Month: August 2023

Worldcoin 50% Crash Caused By Mounting Data Privacy Paranoia

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The Worldcoin cryptocurrency project, led by Sam Altman, the brains behind ChatGPT, is facing increased scrutiny from regulators worldwide. The project’s use of eye-ball scanning orbs for user enrollment has raised concerns about potential violations of data protection laws. The unique method of collecting biometric data without clear consent has prompted discussions on legality and ethics. Regulatory bodies are closely examining the project’s compliance with privacy regulations, highlighting the challenges of balancing innovation with legal and ethical standards. The value of biometric investments made through Worldcoin’s crypto-based “free money” promise…

FTX suspends user accounts amid Kroll cyber breach concerns

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Following the recent Kroll cybersecurity breach, FTX Derivatives Exchange, a financially distressed cryptocurrency trading company, has opted to temporarily suspend accounts of impacted users accessing its claims portal. FTX’s decision which was posted on X (formerly known as Twitter) was undertaken as a proactive measure aimed at preventing the occurrence of any potential future incidents or additional harm following the recent hack. The exchange is dedicated to offering more comprehensive information in the subsequent stages. In response to Kroll’s cybersecurity incident, FTX has taken the precautionary measure of temporarily freezing…

Crypto community reacts to Biden’s proposed crypto tax reporting rules

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Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden.  On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and trading digital assets. Brokers would use a new form to make tax filing easier and prevent cheating on taxes. The Treasury indicated that the proposed rules would make digital asset reporting similar to reporting on other kinds of assets. However, many in the crypto…

TON Notches Above 9% In The Last Week, How Far It Can Climb?

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In the rapidly evolving world of cryptocurrencies, Toncoin (TON) has recently emerged as a focal point of discussion due to its notable price surge of over 8% within the past week. This increase has ignited renewed interest in cryptocurrency and sparked inquiries regarding the coin’s potential for sustained growth in the foreseeable future. At the time of writing, Toncoin (TON) boasts an impressive price of $1.46, securing its position as the 14th largest cryptocurrency by market capitalization, around $5 billion USD. Toncoin Technical Analysis Taking a technical perspective, Toncoin’s price…

Tether CTO stays silent on Bitcoin mining locations

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Paolo Ardoino, chief technology officer of stablecoin issuer Tether (USDT), recently found himself addressing rumors about images of large industrial containers online. These speculations led him to rejecting questions about where Tether is mining Bitcoin (BTC).  In a post on X (formerly known as Twitter) published on Aug. 26, Ardoino shed light on the curiosity sparked by the photo he shared on Aug. 24. The image displayed a container with a photoshopped Tether Energy logo, leaving many people pondering over what it’s all about.  One of #Tether energy production and #Bitcoin mining sites…

Top US Crypto Exchange Coinbase Adds PayPal’s Dollar-Backed Stablecoin PYUSD to Listing Roadmap

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Coinbase has placed PayPal’s new stablecoin on its listing roadmap, meaning the exchange’s users could soon trade the digital asset. The stablecoin, called PayPal USD (PYUSD), aims to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH). PayPal unveiled the asset earlier this month and said it is “backed by secure and highly liquid assets.” The payment giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust…

AI-driven innovation will fuel more stable crypto markets

AI-powered solutions for crypto markets will become more stable as they mitigate slippage and uncertainty, achieving deeper liquidity access and efficient predictive analysis. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. During the G20 Summit in February, the International Monetary Fund (IMF)  considered ‘banning private cryptocurrencies’ an option to solve the global debt restructuring crisis. It has now realized this won’t help solve associated problems. The U.S. Security and Exchange Commission (SEC), though, seems hell-bent…

PEPE Price Spikes 10% Following Community Address On Rumored Rug Pull

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The value of PEPE, one of the most promising assets in the second quarter of 2023, has been faltering in recent weeks. According to CoinGecko data, the meme coin has been in a 33.6% price decline in the last 14 days. The PEPE price took a significant hit in the past week, tumbling by more than 20% in a matter of hours. This negative price action was triggered by the rumors of a rug pull orchestrated by the project deployers.  On Thursday, August 24, about $16 million worth of Pepe…

HashKey to debut Bitcoin and Ethereum retail trading in Hong Kong

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Crypto exchange HashKey Group is set to debut Bitcoin (BTC) and Ethereum (ETH) trading services for its Hong Kong customers on Aug. 28. In an interview with local media, HashKey chief operating officer Weng Xiaoqi announced that its exchange business will start offering retail trading services for crypto. The firm had applied for a license in July and received approval earlier this month. According to Weng, HashKey chose to start with BTC and ETH since they…

Binance suspends P2P transactions with sanctioned Russian banks

Last year, crypto exchange Binance claimed that it no longer allowed customers to pay each other through sanctioned Russian banks. In reality, that wasn’t the case. The company’s crypto exchange’s peer-to-peer (P2P) service no longer recommends five blacklisted Russian financial institutions as a way to send and receive rubles. But the decision only came after the Wall Street Journal reported this week that Binance was helping Russians shift money out of the country. Binance has stopped offering clients the option to pay one another through sanctioned Russian banks, days after…