Tag: Report

FBI Says LinkedIn Is Being Used for Crypto Scams: Report

The bad actors pose a “significant threat” to LinkedIn and its consumers, according to Sean Ragan, the FBI’s special agent in charge of the San Francisco and Sacramento, California field offices, according to the report. “This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims,” Ragan said. In a typical scenario, according to the report, a scammer will pose as a professional with a fake profile and reach out to a LinkedIn user, starting with small talk before elevating…

Three Arrows Capital weighs bailout as Kyle Davies breaks silence: Report

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Crypto-focused hedge fund and venture capital firm Three Arrows Capital is considering the sale of remaining assets and even a bailout as it grapples with the prospect of insolvency in the wake of a violent collapse in digital asset markets.  The firm, which also goes by 3AC, has hired legal and financial advisers to explore solutions for its investors and lenders, The Wall Street Journal reported Friday. Several options are on the table, including asset sales and a rescue package by another firm, co-founder Kyle Davies told the Journal. In…

BIS report warns about front-running threat in crypto mining

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Since 2020, miners on the Ethereum blockchain have extracted around $600 million from other investors by miners, according to a new report by the Bank for International Settlements (BIS) focusing on common malpractice in the crypto mining industry.  The June 16 bulletin, “Miners as intermediaries: extractable value and market manipulation in crypto and DeFi,”  suggests three key takeaways from the BIS’ research on the functioning of the Ethereum protocol. The first is hardly surprising, which observed that Ether (ETH) and the decentralized finance (DeFi) protocols built on it “rely on…

Three Arrows Capital has failed to meet margin calls: Report

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Venture firm Three Arrows Capital (3AC) has reportedly failed to meet margin calls from its lenders, raising the spectre of insolvency after this week’s crypto market collapse triggered unforeseen liquidations for the Singapore-based company. Crypto lender BlockFi was among the firms to liquidate at least some of 3AC’s positions, according to the Financial Times. Citing people familiar with the matter, FT reported that 3AC had borrowed Bitcoin (BTC) from the lender but was unable to meet a margin call after the market turned sour earlier this week. The issues surrounding…

State securities regulators investigate Celsius over withdrawal suspension: Report

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Securities regulators from five U.S. states have reportedly opened an investigation into crypto lending platform Celsius Network over its decision to suspend user withdrawals. According to a Thursday report from Reuters, Texas State Securities Board director of enforcement division Joseph Rotunda said regulators in Alabama, Kentucky, New Jersey, Texas and Washington began investigating Celsius after the platform announced it would be “pausing all withdrawals, swaps and transfers between accounts.” Rotunda reportedly called the investigation a “priority” for the Texas regulator and confirmed to Cointelegraph the enforcement division was “looking at the…

Texas securities regulator investigates Celsius over withdrawal suspension: Report

The Texas State Securities Board has reportedly opened an investigation into crypto lending platform Celsius Network over its decision to suspend user withdrawals. According to a Thursday report from Reuters, Texas State Securities Board director of enforcement division Joseph Rotunda said the regulator began investigating Celsius on Monday shortly after the platform announced it would be “pausing all withdrawals, Swap, and transfers between accounts.” Rotunda reportedly called the investigation a “priority” for the Texas regulator. “I am very concerned that clients — including many retail investors — may need to…

Accepting Bitcoin for your business just like Tesla: Report

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Tesla temporarily embracing Bitcoin (BTC) as a method of payment for its products was conceivably one of the catalysts that pushed asset prices to record highs last year and put the spotlight on crypto legitimacy — particularly in the realm of payments. Moreover, crypto enthusiasts had lauded the fact that Tesla even set up its own node to accept BTC and stated that it wouldn’t swap its holdings for fiat, implying high confidence in the crypto’s long-term prospects. But despite having backtracked and ceased its Bitcoin acceptance a few months after…

Banking uses 56 times more energy than Bitcoin: Valuechain report

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Fresh figures on Bitcoin’s (BTC) energy consumption, efficiency and scalability serve to expose the banking sector while bathing the world’s largest cryptocurrency in a new light.  A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculates that Bitcoin payments are a “million times more efficient” than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.” The report compiles almost four years of research and suggests a new calculation for estimating Bitcoin’s proof-of-work energy consumption. In an interview, Khazzaka told Cointelegraph: “Bitcoin…