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Connecticut authorities recover $3m worth of Bitcoin
Westport, Connecticut police assisted a crypto investor in reclaiming over $3 million in Bitcoin (BTC) after they fell victim to a high-profile financial scam. Westport police thwart BTC scam In May, the Westport police reportedly initiated an investigation following a report from a victim, who had been persuaded to transfer funds from their retirement account to a Kraken crypto exchange wallet address January, as stated by Lt. Eric Woods in a news release. Between January and March, the victim discovered that over $3 million worth of Bitcoin had been withdrawn and moved to cryptocurrency wallets beyond their control. Collaborating with the Connecticut State Police, Westport detectives diligently traced the transactions and successfully froze all accounts linked to the scam, as confirmed by Woods. As a result of these efforts, authorities successfully recovered over $3 million, which has now been returned to the victim. Woods also clarified that the frozen accounts were traced ba...
Crypto.com updates Euro wallet, expands payment offerings
Crypto.com has updated its Euro Wallet to serve users in the Euro payment area better. Crypto.com Updates EUR wallet Crypto.com is committed to providing its users with a seamless trading experience. It recently expanded its offerings by integrating a Euro wallet and allowing for secure Single Euro Payments Area (SEPA) transfers with no transaction fees. With these updates, users now have more options for providers when depositing and withdrawing EUR from the fiat wallet on the platform. The deposit and withdrawal process has also been simplified, enabling access to over 250 cryptocurrencies. Crypto.com aims to offer customers an affordable and easy-to-use platform to take advantage of market opportunities as soon as they sign up. SEPA transfers enabled SEPA transfers are a great option for users on Crypto.com. They offer lower or no fees for sending and receiving money within the SEPA network and standardized rules for a consistent trading experience. Additionally, SEPA t...
nChain claps back at former CEO’s allegations, behavior
Blockchain and web3 innovator nChain has issued a statement responding to accusations made by its former CEO, Christen Ager-Hanssen. Hours after Ager-Hanssen took to social media to announce his departure from the technology company, citing a conspiracy against shareholders, the Zug, Switzerland-based company responded with a statement of its own. I can confirm I have departed from @nChainGlobal as its Group CEO with immediate effect after reporting several serious issues to the board of nChain Group including what I believe is a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder. I also… pic.twitter.com/F6rNJfRxnl — Christen Ager-Hanssen (@agerhanssen) September 29, 2023 Ager-Hanssen had couched his social media post to imply he left his position of his own volition. However, in its statement, nChain clarified that the Norwegian businessman was summarily dismissed on Sept. 27 following concerns regarding his stewardship of the company. The conc...
AI won’t realize its potential without web3
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Headlines touting the allure of artificial intelligence’s (AI) disruptive potential might make it seem like we’re already on the cusp of a completely automated and decentralized future. However, the reality is that, while this will be a transformative journey, it will likely be an incremental one over the next decade. First applications will be built by AI as a supporting developer tool. In the next phase of adoption, we will see a transition to applications with AI built-in. Here’s what to expect. What is built-in AI? Built-in AI is the natural progression of the AI app revolution from merely amplifying the production of apps to seeing the explosion of apps that use AI as a core part of their functionality. The difference here is that these apps aren’t simply built by AI, but are using AI to create unique value and business model...
SEC Drops Bombshell: Terra Founder Do Kwon Chat History Leaked
A court filing by the SEC has shown the contents of leaked chats between Do Kwon , founder of the Terra blockchain which collapsed in 2022, and co-founder Daniel Shin , the CEO of the Chai payment app. Chat History Between The Two Co-founders On September 22, 2023, a court filing revealed the chat history between Do Kwon and Daniel Shin, the founder of the payment app Chai. The chats between both founders date back to 2019. In the filing, it was revealed that Do Kwon and Shin had allegedly planned to create fake transactions to generate fees during the project’s development and to help support their activities. “I can just create fake transactions that look real…which will generate fees… and we can wind that down as Chai grows.” Do Kwon said this to Shin in response to a question asking about when will participants start engaging in staking and when the token airdrops end. Shin was concerned about Do Kwon’s suggestion and he asked “What if people find out it is fake?” Do Kwon r...
Azteco secures $6m in Jack Dorsey-led fundraiser
Azteco raised $6 million in funding, with Block Inc. CEO Jack Dorsey leading the round. The Santa Monica, California-based company aims to accelerate Bitcoin adoption by introducing Bitcoin gift cards. Azteco’s mission to democratize finance Dorsey’s support for Azteco stems from a deep respect for the company’s mission to make life easier for the unbanked population worldwide. The former Twitter CEO believes that the technology and resources required to make this positive change are available, and Azteco is taking a crucial step in the right direction. Azteco’s core initiative revolves around introducing Bitcoin gift cards, designed to elevate the flagship crypto’s value to the level of traditional fiat currencies like the US dollar. The ultimate goal is to democratize finance and establish partnerships with companies across the globe, ensuring that Bitcoin spending becomes a mainstream and widely accepted concept, according to Azteco CEO Akin Fernandez. Relying on a third par...
VanEck to donate 10% of ETF profits to Ethereum contributors
VanEck has declared its support for the development of Ethereum by pledging to donate some of its upcoming Ethereum exchange-traded fund (ETF) profits. Global asset management company VanEck has promised to give the Ethereum Protocol Guild 10% of its Ethereum Futures ETF profits for the next ten years. The firm, which manages a portfolio with an asset value of nearly $80 billion, made the announcement in a Sept. 29 post on X. Big announcement! We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years. Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure. Details 👇 — VanEck (@vaneck_us) September 29, 2023 Its decision to direct funds towards the Ethereum (ETH) community acknowledged the protocol guild’s considerable contributions to building and maintaining the Ethereum infrastructure over the past decade. The guild is a collective comprising ...
SEC hustles to delay Bitcoin ETFs amid looming government shutdown
The U.S. Securities and Exchange Commission delayed multiple decisions on proposed spot Bitcoin (BTC) ETFs ahead of a possible government shutdown. Pending applications from VanEck, WisdomTree and Fidelity were all delayed on Sept. 28, per The Block. The regulator said it was instituting additional proceedings to determine whether the proposed ETFs should be approved or disapproved. The SEC asked for input from commentators, who have 21 days to submit written data, views, and arguments. There’s another 35-day rebuttal period, which suggests the approval process will drag on for at least a few more months. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. SEC’s WisdomTree filing Do commenters agree with the Exchange that the Chicago Mercantile Exchange, on which CME Bitcoin futures trade, represents a regulated market of significant size related to spot Bitcoin? SEC’s request for comment in ...
nChain CEO resigns, claims Craig Wright is not Satoshi
Venture capitalist Christen Ager-Hanssen announced his departure from web3 solutions provider nChain, citing a conspiracy to defraud shareholders. The Norwegian internet entrepreneur stated on social media that he was stepping down from his position as CEO “with immediate effect.” I can confirm I have departed from @nChainGlobal as its Group CEO with immediate effect after reporting several serious issues to the board of nChain Group including what I believe is a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder. I also… pic.twitter.com/F6rNJfRxnl — Christen Ager-Hanssen (@agerhanssen) September 29, 2023 Ager-Hanssen alleged a conspiracy to defraud nChain shareholders in the post, directly implicating an unnamed major shareholder. He also expressed doubt about the legitimacy of the DW Discovery Fund, an open-licensed fund registered in the Cayman Islands that specializes in “investing within disruptive technology.” The now-former CEO of nChain ...
FTX hacker moves $4.2m worth of ETH after months of inactivity
The infamous FTX exploiter with address 0x3e957 has resurfaced. After 10 months of inactivity, the hacker that masterminded the multi-million dollar FTX heist transferred 2,500 ETH, equivalent to $4.2 million, from their dormant address. This marks the first activity from the address since the infamous hack almost a year ago. According to blockchain analytics platform Spotonchain, the address 0x3e957 still holds a substantial 12.5K ETH. The attacker now reportedly controls a staggering 180,735 ETH across 13 addresses, totaling an approximate value of $302.5 million. Sam Bankman-Fried’s trial looms Almost a year after the collapse of FTX, founder Sam Bankman-Fried faces an imminent trial. The proceedings are set to commence on Oct. 3, extending for at least 21 days until Nov. 9. During this period, Bankman-Fried will remain in custody at a Brooklyn prison, where he was detained on Aug. 11. He faces seven counts of fraud, with investigators asserting that he unlawfully seized the...
XRP Price Predictions: The Ultra Bullish To The Most Bearish
The future XRP price is one topic that has been keenly debated since Judge Analisa Torres’ ruling in favor of Ripple against the US Securities and Exchange Commission (SEC), with many crypto analysts chiming in on the token’s future trajectory. Some have stated that XRP could go as high as $10,000 , while others have taken a more conservative approach, setting the token’s price at around $25 . Meanwhile, others have presented a bearish outlook before XRP can actualize any upward trend. The Most Bullish XRP Price Predictions A particular crypto analyst (Bitforcoinz) stated that each XRP could cost $10,000. His assertion stems from the belief that Ripple could disrupt the global financial structure and take a huge chunk of the market share once that happens. It is believed that XRP’s market cap could rise tremendously if this happens, leading to a surge in the token’s price. However, another analyst, Zach Rector, doesn’t believe that ‘$10,000 XRP’ could happen as there will need...
Cryptocurrency awareness vs knowledge: To educate to empower
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Consensys surveyed around 15,000 people worldwide, and 92% said they ‘heard about’ crypto. What’s more: 50% of respondents ‘understand’ the asset class. Such understanding was especially high among people from emerging economies like Nigeria, Brazil, India, etc. Crypto awareness | Source: Consensys These data points highlight the rising interest in crypto and related technologies. But there’s still much to do in terms of educating the masses about crypto concepts. Most people have only ‘heard about’ crypto or had little hands-on experience, frequently negative ones: bad UX, scams, etc. Helping users truly understand crypto is thus the key to sustained, long-term adoption. Because when knowledge is power , education is empowerment. The sad state of financial literacy Everyone today has financial needs and uses money. But only...
Sam Bankman-Fried's Lawyer Opposes Prosecutors’ Proposed Jury Questions
The legal counsel representing Sam Bankman-Fried (SBF), the former boss of the now-defunct FTX exchange, has raised some questions about the government’s proposed queries during jury selection. The FTX co-founder faces a six-week trial, which will commence with a jury selection process on October 3, 2023. The prosecutors and the defense counsel submitted their questions for jury selection on September 11. As Bitcoinist reported , the prosecutors challenged Sam Bankman-Fried’s proposed questions, calling it “unnecessarily intrusive.” Sam Bankman-Fried’s Lawyer Accuses Government Of Prejudice According to a court filing on Friday, September 29, Bankman-Fried’s attorney, Mark Cohen, argued that the questions proposed by the United States for jury selection contain bias that could result in an unfair judgment for the defendant. Cohen wrote in the letter to Judge Lewis Kaplan: The Government’s proposed voir dire discourages full disclosure from potential jurors, fails to elicit suffi...
$3 Million Stolen In 'Kraken' Crypto Con
The surge in online scams has drawn heightened regulatory attention towards the crypto industry. A recent case serves as a vivid reminder of the risks involved, where a Connecticut resident became a victim of a significant scam, losing more than $3 million to individuals falsely purporting to be associated with Kraken, a well-known cryptocurrency exchange. The victim, who remains unnamed, was based in Westport and followed advice to transfer funds out of a retirement account, intending to reinvest the money in an account supposedly linked to Kraken. However, their decision led to more than $3 million swiftly disappearing into crypto wallets they could not access. Recovery Of Stolen Crypto Funds Fortunately, the victim sought help from law enforcement, and local detectives, collaborating with the state’s Organized Crime Task Force, launched an investigation. This diligent effort enabled them to trace the transactions and freeze accounts involved in the scam. While they managed to ...
Bug discovered in GMX debt tracking system nets Collider $1m prize
GMX, a decentralized futures exchange, awarded the Collider team $1 million for finding a bug in its debt tracking system. Last year, GMX had a bug that caused GMX V1 liquidity providers to receive incorrect fair value quotes for tokens, causing the price of GLP, the exchange’s liquidity provider token, to deviate from its fair value. “Our top priority is risk management. For every position, we implement an extensive due diligence process, which encompasses thorough reviews, relying not only on external sources but also on our own audits.” Shlomo Kraus, head of Collider Research Crypto.news has reached the GMX team for comment. Following this news, GMX prices rose, adding 4.5% to $38.13, according to CoinGecko. However, the token is down by over 50% from its $91.07 all-time high recorded in April 2023. Earlier, an unidentified GMX trader exploited the Avalanche (AVAX) token’s minimum spread and zero price impact features, manipulating prices and subsequently negatively impacti...
Fireblocks acquires Australian defi startup BlockFold for $10m
Blockchain company Fireblocks, which is backed by Sequoia Capital, has acquired Melbourne-based decentralized finance (defi) startup BlockFold for a reported $10 million. This acquisition will allow Fireblocks to expand its services beyond custody services. Neither Fireblocks nor BlockFold has made any public statements regarding the deal. BlockFold, founded in 2022, provides smart contract development, auditing, advisory, testing, and security services for defi and non-fungible token projects. Its clients include OpenSea, Hedera Hashgraph, OpenZeppelin, among others. This acquisition comes shortly after Fireblocks launched its non-custodial wallet-as-a-service for businesses across various sectors. The wallet is designed to work across multiple platforms, including iOS, Android, and web browsers. In June 2023, Fireblocks partnered with cloud service giants AWS, Google Cloud, and Alibaba Cloud to expand accessibility and serve a broader range of businesses. Follow Us on Goog...
Paris museum to mint Van Gogh's NFTs on Tezos
The Musée d’Orsay in Paris, which houses the world’s largest collection of Impressionist and Post-Impressionist artworks, is minting non-fungible tokens (NFTs) dedicated to Vincent Van Gogh’s final months. From Oct. 4, these NFTs will be available for purchase in partnership with the Tezos. There will be two types of NFTs, with 2,300 minted for each class on Tezos. One NFT will provide an augmented reality experience of Van Gogh’s final palette, while the other will be an original digital artwork created by French artist KERU, inspired by Van Gogh’s style. NFT holders will have the opportunity to win prizes like lifetime museum passes and invitations to museum events. These NFTs are digital souvenirs affiliated with the upcoming “Van Gogh in Auvers-sur-Oise: The Final Months” exhibition on Oct. 3. Starting in 2024, the museum intends to invite digital artists who work with blockchain to design collections inspired by items from their permanent collections. This initiative align...
Paradigm Files Amicus Brief, Accuses SEC Of Regulatory Overreach
Crypto research firm Paradigm has filed an amicus brief in the ongoing court case between the US Securities and Exchange Commission (SEC) and Binance, its US affiliate – Binance.US – and the exchange’s global CEO Changpeng “CZ” Chao. Back in June, the US top securities watchdog launched a lawsuit against the defendants, accusing them of operating unlicensed exchanges, broker-dealers, and clearing agencies among 13 charges. In a statement released on September 29, Paradigm, who claims to have zero interest or investment in the defendants, has taken a stance against the SEC, accusing the commission of governmental overreach. SEC Wants To Change The Law, Paradigm Says According to Paradigm, the SEC is attempting to bypass the rulemaking process and rewrite the law, utilizing the “disturbing allegations” in its lawsuit against Binance and its co-defendants. The San Francisco-based research firm backs its claims by firstly stating that the SEC’s prayers being granted would mean that ...
Epic Games announces layoffs as expenses exceed revenue
On Sep. 28, Epic Games, the company behind the popular video game Fortnite, announced that it would be laying off some of its employees due to expenses exceeding revenue. Epic Games CEO Tim Sweeney emailed affected staff, revealing that two-thirds of those affected were from teams “outside of core development.” Sweeney explained that his expectations for a metaverse-inspired ecosystem were unrealistic and caused the company to spend more money than it generated in revenue. Although the creator program drove Fortnite’s growth, Sweeney noted, “success with the creator ecosystem is a great achievement, but it means a major structural change to our economics.” As a result, Epic Games implemented cost-cutting measures such as halting new hiring and reducing funds allocated to marketing and events. Unfortunately, these efforts did not improve the company’s finances, leading to job cuts as the only viable solution. “Epic folks around the world have been making ongoing efforts to redu...
National Bank of Georgia seeking CBDC development partner, to launch pilot environment
The National Bank of Georgia (NGB) is developing the digital GEL and is searching for a suitable partner. NGB plans to launch a Limited Access Live Pilot Environment through various use cases to test the technology capabilities and potential application areas of the Central Bank Digital Currency (CBDC) system. After extensive research, NGB has shortlisted nine competing companies to work with the bank to develop the digital GEL. These companies include AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd. Once the current selection process is complete, NGB will choose only one of the nine shortlisted companies to work on developing the digital GEL and the Limited Access Live Pilot Environment. Georgia hosts crypto entrepreneurs and businesses due to its friendly legal framework for the crypto industry regarding financial, tax, and compliance laws. The cou...
Gemini to stop offering services in the Netherlands
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, will reportedly cease operations in the Netherlands due to regulatory requirements imposed by the De Nederlandsche Bank (DNB). According to Reddit sources, the exchange notified its clients in the country of its decision to take effect on Nov. 17, 2023. Gemini cited the DNB’s regulations on crypto exchanges as the reason for the move. However, it has not issued a public statement on the matter. The letter read in part: “We are getting in touch to inform you that Gemini will stop offering crypto services to the Dutch market on Nov. 17, 2023. This is due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges. It is now our top priority to make the transition of your fiat and crypto assets off Gemini as easy and seamless as possible.” Swisstronik, a Swiss web3 compliance startup, sees this as part of a broader trend of tightening crypto regulations in the EU. They pointed to “challenges cry...
3AC's Su Zhu reportedly arrested in Singapore
Su Zhu, co-founder of the bankrupt crypto hedge fund, Three Arrows Capital (3AC), has been detained by law enforcement in Singapore over a year after the hedge fund collapsed in 2022. Zhu, who was believed to be in Dubai at some point following the collapse of 3AC, was reportedly arrested at Singapore’s Changi airport. [DB] Three Arrows Co-Founder Zhu Apprehended in Singapore: Statement: Bloomberg — db (@tier10k) September 29, 2023 A Singapore court ordered Zhu’s imprisonment for four months. The same order was issued for Kyle Davies, Zhu’s co-founder, although his whereabouts remain unknown at press time. This is a developing story. Follow Us on Google News title_words_as_hashtags
Hong Kong Cops Nab 4 More People Linked To Crypto Exchange
On Friday, officials in Hong Kong and Macao said that they had arrested four more people with ties to the cryptocurrency exchange JPEX, which is accused of bilking over 2,400 users out of about $200 million. The overall number of detentions has now reached 18 after these arrests, which the authorities have described as involving those “relatively close” to the core of the issue. Police in Hong Kong announced the arrest of two individuals on Friday, one of whom had been using paper shredders and laundry bleach to destroy papers. Inquiry Into JPEX Operations The most recent police investigation resulted in the seizure of cash and gold totaling approximately $9 million Hong Kong dollars ($1.15 million) from three separate apartments. Following increased regulatory monitoring of JPEX, which resulted in the freezing of cash on the exchange platform, the latest arrests have taken place. Recent allegations of unlicensed operation by the Hong Kong Securities and Futures Commission led t...
US representative introduces new bill to combat crypto fraud
U.S. Representative Don Beyer has introduced a new bill, the Off-Chain Digital Commodity Transaction Reporting Act. This bill aims to safeguard investors from manipulation, disputes, and fraud in the crypto market. According to the new proposal, every trading platform must report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC). Rep. Beyer stated: “As consumers increasingly turn to large digital asset trading platforms to conduct their business, thousands of transactions each day are conducted off the publicly verifiable blockchain,”. “Unfortunately, internal record keeping among these private entities can vary wildly, and this can leave investors and consumers vulnerable to fraud and manipulation. This bill is a common-sense measure to restore some transparency and confidence to the digital asset market.” The main objective of this bill is to monitor all off-chain transactions that are not recorded on the publicly viewable blockc...
What is Ethereum ETF, and how could VanEck's launch impact crypto?
The launch of Ethereum futures ETFs heralds cautious optimism in the crypto world. Here is everything you need to know . The U.S. financial markets are buzzing with excitement as, for the first time in the country, an Ethereum (ETH) exchange-traded fund (ETF) stands on the brink of introduction. On September 28, asset management company VanEck dropped a significant announcement, confirming the debut of their VanEck Ethereum Strategy ETF (EFUT). Investors can expect to see EFUT shares listed on the Chicago Board Options Exchange (CBOE), with the listing date still kept under wraps by VanEck. But here’s the twist. While Ethereum futures ETFs like EFUT are seeing the green light, their counterparts that focus on actual cryptocurrencies, known as crypto spot ETFs, are still stuck at the regulatory crossroads. The Ethereum ETF by VanEck is just the tip of the iceberg, leading a convoy of 14 other proposals knocking on the SEC’s door, each hoping to launch their version of this product....
what to expect from SBF trial
In 2022, FTX crypto exchange filed for bankruptcy, sending shockwaves through the crypto community. Legal actions against its former management have persisted. Nearly a year later, founder Sam Bankman-Fried faces an impending trial. The trial of the disgraced businessman will begin on October 3 and will last at least 21 days until November 9 inclusive. At least until sentencing, Bankman-Fried will be held in custody in the Brooklyn prison where he was sent on August 11. Sam is accused of seven counts of fraud. According to investigators, the former head of the trading platform illegally seized the assets of FTX clients. For the scams committed, he faces a penalty of imprisonment for a term of 110 years. I made a lot of big mistakes this year. But this wasn't one of them. There's no evidence, because it didn't happen. Please, please, focus on your own house. https://t.co/tlcQu9zFdf — SBF (@SBF_FTX) December 9, 2022 Who is affected by the FTX collapse? Many companies ...
Are There Secret Amendments In the XRPL And Does It Affect XRP Price? Expert Chimes In
Digital asset expert and XRP enthusiast WrathofKahneman has come out to debunk claims of a new backdoor in the XRP Ledger and its effect on the XRP price. This comes in light of a rumor circulating about “secret amendments” in the XRPL. Ripple, the company behind XRP, recently introduced a “Clawback” amendment to the XRP Ledger, which would allow issuers to maintain control over their issued assets. Background Of The Rumor Rumors are very rampant in the crypto industry, and the XRP Ledger has emerged as the latest victim. Developers recently introduced an XLS-39d Clawback mechanism in the XRP Ledger which would allow issuers to regain funds from a trustline in case of malicious activity. This feature has caused confusion and rumors about whether it applies to the XRP price. A controversial rumor originated from a social media post by Lewis Jackson, another XRP enthusiast, who claimed the recent changes in the XRPL contained a secret clause that makes “The BuyBack” possible. How...
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Here Are The Major Takeaways From The Ripple Victory Party
Although the legal battle between Ripple and the SEC isn’t officially over, the payments technology company has gone ahead to host a party to celebrate its partial win in court. After the court win, Ripple’s founder and CEO Brad Garlinghouse announced on social media a September 29 date for what was called a “Victory Party.” Now that the event has been held, it hasn’t gone without a mark for the XRP community. 🎉 Save the Date 🎉 We’re hosting a community celebration on September 29 in New York City! Stay tuned for more details to come later this week. pic.twitter.com/PlaqPoQcte — Ripple (@Ripple) August 28, 2023 A Sense Of Relief And Validation After years of battling it out against the SEC in court, Ripple finally got some reprieve. While Ripple’s legal troubles aren’t over, the company threw a party. As expected, the party was a lavish one, with many people even queuing to get into the event. Lenny Kravitz, a legendary figure in the world of rock music, gave a performance ...