Day: July 21, 2023

Shiba inu (SHIB) burn rate soars 393% despite recent drop

Shiba Inu (SHIB) has witnessed a 24-hour surge in its burn rate despite the latest price consolidation plaguing the asset. The asset has continued to trade in a range after the drop below $0.000008.  Shibburn, the unofficial community-driven Shiba Inu burn tracker, called the public’s attention to the recent surge in one of its latest hourly alerts. Data suggests the burn rate has increased by 393% over the past 24 hours. HOURLY SHIB UPDATE$SHIB Price: $0.00000773 (1hr -0.12% ▼ | 24hr -1.09% ▼ )Market Cap: $4,563,394,366 (-1.08% ▼)Total Supply: 589,348,278,063,308…

Canadian police warn crypto investors on growing home robbery trend

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A Canadian police department has issued a public warning of a possible trend where high-value cryptocurrency investors are being robbed in their own homes. On July 19, the Royal Canadian Mounted Police (RCMP) in Richmond, a city south of Vancouver, said several similar robberies involving cryptocurrency investors have occurred over the last 12 months. Staff Sergeant Gene Hsieh of the Richmond RCMP Major Crime Unit said someone is “targeting these victims for cryptocurrency” and believed a public warning was necessary for public safety. Richmond RCMP and Delta Police FOR IMMEDIATE…

UK banks risk losing licenses for debanking customers over political views

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The British government is reportedly set to announce measures that could see banks stripped of their license if they choose to debank customers due to their political views.  A July 20 report from The Times said the United Kingdom’s government is considering tighter conditions on banking permits that would seek to protect freedom of speech. A final decision is yet to be made, but the U.K. Treasury is expected to announce the new rules as soon as next week. The new provisions would reportedly force banks to give customers three…

Senator Kennedy Jr. confronts SEC’s Gary Gensler on crypto regulation

Senator Kennedy Jr. questioned SEC Chairman Gary Gensler’s authority and the SEC’s competency in handling crypto fraud at a Senate Committee hearing on July 19. The focus of the debate was FTX, a crypto exchange founded by Sam Bankman-Fried. Senator Robert F. Kennedy Jr. described him as over-haired and underdressed. The senator expressed disbelief that the SEC had not taken proactive steps to investigate FTX, considering its founder’s high-profile activities and ambitions. Kennedy Jr. argued that the SEC’s regulatory machinery was designed to ensure transparency and combat fraud. However, it…

Solana records 1 outage in first half of 2023, 100% uptime in Q2

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Layer-1 blockchain network Solana has shown an improvement in reliability and uptime so far this year only having one outage in 2023, according to a report from the Solana Foundation. On July 20, the Solana Foundation released its latest performance report stating it has improved the network through the first half of 2023, as measured by uptime and the ratio of non-voting-to-voting transactions. In previous years, Solana has been plagued with reliability and uptime issues which its co-founder, Anatoly Yakovenko, has previously called a “curse” but said the network’s low-cost…

Tesla maintains $184m BTC holdings amidst record revenue

Tesla maintains its digital asset holdings at $184 million worth of Bitcoin for the fourth consecutive quarter, with no sales or additions reported. According to the shareholder deck presented on July 19, Tesla’s digital asset holdings remained at $184 million on June 30. The firm held the same amount between March 2023 and December 2022. The company’s last significant change in digital asset holdings occurred in the final quarter of 2022. Back then, it decreased from $218 million to $184 million. In July 2022, Tesla sold a significant portion of…

Coin Center and Blockchain Association slam ‘unworkable’ US Senate DeFi bill

Crypto industry advocacy bodies have slammed a newly proposed United States Senate bill for what they say is a confused approach to regulating the decentralized finance (DeFi) sector. On July 20, crypto think tank Coin Center and crypto advocacy group the Blockchain Association released separate statements describing the legislation as a “messy,” “unworkable,” and “unconstitutional” way of regulating DeFi. Introduced on July 18, the bipartisan Crypto-Asset National Security Enhancement Act (CANSEE) bill aims to reign in money laundering violations in DeFi. If passed, the legislation would extend new penalties to…

Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

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The market capitalization of stablecoins has hit the lowest level since August 2021 coming on the back of 16 consecutive months of decline, a new report says. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector’s market cap to $127 billion. Stablecoin market dominance took a slight fall and is currently at 10.3%, dropping from 10.5% in June. Our latest Stablecoins & CBDCs Report is now live! Key Highlights:✔️16-month fall…

FTX to clawback $71.5 million from Bankman-Fried’s NGO

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Lawyers of the defunct crypto exchange, FTX, now argue that founder Sam Bankman-Fried commingled customer funds for “personal aggrandizement” to garner influence for himself. FTX targets life science investments According to court documents filed by FTX attorneys on July 19, customer funds worth $71.5 million transferred to Sam Bankman-Fried’s Life Science-focused NGO qualifies as recoverable assets and should be clawed back. FTX lawyers wrote to a bankruptcy court that Bankman-Fried’s “sham non-profit organization” Latano and the FTX Foundation…

FTX sues Sam Bankman-Fried and other former execs to claw back $1B

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FTX has sued former CEO Sam Bankman-Fried and several other former key executives from the now-bankrupt crypto exchange to recover more than $1 billion in misappropriated funds.  A July 20 complaint filed in a United States Bankruptcy Court named former Alameda Research CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, former FTX engineering director Nishad Singh and Bankman-Fried as defendants.  In the lawsuit, FTX claimed the defendants breached their fiduciary duties by allegedly misappropriating customer funds on a “continuous basis to finance luxury condominiums, political and ‘charitable’ contributions, speculative investments and…