Day: February 7, 2023

Former Coinbase manager slams SEC in motion to dismiss insider trading case

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A former product manager at cryptocurrency exchange Coinbase has moved to dismiss charges of alleged insider trading, with his lawyers arguing the tokens he allegedly traded were not securities. Lawyers representing ex-Coinbase employee, Ishan Wahi, and his brother, Nikhil Wahi, filed a motion on Feb. 6 in the United States District Court for the Western District of Washington to dismiss charges laid by the Securities and Exchange Commission. The SEC charged the brothers and their associate, Sameer Ramani, with insider trading last July, alleging the trio made $1.1 million using…

North Korea stole more crypto in 2022 than any other year: UN report

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A confidential United Nations report has revealed North Korean hackers stole more crypto assets in 2022 than in any other year so far. The UN report, seen by Reuters, was reportedly submitted to a 15-member North Korea sanctions committee last week. It found North Korean-linked hackers were responsible for between $630 million and more than $1 billion in stolen crypto assets last year and targeted networks of foreign aerospace and defense companies. The UN report also noted that cyber attacks were more sophisticated than in previous years, making tracing stolen…

UK’s digital pound would modernize payments but won’t replace cash: Minister

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The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could “provide a new way to pay” without necessarily replacing cash. On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs) is set to drop, with the BoE and Treasury seeking feedback on how, and if they should proceed with building a CBDC. In a Feb. 6 public statement, Finance Minister Jeremy Hunt indicated that the two entities would seek to develop a modernized digital payments system that doesn’t…

Yuga Labs settles lawsuit with developer involved in copycat BAYCs

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The creator of the nonfungible token collection Bored Ape Yacht Club has settled a lawsuit with one of the developers behind a copycat collection known as RR/BAYC.  On Feb. 6, Yuga Labs settled a lawsuit that involved Thomas Lehman, the developer of websites and a smart contract that sold “misleading” BAYC NFTs from digital artist Ryder Ripps. The firm behind the blue-chip collection sued Lehman in January for his involvement witand technical support of the collection of mimic monkeys. According to the suit, Lehman assisted Ripps and Jeremy Cahen to…

Crypto Bank Juno Resumes Services After Pause

In addition to resuming its crypto services, the bank has also debuted several new features. Those include support for more than 35 additional cryptocurrencies such as SOL, ADA, SHIB snd DOGE, and the reduction of spreads on new and existing token offerings. The platform now also offers a zero-trading-fee incentive and a rewards program for every dollar traded in non-stablecoin tokens. Source

The Market Has Decided a Recession Is Coming, Says Mad Money’s Jim Cramer – Economics Bitcoin News

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The host of Mad Money, Jim Cramer, says the market has already decided that the Federal Reserve “will tighten and create a recession no matter what.” Cramer also recently said that we are in a bull market, advising investors to buy the dip. Jim Cramer on Recession The host of CNBC’s Mad Money show, Jim Cramer, believes that the market has already decided that the U.S. economy will be in a recession. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Cramer tweeted…

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

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The co-founder of Web3 metaverse game engine “Webaverse” has revealed they were victims of a $4 million crypto hack after meeting with scammers posing as investors in a hotel lobby in Rome.  The bizarre aspect of the story, according to co-founder Ahad Shams, is that the crypto was stolen from a newly set up Trust Wallet and that the hack took place during the meeting at some point. He claims the thieves could not have possibly seen the private key, nor was he connected to a public WiFi network at…

Crypto firms could face 2 years jail for breaching UK advertising laws

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Newly proposed advertising rules in the United Kingdom could potentially see executives of crypto firms face up to two years of prison for failing to meet certain requirements around promotion, according to the U.K. financial watchdog.  In a Feb. 6 statement, the U.K. Financial Conduct Authority (FCA) revealed that if the proposed “Financial promotions regime” is approved by Parliament, all crypto firms in the country and overseas would have to follow certain requirements when advertising their crypto services to U.K. customers. “Cryptoasset businesses marketing to UK consumers, including firms based…

Crypto Prices Are Flat Before Fed Chair Speech; Japan’s SBI Building a Metamask Competitor for Yen-Denominated NFT Trading

“First Mover” was monitoring developments in Turkey, a major center of crypto adoption, that is now coping with devastation following a massive earthquake. Also, a look at crypto markets, the latest in the FTX bankruptcy court proceedings, and the sale of real estate via NFTs. OANDA Senior Market Analyst of The Americas Edward Moya, Murphy & McGonigle Founder James Murphy, and Sanjay Raghavan, Roofstock onChain Head of Web3 Initiatives joined the conversation. Source