Day: February 9, 2023

Analyst Warns of Banks’ Authority to Confiscate Funds, Decline of US Dollar Purchasing Power – Economics Bitcoin News

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According to Lynette Zang, chief market analyst at ITM Trading, U.S. banks have the legal authority to confiscate people’s funds due to legislation passed by Congress. In a recent interview, Zang discussed how the purchasing power of the U.S. dollar has dwindled to “roughly three cents,” her belief that central bank digital currencies (CBDCs) will reinforce a “surveillance economy,” and the unalterable nature of the World Economic Forum’s proposal, known as the Great Reset. The Consequences of Bank ‘Bail-Ins,’ CBDCs, and the Great Reset In a recently published video interview,…

Coincover secures $30 million in funding to strengthen digital asset security

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London-based digital asset protection firm, Coincover, has secured $30 million in a funding round led by Foundation Capital, with a follow-on investment from CMT digital.  According to Coincover’s announcement, the funds will be used to scale its operations, drive recruitment, develop new products, and form partnerships to help strengthen the security of the cryptocurrency ecosystem, thereby, providing even more comprehensive protection to businesses and individuals holding digital assets.  Coincover was founded in 2018 and launched in 2019 with the aim of providing trust to the digital asset industry. The company…

Cryptocurrency exchange Kraken settles SEC crypto staking suit

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Kraken is one of the world’s largest crypto exchanges. Tiffany Hagler-Geard | Bloomberg via Getty Images Crypto exchange Kraken will shutter its U.S. cryptocurrency staking operation and pay a $30 million fine to settle an enforcement action alleging it sold unregistered securities, the Securities and Exchange Commission said Thursday. The SEC claims Kraken failed to register the offer and sale of its crypto staking-as-a-service program. U.S. investors had crypto assets worth over $2.7 billion on Kraken’s platform, the SEC alleged, earning Kraken around $147 million in revenue, according to the SEC…

US Securities and Exchange Commission Sues Kraken Over Crypto Staking Services

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Banks under pressure from U.S. authorities to cut ties with crypto firms

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United States authorities appear to be resurrecting past techniques to crack down on crypto firms and banks offering services to the industry, several sources told Cointelegraph. The alleged strategy consists of isolating the traditional financial system from the crypto market by relying on “multiple agencies to discourage banks from dealing with crypto firms,” with the goal of leading crypto businesses to become “completely unbanked,” according to Nic Carter — co-founder of venture firm Castle Island and crypto intelligence firm Coin Metrics. The claims rely on conversations Carter had with bank executives,…

Celsius‘ motion to extend timeline for restructuring plan faces objection from creditors

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The unsecured committee of creditors and others involved in crypto lending firm Celsius’ bankruptcy case have objected to a motion from the debtors delaying a reorganization plan. In separate Feb. 8 court filings, the committee and Withhold account holders as well as the United States Trustee and Celsius borrowers objected to a motion aimed at extending the exclusivity period for a Chapter 11 restructuring plan from Feb. 15 to March 31. Under the proposed extension, Celsius’ debtors would also have the option of soliciting a plan until June 30. The…

Major Crypto ATM Operator Coin Cloud Files for Bankruptcy – Featured Bitcoin News

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One of the largest cryptocurrency ATM operators, Coin Cloud, which claims to operate more than 5,000 crypto ATMs, has filed for bankruptcy in the U.S. The company’s largest creditor is Genesis Global Trading, whose parent company also recently filed for bankruptcy in the U.S. Coin Cloud Files for Bankruptcy Cash Cloud Inc., a digital asset ATM operator doing business as Coin Cloud, voluntarily filed for Chapter 11 bankruptcy on Tuesday. In its filing with the U.S. bankruptcy court for the District of Nevada, Coin Cloud declared an estimated number of…

Crypto Would Survive an SEC Crackdown on Crypto Staking

Staking, the process of locking native blockchain tokens to secure the network and receive rewards, has become a major business line for centralized exchanges looking to diversify their revenue streams away from transaction fees. Coinbase is the second-largest ETH staker, though competitors like Kraken and Binance have moved into the business. In many ways, if the SEC is successful in banning staking programs, decentralized alternatives like Lido and RocketPool, the largest and third largest ETH-based platforms by value, will benefit. Source