September 24, 2023, MicroStrategy owns approximately 158,245 Bitcoins bought at an approximate price of $4.68 billion.

    On the other hand, Bitcoin has had one of the strongest advances in the crypto market in recent weeks and is now trying to build a strong momentum over $30,000. At the time of writing, Bitcoin is up by 11.08% in a seven-day timeframe. Although the cryptocurrency is now trading at $29,838, it crossed over $30,000 in multiple instances during the week. 

    Amidst all this upheaval in the market, MicroStrategy’s Bitcoin holdings have taken a turn for the better in terms of profitability. Given that the total Bitcoin holdings of MicroStrategy were purchased at an average of $29,582 per coin, the company has now achieved a total profit of about $67.4 million with Bitcoin at $30,000.

    Bitcoin price nearing the $30K level today. Chart: TradingView.com

    A Sturdy Bitcoin Approach?

    Bitcoin has been on an incredible run over the past year, massively outpacing the stock market and most other mainstream investments. The cryptocurrency is now in a prime position for a price surge in the coming months. Many financial analysts have hinted that a bull run to a new all-time high for the cryptocurrency could be on the horizon, especially as the industry awaits the approval of a spot Bitcoin ETF from the US SEC.

    It’s been a while since MicroStrategy’s Bitcoin holdings turned a profit, as Bitcoin has been saddled with various market crashes. According to CryptoQuant data, MicroStrategy benefited massively during the 2021 bull run. But things have been calm since then, with the company only topping up its Bitcoin holdings from time to time. 

    As it stands, MicroStrategy stands to benefit more than most companies in the event of a new bull run. If Bitcoin reaches $50,000, MicroStrategy’s holdings would be almost double its current worth. The company will likely keep buying more Bitcoin over time as it plans to make Bitcoin a large percentage of its total assets.

    Featured image from ETF Database

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    Scott Matherson

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  • Bitcoin Developer Sounds Alarm: There’s A Backdoor In The Lightning Network

    Bitcoin Developer Sounds Alarm: There’s A Backdoor In The Lightning Network

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    Bitcoin’s Lightning Network was designed to make Bitcoin transactions faster and cheaper. But according to a recent discovery by a now former Lightning developer Antoine Riard, there’s a major security flaw in the network that puts users’ funds at risk. Taking to a thread on the Linux Foundation’s public mailing list, Riard detailed the new discovery of a security risk in the Lightning Network that could allow hackers to easily get control of the Layer 2 protocol.

    Developer Departs From Bitcoin Lightning Network Over Security Concerns

    The Bitcoin Lightning Network is a “layer 2” payment protocol that operates on top of the Bitcoin blockchain. It enables fast, low-cost transactions between participating nodes. Since its inception, the Bitcoin Layer 2 protocol has been well accepted, although various vulnerabilities have been reported.

    Users can instantaneously send and receive Bitcoin thanks to the Lightning Network, which facilitates the creation of a network of payment channels between users without waiting for transactions to be confirmed on the blockchain. However, Riard claims that there’s a new malevolent danger out there called the replacement cycling attack, which puts the network in a perilous position.

    Cycling attack works by specifically targeting payment channels to steal funds from mempools. These attacks are not easy but can be carried out by very sophisticated players. It essentially works by changing the transaction signature of a victim’s timeout transaction in a mempool by a new transaction without leaving a trace on the network. Although simple cycling attacks can be easily mitigated, Riard warns that a very sophisticated attack could leave payment channels exposed to hackers.

    https://x.com/mononautical/status/1715736832950825224?s=20 

    Related Reading: Bitcoin In Peril? Is BTC ‘Fighting Crucial Levels’ Or Winning?

    BTC market cap currently at $584.24 billion. Chart: TradingView.com

    What This Means For The Future Of The Lightning Network

    The vulnerabilities uncovered in the Lightning Network codebase are troubling for the future of Bitcoin’s scalability solution. Riard’s discovery seems to have ruffled a few feathers of Bitcoin investors, as revealed by comments on social media platforms. 

    In what looks like his second memo on the issue, Riard mentions that addressing the issue may require significant rewrites of critical components of the network’s base layer. Defending against the backdoor may also require modifications to the underlying public Bitcoin ecosystem.

    “I think this new class of replacement cycling attacks puts lightning in a very perilous position, where only a sustainable fix can happen at the base-layer, e.g adding a memory-intensive history of all-seen transactions or some consensus upgrade,” Riard said.

    https://x.com/WhaleWire/status/1715686930476655030?s=20 

    Riard has since stepped down from the development of the Lightning Network, with plans to focus now on Bitcoin core development. Data from DefiLlama shows the TVL of the Lightning Network is now at $159.74 million. Its future of depends on how developers and the Bitcoin community respond to this news. A quick, transparent fix of the vulnerability to restore trust should be the important next step. 

    On the other hand, the price of Bitcoin just crossed $30,000. Renowned financial author Robert T. Kiyosaki predicts that Bitcoin will reach $135,000 very soon.

    Featured image from Crypto News

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    Scott Matherson

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  • Bitcoin SV (BSV) Erects A Solid 64% Growth In Just A Week – What’s The Story?

    Bitcoin SV (BSV) Erects A Solid 64% Growth In Just A Week – What’s The Story?

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    Following its inclusion in Binance’s futures trading options, one of the top global cryptocurrency exchanges, Bitcoin SV (BSV) saw a significant 64% gain in value this week. After splitting out from Bitcoin Cash (BCH) in late 2018, BSV is now trading at $54.02, a significant increase from $34.08 just a week earlier.

    On Saturday, BSV reached a significant peak of over $58 on prominent spot markets. The last instance in which BSV was observed trading above $58 occurred in mid-September 2022. Since its notable surge on September 27th, the price of the crypto has experienced a substantial increase of more than 90%.

    The price of Bitcoin SV reached an all-time high of $491.64 during the previous bull run. However, the market crashed, sending the coin tumbling more than 95%. Following rumors of the adoption of a Bitcoin ETF, the price of BSV has begun to move bullishly and is currently trading at an 89.19% discount to its previous ATH.

    BSV price rally in the last week. Source: Coingecko

    Bitrue, a widely used centralized exchange platform, has recently included BSV in its USDT pair and initiated a promotional campaign offering a $1,000 welcome bonus. This exchange is notably favored by the XRP and Ripple communities.

    Bitcoin SV: Reclaiming Satoshi’s Vision With Larger Blocks

    Bitcoin SV (BSV), designed as a peer-to-peer electronic cash system, asserts that it embodies the original vision of Bitcoin’s creator, Satoshi Nakamoto, despite the controversial claim made by its creator, Australian computer scientist Craig Wright, who many in the crypto community dispute.

    BSV seeks to address the efficiency issues seen in Bitcoin (BTC) and Bitcoin Cash (BCH) by substantially increasing block size to minimize transaction fees.

    In the beginning of the year, BSV coin was trading in the range of $39.50 to $44.75 until March, after which it saw a decline and traded between $34.90 and $39.40 until May. This was followed by relatively minor fluctuations before another drop, where the price ranged from $29 to $34.90.

    BSV market cap at $1.07 billion on the weekly chart: TradingView.com

    In June, BSV reached an all-time low, but later gained momentum, surging and subsequently facing rejection around $56.47, resulting in a 50% drop. The coin then traded between $34.93 and $39.54 for a period, followed by another decline.

    BSV Price Surge Tied To SEC ETF Speculation, Intra-Community Disputes

    A sudden increase in the value of Bitcoin SV (BSV) has occurred recently, and some analysts have linked it to the possibility that the U.S. SEC may approve a spot Bitcoin ETF. Given the current disputes within the BSV community—Christen Ager-Hanssen, a well-known BSV supporter, resigned as CEO of nChain due to a disagreement with BSV leader Craig Wright—this demonstration is significant.

    In summary, the future trajectory of the BSV price is contingent upon the successful breach of the significant resistance level at $56.48 by bullish market forces. This breakthrough has the potential to entice fresh investors and then challenge the higher barrier level at $61.99.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from The Cryptonomist

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    Yuna Rin

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  • Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers

    Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers

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    The recent surge in Bitcoin’s price over the weekend caught many market observers by surprise. The alpha coin marked a 1.5% gain in the last 24 hours, bringing Bitcoin’s value above the psychologically important $30,000 threshold, which also serves as a key resistance level.

    At the time of writing, Bitcoin was trading at $30,154, up 12% in the last seven days, data from crypto market tracker Coingecko shows. On October 16th, the cryptocurrency briefly spiked to around $30,000 on Binance due to false reports of an approved spot Bitcoin ETF. However, as soon as the truth about these reports came to light, the market swiftly corrected.

    Just two days later, Bitcoin once again rallied to $30,000, but it struggled to maintain this crucial level, facing resistance and fluctuations. These multiple attempts indicate the significance of the $30,000 price point as a key battleground for Bitcoin’s near-term price movements.

    Influential Factors Behind Bitcoin’s Recent Surge

    The recent surge in Bitcoin’s price doesn’t have a clear cause, but it’s likely driven by market optimism surrounding the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission.

    This optimism is based on the belief that a Bitcoin ETF approval would offer more accessible and regulated exposure to the cryptocurrency, attracting institutional and retail investors and further legitimizing the asset within traditional finance. The anticipation of this regulatory milestone is a key factor influencing Bitcoin’s price at present.

    Jebb, a prominent crypto analyst, has examined the 200-weekly simple moving average in Bitcoin trading. Jebb stressed the importance of this moving average as a prediction of Bitcoin’s future bull markets, based on its previous record.

    BTCUSD nearing the $30K territory. Chart: TradingView.com

    This moving average, he noted, has consistently proven to be a vital and insightful indicator, offering valuable insights into the complex dynamics of Bitcoin’s price movements.

    In the video, Jebb dispelled the myth that Bitcoin’s price fell sharply below the 200-weekly moving average in 2022, rendering it obsolete. He maintained that outside variables, like the Federal Reserve’s artificially inflated 2021 price of Bitcoin, had an impact on the decline.

    He emphasized that these exceptional circumstances played a pivotal role in the 2022 downturn, underscoring that the 200-weekly moving average remains a valuable metric for predicting Bitcoin’s future trajectories, given the return to more typical market conditions.

    Bullish Signals For Bitcoin’s Future

    According to Jebb’s analysis, in the absence of intervention from the US central bank, the price of Bitcoin would have experienced a surge to around $50,000 instead of $70,000, followed by a correction to approximately $20,000 as opposed to $27,000.

    All of these criteria support a Bitcoin bull market. Jebb predicted that Bitcoin might rise $50,000 to $70,000 in six months based on his findings. This estimate gives Bitcoin’s price growth potential an extra boost by taking into account the April 2024 halving event.

    Moreover, the analyst went on to introduce a diverse array of technical indicators that strengthen the prospect of an impending bull market for Bitcoin. Among these indicators, he drew attention to the weekly chart’s Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and the Lux Algo signals.

    Featured image from AccountingWEB

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    Yuna Rin

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  • Solana On Fire With Over 34% Rally Within A Week – Details

    Solana On Fire With Over 34% Rally Within A Week – Details

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    The cryptocurrency industry has demonstrated a strong positive trend throughout the course of the week, with leading cryptocurrencies experiencing substantial increases in their market value. Moreover, the price of Solana (SOL) has exhibited superior performance compared to prominent cryptocurrencies, experiencing a notable increase of more than 34% in value over the course of one week.

    Solana is a widely recognized Layer-1 network renowned for its scalability. The Solana network is characterized by its rapid confirmation times and has a thriving ecology and community. Over the course of the previous 24-hour period, there has been a notable increase of 15% in the trading volume of the SOL cryptocurrency, accompanied by a positive trend in its price.

    Even with its continued stellar performance, Solana is still making waves in the market. According to data from CoinMarketCap, as of October 21, Solana’s spot price was nearly $29, up 9% compared to its previous 24-hour price.

    Since the beginning of October, the Solana price has exhibited a confined trading range between $23 and $24, suggesting a lack of enthusiasm among investors for the aforementioned cryptocurrency. Subsequently, the coin underwent a decline in value, leading to a breach of its support level by the price.

    The SOL price had a significant gain of 25% throughout the preceding 30-day period. At the time of writing, the market capitalization of the altcoin stands at $9,740,214,861. Based on the Solana price forecast, financial analysts see a potential increase to $31 by the end of 2023.

    The current increase in SOL’s valuation is the result of multiple drivers. One key factor is the Solana ecosystem’s rapid expansion and advancement, especially in the field of decentralized finance (DeFi).

    SOL market cap currently at $12.5 billion. Chart: TradingView.com

    Frankie Candles provided the cryptocurrency community with a window into the extensive growth of the Solana network by sharing visual evidence that demonstrated the bustling activity occurring ‘behind the scenes’ within the Solana network.

    Can The ‘Ethereum Killer’ Soar Higher?

    The token has exhibited a proven trend reversal, transitioning from a bearish trajectory that commenced in July and persisted until September, to a positive trajectory. Following a significant shift in a critical level, the cryptocurrency that is believed to pose a threat to Ethereum may potentially enter a price range of $30.00, which holds psychological significance.

    Meanwhile, SOL is approaching a significant pattern testing phase. According to a seasoned macro investor, if the endeavor is successful, it may potentially pave the way for a substantial increase of 66% in value. The individual’s viewpoint is in accordance with the prevailing trend of optimism surrounding the crypto.

    Raoul Pal, a famous macro investor and market analyst, has been very positive about SOL for most of the year. The price of the token went up 171% during this time. He also said that there are some signs that the great rise could get even bigger.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured Image from Coin Culture

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    Christian Encila

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  • Major Exploit Sees $6 Million In XRP Lost

    Major Exploit Sees $6 Million In XRP Lost

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    Philippines-based crypto exchange Coins.ph is rumored to be the latest victim of an exploit that has potentially led to the loss of 12.2 million XRP ($6 million) for the firm. However, a part of these funds seem to have already been recovered. 

    Evidence Of The Alleged Exploit

    According to a report by The Block, the hack on the crypto exchange occurred on October 17, with the media outlet citing a source familiar with the matter. Coins is yet to release an official statement as to whether or not the incident truly occurred.

    However, on-chain data suggests that this exploit might have indeed occurred, as The Block noted. According to data on the blockchain explorer XRP scan, the crypto exchange experienced 13 outflows, with 999,999.999 XRP sent out from the exchange in each transaction to the same wallet, although the last batch seems not to have been processed.

    Following that, a further 200,000.999999 XRP was sent out of the exchange. It is worth mentioning that all these transactions occurred in the space of 32 minutes as they all occurred simultaneously. The total of these transactions (the ones processed) sums up to over 12.2 million XRP. 

    XRP market cap currently at $6.8 billion. Chart: TradingView.com

    Upon receipt of these funds, the alleged hacker then proceeded to send them to various destinations, including crypto exchanges OKX, Simple Swap, ChangeNOW, and WhiteBIT. The Block reported that a WhiteBIT spokesperson also seemed to confirm the exploit. 

    The representative stated that they blocked 445,000 as soon as they received a request from the Phillipines-based exchange Coins to flag down the address linked to the stolen tokens. WhiteBIT is also said to have reached out to blockchain analytics platforms Cristal and Chainalysis with a request to flag addresses related to the stolen XRP.  

    Increased Hacks On Crypto Entities 

    The attack on firms in the crypto industry has continued to increase from last year when the industry was reported to have lost over $2 billion from crypto hacks. In September, another crypto exchange, Huobi, was the victim of these exploiters as it lost almost $8 million. 

    Notably, a recent report reveals that South Korea’s Upbit cryptocurrency exchange faced a staggering 159,000 hacking attempts during the first half of 2023. What’s particularly striking is that this number was twice the amount of hacking attempts encountered by the exchange in the same period of 2022.

    The DeFi landscape has also not been left out, as several DeFi exchanges and platforms have also been victims of hacks and exploits this year. As of June, over $665 million had been reported to have been lost due to such occurrences.

    Featured image from InfoWorld

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    Scott Matherson

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  • LBRY Shuts Down After Legal Battle With SEC

    LBRY Shuts Down After Legal Battle With SEC

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    LBRY Inc., a cryptocurrency platform, announced its closure due to a court failure against the Securities and Exchange Commission (SEC). The SEC charged LBRY with making an unregistered securities offering by selling its native LBC tokens.

    The fallout from this legal fight has prompted worries about unequal access to justice and regulatory overreach in the crypto business, which has disproportionately impacted smaller startups with minimal financial resources.

    LBRY Inc. reported that the company was compelled to discontinue operations because of obligations owed to the SEC, legal team, and private creditors totaling several million dollars.

    LBRY’s Financial Struggles

    The SEC first sought a $22 million penalties, which was later lowered to $111,614. This lowered fine was a major financial blow for LBRY, making it impossible for the company to continue operations.

    The scenario exemplifies the difficulties that crypto businesses can face when they are pursued by regulatory agencies, particularly smaller startups with minimal financial resources.

    The SEC has been accused of regulatory overreach in pursuing LBRY, with critics suggesting that the agency should focus on big issues in the crypto business rather than minor instances of securities noncompliance.

    However, this case highlights the SEC’s ability to control the cryptocurrency market through enforcement proceedings.

    Ripple’s Contrasting Legal Victory

    The downfall of LBRY contrasts sharply with Ripple’s recent court success in its ongoing struggle with the SEC. Ripple acquired funding from a multibillion-dollar corporation, allowing it to continue its legal battle.

    Crypto total market cap currently at $1.10 trillion. Chart: TradingView.com

    While LBRY Inc.’s controlled operations are ending, the LBRY blockchain, an open-source initiative, may continue to exist if sufficient user engagement is obtained. However, the business stated that decentralization may only succeed if active development and user participation are present.

    With millions of registered users and a large volume of published material, the LBRY blockchain acted as a decentralized file-sharing network. Odysee, a decentralized social networking platform built on the LBRY blockchain, has a substantial user base. However, its future is now in doubt.

    In a broader sense, the legal disputes in the crypto business are altering the securities law landscape. Both LBRY and Ripple have been accused with selling unregistered securities, but their outcomes have set developing precedents.

    These results have prompted concerns about the SEC’s capacity to win legal battles against other crypto businesses.

    As LBRY succumbs to regulatory pressure, it represents the obstacles encountered by smaller crypto businesses, as well as the broader issue of unequal access to justice in the cryptocurrency industry’s growing regulatory context.

    Featured image from Conseils Crypto

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    Yuna Rin

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  • Bitcoin ETF Mania Sparks A Surge In Google Searches

    Bitcoin ETF Mania Sparks A Surge In Google Searches

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    The excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) located in the United States is developing, as evidenced by the spike in Google searches for this cutting-edge financial instrument. The increased interest from the general public and retail investors highlights the growing excitement about the possible early 2024 launch of a spot Bitcoin ETF.

    According to Google Trends data, this week will mark the peak value of 100 for the global search value of the term “spot Bitcoin ETF” over a five-year period, indicating the highest level of interest among users.

    The search value for “Bitcoin ETF” has also increased to 39, the highest level since ProShares’ futures-based ETF was launched two years ago.

    Search Trends Highlight Enthusiasm

    The increase in searches indicates that more people are actively looking for information on these financial products and how they can affect the market capitalization of Bitcoin, which is currently the largest cryptocurrency in the world.

    After the US Securities and Exchange Commission missed a deadline to contest a significant legal setback, market players are becoming more optimistic that the SEC will approve a spot Bitcoin ETF early next year.

    The fact that the deadline was missed has increased confidence and raised hopes for the ETF’s adoption in 2024, which will unleash a wave of liquidity.

    Bitcoin moving closer to the $30K territory. Chart: TradingView.com

    Acceptance of a position a recurring topic in the cryptocurrency world is the Bitcoin ETF, which is frequently regarded as a gauge of the currency’s widespread acceptance. Leading asset management companies, such as Ark Invest and BlackRock, are vying for the top spots in ETF approval.

    Cathie Wood takes charge of Ark Invest, and she has carefully modified its applications. An agreement with Coinbase that emphasizes the division of the trust’s assets from the custodian is one such modification.

    This answers the SEC’s earlier worries about spot Bitcoin ETF applications lacking strong surveillance-sharing arrangements.

    Looking Ahead: The Future Of Spot Bitcoin ETFs

    The anticipation for the possible introduction of a spot ETF intensified around three months ago when significant participants in conventional financial markets, such as BlackRock, submitted applications for one.

    This development helps explain why Bitcoin performs better than other cryptocurrencies in addition to shielding it from unfavorable macroeconomic developments.

    The regulatory environment is still a major concern as excitement grows. The first Bitcoin ETF in the US is expected to be approved, and the cryptocurrency community is excited about this development, believing it will further establish Bitcoin’s standing in the mainstream financial industry.

    The spike in Google searches is indicative of the growing interest in cryptocurrencies and the need for cutting-edge financial solutions.

    To sum up, the growing demand for spot Bitcoin ETFs is evidence of how digital assets are developing and how they are being incorporated into conventional financial markets.

    The future of spot Bitcoin ETFs is bright, with significant support from important stakeholders and a regulatory landscape that is rapidly embracing these innovations.

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    Yuna Rin

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  • xDay 2023 Day 3: Runtime And MultiversX Launch ZK Rolloups Backed With NASA Tech

    xDay 2023 Day 3: Runtime And MultiversX Launch ZK Rolloups Backed With NASA Tech

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    In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

    During the event’s final day, security audit firm Runtime Verification announced the launch of PI Squared, a universal ZK Rollup that will run on the MultiversX blockchain. The scaling solution is backed by technology developed by the U.S. National Aeronautics and Space Administration (NASA).

    Grigore Rosu, CEO and President at Runtime Verification presented this solution on the event’s main stage. PI Squared aims to make the MultiversX ecosystem more efficient and attract new developers to ship products on this network by reducing verifying computational claims to verifying mathematical proofs.

    According to a press release shared with our team, the scalability solution will use a universal proof check implemented via a custom ZK circuit. PI Squared was developed as a programming language and Virtual Machine (VM) agnostic.

    In other words, developers can work on products with any programming language and bring their app to MultiversX more efficiently while maintaining the underlying security and scalability of the MultiversX blockchain.

    xDay 2023: Interview With Grigore Rosu, CEO Of Runtime Verification

    After the presentation at xDay 2023, our team got to speak with Grigore Rosu about his impression of xDay, the sentiment, and what PI Squared represents for MultiversX and the entire space, as the solution can be implemented and leveraged by any developer in any programming language. This is what he told us.

    Q: How do you feel here? What do you think about the atmosphere and the people?

    A: This is a wonderful conference. It’s unbelievable how many people are here. More than 2000 people. I didn’t expect that. I’ve been at several recent crypto conferences and it was hard to fill the room or even fill the first few rows of seats in the room. But this is just packed with two big amphitheaters and everything is just packed and people are amazing. Discussions are amazing. The MultiversX team is amazing. It’s just wonderful to be here.

    Q: What makes the MultiversX ecosystem, and their team, unique and why did you decided to work on this network?

    A: I knew them from day zero. I’m an advisor for Multiverses X and I met Beniamin Mincu (Co-founder of MultiversX) before, right after they had a white paper written (…). I really liked them from the beginning and in one word I think is passion. Indeed, they are very passionate about what they do. They believe in it, and when you believe in something, it happens. Self prophecy, they have one of the fastest, most reliable blockchains out there, the lowest fees. And it has never stalled. Like other blockchains, it works as specified, fast, cheap, and also programming language efficient. I think it was a good idea not to use EVM (Ethereum Virtual Machine) as an execution infrastructure because EVM is a pretty ad hoc language that was invented quickly to serve a specific purpose to launch Ethereum. But everybody who writes programs or audits them knows that EVM has many limitations. So I think it was a smart that they didn’t use EVM. I would say passion and good decisions along the way. That’s what I like the most about.

    Q: What does the launch of the PI Square protocol mean for the users?

    A: So we had this idea for a while now, it took shape. We have a prototype and we needed a destination chain to launch it as a universal ZK roll-up. Speaker 2 (05:09):

    in PI Square, there is no predetermined language, but we need a destination chain because we do not want to have to implement a decentralized network and consensus algorithms right away. We’d like to stage it. You ultimately, we may do that, but we’d like to stage it. So we’d like to first deploy by squared as a universal scale up on a destination chain. And to be honest, I cannot think of any better destination chain than MultiversX for the same reasons I told you before.

    It’s cheap. If we do it on Ethereum, for example, we’ll have to pay very high fees to do transactions as we prototype. There is a lot of word prototyping development before you launch and all those translate into transactions, big transactions, very expensive transactions on the destination chain. So think about it this way in one sentence. So PI squared will bring all the programming languages and virtual machines to multiverse X, but without the errors that usually come with compilers or interpreters. Developers will develop programs better faster, and that is expected to increase the number of applications that we’ll see on multiple sec and ultimately more users, happier users.

    As of this writing, Bitcoin trades at $29,800 with sideways movement in the last 24 hours.

    BTC’s price is moving sideways on the daily chart. Source: BTCUSDT on Tradingview

    Cover image from MultiversX, chart from Tradingview

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    Reynaldo Marquez

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  • xDay 2023 Day 3: Interview With Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization | Bitcoinist.com

    xDay 2023 Day 3: Interview With Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization | Bitcoinist.com

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    In the next three days, our team at Bitcoinist will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

    xDay 2023: “No Time To Waste In Driving Innovation”

    On the event’s third day, we sat down with Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization. The Minister intends to support the crypto community and builders by attracting capital into the country, giving crypto companies tax exceptions, and implementing a new legal framework to provide them with clarity and security.

    Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation, and Digitalization (at the center), meeting with crypto founders during xDay 2023. Source: Bitcoinist

    The Minister sees himself as a “true believer” in blockchain, artificial intelligence, and their capacity to drive innovation in the country. “There is no time to waste,” he said, as he promised to turn words into facts. This is what he told us:

    Q: How do you feel about the event and projects coming out of MultiversX?

    A:

    The first time I was in the Romanian Parliament was 20 years ago. For two years, I served as a member of the Chamber of Deputies. I’m a member of the parliament now, and I feel I have never seen the Romanian Parliament in such a great way, looking so well and having that positive and brilliant vibe about shaping the future. It’s amazing what Beniamin (Mincu) and Multiverse X are doing here.

    Q: How is Romania going to support MultiversX and the crypto community? Can implementing Markets in Crypto-Assets (MiCA) help you achieve your goals?

    A:

    First of all, right now, we already have a Romanian memorandum, an understanding of how we could improve and we are working on a legal framework about technology and about blockchain. Once we pass all reviews from all public institutions, next week, we’ll bring it into the government, and we’ll make it the legal framework for blockchain and emerging technologies. So that is one of the strategic points of developing and putting Romania on the map.

    The second one is the Romanian AI strategy. We want to launch on 26 September with an entire large debate about our AI strategy and we’ll finish it by the end of the year. And after that, we’ll pass a legal framework for AI.

    Third, Romania has huge potential, the most brilliant minds of our young people from the IT sector, and with them, we had to figure out how we could improve and be part of quantum technology (…). And in my opinion, Romania could provide, could be the regional provider, and could be the great hub for entire software and for quantum technologies. So in that way, we’ll launch the framework and the national debate about quantum strategy in two or three weeks.

    Q: Do you think cooperation with crypto projects will extend to other members of the European Union?

    A:

    I’m interested in that because we’re part of the change. We are in the same stage with our partners (…). But at the same time, I want Romania to have its own position in that game. So I would like to put Romania on the map, so it can lead the cryptocurrencies and other emerging technologies because of the ecosystem (in the country), because regulations are friendly, because we have that golden mine in the minds of those bright young people. So that’s why I want Romania to lead in crypto and not only in crypto.

    As of this writing, the price of Bitcoin approaches $30,000.

    xDay 2023 MultiversX EGLD
    BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

    Cover image from MultiversX, chart from Tradingview

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    Reynaldo Marquez

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  • Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

    Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

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    In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC)  exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). 

    Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.

    Coinbase Eyes Bitcoin ETF Approval 

    Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.

    The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF. 

    The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.

    However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process. 

    Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.

    The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange. 

    This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.

    Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.

    Legal Troubles Mount For Grayscale’s Parent Company

    While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges. 

    Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over $1 billion.

    Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.

    The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022. 

    BTC’s 3% uptrend on the daily chart over the past 24 hours. Source: BTCUSDT on TradingView.com

    Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.

    Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.

    As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Laundering Scheme

    FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Laundering Scheme

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    In a recent crypto investigation, the US FBI successfully infiltrated a group of Indian citizens suspected of engaging in illicit activities involving the exchange of cryptocurrency for over $15 million in cash. 

    The alleged transactions took place at various locations in Westchester County, with the group catering to customers seeking anonymity for their activities.

    Crypto Crime Unveiled

    According to recent reports, five out of the six suspects were apprehended on October 17 and subsequently charged in US District Court, White Plains. 

    The charges primarily revolve around operating an unlicensed money-transmitting business. The investigation unfolded with the assistance of law enforcement agents who monitored 80 “cash hand-offs”. 

    The FBI’s scrutiny began in April 2021 when they identified a suspect operating within the “dark web” criminal marketplaces. 

    Although the individual remains unnamed in the criminal complaint, they are believed to be a co-conspirator of the arrested local suspects. Notably, the suspect offered to ship cash to customers in exchange for cryptocurrency.

    According to the complaint, the unidentified co-conspirator disclosed to an undercover officer in January that some of their customers were involved in drug sales, while their wealthier clients were hackers. 

    The co-conspirator claimed to have amassed approximately $30 million over three years by exchanging cash for cryptocurrency.

    In February, an individual responsible for mailing packages of cash on behalf of the co-conspirator was arrested. The complaint reveals that this individual had been receiving sacks of cash from various individuals, three times a week for 18 months, at a Westchester County post office. The cash bundles ranged from $100,000 to $300,000.

    In a bid to receive leniency during sentencing, the aforementioned individual agreed to assist the FBI with their investigation. Over several months (from February 10 to September 27), they allegedly participated in 80 controlled cash pick-ups amounting to $15,067,000.

    One of the arrested individuals, Raju “Jay” Patel from Flushing Queens, played a significant role in the operation. The complaint alleges his involvement in 58 cash transfers totaling $10.8 million. 

    Raju would collect cash from various locations in George, Massachusetts, North Carolina, Pennsylvania, and South Carolina. Subsequently, Raju allegedly coordinated the transfers with the co-conspirator and the FBI’s confidential source.

    On March 6, Raju allegedly arranged an exchange of $250,000 at a Tarrytown supermarket parking lot. Surveillance conducted by law enforcement agents captured Raju leaving his Queens apartment with an orange cloth bag, which he handed over to the FBI’s confidential source upon arrival in Tarrytown. The bag reportedly contained $249,715.

    Illicit Cash Exchange

    Similar exchanges took place at a parking lot in Port Chester, further implicating the suspects involved. On August 6, Shaileshkumar Goyani allegedly handed over a bag containing $114,000 to the FBI’s confidential source.

    Apart from Goyani, the complaint identifies Brijeshkumar “Samir” Patel, Hirenkkumar Patel, Naineshkumar Patel, and Nileshkumar Patel as additional suspects in the case. 

    All the suspects are charged with operating an unlicensed money-transmitting business under New York and federal laws.

    According to an affidavit by FBI agent Lawrence Lonergan, such unlicensed money-transmitting businesses operate as shadow banks, enabling funds to pass through without undergoing the scrutiny imposed by Congress on the United States financial system.

    While the allegations against Goyani’s crypto fraud remain unproven, his defense attorney, Daniel A. Hochheiser, emphasizes that his client has not been indicted by a grand jury. Hochheiser further stated that if and when an indictment is issued, Goyani intends to enter a plea of not guilty.

    The total crypto market cap stands at $1.09 trillion after briefly breaching the $1.20 trillion mark on the daily chart. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Crypto Winter Might Be Over, Says Morgan Stanley, All Eyes On April 2024 | Bitcoinist.com

    Crypto Winter Might Be Over, Says Morgan Stanley, All Eyes On April 2024 | Bitcoinist.com

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    According to a report by the global investment bank Morgan Stanley, signs indicate that the cyclical “crypto winter” bear market, which has plagued the cryptocurrency industry, may finally end. 

    The report explores the historical pattern of Bitcoin’s (BTC) performance following halving events that occur approximately every four years. Furthermore, the report estimates that the next halving event could occur around April 2024.

    The Cyclical Nature Of Crypto Markets

    Per the report, Bitcoin, the dominant cryptocurrency, is a barometer for the overall crypto market. One distinctive feature of Bitcoin is its halving process, which creates scarcity and helps maintain its value. 

    Every four years, the number of BTC generated every 10 minutes is halved. This deliberate reduction in supply has historically affected Bitcoin’s price, often triggering a bullish market rally. 

    Previous cycles have witnessed three notable bull runs that lasted 12 to 18 months after each halving event.

    The four-year cryptocurrency cycle aligns with the seasons, providing a framework to understand market behavior:

    According to Morgan Stanley, summer represents the phase immediately following a halving event, during which Bitcoin’s price gains are typically observed until it reaches a new peak.

    Fall signifies when Bitcoin surpasses its previous high, attracting media attention, new investors, and businesses. This phase indicates that the bull market is nearing its end.

    Winter characterizes the bear-market decline, initiated by profit-taking and selling pressure from investors, resulting in price drops. This phase persists until the next market trough, typically around 13 months.

    Spring is the phase leading up to the next halving event, during which Bitcoin’s price generally recovers from the cycle’s low point. However, investor interest tends to remain relatively weak during this period.

    Gauging Indicators To Ascertain The Transition From Winter To Spring

    Determining whether crypto spring has truly arrived requires considering several factors. These include the time elapsed since the last peak, the magnitude of Bitcoin’s drawdown from its high, miner capitulation, the Bitcoin price-to-thermocap multiple, exchange-related issues, and price action. 

    These indicators can provide insights into whether the market has reached a trough or is still experiencing crypto winter.

    While the report suggests that crypto winter may be in the past and crypto spring is on the horizon, it emphasizes the importance of learning more about the crypto market’s cyclical tendencies. 

    The daily chart shows BTC’s sideways price action over the past 24 hours. Source: BTCUSDT on TradingView.com

    BTC is trading at $28,500, showing a modest recovery in the past 24 hours after an unsuccessful attempt to stabilize above $30,000 on Monday, followed by a subsequent decline to the $28,000.

    Notwithstanding this recent volatility, Bitcoin has maintained substantial gains across various time frames. It has experienced a notable surge of 7.4% over the past seven days, 4% over the past fourteen days, 5% over the past thirty days, and an impressive 49% surge over one year.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • ‘Banks fail. It’s OK,’ says former FDIC chair Sheila Bair.

    ‘Banks fail. It’s OK,’ says former FDIC chair Sheila Bair.

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    Higher interest rates may be painful in the short term, but banks, savers and the financial ecosystem will be better off in the long run, said Sheila Bair, former chair of the Federal Deposit Insurance Corp.

    “When money is free, you squander it,” Bair said in an interview with MarketWatch. “It’s like anything. If it doesn’t cost you anything, you’re going to value it less. And we’ve had free money for quite some time now.”

    Bair, who led the FDIC from 2006 to 2011, caused a stir recently in criticizing “moonshots,” the crypto industry and “useless innovations” like Bored Ape NFTs, which proliferated because of speculation and near-zero interest rates.

    Her main message has been that the path to higher rates, while potentially “tricky,” ultimately will lead to a more stable financial system, where “truly promising innovations will attract capital” and where savers can actually save.

    Former FDIC Chair Sheila Bair was dubbed “the little guy’s protector in chief” by Time Magazine in the wake of the subprime mortgage crisis.

    Bair sat down for an interview with Barron’s Live, MarketWatch edition, to talk about the ripple effects of higher rates, what could trigger another financial crisis and why more regional banks sitting on unrealized losses could fail in the wake of Silicon Valley Bank’s collapse in March.

    “We probably will have more bank failures,” Bair said. “But you know what? Banks fail. It’s OK. The system goes on. It’s important for people to understand that households stay below the insured deposit caps.”

    The FDIC insures bank deposits up to $250,000 per account. It also has overseen 565 bank failures since 2001.

    “I know borrowing costs are going up, but your rewards for saving it are going up too,” she said. “I think that’s a very good thing.”

    However, Bair isn’t focused only on money traps and pitfalls for grown-ups. She also has two new picture books coming out that aim to explain big financial themes to young readers, including where easy-money ways, speculation and inflation come from.

    “One thing that I’ve learned from the kids is to not ask them what a loan is, because when I did that, a little hand when up, and she said: ‘That’s when you’re by yourself,’” Bair said.

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  • Binance Founder CZ Says SBF’s Decision to “Bad-Mouth” Him to US Authorities Was “Not Smart”

    Binance Founder CZ Says SBF’s Decision to “Bad-Mouth” Him to US Authorities Was “Not Smart”

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    CZ, meanwhile, was facing negative stories in the press about the Justice Department probe into Binace. I’ve worked for years as an investigative reporter, and coauthored the book Billion Dollar Whale, about the 1Malaysia Development Berhad scandal, and CZ wanted to know how to deal with the media.

    I told him to just be transparent. But I had no answer to why some in the US media were lapping up Bankman-Fried’s every pronouncement.

    “His media game is top-notch. I’ve not seen presidents, I’ve not seen politicians, I’ve not seen Mark Zuckerberg or Elon Musk getting those types of treatments. So whatever he did with the media, and to some extent with politicians, is just phenomenal,” CZ said.

    At the start of his career in crypto, Bankman-Fried, famous for his baggy cargo shorts and untamed shock of hair, wanted to get to know CZ, a bespectacled, wiry Chinese Canadian 15 years his senior.

    Like many in crypto, CZ wasn’t a revolutionary looking to democratize finance, but a Wall Street alumnus who had worked for Bloomberg Tradebook.

    In 2017, CZ set up Binance, incorporated in the Cayman Islands, after a friend urged him to invest in Bitcoin, the first cryptocurrency. He admits he got lucky. Bitcoin’s price rallied, and Binance, which takes a cut of every transaction, made billions of dollars.

    Bankman-Fried, meanwhile, took a job at Jane Street, a quantitative trading firm, after graduating from MIT. Many employees at Jane Street were adherents of “effective altruism,” a philosophy that encourages taking high-paying jobs and giving much of it away to charity. He’d made a good salary at Jane Street, and has said he donated more than half of it, but crypto offered even greater riches.

    The fortunes being made in crypto, especially by CZ, were an inspiration. In 2017, Bankman-Fried quit Jane Street and set up Alameda Research, a crypto hedge fund, based in Berkeley. He quickly became a VIP trader on Binance, CZ says, and in 2019 Bankman-Fried organized a party at an aquarium in Singapore and invited CZ along.

    A few months later, Bankman-Fried would start his own exchange, FTX, and, according to CZ, he asked Binance to become the first major investor. From the start, the relationship was competitive.

    “They had a prototype written up in either Python or Node,” CZ says. “We were worried that the performance would not be good enough.”

    CZ declined to invest. The snub irked Bankman-Fried, CZ remembers: “And so they went off on their own.”

    But soon, FTX became popular, in large part because—like Binance—it allowed traders to make huge bets on crypto prices. Later that year, Bankman-Fried came back to CZ, who this time agreed to have Binance take what he says was a 20% stake in FTX, worth about $25 million, to help it expand.

    “At the time, he was very humble,” CZ says.

    By the time I met CZ in Sentosa, however, Bankman-Fried seemed to be turning on him. CZ had even heard he was telling regulators and the media that CZ was close to China’s government and not to be trusted.

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    Tom Wright

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  • US charges crypto founders over alleged support for North Korean hackers

    US charges crypto founders over alleged support for North Korean hackers

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    US officials allege Tornado Cash facilitated $1bn in money laundering transactions for North Korea’s Lazarus Group.

    The United States has charged two cofounders of the cryptocurrency mixer Tornado Cash with money laundering and other crimes a year after authorities banned the Russian-founded platform over its alleged support of North Korean hackers.

    Roman Semenov and Roman Storm have been charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money-transmitting business, the US justice department said in a statement on Wednesday.

    Storm, a naturalised US citizen, was arrested in Washington state on Wednesday. Semenov, a Russian national, has yet to be taken into custody.

    Alexey Pertsev, a third cofounder, was arrested in the Netherlands in August last year on money laundering charges.

    US officials have accused Tornado Cash, which was sanctioned by the US treasury last year, of facilitating more than $1bn in money laundering transactions and laundering hundreds of millions of dollars for the hacking outfit Lazarus Group, which has been implicated in funding North Korea’s nuclear weapons programme.

    “While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov, in fact, knew that they were helping hackers and fraudsters conceal the fruits of their crimes,” US Attorney Damian Williams said.

    “Today’s indictment is a reminder that money laundering through cryptocurrency transactions violates the law, and those who engage in such laundering will face prosecution.”

    Separately, the US treasury announced sanctions against Semenov for his alleged support of Lazarus Group.

    Crypto mixing services like Tornado Cash, which was launched in 2019, allow crypto users to conceal the origins of their funds by mixing various assets in exchange for a fee. Mixing services can be used by both ordinary users concerned about privacy and criminal actors seeking to hide ill-gotten gains.

    Crypto advocates have strongly criticised the ban on Tornado Cash as an overreach that infringes on people’s legitimate expectations of privacy.

    Brian Klein, a lawyer representing Storm, said he was disappointed that his client had been charged for helping to develop software “based on a novel legal theory with dangerous implications for all software developers”.

    “Mr Storm has been cooperating with the prosecutors’ investigation since last year and disputes that he engaged in any criminal conduct,” Klein said. “There is a lot more to this story that will come out at trial.”

    Semenov’s legal representatives could not be reached for comment. Pertsev’s lawyer did not immediately respond to a request for comment.

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  • Sam Bankman-Fried Might Soon Be Officially Barred From Talking to the Press

    Sam Bankman-Fried Might Soon Be Officially Barred From Talking to the Press

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    On Friday, a federal judge will hear arguments on the gag order Sam Bankman-Fried was put under as part of his bail agreement for alleged witness tampering. It’s the latest court appearance stemming from the FTX founder’s continuous engagement with the press. And it’s not just Silicon Valley that has skin in the game: The New York Times, the Reporters Committee for Freedom of the Press, and a documentarian making a movie about the tech mogul’s fall from grace have all recently filed letters objecting to the order over free speech concerns, urging the presiding judge Lewis Kaplan not to extend it through the criminal trial, which is set to start on October 2. Bankman-Fried faces multiple charges related to the multibillion-dollar fraud he is accused of orchestrating against FTX investors.

    “The news media and the public at large has an interest—and a First Amendment right—in hearing from individuals who are willing to speak about issues of public importance, and that includes criminal prosecutions,” Katie Townsend, RCFP’s legal director and deputy executive director, told me. “Parties to criminal prosecutions have valid, interesting, and newsworthy things to say.” Further, Bankman-Fried has a right “to say what he wants about his reputation,” she noted, echoing constitutional scholar Laurence Tribe, who has also weighed in with an affidavit on the defendant’s right to speak about his criminal prosecution. (Tribe is notably of counsel at the law firm that represents Bankman-Fried’s father, but said he submitted his affidavit “in an independent capacity as an expert on constitutional law.”)

    The Times’ involvement in the case is no great surprise: Last month, it published excerpts from the private diary entries belonging to Caroline Ellison, Bankman-Fried’s former girlfriend and business partner who is expected to serve as a witness in the criminal case against him. It’s unclear whether Bankman-Fried provided those entries, but his attorneys said their client “shared certain documents” with the Times that “were not produced in discovery, in an effort to give his side of the story.” Federal prosecutors then asked a judge to revoke Bankman-Fried’s house arrest and send him to jail over alleged witness tampering. “The latest incident is an escalation of an ongoing campaign with the press that has now crossed a line,” Assistant US attorney Danielle Sassoon said in a hearing, adding that he’s had over 1,000 phone calls with journalists. While Kaplan did not rule on the request for revocation of bail, he did issue a temporary gag order on Bankman-Fried that prevented him, his attorneys, and others from publicly discussing the case. Bankman-Fried’s lawyers accepted the order but requested that it apply to all “parties and witnesses” in the case, including all current and former employees of FTX and other related entities.

    But in their letters challenging the gag order, the Times and RCFP note the alternative tools available to the court to maintain a free trial—such as screening questionnaires for jurors—as well as the high threshold for restricting the speech of non-attorney trial parties and witnesses, given the public’s interest in people like Ellison. “She has confessed to being a central participant in a financial scheme that defrauded investors of billions of dollars—a scheme that was not detected by government regulators and law enforcement agencies until the public’s money had disappeared,” David McCraw, the primary litigator for the Times, wrote in his missive. “It is not surprising that the public wants to know more about who she is and what she did and that news organizations would seek to provide to the public timely, pertinent, and fairly reported information about her, as the Times did in its story.” (Ellison struck an agreement last December, pleading guilty to various charges linked to the alleged scheme. She is cooperating with prosecutors.)

    Bankman-Fried’s openness with the media—and its reciprocal interest in him—was a hallmark of his rise and his eventual fall. He repeatedly spoke to reporters while under federal investigation and continued to engage once on house arrest. Puck’s Teddy Schleifer is among those who’ve visited him at his family’s home in Palo Alto, as is best-selling author Michael Lewis, who, when Bankman-Fried was arrested last December, had spent roughly the past year shadowing him for a new book. “He’s the ideal subject. He’s locked up in his house an hour from my house with an ankle monitor,” Lewis recently told the Times, when asked how his legal situation has impacted access. “It’s unbelievably convenient, as long as they keep him there. So, as long as he welcomes me into the house, it’s fine. I’ve been seeing him roughly every two weeks.”

    Kaplan will officially rule on whether to revoke Bankman-Fried’s bail either during Friday’s hearing or sometime after; in conjunction, he could decide to extend, broaden, or finalize the gag order. There’s also the possibility that Kaplan does away with the gag order completely.

    As for FTX, the company is still working its way through bankruptcy, which the gag order—particularly one extending to potential witnesses—could make “very difficult” for the media to cover, said Townsend. The public is “presumably watching pretty closely to see what happens with the company in connection with not just Bankman-Fried’s prosecution, but people with assets that are still tied up in those proceedings,” she added. “There’s a lot of fallout from the collapse.”

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    Charlotte Klein

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  • Prosecutors Want Sam Bankman-Fried Jailed Over Witness Tampering Allegations

    Prosecutors Want Sam Bankman-Fried Jailed Over Witness Tampering Allegations

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    Prosecutors are asking a judge to detain former FTX cryptocurrency exchange boss Sam Bankman-Fried after he allegedly leaked his former business partner’s personal information to the press in an attempt to discredit her as a witness.

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    https://www.forbes.com/

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  • Bitcoin Surges Past $30,000 For First Time In Months

    Bitcoin Surges Past $30,000 For First Time In Months

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    Bitcoin rose sharply Wednesday and surpassed $30,000 for the first time in months, continuing a days-long increase in the cryptocurrency’s price, despite economic uncertainty and a regulatory crackdown on some crypto exchanges.

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