Day: October 7, 2023

SBF trial underway, Mashinsky trial set, Binance’s market share shrinks

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Top Stories This Week Opening arguments begin in Sam Bankman-Fried trial The trial of former FTX CEO Sam “SBF” Bankman-Fried kicked off on Oct. 4 in New York after jury selection began the previous day. Assistant United States Attorney Thane Rehn told jurors that SBF used FTX customer funds to enrich himself and gain credibility among politicians through donations. “The defendant blamed a downturn in the crypto market. But he had committed fraud. That is what the evidence in this trial will show. You will hear from his inner circle.…

Charlie Munger says AI is overhyped, Bitcoin is stupid

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Charlie Munger, the billionaire vice chairman of Berkshire Hathaway, dismissed artificial intelligence (AI) as excessive hype while doubling down on his criticism of Bitcoin (BTC). The AI buzz and Munger’s take AI is rapidly gaining traction across various sectors of the global economy just like blockchain, with platforms like Binance already incorporating the burgeoning technology into varies processes. However, Munger — a close friend and advisor to Warren Buffett — isn’t quite sold on the trend. During Zoom’s recent Zoomtopia conference, which took place from Oct. 3-4, Munger aired his…

FTX hacker switches strategy after THORSwap suspends service

The individual behind the 2022 attack on FTX has altered their strategy for laundering their stolen Ethereum into Bitcoin. On-chain analyst Lookonchain noticed on Oct. 6 that the person behind last year’s FTX hack had stopped using THORChain for moving their stolen assets and had begun to exploit the Threshold Network instead. Lookonchain’s data indicated that the attacker converted over 3,000 Ether (ETH), valued at $4.9 million, into tBTC via the Threshold network. Since then, per Lookonchain, the attacker has successfully converted about 75,636 ETH, valued at $124 million, into…

Top US Crypto Exchange Coinbase Embracing ‘International First Mentality,’ Says Company VP

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Top US crypto exchange Coinbase has been upping its focus on international markets amid regulatory uncertainty stateside, according to the company’s vice president of international policy. While speaking during a recent interview at Zebu Live, Tom Duff Gordon notes that scaling internationally is becoming “more and more important” to the exchange. “We want to work with everybody because we think the US is a really important market. We need to get that [regulatory] clarity. It may not come tomorrow, but I think we are on a good path to kind…

Jefferies calls Bitcoin a safeguard against currency inflation

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Global investment bank Jefferies asserts Bitcoin (BTC) as a safeguard against currency devaluation and rising inflation. The price of Bitcoin hovers at around the $27,961 region as of press time.   Jefferies, a prominent global investment bank, advises long-term investors, particularly pension funds, to allocate 10% of their portfolios to Bitcoin, denominated in U.S. dollars.  The bank underscores the importance of considering investments in Bitcoin and gold as insurance measures rather than short-term trades. They highlighted that attempts to tighten monetary conditions will face extended delays in this economic cycle,…

Google AI Lead: “Don’t take trading advice from ChatGPT”

ChatGPT and trading bots are on the rise, but can you trust their recommendations? Laurence Moroney, AI Lead at Google, discusses the intersection of AI and web3 in an exclusive interview with crypto.news. Artificial intelligence (AI) and blockchain technologies are advancing rapidly. With the increased accessibility of AI, the risk of misinformation has grown, as tools like ChatGPT enable everyone to generate large volumes of misleading content. Experts suggest that blockchain has the potential to address this issue. Web3 could provide a secure and verified identity system, ensuring the accuracy…

Stars Arena secures funding to plug hole following exploit

Avalanche-based decentralized social media protocol Stars Arena received funding to cover up a loss from an earlier hack that caused the project to lose nearly $3 million.  Stars Arena announced the news in a social media update. While the platform does not mention the source of the funding, the announcement says that the smart contract will be reopened with all funds intact after a full audit.  A white hat development team will review the incident, Stars Arena confirmed. Important news: we have secured the resources to close the gap caused…

UK authorities get strict with crypto rule violators

The U.K.’s Financial Conduct Authority (FCA) will take quick action against companies that break new crypto promotion guidelines. Starting on Oct. 8, the FCA is expected to roll out new regulations for businesses offering crypto-related services. According to a Bloomberg report, the new rules require crypto platforms to clearly state any risks in their advertisements across the U.K. These notices must be present on all platforms for communication, including websites, mobile apps, and social media, and they must be FCA-authorized businesses. The UK’s FCA will move fast to name and…

Binance Immense XRP Holdings Exposed In POR Report

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Binance, the largest crypto exchange in the world, just released its 11th report for its reserves, and the numbers are staggering as always. According to the report, Binance’s XRP holdings, in particular, have increased in the past month. This is evident, as there have been reports of investors depositing XRP into exchanges in the past month. Binance Releases Proof Of Reserves Showing Massive XRP Holdings According to Binance’s Proof of Reserves report, the exchange holds a staggering amount of XRP to cover 104.15% of customer balances. Binance currently has over 2.738…