Month: March 2023

California Leads the Way as U.S. Federal, State Agencies Consider Blockchain’s Applications: Bank of America

The project is seen as a first step with the potential for additional functionality, the note said. These may include the ability to record repairs within the NFT, to use stablecoins as the payment leg for “atomic title transfers” and allow vehicle-licensing agencies from other states to join the platform so they can benefit from the same efficiencies as well as producing incremental efficiencies related to cross-state vehicle sales. Source

Block Shares Plunge 14% After Hindenburg Research’s Report

Block said it is working with the SEC on how to “explore legal action against Hindenburg Research for the factually inaccurate and misleading report”. American multinational financial technology giant Block Inc (NYSE: SQ) is currently under intense pressure following a damning report from short seller, Hindenburg Research. According to the report, Hindenburg Research accused Block of running a fraudulent operation that takes advantage of the demographics it claims to serve, the unbanked. Known for such reports, Hindenburg said its investigation into Block Inc was conducted over the span of two…

Contango Digital Assets Successfully Closes $1.2M Seed Round for Web3 Infrastructure

Blockchain-oriented VC firm Contango plans to use the seed round proceeds to facilitate increased Web3 adoption globally.  Contango Digital Assets recently successfully concluded a $1.2 million seed round geared toward establishing Web3 infrastructure. To date, the leading blockchain venture capital firm has deployed more than $7 million globally to support Web3 startups. According to reports, Contango will double this sum in 2023 amid increased Web3 and blockchain mainstream adoption. The Contango Digital Assets seed round generated much excitement among participating investors. These investors included HNW Angel investors, Family Office, and…

TikTok CEO Takes Hot Seat before US Congress to Dispel National Security Threat Allegations

On Thursday, TikTok CEO Shou Zi Chew appeared before US Congress to address several pertinent issues, including user data protection.  Yesterday, TikTok CEO Shou Zi Chew concluded his first public hearing before the US Congress. Chew attempted to dispel legislators’ claims that the Chinese-based social media platform threatens US national security. At the hearing, lawmakers grilled the TikTok chief executive over his company’s attempts to protect US user data. Furthermore, the US Congress also probed the social media giant’s alleged ties to the Chinese government. Chew’s testimony before the US Congress provided…

USDT issuer Tether has up to $1.7B in excess reserves, CTO says

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Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023. “I don’t have the final figures yet, but the profit of this quarter will probably match the last quarter of 2022,” Ardoino said, adding that in Q4 2022, Tether generated $700 million of profits. He added that Tether also has an “addition to that $950 million”…

Cinema Stocks Pop as Apple Eyes Movie Theater Foray with $1B

On Thursday, stocks of cinema mainstays, including AMC and IMAX, jumped on news that Apple plans to boost its theater visibility.  Cinema stocks climbed Thursday following reports that Apple (NASDAQ: AAPL) plans to spend $1 billion yearly on theatrical film releases. This investment is part of the tech giant’s efforts to increase its visibility in Hollywood and attract subscribers to its Apple TV+ streaming business. Cinemark (NYSE: CNK) shares jumped 10% following the news, with IMAX (NYSE: IMAX) and AMC (NYSE: AMC) rising 4% and 5%, respectively. Furthermore, Canadian exhibition chain Cineplex (TSE: CGX) also saw…

Hacked vanity addresses used to siphon $500K

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Hacked vanity addresses have reportedly been used to steal $500,000 worth of tokens from the March 23 airdrop of the layer-2 scaling solution Arbitrum. A vanity address is a customized cryptocurrency address that contains specific words or phrases chosen by the user, with the aim of making them more personal and easily identifiable. However, the disadvantage includes the security risk of a possible hack. The tweet explained that the tokens were stolen by someone who compiled vanity addresses that were eligible to receive ARB tokens, generated similar addresses using vanity…