Bitcoin News and Finance: What You Need to Know

The Hong Kong cryptocurrency exchange JPEX recently converted user funds to a native token known as JPC. According to JPEX, affected users will only be able to cash this token out after two years. One affected user said the crypto exchange did not inform them of the conversion rate used to complete this transaction. Conversion Supposedly Backed by 68% of Users The beleaguered Hong Kong cryptocurrency exchange, JPEX, has reportedly proceeded with its controversial plan of converting users funds to its in-house digital token known as JPC. As part of the exchange’s plan, users whose assets were converted to the currently illiquid token will only be able to redeem their funds in two years. The exchange said converting user funds will help it boost its cash flow position and retain investors. JPEX also claimed that the plan had been endorsed by 68% of user. However, according to a report in the South China Morning Post (SCMP), some users of the exchange platform said they were not cons

Crypto exchange Kraken has unveiled its plan to acquire Dutch crypto broker Coin Meester B.V. (BCM). Kraken explained that the Netherlands is a key market in its European expansion plans. “We are committed to growing our business in compliance with European regulations,” the exchange emphasized, adding that it is “actively pursuing” registrations in several European markets. Kraken to Acquire a Crypto Broker in the Netherlands Cryptocurrency exchange Kraken announced on Thursday its “planned acquisition of Coin Meester B.V. (BCM) in the Netherlands.” Kraken explained that BCM, founded in 2017, is one of the Netherlands’ “oldest and most respected registered crypto brokers.” The company provides services to buy, sell, and stake crypto, including access to over 170 cryptocurrencies. The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s product offering, liquidity, security standards, and 24/7/365 liv

Steven Schoenfeld, former head of International Equity Product Strategy at Barclays Global Investors (now Blackrock), expects the U.S. Securities and Exchange Commission (SEC) to approve all spot bitcoin exchange-traded fund (ETF) applications in three to six months. He also anticipates that the greenlighting of spot bitcoin and ethereum ETFs has the potential to inject between $150 billion and $200 billion of capital into these investment products. Spot Bitcoin ETFs Could Be Approved in 3-6 Months Steven Schoenfeld, CEO of Marketvector Indexes, shared his view on the potential for the U.S. Securities and Exchange Commission (SEC) to approve spot bitcoin exchange-traded funds (ETFs) during a panel discussion at the Ccdata Digital Asset Summit on Tuesday. Schoenfeld is a 36-year veteran of the investment management industry, having served in senior fiduciary positions at Northern Trust. He was also Managing Director and Head of International Equity Product Strategy at Barclays Globa

On Friday, FTX’s co-founder, Gary Wang, delivered a riveting testimony to federal prosecutors, alleging that CEO Sam Bankman-Fried covertly diverted billions from customer accounts to fuel trades for his hedge fund, Alameda Research. Wang detailed how Bankman-Fried allegedly instructed him to devise a specialized trading tool, enabling Alameda to overdraw its account, tapping into FTX clients’ funds without their knowledge. Wang’s Second Day of Testimony Reveals SBF’s Alleged Misappropriation of Client Funds Formerly FTX’s chief technology officer, Zixiao (Gary) Wang recounted how he, alongside developer Nishad Singh , engineered the “allow negative” feature, granting Alameda the ability to trade on unbacked credit. Contrary to the narrative presented by “The Big Short” author Michael Lewis, Wang painted a grim picture of FTX’s internal operations, emphasizing : FTX was not fine. Assets were not fine. This gripping testimony was streamed on the X social media platform (formal

Jeffrey Sachs, an American economist and best-selling author, has stated that the end of the dollar’s hegemony is near and that central bank digital currencies (CBDCs) will become the basis of cross-border settlements. For Sachs, the abuse of the U.S. dollar as a geopolitical weapon is one of the factors that will contribute to its demise in the coming decade. Sachs Predicts Dollar Hegemony’s End in Next Decade Jeffrey Sachs, an American economist, professor at the University of Columbia, and best-selling author, has issued his opinion about the end of the dollar’s status as the dominant world currency. In statements given at the 20th annual meeting of the Valdai Discussion Club, a Moscow-based think tank, Sachs explained that the end of U.S. dollar hegemony might happen in the next decade due to the misguided use the country has given to its currency, which is currently the standard for cross-border settlements. Sachs stated : The epoch of the international financial system domi

Dubai’s Virtual Assets Regulatory Authority (VARA) recently said the company distributing and marketing islamic coin (ISLM) lacks the authority to do so. VARA said Bored Gen DMCC must cease marketing activity until it obtains the appropriate approvals. The steps taken by the regulator came just a few days after the crypto project was named the blockchain innovation of the year. Unauthorized Issuance and Distribution of Islamic Coin The Dubai digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has alerted investors and market participants to what it describes as “an unauthorized issuance, marketing and retail distribution” of islamic coin (ISLM) by Bored Gen DMCC (BG). In an alert issued on Oct. 4, the regulator insisted that BG is not a licensed or registered virtual assets (VA) issuer hence its activities are in violation of the region’s regulations. VARA also said the public sale of the token through a “Regulation D Offering arranged by Opendeal Portal LLC”

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