Cryptocurrency

The European Commission (EC) made its proposals public on June 28. Panetta, a critic of cryptocurrency, called the EC proposals for the euro CBDC “a new paradigm for preserving monetary sovereignty” that would ensure Europeans always have access to a public payment option, whether it was cash or digital, even as “closed-loop solutions are becoming increasingly prevalent” in private payment services. Panetta compared private payment systems to private messaging, where users are pressured to join the most popular systems.Continue Reading on Coin Telegraph More

One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund (ETF) applications. However, this has not dented the expectations of analysts. Continue Reading on Coin Telegraph More

Initial enthusiasm in the crypto community about the victory was tempered by the understanding of the limits of the court’s decision. “So far, every time they lose in court they just shamelessly say the judge got it wrong and pursue more shenanigans,” Delphi Labs general counsel Gabriel Shapiro said. According to Zero Knowledge Consulting managing partner Austin Campbell: “For many companies, fighting back is incredibly expensive (you will win, but you’ll be bankrupt when you do) or you’re a financial conglomerate where the SEC can fuck up the rest of your business in the meantime. Gangster behavior.”Continue Reading on Coin Telegraph More

In an update on Sep. 4, Bitmain outlined their specific interest in recruiting PhD candidates talented in thermal energy, machinery, electrical engineering, materials science, and related fields as part of this initiative.Bitmain is seeking 24 graduates, both from home and abroad, with at least a master’s degree. In return, they offer free dormitory accommodation for three years or discounted rent. This recruitment drive isn’t limited to China; it also covers Singapore, Malaysia, and the United States.This update follows Bitmain’s announcement on June 21 that it, along with the crypto platform Anchorage Digital, would acquire equity in Core Scientific, then the second-largest publicly listed Bitcoin miner.Core Scientific had filed for bankruptcy due to declining revenue and falling Bitcoin prices. However, it’s worth noting that the status of this plan is still pending, and there have been no new updates to report as of now.At the same time, the company also shared its hosting of World Digital Mining Summit 2023 (WDMS 2023) in Hong Kong from Sept. 22 to 23, 2023, with the theme of “mining for the next bull market.”This article was originally published on Crypto.news More

Local reports indicate that high-ranking government officials view crypto as a crucial facilitator of Pyongyang’s illicit weapons programs, highlighting a perceived lack of vigilance in this regard during the previous administration.The forthcoming legislation seeks to counteract the exploitation of digital assets acquired by North Korean hackers.This is an addition that was absent from the draft initially proposed by the National Intelligence Service (NIS) in the previous year.Intelligence reports reveal that North Korean hackers managed to pilfer $1.28 billion worth of coins in 2022, employing tactics such as ransomware, scams, fraud, and various cyberattacks.This underscores the critical urgency for implementing robust countermeasures.Yoon Han-hong, a People Power Party representative serving on the National Policy Committee, pointed out that crypto assets approximating $52.46 million have likely been funneled through South Korean exchanges by North Korean hackers in the last four years.According to Anne Neuberger, US Deputy National Security Advisor for Cyber and Emerging Technology, about half of North Korea’s missile program financing is from digital theft and cyberattacks.This information aligns with the increase in the country’s missile tests, marking a surge in both cyber and military activities.Chainalysis, a blockchain analytics firm, has substantiated these claims, revealing that North Korea has illicitly obtained over $3 billion through cybercrime in the last five years.Additionally, United Nations sanctions experts have linked North Korea to using stolen funds to support its prohibited nuclear and missile programs.South Korea’s move is when the US Federal Bureau of Investigation (FBI) is intensifying its scrutiny of North Korean hackers.In August, the bureau identified six Bitcoin wallets connected to the Lazarus Group, a North Korean hacking syndicate, with roughly $40 million worth of Bitcoin (BTC).This article was originally published on Crypto.news More

Initially flagged by Cyvers Alerts on X, the AI-powered system detected “multiple suspicious transactions” linked to Stake.Transactions totaling roughly $16 million were questionably transferred from Stake.com.The transfer comprised 6,000 Ethereum (ETH), worth roughly $9.8 million, and an additional $5.9 million in stablecoins.While these transactions are still under investigation, some experts believe that they could be linked to a possible security vulnerability in Stake’s wallet infrastructure.Notably, data analysis firm PeckShield tweeted a direct alert to Stake, linking to a specific Ethereum address connected to the unusual movements.Shortly after, ZachXBT, a known crypto analyst, also tweeted, “Looks like ~$15.7 million,” further highlighting the scale of the issue.So far, Stake hasn’t issued an official statement addressing the situation, adding to the uncertainty for its user base.However, it’s worth noting that the betting platform has suspended deposits and withdrawals, possibly as a preventative measure while the issue is investigated.Given the lack of formal communication from Stake, it’s difficult to determine the scope or the nature of this suspected security lapse.Vulnerabilities in crypto wallets aren’t a new phenomenon; the crypto industry has had its share of high-profile breaches.What makes this situation more pressing is Stake’s role as a platform where people not only invest but actively bet on various events, making the integrity of its financial operations crucial for user confidence.As Stake’s situation remains unresolved, its challenges highlight the larger security concerns that exist in the crypto industry.The sector, although booming, is relatively young and comes with its own set of growing pains—security being at the forefront.This article was originally published on Crypto.news More

In a recent note, JP Morgan analysts proposed that the SEC might need to reconsider its approval of a futures-based Bitcoin ETF to prevent the conversion of Grayscale Bitcoin Trust (GBTC) into a spot ETF. However, the analysts deem this scenario unlikely, as it would be highly disruptive and potentially embarrassing for the SEC.The analysts also noted that even if Bitcoin spot ETFs were approved, they might not lead to substantial price increases for Bitcoin or the overall crypto market. They highlighted that similar spot Bitcoin ETFs have been available in Canada and Europe for some time but haven’t garnered substantial investor attention.Grayscale, the manager of the world’s largest bitcoin fund, has been engaged in a legal battle with the SEC over its request to convert its investment vehicle into an ETF.The SEC initially rejected Grayscale’s proposal, citing concerns about investor protection against fraudulent and manipulative practices.In response to the SEC’s denial, Grayscale criticized the agency’s stance as “illogical” and “discriminatory.” Several affiliations, including The Blockchain Society, The Chamber of Digital Commerce, the Chamber of Progress, and Coin Center, filed an amicus curiae to support Grayscale and criticize the SEC’s decision.However, Grayscale recently secured a significant victory in its legal battle against the SEC. A panel of three federal judges in Washington overturned the SEC’s decision, allowing Grayscale to proceed with the initiation of a Bitcoin spot ETF. This decision had a positive impact on the crypto market, pumping BTC and crypto prices.The US Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale, deeming the SEC’s prior rejection of the company’s Bitcoin spot ETF proposal as “arbitrary and capricious.”The court recognized that Grayscale had presented substantial evidence to support the similarity of their offering to existing Bitcoin futures ETFs, which had already gained SEC approval.Importantly, the court underscored the parallels, such as the surveillance-sharing agreements both products have with the Chicago Mercantile Exchange (CME).This article was originally published on Crypto.news More

In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create and build wealth entirely within its ecosystem.Continue Reading on Coin Telegraph More