Bitcoin News and Finance: What You Need to Know

In 2023, several SIM swap attacks have targeted cryptocurrency advocates and high-profile industry members, including Ethereum co-founder Vitalik Buterin. Below is a comprehensive guide aimed at educating our readers on mitigating SIM swap attacks and safeguarding against hacks. Understanding the Threat: Unmasking SIM Swap Attacks Recently, Bitcoin.com News reported that Ethereum co-founder Vitalik Buterin fell victim to a SIM swap attack. Moreover, this week, an Ethereum ( ETH ) investor suffered a SIM swap attack, losing 22 ETH on the friend.tech blockchain social media platform, which operates on the Base network. Unfortunately, a significant number of SIM swap attacks are targeting crypto investors. The subsequent walkthrough will guide our readers on how to avert a SIM swap attack. So, what is a SIM swap attack? A SIM swap attack is a type of fraud in which a malicious actor deceives a mobile carrier into transferring the victim’s phone number to a new SIM card controlled b...

Former FTX chief technology officer Gary Wang took the stand on Thursday in the trial of FTX founder Sam Bankman-Fried. Wang admitted to committing financial crimes with Bankman-Fried, former Alameda CEO Caroline Ellison, and former FTX engineering executive Nishad Singh. From High School to Scandal: The Unraveling Ties of FTX’s Wang and Bankman-Fried Zixiao (Gary) Wang testified that they allowed FTX sister company Alameda Research to withdraw unlimited funds from the exchange. He said these special privileges for Alameda were coded into FTX’s systems. The testimony was published on the social media platform X by Matthew Russell Lee from Inner City Press . Wang has known Sam Bankman-Fried since high school, when they met at a summer camp in Minnesota. After college, Wang worked at Google before joining Bankman-Fried at cryptocurrency trading firm Alameda Research . When asked about the wire fraud, Wang stated: We allowed Alameda to withdraw unlimited funds. Wang explained t...

The Monetary Authority of Singapore (MAS) has granted Ripple a full license to provide crypto services. “This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets,” Ripple explained. Ripple Fully Licensed in Singapore Ripple announced Tuesday that it is now fully licensed in Singapore. The company explained that its Singaporean subsidiary, Ripple Markets APAC Pte Ltd., has received a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token services, four months after receiving in-principle approval. The announcement details: This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets. “Singapore is known as a leader in pioneering digital asset regulation, making it ...

JPMorgan Chase CEO Jamie Dimon has warned of two “extraordinary” things happening today that may have “bad outcomes” for the U.S. economy. Moreover, the executive has urged investors and businesses to be prepared for higher interest rates. “I don’t think inflation will keep going down,” he noted, adding that in the worst-case scenario, you will see “a lot of people struggling.” Jamie Dimon’s Storm Clouds JPMorgan Chase CEO Jamie Dimon shared his economic outlook in an interview with Bloomberg earlier this week. Regarding the broader U.S. economy, he said: There are two things which are extraordinary today, which may have different outcomes — think of them as storm clouds. “We don’t know if they are going to hit, when they are going to hit, what they are going to do, so I’m not predicting that,” he added. The JPMorgan executive began talking about storm clouds hovering over the U.S. economy last year. At the time, he cautioned that it could actually be a hurricane . However, earl...

During the Sam Bankman-Fried trial this week, Adam Yedidia, a close friend and former employee of the ex-FTX chief, delivered his testimony. Yedidia had a brief stint as an intern at Alameda Research, a quantitative trading firm linked to FTX, before he transitioned to FTX’s Hong Kong office in early 2021. Additionally, he was part of the FTX executive team residing at the Albany Place luxury resort in the Bahamas. Ex-FTX Developer Talks $8 Billion Code Glitch and Use of Client Funds On Thursday, Yedidia returned to the witness stand for his second day. As Wednesday’s session concluded, he revealed that he got a call informing him that Alameda was misusing client funds. Disturbed by this revelation, Yedidia stepped down. Soon after, FTX faced bankruptcy , grappling with liquidity challenges and failing to process client withdrawals. Much of Yedidia’s questioning was broadcast on the social platform X, courtesy of Matthew Russell Lee from Inner City Press . Since his resignation, Y...

GoMining is an innovative cryptocurrency mining project driven by a vision to revolutionize the industry and promote inclusivity. With the objective of making crypto mining accessible, efficient, and highly profitable for individuals of all backgrounds, they have assembled a team of accomplished professionals with extensive expertise in enterprise IT and FinTech. Mark Zalan is the CEO of GoMining . He recently joined the Bitcoin.com News Podcast to talk about the business. Among the topics discussed were the various challenges for companies in the space, the way crypto mining helps develop sustainable and renewable energy sources and the future of the market in 2024 and beyond. Mark Zalan is an experienced professional in the field of enterprise IT and FinTech, with a career spanning over 20 years. He began his journey in the late 90s, working as a network security engineer for Silicon Valley startups. Over time, he progressed into leadership roles, overseeing teams of IT profess...

According to a report, the spouse of Three Arrows Capital (3AC) co-founder Su Zhu has transformed their residence into a farmstead. The farm reportedly boasts numerous garden beds, a variety of composting zones, and the couple’s swimming pool has been converted into a natural pond. Report Spotlights an Urban Farm Flourishing Amid 3AC’s Financial Ruins After the disclosure that 3AC co-founder Su Zhu was arrested in Singapore at Changi Airport, a report from The Business Times reveals that the former crypto hedge fund manager’s dwelling has evolved into a pastoral farm haven. The homestead, valued at $35 million when the pair acquired the bungalow, has allegedly been artistically reimagined by the 3AC co-founder’s spouse, Dr. Evelyn Tao. The property is located in the Yarwood Avenue area in District 21 and the region showcases several Balinese-styled homes for sale. The Business Times report indicates that the sprawling property owned by Zhu and Tao now features several gardens an...

According to a report, former National Football League quarterback Tom Brady was paid $55 million to feature in the collapse cryptocurrency exchange FTX’s advertisements. As part of the arrangement, Brady would devote 20 hours of his time each year for three years. Celebrities Paid to Promote FTX The former U.S. National Football League (NFL) quarterback Tom Brady was paid $55 million just to feature in the collapse crypto exchange FTX’s sports commercials. Brady’s fellow celebrity sportsman and basketball star Stephen Curry was reportedly paid $35 million to promote the crypto exchange. Details of Brady and Curry’s outsized payments from Sam Bankman-Fried (SBF)’s crypto exchange were made public by author Micheal Lewis. In his comments made during an interview, Lewis, who claims to have seen confidential documents that back his story, said as part of the deal Brady would devote just 20 hours of his time each year for three years. Despite receiving millions of dollars worth of F...

Valr, the South Africa-based crypto exchange, recently said it had won initial approval from the Dubai virtual assets regulator. The crypto exchange’s Head of Growth, Blake Player, said Valr has been attracted by the Middle East region’s significant crypto flows and in particular Dubai’s growing reputation “as a forward-thinking and pragmatic jurisdiction.” Valr Cannot Offer Any Virtual Asset Services Just Yet The South African cryptocurrency exchange, Valr, recently said it had “won an initial approval” from Dubai’s crypto assets regulator, the Virtual Assets Regulatory Authority (VARA). According to the crypto exchange, winning this approval is a critical step for Valr which is seeking to establish a presence outside South Africa. The approval however does “not allow Valr to undertake any virtual asset services yet.” Explaining the rationale behind the decision to seek an operating license from VARA, the crypto exchange’s CEO Farzam Ehsani highlighted VARA’s role as a world-lead...

The U.S. Securities and Exchange Commission (SEC) has asked a judge to reject Coinbase’s attempt to have the regulator’s lawsuit against it dismissed. The exchange had alleged that the agency overstepped its authority and abused its discretion in claiming that digital assets offered on the trading platform were unregistered securities. SEC Adds Arguments to Support Its Claim That Crypto Assets on Coinbase Amounted to Securities The securities regulator in the United States is not giving up on its litigation against America’s leading cryptocurrency exchange. On Tuesday, the SEC asked a federal judge to reject the attempts of Coinbase to have the Commission’s lawsuit against it dismissed. In its legal case filed in early June, the SEC alleged that Coinbase evaded its regulations for years and infringed upon various securities laws by illegally operating an unregistered exchange, brokerage and clearing agency. The lawsuit came after the regulatory body sued , the world’s largest cr...

FTX creditors might see a silver lining following the recent partnership between Anthropic and Amazon, as the tech behemoth unveiled plans to pour up to $4 billion into the budding artificial intelligence (AI) startup. Over on the social media haven X, a cadre of FTX creditors, united under the banner of “FTX 2.0 Coalition,” explained how FTX’s vested stake in Anthropic could pave the way to compensating customers and making them whole. FTX Creditors Eye Payday as Amazon Pumps Billions into AI Startup Anthropic On the cusp of the artificial intelligence (AI) boom, Anthropic, a rival to Openai, garnered a substantial $580 million in a Series B funding round in April 2022. Spearheaded by FTX chieftain Sam Bankman-Fried, the fundraising endeavor also saw notable contributions from Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, and the Center for Emerging Risk Research (CERR). Amid FTX’s financial debacle, its share in Anthropic has been thrust into the limelight, more so f...

Sergio Massa, Argentine economy minister and presidential candidate, has announced that, if elected, his new government plan would include launching a national digital currency that local media has called the “crypto peso.” Massa also stated that this plan would involve a tax reduction for transactions that use this new currency. Argentine Presidential Candidate Sergio Massa Announces National Digital Currency Sergio Massa, the current Argentine economy minister and a presidential candidate, has declared that his government plan would include the creation of an Argentine digital currency. During the first presidential debate, Massa stated that this proposal would be linked to a tax reduction for transactions that leverage this new currency. Detailing his digital currency proposal, he stated : We are going to launch the Argentine digital currency. Just as your children propose in their platform economy the possibility of trading with their cell phone or card, we are going to do it...

The Brazilian Securities and Exchange Commission (CVM) has opened the doors for investment funds to invest in cryptocurrency. Resolution 175, drafted last year and coming into effect on October 2, defines the rules these institutions must follow to invest in crypto, with analysts predicting a rise in interest in the sector. Brazilian CVM Resolution 175 Comes Into Effect Resolution 175, introduced by the Brazilian Securities and Exchange Commission (CVM) last year, came into effect on October 2, officially opening the possibilities for investment funds to invest directly in crypto in Brazil. Brazilian analysts declared they believe the resolution will bring institutions to pursue more opportunities in the cryptocurrency sector. Now, investment funds can invest up to 10% of their portfolio in digital assets. However, there are some limits put forth by the CVM, as these institutions are only allowed to purchase cryptocurrencies from exchanges approved by the country’s central bank or...

Shark Tank investor Kevin O’Leary, aka Mr. Wonderful, has expressed concerns that regulatory obstacles will drive crypto innovation away from the U.S. His comments followed a congressional hearing where Congress members grilled U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler over crypto regulation. O’Leary Expects Crypto Innovation to Leave the U.S. Shark Tank investor Kevin O’Leary, the chairman of O’Leary Ventures, shared his view on the future of the U.S. crypto industry in an interview with Fox Business on Friday. He began by commenting on the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s congressional hearing where he was grilled by Congress members regarding crypto. Noting that he went to Washington D.C. and watched the hearing in person, O’Leary shared: “I watched him [Gensler] get fried like a chicken. It was unbelievable. The fortitude this man must have. The abuse he was taking. It was unbelievable.” Mr. Wonderful proceeded to...

U.S. District Judge Analisa Torres rejected the Securities and Exchange Commission’s interlocutory appeal in the regulator’s lawsuit against Ripple, noting the SEC failed to explain why her prior decision was faulty. Torres set a trial date for April 2024 to address the remaining issues. SEC’s Appeal in Ripple Lawsuit Denied by Judge Torres, Trial Set for April 2024 In a decision unveiled Tuesday, the judge at the helm of the SEC’s litigation against Ripple dismissed the regulator’s interlocutory appeal . The SEC had tendered a motion to certify an interlocutory appeal of two judgments pertaining to XRP in the Ripple case. “The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot,” Torres said in her ruling. Torres explained that the SEC had failed in demonstrating, within its appeal, that the decision was markedly faulty. Rewinding to July, she decreed that Ripple’s Programmatic Sales of XRP “did not constitute t...

Tesla and Spacex CEO Elon Musk believes that fiat currency is a scam that is so normalized that we don’t even realize that it’s a scam. Many people share a similar view, including Rich Dad Poor Dad author Robert Kiyosaki, who has frequently cautioned against investing in the U.S. dollar and other fiat currencies, which he labels “fake” money. Elon Musk Thinks Fiat Currency Is a Scam The CEO of Tesla and Spacex, Elon Musk, believes that fiat currency is a scam. In a post on social media platform X, user Wall Street Silver shared an image with a question on Sunday: “What’s a scam that’s so normalized that we don’t even realize it’s a scam anymore?” Musk replied: “Fiat currency.” Musk has long been critical of fiat currency. In February 2021, he tweeted, “When fiat currency has negative real interest, only a fool wouldn’t look elsewhere.” He also compared fiat currency to BTC , stating: “Bitcoin is almost as bs as fiat money.” Nonetheless, he added: “The true battle is between fiat ...

Attorneys for Sam Bankman-Fried have written a letter to the judge, requesting the court block a government witness, a Ukrainian customer who “lost a substantial portion” of his life savings due to the FTX collapse. Bankman-Fried’s lawyers believe the witness’s testimony about hardships faced due to the Russian invasion of Ukraine would be irrelevant to the charges and highly prejudicial, as it would appeal unfairly to the jury’s sympathies. Bankman-Fried’s Attorneys Oppose Ukrainian Witness Testimony in FTX Legal Battle On Oct. 2, 2023, the law firm Cohen & Gresser submitted a letter to the judge presiding over the criminal case against the former FTX boss Sam Bankman-Fried . The government wants to allow a customer witness from Ukraine to testify remotely and detail how he “lost a substantial portion” of his life savings due to FTX’s demise. The lawyers insist allowing the Ukrainian witness to testify remotely would violate Bankman-Fried’s Sixth Amendment right to confront wi...

Andrei Kostin, head of the VTB Bank, one of the biggest banks in Russia, has stated that the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the standard messaging system for fiat payments, “needs to be killed.” Kostin remarked that the actions of the U.S. and its use of the dollar have awakened fears in other countries that are also seeking alternatives to the system. Kostin Signals Need for SWIFT to ‘Be Killed’ The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a group that provides the standard messaging protocol for making cross-border transactions in the current global banking system, needs to “be killed,” according to recent statements of Andrei Kostin, head of the VTB Bank. Kostin, who leads the second-largest bank group in Russia, recognized that for this to happen, other countries have to complete a set of actions. At the recent International Banking Forum held in Sochi, Kostin stated : SWIFT – it needs to be killed for our calc...

The Bank of Russia offered an update about the state of the digital ruble, the Russian central bank digital currency (CBDC), which is currently in a nationwide pilot. Elvira Nabiullina, governor of the Bank of Russia, stated that the pilot was “going as planned” and that more participants and use cases would be added next year. Bank of Russia on Digital Ruble Pilot: ‘Everything Going as Planned’ The Bank of Russia has offered an update about the digital ruble and the pilot testing the functionalities of the Russian central bank digital currency (CBDC). During a forum, Bank of Russia governor Elvira Nabiullina explained the project was still ongoing and that the institution was getting feedback testing the various functionalities of this new currency. Nabiullina stated : We started the pilot project on the digital ruble with real operations and with real clients in August. Here everything is going as planned, we are testing operations, first of all the opening of wallets, transfer...

Some investors who invested in the South African bitcoin pyramid scheme MTI are set to receive part of their money back once a court rules on how liquidators are supposed to handle claims. Liquidators expect to make more than one payout to affected investors while the process itself is expected to last between two and three years. Net Losers to Get Between 50% and 60% of Their Money Back The liquidators of Mirror Trading International (MTI), an online bitcoin investment scam, are planning to start refunding victims once a court advises them on how to handle the claims, a report has said. According to Herman Bester, a co-director at Tygerberg Trustees, liquidators also want the court to clarify how deposits received from investors in the form of BTC are to be treated. However, according to a report in Mybroadband, Bester and his colleagues stopped short of confirming a plan that will see the so-called net losers only getting between 50% and 60% for every dollar they invested. The f...

The Nasdaq-listed crypto exchange Coinbase has obtained a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide services to both individuals and institutions. “We’ve identified Singapore as a vital market for Coinbase,” the crypto exchange emphasized. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.” Coinbase Expanding in Singapore Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Sunday that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator. Coinbase emphasized: This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore. The Nasdaq-listed crypto exchange received In Principle A...

Bitcoin Policy UK has urged the British government to review Chase Bank’s policy to decline all crypto payments. “It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,” the crypto advocacy group wrote. UK Government Urged to Review Chase Bank’s Anti-Crypto Policy Bitcoin Policy UK sent a letter to Economic Secretary to the Treasury Andrew Griffith MP, on Sept. 28, raising concerns about Chase Bank’s new policy to block all crypto payments. Chase is a registered trademark and trading name of J.P. Morgan Europe Ltd. The British bank informed its customers in the U.K. last week that it will decline all crypto-related payments beginning Oct. 16. “We write to express our deep concern regarding the recent decision by Chase Bank to decline customer payments relating to crypto assets,” the crypto advocacy group wrote, adding: It is, of course, the stated polic...