Tag: Cash

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,…

Tornado Cash users file appeal over judgment in favor of US Treasury

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A group of Tornado Cash users has filed an appeal in federal court following a ruling upholding the United States Treasury’s decision to add the cryptocurrency mixer to its list of sanctioned entities. In a Nov. 13 filing in the U.S. Court of Appeals for the Fifth Circuit, lawyers representing plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch argued that the U.S. Treasury “stretched [its] authority beyond recognition” in sanctioning Tornado Cash transactions. The filing came in response to an August decision…

Why Ark Invest’s Cathie Wood Picks Bitcoin Over Cash And Gold

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Ark Invest CEO Cathie Wood was a guest on Merryn Somerset Webb’s show ‘Merryn Talks Money’, where she discussed the macro environment and the recent happenings in the financial world. What will mainly interest the crypto community is what she had to say about the flagship cryptocurrency, Bitcoin.  “Bitcoin Hands Down” When quizzed by Merryn about which she would prefer to hold for 10 years between gold, cash, and Bitcoin, Wood replied by saying, “Bitcoin hands down.” She noted that while Bitcoin and Gold both have hedging functionalities, the latter…

Jack Dorsey’s Block stock jumps as Cash App’s Bitcoin revenue hits $2.42b

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Block, Inc. reported a significant 37% increase in Bitcoin revenue in Q3 2023, reaching $2.42 billion, with an overall net revenue boost of 24% to $5.62 billion year-over-year. Block, Inc., spearheaded by Jack Dorsey, has made headlines with a notable 37% surge in Bitcoin (BTC) revenue in Q3 of 2023, amassing $2.42 billion as opposed to the $1.77 billion reported in the same quarter of last year. This leap in revenue is paralleled by a 22% increase in Bitcoin gross profit, escalating from $37 million in Q2 2022 to $45…

Bitcoin Cash Rally Threatened As Exchange Drops BCH Following XRP Listing Rumors

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Bitcoin Cash has followed the general growth trend of Bitcoin with the price almost clearing the $250 resistance before being rejected. Even though BCH maintains this bullish momentum, it is not completely in the clear following its delisting from one crypto exchange. EDX Markets Delists Bitcoin Cash In another unexpected blow, Bitcoin Cash (BCH) has been delisted from the EDX Markets crypto exchange. Users had first suspected that the exchange was ending support for BCH and rumors spread like wildfire through social media. Eventually, the crypto exchange will confirm these…

Citadel, Fidelity-backed EDX Markets delists Bitcoin Cash

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Institutional crypto exchange EDX Markets removed Bitcoin Cash from its website after listing BCH at launch. EDX Markets, an institutional crypto exchange backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab Corporation and others, has removed Bitcoin Cash (BCH) from its website, first noted by crypto reporter Colin Wu. In an interview with Digital Assets, Jeanine Hightower-Sellitto, Chief Strategy Officer of EDX Markets, confirmed the removal, saying that “EDX is not currently supporting BCH,” without going into details. As of press time, spokespersons for Bitcoin Cash made no public statements…

Tether Publishes Q3 2023 Attestation Report with Highest Ever Cash and Cash Equivalent Reserves

The recently published Tether report for Q3 2023 show that the company’s cash reserves are healthy and secured loans have been reduced. Tether Holdings Limited, the company responsible for the world’s largest stablecoin by market cap, USDT, has published its attestation for Q3 of 2023. According to Tether, the attestation re-affirms that Tether’s Consolidated Reserves Report (CRR) is accurate. The attestation report for Q3 2023 was completed by BDO, a major global independent public accounting firm. Tether Figures for Q3 2023 Tether says it recorded the highest percentage of reserves held in…

Tether attestation shows cash and cash equivalents of 86% as loans decline

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The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’s reserves. Tether today releases its attestation for Q3 /2023.- cash & cash equivalent portion of reserves is all time high at 85.7%, yielding ~$1B – US T-bill (direct and indirect) exposure at $72.6B– reduced secured loans by $330M– investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX…

Satoshi Nakamoto’s Busy Few Months Building the Revolutionary ‘P2P Electronic Cash’ Network

Bitcoin is, as Nakamoto described it, an electronic, peer-to-peer currency-like system. It could “become” a currency so long as people ascribe value to it, and that could happen for any number of reasons like wanting to collect interesting things or needing an alternative to using credit cards online, he had suggested. “Bitcoins have no dividend or potential future dividend, therefore not like a stock,” he wrote.” “More like a collectible or commodity.” Source