Day: December 2, 2022

Bankman-Fried is ‘delusional’ and headed to jail

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Former FTX CEO Sam Bankman-Fried (SBF) has been lambasted this week following a series of controversial public appearances, with Galaxy Digital’s Mike Novogratz one of the latest to dish out a lashing to the former kingpin of crypto. On Dec. 1, Galaxy Digital CEO Mike Novogratz unleashed a tirade of criticism towards SBF concerning his interview with Andrew Ross Sorkin at the New York Times annual DealBook Summit on Nov. 30. Speaking to Bloomberg, Novogratz characterized SBF as “delusional” following his declaration in the live interview that he never tried…

Proof-of-Reserves Are at ‘Best Incomplete, at Worst Misleading and Deceptive’ Says Crypto Analyst Martin Hiesboeck – Interview Bitcoin News

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While many crypto exchanges have seemingly embraced the use of proof-of-reserves (PoR) to showcase their transparency and reassure nervous users, crypto analyst Martin Hiesboeck insists such so-called proofs are susceptible to manipulation or misrepresentation. He added that PoRs alone are not a suitable method of verifying an exchange’s reserves because they do not “account for liabilities and off-chain assets at all.” PoR May Be ‘Misleading and Deceptive’ Following the collapse of FTX in November, trust in centralized exchanges ebbed, with many users rushing to move their assets off of such…

Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch

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Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term. Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels. The price is trading above $16,650 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $16,650 and $16,500 support levels. Bitcoin Price Faces Bears Bitcoin…

Ankr confirms exploit, asks for immediate trading halt

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The BNB Chain-based decentralized finance (DeFi) protocol Ankr has confirmed it has been hit by a multi-million dollar exploit on Dec. 1. The attacker was purportedly able to mint 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), a reward-bearing token for BNB (BNB) staked on the protocol. The exploiter has since used services such as Uniswap, Tornado Cash, and various bridges to swap and obfuscate the funds and has successfully gained around 5 million USD Coin (USDC) Seems that @ankr got hacked an hour ago! The exploiter minted 20T aBNBc…

‘Big Short’ Investor Michael Burry Warns of Extended Multi-Year Recession in US – Economics Bitcoin News

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Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned about “an extended multi-year recession” in the U.S. He believes there isn’t a strategy to pull us out of “this real recession.” Michael Burry’s Recession Warning Famous investor and founder of investment firm Scion Asset Management, Michael Burry, has warned about a “real recession” that will last multiple years. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is…

This AI chatbot is either an exploiter’s dream or their nightmare

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The online crypto community has discovered a new Artificial Intelligence (AI)-powered chatbot that can either be used to warn developers of smart contracts vulnerabilities or teach hackers how to exploit them.  ChatGPT, a chatbot tool built by AI research company OpenAI, was released on Nov. 30 and was designed to interact “in a conversational way” with the ability to answer follow-up questions and even admit mistakes, according to the company. However, some Twitter users have come to realize that the bot could potentially be used for both good and evil,…

Trader Joe takes its first step into the Ethereum ecosystem

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Decentralized finance (DeFi) protocol Trader Joe has announced its very first expansion from Avalanche and onto the Ethereum ecosystem, as part of its plans to access new markets and drive up user activity. The decentralized trading platform announced its “multi-chain” expansion into Ethereum layer-2 scaling solution Arbitrum One on Dec. 1 and follows around a month after it stated its intention to expand to additional markets and ink new partnerships amid falling TVL and user activity in the third quarter. We’re extremely excited to announce that @traderjoe_xyz has expanded into…

New York proposes to charge crypto companies for regulating them

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The New York State Department of Financial Services (DFS) has submitted a proposed change in state laws that would allow it to charge licensed crypto companies for regulating them. While that may seem like an odd proposition, under Financial Services Law (FSL) it is common practice for the DFS to charge licensed non-crypto financial entities for the cost and expenses of maintaining oversight over them. The proposal is led by DFS Superintendent Adrienne Harris, who announced the move via the DFS website on Dec. 1 and has submitted it for…

FTX Japan drafts plan to return client funds

The Japanese subsidiary of the now-defunct FTX crypto exchange has come out with a roadmap to resume withdrawals, after confirming that its customers’ assets are not part of FTX’s bankruptcy proceedings. The firm provided an update on Dec. 1, stating it has been able to confirm that its customers’ assets “should not” be part of FTX Japan’s estate due to Japanese regulations which mandate that crypto exchanges must separate client funds from their own assets. This was according to Landis Rath & Cobb LLP, the law firm representing FTX Group…

Sber Bank’s blockchain technology uses Metamask

By linking its blockchain platform with the Ethereum blockchain, the biggest bank in Russia is expanding its operations into the decentralized finance and web 3 industries. Sber, the bank that was once known as Sberbank and is now Russia’s biggest financial institution, is continuing to improve its blockchain platform by merging it with the Ethereum blockchain. On November 30, Sber made an official announcement on new potential for its proprietary blockchain technology. One of these chances is interoperability with apps and smart contracts that run on the Ethereum network. According…