Month: August 2023

Privacy Mixer Tornado Cash Is an Entity, Judge Says

“It is undisputed that Tornado Cash uses smart contracts to provide a layer of privacy for its users by allowing them to deposit crypto assets in one wallet and then withdraw assets from a different wallet. Plaintiffs claim that as of 2020, the smart contracts are immutable, autonomous software applications with no custodial operator that automatically check the inputs necessary for a valid transaction, allowing withdrawals without human intervention,” he noted. “However, the government states that these smart contracts are created by Tornado Cash developers and then approved and deployed…

FedNow Is a Reminder That Payments Aren’t Crypto’s Differentiator

Payments, especially those across borders, are often touted as a key use case and value proposition for the blockchain industry. Unfortunately, a look at both the technology, competition, and regulatory environment doesn’t really support that idea. And the  launch of FedNow by the Federal Reserve in late-July is a good occasion to take a look at why, for most people and companies, the value proposition of using crypto or blockchains for basic payment services isn’t very appealing. Source ArentCryptosDifferentiatorFedNowPaymentsReminder CryptoX Portal

Indian Crypto Exchange CoinDCX Reduces Headcount by 12% 

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Leading Indian crypto exchange CoinDCX has announced a 12% reduction in headcount due to a prolonged bear market and difficult tax policies in the domestic market. The Mumbai-based company has about 590 employees and about 71 are affected by the lay-off decision. CoinDCX was founded in 2018 by Neeraj Khandelwal and Sumit Gupta.  The company has offered a support package to the outgoing employees, which consists of “severance pay equivalent to the full notice period, additional one month of salary, variable pay & incentives dues, encashment of unutilised leaves, extension…

Crypto market analysis: Why did Bitcoin drop?

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We explore the present crypto market conditions, what drives the sentiments, ongoing events in the crypto space, and what to expect in the days ahead.  The global crypto market has experienced volatility over the past week. Bitcoin (BTC), once sailing smoothly around the $28,000 mark, crashed to a two-month low of around $25,400 on Aug 17, trading at around $26,026 as of August 22.  This downward spiral triggered a decline for Ethereum (ETH), which reached a five-month low of $1,551.71 at the time of writing, trading at $1,662. Amid prospects…

Chinese official sentenced to life in prison for Bitcoin mining, corruption

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A Chinese government official has been sentenced to life in prison for both illegitimate business operations of running a 2.4 billion Chinese Yuan ($329 million) Bitcoin mining enterprise and unrelated charges of corruption.  According to local media reports, on Aug. 22, the Intermediate People’s Court of Hangzhou City sentenced Xiao Yi, a former member of the Jiangxi Provincial Political Consultative Conference Party Group and Vice Chairman, to life in prison for corruption and abuse of power. The corruption charges stem from non-crypto-related activities of bribery from 2008 to 2021. The…

3rd Biggest Bitcoin Stash Now Belongs To Unknown Wallet

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An unknown Bitcoin wallet has emerged as the global third-largest BTC holder. The wallet used three months to accumulate BTC to climb to its present position in the ranking of holders. Following the recent revelation, some speculations and theories have been trending about the owner of the mysterious wallet. BitInfoCharts Shares Data About Mysterious Wallet The crypto statistics platform, BitInfoCharts, provided data regarding the mysterious wallet. The data indicated that the wallet first received some BTC coins on March 8. Within three months and two weeks, the wallet amassed 118,000 BTC.…

Blockchain takes the stage at Longevity+DeSci summit in New York

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Those seeking to slow the progress of time spent a few days immersed in that possibility from Aug. 10–11 at the Capitale conference hall in downtown New York City.  There, the sixth-annual Longevity+DeSci summit convened for its third in-person event — sequestered to online sessions amid the COVID-19 pandemic — following successful editions at the Cooper Union. This year also marked the first time that the event’s organizer, Lifespan.io, included decentralized science (DeSci) in the title, despite the growing phenomenon’s close ties to the field of longevity. DeSci on the…