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Sam Bankman-Fried, the founder of crypto exchange FTX, has been found guilty of all seven criminal counts he faced, incl...
03/11/2023

Sam Bankman-Fried, the founder of crypto exchange FTX, has been found guilty of all seven criminal counts he faced, including fraud and money laundering. The verdict was announced by US attorney Damian Williams on November 2, 2023, following a month-long trial.

The collapse of FTX in November 2022 resulted in billions of dollars in losses for individual investors, marking a dark phase for the crypto market.

Bankman-Fried faces a maximum prison sentence of 115 years, with a sentencing date scheduled for March 2024. The charges against him included mismanagement of investor money, with allegations that he used $8 billion for speculative trading.

Federal prosecutors described him as the "mastermind of a massive fraud," while his lawyers argued that he acted in good faith to reverse the exchange's collapse.

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MicroStrategy, the business intelligence software company, has acquired an additional 6,455 Bitcoins for approximately $...
27/03/2023

MicroStrategy, the business intelligence software company, has acquired an additional 6,455 Bitcoins for approximately $150 million at an average price of $23,238 per bitcoin, according to a recent SEC filing.

The company now holds a total of 138,955 bitcoins, which were purchased for an aggregate price of around $4.14 billion.

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Canada’s self-proclaimed "Crypto King" Aiden Pleterski was kidnapped, tortured, and held for ransom after allegedly flee...
27/03/2023

Canada’s self-proclaimed "Crypto King" Aiden Pleterski was kidnapped, tortured, and held for ransom after allegedly fleecing investors out of millions, court documents filed earlier this month claim.

Pleterski was petitioned into bankruptcy last August, and the 23-year-old is accused of running an investment scheme. Since bankruptcy proceedings began, $25 million Canadian worth of claims have been filed in his case.

In December, the bankruptcy case’s trustee Rob Stelzer was notified by Toronto Police that Pleterski had been kidnapped. Documents filed on March 14 included testimony from Pleterski’s father, Dragan Pleterski.

“He was taken,” Pleterski’s father said. “They basically held him for approximately three days, drove him around different various parts of Southern Ontario, beat him, tortured him, allowed him to make specific phone calls to specific people only.”

One of the people Pleterski contacted while in captivity was his landlord, Sandeep Gupta. Pleterski asked Gupta for $3 million to pay his kidnappers, according to the court documents.

Pleterski’s father testified that his son was eventually released, under the condition that he quickly find money to pay his kidnappers and refrain from contacting law enforcement.

“He was released with the threat that he needed to come up with some money fast, and if he had went to the police, that there would be a lot more trouble,” Pleterski’s father said.

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In a move that aims to make self-custody cryptocurrency purchases more accessible in Nigeria, MetaMask has partnered wit...
22/03/2023

In a move that aims to make self-custody cryptocurrency purchases more accessible in Nigeria, MetaMask has partnered with MoonPay to expand direct on-ramps with local banks. ConsenSys, the parent firm of MetaMask, announced the integration on March 21, allowing users in Nigeria to purchase crypto via instant bank transfers. This new feature is available within the MetaMask mobile and Portfolio DApp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria.

Previously, MoonPay had a card integration feature, but about 90% of attempts to buy crypto with a credit or debit card were declined, according to Santos, a MetaMask spokesperson. With the new integration supporting local bank transfers, crypto purchases on MetaMask are now faster and cheaper, allowing users to access crypto without sending assets from a centralized exchange.

Despite the current issues with crypto on-ramps in Nigeria, the country has emerged as a major market for MetaMask, ranking third in mobile monthly active users. It is also among the top ten countries in terms of visitors to metamask.io over the last month, Santos added. Nigeria is one of the world's top 20 ranked countries in cryptocurrency adoption, according to the Chainalysis 2022 Global Crypto Adoption Index. Some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.

This high level of adoption is despite the Central Bank of Nigeria banning banks from servicing crypto exchanges in February 2021. However, in December 2022, local media reported that the Nigerian government was preparing to pass a law recognizing the usage of Bitcoin (BTC) and other cryptocurrencies to keep up to date with "global practices." This move, coupled with the new integration between MetaMask and MoonPay, may signal a growing acceptance of cryptocurrencies in Nigeria.
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Bitcoin breached $26K on Tuesday, tracking broader gains in stock markets, as latest data indicated that inflation is co...
14/03/2023

Bitcoin breached $26K on Tuesday, tracking broader gains in stock markets, as latest data indicated that inflation is cooling, cementing expectations of a 25-basis point hike by the Federal Reserve.

Sentiment also improved as fears of spillover effects from recent failures in U.S. banks to the cryptocurrency market receded.

The top cryptocurrency rose to as high as ~$26.35K, its highest level in nine months. Bitcoin gained 7.3% to $25.82K as of 1.33 pm ET, while ether climbed 5.4% to $1.76K.

"Bitcoin's strength is driven by expectations that companies active in the crypto space will not be negatively impacted by the current financial crisis," said David Keller, chief market strategist, StockCharts. "It's worth noting that the resolution of this crisis is still an open question."

Keller added that latest inflation numbers "all but guarantee" that the Fed will stick to a 25-basis point hike in its policy meeting next week.
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At the time of writing, USDC had lost over 10% of its value as it traded at $0.9105, and a Circle executive envisions br...
11/03/2023

At the time of writing, USDC had lost over 10% of its value as it traded at $0.9105, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan.

Almost immediately after USD Coin issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 peg.

On March 9, Circle initiated a wire transfer to remove its funds from SVB as the Federal Deposit Insurance Corporation-insured bank was about to shut operations. However, two days later, on March 11, Circle confirmed that the wire transfers were not wholly processed, with $3.3 billion of USDC reserves still with SVB.

At the time of writing, USDC had lost over 10% of its value as it traded at $0.9105. According to Dante Disparte, the chief strategy officer and head of global policy for Circle, SVB is critical to the United States economy and warned that “its failure — without a federal rescue plan — will have broader implications for business, banking and entrepreneurs.

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Nigeria is one of the countries where cryptocurrency adoption is on the rise. In recent years, the country has seen a su...
11/03/2023

Nigeria is one of the countries where cryptocurrency adoption is on the rise. In recent years, the country has seen a surge in crypto trading and the use of cryptocurrencies for cross-border payments, remittances, and e-commerce. However, the lack of clear regulations and guidelines for the use of cryptocurrencies has been a hindrance to the growth of the sector.
To address this issue, Bola Tinubu, the Nigerian President-elect, has released a manifesto that includes proposals for the use of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto proposes a review of the existing Nigerian Security Exchange Commission regulations on digital assets to make them more business-friendly.

The proposed reforms would require digital asset companies to register with the SEC and comply with SEC regulations. The manifesto also proposes the establishment of an advisory committee to review the SEC regulations on digital assets to create a more efficient and business-friendly regulatory framework. The proposed regulations would enable the use of cryptocurrencies and other digital tokens in Nigeria's banking and finance sector, as well as in identity management, revenue collection, and other areas.

The government hopes that the proposed reforms to the SEC regulations will help attract more investors in the digital and economic sectors and stimulate economic growth. The manifesto also aligns with the Central Bank of Nigeria's eNaira, the country's central bank digital currency. The government plans to expand the adoption of the eNaira, which has not lived up to expectations since its launch.

The Nigerian government's interest in cryptocurrencies is also reflected in the Central Bank of Nigeria's milder position towards stablecoins. The bank recently published a research report titled "Nigeria's Payment System Vision 2025," which explores the creation of a new framework to introduce a stablecoin in Nigeria.

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The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency mining companies that is 30%...
10/03/2023

The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency mining companies that is 30% of the cost of the power they use, as well as eliminating tax-deductible losses associated with crypto token wash-trading, according to a U.S. Department of the Treasury’s document published on 9 March.

According to the Treasury Department, any company that uses computing resources, whether owned or borrowed, to mine digital assets will be subject to the 30% tax, which is expected to be implemented over three years in 10% annual stages, beginning 31 December this year.

The increase in energy consumption caused by the growth of digital asset mining has negative environmental consequences and may have implications for environmental justice, as well as raising energy prices for those that share an electricity grid.

According to the White House, the estimated worldwide power usage for crypto assets is 120-240 billion kilowatt-hours per year— a fact that exceeds the annual electricity usage of Australia.

Furthermore, President Joe Biden’s Fiscal Year 2024 budget included a proposal to implement wash sale rules for crypto assets in order to close tax loopholes.

The United States expects to impose the restrictions on cryptocurrency beginning 31 December 2023, with the country potentially earning around $24 billion from closing the lacunae, according to the White House.

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Leading NFT creator Yuga Labs faced heavy criticism from the crypto community, including the creator of Bitcoin Ordinals...
07/03/2023

Leading NFT creator Yuga Labs faced heavy criticism from the crypto community, including the creator of Bitcoin Ordinals, over its plan to auction a new Bitcoin NFT collection called “TwelveFold”.

The collection consists of 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol. The top 288 bidders receive 288 images from the collection.

To participate in the bidding process, bidders need to send their entire bid amount in Bitcoin to a unique BTC address controlled by Yuga. Winners would pay the BTC they bid, while Yuga would manually return the BTC to unsuccessful bidders.

This plan drew criticism from some in the crypto community. They argued that manually conducting refunds for unsuccessful bids was outdated and inefficient.

The creator of the Ordinals protocol, whose Twitter handle is , called the auction model a “scammer’s dream” and raised concerns about its potential misuse by bad actors. Casey Rodarmor also criticized the auction and didn’t mix his words, calling the conduct of the auction “degenerate bullsh*t.”

Despite the criticisms, many were excited to see a major player like Yuga Labs enter the Bitcoin space. In fact, some praised the company for attempting to bridge the gap between Ethereum and Bitcoin.

At the time of writing, the top bid for the TwelveFold collection was 7.1 BTC (around $160,000), with the lowest bid showing as 2.2 BTC (around $50,000).

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Sen. Elizabeth Warren, D-Mass., said she plans to reintroduce legislation with Sen. Roger Marshall, R-Kan., that would e...
15/02/2023

Sen. Elizabeth Warren, D-Mass., said she plans to reintroduce legislation with Sen. Roger Marshall, R-Kan., that would extend anti-money laundering laws to a broad array of the cryptocurrency ecosystem. That would include digital asset wallet providers, miners, validators and other blockchain network participants.

“Sen. Roger Marshall and I are reintroducing our anti-money laundering bill to clamp down on crypto crime and give regulators the tools they need to stop the flow of crypto to drug traffickers and places like North Korea,” Warren said during a Senate Banking Committee hearing on crypto guardrails on Tuesday. During the hearing Warren used her time to claim that anti-money laundering rules do not adequately apply to crypto companies.

The original version of the bill she and Marshall introduced last December also would have prohibited banks and other financial institutions from transactions with digital asset mixers, which are meant to mask transactions made on public blockchains.

If introduced in the same form as last December, the bill would also extend anti-money laundering reporting requirements to include U.S. persons who transact in $10,000 or more in digital assets using an offshore account and require the Treasury Department to do anti-money laundering compliance examinations for money service businesses, the registration that large U.S. crypto companies fall under.

“Just last year year, just in one year, crypto was the payment method of choice for international drug traffickers who raked in over a billion dollars through crypto, North Korean hackers who stole $1.7 billion in funding that outfitted their nuclear program, and ransomware attackers who took in almost $500 million,” Warren said at Tuesday's hearing, as the basis of her rationale for more stringent anti-money laundering rules around digital assets.

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The Central Bank of the United Arab Emirates (CBUAE) plans to launch a central bank digital currency (CBDC), among other...
13/02/2023

The Central Bank of the United Arab Emirates (CBUAE) plans to launch a central bank digital currency (CBDC), among other initiatives, as part of efforts to become a financial and digital payment hub.

The plans are part of the country’s new financial infrastructure transformation (FIT) program launched on Sunday, which aims to support the local financial services sector through a series of initiatives.

Stage one of the program includes the issuance of a CBDC for cross-border and domestic use, which the CBUAE said would “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively.”

The government is also planning to begin the plans by launching a unified card payment platform to facilitate e-commerce growth and an instant payments platform to grow into a cashless society.

Initiatives following the first stage in FIT include a digital assets innovation hub and an e-Know Your Customer platform to help crack down on illicit activity within the space.

The FIT program announcement followed Dubai’s virtual asset regulatory authority releasing new guides on virtual asset activities for projects operating within the emirates last week, which included a ban on issuing “anonymity-enhanced cryptocurrencies,” also known as “privacy coins.”

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Hong Kong is giving away 500,000 airline tickets in an effort to woo tourists back to the region. The city has rolled ba...
09/02/2023

Hong Kong is giving away 500,000 airline tickets in an effort to woo tourists back to the region.

The city has rolled back COVID travel restrictions in recent months including mandatory isolation on arrival. It has just announced travel to mainland China will be seamless from next week.

On Wednesday (1 February), Hong Kong's Chief Executive John Lee launched the $2 billion (€1.8 bn) 'Hello Hong Kong' campaign, with the flight ticket giveaway starting on 1 March.

The giveaway will start on March 1 and last for about six months, with tickets distributed in phases.

The free tickets will be distributed by Hong Kong-based airlines Cathay Pacific, HK Express and Hong Kong Airlines, according to Fred Lam Tin-fuk, chief executive officer of t Airport Authority Hong Kong.

Tickets will be distributed gradually on the airlines' overseas platforms starting with Southeast Asian countries, followed by mainland China and Northeastern Asia, according to Time Out Hong Kong.

A further 80,000 free air tickets will be given to Hong Kong residents in the summer, with another 80,000 for those living in the Greater Bay Area.

Visitors can also enjoy special offers and vouchers among other incentives in the city.

One million vouchers worth over HKD100 (€11.60) each will provide discounts on food, drinks, transport, hotels, retail and attractions. They will be distributed at tourist inquiry counters located at four border checkpoints from 5pm on 2 February, according to Time Out Hong Kong.

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Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger's criticism of Bitcoin, cla...
04/02/2023

Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger's criticism of Bitcoin, claiming that he hasn’t taken the time to understand Bitcoin.

In a Friday interview with CNBC, Saylor said he is "sympathetic" to Munger's criticism of the broader crypto market, noting that thousands of altcoins are little more than avenues for "gambling." However, he argued that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he studied it.

“If he was a business leader in South America or Africa or Asia and he spent a 100 hours studying the problem, he’d be more bullish on bitcoin than I am,” Saylor explained, adding:

“The Western elites have not had the time to study … but I’ve never really met someone with an incentive living in the rest of the world that spent some time thinking about it that wasn't enthusiastic about bitcoin.”

The statements came after Munger's op-ed for the Wall Street Journal that asked for a blanket ban on cryptocurrencies. Titled "Why America Should Ban Crypto," the article argued that a cryptocurrency is "a gambling contract" and urged regulators to act and introduce a regulatory framework.

"A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity," Munger said in the op-ed.

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Netflix has claimed it mistakenly launched a set of guidelines for cracking down on password sharing to global users.The...
04/02/2023

Netflix has claimed it mistakenly launched a set of guidelines for cracking down on password sharing to global users.

The streaming service said the guidelines being trialled in Chile, Peru and Costa Rica had been posted accidentally across its help centre pages including in the US on Wednesday, but had since been taken down.

“For a brief time yesterday, a help center article containing information that is only applicable to Chile, Costa Rica, and Peru went live in other countries. We have since updated it.”

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YouTuber Logan Paul and CryptoZoo have been named as defendants in a newly filed class-action lawsuit, which alleges the...
03/02/2023

YouTuber Logan Paul and CryptoZoo have been named as defendants in a newly filed class-action lawsuit, which alleges they stole millions of dollars worth of purchaser's cryptocurrency via a "fraudulent venture."

In a court filing on Feb. 2 in the District Court of the Western District of Texas, plaintiff Don Holland alleged that Paul and executives at CryptoZoo “executed a ‘rug pull’” by promising purchasers of the nonfungible tokens (NFTs) exclusive access to crypto assets among other benefits but ultimately abandoned the project and kept the funds.

"As part of Defendants’ NFT scheme, Defendants marketed CZ NFTs to purchasers by falsely claiming that, in exchange for transferring cryptocurrency to purchase the CZ NFT, purchasers would later receive benefits, including, among other things, rewards, exclusive access to other cryptocurrency assets, and the support of an online ecosystem to use and market CZ NFTs," it wrote.

"In reality, soon after completing the sale of all their CZ NFTs, Defendants, together with others [...] transferred millions of dollars’ worth of purchasers’ cryptocurrency to, among other places, wallets controlled by Defendants," it alleged.

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The “Because of You” crooner “Ne-Yo” will pay his now-ex-wife a $1.6 million lump sum to balance out their real estate h...
02/02/2023

The “Because of You” crooner “Ne-Yo” will pay his now-ex-wife a $1.6 million lump sum to balance out their real estate holdings and $20,000 for moving expenses, according to TMZ, which obtained the settlement details.

Renay will also keep one of their four homes in Georgia.

Additionally, Ne-Yo agreed to cut a $150,000 check to Renay so she can buy a new car, as he is keeping their 2022 Bentley Bentayga, the outlet reported.

The “So Sick” singer, 43, will also pay Renay, 36, $12,000 a month in child support for the three children they share, and he will foot any education-related expenses, too. They agreed to joint custody of the kids.

Finally, Ne-Yo will give Renay $5,000 per month in alimony for the next three years.

Renay filed for divorce from Ne-Yo in August 2022 after she publicly accused him of cheating on her.

Within the divorce filing, however, Renay alleged that Ne-Yo, whose real name is Shaffer Chimere Smith, had fathered a child with another woman, whom she described as his “paramour.”
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South African grocery retailer Pick n Pay is now accepting Bitcoin in all of its 1,628 stores following a three-month pi...
02/02/2023

South African grocery retailer Pick n Pay is now accepting Bitcoin in all of its 1,628 stores following a three-month pilot testing phase in 39 locations.

As part of its nationwide rollout, store customers will be able to pay for items using cryptocurrency via smartphone apps or by scanning a QR code and accepting the South African rand’s conversion rate at the time of payment.

To pay with BTC, customers will need a Bitcoin Lightning Wallet and the CryptoQR scanner app from CryptoConvert, which is linked to the Bitcoin Lightning Wallet. The payment process requires users to scan an item’s QR code through the CryptoQR app and then proceed to the Lightning Wallet to confirm the rate and complete the transaction.

The move came after the country’s financial regulator, the Financial Sector Conduct Authority (FSCA), amended its financial advisory legislation in October to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa and allowing financial service providers to offer crypto-assets both domestically and internationally.

Among the African nations, South Africa appears to be making considerable progress in adopting cryptocurrency. South Africa ranks 30th globally in terms of cryptocurrency adoption according to Chainalysis’ 2022 Global Crypto Adoption Index. It has been estimated that about 10% to 13% of the South African population holds crypto assets.

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Meta formerly “Facebook” lost a whopping $4.28 billion in metaverse-focused Reality Labs in 2022’s final fiscal quarter,...
02/02/2023

Meta formerly “Facebook” lost a whopping $4.28 billion in metaverse-focused Reality Labs in 2022’s final fiscal quarter, Meta announced, marking a new low for the struggling department that has been repeatedly positioned as the company’s future. Wednesday’s announcement brought the metaverse division’s total 2022 losses to a staggering $13.72 billion.

The division pulled in only $727 million in revenue in the final months of 2022, down 17% from revenue posted in the same period last year.

Reality Labs designs hardware and software for virtual and augmented reality experiences, including the Quest virtual reality headset and the Horizon Worlds metaverse project.

Despite such abysmal figures, Meta’s leadership was in relatively high spirits on its quarterly earnings call Wednesday, as the company beat overall forecasts for revenue, daily active users, monthly active users, and average revenue per user.

Perhaps most notably, the company pulled in $32.1 billion in revenue across all departments and apps, beating revenue forecasts of $31.53 billion.

Zuckerberg repeatedly made clear on Wednesday that Reality Labs was not on any chopping block, but instead worthy of continued—and potentially increasing—investment.

“Our priorities haven’t changed,” Zuckerberg said. “The two major technological waves driving our roadmap are AI today, and, over the longer term, the metaverse.”

The tech mogul expressed particular optimism about the company’s next-generation VR headset, the Quest 3, which is set to debut later this year.

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