Day: March 2, 2023

Bitcoin Mining to Go Obsolete?

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Cardano founder Charles Hoskinson believes that Bitcoin mining should be stopped and that all existing units of the assets should be converted into wrapped Bitcoin. Why is that? According to Hoskinson, if Bitcoin’s network is shut down, it can continue to exist as wrapped Bitcoin on other networks. In his view, the industry would not need the proof-of-work consensus mechanism because it is the “gold mine” to get the asset. The Cardano founder highlighted that Bitcoin’s “gold mine” consumes a lot of…

Crypto Clients Flee Silvergate Bank, Stock Falls 50%

On Thursday, Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they would suspend Automated Clearing House (ACH) transfers and other business operations with the bank, days after crypto derivatives provider LedgerX announced the same. Kraken appears to be the only major crypto exchange to continue using Silvergate, having ended some transactions with rival bank Signature (SBNY) on Wednesday. Source

Michael Saylor is still on the hook for alleged tax evasion, says MicroStrategy filing

The Office of the Attorney General for the District of Columbia in the United States is moving forward on a lawsuit against business intelligence firm MicroStrategy executive chair Michael Saylor related to tax evasion. According to a Feb. 28 filing with the U.S. Securities and Exchange Commission, MicroStrategy said the court had not dismissed a claim against Saylor for failing “to pay personal income taxes, interest and penalties due” following an October 2022 motion from the firm. However, the court granted a motion dismissing allegations that Saylor — on his…

Celo president Rene Reinsberg explains why the protocol is optimizing for mobile

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On Episode 10 of Cointelegraph’s Hashing It Out podcast, Celo president Rene Reinsberg joins Elisha Owusu Akyaw (GhCryptoGuy) to discuss the regenerative finance (ReFi) movement, which focuses on the building blocks of decentralized finance (DeFi) and the principles of regenerative economics. Reinsberg also explains how Celo intends to stay relevant in the multichain world of layer-1 blockchains and layer-2 networks.  The blockchain world is getting crowded, with multiple layer-1 blockchains launching and layer-2 networks becoming more popular. Reinsberg said the layer-1 Celo blockchain is not worried about the increase in…

Before Silvergate and After Silvergate

Of course, not everyone was upset to learn Silvergate, important for getting dollars into the crypto economy, took out this Federal Home Loan Bank. Banks are banks, after all. But few will be happy to hear that Silvergate looks set to fail – even if it seems karmic. Today, the bank announced it was delaying a Securities and Exchange Commission filing for the first time, after it made last-minute asset sales to repay an outstanding balance on its federal loan. The company lost $1 billion in the fourth quarter of…

BitKeep remains on track to fully compensate victims of $8M APK exploit

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According to an official Telegram statement on March 1, Singaporean cross-chain crypto wallet developer BitKeep says it has reimbursed 50% of user assets lost during a security breach stemming from Dec. 26, 2022. On the date of the incident, an estimated $8 million was stolen by hackers after BitKeep’s APK 7.2.9 (Android Package Kit) installation package was hijacked and swapped. Users who downloaded the malware subsequently saw their private keys compromised, leading to the theft of assets.  As told by BitKeep, a total of 6,731 verified addresses were breached during…