Author: Max Bauer
The Chinese government is reportedly liquidating the remaining Ethereum (ETH) seized from the multibillion-dollar PlusToken ponzi scheme, causing minor dips in the cryptocurrency market. Seized Ethereum Started Transferring According to Onchain Data In early August, the dormant Ethereum tokens, which had been inactive since 2021, were reactivated on the blockchain. Over the past 24 hours, approximately 7,000 ETH out of the remaining 542,000 ETH ($1.3 billion) has been transferred to exchanges, indicating an intention to sell the remaining tokens. PlusToken, a massive MLM crypto ponzi scheme, operated from early 2018 until June 2019 when its masterminds were arrested by Chinese…
Renowned economist Tyler Cowen has suggested that Ethereum founder Vitalik Buterin is a strong candidate for the Nobel Prize in Economics. Cowen compared Ethereum’s transition from Proof-of-Work (POW) to Proof-of-Stake (POS) to changing tires while a car is driving, highlighting the complexity and significance of the achievement. While Cowen believes Buterin is a worthy contender, he also acknowledged that Satoshi Nakamoto, the anonymous creator of Bitcoin, should have been considered for the prize had they been alive. Cowen noted that none of the economists who have received the Nobel Prize have made any significant contributions to the field of cryptocurrency.…
US prosecutors on Wednesday announced the first criminal charges against financial services firms operating in the cryptocurrency sector. Four companies – Gotbit, ZM Quant, CLS Global, and MyTrade – along with 14 individuals, have been accused of market manipulation and sham trading. Federal prosecutors in Boston filed charges against the firms and their leaders and employees, which also led to arrests in several countries. Five individuals involved in the case have already agreed to plead guilty or have already done so.
The Federal Reserve released minutes from its September meeting, revealing that while officials believe the risks of high inflation have diminished, they remain cautious about prematurely or excessively reducing policy restrictions. Several participants expressed concerns that easing monetary policy too quickly could hinder progress in combating inflation. The minutes noted that the staff’s outlook for the economy remained “solid,” although growth projections for the second half of 2024 were revised downward due to weaker-than-expected labor market indicators. Uncertainty about the long-term neutral interest rate level was cited by some participants as a complicating factor in assessing the appropriate extent of…
Animoca Brands, a global leader in digital entertainment and blockchain gaming, has revealed its intention to purchase additional PROS tokens from the open market, signaling its support for the evolving strategic direction of Prosper. The announcement was made via the company’s official blog. PROS is the utility token of Prosper, a platform that aims to bring institutional-grade Bitcoin mining power on-chain, offering exposure to the Bitcoin hashrate and broader ecosystem. The token has a current circulating market capitalization of $10 million USD. Animoca Brands’ decision to invest further into PROS reflects its growing interest in the Bitcoin ecosystem and its…
Canary Capital, a newly established cryptocurrency investment firm founded by Steven McClurg, the creator of Valkyrie Funds, has officially submitted an S-1 form with the Securities and Exchange Commission (SEC) to launch an XRP exchange-traded fund (ETF). In a statement to Fox Business, a spokesperson for Canary Capital expressed optimism about the potential for XRP ETF approval, citing the increasing demand from investors for exposure to cryptocurrencies beyond Bitcoin and Ethereum. The firm highlighted XRP’s role as a foundational asset in the blockchain ecosystem, particularly for enterprise-grade solutions. Nate Geraci, President of The ETF Store, echoed this sentiment, suggesting that…
Peter Todd, a prominent figure in the bitcoin community, has found himself at the center of a new theory surrounding the mysterious identity of Satoshi Nakamoto, the anonymous individual or group credited with creating bitcoin. In a forthcoming HBO documentary, filmmaker Cullen Hoback presents evidence suggesting that Todd could be the real-world persona behind the enigmatic Satoshi. The documentary, titled “Money Electric: The Bitcoin Mystery,” delves into the decades-old mystery surrounding Satoshi Nakamoto’s true identity. Hoback’s investigation has led him to believe that Todd, a bitcoin core developer with a long history of involvement in the cryptocurrency, fits the profile…
Federal Reserve Bank of Boston President Susan Collins expressed optimism on Tuesday that further interest rate cuts are likely, citing weakening inflation trends. While acknowledging the unexpectedly strong September jobs report, which initially raised questions about the Fed’s ability to implement significant cuts, Collins maintained a cautiously optimistic outlook. In a speech prepared for delivery at a conference at the Boston Fed, Collins stated that “further adjustments of policy will likely be needed.” She reiterated the Fed’s September projection of a half-percentage-point cut by year-end, but emphasized that the path is not predetermined. “Policy is not on a pre-set path…
Ki Young Ju, the founder of blockchain analytics firm CryptoQuant, has issued a warning that revealing the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto, could have a negative impact on the cryptocurrency market. In a statement, Ju argued that regardless of whether Satoshi is alive or deceased, disclosing their identity could lead to market uncertainty and potentially bearish sentiment. If Satoshi is alive, concerns about wealth concentration could arise, while if they are deceased, questions about who inherited their significant portion of the Bitcoin supply could spark conspiracy theories. Ju emphasized that Satoshi’s anonymity is essential to the integrity of…
The U.S. government has cleared a major hurdle in its efforts to sell off Bitcoin seized from the now-defunct Silk Road dark web marketplace. According to blockchain analytics firm Lookonchain, the Supreme Court’s decision not to hear a case filed by Battle Born Investments grants the government full control over 69,370 Bitcoin, currently valued at approximately $4.33 billion. This decision comes after a lengthy legal battle. The funds were initially seized in 2020 and linked to an unnamed individual associated with Silk Road, often referred to as “Individual X.” Battle Born Investments, whose claim to the Bitcoin remains unclear, had…