Cryptocurrency

The plaintiffs are seeking damages of at least $1 billion, claiming that high-profile endorsements by celebrities like Ronaldo led them to invest in what they consider unsafe investments. The case revolves around allegations of unlawful deception, with the plaintiffs arguing that the endorsements enticed them into purchasing these digital assets without a clear understanding of the risks involved.The lawsuit comes at a time when the cryptocurrency market is under increased scrutiny, with regulators and investors calling for greater transparency and accountability from platforms and endorsers alike. Ronaldo’s involvement with Binance, one of the world’s leading cryptocurrency exchanges, has brought this issue to the forefront, highlighting the influence celebrities can have on investment decisions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The company, led by CEO Michael Saylor, has been acquiring Bitcoin since August 2020, when it first adopted the cryptocurrency as its primary reserve asset. As of November 29, MicroStrategy’s total Bitcoin assets had reached an approximate valuation of $6.6 billion. The latest acquisition further raises their average purchase price to $30,252 across their entire Bitcoin portfolio.In addition to the Bitcoin purchase, MicroStrategy has initiated a $750 million Class A common stock offering. The offering is being conducted in collaboration with financial services firm Cowen and Company. This move comes as part of the company’s broader strategy to continue investing in Bitcoin, as indicated by CEO Phong Le, who previously noted the company’s intent to persist with regular Bitcoin acquisitions.The announcement of the stock offering and the Bitcoin purchase coincided with a minor early trading setback for MicroStrategy’s shares (NASDAQ:MSTR), which saw a decline of 0.82%. Despite this, the company has previously recorded a substantial profit of $900 million on their Bitcoin holdings when the cryptocurrency’s price was above the critical $30K threshold.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Even with today’s decline, Augur has shown resilience over the past week, marking a 1.5% increase in value. This performance comes amidst a period of mixed results across the cryptocurrency spectrum. While some, like KILT Protocol, edged up by a modest 0.3%, others such as Aidi Finance, Zoo Token, and CareCoin each fell by 2%. In contrast, Kitty Inu and Hokkaidu Inu both enjoyed a slight uptick of 1%. Meanwhile, Lego Coin held steady at its previous price, Jeff in Space saw a 2% reduction, and Lumi Credits maintained its value. AXIA Coin experienced a negligible decrease.Founded by Jack Peterson and Joey Krug, Augur was launched on November 17 and operates as a decentralized forecasting tool on Ethereum’s network. The platform uses its native token, REP, for reporting and governance activities, and has an available supply limit set at 11 million tokens.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

(Reuters) – The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. Speaking at an event hosted by the Blockchain Association, Adeyemo said that crypto companies need to do more to curtail the flow of illicit finance, and that the lack of action across the sector presents a risk to the U.S. “Our actions over the last year send a clear message: we will not hesitate to bring to bear tools across government to protect our national security,” Adeyemo said in prepared remarks. The Biden administration on Tuesday sent a letter to Congress, requesting new legislation that would grant Treasury the authority to police crypto marketplaces used by actors the U.S. government deems illicit, Adeyemo said. The move comes after the U.S. in October issued sanctions aimed at disrupting funding for Palestinian militant group Hamas following deadly attacks in Israel, singling out a Gaza-based cryptocurrency exchange among other targets. Last week, Binance chief Changpeng Zhao pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement, and stepped down as CEO of the world’s largest crypto exchange, conceding that he had “made mistakes.” Prosecutors said Binance broke U.S. anti-money laundering and sanctions laws and failed to report more than 100,000 suspicious transactions with organizations the U.S. described as terrorist groups including Hamas, al Qaeda and the Islamic State of Iraq and Syria, authorities said. Binance said in response that it had worked hard to make the platform “safer and even more secure.” More

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Trust Wallet said the increase in network traffic has placed a significant burden on nodes, exacerbated by Bitcoin’s 1MB block size limit. This limitation has created a backlog of unconfirmed transactions, with nodes prioritizing those with higher fees. As a result, users have experienced slower data propagation times and increased latency, putting a strain on the computational resources of the node network.The issues began to surface yesterday, and as of today, Trust Wallet users continue to face challenges. The glitches have affected the Bitcoin Blockbook system, which is utilized by wallets, including Trezor, for data queries.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The incident unfolded when a user, known by the X (formerly Twitter) handle “83_5BTC,” attempted to transfer 139 BTC to a new cold wallet. Following the transfer, the user claimed that their wallet had been hacked, suggesting that an automated script with flawed fee calculations might be responsible. This prompted a post-incident analysis by Mononaut, a pseudonymous developer behind Mempool, who confirmed the user’s claim by message signing. Mononaut highlighted the possibility of a security compromise, indicating that attackers could have employed a replace-by-fee (RBF) tactic to inflate the transaction fees and hasten the theft of funds. The analysis pointed to weak wallet security practices, such as the usage of a low-entropy wallet like a brainwallet, as potential vulnerabilities.In response to the incident, AntPool has laid out steps for the original owner to reclaim the funds. The owner is required to verify their identity using signature tools such as Electrum or Bitcoin Core with their private key. This process must be completed before December 10th to ensure the rightful owner can recover the assets.The costly mistake serves as a cautionary tale for Bitcoin users, emphasizing the importance of robust security measures and the need for vigilance when setting transaction fees. It also showcases the proactive measures taken by mining pools like AntPool to monitor and respond to abnormal activities on the blockchain.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Hoskinson also shared several curious facts about Bitcoin and its mysterious creator . In particular, he shared a guess as to why Satoshi chose to stay anonymous.This video, Hoskinson specified, was to continue the recent AMA video session he had made about multiple accusations of ADA allegedly being a security in the U.S.The reason why Satoshi Nakamoto chose to stay anonymous, according to Hoskinson, who said he cited Nakamoto himself, was that admitting that he was the real creator of BTC would make him face the legal ambiguity of issuing a currency. Here Hoskinson named privately issued Liberty Dollars, Dollar Coins, Ron Paul coin, and many others – “they did not fare so well,” Hoskinson stated.In the U.S., creating a digital asset and distributing it is ambiguous, the Cardano founder emphasized. He ended the discussion at this point without adding anything else to make his point clearer.Later on, when just a few people, including Hal Finney (for whom it took multiple attempts to get the network working properly, allowing for transactions to be made), mined Bitcoin, it was done in a completely centralized way, the Cardano creator insists. Still, back then, Satoshi Nakamoto (before he went under the radar and gave the BTC code to the tiny community) was basically able to change the Bitcoin network in any way he pleased. Since then, the network has grown greatly, and now there is no individual that would have so much power over the BTC network, Hoskinson stated.Hoskinson stated that these accusations are absurd. Cardano’s ADA has also been claimed to be a security many times – by the SEC regulator and Bitcoin maximalist Max Keiser.This article was originally published on U.Today More