Tag: Report

Judge revokes Sam Bankman-Fried’s bail, remands him to custody: Report

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A federal judge has reportedly revoked former FTX CEO Sam Bankman-Fried’s bail following the release of information to New York Times reporters in an alleged attempt to intimidate witnesses. According to reports of individuals present at an Aug. 11 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail revoked, suggesting he will be held in jail through the end of his two trials for fraud related to his activities at FTX. Prosecutors had been pushing for the revocation of…

Binance applies for Taiwan AML compliance: Report

The world’s leading crypto exchange by trading volume, Binance, has reportedly applied to get registered under the money laundering control act introduced by the Financial Supervisory Commission (FSC) of Taiwan. FSC reportedly informed dozens of domestic crypto service providers that Binance is applying to get registered for anti-money laundering (AML) compliance, according to a report published in local media. The report cited Chen Peiyun, the co-founder of Taiwan’s currency exchange BitShine,  as the source of the information who revealed that the FSC named Binance as one of the exchange prospects that is planning…

Bitcoin ETF momentum runs out as crypto market enters summer slump: Report

After June gave Bitcoin (BTC) a boost with BlackRock’s application for spot Bitcoin exchange-traded fund (ETF), July sent its price into a summer slump. Only some altcoins managed to perform well in response to Ripple Labs’ partial victory against the United States Securities and Exchange Commission. XRP (XRP), the most obvious beneficiary, posted a monthly close of +49%. The overall response of markets to the result of the lawsuit was much more muted than many anticipated, as a ruling on XRP’s sales does not easily generalize to other coins and…

Stablecoins could be key to upholding US dollar’s global reserve status: Report

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Stablecoins are at the heart of a dollar-based revolution and could be a pivotal factor in keeping the U.S. dollar the dominant global currency, according to an Aug. 9 opinion piece published in The Wall Street Journal.  The authors, Brian Brooks and Charles Calomiris, urged Congress to implement a “sound and stable regulatory framework” for stablecoins in the country. Brooks is the former CEO of Binance.US, former chief legal officer of Coinbase and served as U.S. Comptroller of the Currency. Calomiris is dean of economics, politics and history at the University…

Bitcoin Miner Riot Posts Mixed Q2 Earnings Report, Sees Growing Consolidation in Industry in 2023

“Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute on our power strategy at unmatched scale this quarter, driving our average cost to mine to $8,389 per Bitcoin in the second quarter, compared to an average Bitcoin price of $28,024,” said Jason Les, CEO of Riot, in a statement. Original Source BitcoinConsolidationEarningsGrowingindustryMinermixedPostsReportRiotSees CryptoX Portal

Only 6 out of 45 crypto wallet brands have undergone penetration testing: Report

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A July report from cybersecurity certification platform CER found that only six of 45, or 13.3%, of cryptocurrency wallet brands have undergone penetration testing to find security vulnerabilities. Of these, only half have performed tests on the latest versions of their products.  The three brands that have done up-to-date penetration tests are MetaMask, ZenGo, and Trust Wallet, according to the report. Rabby and Bifrost performed penetration testing on older versions of their software and LedgerLive did them on an unknown version (listed as “N/A” in the report). All other brands…

19% of New Yorkers own cryptocurrency: Coinbase report

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A Coinbase report series highlighting crypto innovation at the state level in the United States has recently published its fourth edition, which features New York. The report highlighted various milestones the state reached regarding crypto adoption.  Within the report, Coinbase noted that 19% of New York residents who participated in the study own cryptocurrencies. Additionally, one in three New Yorkers agreed that crypto makes the financial system fairer and described it as a “worthwhile investment for the future.“ Bitcoin ATMs in Manhattan, New York City. Source: CoinATMRadar The Coinbase report…

Former FTX exec Ryan Salame and US prosecutors are discussing a plea deal: Report

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Ryan Salame, the former co-CEO of FTX Digital Markets, is reportedly discussing a guilty plea with authorities in the United States. According to an Aug. 8 Bloomberg report, lawyers for Salame could enter a guilty plea as early as September, in advance of former FTX CEO Sam Bankman-Fried’s criminal trial, scheduled to start on Oct. 2. Prosecutors had reportedly been investigating Salame for potential violations of U.S. campaign finance laws related to his girlfriend Michelle Bond’s run for Congress, in which they both allegedly exceeded the federal limits on contributions.…

CPI report may show uptick in US inflation — How will Bitcoin price react?

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The S&P 500 index is currently trading only 6% below its all-time high, which was reached in December 2021. Traditionally, such a situation would be seen as a bullish sign for risk-on assets, including commodities and cryptocurrencies, but this time, it appears that investors have been using the stock market as a means of protection against the recent inflation surge, which peaked at over 4% between April 2021 and May 2023. For Bitcoin (BTC) and cryptocurrency investors, inflation has typically been viewed as a positive factor influencing the price, as…

Bitcoin Funds Witness Largest Weekly Outflows Since March: Report

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The latest weekly report from CoinShares reveals that crypto investment products, particularly Bitcoin funds, saw major outflows for the third consecutive week. As investors continue to take profit, a total of $107 million in outflows was recorded in the previous week.  Crypto investment products listed in the report are from various exchange-traded product (ETP) providers, including 21Shares, Grayscale Investments, Bitwise, and Proshares. However, it was found that a significant portion of the outflows came from Purpose Investments and ETC Issuance.  From a regional standpoint, CoinShares discovered that the outflows were…