PLUS: Meme coins don’t respect the intellectual property rights of others. And that’s a problem. Original
First Mover Asia: Traders Long on Bitcoin Despite Debt Ceiling Challenges, Dark U.S. Regulatory Clouds
Month: May 2023
FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal
FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. Cointelegraph reported yesterday that a lawsuit was filed against former FTX CEO Sam Bankman-Fried and other top FTX insiders on May 17 concerning the Embed acquisition, which they allege was conducted without enough due diligence. However, on the same day, a separate lawsuit was filed seeking to claw back funds from Embed’s CEO Michael Giles and its shareholders, accusing FTX of paying…
NY Fed, Singapore Regulator Verify CBDC Interoperability, Payment Speeds in Latest Test
Central bank digital currency (CBDC) systems operating on different types of networks can be used for cross-border and cross-currency payments, a new report published by researchers with the New York Federal Reserve and Monetary Authority of Singapore late Thursday said. Source
OKX wallet and ontology bridge merge for web3
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On May 18, 2023, the web3 technology firm OKX, the second-largest cryptocurrency platform in terms of trading volume, issued a statement, a development for the cryptocurrency community. OKX Wallet, a self-custodial and decentralized wallet solution driven by advanced multi-party computation (MPC) technology, has struck an agreement with Ontology Bridge. This partnership will allow both companies to share resources and expertise. Through this partnership, the accessibility of the web3 ecosystem is going to undergo a fundamental transformation.…
Binance Australia partner hints at rising ‘scams’ after debanking exchange
The third-party payments provider for Binance Australia, Cuscal, hinted about the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” after being questioned why it offboarded the exchange on May 18. The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to elaborate on why it pulled support for Binance Australia specifically. A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it’s “focused on supporting the industry in protecting Australians from financial crimes and…
Coinbase One launches amid regulatory challenges
Coinbase launches its subscription service, Coinbase One, in 35 countries, signaling a shift in its revenue model amidst ongoing legal disputes with the U.S. Securities and Exchange Commission. Coinbase has announced the launch of Coinbase One, a new subscription service, in 35 countries worldwide, including the United States, United Kingdom, Germany, and Ireland. The initial roll-out is slated to expand to 31 more countries in the near future, though a specific timeline remains unclear. The shift towards a subscription-based model comes in the wake of challenges faced by Coinbase in…
I run a Ledger competitor — but I support them in blow-up over keys
It’s counterintuitive for a CEO to defend a competitor, particularly when that competitor is rolling out a feature similar to one we pioneered years ago. But given the debacle around Ledger’s new “Ledger Recover” feature, it’s time to provide a balanced perspective. The company is under fire for releasing an update to its wallet firmware that allows it to send a version of the wallet seed phrase to third parties. But the outrage feels out of proportion. The perception that Ledger is carelessly “sending seed phrases to a server” is fundamentally…
IMF sees room for eNaira improvement in first year assessment
Nigeria’s eNaira central bank digital currency (CBDC) is over a year old, and the International Monetary Fund (IMF) has a late birthday present for it, in the form of a working paper assessing its first year of performance. “Laudable,” said IMF researchers, but there were a few suggestions too. The eNaira was the world’s second CBDC, premiering in October 2021, after the Bahamian Sand Dollar. The paper found its retail side were intermediated, but had no problems with latency, as it has yet to make its breakthrough beyond the initial adopters.…
What Are the Stakes in the SEC vs. Ripple?
What Are the Stakes in the SEC vs. Ripple? Source
Bitcoin defense lawyer says Craig Wright lawsuit could harm open source software
Jessica Jonas, chief legal officer of the nonprofit Bitcoin Legal Defense Fund, discussed the potential legal ramifications of a high profile lawsuit against Bitcoin core developers during the Bitcoin 2023 event in Miami on May 18. The case in question is a UK legal action filed by Craig Wright, the owner/operator of Tulip Trading. Wright’s perhaps most well-known for his assertion that he is Bitcoin creator Satoshi Nakamoto — a claim driving another unrelated lawsuit. I would just want to say a quick reminder for BTC Core and Roger Inc.…