Day: April 12, 2023

Coinbase Wins $470,000 in Insider Trading Case

Following the guilty plea and while he is serving 10 months in prison, a New York District Court has released an order of restitution for the ex-Coinbase employee’s brother. Coinbase is expecting almost $470,000 from the brother of a former employee who allegedly benefitted from an insider trading scheme. Nikhil Wahi, the brother of former Coinbase product manager Ishan Wahi pleaded guilty to charges related to insider trading. He entered a guilty plea for wire fraud conspiracy charges after he was arrested for allegedly working with his brother and another…

Elon Musk reportedly buys thousands of GPUs for Twitter AI project

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Elon Musk – CEO of SpaceX, Tesla and, as of last October, Twitter – recently made headlines when he spearheaded a request to halt AI development due to concerns. Despite the effort, the tech mogul seems to be pushing forward with his own plans for developing AI infrastructure. Now, a report from Business Insider revealed that Musk seems to be moving forward with plans for an artificial intelligence (AI) project at Twitter. According to two anonymous sources familiar with the company, the Twitter CEO recently purchased nearly 10,000 graphics processing units (GPUs)…

Cryptocurrency Market Tumbles as Bitcoin Falls Below Key $30K Mark

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Bitcoin and other cryptocurrencies faced a decline in the last 24 hours, with Bitcoin falling under $30,000, leading to an overall market capitalization decline of 1.2%. Ethereum saw the largest drop among largest tokens, trading just over $1,860. Liquid staking tokens were also affected, with Lido’s IDO governance tokens and Rocket Pool’s RPL dropping 10% and 8%, respectively, media reports said. The decline in prices was likely due to traders taking profits ahead of two significant events that are set to happen on Wednesday: The U.S. Consumer Price Index (CPI)…

Argentina securities regulator approves Bitcoin futures index

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The securities regulator of Argentina has approved a Bitcoin-based futures index set to debut on the Matba Rofex exchange. The Bitcoin (BTC) futures contract will start trading in May, with the exchange claiming it would be the first regulated Bitcoin futures index in Latin America. The National Commission of Value (CNV), the country’s securities regulator, approved the Bitcoin futures index as part of a strategic innovation agenda. The innovation agenda, which launched in the first quarter of 2022, is focused on creating a space for public-private collaboration to develop new and creative products…

Former investment banker charged for allegedly defrauding crypto investors

The federal court in Brooklyn, New York, charged a former investment banker and registered broker for allegedly defrauding numerous investors by promising profits on fake cryptocurrency investments and misappropriating the funds received to finance his lifestyle.  Documents with the court claim the defendant, Rashawn Russell, misused the growing interest in crypto investments to mislead investors. Russell convinced multiple investors to reinvest their fiat savings into cryptocurrencies, often promising significant or “guaranteed” returns. However, it is alleged that Russell misappropriated the investors’ money to fund his personal lifestyle. Breon Peace, United…

Ren Protocol transfers all assets to FTX debtors’ wallet in case of shutdown

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Cross-chain bridge platform Ren Protocol has announced that FTX, Alameda Research and other affiliates that acquired the platform in 2022 have authorized and directed the platform to move all its crypto assets to FTX debtors’ wallets. According to Ren, the move lets debtors safeguard their assets in case of a potential shutdown of their systems and infrastructure. The bridge service also highlighted that they would transfer the assets to a segregated wallet specific to Ren’s assets to separate the funds from other debtor wallets. pic.twitter.com/KndTzULW5B — Ren (@renprotocol) April 12,…

How to buy or sell Bitcoin without using a centralized crypto exchange?

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The failure of FTX triggered a notable growth of self-custody in 2022, with numerous cryptocurrency investors transitioning from centralized exchanges (CEX) to hardware or software wallets. The rising popularity of self-custody could even potentially erase the need for centralized exchanges one day, according to Binance CEO Changpeng Zhao. But how would people buy or sell cryptocurrencies without centralized exchanges? The crypto industry already offers ways to exchange cryptocurrencies like Bitcoin (BTC) for fiat money without using a CEX like Binance. However, such a process is associated with certain pros and…