Author: Max Bauer
Changpeng Zhao, the founder of cryptocurrency exchange Binance, has been released from federal custody after serving a four-month sentence for failing to implement adequate anti-money laundering measures. After CZ’s Release, Richard Teng Will Continue to Manage Binance Zhao, 47, pleaded guilty in November to charges related to Binance’s role in facilitating illicit activities by cybercriminals and terrorist groups. The exchange, which processes trillions of dollars in trades annually, paid a $4.3 billion settlement and agreed to several conditions, including Zhao’s resignation as CEO. Despite the legal challenges, Binance remains a dominant force in the cryptocurrency market. Zhao’s net worth is…
Bitcoin experienced a significant surge, reaching $66,000 on Friday, following the release of lower-than-expected inflation data in the United States. This positive economic indicator has boosted investor sentiment and fueled inflows into Bitcoin ETFs. Number of Factors Played a Role in Recent Bitcoin Rally The cryptocurrency market has seen a broader uptrend, with Ethereum also gaining momentum. The recent peak of $66,500 for Bitcoin marks its highest level since late July. Several factors have contributed to BTC’s rise. The Personal Consumption Expenditures Price Index (PCE), a key measure of inflation, declined to 2.2% in August from 2.5% in July. This…
The Securities and Exchange Commission (SEC) has filed charges against Mango DAO, Blockworks Foundation, and Mango Labs LLC for engaging in unregistered offers and sales of crypto assets, as well as unregistered broker activities. According to the SEC’s complaint, Mango DAO and Blockworks Foundation raised over $70 million from the sale of MNGO tokens, the governance tokens of the Mango Markets platform, to hundreds of investors worldwide. Blockworks Foundation and Mango Labs are also accused of operating as unregistered brokers by facilitating securities transactions on the platform. The SEC alleges that Mango Markets violated federal securities laws by failing to…
The cryptocurrency industry has witnessed a concerning trend in recent months, with an increase in offline robberies targeting prominent figures in the crypto community. While online hacks have seen a significant decline, physical threats and violence have become a growing concern. ZachXBT, a security researcher, has warned of a rise in cryptocurrency thefts across Western Europe, where individuals have been targeted at gunpoint for their cryptocurrency holdings. Hong Kong and Singapore have also experienced similar attacks. Online Cryptocurrency Thefts Decline However, the landscape of cybercrime within the crypto industry has shown positive developments. According to data from Immunefi, losses from…
Coinbase Research has released a new report expressing a bullish outlook for the cryptocurrency market in the coming months. The firm cites the recent strengthening correlation between cryptocurrency and stock markets, driven by global easing campaigns, as a positive indicator. Ethereum (ETH) has exhibited impressive growth, outperforming Bitcoin (BTC) by 8% in the past week. Altcoins have also seen renewed investor interest, with gaming, scaling solutions, and Layer-0 sectors leading the way. Coinbase Research Analysts Think October Will Be Favorable for Cryptocurrencies According to the report, key market metrics remain healthy, indicating a robust market environment. Funding rates are stable,…
Decentralized derivatives trading platform dYdX has announced plans to shut down dYdx v3 version on October 28, 2024. The platform will remain operational until the closing date, allowing users to close positions and withdraw USDC funds. Reason for dYdX v3 to Sunset is the Newest v4 Version dYdX said that user funds remain secure and can be withdrawn indefinitely from smart contracts. The closure only impacts v3 users, while dYdX Chain (v4) and other versions remain unaffected. The company will focus its resources on developing the Unlimited version, scheduled for launch this fall. The decision to wind down v3 activities…
Nick Timiraos, a prominent Wall Street Journal reporter often referred to as the Federal Reserve’s mouthpiece, has cautioned that the central bank’s recent interest rate cuts may not be enough to guarantee a soft landing for the U.S. economy. Timiraos emphasized that achieving a soft landing depends on several factors, including the underlying health of the economy and the ability of lower borrowing costs to stimulate new investment and spending. He warned that even if interest rates fall, many businesses and households may remain hesitant to borrow due to higher interest rates on existing fixed-rate loans. The key issue, according…
Changpeng Zhao, the founder of cryptocurrency exchange Binance, is set to be released from federal prison today after serving a four-month sentence for failing to implement proper anti-money laundering controls. Zhao, commonly known as “CZ,” was taken into custody in April after agreeing to return to the United States from Dubai. Following his release from a halfway house in Long Beach, California, Zhao is expected to reunite with his family in Dubai or Paris. Despite his legal troubles, Zhao remains one of the world’s wealthiest individuals, with a net worth of approximately $60 billion. While Zhao has not publicly disclosed…
Grayscale Investments, a leading digital asset manager, has released its latest prediction for the top 20 cryptocurrencies with the most potential in the coming quarter. The firm has introduced several new assets to the list, including SUI, TAO, OP, HNT, CELO, and UMA. Meanwhile, tokens such as Render (RENDER), Mantle (MNT), ThorChain (RUNE), Pendle (PENDLE), Illuvium (ILV), and Raydium (RAY) have been removed from the previous quarter’s list. Grayscale justified the inclusion of Helium, stating, “Helium’s leadership in the DePIN category and its sustainable revenue generation align with our investment strategy.” The firm highlighted Helium’s significant growth, with over 1…
Former BitMEX CEO and crypto entrepreneur Arthur Hayes made headlines today after revealing a series of bold bets on memecoins, signaling renewed confidence in the speculative sector. Hayes announced his optimism for memecoins via Twitter, backing up his statement by purchasing $250,000 worth of PEPE through Binance. In a further show of confidence, Hayes purchased an additional 23.48 million ATH tokens, valued at $1.5 million, just one hour later. This marks a continuation of his buying spree, which began on August 15. Since then, he has accumulated a total of 116.63 million ATH tokens, spending $7.5 million at an average…