Bitcoin News and Finance: What You Need to Know

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Libertarian Javier Milei wins the runoff election in Argentina, reinforcing his intention of eliminating the central bank. Also, the digital real may encourage the tokenization of assets in Brazil, and the Brazilian senate could approve a bill to tax cryptocurrency purchases using foreign brokers. Javier Milei Wins Runoff Election, Reaffirms Intention of Ending the Central Bank in Argentina Libertarian Javier Milei has become president-elect of Argentina after defeating current Economy Minister Sergio Massa in a runoff election last week, obtaining 56% of the popular vote. Milei’s campaign includes proposals to make the state leaner by eliminating a significant chunk of the ministries and the Central Bank of Argentina, which he considers a “scam.” These actions will also involve the dollarization of the country, a measure focused on reining in the ...

Rich Dad Poor Dad author Robert Kiyosaki has advised investors to get into bitcoin and ditch fiat money now “before it’s too late,” reiterating that workers and savers in U.S. dollars are losers. Kiyosaki has made a number of bullish predictions about the price of bitcoin, ranging from $135,000 in the near term to $1 million. Robert Kiyosaki Recommends Getting Into Bitcoin Now The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his recommendation of gold, silver, and bitcoin while advising investors to ditch fiat currency. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author wrote on social media platform X Saturday that gold has reached a new high. Noting that workers and savers are losers, he urged them to “get out of fake money system” and immediate...

Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s just easier to buy. People believe in bitcoin,” he emphasized, adding that the cryptocurrency “is a great invention.” ‘Money Will Flood Into the Industry’ Former New York Stock Exchange (NYSE) President Tom Farley discussed the implications of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the next crypto bull run in an interview with CNBC last week. He held the position of NYSE Group President from 2014 to 2018 and currently serves as the CEO of the cryptocurrency exchange Bullish. Farley explained that he is optimistic about bitcoin because all U.S. regulators, including the SEC, have stated that BTC is not a security. Even SEC Chair Gary Gensler has said multiple times that in his view all crypto tokens, except bitcoin, are se...

Sources close to the situation have revealed that FTX’s founder, Sam Bankman-Fried, is adapting to his new life at the Metropolitan Detention Center in Brooklyn, New York. Insiders indicate that Bankman-Fried is becoming familiar with the prison’s unique economy, having reportedly exchanged mackerel packets for a haircut. From Trading Crypto to ‘Mack Packs’ — Bankman-Fried’s New Currency in Prison Life Recently, inside sources have reported on former FTX chief Sam Bankman-Fried ‘s adjustment to prison life. Following the revocation of his bail due to allegations of witness tampering, Bankman-Fried was confined to the Metropolitan Detention Center (MDC) in Brooklyn, New York. Since his conviction in November 2023, he has been residing there, currently awaiting sentencing after being convicted on seven distinct federal charges. According to a Wall Street Journal (WSJ) report by James Fanelli and Corinne Ramey, sources “familiar with the matter” reveal that Bankman-Fried has disco...

Former Binance CEO Changpeng Zhao (CZ) is seeking to dismiss the U.S. government’s motion to prevent him from going home to the United Arab Emirates (UAE) before sentencing. Despite the judge determining that the ex-Binance boss poses no flight risk after he voluntarily appeared in court to plead guilty, the government is pushing for a restriction on his return home before sentencing. CZ Wants Judge to Dismiss Government’s Motion Former Binance CEO Changpeng Zhao (CZ) filed an opposition to the U.S. government’s “motion for review” of the judge’s ruling on his “presentencing travel restrictions.” The U.S. government filed a single count of information on Nov. 14, charging Zhao with “failing to maintain an effective anti-money laundering program,” the document details. “The government also filed a parallel Information against Binance for failing to comply with provisions of the Bank Secrecy Act and U.S. sanctions law.” After hearing from both the government and Zhao, Judge Brian T...

Global investment bank JPMorgan has cautioned that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could “put severe downward pressure on bitcoin prices.” The bank’s analysts estimate that billions of dollars could exit the crypto market after Grayscale Investments converts its bitcoin trust (GBTC) into a spot bitcoin ETF. Market Impact of Spot Bitcoin ETFs JPMorgan analyst Nikolaos Panigirtzoglou shared his predictions of the potential impact on the price of bitcoin from the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) in a Linkedin post on Friday. While emphasizing his belief in the imminent approval of spot bitcoin ETFs by the SEC, he cautioned that client discussions are centered on the potential capital outflow from the Grayscale Bitcoin Trust (GBTC) as it transitions into a bitcoin ETF. “The argument being that a significant amount of GBTC shares has been boug...

In the aftermath of September’s HTX breach, along with the subsequent attacks on Poloniex and Heco Bridge in November, HTX faced yet another security breach on November 23, resulting in a loss of $30 million. HTX announced its commitment to “fully compensate” for the financial damages caused by the hack. Additionally, on Friday, Tron’s founder, Justin Sun, declared on the social media platform X that not only would the losses be recouped, but the team also intends to launch an “epic airdrop.” Justin Sun’s Response to Several Hacks — An ‘Epic Airdrop’ in the Pipeline Since late September, three cryptocurrency platforms associated with Tron’s Justin Sun — HTX, Poloniex, and Heco Bridge — have experienced security breaches, cumulatively losing millions. On September 25, 2023, Sun revealed that HTX suffered a breach, resulting in the loss of 5,000 ether, valued at approximately $8 million at the time. Following this, on November 10, 2023, Poloniex faced a security lapse , leading to a...

Transaction fees for Bitcoin have eased, following their surge to more than $18 per transaction on two separate occasions last week. As of November 24, 2023, the average fee per transaction stood at roughly $5.89, with the median fee per transfer being $2.86. Bitcoin Fees Cool Down — November’s Mining Revenue Has Already Outstripped October’s After reaching a peak of over $18 per transfer on November 16 and 18, 2023, the expense for block space has seen a decline. Data from November 24 shows the average cost per transaction hovered at about $5.89 . This represents a significant decrease from the previous day’s average of $14.06 per transfer, underscoring the fluctuating nature of block space costs over the past week. Data from Dune Analytics reveals that Ordinal inscriptions continue to flourish, with over 300,000 mints daily following a peak of more than 475,000 inscriptions on November 19. On November 24, a total of 347,791 inscriptions were minted, and as of November 25, bitc...

Kyber Network said on Nov. 22 that Kyberswap Elastic “experienced a security incident” in which crypto assets worth more than $45 million were stolen. Kyber Network said it was investigating the incident and urged all “users to promptly withdraw their funds.” Kyber Forks Affected by the Incident Kyber Network, the decentralized exchange (DEX) aggregator, confirmed on Nov. 22 that its market maker known as Kyberswap Elastic had “experienced a security incident.” In a post on X (formerly Twitter), the DEX aggregator said it “strongly advise[d] all users to promptly withdraw their funds” while it investigates the incident. recommend also withdrawing from kyber forks such as Horizondex on Linea until there is more info — Spreek (@spreekaway) November 22, 2023 While Kyber Network has not shared details relating to funds lost, a social media user Spreek said assets worth more than $20 million were stolen when Kyberswap Elastic was initially attacked. However, in later posts, the us...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has detailed why the SEC is a huge winner in the Binance settlements with the U.S. Department of Justice (DOJ), the Treasury, and other federal authorities. He stressed that what Binance has agreed to could “strengthen” the SEC’s lawsuit against the crypto exchange and its former chief executive. ‘SEC Netted a Huge Victory Against Binance’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark explained in a lengthy post on social media platform X Wednesday why the settlements between Binance and U.S. authorities, including the Department of Justice (DOJ), are “a huge SEC victory.” He believes that the Binance settlements contain numerous elements that the securities regulator could leverage to bolster its case in the lawsuit against the crypto exchange and its former CEO, Changpeng Zhao (CZ). The DOJ, the Treasury Department, the Financial Crimes Enforcement Network (FinCEN),...

Blackrock, the world’s largest asset manager, has reportedly pushed for using the in-kind creation method for its bitcoin exchange-traded fund (ETF), diverging from the cash creation model favored by the U.S. Securities and Exchange Commission (SEC). According to reports, Blackrock and other spot bitcoin ETF applicants recently met to discuss their applications with the SEC. Blackrock Prefers In-Kind Creation Model The U.S. Securities and Exchange Commission (SEC) seemingly met with Blackrock, the world’s largest asset manager, to discuss the company’s application for a spot Bitcoin exchange-traded fund (ETF) this week, according to Bloomberg research analyst James Seyffart. Noting that Grayscale Investments has engaged with the SEC regarding its bid to convert the firm’s bitcoin trust (GBTC) into a spot bitcoin ETF, the analyst shared insights on social media platform X on Wednesday, along with posting several slides from Blackrock. He wrote : Looks like Blackrock also met wit...

This week, the crypto community is abuzz with discussions about Blast, a new Ethereum layer two (L2) platform. The project gained prominence after securing a notable $20 million in funding, spearheaded by Paradigm and Standard Crypto, among other investors. Developed by Pacman, the entrepreneur behind the non-fungible token (NFT) marketplace Blur, Blast has garnered over $400 million in digital assets in the past week. At the same time, the platform has been scrutinized a great deal over its mechanics. Blast, Ethereum’s L2 Newcomer, Secures $400M On November 20, 2023, Tieshun Roquerre, also known as Pacman, unveiled Blast following the project’s funding from Standard Crypto, Paradigm, and additional investors. As an Ethereum L2 network, Blast stands out by offering native yields for ethereum ( ETH ), staked ethereum (STETH), and stablecoins such as DAI, USDT , and USDC, setting it apart from other L2 solutions. In under a week, Blast has amassed $405 million in value locked, desp...

F2Pool, a Bitcoin mining pool, has admitted to filtering transactions coming from Bitcoin addresses flagged by the Office of Foreign Assets Control (OFAC). After the situation was discovered by 0xB10C, a Bitcoin developer, F2pool co-founder Chun Wang acknowledged that his pool was indeed applying this filter, announcing it would drop the censorship until there was consensus in the community on the issue. F2pool Acknowledges Compliance With OFAC Sanctions F2pool, one of the largest Bitcoin mining pools in the world, acknowledged having been filtering transactions coming from addresses flagged by the Office of Foreign Assets Control (OFAC). Chun Wang, a co-founder of the pool, admitted applying a compliance filter for these transactions after 0xB10C, a Bitcoin developer, published an article that examined different transactions to determine if they were intentionally filtered or if there were other explanations for this behavior. The investigation , which examined six different tran...

As Sam Bankman-Fried’s legal representatives gear up to appeal the ex-FTX chief’s recent verdict, they have requested the court for his provisional release from the Metropolitan Detention Center in Brooklyn, New York. Upon examination of Bankman-Fried’s claims, a clerk from the court of appeals deemed them “unpersuasive.” Bankman-Fried’s Attempt at Release Has Been Denied by the Court of Appeals Sam Bankman-Fried is eager to leave incarceration at Brooklyn’s Metropolitan Detention Center, where he has been since August. In a recent effort, his attorneys sought to secure his release while preparing for his appeal, filing a motion with the Court of Appeals. However, the court’s clerk, Catherine O’Hagan Wolfe, firmly rejected this plea , maintaining the necessity for continued imprisonment. The decision by the United States Court of Appeals, Second Circuit, is rooted in the initial grounds for revoking his bail . The court identified credible evidence suggesting Bankman-Fried attempt...

In the wake of the settlement between the U.S. Department of Justice and Binance, the world’s largest crypto exchange, federal authorities are insisting that the exchange’s former CEO, Changpeng Zhao (CZ), remain stateside until his sentencing in February 2024. Justice Department Seeks to Restrict Ex-Binance CEO’s Travel Before Sentencing A recent court filing reveals that U.S. prosecutors have petitioned Magistrate Judge Brian Tsuchida to ensure Changpeng Zhao’s (CZ) continued presence in the U.S. This request, lodged on Wednesday, aims to reassess the bond conditions set on November 21, 2023. The U.S. government articulates concerns about CZ being a “substantial risk of flight.” The filed document explicitly states: [The Government] requests that the court order that Zhao should not be permitted to return to the UAE before sentencing. Currently residing in Dubai, United Arab Emirates (UAE), CZ lives with his three children and partner. The prosecutors argue that the prospect...

The approval of a spot bitcoin exchange-traded fund (ETF) in the U.S. could inject substantial new capital into the cryptocurrency market. Glassnode’s latest analysis on the subject provides a deep dive into how spot bitcoin ETFs could reshape market demand and supply, signaling a new era for bitcoin’s integration into mainstream financial markets. Glassnode: Spot Bitcoin ETF Could Be a Catalyst for Major Demand and Increase Volatility An influx of demand would confront relatively limited liquid bitcoin (BTC) supply, potentially amplifying volatility, Glassnode researchers detail in a report published on November 20. The study by the blockchain data firm Glassnode indicates there’s significant pent-up demand for a spot bitcoin ETF product . The analysts estimate up to $70.5 billion could flow into the market from stock, bond, and gold investors allocating just a fraction of assets. Even more conservative projections see tens of billions entering in the first years. Unlike exis...

The U.S. Department of Justice (DOJ) has seized $9 million in tether ( USDT ) allegedly linked to “pig butchering” crypto scams. The Justice Department explained that U.S. Secret Service agents and analysts tracked the laundering of victims’ crypto deposits through numerous cryptocurrency addresses, where they were exchanged for various cryptocurrencies. DOJ Seizes $9M in USDT The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of nearly $9 million worth of tether, a cryptocurrency pegged to the U.S. dollar.” The Justice Department detailed: These seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams, which are widely known as ‘pig butchering.’ Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division explained that these scammers target regular investors through deceptive websites, falsely cl...

A U.S. lawmaker has urged Congress to pass his bill that would fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. This call followed the securities regulator filing a second lawsuit against crypto exchange Kraken this year after the exchange paid $30 million to settle the initial lawsuit. Lawmaker Seeks to Fire Gary Gensler Congressman Warren Davidson (R-OH) has called on Congress to pass his bill that would fire Gary Gensler as the chairman of the U.S. Securities and Exchange Commission (SEC) after the securities regulator sued crypto exchange Kraken twice in 10 months. Rep. Davidson wrote on social media platform X on Tuesday: Now would be a great time to pass my SEC Stabilization Act and fire Gary Gensler. On Monday, the SEC filed its second lawsuit this year against Kraken for operating a crypto trading platform “as an unregistered securities exchange, broker, dealer, and clearing agency.” The initial charge in February pertained to the crypto exchang...

A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space. Rep. Emmer Calls for Focus on Domestic Crypto Growth House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ). “Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He emphasized: Congressional resources should instead be spent working to bring more cry...

KPMG in Canada and Chainalysis have entered into a strategic partnership aimed at strengthening efforts against crypto asset fraud. This alliance, marking KPMG’s entry into the Chainalysis Solution Provider program, is focused on providing enhanced monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The announcement on Wednesday details that the initiative is a response to the increasing sophistication of crypto-related criminal activities. Strategic Alliance Formed Between ‘Big Four’ Member KPMG and Chainalysis KPMG, a multinational professional services network and one of the ‘Big Four’ accounting organizations revealed on Wednesday that it has partnered with the blockchain surveillance firm Chainalysis. KPMG details that the collaboration enables the certification of KPMG professionals as Chainalysis Certified Investigators, aiming to improve their ability to detect and prevent illicit activities in the crypto sector...

Mastercard is collaborating with Feedzai to “increase crypto fraud protection for hundreds of millions of consumers.” In pairing the technologies offered by the two companies, “Feedzai’s customers, who collectively protect over 900 million consumers globally, will now be able to identify and prevent transactions involving fraudulent crypto exchanges before they occur,” Mastercard explained. Mastercard Expanding Crypto Fraud Protection Mastercard announced Monday that the company is collaborating with Feedzai, a leading provider of financial crime and risk management solutions, to “increase crypto fraud protection for hundreds of millions of consumers.” The payment giant detailed that Feedzai will “leverage Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud flowing into crypto exchanges.” This integration will involve integrating Mastercard’s Ciphertrace Armada into Feedzai’s Riskops platform, which analyzes transaction data total...

The U.S. Securities and Exchange Commission (SEC) has identified 16 crypto tokens as securities in its lawsuit against cryptocurrency exchange Kraken. Some of the alleged crypto securities were the same as those highlighted in the SEC’s lawsuits against Coinbase and Binance. Kraken’s CEO stressed: “We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.” SEC Labels 16 Crypto Tokens as Securities In its lawsuit against crypto exchange Kraken filed on Monday, the U.S. Securities and Exchange Commission (SEC) named 16 crypto tokens as securities. The regulator’s complaint states: Kraken currently makes available for trading crypto assets that have been the subject of prior SEC enforcement actions based upon their status as crypto asset securities, including crypto assets trading under the symbols ADA , AXS, ALGO, ATOM , CHZ, COTI, DASH , FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL. The r...