Day: August 22, 2023

Polygon At June Lows Again

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Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. The coin’s recent retracement to June lows has garnered significant attention from bullish investors, even as the broader crypto market remains hounded by uncertainties and price plunges. With the cryptocurrency market experiencing a notable downturn over the past week, Polygon’s native token, MATIC, has not escaped unscathed. The token’s value has witnessed a decline of nearly 19% over the span of seven days, further amplified by a 4% drop in the last 24 hours alone.…

YouTube releases ‘principles’ for working with music industry on AI tech

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YouTube released its “principles” for working with players in the music industry on artificial intelligence (AI) technology, on Aug. 21.  The CEO of YouTube, Neal Mohan, outlined in a blog post that now is a critical time to “ boldly embrace this technology with a continued commitment to responsibility.” Mohan said he has been in close contact with partners in the music industry, including Universal Music, to create a framework with three major principles surrounding AI to work toward “common goals.” “These three fundamental AI principles serve to enhance music’s…

Oman launches $350M crypto mining center: Report

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The Sultanate of Oman has launched a new cryptocurrency mining center, the second mining facility to open in the country in the past 10 months. According to a local publication, the Oman Daily Observer, a data hosting and cryptocurrency mining center, was opened in the Salalah Free Zone, which is a special economic zone in the country with low corporate taxes. A local company, Exahertz, will run the center in cooperation with Dubai-headquartered blockchain company Moonwalk Systems. The center reportedly cost 135 million Omani rials (roughly $350 million) to construct, and…

Bitcoin On-Chain Data Suggests Price Is Top Heavy, What It Means

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After the Bitcoin price crash last week, on-chain data reveals a picture that points to a “top-heavy” price. Glassnode’s latest insights shed light on the current market dynamics, where a significant chunk of the BTC spot supply finds itself with a cost basis either near or surpassing the prevailing price. “Here we see that 12.8% (2.48M BTC) of the supply fell into an unrealized loss this week, setting a lower low on this metric. This suggests that ‘top heaviness’ in spot markets may also be a factor in play,” commented…

Fintech advisor Titan to pay $1m over SEC crypto charges

The US SEC has charged a New York-based investment adviser Titan with misleading disclosures related to client crypto assets. The US Securities and Exchange Commission (SEC) has declared formal charges against Titan Global Capital Management. The basis for these allegations centers around Titan’s purported failure to provide accurate disclosures surrounding their clients’ crypto assets due to non-compliance. A press release on Aug. 22 reveals that the said non-compliance events took place between August 2021 to October 2022. Today we announced charges against Titan Global Capital Management USA for using hypothetical…

FTX’s Sam Bankman-Fried prosecutors submit proposed jury instructions for trial

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United States prosecutors have put forward their proposed instructions to the jury ahead of the October trial for FTX co-founder Sam Bankman-Fried. The lengthy 100-page Aug. 21 filing breaks down how prosecutors would like presiding Judge Lewis Kaplan to instruct the jury in Bankman-Fried’s case based on previous jury instructions the New York District judge has given in other cases. Each of the seven charges Bankman-Fried faces — relating to fraud and money laundering conspiracy along with wire, commodities and securities fraud — were broken down. For each charge, prosecutors…

Firms have mere hours to deflect cyber attacks, warns cybersecurity CEO

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Palo Alto Networks CEO Nikesh Arora has urged companies to modernize their cybersecurity systems, cautioning that bad actors have become much faster at breaching company defenses than ever before.  Speaking to Jim Cramer on CNBC’s “Mad Money” on Aug. 21, the cybersecurity firm CEO said that companies with outdated security systems need to take particular heed, as cybercriminals are only getting faster. “It’s important for us to make sure we’re ready to deflect the stuff in hours, not in days,” Arora explained. He stressed that outdated cybersecurity solutions need modernizing,…

Mysterious Bitcoin wallet becomes 3rd largest BTC holder in 3 months

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A mysterious Bitcoin wallet has surged up the ranks to become the third largest holder Bitcoin (BTC) in the world in just over three months, with the timing sparking some wild theories about its owner. According to data from crypto statistics platform BitInfoCharts, the wallet address first received Bitcoin on March 8. Over the course of the next three months and two weeks, the wallet had accrued a staggering 118,000 BTC — worth $3.08 billion at current prices. The mysterious wallet has accrued 118,000 BTC in less than four months.…