Day: May 2, 2023

Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1 – Economics Bitcoin News

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U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able to pay all of the government’s debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time.” Yellen also cautioned that the U.S. defaulting on its debt obligations “would produce an economic and financial catastrophe.” U.S. Debt Default Could Happen by June 1, Says Yellen United States Secretary of the Treasury Janet Yellen warned Monday that the U.S. government may default on its debt by June 1, which…

BitMEX co-founder highlights ongoing US banking crisis

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has taken to Twitter to express his concerns about the ongoing banking crisis in the United States and how it could affect the crypto market.  In particular, Hayes has highlighted the failure of San Francisco-based First Republic Bank which was sold to JP Morgan on May 1, and was another massive bank collapse story of 2023. Hayes argues that the Federal Reserve has failed to take the necessary…

MicroStrategy’s Bitcoin conviction ‘strong’ as it posts Q1 profit

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Business intelligence platform MicroStrategy has reiterated its commitment to its Bitcoin (BTC) investment strategy after turning its first quarterly profit since 2020.  The Michael Saylor-founded firm went back into the green in the first quarter of 2023 with a profit of $94 million, which was largely attributed to a one-time income tax benefit of $453.2 million. Phong Lee, the firm’s chief executive officer explained in the May 1 statement that MicroStrategy’s “conviction” in its Bitcoin (BTC) investment strategy is as “strong” as ever: “The conviction in our bitcoin strategy remains…

US Court Orders Operator of South African Bitcoin Ponzi Scheme to Pay Over $3.4 Billion – Regulation Bitcoin News

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Johann Steynberg, the founder and CEO of Mirror Trading International, has been ordered to pay over $1.73 billion in restitution to victims of his bitcoin ponzi scheme. The court has also ordered Steynberg to pay a civil monetary penalty of a similar amount. The Commodity Futures Trading Commission (CFTC) conceded that orders requiring payment of funds “may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets.” ‘Largest Fraudulent Scheme Involving Bitcoin’ in the History of the CFTC A United States Federal…

Starknet unveils major performance enhancement goals for 2023

In 2023, Starknet has prioritized performance enhancements with the aim of boosting throughput, reducing latency, and lowering transaction costs. Last week, StarkWare, released its roadmap for 2023 and provided some details about the considerations behind the decision. In the StarkWare release, the team states its goal in the coming months is to enhance network performance to accommodate the anticipated surge in users and developers. A focus on network performance Performance is characterized by throughput, latency, and transaction cost, and the team has outlined the priority areas it plans to address.…

Level Finance confirms $1M exploit due to buggy smart contract

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Decentralized exchange Level Finance has experienced a security breach allowing an attacker to steal more than $1 million of the exchange’s native Level Finance (LVL) token.  Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin (BNB), with an approximate value of $1.01 million.  An exploit targeted our Referral Controller Contract. – 214k LVL tokens drained to exploiters address.– Attacker swapped LVL to 3,345 BNB– Exploit was isolated from other contracts.– Fix to be deployed…