Day: May 1, 2023

BRICS to Promote National Currencies Before Issuing Common One – Finance Bitcoin News

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The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of BRICS States to Precede Launch of Single Currency Experts at BRICS are putting efforts into deepening ties between the economies and financial markets of its member states, with the aim of creating a common currency.…

Jack Dorsey’s nano Bitcoin mining chip heads to prototype

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Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey has announced it has completed the prototype design of its new five-nanometre (5nm) Bitcoin (BTC) mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs. According to a blog post published on April 28, Block explained that developing Bitcoin mining ASIC rigs is both financially and technically challenging. The result of this has been “the excessive concentration of custom bitcoin mining silicon” in the hands of a select few companies.…

April’s crypto scams, exploits and hacks lead to $103M lost — CertiK

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Crypto exploits, exit scams, and flash loan attacks saw little signs of letting up in April, with more than $103 million of funds stolen from crypto projects and investors in the month.  On April 30, crypto security and auditing firm CertiK posted an April roundup of crypto exploits, scams, and hacks, revealing total funds lost in April was $103.7 million, bringing the year-to-date total loss to $429.7 million. The month was particularly marred with major crypto exploits, such as $25.4 million lost due to an exploit of several MEV trading bots…

SEC serves $4M in fines to Coinme over ‘misleading’ UpToken ICO

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The United States securities regulator has handed down nearly $4 million in fines to crypto exchange Coinme for allegedly offering unregistered securities and giving “misleading statements” on its crypto token UpToken (UP). On April 28 the Securities and Exchange Commission (SEC) said it settled charges against Coinme, its subsidiary Up Global SEZC and the CEO of both firms, Neil Bergquist. Up Global agreed to pay a $3.52 million penalty, for which Coinme was also liable. Separate penalties against Coinme and Bergquist of $250,000 and $150,000 respectively were also leveled, which…

Coinbase exec uses ChatGPT ‘jailbreak’ to get odds on wild crypto scenarios

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A Coinbase executive claims to have discovered a “jailbreak” for the artificial intelligence tool ChatGPT that allows it to calculate the probability of bizarre crypto price scenarios. The crypto exchange’s head of business operations Conor Grogan, an avid ChatGPT user, shared a screenshot of the results in an April 30 tweet — showing that ChatGPT states there be a 15% chance that Bitcoin (BTC) will “fade to irrelevancy” with prices falling over 99.99% by 2035. Meanwhile, the chatbot assigned a 20% chance of Ether (ETH) becoming irrelevant and approaching near-zero price…

‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says – Finance Bitcoin News

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Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated. Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions Crypto assets can be used in certain scenarios, Russia’s Deputy Finance Minister Alexey Moiseev commented during an economic forum in Moscow. Speaking at the “Banks. Transformation. Economy. 2.0” conference, he was quoted by the RIA…

Friends and FOMO pushed newbie investors to buy crypto in 2022 — Survey

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Influence from friends and the fear of missing out (FOMO) were some of the reasons investors bought crypto for the first time in 2022, according to a survey by a United States financial regulator. Published by the United States Financial Industry Regulatory Authority (FINRA) Investor Education Foundation in late April, the survey found that a large portion (31%) of new cryptocurrency investors cited “friend suggestion” as the primary reason for their foray into crypto.  This is compared to only 8% for first-time equities or bond investors, potentially indicating that there…

Syria Urges BRICS to Lead in Ditching Dollar, Talks Yuan Adoption With China – Finance Bitcoin News

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BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade. Economic Clash With West Requires Discarding Dollar, BRICS Leadership, Syrian President Says Confrontation with the United States and the West in general has been taking place mainly in the economic field and that makes it increasingly necessary to ditch the U.S. dollar as…

2 reasons why Bitcoin Ordinals are ‘positive’ for the BTC: Grayscale

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Bitcoin (BTC) Ordinals — also known by some as Bitcoin NFTs — could renew developer enthusiasm for Bitcoin and boost mining fees, according to cryptocurrency investment firm Grayscale. In an April 27 “Market Byte” blog post, the firm suggested that Ordinals provide two key benefits to the growth and development of the Bitcoin ecosystem. #Ordinals have generated a great deal of attention in the crypto ecosystem by introducing #NFT-like assets on the #Bitcoin blockchain. @mzhao8 and our research team explore their potential in our latest Market Byte: https://t.co/7muc9Lyrok — Grayscale…

Gemini ‘supportive’ of Genesis mediation, but frustrated over pacing

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Crypto lender Genesis and its key creditor group have agreed to a 30-day mediation process in an attempt to move forward with a final restructuring plan, though one company is expressing “frustration” over the pace of progress. On April 30, Gemini tweeted that Genesis, its parent company Digital Currency Group (DCG), its Unsecured Creditors Committee (UCC) and Gemini have agreed to a 30-day mediation process in court on April 28.  Gemini said its aim is to “drive to a final resolution as soon as possible, and that it was “supportive”…