Month: July 2023

US SEC chair says crypto riddled with fraud and non-compliance

US Securities and Exchange Commission (SEC) chair, Gary Gensler, is concerned about the pervasive fraud and regulatory non-compliance in crypto. In a recent Bloomberg interview, Gary Gensler aired his concerns about the risks associated with crypto investments. His comments come on the back of an impactful court decision related to XRP’s status as a security, which ran contrary to the commission’s viewpoint. During the interview, the SEC chair expressed concerns about the crypto market, highlighting the prevalence of fraud and individuals trying to deceive others. He also emphasized that the…

Hester Pierce strikes back against SEC crypto warning to accounting firms

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Hester Pierce, commissioner of the United States Securities and Exchange (SEC), has raised concerns about the watchdog’s recent statement advising accounting firms against taking on non-audit work for crypto firms. In a July 28 tweet, Pierce challenged the recent statement made by the SEC’s chief accountant Paul Munter, proposing that accounting firms adopt an all-or-nothing approach in its dealings with crypto firms. Pierce believes this might cause crypto firms to shy away from making good-faith efforts to be transparent. Crypto platforms & their accountants should be clear about what proof of reserves…

Hester Pierce strikes back against SEC crypto warning to accountants

Hester Pierce, commissioner of the United States Securities and Exchange (SEC), has raised concerns about the watchdog’s recent warning advising accounting firms against taking on non-audit work for crypto clients. In a July 28 tweet, Pierce questioned the recent statement made by the SEC’s chief accountant, Paul Munter, warning accounting firms against engaging in work for crypto platforms unless it involves a complete financial audit. She suggested that this approach to improve transparency might actually lead to hindering sincere efforts from crypto platforms. “Why would we want to discourage good-faith…

Missing crypto millionaire found dismembered in Argentina

The dismembered remains of Fernando Pérez Algaba, a missing millionaire crypto influencer, were found inside a suitcase by children in a stream in Argentina. Fernando Perez Algaba, known affectionately as Lechuga, made his fortune doing luxury vehicle rental and cryptocurrency trading. With a notable presence on Instagram, Algaba gained 900,000 followers, actively using the platform to promote his business ventures. Fernando Perez Algaba | Source: Instagram He had settled in Barcelona, Spain. However, reports indicate he was in Argentina for about a week before an alleged murder. According to the…

Sequoia Capital cuts its crypto fund by 65%

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied VC firm Sequoia Capital has reportedly downsized its crypto fund from $585 million to $200 million amid a liquidity crunch and focus on smaller crypto players. A report by the Wall Street Journal on July 27 says the tech-focused VC firm Sequoia Capital will scale back its crypto fund. The move was driven by the need to align with the evolving market conditions in the cryptocurrency industry. One of the primary motivations behind the fund reduction…

Cup And Handle Pattern Emerges In XRP Chart: What Does It Mean?

Despite a favorable ruling as a non-security token, XRP had experienced a correction for over a week and a half, losing bullish momentum after reaching a yearly high of $0.94. It is trading above the $0.70 mark, with the $0.66 level acting as a support. Over the past 24 hours, XRP has exhibited sideways trading yet shows potential signs of price appreciation. The technical analysis indicates a leaning toward bullish sentiment, with positive buying strength, demand, and accumulation. Even though the emergence of a pattern suggesting further bullishness is possible,…

Ramp launches in Brazil to drive crypto adoption in Latin America

Ramp, a fintech company, announced its expansion into Brazil to accelerate crypto adoption across Latin America.  Ramp expands into Latin America The company has established a local entity in the Latin American region to expand its presence and offer users a secure platform for trading cryptocurrencies with various payment methods.  This move, Ramp said, is an important step towards their larger mission of making the web3 space accessible to everyone globally while also providing a seamless onboarding experience.  Furthermore, their expansion into Latin America presents opportunities for local web3 projects…

Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?

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Cardano (ADA) has been at the forefront of network development over the last few months. This continued commitment to further development on the blockchain has led to the network hitting multiple new milestones. However, the price of ADA has remained stagnant, so what’s going on? Latest Achievements For Cardano The year 2023 has been a good year for the Cardano network so far as it has celebrated multiple achievements during this time. The first of these is the fact that the Cardano network has recorded one of the longest uptimes…

Worldcoin releases audit reports showing resolved security issues

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Proof of humanity protocol Worldcoin released its audit reports on July 28 as criticism of its data collection practices continues to mount. The new reports were conducted by security consulting firms Nethermind and Least Authority.  According to an accompanying announcement from Worldcoin, Nethermind found 26 security issues with the protocol, of which 24 were “identified as fixed” during the verification phase while one was mitigated and another was acknowledged. Least Authority discovered three issues and made six suggestions, all of which “have been resolved or have planned resolutions,” the announcement stated.…

Why Worldcoin (WLD) And PEPE Dominate The Crypto Market Trends This Week

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Worldcoin and its native token WLD have been taking the attention of crypto investors, according to recent data from Coingecko. The project recently announced its worldwide launch inviting users to “visit the orb” and receive rewards by onboarding the platform. WLD has doubled its value from its launch on July 24th, when the cryptocurrency was trading at around $1. The token rose to $2.19 the following week and has been moving sideways since amid a surge in controversy from different angles. WLD’s price is trending sideways on the 1-hour chart.…