NewsRoom Articles - Page 44 of 185

FridayNov 03, 2023 10:30 am

FTX Founder Tells Court He Made Management Mistakes

During his trial, Sam Bankman-Fried acknowledged mistakes in managing FTX, admitting to a series of minor and major mistakes, with his primary regret being the absence of a dedicated risk management team. Bankman-Fried stated that he had, however, not engaged in any fraudulent activities or misappropriated customers’ funds when questioned by his attorney, Mark Cohen. Bankman-Fried shared that he had minimal knowledge of cryptocurrencies before launching FTX. He admitted to a lack of understanding regarding how they operated but recognized their potential for trading. As FTX rapidly expanded from a few million dollars in daily trading in 2019 to tens…

WednesdayNov 01, 2023 10:30 am

Data Shows Declining Number of Crypto ATMs

The number of cryptocurrency ATMs worldwide has significantly decreased this year, reaching levels not seen since 2021. According to data gleaned from CoinATMRadar.com, the biggest decline was in July, when an astounding 4,123 ATMs stopped working, seriously disrupting the market. Presently, thousands of ATMs have become nonfunctional, the majority of which have faded into obscurity this year. CoinATMRadar.com listed 32,704 cryptocurrency ATMs globally as of mid-October. This figure is in sharp contrast to the all-time high of 39,353 units that was recorded in August 2022, indicating a sharp drop in the number of crypto ATMs — roughly 6,649 — that…

MondayOct 30, 2023 12:00 pm

DEF Files Amicus Brief Supporting Crypto Users’ Rights

A crypto advocacy organization, the DeFi Education Fund, has requested a U.S. court consider the distinct blockchain technology characteristics when assessing the Fourth Amendment rights of privacy for crypto users. The fund formally submitted an amicus brief to the appeals court on Oct. 20, 2023, in favor of James Harper's case against the IRS. The petition is part of a campaign to thwart the government's unfettered access to cryptocurrency platform users' transaction records. Harper was one of 14,355 Coinbase users whose information was disclosed to the IRS in 2017, leading to a fervent push for more robust rights and protection…

MondayOct 30, 2023 8:56 am

Blockchain Life 2023: Shaping Trends for the Upcoming Bull Run

The 11th edition of the Blockchain Life Forum, widely recognized as the premier meeting point for global cryptocurrency leaders, concluded with a gathering of over 7000 attendees from 120 countries. Blockchain Life has become the center of crypto activities, as well as one of the largest and most important events in the world, summing up the Crypto Year. Once again, traditionally accompanied by the growth of Bitcoin and a bunch of side events, Blockchain Life 2023 took place in Dubai. The main stage provided a platform for more than 100 distinguished speakers, and exemplars of the industry, to share their…

FridayOct 27, 2023 10:30 am

How Blockchain Analysis Can Help Recover Stolen Crypto

In the ever-changing landscape of decentralized finance and the wider Web3 sphere, security is a top priority. With the constant emergence of new threats, it is crucial to analyze attack patterns to assess risk and reliability. Cointelegraph’s Crypto Hacks database indicates that almost $1 billion worth of crypto was stolen or lost in 2023 alone. In response to the increasing need for security, a wide range of Web3 security specialists has emerged, from smart contract auditors to decentralized identification solutions, guaranteeing the security of an ever-evolving digital landscape. Yet, a persistent menace continues: the Lazarus Group, a North Korea-affiliated hacking…

WednesdayOct 25, 2023 10:30 am

Australian Treasury Wants to Regulate Crypto Exchanges

The Australian government is pushing ahead with its efforts to oversee the crypto asset industry, specifically focusing on regulating crypto exchanges, a move that would possibly require the government to secure a license from the nation’s financial regulatory authority. The Australian Treasury unveiled a consultation paper, titled “Regulating crypto-asset platforms,” on Oct. 16, 2023, outlining a regulatory framework that aims to not only safeguard consumers but also foster innovation in the digital asset industry. The main idea behind the new framework is to control crypto exchanges and service providers rather than the actual tokens or cryptocurrencies. Furthermore, rather than creating…

MondayOct 23, 2023 9:00 am

EU Passes Resolution to Strengthen Regional Cooperation on Crypto Tax Information Sharing

The European Union's Council has enacted a directive to improve coordination between national tax agencies, specifically concerning crypto asset transactions. The Oct. 17, 2023, announcement represents a substantial change in the way the EU regulates crypto assets, indicating a proactive stance toward the economy's fast digitalization. The directive proposes extensive modifications to EU regulations on administrative cooperation in taxation. This momentous move complies with recommendations made by the council in its report on tax matters to the European Council on Dec. 7, 2021. It indicated expectations that the European Commission would present a legislative proposal in 2022 for an additional…

FridayOct 20, 2023 11:15 am

Ferrari Will Receive Crypto as Payment for US Sales

Ferrari has begun to take crypto payments for its luxury sports cars in the United States and will expand the program to Europe at the behest of its wealthy clientele. According to Enrico Galliera, Ferrari's head of marketing, cryptos have demonstrated their commitment to reducing their environmental footprint through the adoption of novel software and relying more heavily on renewable energy. He also asserted Ferrari's commitment to carbon neutrality throughout its value chain by 2030. Most corporations have maintained a cautious stance toward cryptocurrencies due to their inherent volatility, rendering them unsuitable for conventional commerce. Additionally, inconsistent regulations and the…

WednesdayOct 18, 2023 11:15 am

Hamas Reportedly Obtaining Funding Using Crypto

Iran has played a substantial role as a major financial supporter of Hamas, offering crucial resources for its terrorist activities. However, international investigators, including those in the United States, have uncovered an alternative revenue stream used by Hamas: distant online contributors that provide support through crypto. Even before the recent surprise attack by Hamas on Israel, the U.S. Department of Justice (DOJ) had been actively pursuing a criminal inquiry into the militant group's alleged use of crypto and money-laundering activities. While the details of the investigation remain sealed, the information that has been made public traces back to Hamas-linked crypto…

MondayOct 16, 2023 9:00 am

StanChart Predicts Five Times Rise in Value of Ether by 2026

Ether, the world's second-largest crypto, could potentially witness a remarkable surge in its value, soaring more than fivefold by 2027, as projected by Standard Chartered. According to StanChart's head of crypto and forex research, Geoffrey Kendrick, ether, which serves as the ethereum blockchain’s native crypto, is poised for a substantial ascent, potentially reaching a significant milestone of $8,000 by the end of 2026. Evaluating cryptocurrencies' value remains a complex task, primarily due to the absence of traditional assets backing digital tokens such as Bitcoin or ether. Unlike conventional assets, including currencies, bonds and stocks, cryptocurrencies lack established metrics for valuation.…