Bitcoin News and Finance: What You Need to Know

Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian experts also predict an increase in the supply of used coin minting hardware as large foreign companies leave the industry. Russian Demand for Powerful ASIC Miners Skyrockets in Q4, Report Reveals Demand for powerful computing devices designed to mint bitcoin has surged in Russia during the fourth quarter of the year, spurred by their low prices amid declining crypto markets, the Russian business daily Kommersant reported. The country’s cheap electricity rates and expectations for a higher supply of second-hand miners have played a role as well. The positive trend in the market for ASIC (application-specific integrated circuit) miners, used to extract bitcoin, has been observed despite a recent decrease in demand for graphics processing units ( GPUs ), or video cards employed to validate transactions for other cryp...

Congresswoman Maxine Waters has been heavily criticized for saying that she appreciates former FTX CEO Sam Bankman-Fried (SBF) being candid in his discussions about the collapse of his crypto exchange, FTX. “SBF has not, in fact, been candid in his discussions. He committed fraud, full stop,” one critic stressed. Maxine Waters Slammed for Appreciating Sam Bankman-Fried Congresswoman Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, was slammed on social media after she tweeted her appreciation to former FTX CEO Sam Bankman-Fried (SBF) Friday. Waters is leading a congressional hearing on the collapse of crypto exchange FTX, which will begin on Dec. 13. The lawmaker wrote: “We appreciate that you’ve been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.” Many people quickly poi...

Tesla CEO and Twitter chief Elon Musk says that former FTX CEO Sam Bankman-Fried (SBF) probably donated over $1 billion to support the Democratic Party, which would be a much larger sum than the number publicly disclosed. Many people slammed Musk for making accusations without providing proof. “This statement is so unbelievably irresponsible,” one commented. Elon Musk Believes SBF Donated Over $1B to Democratic Party Tesla CEO and Twitter chief Elon Musk believes that Sam Bankman-Fried (SBF), co-founder and former CEO of the collapsed cryptocurrency exchange FTX, donated much more than the publicly disclosed amount to support the Democratic Party in elections. Bankman-Fried was the second largest donor to the Democratic Party, after billionaire George Soros, in the 2021-2022 election cycle. According to Opensecrets, he donated $39,884,256 to Democrats before FTX imploded and had to file for bankruptcy . An estimated one million customers and investors lost billions of dollars in t...

Fiat, an automotive brand property of Stellantis, has launched its first metaverse-based store, which the company claims is the first showroom of its kind. The experience, which was developed with tech supplied by Touchcast and Microsoft, aims to make the virtual process of reviewing a car more interactive. Fiat Introduces Metaverse-Based Store Fiat, an automotive brand property of one of the top ten car manufacturers in the world, Stellantis, has launched its first virtual metaverse store. The company will allow customers to try the experience they will have inside and outside one of its models, the New 500 La Prima by Bocelli, through a virtual simulation of the model. The showroom will let the users review the car via a 360-degree view of the car model, and test the systems and the infotainment array that the company offers on this vehicle. Also, the customers can change the appearance and equipment of the car depending on the version and extras chosen, and even drive the vehic...

Daesung Private Equity, a Korean venture capital firm, has announced the launch of a metaverse fund of 110 billion won ($83.5 million). The fund, which will have the participation of the Korean state represented by Korea Venture Investment Corporation’s Korea Fund of Funds, aims to put investments into virtual reality (VR) and digital twins-related businesses. Daesung Private Equity to Launch Metaverse Fund Korean venture capital firm Daesung Private Equity has decided to get into the metaverse investment field. The company announced on Nov. 30 the launch of a metaverse-focused fund, that would have 110 billion won (equivalent to $83.5 million) to invest. The “Metaverse Scale-Up Fund,” which the company claims is Korea’s biggest private fund in the sector, will see the participation of the Korean state with the support of the Korea Venture Investment Corporation’s Korea Fund of Funds. 60 billion won (close to $46 million) was also injected by different companies of the Daesung con...

In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space. ‘Harmonized Rules’ for Crypto-Assets at EU Level After months of discussions and negotiations which culminated in the June 30 preliminary agreement , the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at [the] E.U. level.” According to a Nov. 29 briefing by the parliament’s ...

The authority responsible for crypto oversight in Uzbekistan has determined the order of issuing and circulating digital assets in the country. The main reason behind the move is to establish a mechanism that would allow local companies to attract capital through coins and tokens. Uzbekistan Government Sets Out to Regulate Digital Asset Investments The National Agency of Perspective Projects ( NAPP ), under the President of Uzbekistan, has released a new regulation on the procedures for the issue, registration, and release in circulation of crypto assets in the Central Asian Nation. The document provides basic legal definitions for crypto assets and makes distinction between the different types. It introduces requirements for crypto issuers, depositaries and custodians and determines their obligations, including those concerning relations with customers. The authority has also approved rules for the establishment and maintaining of an electronic register of crypto assets and adopt...

Nine U.S. lawmakers have raised concerns regarding the U.S. central bank digital currency project led by the Federal Reserve Bank of Boston. The lawmakers stressed: “Any U.S. CBDC must be open, permissionless, and private.” Congressmen Say Any US CBDC Must Be Open, Permissionless, and Private U.S. Congressman Tom Emmer (R-MN) announced Thursday that he has led an inquiry into the central bank digital currency (CBDC) effort led by the Federal Reserve Bank of Boston. Emmer and eight other members of Congress sent a letter to Susan Collins, president and CEO of the Federal Reserve Bank of Boston, raising concerns about Project Hamilton , an initiative to develop a U.S. CBDC in collaboration with the digital currency initiative at the Massachusetts Institute of Technology (MIT). “It has come to Congress’s attention that some firms participating in Project Hamilton intend to use government resources from the project to design a CBDC with the intent to then sell those products to commer...

PRESS RELEASE. INTERNET CITY, DUBAI, Dec 2nd, 2022 – LBank , a global crypto exchange, hosted an ‘LBank & Crypto Friends’ afterparty alongside the Web3 conference DCENTRAL Miami . LBank was proud to host more than 200 guests from all layers of the industry. This was LBank’s second event in Miami after exhibiting at the Bitcoin 2022 conference earlier this year. ‘LBank & Crypto Friends’, hosted on November 28th, served as a buffer between conference days, giving many attendees a chance to unwind after an intense day. A diverse crowd stopped over for the laid-back event, including Web3 entrepreneurs, investors, crypto enthusiasts, and more. “I met a lot of interesting people here. It was good to meet with LBank’s team in person and discuss our partnerships and potential collaborations,” a guest at the afterparty said. DCENTRAL Miami, the most significant Web3 conference in the industry, hosted a large group of attendees this year and many industry-leading speakers. LBank was...

Animoca Brands, the parent company of metaverse projects like The Sandbox, has announced it plans to launch a $2 billion metaverse fund. The new fund, which would be focused on returns for potential investors wanting to get more Web3-related capital exposure, will focus its activities on companies in the mid-to-late investment stages. Animoca Brands Plans Animoca Capital Fund Launch Animoca Brands, one of the most recognized metaverse and NFT companies in the ecosystem, has announced plans to launch its own metaverse fund. According to statements made by co-founder Yat Siu to Nikkei on Nov. 29, the company aims to raise between $1 billion and $2 billion for this new initiative. Animoca Brands, which has raised $804 million from several investors in several funding rounds already, aims to put the new funds (once raised) into established metaverse platforms in the mid-to-late investment stages, as it seeks to prioritize revenue over developing the Web3 environment, allowing partners...

Galaxy Digital’s CEO Mike Novogratz talked to Andrew Ross Sorkin on CNBC’s Squawk Box and gave his reaction to Sam Bankman-Fried’s (SBF) recent New York Times (NYT) Dealbook Summit interview. Novogratz said that SBF was “delusional” and insisted that the former FTX CEO needs to be prosecuted and further said, “he will spend time in jail.” Mike Novogratz: ‘Sam Was Delusional’ The billionaire and CEO of Galaxy Digital, Mike Novogratz , was very candid about what he thought about Sam Bankman-Fried’s (SBF) most recent interview held virtually at the NYT Dealbook Summit. Novogratz explained that SBF needs to take responsibility for his actions and stressed that the comments he made during the interview were “delusional.” “Let’s be really clear. Sam was delusional about what happened and his culpability in it,” Novogratz told the CNBC Squawk Box host Andrew Ross Sorkin on Thursday. “He needs to be prosecuted. He will spend time in jail. They perpetuated a large fraud. And it wasn’t jus...

PRESS RELEASE. A game-changing Web3 security solution was launched on December 1, 2022. As the digital world is getting more advanced, scammers invent new elaborate ways to cheat web3 users and steal their assets. Smart contracts forgery, phishing websites, airdrop scams, and spamming are just a few of the dangers one faces when browsing the Web3 space. In 2022, more than $1.6 billion in crypto has gone missing because of massive exploits in DeFi, which is way more than the thefts in 2020 and 2021. Where’s the bright side? Luckily, there is a solution designed specifically to fight off these malicious activities, helping users keep digital assets safe and enjoy Web3 experiences with confidence. Web3 Antivirus (W3A) is a free open-source Chrome extension powered by proprietary security audit frameworks and equipped with millions of websites in blocklists and allowlists it draws the data from. It needs zero setup, never asks for access to wallet or assets, and works with MetaMask...

While many crypto exchanges have seemingly embraced the use of proof-of-reserves (PoR) to showcase their transparency and reassure nervous users, crypto analyst Martin Hiesboeck insists such so-called proofs are susceptible to manipulation or misrepresentation. He added that PoRs alone are not a suitable method of verifying an exchange’s reserves because they do not “account for liabilities and off-chain assets at all.” PoR May Be ‘Misleading and Deceptive’ Following the collapse of FTX in November, trust in centralized exchanges ebbed, with many users rushing to move their assets off of such platforms. This, in turn, sparked a rush by crypto exchanges to present or publish their proof-of-reserves (PoR). Seen as an emergency response to the confidence crisis created by FTX’s fall, PoR Merkle trees have seemingly become the de-facto standard measure used to project a crypto exchange’s transparency. Proponents of PoR assert that using this audit method reassures users that a crypto e...

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned about “an extended multi-year recession” in the U.S. He believes there isn’t a strategy to pull us out of “this real recession.” Michael Burry’s Recession Warning Famous investor and founder of investment firm Scion Asset Management, Michael Burry, has warned about a “real recession” that will last multiple years. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. The Big Short investor tweeted about a recession Tuesday. He wrote: What strategy will pull us out of this real recession? What forces would pull us so? There are none. So we are really looking at an extended multi-year recession. Who is predicting this? There are none. Burry has warned about a...

Shark Tank star Kevin O’Leary and billionaire hedge fund manager Bill Ackman have been slammed for stating that they believe Sam Bankman-Fried (SBF) was telling the truth that he “didn’t knowingly commingle funds.” The former CEO of the collapsed crypto exchange FTX also said he “wasn’t running Alameda,” so he “didn’t know exactly what was going on.” Kevin O’Leary, Bill Ackman Defend Sam Bankman-Fried Shark Tank star Kevin O’Leary, aka Mr. Wonderful, and billionaire hedge fund manager Bill Ackman were slammed Thursday after they said they believe former FTX CEO Sam Bankman-Fried (SBF) was telling the truth during an interview at The New York Times’ Dealbook Summit, aired Wednesday evening. Crypto exchange FTX collapsed and filed for bankruptcy on Nov. 11. An estimated one million customers and investors lost billions of dollars in the exchange meltdown. Bankman-Fried said during the interview that he “didn’t knowingly commingle funds.” He also shifted blame to Alameda Research, st...

On Nov. 30, 2022, the former FTX CEO Sam Bankman-Fried (SBF) discussed FTX’s collapse at the New York Times’ Dealbook Summit with Andrew Ross Sorkin in his first live-appearance interview since the crypto exchange’s downfall. SBF told the Dealbook Summit host that he was “deeply sorry about what happened” and further stressed that he “didn’t knowingly co-mingle funds.” NYT Dealbook Summit Host Andrew Ross Sorkin Questions Sam Bankman-Fried, Former FTX CEO to Appear on Good Morning America FTX co-founder and former CEO Sam Bankman-Fried (SBF) sat down for a long interview with Andrew Ross Sorkin , the host of the New York Times’ (NYT) Dealbook Summit. SBF’s Dealbook appearance followed the SBF interview published the day prior with crypto supporter and reporter, Tiffany Fong. Appearing virtually at the NYT conference, SBF was asked whether or not he was worried about criminal charges being brought against him. “There’s a time and a place for me to think about myself and my own fut...

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-hryvnia. The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements. Ukraine’s Monetary Authority Introduces Banks and Businesses to E-hryvnia Project The National Bank of Ukraine (NBU) has presented a draft concept for its future central bank digital currency (CBDC) to representatives of banks, other financial institutions and participants in the crypto market. The regulator seeks feedback on the possible issuance of this version of the national fiat currency, the hryvnia. The main purpose of the e-hryvnia will be to supplement the cash and non-cash forms of the Ukrainian money, the monetary policy regulator explained in an announcement published on Monday. The plan is to make it accessible to all segments of the population, legal entities, state bodies, the banking an...

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand. Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet. The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply. Providing the reasoning f...