Day: October 21, 2023

Coinbase reveals reasons behind recent bridge hacks in crypto

Coinbase’s Institutional research team notes many bridge hacks occurred due to the complexities around source chain commit and cross-chain relay. Cyber incidents related to cross-chain bridges are likely to decrease in the foreseeable future as many protocols continue adopting rollup solutions alongside increased scrutiny on secure designs. According to Coinbase Institutional’s recent research report, most of the largest bridge hacks over the past few years happened due to the complexities around the signing and validation of messages by the relayers. These third-party services facilitate the transaction of data between different…

Crypto-friendly Rep. Tom Emmer pursues nomination for House speaker

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Crypto-friendly Republican Congressman Tom Emmer is pursuing a nomination to become House speaker, with the 62-year-old receiving endorsement from multiple lawmakers. Congressman Patrick McHenry continues to oversee the position on an interim basis, following a first round of voting on Oct. 17 in which the Republican Party’s nominee for Speaker, Jim Jordan, failed to secure votes to overtake the role. Emmer’s pursuit was initially highlighted on Oct. 20 by NBC News reporter Jake Sherman, who stated in a post on X (formerly Twitter) that Emmer “has told members of the…

Bitdeer to buy back shares worth up to $2m

Singapore-based Bitcoin (BTC) mining company Bitdeer Technologies wants to buy back its shares for up to $2 million. The Nasdaq-listed firm’s board of directors approved a new share repurchase program effective until April 17, 2024, the statement said. The program provides the opportunity to repurchase shares in a number of ways. Those include “open market transactions, privately negotiated transactions, any combination thereof or other legally permissible methods.” Representatives of the mining company explained that they were going to finance the ransom from the available balance of money. “By gradually executing…

Tether to start publishing data on USDT reserves in real-time

According to Tether’s new boss, the firm plans to bring the long-awaited update in the coming year. Stablecoin issuer Tether is set to start publishing real-time data on its reserves, a question that has been bothering the crypto community for years. In an interview with Bloomberg, Paolo Ardoino, Tether’s newly appointed chief executive, said the firm plans to disclose its reserves in 2024. However, no specific date was mentioned. Ardoino added that Tether wants to double down on tech investment and is talking with regulators about expanding into the renewable…

‘Every customer solution’ will be integrated with AI: Microsoft CEO Satya Nadella

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Microsoft looks set to go all-in on artificial intelligence, with CEO and chairman Satya Nadella outlining intentions to integrate AI with essentially all its customer solutions and every layer of tech stacks. The firm has made several significant AI plays in 2023, with its partnership with OpenAI and its web browser-integrated AI Copilot being key examples of this. Here’s my annual letter to shareholders, a look at how we’re reimagining every layer of our tech stack in this new age of AI—and our growing opportunity ahead. https://t.co/lMZjxhDcMj — Satya Nadella…

Swiss city Lugano to accept BTC for taxes, grant $50m to crypto startups

A panel at the PlanB conference in Lugano on Oct. 20 focused on efforts to drive Bitcoin (BTC) adoption in the city. The panel included Mayor of Lugano Michele Foletti, CEO of Tetragon Pavel Matveev and other leaders involved in PlanB — an initiative launched in September 2021 to make Lugano a hub for Bitcoin and blockchain innovation. The panel highlighted the progress that has been made over the past two years in educating and onboarding both businesses and individuals in Lugano onto Bitcoin and blockchain technology. This includes educational…

Bitcoin ETF Approval Expected After SEC’s Defeat

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In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC)  exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).  Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months. Coinbase Eyes Bitcoin ETF Approval  Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing…

Circle to launch new smart contract platform

Circle has announced the launch of two new products enabling web2 developers to create and deploy decentralized applications easily. The Circle Gas Station and Circle Smart Contract Platform products will provide developers a way to access USDC balances and transactions on multiple blockchain networks. The product will support multiple blockchain networks, including Ethereum (ETH), Solana (SOL), Algorand, Stellar, and others, allowing developers to choose the best fit for their use cases. The product will also enable cross-chain interoperability and composability, enabling dapps to interact with each other and existing protocols…

FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Laundering Scheme

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In a recent crypto investigation, the US FBI successfully infiltrated a group of Indian citizens suspected of engaging in illicit activities involving the exchange of cryptocurrency for over $15 million in cash.  The alleged transactions took place at various locations in Westchester County, with the group catering to customers seeking anonymity for their activities. Crypto Crime Unveiled According to recent reports, five out of the six suspects were apprehended on October 17 and subsequently charged in US District Court, White Plains.  The charges primarily revolve around operating an unlicensed money-transmitting…