Bitcoin News and Finance: What You Need to Know

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says crypto exchange FTX isn’t “one fraudulent company in a serious industry.” Stating that the “Entire notion of crypto is nonsense,” the Fed president claimed it is “just a tool of speculation and greater fools.” Minneapolis Fed President Neel Kashkari on Crypto and FTX Collapse Federal Reserve Bank of Minneapolis President Neel Kashkari shared his view on the collapse of cryptocurrency exchange FTX Friday. “This isn’t [a] case of one fraudulent company in a serious industry,” he tweeted, elaborating: Entire notion of crypto is nonsense. Not useful for payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation and greater fools. Kashkari has never been a fan of bitcoin or crypto. He previously called them “a giant garbage dumpster.” In August last year, he said bitcoin and crypto were “95% fraud, hype, noise, and confusion,” stating : “I’ve not seen any use case other tha

Ethereum co-founder Vitalik Buterin says many people in the Ethereum community see the FTX collapse “as a validation of things they believed in all along: centralized anything is by default suspect.” However, he warned that automatically downgrading every single thing former FTX CEO Sam Bankman-Fried believed in “is an error.” Vitalik Buterin on FTX Meltdown Ethereum co-founder Vitalik Buterin shared his thoughts on the failure of cryptocurrency exchange FTX and former CEO Sam Bankman-Fried (SBF) in an interview with Bloomberg, published Sunday. FTX filed for Chapter 11 bankruptcy on Nov. 11. Buterin told the news outlet: What happened at FTX was of course a huge tragedy. That said, many in the Ethereum community also see the situation as a validation of things they believed in all along: centralized anything is by default suspect. The Ethereum co-founder emphasized that blockchain-based and decentralized finance (defi) protocols work “flawlessly.” He stressed the importance of

Bankrupt cryptocurrency exchange FTX is exploring sales, recapitalizations, and other strategic transactions with respect to its solvent subsidiaries. The firm’s new CEO has instructed the FTX team “to prioritize the preservation of franchise value as best we can in these difficult circumstances.” New FTX CEO Outlines Priorities Cryptocurrency exchange FTX and approximately 101 affiliated companies announced Saturday that they are “launching a strategic review of their global assets to begin to maximize recoverable value for stakeholders.” The review is part of their Chapter 11 bankruptcy process. The new FTX CEO, John J. Ray, III, who replaced Sam Bankman-Fried after the crypto exchange filed for bankruptcy on Nov. 11, explained: Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management, and valuable franchises. He explained th

Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service. Brazilian Bank Itau Unibanco to Debut Crypto Custody Offering Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the division of the company that deals with all things crypto, will be in charge of the tech behind this solution. For Itau Unibanco, custody services are an important part of the security framework that third-party companies can offer users. On this, Itau Unibanco’s product manager Eric Alftafim told O Globo: Custody is a fundamental element in this cont

The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22. Brazilian Cryptocurrency Bill Back on Agenda The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22. The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the

On Sunday, Nov. 20, 2022, Bitcoin’s difficulty rise erased the recent 0.20% decline recorded two weeks ago, as the difficulty metric rose by 0.51% at block height 764,064. The increase on Sunday has pushed the difficulty rating to another all-time high, from 36.76 trillion to the current 36.95 trillion. Bitcoin Difficulty Reaches All-Time High Nearing 37 Trillion, Leading Crypto Asset’s Fiat Value Sinks Lower Today it is 0.51% more difficult to find a Bitcoin ( BTC ) block reward than it was for the last two weeks or 2,016 processed blocks. The 0.51% increase has propelled the difficulty to a lifetime high at 36.95 trillion, outpacing the previous high recorded on Oct. 23, 2022. The difficulty increased during this retarget because block intervals were less than the ten-minute average, at nine minutes and 58 seconds. The average hashrate for the last 2,016 blocks was around ​​264.3 exahash per second (EH/s). On Sunday, around 7:15 p.m. (ET), the global hashrate is around 261.29 E

A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation. The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend. The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in Mar

Binance CEO Changpeng Zhao (CZ) says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime. The executive explained: “Binance goes to countries where regulations are pro-crypto and pro-business.” Binance’s CEO on Indian Crypto Environment The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), does not currently see India as a viable country to expand his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday: To be honest, I don’t think India is a very crypto-friendly environment. Zhao is particularly discouraged by the crypto tax regime that the government of India implemented earlier this year. In addition to taxing crypto income at 30%, crypto transactions are subject to a 1% tax deduction at the source (TDS). Citing India’s aggressive tax environment, the Binance CEO said: “If you are going to tax 1% on each transaction, there is not going to be that many transactions.” He stre

Amazon founder and former chief executive Jeff Bezos has given some advice to consumers and small businesses about what they should do given that the U.S. economy is either already in a recession or is headed into one “very soon.” The billionaire said: “The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy.” Jeff Bezos on U.S. Economy and How People Should Prepare for a Recession Jeff Bezos, founder and former CEO of retail giant Amazon, shared his view about the U.S. economy heading into a recession and what consumers and small businesses should do in an interview with CNN last week. Responding to a question about whether the U.S. is in a recession and what his advice would be for small businesses, the billionaire, who currently serves as Amazon’s executive chair, cautioned: The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy. Whil

Former Twitter CEO Jack Dorsey and Elon Musk, Tesla’s CEO and the new owner of Twitter, have addressed suggestions that the social media platform should have less anonymity. Clinical psychologist Dr. Jordan B. Peterson is among the users who want less anonymity on the platform while Dorsey believes it would be a big mistake to impose a policy allowing less anonymity. Elon Musk and Jack Dorsey Discuss Twitter’s Anonymity The topic of how much anonymity Twitter should allow its users to have has been heavily discussed on the social media platform. Clinical psychologist Dr. Jordan B. Peterson is among the Twitter users who want less anonymity on the platform. On Friday, he tweeted to Elon Musk, who recently bought Twitter for $44 billion: Don’t allow the anonymous troll-demons to post with the real verified people. Peterson added: “Put them in their own hell, along with others like them: LOL LULZ BRO BRUH hyper-users are narcissistic, Machiavellian, psychopathic and sadistic.” In

Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX and Sam Bankman-Fried to Bernie Madoff’s Ponzi Scheme Sheila Bair, a top U.S. regulator during the 2008 financial crisis, explained in an interview with CNN Monday that there are eerie similarities between the rise and fall of FTX and former CEO Sam Bankman-Fried and that of Bernie Madoff. Bair chaired the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011. She now sits on the board of directors at blockchain infrastructure firm Paxos. She explained that both Bankman-Fried and Madoff proved adept at seducing sophisticated investors and regulators into ignoring red flags hiding in plain sight. FTX filed for Chapter 11 bankruptcy last week and Bankman-Fried stepped down as the CEO. “Charming re

South Korea’s prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation. South Korean Authorities Freeze Terraform Labs Co-Founder’s Assets The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is a precautionary measure to prevent a suspect from disposing of criminal proceeds before a trial. The prosecutors have accused the Terra co-founder of making “unfair” profits of about 140 billion Korean won by selling pre-issued cryptocurrency LUNA, now known as luna classic (LUNC), without proper disclosure to investors. However, Shin reportedly told the pro

Bitcoin.com announced the creation of a program that will reward people affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will draw its resources from Bitcoin.com ’s wallet token VERSE, which is launching in December. Five percent of the total VERSE token supply is dedicated to the program. Victims of FTX, Blockfi, Celsius, Voyager, and other failed centralized entities will be eligible to claim a reward from the CEX Education Program by signing up at getverse.com . In the future, Bitcoin.com will continue to use the program to assist victims and incentivize them to onboard to self-custodial products. “With slick UX, logos on sports stadiums, Matt Damon commercials, Tom Brady endorsements, and big ‘guaranteed’ returns, the lure of CeFi is strong. But as we’ve seen, lack of transparency in the centralized model, whether it be in crypto or tradfi, is an enabler for the gross mismanag

The CEO of Ripple Labs, Brad Garlinghouse, believes that the crypto industry will come out stronger after the FTX meltdown if transparency and trust remain its key focus. He stressed the importance of having “honest conversations about solving real-world problems with crypto and blockchain.” Ripple’s CEO Optimistic About Crypto’s Recovery After FTX Meltdown The CEO of Ripple Labs, Brad Garlinghouse, shared his opinion Wednesday on the crypto industry’s recovery following the collapse of FTX during Ripple Swell, an annual conference held by Ripple. FTX filed for Chapter 11 bankruptcy last week. Reiterating what he said on stage at the conference, Garlinghouse tweeted: I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust. Ripple has and will continue to lead in this regard. “With all that’s happening in the past few weeks (and over the course of this year’s ups and downs), it feels even more imperative that we’ve gathered tog

Personal finance guru Dave Ramsey has weighed in on the collapse of cryptocurrency exchange FTX. “I told you so,” he repeatedly said, reiterating his long-standing advice that investors should not put money into crypto. Dave Ramsey on Bitcoin, Crypto, and the FTX Collapse Personal finance guru and Ramsey Solutions CEO Dave Ramsey weighed in on the implosion of cryptocurrency exchange FTX in a Dave Ramsey Show episode, published Friday. Ramsey, a self-proclaimed personal money management expert, calls himself “America’s trusted voice on money.” He is the author of seven best-selling books that have sold more than 11 million copies altogether. A longtime bitcoin and crypto skeptic, Ramsey called BTC “funny money” in December 2020. He also expressed his doubt that bitcoin could be cashed out, advising investors to sell their coins now. In January, he said crypto is fun and here to say but should only be a small part of a portfolio “for entertainment.” Referencing his warning abou

Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of crypto exchange FTX. He also believes that $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.” Schiff Predicts ‘Bitcoin Still Has a Long Way to Fall’ Gold bug and economist Peter Schiff has warned in a series of tweets about the price of bitcoin falling a long way from its current level. He began by referencing the forecast he made in June that the need to sell bitcoin to pay bills will only get worse as the recession deepens and long-term BTC holders without paychecks are forced to sell. Noting that it did not take long for his prediction to come true, Schiff tweeted Wednesday: The lion’s share of the selling has not even started yet. Bitcoin still has a long way to fall. He added in a follow-up tweet: “I’ve been warning for years that all the people who made money in crypto will be sued by all the people who lost money in

During the last decade or so, data has become a hot topic and often a controversial one. As a result of Big Tech abuses and government-led collection schemes, people’s data is mined continuously and in ever-increasing amounts. Almost all of this is done without the consent of the individual whose data is being mined, and in some cases even without their knowledge. There have been several attempts made in web3 to give people more control over their data, and in cases such as Play-to-Earn (P2E) and Move/Sweat-to-Earn (M2E) , new methods for monetizing that data have also been explored. The primary problem with these existing models is that they require a significant amount of user participation and time to become profitable. Besides reducing the number of potential participants (not everyone has the time to play games or walk 2-3 hours per day), this also leads to user fatigue over time, as they experience comparatively little return on their time investment. The widespread adoption o

Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services. New Attempt to Legalize Cryptocurrency Mining in Russia After months of deliberations, efforts continue in Moscow to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in that direction comes from a group of high-profile deputies from the lower house of parliament, the State Duma, including the head of the Financial Market Committee, Anatoly Aksakov. The lawmakers have filed a bill amending the law “On Digital Financial Assets,” in force since January of 2021. The draft is meant to regulate the extraction of cryptocurrencies as well as the taxation of the generated income. It permits the sale of the minted coins “without using Russian information infra

At the time of FTX’s collapse, about 950 users in Taiwan had a total of $150 million worth of digital assets stored or held at the crypto exchange, a law firm has reportedly said. FTX users in Taiwan were reportedly investing in interest-bearing digital assets using cheap funds borrowed from local banks. FTX’s Popularity With Taiwanese Users According to a Taiwanese law firm, Enlighten Law Group, about 950 people in the country had digital assets worth $150 million stored on the crypto exchange FTX when it collapsed. The law firm also revealed that four unnamed individuals had incurred losses exceeding $5 million each. As stated in a report by Wublockchain, the number of FTX victims in Taiwan is over 30 times more than those that have come forward in China. The report also stated that only one Chinese user suffered losses that exceed $5 million. Explaining the reasons which seemingly attract Taiwanese users to less regulated crypto exchange platforms like FTX, the law firm pointe

The United Kingdom Law Commission recently asked experts and users to participate in a ten-week exercise whose objective is to help the commission better understand how decentralized autonomous organizations (DAOs) operate. A blockchain expert says the commission’s call shows that the U.K. is “leading the way in thinking and developing the law and other institutions that are needed.” Legal and Regulatory Status of DAOs Not yet Clear The United Kingdom Law Commission recently said it is seeking experts’ opinions on decentralized autonomous organizations (DAOs) and how the laws of England and Wales can accommodate them. In a statement released on Nov. 16, the commission acknowledged that thousands of DAOs exist today, yet only a “few appear to be structured using the law of England and Wales.” In addition to the ambiguities over what constitutes a DAO, questions have been raised about their legal status and “the liabilities of those who participate in them, and the rules and regulat

A court in Albania has ordered the extradition of the fugitive founder of cryptocurrency exchange Thodex to Turkey, where he is sought for fraud and other crimes. Faruk Ozer was arrested in Albania this summer, after disappearing last year as the coin trading platform collapsed. Albanian Judiciary Prepares to Hand Over Alleged Crypto Fraudster and Thodex Founder to Turkey A court in the Albanian city of Elbasan has authorized the extradition to Turkey of the founder and chief executive of the now-defunct Turkish crypto exchange Thodex. The 27-year-old Faruk Fatih Ozer was detained in the Balkan nation at the end of August. The order follows a series of court hearings throughout the past three months. Quoted by Turkey’s Anadolu Agency, Judge Elis Dine pointed out that the decision can be appealed to the Durres Court of Appeals within 15 days. Ozer fled Turkey after Thodex, which had attracted 400,000 users during the crypto boom in the country, suddenly went offline in the spring o