Bitcoin News and Finance: What You Need to Know

Hindenburg Research, a financial research firm, has issued a report claiming that Jack Dorsey’s Block, formerly known as Square, has facilitated fraud for criminals, allowing them to conduct criminal activities using the platform. The report alleges that the company failed to exert know-your-customer (KYC) procedures, leading to inflated user metrics. Jack Dorsey’s Block Accused of Facilitating Fraudulent Activities Hindenburg Research, a financial research firm, has issued a report alleging that Block, the company formerly known as Square which pivoted to blockchain and mining, was involved in the facilitation of fraud schemes, and also inflated its user metrics by not enacting mandatory KYC procedures. The report, published on March 23, discusses that the company allowed each user to have dozens or even hundreds of Cash App accounts, with criminals taking advantage of the mission of the company, directed to serve the underbanked and the underserved. According to Hindenburg, fo...

Economist Peter Schiff has warned that inflation is poised to worsen significantly and Americans’ cost of living “is going to go way up.” Citing that the Federal Reserve is financing a “massive bailout” for banks, he stressed: “This is going to cost Americans a lot of money.” Peter Schiff’s U.S. Inflation Warning Economist and gold bug Peter Schiff explained why inflation is about to get much worse in the U.S. and Americans’ cost of living is about to increase significantly in several interviews this week. Commenting on recent bank failures , he said in an interview with Fox Business: It’s because of the government that Silicon Valley Bank was in the position that it was. The reason it owned so many long-term, low-yielding U.S. Treasuries and mortgage-backed securities was because the Fed kept interest rates at zero for so long. The economist added that banking regulators “pushed banks” into those risky investments “because they give them favorable accounting treatment.” He ela...

A finance professor emeritus at the Wharton School of the University of Pennsylvania, Jeremy Siegel, expects the price of bitcoin to fall when people feel they are “safe in the banks again.” Following the collapse of several major banks, he noted that “Bitcoin is enjoying its biggest rally in a long time.” Professor Siegel Wants Government to Temporarily Insure ‘All Deposits Everywhere’ In his weekly commentary published by New York-based asset manager Wisdomtree on Monday, Professor Jeremy Siegel shared his views on the U.S. economy, bank failures, and bitcoin’s price outlook. Siegel is a professor emeritus of finance at the Wharton School of the University of Pennsylvania who currently serves as a senior investment strategy advisor to Wisdomtree. Following the collapse of several major banks, including Silicon Valley Bank and Signature Bank, many people have urged the government to guarantee all deposits temporarily to restore confidence in the banking system and avoid runs on s...

Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC). Sushi DAO Presents Proposal to Establish Legal Defense Fund Sushi DAO, a Web3 exchange and staking platform, is seeking support to establish a legal defense fund in order to effectively take on legal cases that are already coming its way. The proposal , which is currently being approved with the support of 75% of the vote at the time of writing, would allow the organization to make use of $3 million USDT to help its maintainers to defend from demands and legal cases. If approved, the fund would come from Kanpai, which is part of the treasury of th...

The German government has allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). Flying Sheep Studios Raises $1.2 Million From the German Government Flying Sheep Studios, a Cologne-based metaverse startup, has recently announced that it raised $1.2 million from the German government. The funds raised will be used to develop an online metaverse game called Star Life, a multimedia online role-playing experience. The funding, which came from the German Federal Ministry for Economic Affairs and Climate Action, is part of the allocation that the federal government uses to support interactive experiences. This raise has allowed the company to hire an additional workforce to accelerate the completion of the game. Thomas Rössig, managing director of Flying Sheep Stu...

Metamask users in Nigeria can now directly and instantly buy crypto assets within the mobile app, Consensys and its Web3 infrastructure partner Moonpay have said. According to a Consensys executive, rolling out this feature helps to reduce friction while bringing down barriers that block or stop Nigerians from embracing Web3. Purchasing Crypto via Instant Bank Transfers Consensys, one of the leading Web3 firms, has said users of the Metamask wallet in Nigeria can now directly purchase crypto assets within the mobile app. To help it make this possible, Consensys partnered with the Web3 infrastructure company Moonpay. The addition of this feature allows users from the country to purchase crypto assets without having to set up accounts with centralized crypto exchanges. In a March 21 joint statement , Consensys said the decision to enable direct purchases had been prompted by the very high number of declined or blocked transactions when the method of payment is a credit or debit card....