Day: December 14, 2022

Sam Bankman-Fried to Spend Xmas and New Year in Jail

Besides the prosecution SBF is facing in the Bahamas, he is also wanted in the United States by the Department of Justice (DoJ) as well as the Commodity Futures Trading Commission (CFTC). Sam Bankman-Fried (SBF), the disgraced former Chief Executive Officer (CEO) of bankrupt FTX Derivatives Exchange has been denied bail by a Magistrate in the Bahamas. As reported by Reuters, SBF was remanded to the custody of the Bahamas Department of Corrections and as it stands, he will spend the Christmas and New Year holidays in jail. Sam Bankman-Fried…

Bitcoin bear market 70% dip kills BTC ‘tourists’ as metric screams buy

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Bitcoin (BTC) speculators have disappeared from the market and their mood “destroyed,” says popular analyst Philip Swift. In a tweet on Dec. 14, the co-founder of trading suite Decentrader flagged potential maximum risk-returns for BTC at current prices. Swift: “Euphoria destroyed” from Bitcoin bear market BTC/USD is around 70% below its last all-time highs, and the drawdown has flushed out many short-term investors. The FTX scandal precipitated an even stronger capitulation, one which is ongoing as its after-effects see nervous investors panic. For Swift, signs that speculator “euphoria” is now…

CoinList Unveils New Security Feature Wallet Link

Users must verify they own the non-custodial wallet before associating the account with Wallet Link. Token sale platform, CoinList, has announced a new feature, Wallet Link, for some of its exclusive partners. Wallet Link allows users to link their on-chain identities to their CoinList verified identities. The launch of the new feature forms part of a campaign to help users who lost their funds in the Nomad Bridge hack recover them. Nomad lost over $180 million after its cross-bridge was hacked in August. The company recovered about $37 million, amounting…

Jack Dorsey pushes for decentralized Twitter alternative

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With the internal investigation led by Elon Musk identifying censorship-related issues on Twitter, the social platform’s former CEO Jack Dorsey has promoted the idea of a “free and open protocol” for social media.  In a post, Dorsey highlighted some potential solutions to the current problems of the Twitter platform. According to the former Twitter CEO, this includes making it resilient from corporate or government control, giving the right to remove content solely to the original author and implementing moderation through algorithmic choice. He explained that: “I’m a strong believer that…

CFTC Deems Ethereum A Commodity In Recent Court Filing

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Cryptocurrencies like Ethereum have their fair share of controversy regarding categorization. Government regulatory bodies like the Securities and Exchange Commission (SEC) and the U.S. Commodities Futures Trading Commission (CTFC) have had past battles with other digital assets. The SEC is currently embroiled in a long-running case with Ripple Labs, with the focus on defining the XRP token as a security. The CFTC also views all virtual currencies as commodities under the Commodity Exchange Act (CEA). However, this stance by the regulatory body is controversial since cryptocurrencies pride themselves on being…

Silvergate Shares Slides 11%, FTX Exposure and Possible Testimony by SBF Makes SI Risky

Silvergate recently noted that its relation with FTX is limited to deposits and has no outstanding loans with FTX or Alameda. Silvergate Capital Corporation (NYSE: SI) continues to feel the effect of the 2022 cryptocurrency winter. Silvergate shares closed Tuesday’s market trading at $18.73, 11.90 percent down from the day’s opening price. Consequently, SI shares are down approximately 87 percent year-to-date, a similar decline recorded in the crypto market. Moreover, the company is heavily collateralized with crypto assets that institutional investors – including MicroStrategy – use to take fiat loans.…

Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US – Exchanges Bitcoin News

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Bitso, a Latam-focused cryptocurrency exchange, has partnered with chat-based payments provider Felix Pagos in order to offer Whatsapp-integrated remittances. The objective of this partnership is to put nearly instant chat-based remittances in the hands of Mexican and US users that might be intimidated by crypto tech otherwise. Bitso to Power Felix Pagos Whatsapp-Integrated Remittances Remittances have been a big use case for cryptocurrency, but the relative lack of knowledge of these tools has slowed adoption in this arena. Bitso, one of the biggest crypto exchanges in Latam, with more than…

ConsenSys Launches zkEVM Network for Private Beta Testing

The newly-announced ConsenSys zkEVM project has already received over 150,000 signups so far and will admit external users next year. ConsenSys has launched its zero-knowledge Ethereum Virtual Machine (zkEVM) private beta testnet to scale Ethereum (ETH). The New York-based blockchain software tech company heralded this initiative yesterday via a blog post. ConsenSys says it will begin a zkEVM beta testnet internal testing next week and onboard external users to the Layer 2 zk-rollup from January next year. The software has received more than 150,000 sign-ups so far, and a wide range of…