Month: March 2023

FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

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Bankrupt crypto exchange FTX is seeking to recover $460 million of allegedly misappropriated customer funds from venture capital (VC) firm Modulo Capital, which received a sizeable investment from Alameda Research last year. As previously reported, FTX’s sister trading firm, Alameda Research was understood to have invested around $400 million in Modulo in 2022 — one of the biggest investments undertaken by FTX under Bankman-Fried’s leadership. In a March 22 filing, FTX claim the investment from Alameda Research was under the direction of Sam Bankman-Fried, with Alameda investing $475 million in…

Blockchain-Enabled SIM Card for Crypto Investors Fuels Conflux Growth; Bitcoin BTC Price Hovers Near $27.3K After Fed Decision

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These are set to be built in partnership with China Telecom, the second-largest wireless carrier in China with an estimated 390 million subscribers, as CoinDesk  has reported.China Telecom will launch the first BSIM pilot program in Hong Kong later this year, Conflux Network said at the time. This will likely be followed by pilots in key mainland China locations such as Shanghai.The BSIM card will manage and store the user’s public and private keys in the card and carry out digital signatures in a way that the private key does…

Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone – Markets and Prices Bitcoin News

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Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward new highs.” Bitcoin’s Supercycle Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a supercycle may be happening in bitcoin. He tweeted: Looking for…

In Defense of a Digital Dollar

On the issue of instant payments networks, the U.S. is already behind many of its G-20 counterparts, and is hoping to catch up with FedNow this year. FedNow, however, does not connect individuals with CBDCs. Its audience is financial institutions, which will be able to finalize transactions faster with each other, if the program is ever fully rolled out. It will also not offer other benefits such as interoperability with other assets and technological benefits of transaction speed, cost and, most of all, transparency in money flows. Experimentation on the…

SEC Informs Crypto Exchange Coinbase of Potential Securities Law Violations – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.’” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an enforcement action.” Coinbase Receives a ‘Wells Notice’ From SEC Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Wednesday that it has received a “Wells notice” from the U.S. Securities and Exchange Commission (SEC) “regarding an unspecified portion…

Bitcoin long-term holders keep growing as price rises

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Bitcoin’s (BTC) on-chain data has recently revealed a significant milestone in the history of cryptocurrency. Glassnode data shows that the amount of bitcoin supply last active over 10 years ago has reached an all-time high of 2,673,268 BTC. In addition, the percentage of the supply that has been inactive for at least five years has also reached an all-time high, currently sitting at 28.468%. This information is crucial for various reasons, as it highlights the long-term holding mentality among bitcoin investors and provides insights into the overall health of the…

Rapid Bank Runs Reveal Deposits Are Now Magic Internet Money, Too

One thing that has distinguished traditional banking from crypto, in the eyes of many financial experts, is stability. There’s a strong belief that most people who put money into an account at a prominent bank will generally leave it there, indefinitely – whether due to comfort, satisfaction, relationships, laziness, lots of things. Source BankDepositsInternetMagicMoneyRapidRevealRuns CryptoX Portal