Bitcoin News and Finance: What You Need to Know

Venezuelan authorities found weapons of war, a discotheque, pools, a zoo, and even a makeshift Bitcoin mining farm in a raid completed on a national jail. The raid, executed in the Tocoron National Penitentiary Center, located in the Aragua state, mobilized 11,000 military officers to take control of the center. Bitcoin Miners, Grenades, and Weapons Found in Venezuelan Jail Raid Venezuelan authorities found Bitcoin miners among a series of irregular items during a raid executed on a national jail on September 21. 11,000 military and police officers participated in this action to liberate the Tocoron National Penitentiary in the Aragua state from the control of Aragua’s Train, the gang that managed the complex. In a video detailing the aftermath of the raid, where an officer died in the line of duty, an undisclosed number of Bitcoin miners can be seen in a room that served as a mining farm. During the raid, the authorities found weapons of war, including rocket launchers, grenades,

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update. Minting Freeze for USTC Approved USTC , which sits at the 200th spot among 10,000+ crypto assets in the crypto economy, has seen its value jump by 4% in just the last day. As of 1:00 p.m. Eastern Time on September 24, 2023, a single USTC is fetching $0.0127. Flashback to before the Terra ecosystem’s downturn in May 2022: this stablecoin held firm at a solid $1 per unit, maintaining its peg to the USD for a long duration. On May 9, 2022 , USTC drifted away from its peg to the U.S. dollar and the peg never returned. While the Terra blockchain ecosystem shuddered, a community of users and developers continued to persevere. The Terra blockchain is known for facilitating trades between the once-stable coin an

Exchange-traded funds, or ETFs, that track the price of bitcoin have become a popular means for mainstream investors to gain exposure to the cryptocurrency market without directly owning bitcoin. Though the U.S. Securities and Exchange Commission has not approved a spot bitcoin ETF in the U.S., futures-based and international bitcoin ETFs are offering investors new participation methods. The Basics: Defining a Bitcoin ETF An ETF is an investment fund traded on stock exchanges, similar to stocks. A bitcoin ETF doesn’t directly trade bitcoin; rather, it tracks bitcoin futures contracts or holds private keys associated with the cryptocurrency. This setup grants regular investors and institutions access to bitcoin exposure without dealing with cryptocurrency exchanges or wallets. There are two main types of bitcoin ETFs: futures-based and spot bitcoin ETFs. Futures-based bitcoin ETFs, such as the Proshares “Bitcoin Strategy ETF ,” which debuted in 2021, don’t directly invest in bitcoi

Aleksey Bilyuchenko, co-founder of Wex, the successor of the infamous Russian crypto exchange BTC-e, will spend only a couple of years in prison. The Russian, who is charged in the U.S. with money laundering, has been sentenced in his homeland as the only defendant in a case over the collapse of Wex which brought heavy losses to its customers. Wex Co-founder Admits Guilt for Exchange’s Crash, Asks Putin to Be Sent to Ukraine One of the founders of the crypto exchange Wex, which succeeded once the largest coin trading platform in Russia, BTC-e, received three and a half years of prison time and 500,000-ruble ($5,000) fine for his role in its operation, Russian crypto news outlet Bits.media reported, quoting a Telegram post by journalist and blogger Irek Murtazin. The mild sentence comes after Aleksey Bilyuchenko, who has been accused in Russia of embezzling several billion rubles in customer funds, sought leniency from Russian President Vladimir Putin while the state prosecutor aske

Leading U.S. crypto exchange Coinbase pursued the acquisition of failed coin trading competitor FTX’s European subsidiary, a media report revealed. The move has been seen as proof of the growing importance of derivatives for the American platform’s plan to expand business globally. Coinbase Held Talks to Acquire FTX Europe After Bankruptcy and in September Coinbase has looked into the potential acquisition of FTX’s entity in Europe, according to documents seen by Fortune. The U.S.-based digital assets exchange explored the option to buy the Cyprus-licensed platform both right after FTX filed for bankruptcy protection in the United States last November and as recently as early September. “Coinbase’s interest in FTX Europe demonstrates the growing importance of derivatives to its global business plan as spot trading volumes have tumbled during the bear market,” the magazine commented while noting the talks never reached a late stage and quoting a person familiar with the matter who s

Rich Dad Poor Dad author Robert Kiyosaki has advised investors to buy bitcoin today before stock, bond, and real estate markets crash and people rush to buy BTC alongside gold and silver. The famous author has predicted that bitcoin’s price will reach $500,000 by 2025, with gold soaring to $5,000, and silver reaching $500. However, he anticipates BTC reaching $1 million in the event of a global economic collapse. Robert Kiyosaki Recommends Buying Bitcoin Today The famous author of Rich Dad Poor Dad, Robert Kiyosaki, has urged all investors to buy gold, silver, and bitcoin today before the stock, bond, and real estate markets crash and people rush to buy those three assets. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki shared on social media platform X on Tuesday th

Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.” Scaramucci Remains Bullish on Bitcoin Skybridge Capital founder Anthony Scaramucci explained why he remains optimistic about the future of bitcoin during a fireside chat, titled “Why I’m still bullish,” at the Messari Mainnet conference in New York on Thursday. Nothing that he believes the worst of the bitcoin bear market is over, he advised: If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter … The next 10 to 20 years are remarkably bullish. He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the i

In the lawsuit pitched by the U.S. Securities and Exchange Commission (SEC) against Tron’s brainchild, Justin Sun, and his enterprise Rainberry, a judicial nod has been granted for an extended timeline for the defense. Sun now has until December 8, 2023, giving his attorneys a broader window to “explore possible resolution of the SEC’s claims against defendants before motion practice.” Sun’s Legal Horizon Extended: Judge Gives Breathing Room in SEC’s Tron-Related Suit In March 2023, a legal storm brewed for Justin Sun, the Tron Foundation, the Bittorrent Foundation, and the entity known as Rainberry. They found themselves on the receiving end of a lawsuit from the U.S. securities watchdog. The core allegation? The quartet of entities allegedly dangled TRX and BTT before investors as unregistered securities, crossing the line of U.S. securities regulations. Further, the SEC cast Sun in a shadowy light, accusing him of masterminding a vast plot to manipulate TRX ’s market value. As

Hungarian authorities have seized cryptocurrency worth over $1 million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority. Crypto Seized in Tax Fraud Case The National Tax and Customs Administration of Hungary (NAV) announced Wednesday that it has seized cryptocurrency from a criminal organization that evaded paying three billion Hungarian forints ($8.2 million) in value-added tax (VAT). NAV commandos, the Merkur Deployment Unit, and the investigators of the Western Transdanubian Criminal Directorate simultaneously raided 28 locations, arrested the suspects, and seized their illegally acquired assets and cryptocurrency worth nearly 420 million forints ($1.15 million). Without providing specific details, the NAV stated that the seized cryptocurrencies were trans

Coinshares, a European digital asset manager, is moving into the U.S. with a new hedge fund division aimed at institutional investors. The firm, based in Saint Helier, Jersey, intends to offer comprehensive services for institutions exploring crypto assets. Coinshares Expands to U.S. With New Hedge Fund Division The company revealed its new branch, Coinshares Hedge Fund Solutions, signifying its foundational emphasis as a crypto-centric hedge fund manager. Lewis Fellas, an asset manager with more than two decades of experience, including seven years in the digital assets sector, will lead this division. The press release highlights the merger of Coinshares ‘ ten years in crypto with the expertise the team has developed from proprietary trading since 2016. The firm holds that this experience equips it to produce competitive products comparable to those of mainstream financial entities. “In a changing macro environment prominently marked by interest rates and inflation, the demand

Venture capitalist Katie Haun is optimistic about the future of crypto. “It’s a really good time to be investing in this space during this down market,” she said. “I have actually never felt that in prior cycles, crypto was more inevitable than in this cycle, and this is the fourth cycle I’ve been in crypto,” she further shared. Katie Haun on Crypto’s Future and SEC Regulations Venture capitalist Katie Haun, founder and CEO of Haun Ventures, a $1.5 billion Web3-focused venture capital fund, shared her optimism about the future of crypto at Techcrunch Disrupt on Thursday. Haun was previously a general partner at Andreessen Horowitz, a Silicon Valley-based venture capital firm. She also served on the Coinbase board. Before becoming a venture capitalist, she spent a decade as a federal prosecutor with the U.S. Department of Justice. Commenting on her venture capital funds’ crypto investment strategy, she described: “I think there’s a perception out there that crypto is crickets chir

Crypto exchange Binance and its CEO Changpeng Zhao (CZ) have filed a motion to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission (SEC). “It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws,” they argued, alleging: “In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.” Binance and CZ Seek to Dismiss SEC Lawsuit Cryptocurrency exchange and its CEO Changpeng Zhao (CZ) filed a joint motion on Thursday to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission (SEC). According to the court filing , the lawyers for Binance and Zhao wrote: “The SEC’s claims against BHL [Binance Holdings Ltd.] and Mr. Zhao should be dismissed with prejudice.” They added: It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws. “In attempting to claim regulatory power over the crypto industry, the SEC distorts

The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, the first anti-central bank digital currency legislative effort introduced in the United States . Congressman Tom Emmer detailed that the bill halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.” CBDC Anti-Surveillance State Act Advances U.S. Congressman Tom Emmer (R-MN) announced Wednesday that the House Financial Services Committee has passed the CBDC Anti-Surveillance State Act , which he and 50 other lawmakers reintroduced in Congress last week. “It’s the first anti-central bank digital currency [CBDC] legislative effort introduced in the United States,” Emmer emphasized, noting that he has been working on the bill for over three years. “Today, this bill has the support of 60 members of Congress and groups ranging from the Independent Community Bankers Association and American Bankers Association to Cl

The U.K. Online Safety Bill, a piece of legislation that seeks to make the country “the safest place in the world to be online,” has been signed by both houses of parliament and will become law soon. Several civil liberties organizations and activists have criticized it due to its possible effects on online privacy and encryption. U.K. Online Safety Bill Ready to Become Law The U.K. Online Safety Bill, a piece of legislation that seeks to improve the safety levels of children and adults online, has been passed by both houses of the parliament and is ready to become law. In a press release, the U.K. government stated that the law will make the country “the safest place in the world to be online,” establishing new rules that messaging and social media platforms now have to comply with. The bill, which takes a “zero-tolerance approach to protecting children and makes sure social media platforms are held responsible for the content they host” by establishing penalties of up to £18 mil

Game rooms, unlimited food buffets, massage chairs and all those gimmicks were so 2010’s. Sure, it has been fun for a while, but soon enough, we started seeing more and more reports and news articles about how these incentives don’t accomplish their goal. No matter how many fancy perks there are, unless there’s a strong mission and an enticing model of work in an organization, flashy offices lose their appeal really fast . Binance has never put much stock in superior office comfort as a means of attracting and retaining top talent. Don’t get them wrong – their offices offer some of these perks as well, but they’re never the main reason employees want to stay with the organization. That’s why Binance’s mission, and enabling employee growth, are the biggest motivators for their workforce. Binance takes a different approach when it comes to their working model – they always talk about how they need the right people with the right cultural fit and how most people might not fit in .

Eclipse, an organization that allows for the construction of customizable rollups, has announced the architecture of its Eclipse mainnet, a Solana-powered Ethereum layer two (L2) scaling rollup. The rollup will benefit from using the Solana Virtual Machine as an execution layer, leveraging this blockchain’s various security and performance benefits. Eclipse Announces Ethereum L2 Using Solana Virtual Machine Eclipse, an organization focused on building scaling solutions for Ethereum, announced its Eclipse mainnet L2 (layer two) solution using Solana-based tech. The project, which is being promoted as the “fastest” Ethereum rollup by the company, will use the Solana Virtual Machine ( SVM ) to take advantage of the improvements this has over the traditionally used Ethereum Virtual Machine (EVM) One of these advantages is the parallelized processing of the SVM, which allows performance to scale more efficiently. Also, the possibility of local fee markets, meaning that one non-fungibl

Coinbase revealed a campaign to move more than 52 million U.S.-based cryptocurrency holders to call for clear and precise regulation. The push, part of a countrywide initiative, will be supported by a paid media campaign across multiple platforms but directed to nine states where most crypto owners are concentrated. Coinbase Calls Crypto Holders to Action Coinbase, the largest U.S.-based cryptocurrency exchange, has unleashed a campaign that seeks to leverage 52 million crypto holders in the country to ask for clear regulation in the cryptocurrency industry. According to the exchange, clear laws in the field will benefit crypto and non-crypto holders alike, who collectively believe the current financial system needs a change. The first phase of this campaign aims to organize the community to move out of X (formerly known as Twitter) and to take this battle to phone calls, mobilizing crypto users to “take one minute of their day to call their member of Congress and ask them to pass

Presidential hopeful Vivek Ramaswamy is working on a crypto policy framework that he aims to finalize by Thanksgiving. The Republican criticized the regulation-by-enforcement approach of U.S. government agencies like the securities regulator under the administration of President Joe Biden and vowed to cut three-fourths of their personnel. Presidential Candidate Vivek Ramaswamy Preparing His Crypto Platform Vivek Ramaswamy, one of the contenders for the Republican Party’s nomination for the 2024 U.S. presidential election, is drafting a crypto policy framework. The Bitcoin-friendly candidate wants to present his platform by Thanksgiving. On Thursday, Ramaswamy unveiled his plan at the Messari Mainnet conference, catching the attention of U.S. media and exciting members of the crypto community. The right-wing politician said the blueprint is 75% ready, asking the audience for input. @VivekGRamaswamy in the house at Mainnet talking crypto, regulation, and running for president pic.

According to a new update from the Mt Gox trustee, Nobuaki Kobayashi, the repayment deadline for creditors has been pushed to next year. Kobayashi said discussions with banks, fund transfer service providers and designated cryptocurrency exchanges have caused delays, making it impossible to meet the original repayment deadline. Mt Gox Trustee Delays Payments Nobuaki Kobayashi, the Mt Gox trustee in charge of the funds owed to the exchange’s creditors, updated the public on September 21, 2023. According to the trustee, because of lengthy discussions with specific payment providers, Kobayashi could not make the October 31, 2023 deadline. Because of this reason, the repayments will start next year. “Therefore, with the permission of the Tokyo District Court, the rehabilitation trustee has changed the deadline of the base repayment, the early lump-sum repayment, and the intermediate repayment from October 31, 2023 (Japan Time) to October 31, 2024 (Japan Time), respectively,” the lett

An ex-employee of Alameda Research has revealed that a trading blunder from the firm precipitated an astonishing 87% plunge in bitcoin’s ( BTC ) price on the Binance US exchange. This mishap, the insider disclosed, resulted in losses reaching the “order of tens of millions.” An Alameda Trader’s ‘Fat Fingers’ Triggered a Flash Crash on Binance US in 2021 A past associate of Sam Bankman-Fried’s crypto trading entity, Alameda Research, has been candid about his experiences within the firm. Aditya Baradwaj, on August 23, recounted that during his engineering tenure at Alameda, he saw his “entire life savings stolen”, pointing fingers at Bankman-Fried. Baradwaj shared that in his 18 months at Alameda, his personal and professional trajectory shifted dramatically. Fast forward to September 20, Baradwaj delved into an incident from October 21, 2021. On that day, bitcoin’s ( BTC ) valuation flash crashed by a staggering 87% on Binance US, only to rebound shortly after. He recounted that

The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions that they can trust. False Descriptions Contravene Banking Ordinance The Hong Kong Monetary Authority (HKMA) has told crypto firms to desist from the practice of falsely describing themselves as banks or characterizing their products as “deposits.” According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of Hong Kong’s Banking Ordinance. In a statement issued on Sept. 15, the HKMA said it is aware that some crypto businesses portray or describe themselves as crypto asset banks and digital banks. The regulator also warned crypto firms claiming to offer banking services or banking accounts. The HKMA argued such descriptions “may mislead me

According to Maxwell Mayhew, founder of the decentralized e-ticketing platform UTIX, event organizers can potentially overcome ticket scalping by switching to smart contract-based event hosting platforms. Such platforms not only help organizers control the amount of event tickets in secondary markets, says Mayhew, but “even the maximum price the tickets can be sold for.” The U.S. Government’s Tacit Approval of the ‘Troubled Event Economy’ On the other hand, Mayhew claims the use of non-fungible tokens (NFTs) as event tickets allows buyers in the secondary market “to easily verify if the ticket is actually valid and owned by the seller.” For Mayhew, that is how the blockchain and smart contracts in particular “can help eliminate two of the biggest symptoms of the troubled event economy.” In written answers sent to Bitcoin.com News, Mayhew also discussed how both event organizers and attendees can still use blockchain-powered platforms despite not being familiar with the technology.