Bitcoin News and Finance: What You Need to Know

Mercado Bitcoin, one of the biggest Brazilian cryptocurrency exchanges, has announced a new wave of layoffs amidst a worsening global economic situation for fintech startups, which the exchange states is affecting innovation-based companies. The exchange laid off 15% of its workforce on September 1st, this being the second round of layoffs the company has executed in three months. Brazilian Exchange Mercado Bitcoin Announces New Wave of Layoffs Cryptocurrency companies in Latam and all over the world are being negatively affected by the recent downturn in crypto and traditional markets. Mercado Bitcoin, a cryptocurrency exchange based in Brazil, has announced the execution of a series of layoffs due to the global economic conditions. According to local media , Mercado Bitcoin let go of 15% of its workforce on September 1st, as part of a series of measures taken by 2TM, the holding company of the exchange, directed to streamline operations. In a statement, the company also criticiz...

Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) non-fungible token (NFT) collections, has released another video clip showcasing the Otherside metaverse. The second Otherside trailer features characters called “Kodas” and the development team says “the story continues later this Q4.” Sword-Carrying Koda Meets the Otherside Portal — Yuga Labs Hints at Continuing Metaverse Story in Q4 On September 1, 2022, Yuga Labs leveraging the Twitter account @Othersidemeta , shared a new video teaser of the upcoming metaverse the Otherside . The video follows Yuga Labs publishing the Otherside litepaper , which covers the “foundational principles” of the upcoming metaverse. The second trailer is somewhat of a backstory before the BAYC dubbed “Curtis” steps through the portal, while the Doors song “Break On Through” plays. The 2-minute clip features a character called a “Koda” and one of them equipped with a sword ...

Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims. Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand Thailand’s Securities and Exchange Commission ( SEC ) has approved new requirements for crypto ads, Bloomberg and Reuters reported quoting the regulator. According to a statement released on Thursday, the changes come after the SEC found that some advertisements lacked any warnings about the risks associated with cryptocurrencies or featured only positive information. Crypto firms in Thailand will now be obliged to clearly indicate the relevant risks for investors in their ads and the warnings must be easy to notice. They should present balanced views of the expected returns and mention both positive and negative factors. The advertisemen...

The non-profit organization promoting the creation of the digital dollar, the Digital Dollar Project, has announced the launch of a sandbox program to kickstart the probe of the technical implementations of the envisaged digital currency. The fintech firm Ripple is among the four participants that are expected to help the Digital Dollar Project “explore technical and business implementation questions.” Inaugural Cohort to Focus on Cross-Border Payments The Digital Dollar Project (DDP), a nonprofit organization spearheading discussions around the mooted digital version of the U.S. dollar, recently announced the launch of the “technical Sandbox Program to jumpstart further exploration of technical implementations” of the central bank digital currency (CBDC). In a statement, the DDP revealed that the sandbox program is set to start in October “with the inaugural cohort focused on cross-border payments.” According to a statement, four organizations namely Ripple, Digital Asset, EMTECH,...

Pezesha, a Kenyan fintech focused on providing bridging finance to small and medium-sized enterprises, recently raised $11 million in pre-Series A debt-equity funding round. The Women’s World Banking Capital Partners II led the round in which the Cardano blockchain builder Input Output Global also participated. Pezesha Solving Working Capital Problems for MSMEs A Kenya-based fintech, Pezesha, announced recently that it raised $11 million from its pre-Series A debt-equity funding round. According to a Techcrunch report, this series was led by Women’s World Banking Capital Partners II with the Cardano blockchain builder Input Output Global (IOG) also participating. Other participants were Verdant Frontiers Fintech Fund and Cfund. As per the report , Pezesha plans to use the funds to expand its embedded finance business to micro, small medium-sized enterprises (MSMEs) operating in countries like Nigeria, Rwanda and Francophone Africa. Commenting on how Pezesha plans to avail its lend...

The President of Paraguay, Mario Abdo has issued an executive veto on a recently approved cryptocurrency bill. Abdo’s veto decree states cryptocurrency mining is an “energy-intensive” and a low-value-added activity. The bill will now be returned to Congress to be approved again or to be rejected entirely. President of Paraguay Considers Cryptocurrency Mining an Energy Intensive Activity The President of Paraguay, Mario Abdo, has exerted an executive veto on the recently approved cryptocurrency bill, after more than a year of discussions in the Paraguayan Congress. The project, which was introduced in July 2021, aims to clarify the rules by which cryptocurrency mining operators and other virtual asset service providers must abide on Paraguayan soil. The proposed bill established that cryptocurrency miners should pay a power fee 15% higher than what is paid by other similar industries. However, Adbo’s veto order establishes that this activity is “characterized by its high consumpti...

The attorney general of the District of Columbia has sued Microstrategy’s co-founder and executive chairman, Michael Saylor, for tax fraud. The lawsuit also names Microstrategy as a defendant “alleging that it conspired to help him evade taxes he legally owes.” Both Saylor and Microstrategy denied the allegations. The attorney general is seeking more than $100 million in unpaid taxes and penalties. District of Columbia Sues Billionaire Michael Saylor and Microstrategy The Office of the Attorney General (OAG) of the District of Columbia announced Wednesday that Attorney General Karl A. Racine has filed “a tax fraud lawsuit” against Microstrategy’s co-founder and executive chairman, Michael J. Saylor. The lawsuit also names the Nasdaq-listed software company as a defendant “alleging that it conspired to help him evade taxes he legally owes.” The announcement claims that Saylor has resided in the District of Columbia for more than a decade but has never paid any D.C. income taxes desp...

The launch of El Salvador’s bitcoin bonds, issued to finance part of the construction of the Bitcoin City in the country, will be delayed again. In a recent interview Paolo Ardoino, CTO at Bitfinex, the exchange in which these bonds will be offered, stated that the law framework needed for the issuance of these digital securities is still not ready. El Salvador to Delay Bitcoin Bonds Launch The launch of the iconic bitcoin bonds of El Salvador, which will serve to fund the construction of the Bitcoin City announced last year, will be further delayed, according to reports coming from Paolo Ardoino, CTO at Bitfinex. In a recent interview offered to Fortune, Ardoino stated that the law framework that would support this issuance was still not ready. However, Ardoino made a prediction on the launch date of the bonds. He declared: If the law passes by September, I would expect it to reasonably take two to three months to have everything else rolled out. The bond token was reported t...

The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions. Parliament of Georgia to Vote on Crypto Legislation in Coming Months A legislative package expanding the regulatory framework for companies dealing with crypto assets has been submitted to the parliament by the government in Tbilisi. Its adoption is planned for the fall session of the legislature, Minister of Economy and Sustainable Development Levan Davitashvili announced. Quoted by the Business Media news outlet, he elaborated: We expect that in the fall, Georgia will have updated legislation that will significantly develop the financial sector. According to Levan Davitashvili’s statement, the draft legislation prepared by the Georgian government has been tailored to achieve convergence with three important directives of the Europ...

Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region. Bitcoin Bitcoin ( BTC ) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report. Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000. Ahead of the report BTC /USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28. Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00. The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory. Should tomorr...

Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union with various financial scams, including some related to cryptocurrencies. The criminal organization members contacted their victims through call centers to collect personal financial information. Fake Ukrainian Call Centers Promise Foreigners Excess Profits From Crypto Trading Officers from the Main Investigative Department of Ukraine’s National Police and the Security Service of Ukraine ( SBU ) have dismantled a criminal group running schemes designed to misappropriate funds from citizens of the country and a number of EU nations. Its members offered investors to participate in exchange trading of crypto assets, securities, and commodities. Investigators found that the scammers established a network of call centers and presented themselves as officials from state banking institutions in order to obtain credit card data. They used high-tech equipment and software which allowed th...

The layer two (L2) scaling solution Arbitrum revealed on Wednesday that the team has implemented the project’s Nitro rollup stack migration. Earlier this month, Arbitrum developers noted that the Nitro migration would reduce network fees and improve throughput. Arbitrum Developers Implement Nitro Update The Offchain Labs -managed L2 Ethereum scaling solution Arbitrum , told fellow Arbinauts (the project’s users) on Wednesday that the development team has implemented the Nitro upgrade. “All Arbinauts, please prepare for liftoff,” the team explained. Moreover, the official Arbitrum Twitter account wrote that the “migration has officially begun, [and] the network will remain down during the upgrade process for the next 2-4 hours.” The team invited fellow Arbinauts to hold tight during the change in the project’s Discord server discussion room. Bitcoin.com News reported on Arbitrum’s August 31 Nitro upgrade on August 7. The upgrade aims to improve the Arbitrum experience a great d...

The Federal Bureau of Investigation (FBI) profiled the Onecoin cryptocurrency scam and its co-founder Ruja Ignatova, aka “Crypto Queen,” in a new podcast. Onecoin was one of the world’s biggest crypto scams and Ignatova was recently added to the FBI’s 10 most wanted fugitives list. FBI on Onecoin Crypto Scam and Ruja Ignatova The Federal Bureau of Investigation (FBI) published an “Inside the FBI” podcast episode last week titled “Ten Most Wanted Fugitive Ruja Ignatova.” Also known to some as “Crypto Queen,” Ignatova co-founded Onecoin, one of the world’s largest cryptocurrency scams. Inside the FBI podcast highlights news, cases, and people from around the bureau in audio form. The show’s host, Monica Grover from the FBI’s Office of Public Affairs, explained: On this episode of Inside the FBI, we’ll learn how Ignatova, through a company once marketed as the ‘Bitcoin killer,’ didn’t change the world … but instead robbed investors of billions of dollars. Ignatova was added to th...

Tesla CEO Elon Musk has outlined new reasons to terminate the $44 billion deal to buy Twitter in a new filing with the U.S. Securities and Exchange Commission (SEC). Citing a whistleblower report, Musk’s lawyer said the allegations, known to the social media giant but undisclosed to Musk, indicate “far-reaching misconduct at Twitter.” Elon Musk Presents More Reasons to Terminate Twitter Deal in New SEC Filing Tesla CEO Elon Musk has found more reasons to terminate his $44 billion offer to buy Twitter Inc. Musk’s lawyer filed a letter he sent to Twitter with the U.S. Securities and Exchange Commission (SEC) Monday to provide additional notice of termination of the agreement. Musk officially terminated his offer to buy Twitter on July 8. Twitter subsequently sued the Spacex boss to force him to close the deal, prompting Musk to countersue the social media giant. In the letter sent to Twitter Chief Legal Officer Vijaya Gadde, Musk’s lawyer detailed: Allegations regarding certain...

The host of Mad Money, Jim Cramer, has advised investors to avoid cryptocurrency and other speculative investments. “Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d,” Cramer stressed, warning of “a giant washout of all things that are speculative.” Jim Cramer Advises Investors to Avoid Crypto The host of CNBC’s Mad Money show, Jim Cramer, offered some advice Tuesday regarding what to invest in the current market condition. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The Mad Money host has urged investors to stay away from speculative assets including cryptocurrencies. He warned that these investments will struggle as the Federal Reserve continues its hawkish stance to combat inflation. “Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money. That was the thrust of his speech on Friday,” Cramer said, referring to Powell’s speech in Jackson Hole, Wyoming. The central banker warne...

This week, Ticketmaster Entertainment, Inc. revealed the company will give event organizers the ability to mint non-fungible token (NFT) tickets via the Flow blockchain. Last November, Ticketmaster said it was working with Polygon but since Super Bowl LVI, the ticket sales and distribution behemoth started working with the Dapper Labs-managed Flow. Ticketmaster Has Minted More Than 5 Million NFTs Using Flow’s Technology On August 31, 2022, a sportsbusinessjournal.com report detailed that Ticketmaster will allow event organizers to issue NFTs using the Flow blockchain. Organizers will be able to mint NFTs before, during, or after an event and they can represent tickets or memorabilia, VIP access and rewards as well. The report notes that the ticketing agency has already minted 5 million NFTs via the Flow network. Clients that have issued NFTs include The Black Crowes, the Apollo Theater, and Gavin DeGraw. Ticketmaster originally said it would use Polygon but in February the world’s...

The United States Federal Bureau of Investigation (FBI) has issued a public service announcement about exploits attackers have recently used to steal cryptocurrency from investors that put money on decentralized finance (defi) platforms. The organization also advised crypto investors to do their own research and verify that the decentralized finance platforms chosen were audited by independent parties. Defi Platforms Under the Eye of the FBI The FBI has begun to notice the attention scammers are giving to decentralized finance (defi) platforms in order to exploit their operations. The bureau has issued a public service announcement warning investors and defi platforms about this development, and issuing recommendations to try and prevent these exploits from happening. The FBI has observed three recent hacks, by which attackers have managed to compromise these decentralized finance protocols: initiating flash loans, exploiting signature verifications to empty cross-platform bridges...

El Zonte, a beach in El Salvador rebaptized as “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan of the government of El Salvador. Surf City, another beach location in the La Libertad region, will also receive road improvements and other upgrades. ‘Bitcoin Beach’ to Benefit From Infrastructure Investments Bitcoin Beach, a beach in El Zonte, El Salvador, is getting a set of infrastructure upgrades from the country’s government. The beach is iconic due to its adoption of bitcoin to build a circular economy in the area. These investments will be directed toward building a new set of facilities for tourists to better enjoy the location. Regarding the execution of these investments, President Nayib Bukele stated : El Zonte for many is known as Bitcoin Beach; we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area...

Farms mining cryptocurrency at oil wells in Russia account for 85 megawatts (MW) of energy capacity, experts have estimated. Investors are considering projects for another 200 MW despite constraints stemming from Western sanctions, a report reveals. Annual Income From Crypto Mining With Associated Gas in Russia to Exceed One Billion Rubles Data centers mining cryptocurrencies in Russia’s oil fields have a combined power rating of 85 megawatts, which is 23% of the market, according to analysts at Vygon Consulting, an independent consultancy working on the development of the Russian fuel and energy complex. These crypto farms are supplied with electricity generated by small power plants burning associated petroleum gas ( APG ), a by-product of the extraction of black gold, that oil companies are required to dispose of. While it costs them almost nothing, they can sell it to miners. Russian oil producers use around 17 billion cubic meters of APG annually to power facilities at drilli...

A constitutional court in the Central African Republic has reportedly ruled that the Touadéra government’s offer of land and citizenship to buyers of the sango coin is unconstitutional. The court said the sango-coin-for-citizenship scheme must be stopped because the country’s “nationality has no market value.” Offering Land and Minerals to Sango Coin Investors Ruled Unconstitutional In a ruling likely to derail the Central African Republic (CAR)’s crypto ambitions, a constitutional court has ruled that the government’s plan to offer full citizenship to investors in its sango coin cryptocurrency is illegal. In addition, the court said the government’s offer of land and access to minerals such as gold to sango coin buyers is unconstitutional. According to the court, the country’s “nationality has no market value,” hence President Faustin-Archange Touadéra’s government must stop promising citizenship to investors that buy sango coins worth $60,000. Government Says It Respects Court’...

The U.S. Securities and Exchange Commission (SEC) has warned about scammers exploiting investors’ fear of missing out (FOMO) on social media. “If a crypto investment ‘opportunity’ sounds too good to be true, it probably is,” the SEC cautioned. SEC Says Scammers Often Use Social Media to Defraud Investors The U.S. Securities and Exchange Commission (SEC) published an Investor Alert titled “Social Media and Investment Fraud” Monday. The SEC’s Office of Investor Education and Advocacy warned that “fraudsters often use social media to scam investors.” Encouraging investors to be skeptical and “never make investment decisions based solely on information from social media platforms or apps,” the securities regulator described: Fraudsters may exploit investors’ fear of missing out to lure investors on social media into ‘crypto’ investment scams. “If a crypto investment ‘opportunity’ sounds too good to be true, it probably is,” the SEC stressed. “Promises of high investment returns, wi...

Dubai, Tuesday, August 30th – Zogi Labs Ltd. officially releases The Legends of Bezogia Beta to global audiences seeking to experience an NFT crypto-based MMORPG like never seen before. The Legends of Bezogia takes the crypto gaming industry to new heights with next-level graphics, a rich and deep backstory, countless quirky characters & villains and a massive open world. Players can rent, own & sell their own NFT Bezogi characters and kit them out with NFT weapons that add unique flavor to the gameplay never seen before in an NFT crypto-based massive open-world game. “Following on from a year of hard work, devotion and creative passion we’re extremely excited to finally launch The Legends of Bezogia Beta after an overwhelmingly positive response & signup count. With the aim of taking the NFT crypto gaming industry by storm, the game will give users all around the world a totally new experience in crypto gaming which is fitting for 2022. Gone are the days of crypto games...