Bitcoin News and Finance: What You Need to Know

A teenager has been arrested in Canada after committing what law enforcement officials in Ontario have described as the largest crypto theft by a single person. The Canadian is accused of stealing tens of millions of dollars through a SIM swap targeting a crypto holder in the U.S. Teen Arrested in Canada for Stealing Crypto Fortune From American A young Canadian from Hamilton, Ontario province, has been accused of stealing cryptocurrency worth $46 million Canadian dollars (over $36 million). The digital money was allegedly misappropriated in a SIM swapping attack on a victim residing in the United States. Local police believe this is the largest crypto theft committed by one man, the Toronto Star reported. In March 2020, Canadian law enforcement joined forces with the U.S. Secret Service Electronic Crimes Task Force and the FBI on the investigation which led to the arrest of the teenager, according to a statement by the Hamilton Police Service. The press release revealed that po...

A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency. Bitcoin Exchange Operator Sentenced to 3 Years in Jail The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers.” The 50-year-old San Bernardino County man pleaded guilty on July 1 to “one count of operating an unlicensed money transmitting business and one count of money laundering,” the DOJ detailed. Mejia operated a cryptocurrency exchange business converting bitcoin to cash and vice versa from May 2018 to September 2020. He charged commissions for these transactions but never r...

Former presidential candidate Hillary Clinton has urged nation-states to “start paying greater attention to the rise of cryptocurrency.” She warned that crypto could undermine the role of the dollar as the world’s reserve currency and could destabilize nations. Hillary Clinton Warns Cryptocurrency Poses Risk to US Dollar and Nations’ Stability Former Democratic presidential candidate Hillary Clinton talked about cryptocurrency Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore. While addressing a range of new challenges, including disinformation and artificial intelligence (AI), Clinton said, “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.” The former Secretary of State added: What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve c...

The CEO of Microstrategy says that bitcoin will emerge as a $100 trillion asset class and will grow 100X from where it is today. He said the cryptocurrency is winning against gold as a store of value and he is not worried about regulation. “I’m not at all troubled with the regulations that’s going on right now.” ‘Bitcoin Is Winning, Gold Is Losing’ as Store of Value Microstrategy CEO Michael Saylor talked about the future outlook for bitcoin in an interview with CNBC Friday. He discussed the institutional adoption of bitcoin, crypto regulation, market volatility, gold versus bitcoin, and BTC as the world’s dominant digital asset and safe-haven investment. His company currently hodls 114,042 BTC . He was asked whether he is going to keep stacking bitcoin at the current price or wait for a further pullback. He replied: “We are going to keep stacking forever.” On the topic of bitcoin vs. gold, Saylor was asked whether he thinks “bitcoin has replaced, or will replace, or is in the p...

The securities regulator of the U.S. state of Alabama has issued a cease and desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.” US State Regulator Orders 97 Crypto Trading Websites to Shut Down Alabama Securities Commission announced Thursday that it has issued a cease and desist order against 97 cryptocurrency trading websites . The announcement states: The Alabama Securities Commission (ASC) issued a cease and desist order against Sir Philip Zuka owner of Acoin Trading and 96 other fraudulent crypto trading platforms. “The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding: Zuka is in violation of Alabama securities laws for promising excessive returns, reporting fictitious account values and imposing undisclosed fees to an Alab...

Cryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin A “responsible state” should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia ( CBR ). The head of the monetary authority made the declaration in the lower house of the Russian parliament, the State Duma. The high-ranking official emphasized that the bank has “an extremely negative attitude towards cryptocurrencies” which she described as “private currencies pretending to be money.” Quoted by the Tass news agency, Nabiullina elaborated: These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their s...

Inflation in the U.S. has a large number of Americans worried about the future of their purchasing power as the cost of goods and services has continued to rise faster every month. Reports note that Americans are struggling to pay for child care, groceries, gasoline, lumber, healthcare supplies, and used vehicles. On Friday, Harvard economist Kenneth Rogoff told the press U.S. inflation was “eye popping” and in terms of where inflation is headed, Rogoff stressed he thinks “we’re on a knife-edge.” Members of the US Central Bank Begin to Favor Tapering Asset Purchases — Taper Discussions to Likely Happen at Fed’s December Meeting On Friday, Reuters reported that the U.S. central bank’s policymakers are publicly debating whether or not the Federal Reserve will taper bond purchases and raise the benchmark interest rate. Fed Governor Christopher Waller told the press on Friday that the tapering should begin soon. “The rapid improvement in the labor market and the deteriorating inflation...

Ten members of the U.S. House of Representatives have called on House Speaker Nancy Pelosi to address the problem with the crypto provision in the infrastructure law. They explained that the current definition of a broker in the law “would increase uncertainty in the cryptocurrency industry, pick winners and losers … all while eroding our country’s competitive edge against other countries in the digital asset marketplace.” 10 Lawmakers Urge House Speaker Pelosi to Address the Crypto Provision in Infrastructure Law Ten members of the U.S. House of Representatives have jointly sent a letter to House Speaker Nancy Pelosi about the crypto provision in the $1 trillion bipartisan infrastructure bill which President Joe Biden signed into law this week. The letter was signed by Representatives Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson, and Charlie Crist. “We write to express our concerns with the digital asset pr...

During the last 90 days, Bitcoin’s hashrate has been climbing higher and has been slowly nearing the all-time high (ATH) the network captured six months ago in May. The accelerated hashrate has caused the network difficulty to rise, as Bitcoin’s mining difficulty has adjusted upward nine times in a row to date and it’s closing in on the network difficulty ATH recorded six months ago. Bitcoin’s Mining Difficulty Approaches Lifetime High Bitcoin’s mining difficulty is approaching the all-time high recorded on May 13, 2021. The network’s difficulty is basically a mechanism Satoshi Nakamoto added to maintain a steady rate of close to ten-minute blocks. Furthermore, the difficulty also makes the entire system stronger security-wise, as a 51% attack becomes a lot more expensive and far more difficult to achieve. When the hashrate changes, every two weeks, the network takes the change into account, and when the hashrate increases the difficulty to mine bitcoin ( BTC ) also rises. When the...

Russian parliamentarians have cautioned against risks associated with the introduction of a digital ruble. Among them are the likely increase of competition pressure on banks and new challenges that may arise in the field of information security. Financial Market Committee Sees Threats in Digital Ruble Project Russia’s digital fiat, currently under development, brings certain risks that lawmakers want the central bank to carefully examine. The implementation of the digital ruble may pose a challenge for the country’s financial sector, members of the important Financial Market Committee at the State Duma, the lower house of parliament, have noted after deliberations on the project. The conclusion comes in response to the “Main Directions of Monetary Policy Until 2024” presented by the Central Bank of Russia ( CBR ), crypto news outlet Forklog reported this week. The document covers the prospects for the launch of a national digital currency among other aspects of Moscow’s governmen...

Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, has raised $400 million in its most recent growth equity funding round. This financial round gave it a valuation of $7.1 billion, being one of the most valuable exchanges in the crypto world. The financial round, led by Morgan Creek, also had the participation of key leaders in the venture capital sector. Gemini has been investing heavily in alternative metaverse proposals. Gemini Hits $7.1 Billion Valuation Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, has raised $400 million in its latest growth equity funding round. The round was led by Morgan Creek, which put up $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini’s board of directors, apart from Cameron and Tyler Winklevoss. Other important backers in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Ban...

Quentin Tarantino, the acclaimed film director, is being sued by Miramax, a Hollywood film producer and distributing company, due to the auction of a series of NFTs related to “Pulp Fiction,” one of the director’s most popular films. The conflict lies in the interpretation that Miramax makes from the initial contract between the parts, arguing that the sale of NFTs does not constitute a publication of any part of the script. Miramax Sues Quentin Tarantino Miramax, the Hollywood movie company, sued Quentin Tarantino, the acclaimed film director, for the upcoming auction of a series of Pulp Fiction-themed NFT’s. Tarantino announced it would auction a series of never before seen items of the film in the form of NFTs, including the famous “royale with cheese” handwritten screenplay scene. The auction would utilize a blockchain called the Secret Network, which would allow the content of these NFTs to be secret until the sale of the item. Miramax affirms that while Tarantino has the rig...

The U.K.’s advertising authority has launched an investigation into advertisements for the cryptocurrency floki inu (FLOKI). The ads, titled “Missed Doge? Get Floki,” have appeared on London buses and the underground. The team behind the floki inu ad campaign says the advertisements are “legally cleared,” and the advertising authority’s action is “an attack against cryptocurrency and against the people’s freedom of choice — a clear attempt at censorship.” UK’s Advertising Authority Investigating Ads for Floki Inu Cryptocurrency The Advertising Standards Authority (ASA), the U.K.’s regulator of advertising, is investigating advertisements placed on public transport in London for the cryptocurrency floki inu (FLOKI). Floki inu is the cryptocurrency named after Tesla CEO Elon Musk’s shiba inu dog. Musk has been called the Dogefather for his support of the meme cryptocurrency dogecoin (DOGE). He tweeted on June 25, “My shiba inu will be named Floki.” The Tesla boss followed up with a t...

Israeli police have arrested eight suspects in connection with a cryptocurrency fraud scheme after raiding their homes and seizing evidence. One of the suspects is Moshe Hogeg, a well-known owner of the premier soccer team Beitar Jerusalem Football Club. 8 People Arrested in Crypto Fraud Scheme in Israel Israeli police arrested eight suspects Thursday allegedly stealing tens of millions of shekels in a cryptocurrency fraud scheme. The arrests were made after officers from the police’s Lahav 433 anti-corruption unit raided the suspects’ homes and offices. They gathered evidence and seized items related to the investigation. The investigation lasted several months and unearthed suspected money laundering and tax offenses, the police detailed. One of the suspects is Moshe Hogeg, an owner of Beitar Jerusalem Football Club, an Israeli professional soccer club that plays in the Israeli Premier League. The police explained that the suspects operated a cryptocurrency fraud scheme “in a s...

The price of bitcoin has dipped below the $60K zone, a number of people have been talking about the third-largest bitcoin address called “1P5ZED” which has accumulated thousands of bitcoin during the last few days. Nobody knows who the owner of the wallet is but it holds more than 111,359 bitcoin, as it’s been steadily accruing bitcoin since the wallet’s first transaction on February 5, 2019. While some assume the address is a mega bitcoin whale, onchain data indicates that the wallet could be tied to an exchange. A Myriad of Tales Tied to the Third Largest Bitcoin Wallet Speculate the Address Is a Whale That ‘Bought the Dip’ Bitcoin’s fiat value has been volatile and it’s one of those times where everyone is looking for answers to why BTC has slid in value. For instance, on November 10, bitcoin ( BTC ) slid from a $69K all-time high (ATH) and five days later, it was coasting along in the mid-$65K to $66K per unit range. Since the crypto asset’s ATH, bitcoin is down 16% in value a...

The annual Sports Illustrated (SI) Awards have just revealed the line-up for the firm’s 2021 awards show that will broadcast live from the Seminole Hard Rock Hotel and Casino in Hollywood, Florida. This year, fans will be able to win a whole bitcoin from FTX as the crypto exchange has partnered with the SI Awards ultimate sports sweepstakes. This Year’s Sports Illustrated Awards Features a Bitcoin Sweepstakes The American sports magazine owned by Authentic Brands Group, Sports Illustrated, has been a very popular magazine since its inception in 1954. Since the day SI was created, for 67 years the company has presented the Sportsman of the Year award annually. This year, the SI Awards will be hosted at the Seminole Hard Rock Hotel and Casino in Florida on Tuesday, December 7 at 8:00 p.m. (EST). The 2021 SI Awards will also feature a sweepstakes with rewards provided by the crypto exchange FTX. Fans will have the opportunity to win a single bitcoin ( BTC ), tickets to the award show...

PRESS RELEASE. LTNM – another cryptocurrency that takes us to the next level! LTNM is an insured, asset-backed currency based on the Bitcoin blockchain. Monsoon Blockchain Corporation developed it on behalf of the LTNM Foundation. LTNM is a greener, faster and safer version of great Satoshi Nakamoto’s work. Now you can trade it on FMFW.io exchange! Due to the essential aspect of Bitcoin’s high energy consumption, LTNM uses the proof-of-stake (PoS) algorithm to increase the network’s TPS speed and, above all, reduce the energy loss. LTNM uses MPoS – Mutualized Proof of Stake to strengthen network security by targeting costly barriers for an attacker to verify the block and recover all charges using mining. This makes it harder for anyone to perform DoS (Delegated Proof of Stake) attacks on the network. Additionally, LTNM has its chain that supports PoS at the difficulty of guaranteeing that blocks are distributed uniformly across the network. The problem depends on the size of the ...

On December 2nd at Art Basel Miami, the very first Ross Ulbricht non-fungible token (NFT) collection will be showcased at the event and auctioned via Superrare. The proceeds from the auction will support Ross Ulbricht’s freedom efforts and a donor-advised fund called Art4giving, which helps support people who have incarcerated family members. 10 NFTs Featuring Ross Ulbricht’s Personal Work Non-fungible token (NFT) assets have become a big deal this year and turned into a billion-dollar industry in what seems like overnight. This week Ross Ulbricht , the founder of the now-defunct Silk Road marketplace, introduced his first NFT collection after spending nine years behind bars for a non-violent offense. Ulbricht was a first-time offender and a great majority of individuals believe his case was a “miscarriage of justice.” His double life sentence without parole, plus 40 years, for creating a website has been deemed draconian as well. Ulbricht is still fighting for his freedom and a pe...

A lawyer representing investors defrauded by the notorious crypto scam Onecoin has urged authorities in Bulgaria to act on the case, claiming that the “world’s largest pyramid scheme” is still operating from the country. In a petition with the Bulgarian Constitutional Ombudsman, Jonathan Levy accuses officials in Sofia of failing to provide justice to the victims while seemingly protecting “the most notorious criminal organization.” Lawyer Slams Bulgarian Authorities for ‘Misfeasance’ in Onecoin Case In the petition , Dr. Levy points out that Onecoin has been recognized as a criminal enterprise by a number of countries including the United States, Argentina, and Germany, and classified as a pyramid scheme by law enforcement agencies such as the FBI. At the same time, the €20 billion cryptocurrency scam allegedly maintains several offices in the Bulgarian capital, uses a number of corporate identities, continues its operations unabated, and has even held a recruitment event this pas...

U.S. Senator Ted Cruz has introduced a bill to repeal the $1 trillion infrastructure package’s crypto provision, which he said is a “devastating attack” on the crypto industry. “I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,” he said. Senator Cruz Pushes for Infrastructure Bill’s Crypto Provision to Be Repealed U.S. Senator Ted Cruz said Tuesday that he has introduced “legislation to repeal infrastructure bill’s ‘devastating attack’ on emerging cryptocurrency industry.” President Joe Biden signed the $1 trillion infrastructure bill into law early this week. Senator Cruz explained that his bill “would repeal an overly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry.” He emphasized: This provision will stifle innovation in the industry, endanger the privacy of man...

India is reportedly considering allowing only preapproved cryptocurrencies to be listed and traded on exchanges. In addition, the government aims to both introduce and pass a cryptocurrency law by year-end. Indian Crypto Regulation and Preapproved Cryptocurrencies India is considering allowing only cryptocurrencies that have been “preapproved by the government” to be listed and traded on exchanges, Reuters reported Thursday, citing two sources familiar with the discussions. The approval process is intentionally cumbersome to deter investors from holding cryptocurrencies, the sources said, adding that the government is unlikely to go through with its earlier plan to ban cryptocurrencies. The publication quoted one of the sources as saying: Only when a coin has been approved by the government can it be traded, else holding or trading it in may attract a penalty. In addition, several Indian news outlets reported that the government could introduce a cryptocurrency bill during the...

PRESS RELEASE. Liquid Craft – is bringing a new concept to the NFT space by using collectible handcrafted bottles of Liquor to add value to their digital art pieces. Their first series Dragons and Bourbon is launching for pre-sale on Nov 20th at 12 PM PST with the public sale going live on Nov 23rd at 12 PM PST. Liquid Craft is aiming to bring innovation to two markets simultaneously with this release as well as their upcoming NFT marketplace. The NFTs are all backed by collectible bottles of liquor and with each series they release, they aim to deliver something unique in the form of fine wines, spirits, craft beers, and various other Liqueurs, from a range of international crafters. The Dragons and Bourbon NFT Series – The First Release The first release from Liquid Craft is titled Dragons and Bourbon and is a series of 1500 NFTs, released in two tiers – one tier of 750 NFTs on the Binance Smart Chain and the other tier of 750 on Ethereum. Each of the 1500 NFTs is backed by a ...