Day: November 17, 2023

US Feds Arrest Three Men for Allegedly Duping Banks out of $10,000,000 and Funneling Cash to Crypto Exchanges

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Federal law enforcement authorities have arrested three men accused of scamming millions from US banks and financial institutions and then moving the stolen money into foreign cryptocurrency exchanges. The U.S. Department of Justice (DOJ) says Zhong Shi Gao, Naifeng Xu and Fei Jiang recruited individuals, often foreign nationals from China and Taiwan temporarily living in the US, to open accounts at various banks. The trio would then take control of the bank accounts, initiate fund transfers between these accounts and then file fraudulent reports claiming that the transactions were unauthorized,…

Sushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC pressure: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. A new DeFi report has highlighted that a significant amount of crypto lost to exploits was due to traditional Web2 flaws and security issues, such as centralization of information, which makes it easier to exploit. Decentralized exchange (DEX) platform Sushi is set to begin testing for Bitcoin (BTC) swaps on 30 blockchains using the interoperability platform ZetaChain. The two founders of the…

Jump Trading, Wormhole Part Ways Amid Tough Crypto Market: Bloomberg

Several high-ranking Wormhole employees, including the project’s CEO and COO, have left Jump to “run Wormhole as an independent entity,” the publication reported, citing people familiar with the matter. The parting of ways comes less than two years after Jump poured $320 million into Wormhole after the inter-blockchain messaging platform suffered a massive hack. Source

Singapore to Begin Wholesale CBDC Issuance Next Year

The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes. Singapore is gearing up for a groundbreaking move into the era of Central Bank Digital Currencies (CBDCs), with plans to pilot the live issuance and use of wholesale CBDCs in 2024. As reported by CNBC, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), announced the plans at the Singapore FinTech Festival 2023. The initiative aims to leverage the benefits of…

Is $40,000 Next? 4 Reasons Behind The Bitcoin Emerging Rally

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The Bitcoin price rally is losing strength as the cryptocurrency returns to its support levels following weeks of bullish momentum. In the short term, the landscape seems sloped to the downside, but an analyst presented the main reasons why the rally has just begun. As of this writing, Bitcoin (BTC) trades at $36,550 with a 2% loss in the last 24 hours. Over the previous week, the cryptocurrency recorded similar losses following the general sentiment in the market. Only Solana (SOL) preserved its gains during the same period. BTC’s price…

Privacy Protection Is Among Key Wants for CBDCs, BIS Says

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Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

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Crypto prices have slumped over the past 24 hours, with Bitcoin (BTC) down 3.15% and Ethereum (ETH) slipping 3.89%.  One analyst speculates that this could be due to the market being overexposed to leveraged long positions. Accordingly, it has created a cascading effect, causing the liquidation of several assets. However, several projects, including the Bitcoin ETF token (BTCETF), appear resilient. In the ongoing presale, it has raised nearly $1 million less than a week after launching. Market is cooling off; traders are greedy According to CoinMarketCap’s Crypto Fear and Greed…

Analyst Predicts 1600% Rally To $6.5

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Crypto analyst Ali Martinez has noted Cardano (ADA) is open to an unprecedented rally. Price activity suggests that Cardano is moving into a state of consolidation, which coincides with a moderate decline in the general cryptocurrency market.  Nevertheless, the analyst is of the opinion that Cardano’s current consolidation is similar to one it had prior to a 2980% increase. If previous events are any indicator, we could see Cardano mirror this move and spike past its all-time high.  Recent Cardano Price Action Cardano is still up by 48.47% in a…

Bitcoin inscriptions wallet UniSat unveils cutting-edge developer services

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UniSat Wallet introduces comprehensive developer services for creating trading bots, Ordinals, brc-20 explorers, and apps with integrated blockchain features. UniSat Wallet, a Bitcoin inscription wallet, has recently unveiled its new developer-focused services, branded as UniSat Developer Service. This innovative platform is set to revolutionize the development landscape in the cryptocurrency domain by offering a comprehensive suite of tools and features throughout 2023. UniSat Developer Service is designed to cater to various developmental needs. It provides an ideal environment for creating advanced automated trading bots, Ordinals, and brc-20 block explorers. Additionally,…