Month: September 2023

Grayscale officially abandons post-Merge PoW Ethereum tokens

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Major cryptocurrency investment firm Grayscale has finally taken a decision to abandon all the rights to the post-Merge proof-of-work (PoW) Ethereum tokens (ETHPoW). Announcing the news on Sept. 18, Grayscale said that the firm has “irrevocably abandoned” all the rights to ETHPoW tokens on behalf of the record date shareholders of each product. After thorough review, Grayscale determined that the ETHPoW tokens have not developed meaningful liquidity, while the products’ custodian doesn’t support such tokens. The firm wrote: “As such, it is not possible to exercise the rights to acquire…

Pinterest Reports 6% Revenue Growth in Q2 2023, PINS Shares Gain Over 3%

For Q2 2023 which ended on June 30, Pinterest reported revenue of $708 million and global monthly active users of about 465 million. Pinterest Inc (NYSE: PINS) shares closed Tuesday trading at $26.21, up 3.19 percent from the day’s opening price. The sudden gains in the photo-sharing social media platform Pinterest were attributed to Q2 2023 financial results that depicted an accelerated revenue growth forecast. Notably, Pinterest reported a revenue of about $708 million during the second quarter compared to $665 million recorded in the same time last year, hence…

Is $10,000 Possible For XRP Price? Crypto Analysts Weigh In

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The possibilities of how high the XRP price can go has triggered heated debate among crypto community members over the past week. One particular forecast put the price of the cryptocurrency as high as $10,000 as Ripple advances in the payments sector. However, the validity of this prediction is still heavily debated, leading crypto analysts to weigh in on whether this price point is possible. Analyst Explains Why $10,000 Is Not Possible One analyst who has weighed in on the XRP price to $10,000 debate is Zach Rector. Following the…

Elon Musk’s Neuralink Recruiting Subjects for Human Trials

The neurotech company has revealed that it plans to cover “study-related costs” such as transport to and from the yet-to-be-disclosed study location.  Elon Musk’s neurotechnology company Neuralink has announced that it has been approved by an independent board to commence recruiting test subjects for its brain implant for patients with paralysis as part of its six-year study. This comes after the company’s FDA approval for human trials. The company is now seeking to recruit individuals with quadriplegia due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS) who are…

Former UK politician says crypto exchanges pressed him

The former FCA chairman claims he faced “political pressure” to welcome crypto firms, which are now under criminal investigation by U.S. authorities. Charles Randell, a former chairman of the UK’s Financial Conduct Authority (FCA), said he was under “political pressure” when he had to decide whether he should give the green light to some crypto firms to work in the UK. According to a report by The Guardian, Randell noted during his speech at a conference held in London that the US Department of Justice is investigating those crypto firms.…

SEC Pursuits of Crypto Exchanges for Violating Laws

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The U.S. Securities and Exchange Commission (SEC) is showing no signs of slowing down in its efforts to enforce securities laws within the cryptocurrency space, according to David Hirsch, the head of the agency’s Crypto Assets and Cyber Unit. Speaking at the Securities Enforcement Forum Central in Chicago, Hirsch emphasized the SEC’s commitment to scrutinizing crypto exchanges and decentralized finance (DeFi) projects, following the recent legal actions against Coinbase Inc. and Binance. Hirsch’s enforcement office has been unusually active, and he made it clear that they are actively investigating other…

Ethereum ICO Participant Moves $9,960,000 Worth of ETH to Crypto Exchange Kraken: On-Chain Data

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An original Ethereum (ETH) investor deposited 6,000 ETH worth $9.96 million to the crypto exchange Kraken on Monday, according to the crypto tracker Lookonchain. The whale participated in Ethereum’s 2014 initial coin offering (ICO), receiving 254,908 ETH when the second-largest crypto asset was only priced at $0.31. With ETH trading at $1,647 at time of writing, that means the value of that trove of 6,000 ETH shot up by a staggering 531,361% as it sat in the whale’s care for nine years. Blockchain-tracking service Etherscan indicates that the deep-pocketed investor…

Stanford to return millions in crypto donations from FTX

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The California-based university Stanford University said it plans to return all funds it received from the now defunct cryptocurrency exchange FTX, according to a report from Bloomberg.  Stanford received a total of $5.5 million in gifts from FTX-related entities in the timespan between November 2021 and May 2022. In an email statement on Sept. 19, a university spokesperson said: “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety.” The statement from Stanford clarified that…