Month: May 2023

‘Dealt with firmly’ — Bali governor issues warning to tourists using crypto

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Bali’s government is cracking down on tourists paying for goods and services using cryptocurrency, with the island’s governor sending a reminder that Indonesia’s fiat currency is the only legal tender. On May 28, the government-owned news agency Antara reported Bali’s governor Wayan Koster hosted a press conference the same day and said tourists who “use crypto as a means of payment […] Will be dealt with firmly.” “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions,” he added. The meeting was attended…

Debt ceiling, bank crisis set for ‘powder keg’ explosion: BitMEX co-founder

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Former Bitmex CEO Arthur Hayes is expecting to see significant Bitcoin volatility in the latter half of the year, caused by a “powder keg” explosion from the United States banking crisis and soaring national debt.  Hayes, who currently runs a crypto-focused investment fund called Maelstrom, spoke on the What Bitcoin Did podcast on May 26, where he made a number of predictions about the current economic outlook and the price of Bitcoin (BTC). Notably, Hayes said that he expected the original cryptocurrency not to reach the $70,000 mark until 2024.  “I don’t…

Reddit collectible avatars onboard nearly 10M into the crypto, NFT space

Social platform Reddit is close to breaching 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022.  According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Around 7.7 million of these are identified as single collective avatar holders, or those that do not have multiple wallets. Reddit Collectible Avatars – Source: Reddit Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon in July 2022. NFTs in the customizable collection have been…

Temasek slashes compensation for execs responsible for its $275M FTX investment

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Singapore investment firm Temasek Holdings has reduced compensation for the execs responsible for the firm’s investment into the now-defunct crypto exchange FTX.  Temasek was once the second-largest outside investor of FTX, with 7 million shares, according to Forbes. The firm however was forced to answer for its investment play after the exchange collapsed. According to a May 29 report from Bloomberg, Temasek has now concluded its internal review of the $275 million investment loss incurred from FTX, which it initiated shortly after the exchange collapsed in November 2022. While the…

Another dormant Ethereum wallet reawakens after 8 years, moving millions

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An Ether (ETH) wallet that has been inactive since Ethereum’s ICO (Initial Coin Offering) in 2015, has suddenly awoken after eight years of dormancy, moving a total of 8,000 ETH in just two minutes. The wallet received the 8,000 ETH after participating in Ethereum’s ICO (Initial Coin Offering) in 2015 and remained inactive until May 27. On that day, its owner began with a cautionary transfer of 1 ETH to a new wallet. One minute later they transferred the remaining 7,999 ETH to the new wallet address. At the time of…

7 presidential candidates have dropped clues about their crypto stance

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In late 2024, citizens of the United States will take to the voting booths to elect their next president — a four-year term that could have a vast impact on the next crypto bull run. Though polls are set to open on Nov. 5, 2024, dozens of U.S. politicians have already signaled an intention to contest President Joe Biden for the country’s top position. The current Biden administration appears to have been taking an increasingly anti-crypto stance. Meanwhile, former president Donald Trump is again bidding for the job — setting…