Bitcoin News and Finance: What You Need to Know

Last week, lawyers representing Terraform Labs and its ex-CEO Do Hyeong Kwon (Do Kwon) moved to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In response, the SEC has countered with a motion of its own, asserting the accountability of both the company and Kwon. The commission maintains that the evidence amassed by the prosecution is “clear, undisputed and overwhelming.” SEC Files Motion for Summary Judgment Against Terraform Labs and Do Kwon On November 2, 2023, the U.S. Securities and Exchange Commission (SEC) advanced its case in the ongoing Terra litigation by filing a motion for summary judgment. The regulatory body claims to hold “undisputed” proof of the purported infractions committed by former Terraform Labs CEO Do Kwon and the company itself. The SEC’s filing alleges that “Terraform and Kwon orchestrated a fraudulent scheme that ultimately led to $45 billion in market loss, including devastating losses for U.S. investors.” ...

Tesla and Spacex CEO Elon Musk has confirmed that none of his companies will ever launch a crypto token. His clarification came after his artificial intelligence company’s name was used in a cryptocurrency, and several articles associated his social media platform X with crypto tokens. Elon Musk’s Companies Will Not Launch a Crypto Token Tesla and Spacex CEO Elon Musk confirmed on his social media platform X on Friday that his companies will never create a crypto token. His clarification followed a post on X by user Dogedesigner warning his followers about a crypto token using the name XAI, which could be mistaken for Musk’s artificial intelligence company. Dogedesigner wrote: “Elon Musk & xAI is not associated with any such crypto token. Please be careful.” In response, Musk clarified that none of his companies will ever create a crypto token. This was not the first time the Tesla billionaire has distanced himself and his companies from crypto token issuance. In August, Doge...

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says he is concerned when the price of bitcoin rises. The 99-year-old compared the cryptocurrency to a “stink ball” among traditional currencies. “When you start creating an artificial currency, you’re throwing your stink ball into a recipe that’s been around for a long time, that’s worked very well for a lot of people,” the executive said. Charlie Munger Sees Bitcoin as a Stink Ball Berkshire Hathaway Vice Chairman Charlie Munger took a swipe at bitcoin again in an interview with the Wall Street Journal on Friday. One of the questions posed to the 99-year-old was whether he is worried about the recent surge in the price of bitcoin. “Of course it concerns me,” he replied. “I have a lot of very simple fundamental ideas that I think every educated person ought to have. Those ideas include what Adam Smith taught everybody … In order to get the Smithian results, you need a currency to facilitat...

On September 1, 2023, hackers made off with 2,675.73 monero ( XMR ), worth over $3 million at the time, from the Monero CCS donation wallet in nine separate transactions. Now, blockchain analysis firm Moonstone Research has traced forward through three of those transactions in a postmortem released this week. Monero Privacy Challenged in Monero CCS Wallet Trace Just 65 days ago, a monero (XMR) wallet earmarked for compensating contributors suffered from a hack . In a puzzling twist of events, the Monero team still grapples with the mysterious origins of this breach. A comprehensive investigation revealed that only two individuals held knowledge of the CCS wallet seed. The wallet had also been operational since April 2020, functioning without issues until September 1, when an attacker executed a sequence of nine transactions, ultimately draining the entire balance of the CCS wallet. The enduring mystery revolves around how the assailant successfully accomplished this audacious feat...