Bitcoin News and Finance: What You Need to Know

In an unexpected revelation, Ilya Lichtenstein, 35, confessed to being the original hacker behind the 2016 cyberattack on crypto exchange Bitfinex, a theft that was once worth $4.5 billion. Lichtenstein made the admission while pleading guilty to laundering the stolen bitcoin in a Washington, D.C. federal court, with his wife, Heather Morgan, also pleading guilty to related charges. Groundbreaking Admission: Ilya Lichtenstein Confesses to 2016 Bitfinex Hack Until the court’s admission on Thursday, the person responsible for the hack from Bitfinex was unknown to the public. Though not charged with the hack itself, Lichtenstein faces a maximum of 20 years in prison for one count of conspiracy to commit money laundering. His wife, Morgan, an aspiring rapper known as “ Razzlekahn ” could face up to five years. This is the first time the identity of the hacker has been disclosed, with the couple facing significant prison time, as CNBC first reported on the matter. The Department of Ju

Despite months of increasingly positive economic indicators, a majority of Americans still believe the economy is worsening, according to a new CNN poll. CNN Poll Reveals Majority See Worsening Economy The survey of 1,279 adults found that 51% think the U.S. economy remains in a downturn that is getting worse, even as indicators like job growth, GDP, and inflation suggest stabilization or improvement. The persistent pessimism comes as U.S. president Joe Biden nears the launch of his 2024 reelection campaign against Republican contenders. CNN conducted the poll from July 1 to July 31 using a combination of online surveys and live telephone interviews. The results have a margin of error of plus or minus 3.7 percentage points. Economic concerns dominated when respondents were asked to name the most important issue facing America today. Nearly half pointed to issues like inflation, poverty, and the overall economy. Dissatisfaction with personal finances also remains high, with 55% s

Founder of bankrupt crypto exchange FTX, Sam Bankman-Fried (SBF), has sought to avoid being jailed, denying prosecutors’ accusations of witness tampering that followed an interview he gave for the New York Times. The indicted crypto mogul also argued that revoking his bond would violate his right to free speech. Bankman-Fried Says He Never Tried to Intimidate Witnesses Ahead of Trial Sam Bankman-Fried, the founder and former chief executive of failed crypto exchange FTX , claims he has never attempted to intimidate witnesses in his trial set to begin in October. In a letter to U.S. District Judge Lewis Kaplan in Manhattan, quoted by Reuters and Bloomberg, he insisted there was no reason for him to go to jail as requested by the prosecution. Last week, U.S. prosecutors asked Kaplan to jail SBF after an article published by the New York Times quoted excerpts from a diary written by Caroline Ellison, former CEO of Bankman-Fried’s hedge fund Alameda Research and his former girlfriend.

In a fresh analysis focusing on Bitcoin and its alignment with environmental, social, and governance (ESG) principles, the ‘Big Four’ accounting titan KPMG delves into the digital currency’s promising contributions to this movement. The professional services entity highlights four carbon-reduction techniques adopted by bitcoin mining firms across the entire mining sector. KPMG Report Discusses Bitcoin and ESG Standards KPMG’s analysis describes how bitcoin (BTC) miners, seeking proximity to inexpensive renewable energy sources such as solar and wind, reduce costs. This practice creates additional revenue to support more renewable energy projects in remote areas. The flexible computing load of bitcoin can also assist in balancing electrical grids by cutting demand during peak periods. KPMG researchers detail how bitcoin miners used a demand response system to aid Texas during a winter storm in 2021. The report states: During Winter Storm Uri, which took place in Texas in Februar

Nasdaq-listed Microstrategy has disclosed that it now holds 152,800 bitcoins, acquired for $4.53 billion. A total of 12,800 bitcoins were acquired in the second quarter. The company also revealed that it plans to buy more bitcoin with proceeds from sales of its common stock of up to $750 million. Microstrategy Boosts Bitcoin Holdings to 152,800 Coins Microstrategy (Nasdaq: MSTR) released its second-quarter financial results on Tuesday. The company revealed that it acquired 12,800 bitcoins during Q2 for $361.4 million, or $28,233 per BTC . As of July 31, it held 152,800 bitcoins, acquired for a total cost of $4.53 billion, or $29,672 per BTC . Michael Saylor, Microstrategy’s founder and executive chairman, tweeted Tuesday: In July, Microstrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC . Prior to the latest acquisition of 467 BTC , Microstrategy acquired 12,333 bitcoins between April 29 and June 27, as previously reported . Microstrategy is al

Fitch Ratings has downgraded the United States’ debt rating. Biden officials call the downgrade decision “bizarre and baseless.” Both the White House and U.S. Treasury Secretary Janet Yellen strongly disagreed with the downgrade decision. Yellen claimed that the change by Fitch Ratings “is arbitrary and based on outdated data.” Fitch Downgrades US Rating Fitch Ratings, one of the three largest credit rating agencies in the U.S., downgraded the United States’ long-term foreign-currency issuer default rating from AAA to AA+ on Tuesday. The rating agency explained : The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years. It also reflects “a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,” Fitch added. “The repeated debt-limit political standoffs and l

According to James Seyffart and Eric Balchunas, two analysts specializing in exchange-traded funds (ETFs) at Bloomberg, the likelihood of a spot bitcoin ETF debut in the U.S. has surged to 65%. These analysts attribute this increase to “pressure from Blackrock and possibly Democrats,” a force that could compel the U.S. Securities and Exchange Commission to act. U.S. Spot Bitcoin ETF Odds Rise to 65%, Analysts Cite Blackrock Influence Following a wave of spot bitcoin ETF filings and revisions, the Securities and Exchange Commission (SEC) now finds itself with several applications awaiting review. In the midst of June, Blackrock, the world’s largest asset manager by assets under management (AUM), lodged its spot bitcoin ETF application, with several other contenders quickly falling in line. Fast forward to August 2, 2023, and Bloomberg ETF analysts James Seyffart and Eric Balchunas publicly offered their insights regarding the SEC’s potential approval of a spot bitcoin ETF. “Based

After the U.S. Securities and Exchange Commission filed a lawsuit against Richard Heart and his companies Hex, Pulsechain and Pulsex, the crypto asset hex (HEX) has been in a free fall. Two-week statistics show HEX has lost 41.7% against the U.S. dollar and 35.8% over the past seven days. Uniswap Delists HEX Following SEC Lawsuit; HEX Loses Over 40% In the past two weeks, HEX has shed more than 40% against the greenback, and on Aug. 2, 2023, the price is down around 2%. The U.S. Securities and Exchange Commission, or SEC, filed a lawsuit against the creator of the Hex blockchain, Richard Schueler, also known as Richard Heart, and his companies Pulsechain and Pulsex. The SEC complaint accuses Heart of offering and selling unregistered crypto tokens and defrauding investors by misappropriating funds. Two days after the SEC complaint was filed, the largest decentralized exchange, or dex, by trade volume, Uniswap, delisted HEX from the dex interface. According to metrics, there’s a c

Binance, which is preparing to launch its new Japanese platform in August, will offer users the opportunity to trade 34 coins, local crypto media reported. Besides major cryptocurrencies such as bitcoin and ether, Binance’s own token will also be among the listed digital assets. Binance to Restore Crypto Trading in Japan With More Coins Than Major Competitors Binance Japan, a subsidiary of the world’s largest crypto exchange by daily trading volume, will launch with 34 listed tokens, according to the Japanese crypto news outlet Coinpost. On Aug. 1, the company shared details about the services it plans to provide later this month. The initial offerings will include bitcoin ( BTC ), ether ( ETH ), and bitcoin cash ( BCH ), as well as XRP . Binance’s token Build and Build ( BNB ), formerly Binance Coin, will be listed for the first time in Japan, the report pointed out. The number of promised cryptocurrencies exceeds those traded on the platform’s major domestic competitors such as

Genesis Digital Assets (GDA), one of the world’s largest bitcoin mining companies, has opened three new data centers in the western region of South Carolina. The facilities represent GDA’s continued expansion in the United States, where its data centers now account for over 2% of Bitcoin’s total hashrate. Genesis Digital Assets Reveals 3 New South Carolina-Based Mining Facilities According to GDA , the first facility opened near Anderson in February and has a capacity of 18 megawatts (MW). Two more data centers launched in March between Union and Lockhart, adding 15 MW. By opening the sites, GDA disclosed it created about 150 local jobs and contracted 95% of the construction work to South Carolinians. “I am extremely proud of the entire GDA team for opening these new facilities in only a few months,” said Ankit Joshi, the head of North America for GDA. “We were impressed to see how these local communities welcomed us so warmly as an opportunity for their economy.” The company’s an

A senior U.S. district judge has rejected the approach taken in the Securities and Exchange Commission (SEC) v. Ripple ruling regarding XRP . “The court declines to draw a distinction between these coins based on their manner of sale,” explained the district judge presiding over the SEC v. Terraform Labs case. Judge Rakoff Rejects Approach in Ripple Case Over XRP Judge Jed S. Rakoff, a senior district judge of the United States District Court for the Southern District of New York (SDNY), has disagreed with the approach taken by District Judge Analisa Torres in the U.S. Securities and Exchange Commission (SEC) v. Ripple case concerning XRP . Judge Rakoff’s disagreement arose as part of the case filed by the SEC against Terraform Labs and its co-founder Do Kwon. The securities regulator has asked the judge not to follow Judge Torres’s reasoning in the Ripple case, stating that the ruling was “ wrongly decided .” The SEC also indicated that it plans to appeal the Ripple decision. In

Rich Dad Poor Dad author Robert Kiyosaki says the U.S. economy is not strong and America is broke. Noting that the stock market is going up because President Joe Biden raised the debt ceiling, he emphasized that he still prefers gold, silver, and bitcoin. Robert Kiyosaki’s Latest Economic Warnings The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the U.S. economy. 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 slammed the Wall Street Journal in a tweet on Sunday for claiming that the U.S. economy is strong. He explained that the stock market is up because President Joe Biden signed into law the agreement to raise the debt ceiling . Emphasizing that “America is broke,” he emphasized that he still prefers gold, silver, and bitcoin. On

Florida Governor and U.S. presidential candidate Ron DeSantis has promised to end Joe Biden’s war on bitcoin and cryptocurrency if he is elected president of the United States. In addition, he stressed that on his first day as president, “CBDC goes into the trash can. We’re not going to allow it.” Ron DeSantis’ Promises on Bitcoin, Crypto, Central Bank Digital Currency Florida Governor and U.S. presidential candidate Ron DeSantis made several promises regarding bitcoin and cryptocurrency during his speech Monday at a campaign rally in New Hampshire. “We are going to let Americans invest in things like bitcoin and cryptocurrency. No one’s forcing you to do it. If you want to do it you can do it,” DeSantis emphasized, adding: Biden’s war on bitcoin and cryptocurrency will come to an end when I become president. DeSantis also reiterated his promise to stop the Fed from launching a central bank digital currency (CBDC). “We also will reject the Federal Reserve’s attempt to impose a

Tether, the company behind the USDT stablecoin, has published an attestation revealing the company’s financials during Q2 2023. The document, prepared by BDO, a network of accounting and consulting services, found Tether has increased its reserves by $850 million during this period, with its overall excess reserves reaching $3.3 billion. Tether Attestation Reveals Excess Reserves Reached $3.3 Billion in Q2 Tether, the company that issues the USDT stablecoin, the largest of its kind in the cryptocurrency market, has released an attestation of its financial standings, revealing the composition of its reserves as of June 30. The document , prepared by BDO, an international network of accounting and consulting firms, determined that the company increased its reserves by $850 million in Q2. The document also found that Tether’s excess reserves, defined as the “company’s own profits – not distributed to shareholders and which the company has decided to keep on top of the 100% reserves

Bavaria’s State Office for Data Protection Supervision (DPS) has initiated an inquiry into the Worldcoin project and its data collection techniques, as disclosed in a Reuters report on Monday. This comes shortly after similar investigations by Kenya’s Office of the Data Protection Commissioner (ODPC) and France’s National Commission for Informatics and Liberty (CNIL), who also announced probes into the Worldcoin project for like-minded apprehensions. Three International Jurisdictions Investigate Worldcoin’s Data Collection Methods Various jurisdictions’ data regulators are diligently examining Worldcoin, a digital currency venture that utilizes iris-scanning biometric technology. The project’s native cryptocurrency, worldcoin (WLD), premiered last week. According to Openai CEO Sam Altman, a co-founder of Worldcoin, individuals signed up at a significant pace of every eight seconds on July 26, 2023. Nonetheless, by week’s end, France’s oversight agency, the National Commission on I

Iran has ramped up its efforts to become a member of the BRICS group ahead of the economic bloc’s summit. The Iranian deputy foreign minister for economic diplomacy revealed that Iran is actively pursuing opportunities to strengthen its economic ties with BRICS members, noting that it has already established strong relationships with China, Russia, and India. Iran Sees No Obstacles to Join BRICS Mehdi Safari, Iran’s deputy foreign minister for economic diplomacy, said in an interview on Saturday that Iran’s membership in the BRICS economic group has faced no obstacles, Tasmin News Agency reported. Noting that Iran has officially requested to join the BRICS bloc , Safari detailed: We are making efforts so that the members of the economic group, including Brazil, Russia, India, China, and South Africa, will accept Iran’s membership. The Iranian foreign minister and the secretary of Iran’s Supreme National Security Council (SNSC) recently attended BRICS meetings. Safari further di

The U.S. House Financial Services Committee has passed four crypto bills. “Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions,” said the CEO of Blockchain Association. US House Committee Advances 4 Crypto Bills The U.S. House Financial Services Committee passed four digital asset bills last week. Following the passing of the bills, Kristin Smith, CEO of Blockchain Association, tweeted Friday: “This is a result of a coordinated effort to educate + support crypto’s Congressional champions.” The executive continued: This week was a milestone for the American crypto industry, and for the promise of real progress on the path toward a workable regulatory framework in the U.S. The four bills are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. T

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) and former U.S. Representative Ron Paul agree that America does not have a free market. Referencing RFK Jr. stating that America has “a crony corporatist system,” Paul stressed: “He’s right!” RFK Jr. and Ron Paul on Free Market Former U.S. Representative Ron Paul has expressed his agreement with U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), who recently said that America does not have a free market. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. Paul, an American author, physician, and retired politician, served as a U.S. representative and made three attempts to become the president of the United States. In 2015, he founded the Ron Paul Liberty Report, a platform dedicated to offering insightful opinions and analysis on contemporary issues affecting our lives and finances. Paul tweeted Saturday: “RFK Jr. recently pointed ou

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that more banks in the U.S. will fail as the Federal Reserve continues to hike interest rates. He stressed: “It will break down in the regional banks, which support 60% of the economy … We’ve started to see the cracks.” Kevin O’Leary Foresees More Bank Failures Shark Tank star Kevin O’Leary, chairman of O’Shares Investments and O’Leary Ventures, has predicted that more banks in the U.S. will fail as the Federal Reserve continues to raise interest rates. Sharing his prediction in an interview with CNBC on Thursday after the Fed announced its latest interest rate hike , O’Leary stressed: “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.” Mr. Wonderful opined: I am just predicting — and I am very cautious on this — it will break down in the regional banks, which supports 60% of the economy. The Shark Tank st

PRESS RELEASE. Tallinn, July 31 – Gofaizen and Sherle, the leading Estonian crypto and fintech consultancy, proudly announces the launch of its latest product in El Salvador. The innovative service offers crypto companies and startup owners worldwide a comprehensive and streamlined solution for obtaining a crypto license in El Salvador . The newly introduced service features three distinct packages tailored to meet the varying needs of businesses – Basic, Fully Operational, and Complete. The Basic package encompasses turnkey company formation, essential corporate documents, AML/KYC policies, and a coveted crypto license. The Fully Operational package further includes additional benefits like personalized KYC and AML policies, assistance in bank account opening, and the crucial service of searching and employing a dedicated compliance officer. For those seeking a comprehensive package, the Complete option includes all the services offered in the Basic and Fully Operational packages,

A new report by McKinsey & Company suggests generative artificial intelligence (AI) technologies could boost global economic output by trillions of dollars annually. The study, titled “The Economic Potential of Generative AI” and published June 14, 2023, analyzes the impact AI tools like Chatgpt could have across sectors. McKinsey & Company Study: ‘Generative AI Is Poised to Unleash the Next Wave of Productivity’ The consulting firm McKinsey & Company estimates generative AI could add $2.6 to $4.4 trillion in global value per year by enhancing productivity across 63 different use cases. This would increase AI’s overall contribution to the economy 15-40% above previous projections that did not account for advances like natural language processing. The study emphasizes that industries ranging from banking to pharmaceuticals are poised to reap the most rewards in terms of revenue share. The report cautions that realizing the full potential requires adapting business pract

NFTs represent unique and indivisible items, backed by blockchain technology, certifying their originality, scarcity, and authenticity. Whether it’s digital art, music, videos, virtual real estate, or collectible items, NFTs have become a powerful tool for artists, creators, collectors, and investors alike, unlocking new opportunities and experiences in the digital space. In the dynamic and ever-evolving world of cryptocurrency and NFTs, a groundbreaking project is on the rise, captivating the attention of cabaret club enthusiasts and investors alike. Introducing marumaruNFT, the one-of-a-kind NFT marketplace tailored exclusively for cabaret club hostess and hosts. With its unique approach, marumaruNFT aims to reshape the cabaret industry, open new revenue streams, and create a dynamic ecosystem for its users. Japan – In an exciting announcement, the marumaruNFT team revealed their innovative platform set to launch in August. This groundbreaking marketplace will enable cabaret clubs