Bitcoin News and Finance: What You Need to Know

Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time. ” Preserving Value With Gold-Backed Tokens The Zimbabwean gold-backed digital tokens are now an approved method of paying or settling domestic transactions, the head of the country’s central bank has said. In a statement issued on Oct. 5, John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), added that the digital tokens will also continue to act as a value preservation instrument. Introduction of the Zimbabwe Gold-Backed Digital Token (Zig) as a Means of Payment pic.twitter.com/o1CL5dsbaQ — Reserve Bank of Zimbabwe (@ReserveBankZIM) October 5, 2023 As reported by Bitcoin.com News over the past few months, the RBZ has been working

Openai, the developer of Chatgpt, is considering ways to overcome the shortage of chips needed to power its artificial intelligence (AI) product. One of the options that’s being discussed in the company, according to a recent media report, is to build its own powerful processor. Openai Reportedly Exploring Making In-house AI Chips to Deal With GPU Deficit AI research lab Openai is mulling over the idea to make its own processors, or AI accelerators, amid persisting shortage of the expensive hardware that it needs. Demand for specialized chips has soared since last year’s launch of its AI-based chatbot. A number of options have been discussed to solve the issue, among which acquiring a chip company and working more closely with chipmakers, not just the market leader Nvidia but other suppliers as well, knowledgeable source have told Reuters. Openai CEO Sam Altman, who has previously expressed concerns over the scarcity of graphics processing units (GPUs) and the associated costs, h

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.” Charlie Munger Continues to Slam Crypto Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism toward cryptocurrencies once again during an appearance at Zoom’s Zoomtopia conference on Thursday. “Don’t get me started on bitcoins. That was the stupidest investment I ever saw,” Munger exclaimed when he was asked about his outlook for bitcoin and other cryptocurrencies. He also predicted: Most of those investments are going to zero. The Berkshire executive has long been a vocal critic of cryptocurrencies. He previously called bitcoin “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it

This week, Openai’s CEO, Sam Altman, delved into the nuances of artificial intelligence (AI) on the Joe Rogan Experience podcast. As they conversed, Rogan articulated that the “real fascinating crypto is bitcoin.” He then expounded on his belief that bitcoin holds the most promise to emerge as “a universal viable currency.” Openai’s Sam Altman and Joe Rogan Dive Deep into Bitcoin’s Promise and AI’s Potential According to statistics , Joe Rogan’s podcast reigns supreme as one of the world’s most profitable and widely heard shows. In episode #2044 , Rogan sat down with Openai’s CEO, Sam Altman . The duo delved into AI’s pros and cons, but also branched out into discussions on central bank digital currencies (CBDCs), the FTX debacle, and the leading crypto asset, bitcoin ( BTC ). After Altman shed light on the expanding American surveillance landscape, Rogan candidly expressed his deep concerns regarding CBDCs , especially the potential linkage with social credit scores. He was assert

Free Talk Live co-host Ian Freeman has been sentenced to eight years in prison for selling bitcoin without a license, the SEC has taken in a loss in its push for interlocutory appeal against Ripple, and a verified “Satoshi” handled has stirred up controversy and debate on social media site X. This and more just below in the latest Bitcoin.com News Week in Review. Free Talk Live Co-Host Ian Freeman Sentenced to 8 Years for Running Unlicensed Bitcoin Business Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail the verdict. Read More Ripple Gains a Victory as Judge Torres Rejects SEC’s Interlocutory Appeal U.S. District Judge Analisa Torres rejected the Securities and Exchange Commissi

Rising regulatory pressures may have limited crypto cards on offer but they remain a viable way to pay with coins where only fiat is accepted. With them, you spend crypto and that’s without the need to exchange it beforehand as it often happens when you want to pay with cryptocurrency in a fiat scenario. Crypto Cards — How They Work and What Are the Offerings in 2023 While not as immediate as most in the crypto community would like, crypto cards nevertheless present an opportunity to pay with decentralized digital money where merchants would only take dollars, euros or any of the other central bank currencies. Just like bank cards, crypto cards can come in physical, or plastic, and virtual form. The latter can be used to make payments online while the former can be also swiped or tapped at brick-and-mortar stores equipped with point of sale (POS) terminals. They are several types of crypto cards, which differ slightly from the regular ones. Credit crypto cards, for example, use de

In the month of September, digital assets worth approximately $332 million were siphoned from trading platforms via methods that include flash loan attacks, exit scams, and exploits. The value of digital assets stolen through exploits rose from $13.5 million in August to nearly $330 million in September. Mixin Kernel Incident Most Significant Exploit in September According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone. Exploits alone accounted for more than 98% of the thefts ($329.8 million) while the amount stolen through flash loan attacks and rug pulls was less than $2.4 million. As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23. As reported by Bitcoin.com News, the Mixin network team has since asked the attackers to take a bug bounty reward and return the rest of users’ fund

Russian President Vladimir Putin has stated that the U.S. dollar-based global financial system is gradually collapsing. “After all, a currency is a derivative of the power of the economy of the country that issues this currency,” Putin noted, emphasizing: “The share of the American economy in world GDP is declining.” In contrast, the Russian president highlighted the increasing share of BRICS countries in terms of purchasing power parity compared to the G7 countries. Putin on U.S. Dollar-Based Financial System Collapsing Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday that the global financial system based on the U.S. dollar is gradually collapsing. “The Bretton Woods system is outdated,” Putin said (translated by Google), noting that he is not the only one with this view, as Western experts also share this perspective. The Russian president added: This Bretton Woods system was created on

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to end the White House’s war on bitcoin if he is elected President of the United States. “I’m going to make sure that bitcoin is protected, that people can keep their own wallets, that the current White House war on bitcoin will be over, that transactions will be protected and encouraged,” said the presidential hopeful. RFK Jr.’s Bitcoin Promises U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) discussed a variety of topics, including bitcoin, in an interview with Bitcoin Magazine, published Wednesday. RFK Jr. is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. The presidential candidate pledged that if elected as the President of the United States: I’m going to make sure that bitcoin is protected, that people can keep their own wallets, that the current White House war on bitcoin will be over, that transactions will be prote

Billionaire Elon Musk has called for a “comprehensive overhaul” of regulatory agencies, which includes the U.S. Securities and Exchange Commission (SEC). The Tesla and Spacex CEO added that there needs to be a commission to take punitive action against individuals who abuse their regulatory power for personal and political gain. Elon Musk Says Comprehensive Overhaul of Regulatory Agencies ‘Sorely Needed’ Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC). He made this call after the securities regulator sued him to force him to testify about his acquisition of social media platform Twitter, now known as X. In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote: A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power

Backed Finance, a real-world asset tokenization issuer, announced its successful issuance of the first tokenized security on Coinbase’s Base, a layer two (L2) blockchain. The team introduced bIB01 tokens to the decentralized finance (defi) sector, mirroring the price dynamics of the Ishares short-term Treasury bond ETF. Tokenizing U.S. Bonds on Coinbase’s L2 According to Backed Finance’s team, tokenized real-world assets have been successfully issued on the Base blockchain network. These “b tokens,” or Backed Tokens, are ERC20 coins representing ownership of structured product units. Each token corresponds to a unit of a fully collateralized tracker certificate, which traces the listed value of a specific traded security and is wholly supported by that underlying security, according to Backed. “Backed has issued the first tokenized security on Base – bIB01, a tokenized short-term U.S. treasury bond ETF. Base, Coinbase’s L2 network, offers a low-cost, developer-friendly way to buil

On October 6, 2023, the cryptocurrency Cardano, known by its ticker ADA , is ranked as the eighth-largest in market capitalization, valued at just over $9 billion, or 0.817% of the $1.08 trillion cryptocurrency market. As the digital currency landscape evolves, ADA has emerged as a key contender. This article delves into Cardano’s origins, its native cryptocurrency ADA , its history, and its functionality. Introduction to Cardano: Origins and Founders Cardano is a decentralized, open-source blockchain platform that enables peer-to-peer transactions with its native cryptocurrency, ADA . The Cardano project was launched in 2015 by Ethereum co-founder Charles Hoskinson . Through Cardano, Hoskinson sought to tackle challenges posed by earlier blockchain systems. Cardano’s journey started in 2015 when Hoskinson and Jeremy Wood founded IOHK (Input Output Hong Kong), a research and development firm. Their mission was to leverage peer-reviewed academic research to construct a more secu

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