Tag: Cash

Cash App Bitcoin revenue tops $2 billion in the first quarter

boss

Fintech firm Block, owned by Twitter founder Jack Dorsey, has reported a staggering $2.16 billion in Bitcoin (BTC) revenue on its bellwether product Cash App in Q1. According to a shareholder letter announcing its Q1 2023 earnings, Block (NYSE:SQ) reported that its Bitcoin revenue — which counts BTC revenue as total sales of the cryptocurrency to customers — was up 18% from $1.83 billion in Q4 and 25% from Q1 2022. Our Q1 earnings are now available. $SQ https://t.co/oGcnRuzFb3 — Block Investor Relations (@BlockIR) May 4, 2023 Cash App’s total…

Gary Gensler links crypto with cash in viral 2018 video — Crypto Twitter reacts

The crypto community is calling out the hypocrisy of Gary Gensler, the head of the United States securities regulator, after a 2018 video emerged of him stating that cryptocurrencies are on par with commodities or cash and are not securities. The video came from a “Blockchain and Money” class in the Fall Semester of 2018 taught by Gensler, a former professor at the Massachusetts Institute of Technology (MIT) before he became chair of the Securities and Exchange Commission (SEC). On the topic of initial coin offerings (ICOs), Gensler said that…

Tornado Cash dev Alex Pertsev set to be released from prison under surveillance

boss

Tornado Cash developer Alex Pertsev is set to be released from jail after spending nearly nine months in prison. Pertsev was arrested in August last year by Dutch authorities on suspicion of being involved in money laundering through the crypto mixing service Tornado Cash. Cointelegraph confirmed the news with the people familiar with the matter, and Pertsev is all set to be back home by April 26, which also happens to be his birthday. The suspended release under surveillance means the jailed Tornado cash developer can Jail can await trial from home.…

How OFAC’s Tornado Cash Sanctions Violate U.S. Citizens’ Constitutional Rights

OFAC’s decision to sanction Tornado Cash is unprecedented, marking the first time that software has been targeted for sanctions. OFAC’s sanctioning authority extends only to persons or property. Yet, Tornado Cash is neither a person nor property: It is owned by nobody, controlled by nobody and functions automatically without human intervention. Source CashcitizensConstitutionalOFACsrightsSanctionsTornadoU.SViolate CryptoX Portal

Sempo: The Crypto Solution to Cash Aid Distribution Challenges – Crypto Projects to Watch 2023

“With traditional NGOs, it’s not that at all,” Cole said. Overhead costs and administrative fees for traditional donation methods can eat up as much as 30% of the cash value. “I was, like, why can’t we do this with Oxfam or any of these other NGOs?” Cole said when he and Williams reached out to humanitarian aid organizations, they found that the organizations were struggling with major technological challenges in running their cash transfer programs. Source

San Francisco authorities make arrest in stabbing of Cash App creator Bob Lee

boss

The San Francisco Police Department has arrested a tech executive named Nima Momeni in connection with the April 4 stabbing of Cash App creator Bob Lee. In an April 13 press conference, the SFPD announced Momeni was in custody following the execution search and arrest warrants in San Francisco and Emeryville, a city across the bay. Police chief Bill Scott said “the evidence shows that [Momeni and Lee] knew each other” but did not comment on the motive of the stabbing, adding the case was not yet closed. SFPD Chief…

Collapsed Exchange FTX Recovers $7,300,000,000 in Cash and Crypto Assets, Reconsiders Future: Report

boss

Troubled crypto exchange FTX has reportedly recovered billions of dollars worth of cash and assets as it reconsiders its future. According to a new report by Reuters, the bankrupt crypto-swapping platform has recuperated $7.3 billion in cash and liquid digital assets as the firm considers how to move forward from its catastrophic downfall last year. FTX attorney Andy Dietderich told Reuters the situation has stabilized and that the worst is over, further adding that FTX has greatly benefited from rising crypto prices in 2023. According to Dietderich, the amount recovered…

BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more

boss

Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible token (NFT)-like inscriptions using the Ordinals protocol. Transaction fees for Ordinals transactions exploded 240% from $1.5 million on March 10 to 5.2 million by April 12, according to Dune Analytics data. The rise came on the back of a rather slow period between Feb. 16 and March 10, which from $1 million to $1.5 million. Prior to thatfees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21. Transaction fees paid…