Bitcoin News and Finance: What You Need to Know

Bad actors exploited Estonia’s once liberal licensing regime for crypto companies to defraud investors and commit other crimes, an investigative report claims. The authors say they discovered dozens of such cases, including scams and schemes for sanctions evasion and money laundering. Since Tallinn tightened its rules, many of these entities have left Estonia, whose banking sector was accused of similar sins in recent years, and on a larger scale. Crypto Platforms Registered in Estonia Facilitated Fraud, Russian Payments, Report Alleges Estonia’s previously lax requirements for crypto businesses seeking to provide EU-licensed services, turned the small Baltic nation into a “hub of financial crime,” according to research conducted by Vsquare, a network of media outlets focused on cross-border investigations in Central Europe. The journalists said this week they had analyzed nearly 300 of these companies and found dozens of cases of fraud, money laundering, and sanctions evasion as w...

Global financial services firm Jefferies has warned of “the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin.” He explained that the Federal Reserve, and other G7 central banks, “will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.” Bitcoin to Benefit From US Dollar Collapse, Analyst Says Global investment bank Jefferies has cautioned about the potential collapse of the U.S. dollar, which could prove advantageous for bitcoin holders. Jefferies is a leading global, full-service investment banking and capital markets firm headquartered in the U.S. The firm operates across the Americas, Europe, the Middle East, and Asia Pacific. In a note to investors published Wednesday, Chris Wood, Global Head of Equity Strategy at Jefferies, called bitcoin and gold “critical hedges” against currency de...

British financial regulator, the Financial Conduct Authority (FCA), has issued 146 crypto promotion alerts in the first 24 hours of its new crypto marketing regime. “We expect businesses including social media platforms, app stores, search engines, domain name registrars, and payments firms to consider the alerts we have issued and play their part in protecting U.K. consumers from illegal promotions,” the regulator detailed. 146 Crypto Alerts Issued in U.K. Within 24 Hours The Financial Conduct Authority (FCA), the top financial regulatory body in the United Kingdom, announced Monday that it issued 146 alerts in the first 24 hours of its new crypto marketing regime . Noting that the changes to legislation that bring crypto asset promotions under its remit are now in force, the FCA wrote: We issued 146 alerts about cryptoasset promotions on the first day of the new regime. “We expect businesses including social media platforms, app stores, search engines, domain name registrars,...

The police in the Australian state of South Australia recently seized cryptocurrency worth $1.5 million from an alleged dark web drug dealer. Police also recovered a “large quantity” of the synthetic opioid nitazene as well as tens of thousands of dollars in cash. ‘Illicit Activity on a Dark Web Marketplace’ Police in South Australia, a state in the southern central part of Australia, recently seized cryptocurrency worth $1.5 million from an alleged dark web drug dealer. According to an ABC News report , law enforcement also confiscated a “large quantity” of drugs and electronic devices from an unnamed 25-year-old man. Explaining how the operation against the alleged drug peddler was carried out, Adam Rice, the South Australian Detective Superintendent, said: “The investigation identified illicit activity on a dark web marketplace, attributed that activity to a real-life person in South Australia, identified and traced cryptocurrency used in the offending and then ultimately led t...

Last month, 19 distinct bitcoin addresses from 2012 awakened, moving coins that had remained untouched for over 11 years. Fast forward to this month, and we’ve already seen four such transfers from 2012. This Sunday, at block heights 811,239 and 811,244, two addresses from that vintage year collectively transacted 227 BTC , a sum equivalent to $6.34 million using current bitcoin exchange rates. Sleeping Giant Awakens With $6 Million Bitcoin Move After 11 Years The trend of transferring old bitcoins persists in October 2023, following an intriguing set of transactions on October 4 and 6. On these dates, 86 addresses from 2014 transferred 860 bitcoins, an address from 2013 shifted 504.99 bitcoins, and two addresses from 2012 moved a combined 426 BTC . On Sunday, October 8, 2023, btcparser.com spotted two more interesting transactions, collectively moving 227 BTC , valued at a cool $6.34 million. The first transaction came from an address transferring 15 BTC at block height 811,239...

According to Pavel Salas, the chief growth officer at Gear Foundation, on-chain smart contract automation makes applications “truly decentralized” because it “removes dependencies on centralized servers or external entities.” Salas also claimed that on-chain smart contract automation means participants can “engage in transactions or exchanges without relying on a central authority.” Webassembly Not a ‘Direct Replacement for EVM’ In his written answers sent to Bitcoin.com News, Salas argued that on-chain smart contract automation also helps decentralized applications (dapps) maintain data integrity without having to rely on external databases. He said since the code of smart contracts deployed on the blockchain is immutable this means it cannot be altered once deployed. Meanwhile, when asked to offer his thoughts on Webassembly (WASM) and the possibility it will overtake the Ethereum Virtual Machine (EVM) at some point, Salas, said he does not see WASM as a direct replacement for EV...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine government announces a national digital currency project, Volcano Energy launches Lava Pool, the first Salvadoran Bitcoin mining pool, and a resolution that allows investment funds to invest in cryptocurrency comes into effect in Brazil. Argentine Economy Minister Sergio Massa Announces National Digital Currency Sergio Massa, a presidential candidate and current economy minister of Argentina, proposed launching a national digital currency during the first debate before the presidential elections. As part of his campaign, Massa stated that this new digital currency would be issued alongside a tax reduction plan to move the Argentine economy to the formal sector. During the debate, Massa stated: We are going to launch the Argentine digital currency. Just as your children propose in their platform economy the possibility of trading wit...

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...