Month: February 2023

SEC’s crypto staking crackdown has uncertain consequences for DeFi: Lido Finance

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A crackdown by the United States securities regulator on crypto staking could have unintended consequences for decentralized finance (DeFi), according to the head of business development at Lido DAO.    In a Feb. 13 Bloomberg report Jacob Blish, who leads business development at Lido’s decentralized autonomous organization (DAO), said the most significant risk would be if the SEC eventually concluded that no U.S. citizen can interact with crypto staking services, including protocols. “The biggest risk I personally see as a U.S.-based person is if they come down and say you…

Vitalik Buterin donates $227k to help earthquake victims in Turkey

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Ethereum co-founder Vitalik Buterin has now made at least two substantial contributions to help the victims of last week’s devastating earthquake in Turkey and Syria. The Turkey-Syria 7.8 magnitude earthquake struck on Feb. 6. Its death toll has now risen to 33,000 — one of the world’s worst in decades. Over the week, the Ethereum co-founder has been one of many actively donating Ethereum to support relief efforts in Turkey. His latest donation was on Feb. 12 for 50 ETH, or approximately $77,000, sent to to Anka Relief, according to…

US Crypto Lawsuits Reach All-Time High With 42% Increase in 2022; SEC Cases Dominate Legal Battles – Bitcoin News

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A new study on digital currency-related lawsuits since 2018 shows a 42% increase in crypto lawsuits in 2022. The highest number of claims in a single year was recorded last year, with 41 total claims in the United States. The research also shows that the majority of lawsuits came from the U.S. Securities and Exchange Commission (SEC). Rise in U.S. Crypto Lawsuits Tracked Since 2018: Report Similar to the price cycles experienced by cryptocurrencies, there are fluctuations in the number of U.S. crypto-related lawsuits filed each year, according to new…

Wormhole hacker moves another $46M of stolen funds

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The ill-gotten crypto from one of the industry’s largest exploits is on the move again, with on-chain data showing another $46 million of stolen funds has just shifted from the hacker’s wallet. The Wormhole attack was the third largest crypto hack in 2022 resulting from an exploit of Wormhole’s token bridge in February 2022. Around $321 million of Wrapped ETH (wETH) was stolen. According to blockchain security firm PeckShield, the hacker’s associated wallet has become active once again, moving d $46 million worth of crypto assets. This was made up of…

Crypto, forex platform CEO pleads guilty to $248M fraud scheme

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Eddy Alexandre, CEO of purported crypto trading platform EminiFX has pleaded guilty to commodities fraud in a New York district court, agreeing to pay back millions to investors who lost funds to his “cryptocurrency investment scam.” The United States Department of Justice (DOJ) announced on Feb. 10 that Alexandre submitted a guilty plea to one count of commodities fraud, and will pay over $248 million in forfeiture along with restitution yet to be specified. Alexandre was arrested and charged in May 2022 over his role in EminiFX and originally pleaded…

OneKey says it’s fixed the flaw that got its hardware wallet hacked in 1 second

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Crypto hardware wallet provider OneKey says it has already addressed a vulnerability in its firmware that allowed one of its hardware wallets to be hacked in one second flat. On Feb. 10, a video on YouTube posted by cybersecurity startup Unciphered showed they had figured out a way to exploit a “Massive critical vulnerability” in order o “crack open” a OneKey Mini. According to Eric Michaud, a partner at Unciphered, by disassembling the device and inserting coding, it was possible to return the OneKey Mini to “factory mode” and bypass…

Bridgewater CIO Warns of Deeper, Longer, and ‘Much More Painful’ Recession Than What We’re Accustomed To – Economics Bitcoin News

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Bridgewater Associates’ co-chief investment officer has warned about a recession that is “much more difficult” and “much more painful” than what we’ve been accustomed to. “The dam has been broken where fiscal policymakers are now part of the story,” said the executive of the world’s largest hedge fund. Bridgewater Executive’s Recession Warning Karen Karniol-Tambour, Bridgewater Associates’ co-chief investment officer, warned about recessions that are very different from previous times in an interview with Bloomberg last week. Founded by billionaire Ray Dalio, Bridgewater Associates is the world’s largest hedge fund, with…

Bitcoin could hit $10M in 9 years but more sidechains needed: Blockstream CEO

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Blockstream CEO Adam Back believes the price of Bitcoin (BTC) could reach $10 million by the end of the sixth halvening in 2032, as long as Bitcoin layer-2 technology and wallet infrastructure improves. In a Feb. 12 Twitter thread, Back, one of the contributors to Bitcoin core, was explaining to his 509,000 followers in what situation Hal Finney’s $10 million price prediction for BTC could come true. He noted that BTC has doubled in price year-on-year on average since 2013 and explained that if that trend continues, BTC price would…