Month: May 2023

UK government targets fraudsters with new ban on cold calls for crypto

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The United Kingdom is set to ban cold calls selling financial products, including insurance and cryptocurrencies, to crack down on fraud. It is estimated that fraud costs the country approximately £7 billion ($8.7 billion) annually.  The U.K. government announced its new fraud strategy, pledging 400 new jobs to update its approach to intelligence-led policing. The government will work alongside the telecoms regulator, the Office of Communications, commonly known as Ofcom, to use new technology to counter phone number “spoofing,” which would prevent fraudsters from impersonating legitimate U.K. phone numbers. According to…

BTC to Surge by $20,000 if the US Defaults on Debt Obligations – Featured Bitcoin News

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Geoff Kendrick, the head of forex research at the banking institution Standard Chartered, recently said that the price of bitcoin is likely to jump by $20,000 in the event of the United States defaulting on its obligations. According to Kendrick, while bitcoin is likely to surge when the U.S. defaults, other cryptocurrencies like ethereum are likely to go down. U.S. Debt Default a ‘Low-Probability’ and ‘High-Impact Event’ As fears mount that the United States government may default on its debt obligations, Geoff Kendrick, a forex research head at Standard Chartered,…

Crypto influencer named in FTX lawsuit served via tweet

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A cryptocurrency YouTuber has been served a lawsuit through a tweet after a United States court allowed the action as lawyers claimed they couldn’t serve him through other means. A May 2 order from a Florida District Court Judge granted The Moskowitz Law Firm permission to serve legal notice to crypto YouTuber Tom Nash via a tweet. Nash, who is believed to be residing in Georgia, is the last of ten defendants named in a class action lawsuit against influencers alleged to have promoted the now-bankrupt cryptocurrency exchange FTX without…

FBI, Ukraine seize 9 exchange domains on money laundering allegations

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Nine digital currency exchanges allegedly aiding and abetting cybercriminals had their domains seized by the United States Federal Bureau of Investigation (FBI) and Ukrainian law enforcement. According to a May 1 press release, the FBI’s Detroit Field Office and the National Police of Ukraine “conducted coordinated, court-authorized activity” that resulted in the shutdown and seizure of the domains of nine virtual currency exchange services. The seized domains included the websites 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org and bitcoin24.exchange. Each reportedly offered entirely anonymous digital currency exchange services to their users, skirting many…

Analysts Warn of More Bank Failures, Possible Recession and Global Repercussions Caused by First Republic Bank Collapse – Finance Bitcoin News

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The recent takeover of First Republic Bank, the fourth U.S. bank to fail this year, has awakened concerns about the possible repercussions this new failure might have on U.S. and international economies. While United States President Joe Biden has assured the public that the banking system remains safe, analysts are warning that this might not be the last bank failure in this period of turmoil. First Republic Bank Collapse Shows the Weaknesses of the US Banking System, Say Analysts The recent collapse of First Republic Bank, the second-biggest bank failure…

FTX advisors billed the bankrupt firm for a whopping $103M in Q1

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The lawyers and consulting firms assisting cryptocurrency exchange FTX through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter. March saw five firms — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — bill FTX a combined $36.4 million according to several court filings between April 28 and May 2. The invoices from March were slightly higher than January and February’s figures of $34.2 million and $32.5 million respectively. New York-based law firm…

White House advisors renew push for 30% digital mining energy tax

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The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change.  The proposed crypto-mining tax was first announced on March 9 as part of President Biden’s FY2024 budget and seeks to impose a phased-in 30% excise tax on electricity used by crypto-miners. Today the CEA released a blog highlighting a new tax in the President’s budget, the Digital Asset Mining Excise Tax (“DAME Tax”), a tax equal to 30 percent…

Here’s how centralized exchanges can earn customer trust

In cryptocurrency trading, traders can either use decentralized or centralized exchanges. While decentralized exchanges (DEXs) are popular for allowing self-custody of funds, centralized exchanges (CEXs) are dominant and preferred by many. Despite their use, these platforms must employ measures to establish and retain customer trust. A cautionary tale The crash of FTX, a cryptocurrency exchange, is a stark reminder of the importance of transparency and security in centralized cryptocurrency exchanges.  The absence of auditing, open communication, and publication of key metrics can lead to disastrous consequences for traders who entrust…