Day: October 20, 2023

Thor Technologies hit with $1.05m fine over unlicensed securities

The U.S. Securities and Exchange Commission (SEC) has slapped Thor Technologies and its CEO, David Chin, with a $1.05m fine for promoting securities without the required license. The SEC found Thor Technologies and its CEO, David Chin, guilty in absentia of promoting securities without a license. The regulator fined the company $1.05m. However, such a decision is made if the defendant does not provide the necessary documents on time or ignores the hearing. According to the regulator, from March to May 2018, the company distributed project tokens to clients. The…

Reddit mods dumped tokens hours before blockchain program termination

Popular social network platform Reddit announced the wind-down of its blockchain-based community points program on Oct. 17 citing scalability issues. The announcement created controversy in the crypto community with many calling it a rug-pull as the price of the native token on different subreddits tanked after the announcements.  Each subreddit had its own native token. For example, the Moons (MOON) token was the native crypto asset of the r/CryptoCurrency board, while Bricks (BRICK) was for the r/FortNiteBR subreddit. Users could spend these points on badges and exclusive items for their…

Tether to publish reserve reports in real time in 2024: Bloomberg

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Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, Tether (USDT), is reportedly preparing to update the frequency of releasing its reserve data reports. Paolo Ardoino, Tether’s chief technical officer and upcoming CEO, disclosed that the firm plans to start publishing reserve data in real-time in 2024, Bloomberg reported on Oct. 20. Tether did not immediately respond to Cointelegraph’s request for comment. Related: Tether stablecoin loans rise in 2023 despite downsizing announcement in 2022 According to the Tether transparency page, the stablecoin issuer currently publishes and updates…

Blockchain improves charity transparency — But is it right for everyone?

In 2021, the Australian branch of the Red Cross received $90 million to aid the victims of the bushfires that plagued various regions of New South Wales and Victoria.  However, the organization soon came under fire for its lack of transparency when it revealed that it would only distribute around one-third of the intended funds on immediate assistance and that it could take up to three years to distribute the total amount. One resident who lost his home to the fires told local media, “They made a lot of promises…

The product-market fit nuances in Web3

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Web3 represents the next phase of the internet, characterized by decentralization, user ownership and equitable value distribution. Like all new technologies, its success depends on addressing market needs and understanding user challenges. However, many Web3 initiatives have missed achieving a product-market fit, often adopting a “build it and they will come” approach. This mindset has been harmful, especially during market downturns. While the core principles of product-market fit (PMF) remain consistent, their application in the Web3 context has evolved. Product-market fit levers The PMF equation is one of the hardest…

AI can drive new Bitcoin pricing model, study finds

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A new study proposes a novel method for pricing options on Bitcoin using neural networks. The model incorporates Bitcoin (BTC) price dynamics and sentiment data to capture cryptocurrency markets’ frequent jumps and volatility clustering. Researchers developed a bivariate jump-diffusion model based on past prices and Google Trends sentiment to describe Bitcoin price evolution. They derived an extended Black-Scholes equation for valuing Bitcoin options. The pricing partial differential equation was then solved numerically using neural networks. “Neural networks provide a flexible parametric approach based on their universal approximation theoretical results.” An…

Bitcoin price shrugs off bears, but mining stocks take a beating: Report

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Until Bitcoin (BTC) breaks its long-established $25-30k trading range, the crypto market is arguably in what some analysts have called a “crab market”. It is likely that a decisive macroeconomic or crypto-specific catalyst will be necessary to break out of it. This failed to occur in the month of September.  BTC price briefly tested the lower end of the established trading range and touched $25,200. In the second half of the month, however, the price recovered to $26,900 and posted a monthly close of +3.92%. This both bucked the historical…

Google Data Reveals Surging Interest in Impending Bitcoin Spot ETF Launch

Many people across the globe are surfing the internet to understand the implications of the Bitcoin spot ETF approval and how they can maximize the benefits.  The buzz around the potential introduction of Bitcoin (BTC) into the mainstream financial sector through exchange-traded funds (ETFs) has gained the interest of everyday investors. According to insights from Google Trends, there has been an increased surge in searches related to the “spot Bitcoin ETF” for a five-year window, with the global search volume projected to hit a peak of 100 this week. Similarly,…

Chamber of Digital Commerce opposes SEC’s overreach in Binance lawsuit

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The Chamber of Digital Commerce has aligned with various digital assets firms, associations, legal experts and legislators in a collective effort to challenge the Binance vs. U.S. SEC lawsuit.  The blockchain trade association through the recently filed amicus brief seeks to thwart the SEC’s endeavor to oversee the cryptocurrency sector without explicit authorization from the U.S. Congress, halting the SEC’s method of regulation through enforcement actions. As stated by Cody Carbone, the Vice President of Policy at the Chamber of Digital Commerce: “The SEC continues to try to regulate the…