Day: July 21, 2023

Dota 2, Rocket League pros ‘want to explore’ Web3 and blockchain gaming

While game developers seem to hate the idea of Web3 coming into games, players who compete in gaming tournaments for a living are more open to trying out blockchain gaming. Professional Dota 2 player Erik Engel for Gaimin Gladiators, more commonly known by his gamer tag “Tofu,” expressed his thoughts on Web3 and how it can help gamers in a statement sent to Cointelegraph. Engel, who has won over $400,000from various major tournaments in the Dota 2 competitive gaming scene, said it’s refreshing to see companies make “more out of…

US Justice Department to double its crypto team, target ransomware crimes

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The United States Department of Justice (DoJ) has said it will double the number of staff on its crypto crime team established in 2021. The unit will add to its number of acting prosecutors and get a new leader. On July 20, the DoJ published the remarks made by Principal Deputy Assistant Attorney General Nicole Argentieri at the Center for Strategic and International Studies. In her speech, Argentieri announced the merger of two DoJ teams: the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET).…

Bitcoin no longer asset of choice for criminals — former Elliptic crypto advisor

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Crime in Web3 is shifting away from Bitcoin (BTC) to stablecoins, and Ponzi schemes remain prevalent, according to Elliptic’s former head of technical crypto advisory. Tara Annison shared the latest insights from the murky world of cryptocurrency-related crime during a presentation on the final day of EthCC in Paris, addressing a wide variety of ways digital assets are either facilitating crime or being used to launder funds.  The presentation drew Web3 crime insights from Elliptic, Chainalysis and TRM Labs, with Annison talking in her capacity as a former employee of Elliptic…

Digital yuan integration introduced to Chinese business air travel

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As the pilot program for China’s central bank digital currency (CBDC), the digital yuan, takes off, Chinese business travelers will reportedly be able to pay for flight tickets using the new currency.  A collaboration between China Merchants Bank, a commercial banking firm and the Civil Aviation Administration led to the introduction of an e-CNY platform, aiming to facilitate transactions for travelers in the aviation network, the China civil aviation news agency said in a report. According to the agency, the newly introduced platform enables companies and entrepreneurs to utilize the digital…

ProShares Says BITO ETF Has Tracked Bitcoin Price Closely, Futures-Trading Concerns Are Unwarranted

From the very beginning, observers speculated BITO and other futures-based ETFs would significantly underperform bitcoin due to costs associated with rolling over, or selling expiring futures contracts and buying the next set. Usually, longer-dated futures contracts trade at a premium to those closer to expiry, a condition known as contango. The contango tends to steepen during bull runs, and the steeper the contango, the higher the costs, and the so-called contango bleed. Source

FTX Leadership Seeks Return of Over $1B in Cash, Stocks From Former Execs Bankman-Fried, Wang, Ellison

According to the filing, FTX issued more than $725 million worth of equity to Bankman-Fried, former CTO and Co-Founder Gary Wang, Director of Engineering Nishad Singh, and former Alameda Research CEO Caroline Ellison. Of this $725 million, $447.8 million allegedly went to Singh, and the lawsuit documents how it was recorded as a loan between Singh, trading arm Alameda and FTX. Source

US state agency issues alert on crypto fraud happening over social media

The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings — $340,000 — to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it stressed “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected…

Indonesia launches its crypto exchange and clearing house

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The national cryptocurrency exchange, announced by the Indonesian government a week ago, has begun to function, according to a statement from the country’s Commodity Futures Trading Supervisory Agency (CFTRA). The platform will be the only space in the country where the legal exchange of digital assets is allowed.  CFTRA confirmed the opening of the exchange on July 20. In addition, the CFTRA decree establishes a Futures Clearing House along with the exchange. A clearing house is essentially a mediator between a buyer and seller, ensuring the transaction goes smoothly. Previously…

Former FTX CEO SBF Accused of Leaking Caroline Ellison’s Private Diary to NYT

“The defendant’s actions—sharing personal writings of Caroline Ellison’s with a New York Times reporter—implicate the core concern of Rule 23.1 that disseminating material related to the “testimony or credibility of prospective witnesses” presumptively involves a substantial likelihood or prejudice to a fair trial and the due administration of justice,” the U.S. Attorneys wrote. Source