Bitcoin News and Finance: What You Need to Know

Imran Khan, a former prime minister of Pakistan and current chairman of one of the largest political parties in the country, has confirmed that his Instagram account was compromised and hackers used it to promote a cryptocurrency giveaway scam. Imran Khan’s Instagram Account Hacked, Used to Promote Crypto Scam Imran Khan, a former Pakistani prime minister and current chairman of the Pakistan Tehreek-e-Insaf (PTI), one of the largest political parties in the country, reportedly confirmed that his Instagram account was hacked Monday. He told Dawn publication that his account was soon recovered with the help of Meta, owner of Facebook and Instagram. He explained that he himself monitors the account, which has 7.4 million followers, noting that the hackers posted a cryptocurrency link and a screenshot of a tweet from Tesla CEO Elon Musk to the account. The cryptocurrency link posted on the politician’s account leads to a crypto giveaway site featuring Musk and his company Spacex. Scam...

Bitcoin Valley, the first bitcoin city in Honduras, has launched in Santa Lucia. Businesses in the area will accept bitcoin for payments. “In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to another market and win more customers,” said a local business owner. Bitcoin Valley: First Bitcoin City in Honduras Bitcoin Valley, the first bitcoin city in Honduras, has launched in the small Honduran tourist town of Santa Lucia, located 20 minutes from the capital city of Tegucigalpa. The initiative was jointly developed by Blockchain Honduras, Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, Decentral Academy, and Santa Lucia’s municipality. Blockchain Honduras announced the launch of Bitcoin Valley Thursday. Cesar Andino, owner of Los Robles shopping square in Santa Lucia where several commercial establishments operate, will accept bitcoin in addition to U.S. dollars and Honduran lempiras. He told La Pre...

The U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S. SEC Takes Action Against Forsage Crypto Scheme The U.S. Securities and Exchange Commission (SEC) announced Monday that it has “charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme.” The securities regulator explained that the Forsage scheme raised more than $300 million from millions of retail investors worldwide, including in the U.S. The 11 defendants are four Forsage founders, three U.S.-based promoters of the scheme, and “several members of the so-called Crypto Crusaders — the largest promotional group for the scheme that operated in the United States,” the SEC described. The founders were last known to be living in Russi...

The cryptocurrency payroll service Bitwage announced on Monday that the company has partnered with the digital currency wallets Casa and Edge Wallet in order to “bring bitcoin payroll to mainstream audiences.” Now Edge Wallet and Casa users can connect to the Bitwage platform’s services via a deep link or QR code. Crypto Payroll Company Bitwage Partners With Casa and Edge Wallet Since John Lindsay and Jonathan Chester launched Bitwage in 2014, the company has offered bitcoin ( BTC ) and cryptocurrency wage payment services to people in countries all around the world. Following the company’s announcement that the Ultimate Fighting Championship (UFC) Strawweight Luana Pinheiro would get paid in BTC via Bitwage’s payroll services, Bitwage announced that it has partnered with the wallet companies Edge Wallet and Casa . Before partnering with Casa and Edge, Bitwage users needed to provide a wallet address in order to leverage the company’s payroll services. However, Casa and Edge Wal...

PRESS RELEASE. After being in stealth mode since 2020 and undergoing drastic improvements and gameplay enhancements, the ALL-NEW YOLOREKT is now LIVE. People can bid and win in USDC on various assets during 3-minute games. The ALL-NEW YOLOREKT The new YOLOREKT means lots of fun and lots of winning potential. Based on 3-minute rounds, users have an infinite number of chances to bid on whether the Strike price will be above — or below — the actual price of assets like Ethereum, Bitcoin, MATIC, Doge, Tesla, Gamestop — with many more in the pipeline. Users will be able to bid as many times as they want to within any of the 3-minute games — even bid on games 10 rounds in the future. OPPORTUNITY OF $1+ QUADRILLION MARKET VALUE – Yogesh Srihari, Co-founder at YOLOREKT says “Volumes in the traditional derivatives market are anywhere above $1+ Quadrillion as compared to the crypto derivatives volume which stands at merely $32+ Trillion in 2021 ” “We will be a catalyst to usher user’s d...

On Saturday, the co-founder of Ethereum, Vitalik Buterin, took to Twitter and gave his perspective on the “existing corporate attempts to create the metaverse.” Buterin noted that a metaverse will happen, but he doesnt believe the current corporate metaverse attempts are going anywhere. Ethereum’s Vitalik Buterin Shares His Thoughts on Existing Corporate Metaverse Attempts This weekend Vitalik Buterin discussed the metaverse after sharing a tweet from the co-founder of Dialectic and blockchain auditor, Dean Eigenmann, who said he doesnt believe the metaverse “will happen in the ways VCs are currently funding.” Buterin shared Eigenmann’s tweet on Saturday and agreed with the assessment. “The ‘metaverse’ is going to happen, but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere,” Buterin said . 24 hours later, Buterin’s tweet about the metaverse is closing in on 10,000 likes and close to 1,500 retweets. Buterin’s metavers...

If extradited to the United States, crypto exchange BTC-e’s alleged operator Alexander Vinnik will become a “hostage” due to the ongoing conflict in Ukraine, according to his Greek lawyer. France is likely to send the Russian back to Greece soon and Zoe Konstantopoulou is trying to prevent his subsequent transfer to U.S. custody. Alexander Vinnik’s Greek Defense Fights His Extradition to US A French court is expected to approve next week the return of convicted money launderer Alexander Vinnik to Greece. Greek authorities arrested the Russian national in 2017 and handed him over to France, two years later, where he was charged with identity theft and extortion as well. He has now served his five-year sentence there, taking into account the time spent in detention prior to the trial. Vinnik was apprehended in Thessaloniki, where he arrived on vacation with his family, on a warrant from the U.S., where he is also accused of laundering at least $4 billion through the infamous BTC-e e...

Charles Schwab’s $655 billion asset management arm is launching its first crypto-related exchange-traded fund (ETF). The new fund is expected to start trading this week on the NYSE Arca exchange. Charles Schwab Launches Its First Crypto-Related ETF Schwab Asset Management, a subsidiary of The Charles Schwab Corp., announced last week the launch of the Schwab Crypto Thematic ETF (NYSE Arca: STCE), calling the new product “its first crypto-related ETF.” Charles Schwab is a major American brokerage, banking, and financial services company. Schwab Asset Management currently has over $655 billion in assets under management, according to its website. It is the third largest provider of index mutual funds and the fifth largest provider of exchange-traded funds (ETFs). The first day of trading for the Schwab Crypto Thematic ETF is expected to be on or about Aug. 4, the announcement details, adding: The fund is designed to track Schwab Asset Management’s new proprietary index, the Schwab...

Quik.com is offering minting of NFT domains, which will allow users to host their decentralized web pages and even change their digital wallet’s heavy addresses, while the evolving virtual universe, the decentralized web3, and its related technologies are still in the early stages of adaptation. Users will have the opportunity to obtain their lucky number as the race has just begun. Visit Quik.com’s NFT Domain Marketplace . Mint your first Metaverse Domain Name . Mint your first VR Domain Name . Mint your first Web3 Domain Name . Minting NFT domains is more than just a trend; it’s an innovative possibility that optimizes blockchain technology and enables users to construct decentralized websites with full control and ownership over the data and content. as opposed to conventional domains that are run, controlled, and even licensed by the ICANN regulatory body. It permits the user to buy a domain but does not transfer the actual ownership. Users are the actual owners of the d...

Regulators in the U.S. and U.K. have met to discuss broader crypto regulatory initiatives. They reaffirmed their commitment to “continued cooperation to support safe financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions.” US and UK Regulators Collaborate on Crypto Regulation The U.S. Department of the Treasury published a joint statement last week on the U.K.-U.S. Financial Regulatory Working Group. The group held a meeting on July 21. Participants included officials and senior staff from HM Treasury, the Bank of England, the Financial Conduct Authority, the U.S. Treasury Department, the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). The statement explains that the financial regulatory working group was formed in 2008 “to deepen bilateral regulatory cooperation...

On Sunday, the non-custodial market protocol Aave announced that the Aave DAO has approved a new stablecoin for the ecosystem called “GHO.” Aave Companies proposed the stablecoin during the first week of July and the collateral-backed stablecoin will be pegged to the U.S. dollar’s value. A New collateral-Backed Stablecoin Crafted by Aave Companies Is Due to Launch After the Aave DAO Votes on Genesis Parameters Aave explained on Sunday that the Aave decentralized autonomous organization (DAO) approved a proposal to create a stablecoin token called “GHO.” “The community has given the green light for GHO,” the official Aave Twitter account detailed . “The next step is voting on the genesis parameters of GHO, look out for a proposal next week on the governance forum.” The GHO introductory blog post , published on July 7, 2022, says the stablecoin will be “backed by a diversified set of crypto-assets chosen at the users’ discretion, while borrowers continue earning interest on their un...

A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the Bank of Central African States.” Developing a Crypto Regulatory Framework After initially clashing with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in developing the “regulatory framework governing crypto assets” from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group’s statutes. By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), t...

On July 27, the Filecoin Foundation for the Decentralized Web (FFDW) announced it will be supporting an initiative with Harvard University’s Library Innovation Lab (LIL) called the “Democratizing Open Knowledge” program. With FFDW’s support, LIL plans to explore decentralized technologies that can preserve digital information. Democratizing Open Knowledge While there’s a lot of information to consume in 2022, it’s hard to verify what is legitimate and there’s a significant amount of distrust toward mainstream media sources. In the U.S. for example, America’s trust and confidence levels in the media sunk to record lows in a recent Gallup poll published this month. Out of the American adults surveyed, only 16% said they had “quite a lot” of confidence in today’s news publications, and only 11% trusted news on television. Moreover, during the last few years, there’s also been a lot of disinformation and debates over technical definitions. For example, this past week, the term “recess...

In a move seen as an attempt to pacify protesting bank clients, Chinese authorities in Henan province announced their latest repayment plan which sees customers with deposits ranging between $14,827 and $22,240 qualify for reimbursement. In addition, authorities said two unnamed officials from the province are being investigated for allegedly violating the law. Reimbursements Set to Commence in August Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since April. The repayments program is set to start on August 1 and according to an arrangement put forward by authorities, only clients with deposits that range between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) qualify to receive a reimbursement. According to a Reuters report , authorities in the province are now moving to pacify the restive bank clients who have been protesting against the three rural banks’ deci...

The latest troubles in the crypto space have allegedly led to an increased supply of second-hand luxury watches, according to a leading trading platform. As a result, prices of sought-after models by major brands like Rolex and Patek have dropped, the company revealed. Higher Supply After Crypto Crash Hurts Resale Prices of Top Watches From Swiss Brands Like Rolex The recent decline in the valuations of crypto assets has directly impacted pricing of luxury watches from Rolex, Patek Philippe and the like, a German online platform that lists hundreds of thousands of watches has noticed. The supply of trophy watches, such as the Rolex Daytona or Patek Nautilus 5711A, “is now much larger,” the Karlsruhe-based Chrono24 said in a statement, quoted by Bloomberg. The crypto collapse is easing supply of the most desired models on the second-hand market, it elaborated. The report notes that the decreasing prices of the most wanted timepieces is an indication that the second-hand luxury wat...

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that more bear markets are coming and the next one will be “the worst” in his lifetime. Noting that many stocks will go down 90%, he stressed that investors will lose a lot of money. Jim Rogers Says ‘the Worst’ Bear Market in His Lifetime Is Coming Next Famed investor Jim Rogers warned about an incoming bear market that will be “the worst” in his lifetime in an interview with Kitco News, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. Citing that we are somewhat in a bear market right now, he predicted that the worst has yet to come, warning: More bear markets are coming … The next one is going to be the worst in my lifetime. While explaining that in 2008, “we had a problem with too much debt,” he stressed that the debt has skyrocketed since then. “The debt, oh my God, look out the window...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has discussed what he believes is the “best investment value today.” What is the Best Investment Value Today? Rich Dad Poor Dad’s Robert Kiyosaki Answers The author of Rich Dad Poor Dad, Robert Kiyosaki, has suggested that investors buy silver, stating that the precious metal is the best investment value today. 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 tweeted Thursday: “Q: What is best investment value today?” He replied that the answer is silver, noting that gold’s price has climbed above $1,700 but silver has fallen to $20. “I do not touch paper gold or silver ETFs [exchange-traded funds]. I only want real gold or silver coins. Silver is an industrial precious metal. Gold is not. Do...

A panel of crypto industry experts says now is the time to sell dogecoin. The majority of the experts expect DOGE to completely lose its value. Dogecoin “was a meme coin that shouldn’t have really gotten to this point,” said one of the experts on the panel, blaming Tesla CEO Elon Musk for the popularity of the meme cryptocurrency. Expert Panel on Dogecoin Losing All Value Price comparison portal Finder updated its dogecoin (DOGE) price predictions Wednesday. The platform explained that it measures expert predictions of the future price of dogecoin using weekly and quarterly surveys. The latest quarterly survey, conducted in July, “asks a panel of 54 industry experts for their thoughts on how dogecoin will perform over the next decade.” The panel was asked, “Do you think DOGE will completely lose its value?” 55% said yes, 21% believe the meme cryptocurrency will bounce back, and 24% said they were unsure. Regarding when the price of dogecoin will lose all of its value, 3% said it wi...

The Central African Republic’s token sale appeared to have gotten to a slow start after less than 13 million out of the 210 million Sango coins were sold since the commencement of the sale on July 25. The country has claimed its decision to adopt bitcoin has won praise from “other African countries exploring the possibilities of adopting a similar system.” Just Over $1.2 Million Raised Since Token Sale Commenced The sale of the Central African Republic (CAR)’s Sango crypto token, which commenced on July 25, has reportedly started off slowly with just under 13 million coins having been sold to date. With the initial selling price set at $0.10 per coin, it means the CAR has now raised approximately $1.26 million since the commencement of the sale, a website tracking the token sale has shown. As previously reported by Bitcoin.com News, investors that wish to acquire their share of the 210 million Sango coins on offer must fork out a minimum of $500. Prospective buyers can pay using ...

Ripple’s general counsel has urged U.S. lawmakers to pass “sensible crypto legislation” amid a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. “Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation,” he opined. Ripple’s Counsel Calls for ‘Sensible’ Crypto Regulation Stuart Alderoty, general counsel for Ripple, stressed the importance of sensible cryptocurrency legislation in an opinion piece published Wednesday. Referencing a House Financial Services Subcommittee hearing on Investor Protection where Congressman Brad Sherman (D-CA) pushed the SEC to go after major cryptocurrency exchanges that traded XRP , Alderoty emphasized: Sherman’s off-base remarks underscore the urgent need for sensible crypto legislation from Washington. The SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an u...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has published a video explaining how the agency plans to regulate crypto exchanges. “I’ve asked our staff to work directly with the platforms to get them registered and regulated,” the SEC chief revealed. SEC Chairman Gary Gensler’s Video About Regulating Crypto Exchanges U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler published a video Thursday explaining how the securities watchdog plans to regulate crypto exchanges and provide investor protection. Gensler explained in the video the similarities and differences between crypto trading platforms and traditional exchanges like the New York Stock Exchange (NYSE). “When you trade on a stock market, you have certain protections,” he began, adding that investors are “protected against fraud, manipulation, running, and the like.” Noting that crypto platforms serve “millions, sometimes tens of millions” of retail customers who are directl...

A U.S. lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures against fake cryptocurrency apps appearing in the Apple App Store and the Google Play store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.” U.S. Senator Questions Chief Executives of Apple and Google on Fake Crypto Apps Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Apple CEO Tim Cook and the CEO of Alphabet and Google, Sundar Pichai, regarding their measures against fake cryptocurrency apps on their platforms. He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.” Senator Brown’s letters followed a warning by the Federal Bureau of Investigation (FBI) against fake cr...