Day: October 11, 2023

FTX paid $100m in Chinese bribes to unfreeze $1b of investigated funds

Caroline Ellison, on day six of United States v Bankman-Fried, testified that FTX’s founder continued to lie to the public while liquidity and assets dried up behind the scenes. The second week of Bankman-Fried’s fraud for fraud allegations set headlines ablaze as former Alameda Research boss Caroline Ellison accounts of “Sam coins” and FTT’s importance in FTX’s financial operations.  FTT was not to fall below $1, Ellison said quoting Sam and discussing the token was a taboo outside of the inner circle which included Ellison herself, Gary Wang (CTO, Alameda/FTX),…

US stocks rise as traders wait for inflation data

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October 11, 2023 US stocks rose for the fourth day in a row today, as traders waited for the consumer price index report to be released on October 12. The Dow Jones Industrial Average increased by 65.57 points (0.19%), to 33,804.87. The S&P 500 gained 18.71 points (0.43%), closing at 4,376.95. The Nasdaq went up by 96.83 points (0.71%), ending the day at 13,659.68. S&P 500 one-day chart for 10-11-2023. Source: MSN Money. Despite today’s uptick, stock prices are lower than they were in July, as fears of interest rate…

Algorand Explorer Powered By ChatGPT launched, Will ALGO Find Reprieve From Aggressive Sellers?

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GoPlausible, a team of developers building tools for people to create and use Algorand, has launched AlgorandExplorer. This explorer fuses the capabilities of ChatGPT to ease interaction with the public, proof-of-stake blockchain. Algorand is a smart contract platform similar to Ethereum, allowing users to deploy decentralized applications (dapps). In a Medium post on October 10, the team said the plugin aims to solve challenges facing Algorand indexers and eventually simplify exploring the smart contract platform. Ordinarily, users rely on indexers through which users can search and query the blockchain. This is…

US lawmakers urge IRS to implement crypto tax reporting requirements before 2026

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Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers “as swiftly as possible”. In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including Elizabeth Warren and Bernie Sanders criticized a two-year delay in implementing crypto tax reporting requirements, which are scheduled to go into effect in 2026 for transactions in 2025. The lawmakers claimed delaying implementation of the…

First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx

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JPMorgan’s Onyx Coin Systems has scored another win in the Middle East with the completion of a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB). The pilot phase was “executed seamlessly with satisfactory response times,” according to a statement. The FAB pilot wound up weeks after a similar test in Bahrain, where Bank ABC had been testing the Onyx system and proceeded to a limited launch of services. FAB said it was continuing to explore the opportunities the system offers. JPMorgan’s permissioned distributed ledger was launched in 2020…

Hamas Has Raised Millions in Crypto Donations – WSJ

CoinDesk reported this June that Hamas’ militant wing, Izz ad-Din al-Qassam Brigades, had received up to $100,000 in bitcoin (BTC) since the beginning of 2021 – with a spike in donations in May, when Israel and Hamas exchanged rocket attacks. Binance was at the center of the transactions, according to data from three blockchain analytics firms and CoinDesk’s analysis. Source

Bitcoin Price (BTC) Hits October Low as Crypto Bulls Endure $50M in Liquidations

Among large-cap cryptos, the Ripple Labs-related (XRP), litecoin (LTC) and Polkadot’s native token (DOT) fell 2%-3%. Ether (ETH) outperformed BTC and the CMI, declining 0.7% to near $1,550. Crypto derivatives traders who bet on higher prices with long positions suffered $50 million in liquidations during the day, CoinGlass data shows. BTC constituted $22.5 million of the liquidations, marking the second-highest reading this month. Source

Telegram And TON Foundation Collaborate With Alibaba Cloud In Quest For Fastest Blockchain

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Telegram’s partner, the Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced plans to set up 256 servers for a performance testing event scheduled for October 31, 2023.  Per the announcement, the objective of this event is to officially establish the TON blockchain as the world’s fastest blockchain to earn accreditation from the Guinness World Records. TON’s  Upcoming Performance Test According to a report by Yahoo Finance, the TON blockchain has experienced significant growth since 2022, witnessing a 20-fold increase in addresses from 170,000 to 3.5 million.  The network…

DeFi Protocol BarnBridge Prepares for SEC Action, Fines

The proposal includes provisions that would liquidate the treasury “and allow Ward and Murray to distribute the tokens,” although it does not say to whom. BarnBridge’s treasury sits above $200,000 in various cryptocurrencies according to public data on two wallets. Some of that cash is also earmarked for legal expenses by the proposal. Source

Galxe announces fund recovery plan worth $396k following security breach

Galxe unveils a comprehensive Fund Recovery Plan to reimburse affected users and bolster security following last week’s DNS breach. Following last week’s security breach, leading web3 community-building platform Galxe unveiled a comprehensive ‘Fund Recovery Plan‘ to address the losses incurred by its user base. The initiative aims to provide a structured approach to reimbursing affected parties and fortifying the platform’s security infrastructure. Affected users are requested to submit pertinent documentation, such as screenshots or transaction addresses, to verify their claims. By default, Galxe will direct the recovered funds to users’…