Tag: Cash

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

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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

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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

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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…

Blockchain Association files brief in Tornado Cash case

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Crypto advocacy groups Blockchain Association and DeFi Education Fund filed a brief in United States District Court in Austin in the case brought by six individuals against the United States Treasury Department over the sanctioning of Tornado Cash. The amicus (friend of the court) brief supports the plaintiff’s motion for a partial summary judgment. The six plaintiffs in the case filed suit against the Treasury Department and associated parties in September after the Treasury’s Office of Foreign Assets Control (OFAC) placed addresses allegedly connected with the Tornado Cash cryptocurrency mixer…

Coinbase Backs New Filing in Support of Tornado Cash

According to the case filed on April 5 in a Texas District Court, the plaintiffs, with support from Coinbase, want the OFAC to settle the first two counts from its original complaint, which was filed last September. Popular public listed exchange Coinbase is supporting the new class that seeks a reversal of the Tornado Cash ban. With this, the US Treasury is faced with a renewed legal case targeted at its move to sanction the crypto mixer. The motion to remove the Tornado Cash ban was filed by six individuals…

Coinbase supports new court action to remove Tornado Cash ban

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The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office of Foreign Asset Control (OFAC) to settle for the first two counts from its original complaint filed in September 2022. If granted, it would see the Judge rule on some of the factual issues while…

Cash App creator dies following stabbing in San Francisco

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Bob Lee, the former chief technology officer of Square and creator of Cash App has died following a stabbing in San Fransisco in the early hours of Tuesday, April 4 local time. Bill Barhydt, the CEO of crypto wallet company Abra, tweeted on April 5 that Bob Lee “was killed in SF early today” sharing an April 4 report from local media outlet SFGATE which reported on Lee’s death but did not name him. I just got devastating news that our friend Bob Lee (@crazybob ) was killed in SF…

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

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ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push its customers toward using an ever-dwindling number of ATMs and deposit machines. The decision has received pushback, with critics such as Patricia Sparrow, CEO of the Council on the Ageing, telling The Australian that the change could disproportionately affect older people who are less capable of going digital. Others have suggested it would make fiat users more susceptible to technical issues. The move has also renewed fears…

founders should keep 66% of payroll’s ‘worth of cash’ in bitcoin and crypto

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American venture capital investor, Tim Draper, has advised company founders to plan and hold at least two payrolls worth of cash in bitcoin (BTC) or other cryptocurrencies. Preparing for the unforeseen  Tim Draper has warned business founders to prepare for “more and more” bank failures if the government keeps printing money and raising interest rates. Further, he asked business founders to have at least two payrolls worth of cash in Bitcoin or alternative cryptos in their reserves in response to the collapse of Silicon Valley Bank (SVB).  Draper’s report on Mar. 25…