Day: October 27, 2023

Binance Founder CZ’s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading

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Changpeng Zhao, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg report, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities.  Per the report, this decline was primarily attributed to a sharp drop in trading volumes at Binance throughout the year. CZ’s Financial Losses The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in trading volumes…

‘The market could have decided’

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Hester Peirce of the United States Securities and Exchange Commission (SEC) has issued a dissenting opinion on the regulator’s lawsuit against blockchain firm LBRY. In an Oct. 27 statement, Peirce described feeling “unsettled” following the SEC’s enforcement action against LBRY in March 2021. In November 2022, a judge ruled in favor of the SEC, stating that the firm’s LBC token was a security. Though LBRY appealed the decision, the company announced in October that it planned to wind down, citing millions of dollars in debt due to legal costs. “This…

FTX’s Bankman-Fried blames Alameda’s Ellison for absent hedging

FTX founder Sam Bankman-Fried testified before Judge Kaplan and a jury in a New York federal court claiming his team sometimes made decisions out of his purview and against his instructions. Following a fraught mock testimony for Bankman-Fried, Judge Lewis A. Kaplan of the Southern District of New York ruled to allow FTX’s data retention policy during cross-examination.  The policy was supposedly drafted by the defendant’s general counsel Daniel Friedberg and speaks to the Signal auto-delete feature used by Bankman-Fried’s companies for internal communications, per InnerCityPress. The FTX founder fielded…

Rise In Expands its Web3 Talent Pool with BlockBeam Acquisition

Together, Rise In and BlockBeam aim to provide the best possible learning and career-building experience for developers across the globe, promising to lead the way in shaping the future of Web3 technology and innovation.  Rise In, a pioneering education platform, has taken a significant step towards enhancing its Web3 talent pool by acquiring BlockBeam, one of the foremost Web3-focused ed-tech companies in the United States. A Bright Future for Web3 Development With the acquisition of BlockBeam, Rise In will welcome approximately 1,000 new Web3 developers from the US to its…

What’s Next? Expert Deciphers The Crypto Labyrinth

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Gareth Soloway, an analyst and Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvesting.com, has recently dived deep into the dynamics and offers a glimpse into Bitcoin and its future. Bitcoin’s rally, which boasts a 30% uptick in the past fortnight, has reignited the bullish sentiments within the crypto community. This performance has been linked to the anticipation surrounding the potential approval of a spot Bitcoin Exchange-traded fund (ETF). What happens once this approval is granted? The Power Of Speculation And Potential Spot Bitcoin ETF Impact Gareth Soloway believes the…

Kraken to suspend trading for USDT, DAI, WBTC, WETH, and WAXL in Canada

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Kraken will suspend all transactions related to USDT, DAI, WBTC, WETH, and WAXL in Canada in November and December, according to multiple customer emails shared with Cointelegraph. In response to a request for comment from Cointelegraph, a Kraken spokesperson said, via email, “we constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry,” before confirming the suspensions. Per the spokesperson: “In accordance with recent Canadian regulatory changes and following extensive consultation with the CSA and OSC, we today notified our…

Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

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Cryptocurrency exchange Gemini filed an adversary proceeding against bankrupt crypto lender Genesis Global Holdco in the Southern District of New York Bankruptcy Court on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has…

LastPass hack drains $4.4m in one day

The LastPass hack claimed 25 victims on Oct. 25th, draining $4.4 million from several crypto wallets. The LastPass hack from earlier this year continues to incur significant losses for its users. On Oct. 25, around $4.4 million was drained from over 25 victims due to a vulnerability exploit in the LastPass password management system. Just on October 25, 2023 alone another ~$4.4M was drained from 25+ victims as a result of the LastPass hack. Cannot stress this enough, if you believe you may have ever stored your seed phrase or…

Will BTC Hit $60,000 As Before?

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The price of Bitcoin stands firm around the critical area of $34,000, hinting at further bullish potential. However, market analysts wonder if enough clues point to the upside or if BTC will return to $20,000. As of this writing, BTC trades at $34,150 with sideways movement in the last 24 hours. The cryptocurrency recorded a 15% profit the previous week and remains a top coin performer by market cap. BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview Bitcoin On-Chain Activity Rises Hinting At A…