Crypto News on 05 Oct, 2024

Pig butchering, the crypto-based scammer scourge that has pulled in an estimated $75 billion from victims globally, is spreading beyond its roots in Southeast Asia, with operations proliferating across the Middle East, Eastern Europe, Latin America, and West Africa. The UK's National Crime Agency disclosed new details about the identities of the Russian ransomware group known as Evil Corp—as well as the group's ties to Russian intelligence agencies and even its direct participation in espionage operations targeting NATO allies. A WIRED investigation revealed how car-mounted automatic license plate reader cameras are capturing far more than just license plates, including campaign yard signs, bumper stickers, and other politically sensitive text, all examples of how a system for tracking vehicles threatens to become a broader surveillance tool. In other news, ICE signed a $2 million contract with Paragon Solutions, a known vendor of spyware including the hacking tool Graphite. And the Pentagon is increasingly adopting handheld controllers for weapons systems in an effort provide more intuitive interfaces to soldiers who have grown up playing Xbox and PlayStation consoles. And there's more. Each week, we round up the privacy and security news we didn’t cover in depth ourselves. Click the headlines to read the full stories. And stay safe out there. The FBI Still Hasn’t Cracked the Phone of Indicted NYC Mayor Eric Adams As the politics of America's biggest city have been turned upside down by the criminal charges against New York mayor Eric Adams, there's still a “significant wild card” in the corruption case against him, prosecutors said in court this week: The FBI can't manage to get into his phone. Prosecutors in the case against Adams, which centers on alleged illegal payments the mayor received from the Turkish government, revealed that the FBI still hasn't cracked the encryption on Adams' personal phone, nearly a year after it was seized. That phone is one of three that the bureau has taken from Adams, but agents seized Adams' personal phone a day later than the other two devices he used in an official capacity. By that time, Adams had not only changed the passcode on the phone from a four digit PIN to six digits—a measure he says he took to prevent staffers from intentionally or unintentionally deleting information from the device. He also claims he immediately “forgot” that code to unlock it. That very convenient amnesia may leave the FBI and prosecutors in a situation similar to their investigation into the San Bernardino mass shooting carried out by Syed Rizwan Farook in 2016, when the US government demanded Apple help unlock the shooter's encrypted iPhone, leading to a high-profile standoff between the Apple and the FBI. In that case, the cybersecurity firm Azimuth eventually used a closely guarded—and expensive—hacking technique to unlock the device. In Adams' case, prosecutors hinted that the FBI may have to resort to similar measures. “Decryption always catches up with encryption,” a prosecutor in the case, Hagan Scotten, told the judge. Harvard Students Add Face Recognition to Meta’s Smart Glasses Face recognition is one of only a few technologies that even Facebook and Google have hesitated to integrate into products like Google Glass and the Ray-Ban Meta smart glasses—and rightly so, given the privacy implications of a device that would allow anyone to look at a stranger on the street and immediately determine their phone number and home address. Now, however, a group of Harvard students has shown how easy it is to bolt that face recognition onto Meta's augmented-reality eyewear. The project, known as I-XRAY, integrates with the face-recognition service Pimeyes to let Ray-Ban Meta wearers learn the name of virtually anyone they see and then immediately scour databases of personal information to determine other info about them, including names of family members, phone numbers, and home addresses. The students say they're not releasing the code for their experiment, instead intending it as a demonstration of the privacy-invasive potential of augmented-reality devices. Point made. Meta Says It Will Train Its AI on Input from Smart Glasses If that warning about the privacy risks of AR eyewear needed more reinforcement, Meta this week also conceded to TechCrunch that it will use input from users' smart glasses to train its AI products. Initially, Meta declined to answer TechCrunch's questions about whether and how it would collect information from Ray-Ban Meta smart glasses for use as AI training data, in contrast to companies like OpenAI and Anthropic that explicitly say they don't exploit user inputs to train their AI services. A couple of days later, however, Meta confirmed to TechCrunch that it does in fact use images or video collected through its smart glasses to train its AI, but only if the user submits them to Meta's AI tools. That means anything that a user sees and asks Meta's AI chatbot to comment on or analyze will become part of Meta's massive AI-training data trove. Microsoft and the DOJ Seize 100+ Domains Used by Russian Spies If you can't arrest Russian hackers, at least you can nab their web domains. That, at least, is the approach this week of the US Justice Department, which along with Microsoft and the NGO Information Sharing and Analysis Center used a lawsuit to take control of more than a hundred web domains that had been used by Russian hackers working for the Kremlin's intelligence and law enforcement agency known as the FSB. Those domains had been exploited in phishing campaigns by the Russian hacker group known as Star Blizzard, which has a history of targeting the typical victims of geopolitical spying such as journalists, think tanks, and NGOs. The domain seizures seem designed in part to head off threats of foreign interference in next month's US election. “Rebuilding infrastructure takes time, absorbs resources, and costs money,” Steven Masada, the assistant general counsel of Microsoft’s Digital Crimes Unit, said in a statement. “Today’s action impacts [the hackers'] operations at a critical point in time when foreign interference in US democratic processes is of utmost concern.”

 2024-10-05 10:30:00

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A new cryptocurrency platform. An upcoming memoir authored by his wife. A set of NFT trading cards. Watches that cost as much as $100,000. With just weeks left before the November election, former President Donald Trump has taken to promoting items and businesses that are not at all connected to his presidential campaign. “You’re going to love them,” Trump wrote on his Truth Social platform last week of his new line of branded watches, which cost anywhere from $499 to $100,000. They’re being offered through a vendor that has a licensing agreement with him. “Would make a great Christmas gift.” While running for president this cycle, Trump has also promoted a sneaker brand, boots and even Bibles — all of which are business and not campaign ventures. He has long mixed business with politics; prior to his legal battles that have raged for years now, those potential conflicts of interest were the subject of far greater attention. But the fact that Trump is promoting his business interests again in the closing weeks of the campaign has his Democratic rivals saying it is proof he is unfocused, and even some of his allies saying the effort is unwise. “I think that he’s distracted,” Colorado Gov. Jared Polis, a Democrat, told NBC News. “He’s off his message and he’s probably focused on what comes next after he loses the presidential race, which is to continue to try to perpetuate these dicey schemes on people for his own profit.” Reached for comment, a Trump campaign official said “these are all outside business ventures,” adding that “no proceeds come to the campaign.” For the former president’s supporters, it’s unlikely the focus on these other ventures would shift their opinion of him, even though Trump was subject to some conservative backlash in 2022 when he first announced an NFT line, teasing it as a “MAJOR ANNOUNCEMENT” soon after he launched his re-election bid. “I’m not too much worried about that,” Rep. Byron Donalds, R-Fla., said. “Donald Trump is a businessman first, second and third. But his primary focus, purpose, focus number one, two, three, four, five, is running for president and making our country great again. That’s his focus.” “Everybody has things that we’re involved in personally,” he added. “You have members of Congress who write books and then promote the books. So, I mean, I’m not really concerned about that.” But others felt it highlighted a bigger issue with the state of Trump’s candidacy, specifically that difficult conversations aren’t being had. “It’s just the lack of discipline around him right now,” one Trump ally said. “There is no one telling him ‘no’ very clearly. Do I think that a single Trump voter in America is not voting for him because of any of this? Absolutely no. But they still haven’t [really] told people [why] Kamala Harris would be a bad president. And that seems like it should probably be the messaging priority.” Within the last week, Trump tweeted about how he “promised to Make America Great Again, this time with crypto,” in announcing that his new platform, World Liberty Financial, now had a “whitelist for eligible persons” open. And ahead of the release of former first lady Melania Trump’s new book, “Melania,” Trump promoted a link to her website calling on supporters to “Buy your copy today.” In February, Trump attended a shoe convention in Philadelphia to announce the release of a new line of Trump-branded sneakers. Meanwhile, his latest financial disclosure showed that he made $300,000 off of Trump-branded Bibles he promoted earlier this year. That same financial disclosure revealed he made about $7.2 million from the NFTs he promoted. The Harris campaign sees Trump’s side hustles during the campaign as bolstering a core part of their message about him: that he is more focused on helping himself than on helping voters. “He is making the argument for our campaign,” a Harris campaign official said. “And he’s making the argument to the American people of who he cares about, day in and day out. And we’ll let that speak for itself.” Describing the business ventures as a “grift,” the official went further, saying of Trump’s latest branded merchandise: “It’s just objectively an ugly watch.” Long before he entered politics, Trump had promoted similar product lines, whether Trump Steaks or Trump Vodka. Trump ended up paying out a $25 million settlement to students of Trump University — the former president’s real estate education venture — who said they were duped. Trump’s new watch line contributed to the resurfacing of remarks Sen. Marco Rubio, R-Fla., made during a 2016 GOP primary debate, during which Rubio said Trump inherited hundreds of millions of dollars and that if he hadn’t, “you know where he’d be right now? Selling watches in Manhattan.” “He wants to do everything and anything and throw everything against the wall,” the Trump ally said. “Sometimes it’s good. Sometimes it’s not. Sometimes it helps you. Sometimes we’re posting NFTs or whatever.” “No one is saying, ‘Hey, sir, why don’t we not do that right now?’” this person added. “And that just seems to be the only reasonable explanation for this right now.”

 2024-10-05 09:14:26

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A new cryptocurrency platform. An upcoming memoir authored by his wife. A set of NFT trading cards. Watches that cost as much as $100,000. With just weeks left before the November election, former President Donald Trump has taken to promoting items and businesses that are not at all connected to his presidential campaign. “You’re going to love them,” Trump wrote on his Truth Social platform last week of his new line of branded watches, which cost anywhere from $499 to $100,000. They’re being offered through a vendor that has a licensing agreement with him. “Would make a great Christmas gift.” While running for president this cycle, Trump has also promoted a sneaker brand, boots and even Bibles — all of which are business and not campaign ventures. He has long mixed business with politics; prior to his legal battles that have raged for years now, those potential conflicts of interest were the subject of far greater attention. But the fact that Trump is promoting his business interests again in the closing weeks of the campaign has his Democratic rivals saying it is proof he is unfocused, and even some of his allies saying the effort is unwise. “I think that he’s distracted,” Colorado Gov. Jared Polis, a Democrat, told NBC News. “He’s off his message and he’s probably focused on what comes next after he loses the presidential race, which is to continue to try to perpetuate these dicey schemes on people for his own profit.” Reached for comment, a Trump campaign official said “these are all outside business ventures,” adding that “no proceeds come to the campaign.” For the former president’s supporters, it’s unlikely the focus on these other ventures would shift their opinion of him, even though Trump was subject to some conservative backlash in 2022 when he first announced an NFT line, teasing it as a “MAJOR ANNOUNCEMENT” soon after he launched his re-election bid. “I’m not too much worried about that,” Rep. Byron Donalds, R-Fla., said. “Donald Trump is a businessman first, second and third. But his primary focus, purpose, focus number one, two, three, four, five, is running for president and making our country great again. That’s his focus.” “Everybody has things that we’re involved in personally,” he added. “You have members of Congress who write books and then promote the books. So, I mean, I’m not really concerned about that.” But others felt it highlighted a bigger issue with the state of Trump’s candidacy, specifically that difficult conversations aren’t being had. “It’s just the lack of discipline around him right now,” one Trump ally said. “There is no one telling him ‘no’ very clearly. Do I think that a single Trump voter in America is not voting for him because of any of this? Absolutely no. But they still haven’t [really] told people [why] Kamala Harris would be a bad president. And that seems like it should probably be the messaging priority.” Within the last week, Trump tweeted about how he “promised to Make America Great Again, this time with crypto,” in announcing that his new platform, World Liberty Financial, now had a “whitelist for eligible persons” open. And ahead of the release of former first lady Melania Trump’s new book, “Melania,” Trump promoted a link to her website calling on supporters to “Buy your copy today.” In February, Trump attended a shoe convention in Philadelphia to announce the release of a new line of Trump-branded sneakers. Meanwhile, his latest financial disclosure showed that he made $300,000 off of Trump-branded Bibles he promoted earlier this year. That same financial disclosure revealed he made about $7.2 million from the NFTs he promoted. The Harris campaign sees Trump’s side hustles during the campaign as bolstering a core part of their message about him: that he is more focused on helping himself than on helping voters. “He is making the argument for our campaign,” a Harris campaign official said. “And he’s making the argument to the American people of who he cares about, day in and day out. And we’ll let that speak for itself.” Describing the business ventures as a “grift,” the official went further, saying of Trump’s latest branded merchandise: “It’s just objectively an ugly watch.” Long before he entered politics, Trump had promoted similar product lines, whether Trump Steaks or Trump Vodka. Trump ended up paying out a $25 million settlement to students of Trump University — the former president’s real estate education venture — who said they were duped. Trump’s new watch line contributed to the resurfacing of remarks Sen. Marco Rubio, R-Fla., made during a 2016 GOP primary debate, during which Rubio said Trump inherited hundreds of millions of dollars and that if he hadn’t, “you know where he’d be right now? Selling watches in Manhattan.” “He wants to do everything and anything and throw everything against the wall,” the Trump ally said. “Sometimes it’s good. Sometimes it’s not. Sometimes it helps you. Sometimes we’re posting NFTs or whatever.” “No one is saying, ‘Hey, sir, why don’t we not do that right now?’” this person added. “And that just seems to be the only reasonable explanation for this right now.”

 2024-10-05 09:00:00

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People have gotten excited about Bitcoin for all kinds of reasons: Crypto promises to be a more efficient financial ecosystem, it helps you send money abroad and it can be used as an investment. But what if you could use it to offset your heating costs? Bitcoin mining is the process that creates new Bitcoins — and it is done by computers performing complex calculations. And, as anyone who has worked with a laptop on their lap knows, computers doing complex work produce heat. Large-scale crypto mining operations often have massive fans to cool their computers, but some creative thinkers are looking for ways to utilize that heat instead of wasting it. Plug in a miner, cut your propane bill Zack Bomsta is a former electrical engineer, founder of Owlet Baby Care and one of the founders of unbound NETWORKS in Provo, Utah. He is currently running pilot programs for a plug-and-play system where people can essentially have small-scale Bitcoin miners act as space heaters in their homes — and save a lot of money on their heating bills. Bomsta’s company also shares some of the Bitcoin mining profits with homeowners. Bomsta says that homeowners don’t need to know anything about Bitcoin in order to participate. “We essentially just say, ‘Hey, if you're willing to host a piece of our distributed data center, we can lower your monthly heating bill by anywhere from $200 to $600 depending on your home and the market dynamics in your area,’” says Bomsta. Bomsta’s team shows up with the Bitcoin miners, sets them up and plugs them into the wall in different places throughout the home where they will evenly distribute heat. The miners are essentially computers the size of a large air purifier and as loud as a typical space heater. The technician can hook them up to Wi-Fi so you can control the temperature of the room as you would with a thermostat. Where mining makes sense Bomsta’s system makes the most economic sense for people who live in an area where propane is expensive and electricity is cheap. The miners run on electricity, so you can expect that cost to go up as your propane costs go down — but Bomsta says homeowners should still come out ahead. According to Bomsta, residents in Wyoming, Idaho, Washington, Oregon, North and South Dakota and Montana — where one of unbound NETWORK’s pilot programs is currently running — are most likely to benefit. Bomsta estimates that there are close to a million homes in the U.S. that could be good candidates for this kind of system. It’s a symbiotic relationship: Bomsta’s company gets space in a house and free electricity to mine Bitcoin, and homeowners get heat at a reduced cost. Customers also earn a share of the Bitcoin that is mined. Bomsta says that anywhere from 5% to 35% of the Bitcoin rewards generated are shared with the homeowner, either in Bitcoin or transferred as dollars into the homeowner’s bank account. The DIY approach While Bomsta is trying to create a plug-and-play solution, others are creating systems for themselves. Cody Harris, co-founder of Citadel Construction in Lander, Wyoming, and his wife are building a new home, and they decided to make a Bitcoin mining system that would heat their house via radiant floor heat. Harris has no engineering background, but that hasn’t stopped him from building his own setup. He learned through YouTube, online forums and lots of trial and error. Similar to Bomsta’s system, Harris’ system is automated to turn on when the temperature drops. With a DIY system, there are two important costs to consider: The cost to install it and the cost to run it. Harris says he comes out ahead on both counts. He believes the total cost of parts for his system (not including the radiant floor components) will be around $3,500 — similar to the price of a propane boiler. The cost of running the system is a little more variable, because you have to factor in the highly volatile price of Bitcoin. But for Harris, so far it has worked in his favor. “Last winter, I was basically producing free power,” says Harris. “The miners were producing the exact same amount of Bitcoin that it was costing me in electricity to run them. So if I was spending $100 a week to heat my house, I was making $100 a week in Bitcoin.” Harris' rig is a part of a larger collective of miners who share the Bitcoin profits of what they mine. Savvy energy savings Building your own Bitcoin mining heater may feel unapproachable, but anyone who makes the leap could help the tides turn in the direction of more efficient, more resourceful heating. “It's just always going to come down to who has the cheapest energy and who can be the most efficient with the use of it,” says Harris. Even for someone so involved in the creation of his own setup, Harris is still pretty excited by the thought of it. “Miraculously, it just works.”

 2024-10-04 23:34:15

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Aleksey Madan never thought the day would come. This week he received a $140,000 check in the mail from Massachusetts officials. That was the full amount Madan had lost after falling for a get-rich-quick crypto scam. “How would you feel if all your money was stolen and you never expected to get it back, then you did?” said Madan, 69. “It feels amazing. I’m overjoyed. And also in shock.” Those funds were among the hundreds of thousands of dollars’ worth of cryptocurrency Massachusetts authorities seized from a fraudulent operation that targeted Russian-speaking seniors online and, in some cases, stole their life savings. The Massachusetts Attorney General’s Office began investigating the company, known as SpireBit, followed an NPR investigation last year detailing the stories of two victims who were lured into an investment scheme, only to realize it was a sham after they transferred large quantities of money into SpireBit’s cryptocurrency wallets. SpireBit drew victims into its ruse by using ads on social media promising lucrative investment returns. SpireBit took out ads on Facebook and Instagram that falsely portrayed Elon Musk as endorsing the company through a Russian voice-over. But NPR could find no trace of a real investment company: The people listed as the company’s executives turned out to be just stock photos and fake LinkedIn profiles. A supposed London address for SpireBit turned out to be a kitchenware business. When victims tried to withdraw their money, the company sent them forged bank documents. After NPR’s reporting, financial regulators in the United Kingdom issued a public warning about SpireBit, classifying it as an operation run by “fraudsters.” When NPR tried to reach out to SpireBit for comment last year, it responded through the Telegram messaging app by stating that crypto trading is volatile, and saying "the activities of our company are regulated according to the legislation of the country in which the head office of the company is located." Now, that account has been deleted. NPR’s investigation caught the attention of Massachusetts authorities, who in December sued SpireBit under its incorporated entity known as SBT Investments. Investigators posed as a SpireBit customer and were able to pinpoint crypto wallets used by SpireBit. In a judgment issued in May, state officials won a court order that froze the company’s assets on the trading platform Binance. While the full extent of SpireBit’s operation remains unknown, the company’s tactics are part of a proliferating type of online fraud known as pig butchering. The name comes from the process of gaining someone’s trust and building a friendship with them over the course of weeks or months — fattening up the pig before the kill, which in this case means stealing a large sum of money. According to the FBI, crypto scammers stole more than $5.6 billion from Americans online last year. According to the May court order, investigators in Massachusetts were able to seize a total of $269,000 from SpireBit’s crypto wallet, most of which is being distributed to four victims in the state. Another SpireBit victim profiled by NPR, Naum Lantsman, 75, of Los Angeles, lost his life savings of $340,000 that he earned over decades as a small business owner. His family reported the theft to the California Attorney General’s Office, but a formal investigation was never initiated. Officials from the Massachusetts and California attorney general offices did not return interview requests.

 2024-10-04 22:59:26

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CLEVELAND, Ohio – Federal prosecutors are seeking to claim $200,000 worth of cryptocurrency that was siphoned from an investor in Ashtabula. Bitcoin valued at about $340,000 was fraudulently transferred from the investor’s virtual currency wallet in February, according to documents filed in U.S. District Court in Cleveland on Thursday. The victim did not seek the transaction. Investigators analyzed a public ledger of crypto transactions to trace the funds to two accounts, the documents show. Authorities found that the bitcoin from the Ashtabula investor was converted to Tether, a cryptocurrency tied to the U.S. dollar and created by Tether Limited Inc. In March, a month after the theft, Tether Limited Inc. froze the two accounts. Federal investigators filed a seizure warrant in July for the funds. Tether Limited later transferred $200,000 worth of cryptocurrency from the two accounts to a federal law enforcement fund. Authorities are seeking to return the funds to the investor, though the value of the investment has dropped since the theft. Prosecutors must first go through forfeiture proceedings with the owners of the two addresses. But the owners of the addresses are unknown, prosecutors said in the documents. A court filing indicates that the scheme originated in Nigeria. The court filings in the case say FBI agents in Cleveland are “investigating cryptocurrency confidence fraud scams perpetrated on victims throughout the United States, including in the Northern District of Ohio.”

 2024-10-04 21:33:33

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The jobs numbers also translated into a more bullish outlook for Bitcoin, which had tumbled 6% earlier this week, dropping to around $60,000, partly in response to instability in the Middle East. Bitcoin experienced a gradual rise in the runup to the release of the job report. The top cryptocurrency dipped slightly in the hours following the release, before spiking over 1%, according to data collected by CoinGecko. Other cryptocurrencies like Ethereum and XRP saw similar jumps as well. For some analysts this is a good sign for the crypto market but for Omid Malekan, a professor at the Columbia Business School, it remains unclear how this information will impact Bitcoin prices in the long-term. Despite increasing 124% in the past year and hitting an all-time high of $72,000 in March, Malekan pointed out that the price of Bitcoin has bounced around $62,000 over the last eight months. “We know the economy is strong, or stronger than expected,” he said. “And if that’s the case, then the Fed is not going to cut interest rates as long as people had hoped, but given what happened for most of this year, it is unclear to me what impact any of that has on the price of Bitcoin.” The business professor also acknowledged the uncertainty associated with other macroeconomic factors like the upcoming election. “The polls, the betting markets, the experts, everyone thinks it’s kind of going to toss up over who is going to win. So, it’s possible that the uncertainty over that is just weighing over crypto prices,” Malekan said. “It’s a confusing time, because the usual relationships have not been working,” Malekan said. “And when they don’t work in one direction, then you have to question whether they’re going to work in the other direction.” According to the report, the unemployment rate fell to 4.1% in August from 4.2%. These numbers, in addition to slowing rates of inflation, reduce the probability that the Federal Reserve will continue aggressive rate cuts.

 2024-10-04 20:29:22

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The term wallet is actually not new. You probably have used some kind of folding case to hold your money or plastic cards in the past. Crypto wallets are based on this similar idea, only that they store the passkeys for your crypto transactions instead of holding physical cash. With the number of these facilities rapidly increasing, finding the best one can sometimes be tedious. Actually, Fortune Market Insights highlights that the global crypto wallets market revenue has already passed the US$ 1,505.9 million mark and is on its way to hit US$ 3,675.4 million by 2033. This shows a growth of about 9.3% CAGR within ten years only. So, in this article, we try to look at the reasons behind this growth and factors you can consider when choosing the best crypto wallet. Read on to learn more. Why are more people turning to crypto wallets? Have you ever thought about the possibility of keeping multiple cryptocurrencies from several blockchains on a similar wallet? This is just one of the many benefits of crypto wallets. The Best Wallet crypto storage, for instance, supports thousands of crypto on more than 50 major blockchains. This way, you can always be sure to manage and trade all your digital currencies on the same platform. As you might actually know, supporting more than one crypto can be quite cost-effective. Do you really remember the early days of NFT when those who owned collections for sale only used ETH for minting? If you do, you can relate to how the ‘gas’ fees were quite high, so creators started using other alternatives like Solana. This is what actually, in part, resulted in multicurrency crypto wallets that can support such demands. Plus, it just is sometimes good to be able to store several coins – especially when you can take advantage of price differences of a particular asset in different markets. And do you know that there are some wallets that can handle digital forms of fiat money as well? Why wouldn’t you want to keep your dollars alongside your Ethereum tokens? And, for those who want to diversify their portfolio, multicurrency crypto wallets can be very helpful. Considerations for choosing the best crypto wallet Checking the security of the wallet can actually be a great way to get you started. You may want to consider whether the wallet has things like 2FA to strengthen its security. By the way, do you actually know that 2FA alone can reduce the risk of exposure to targeted attacks by about 99.9%? Plus, you can check whether the wallet stores passwords offline or not. According to Jeff Owens, the CEO of Haven1, a Layer 1 blockchain that addresses on-chain hacks, using wallets that store private keys offline can be one of the most secure options. PIN protection and recovery seed phrases are other features that you can look for. It might be noteworthy to mention that as much as ensuring security is important, you need to balance that with convenience. This is where soft wallets beat hard wallets. But again, paper wallets carry the risk of being physically damaged even though they aren’t as susceptible to cyber-attacks. If you hold large sums of crypto, you may want to consider paper wallets as they are less susceptible to cyber-attacks. Just recently, in 2023, Chainalysis conducted a survey that found approval phishing scams to be rampant. Here, scammers can trick you into signing a malicious transaction that grants them access to your wallet. Can you imagine that such incidences led to losses of about $374.6 million worth of crypto that year alone? That’s why it is important to double the destination of your transactions a couple of times to minimize the chances of mirroring scams. What are other features that you can consider? As the number of security threats increases, developers are turning to technology to develop innovative solutions to reduce exposure. And these are some of the features you should be looking for in a crypto wallet. Let us take the example of biometric authentication. Are you aware that, according to a recent Verizon report, about 75% of data breaches resulted from human error, stolen credentials, and misuse? To reduce the chances of such events, you can inspect a wallet to see whether it allows biometric authentication. Smart contracts can really help if you want to minimize the risk of human error. For instance, multiparty computation (MPC) can divide private keys into several parts and perform transactions automatically, offering more security. The bottom line Crypto wallets are among the components of your cryptocurrency toolbox that you would want to pay attention to. But now that these tools have become a legion, it may make sense to do some level of research before one chooses any. The good thing is that thanks to the internet, all you need to do is pick up your phone and search for reviews online. Here in this article, we only look at a few features like security to start you off – but there are many others. And, of course, the opinions presented here are purely based on the author’s research and may not necessarily reflect the site’s position.

 2024-10-04 18:21:39

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This article explores the importance of flexibility in the crypto world, focusing on the process of swapping tokens across different blockchain networks. The power of flexibility in crypto: why token swapping matters The crypto world is dynamic and ever-evolving. What started with Bitcoin has now grown into a complex ecosystem with hundreds of blockchains, thousands of tokens, and countless possibilities for users. But with this complexity comes the need for flexibility, especially when it comes to swapping tokens. Whether you’re looking to optimize your fees, speed up transactions, or simply move your assets between different blockchains, knowing how to swap tokens efficiently can save you both time and money. Why token swapping is crucial in crypto At its core, token swapping is the process of exchanging one cryptocurrency for another or even swapping the same token across different networks. As more blockchains emerge, token swapping becomes increasingly important, allowing users to seamlessly move assets across ecosystems. Whether you’re trying to switch from USDT TRC20 to ERC20, or trading stablecoins like USDT for other assets like TRX, the ability to move across networks is invaluable. But why does this matter? Lower fees: Some blockchains, like Ethereum, are notorious for high gas fees during periods of congestion. Swapping to another network, such as Tron, can help reduce these costs significantly. Faster transactions: Different blockchains have varying transaction speeds. If you’re trying to move quickly in a fast-paced market, a slow network can cost you valuable time. Swapping to a faster blockchain can give you the edge you need. Access to different ecosystems: Each blockchain has its own unique set of decentralized applications (dApps), staking opportunities, and liquidity pools. By swapping tokens, you can access different ecosystems and take advantage of their unique features. Swapping USDT TRC20 to ERC20 Suppose you’ve been holding USDT on the Tron network (TRC20), but now you want to transfer it to the Ethereum network (ERC20). Here’s a simple guide on how to do this: Find a reliable platform: The first step is to choose a platform that supports cross-chain swaps. Popular exchanges like LetsExchange, Binance, or KuCoin allow users to convert tokens from one network to another seamlessly. Deposit USDT (TRC20): After selecting your platform, deposit your TRC20 USDT into your exchange wallet. Ensure that you choose the correct deposit network (TRC20) to avoid losing your funds. Select the swap option: Once your USDT is in your wallet, navigate to the token swap section. Choose to convert your USDT from TRC20 to ERC20. Double-check all the details, including the amount and network, before confirming the transaction. Receive USDT on ERC20: After the swap is complete, your USDT will now be available on the Ethereum network. You can then transfer it to an ERC20-compatible wallet, such as MetaMask or Trust Wallet. Exchanging USDT to TRX Another common scenario is when you exchange USDT to TRX. Here’s how you can do that: Choose an exchange: Platforms like Binance, LetsExchange, or Huobi allow users to exchange USDT for TRX. Make sure you select an exchange that supports both tokens and offers favorable rates. Deposit USDT: Transfer your USDT to the exchange. You can deposit either ERC20 or TRC20 USDT, depending on what the exchange supports. Once your deposit is confirmed, the funds will be available for trading. Trade USDT for TRX: Navigate to the USDT/TRX trading pair on your platform of choice. Enter the amount of USDT you want to trade, and the platform will calculate how much TRX you’ll receive based on the current market rate. Confirm and withdraw: Once you’ve executed the trade, you can withdraw your TRX to a Tron-compatible wallet like TronLink. TRX is often used for staking, governance, or simply participating in the Tron ecosystem. Final thoughts: stay agile in the crypto ecosystem In the fast-moving world of cryptocurrency, flexibility is key. Whether you’re swapping USDT TRC20 to ERC20, exchanging Tether for TRX, or moving between other networks and tokens, being agile and understanding how to optimize your transactions can save you both time and money. As more blockchains emerge and as the crypto space becomes more interconnected, mastering token swaps will become an essential skill for anyone involved in the market. So, stay informed, stay flexible, and take full advantage of the possibilities that blockchain technology offers.

 2024-10-04 18:12:41

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The cryptocurrency market showed signs of recovery after recent losses. Bitcoin gained nearly 2% following the release of positive US employment data. Investors seemed to momentarily set aside concerns about the Middle East situation. Iran’s launch of 200 missiles at Israel earlier this week sparked fears of a broader conflict. This event initially triggered risk aversion in the markets. However, the crypto Fear & Greed Index rose from 37 to 41 points, indicating a shift towards neutral territory. Around 10:28 AM (Brasília time), Bitcoin traded at $61,500, up 1.7% in 24 hours. Ethereum’s Ether rose 1.2% to $2,381. The total cryptocurrency market cap reached $2.24 trillion. In Brazilian reais, Bitcoin appreciated 1.55% to R$337,843. Among altcoins, Solana (SOL) increased 3% to $140.81. Binance Coin (BNB) rose 2% to $551.90. Avalanche (AVAX) surged 5.1% to $25.69. These gains reflect a broader market recovery. Spot Bitcoin ETFs in the US experienced a net outflow of $54.2 million. This marked the third consecutive trading day with capital outflows. Ark Invest’s ARKB led the withdrawals with $58 million in net sales. An analyst from a major cryptocurrency exchange noted that selling pressure on cryptocurrencies remains relatively low. Long-term investors and speculators are holding onto their coins for longer periods. This behavior suggests growing confidence in the market. Another market expert pointed out that global uncertainties drive investors to seek capital protection. Gold remains a preferred safe-haven asset during such times. Cryptocurrencies often see rapid capital outflows in these situations, increasing their volatility. The market’s response to positive economic data highlights the complex factors influencing cryptocurrency prices. This occurs amid ongoing geopolitical tensions. Investors continue to balance growth opportunities with risk management in this dynamic sector.

 2024-10-04 17:59:13

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Ripple, a leading digital asset infrastructure provider, has launched Ripple Payments in Brazil. Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, will be the first Brazilian customer to use this solution. The service enables businesses to leverage blockchain for faster, cheaper, and more efficient cross-border transactions. Customers can transfer funds globally 24/7, 365 days a year, with payments completed within minutes. This development builds on features introduced last year, allowing Ripple to manage payments end-to-end for its clients. Mercado Bitcoin will use ripple payments to enhance transactions between Brazil and Portugal. In addition, the company plans to support international payments for its customers in the future. A key feature is the use of a non-resident account, allowing direct payments in Brazilian Reais. Brazil’s leading position in the cryptocurrency market made it ideal for Ripple Payments’ expansion. Ripple opened a local office in Brazil in 2019 and launched its first crypto-enabled payment solution with Travelex Bank in 2022. Ripple Payments Expands in Brazil Ripple Payments offers Brazilian businesses trust, security, streamlined onboarding, global access through a single integration, and 24/7 liquidity in multiple currencies. It enables efficient transactions regardless of destination or time zone. Silvio Pegado, Managing Director of LATAM at Ripple, highlighted the solution’s ability to help crypto companies streamline operations and improve margins. Jordan Abud, Head of Banking at Mercado Bitcoin, expressed enthusiasm for the partnership. Ripple’s infrastructure positions it well to provide core services needed by financial institutions, including tokenization, storage, exchange, and transfer of digital assets. Ripple Payments covers over 80 payout markets, representing more than 90% of daily foreign exchange markets. The company has over ten years of experience in digital assets and holds more than 55 regulatory licenses across various jurisdictions. The first operation will be institutional, exclusively from Mercado Bitcoin to Mercado Bitcoin Portugal.

 2024-10-04 17:34:16

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Coinbase has taken steps to delist certain stablecoins from its European platform as the European Union’s Markets in Crypto Assets (MiCA) regulatory deadline approaches. MiCA, which was officially adopted in 2023, is set to introduce a sweeping regulatory framework aimed at managing the cryptocurrency market within the EU. One of its key objectives is ensuring transparency, consumer protection, and compliance, particularly in stablecoin issuance and circulation. As a result, cryptocurrency exchanges operating in Europe, including Coinbase, are preparing to comply with the regulatory standards that will come into effect in July 2024. Coinbase has confirmed that it will remove stablecoins that fail to meet the MiCA requirements. These requirements set strict guidelines on asset reserves, issuance, and accountability for stablecoin issuers. Notably, MiCA introduces a mandate that stablecoins be backed by adequate reserves, with issuers needing to regularly report to regulators to ensure market transparency and protect investors. Stablecoins that are non-compliant with these guidelines will no longer be available on Coinbase’s European platform after the regulations come into effect. The crypto exchange, which has been proactive in its approach to regulatory frameworks, aims to maintain its European operations while ensuring full compliance with local laws. MiCA is expected to have a profound impact on the broader European cryptocurrency market, bringing stability but also posing challenges to some digital assets and exchanges. By preparing in advance, Coinbase seeks to minimize disruptions for its users and secure its position in the European crypto market under the new regulatory landscape. MiCA’s emphasis on stablecoins stems from their role in providing liquidity and facilitating transactions within the crypto ecosystem. However, their decentralized nature has raised concerns among regulators regarding financial stability and market manipulation. Stablecoins are pegged to traditional currencies or other assets, and any instability or lack of proper backing could have significant ripple effects in both the cryptocurrency and financial markets. MiCA aims to mitigate these risks by enforcing stricter rules, requiring stablecoin issuers to disclose how they are backed and to prove that adequate reserves are held. Coinbase’s decision to delist certain stablecoins has sparked discussions about how exchanges will navigate the evolving regulatory environment. The move to comply with MiCA is part of a broader trend in the crypto industry, as businesses recognize the need to adapt to government oversight in a previously unregulated space. Crypto markets across Europe are expected to see additional shifts in the coming months as other exchanges may follow Coinbase’s lead. The stablecoin market has grown significantly, with popular coins such as Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) dominating trading volumes. However, MiCA’s framework will require these issuers to provide detailed reports on how their stablecoins are collateralized. Coinbase has not disclosed which specific stablecoins will be removed, but industry speculation points to lesser-known tokens that may not be as well-capitalized or compliant with the new regulations. This regulatory transition comes at a time when global regulators are paying closer attention to cryptocurrencies, including stablecoins. While the EU is leading the charge with MiCA, other major economies are also grappling with how to integrate digital assets into their existing financial systems. The regulatory pressure may lead to consolidation in the stablecoin market, with only the most resilient and compliant tokens surviving. Coinbase’s move aligns with its broader strategy of ensuring compliance across its global operations. Earlier this year, the company faced regulatory challenges in the U.S., where stablecoins have also come under scrutiny from agencies like the Securities and Exchange Commission (SEC). These regulatory developments underscore the growing focus on governance and transparency in the cryptocurrency space, as governments seek to protect investors and maintain financial stability in an increasingly digital economy.

 2024-10-04 17:29:00

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The number of cryptocurrencies continues to explode. In 2023 more than 9,000 coins but some estimates put the total number of cryptocurrencies closer to 20,000, but a significant portion of these are inactive or no longer being used. The ease with which new cryptocurrencies can be created, mainly thanks to open-source blockchain technology, contributes to this high number. The top 20 cryptocurrencies dominate the market, accounting for nearly 90% of the total value. Creating a cryptocurrency is relatively accessible to anyone with programming skills and knowledge of blockchain technology. Existing platforms such as Ethereum and Binance Smart Chain provide readily available infrastructure for developing and deploying new cryptocurrencies, often with smart contracts within Decentralized Finance (DeFi) applications. This accessibility has led to the emergence of various cryptocurrencies, some focused on real payment challenges, while others have been created with speculative profit motives. The landscape of cryptocurrencies is characterized by a wide range of categories. In addition to “meme coins” such as Dogecoin, which has its origins in a funny concept, other types include altcoins, utility tokens, governance tokens and stablecoins. Altcoins generally refer to cryptocurrencies created after Bitcoin, the first digital currency. Utility tokens and governance tokens often find applications within Non-Fungible Tokens (NFTs) and the metaverse. For example, the MANA cryptocurrency facilitates real estate transactions within the Decentraland metaverse. Stablecoins, such as Tether, are linked to a tangible asset such as the US dollar, with the goal of minimizing price volatility compared to other cryptocurrencies. Business AM Read More: crypto cryptocurrency

 2024-10-04 16:33:05

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Hello fellow web crawlers! Andrew here. Welcome to today’s edition of web_crawlr. Happy Friday! Our top stories today are about: Why Bitcoin bros feel betrayed by Donald Trump, a server going mega-viral after confronting customers who dined and dashed, right-wingers cheering the destruction of a Taylor Swift guitar that a guy spent $4,000 on, and a woman warning against the iPhone iOS 18 update after it “bricked” her phone. After that, the trending team shares with you their pick for “Main Character of the Week.” Finally: It’s Friday, which means it is time for our weekly news quiz! Just scroll down below to answer the question. If you guess correctly, you might win our new “Click or Treat” sweatshirt just in time for spooky season. See you tomorrow! — A.W. ⚡ Today in Internet Culture 🤑 ‘BIGGEST SCAM’Bitcoin bros feel betrayed by Trump’s new crypto platform “This will be the biggest scam in all of defi” posted one user. ➤READ MORE 🏃 VIRAL LABORCustomers dine and dash on $157 check. Server follows them into the parking lot In a viral video with more than 14 million views, a restaurant server follows a pair apparently attempting to dine and dash on a $157 check into the parking lot. Chaos ensues. ➤READ MORE 🎸 POP CULTUREConservatives cheer destruction of Taylor Swift guitar at youth charity auction A viral video shows a man destroying what is claimed to be a guitar autographed by Taylor Swift, turning an auctioned keepsake into culture war kindling. ➤READ MORE 📱 TECH‘I have no service’: Woman warns against iOS 18 update after it ‘bricked’ her iPhone 15 Pro An Apple user is cautioning other consumers against iOS 18 after her phone, which she bought one year ago, stopped working the morning after the device was updated. ➤READ MORE We crawl the web so you don’t have to. Sign up to receive web_crawlr, a daily newsletter from the Daily Dot, in your inbox each day. ✏️ Take Our Weekly News Quiz! Are you the most online reader of web_crawlr? Prove it by answering our question of the week! The answer can be found somewhere in one of our newsletters from this week. If you answer correctly, you’ll be entered to win our brand new “Click or Treat” sweatshirt, and we’ll shout out five people who won the shirt! WHICH ONLINE RETAILER IS AT THE CENTER OF A NEW (BUT DEBUNKED) CONSPIRACY THEORY REGARDING CHILD TRAFFICKING? To enter to win a shirt, sign up for web_crawlr here. By Ramon RamirezManaging Editor Main Character of the Week: Restaurant tortilla chips Main Character of the Week is a weekly column that tells you the most prominent “main character” online (good or bad). It runs on Fridays in the Daily Dot’s web_crawlr newsletter. If you want to get this column a day before we publish it, subscribe to web_crawlr, where you’ll get the daily scoop of internet culture delivered straight to your inbox. 🕸️ Crawling the Web ✈️ This traveler discovered a hack for getting as many drinks as you want through TSA. Does it work? 🚙 In a viral video, an expert shared his picks for the five worst SUVs he’d never buy. 🥤 Here’s what really happens when you order ginger ale at a restaurant, according to a server. 🥖 Two Costco customers were left “pretty disappointed” after making an unexpected discovery about the supermarket’s rosemary parmesan bread. 📱 People trade in their phones all the time. But it doesn’t always go according to plan. 🏳️‍🌈 From the Daily Dot archive: How a Sims 2 fan forum became an unwitting safe space for queer creatives. 🤳 Today’s Viral Video Our hearts will go on for Stephen Colbert and Kate Winslet after this display.

 2024-10-04 16:18:19

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As the crypto market grows, businesses and individual users look for tools that simplify transactions, enhance interoperability, and speed up processes. Bitget is taking a major step by launching a $20 million fund to support the growth of the TON ecosystem. Meanwhile, the SUI Bridge enhances cross-chain asset transfers between Sui and Ethereum. However, one of the top crypto tools right now is Plus Wallet. It offers unique features, including effortless crypto invoicing and fast token listings, making it ideal for businesses that adopt crypto. With these capabilities, Plus Wallet is a strong MetaMask alternative for individual users and businesses. Bitget Funds $20M Initiative to Expand the TON Ecosystem A recent announcement revealed that Bitget has launched a $20 million fund to support the growth of the TON (The Open Network) ecosystem. This initiative is designed to enhance the TON blockchain’s utility by investing in projects focused on decentralised applications, smart contracts, and blockchain-based solutions that integrate with Telegram’s vast user base. The Bitget fund holds significant potential to spur innovation within the ecosystem. Its success will rely on the careful selection of impactful projects and the ability to navigate the evolving regulatory landscape around cryptocurrencies and decentralised finance. SUI Bridge Launches Cross-Chain Asset Transfers The SUI Bridge has officially launched on the Mainnet, securing assets’ transfers between the Sui and Ethereum blockchains. It allows users to move ETH and WETH seamlessly across ecosystems by providing a trust-minimized solution for cross-chain functionality. This native bridging tool is designed to enhance interoperability within the Web3 space, offering a more efficient method for users to navigate decentralized applications and DeFi. While only ETH and WETH are currently supported, future updates are expected to expand asset compatibility, allowing for broader integration within the Sui network and beyond. Plus Wallet’s Effortless Invoicing & The Fastest Token Listings As crypto becomes more mainstream, it’s not just individuals embracing it—businesses are increasingly turning to digital assets to keep operations running smoothly. Plus Wallet is stepping up to meet this need, offering a simple yet powerful solution for managing cryptocurrency transactions. Designed with businesses in mind, Plus Wallet provides easy-to-use tools that streamline everyday processes like invoicing and payments. One of Plus Wallet’s standout features is its robust invoicing system, which allows businesses to create, send, and track invoices with ease. Whether a company is billing in traditional currencies or cryptocurrencies like Bitcoin or Ethereum, Plus Wallet ensures fast, secure payments. Businesses no longer need to juggle multiple apps or platforms—everything is managed in one place. The wallet also supports multiple currencies, making it versatile for companies dealing with international clients or diverse crypto assets. On top of that, Plus Wallet makes it easy to list tokens quickly. While other platforms can take days to verify and list tokens, Plus Wallet offers a fast listing service that takes just 15 minutes. This makes it a perfect choice for projects looking to launch quickly and efficiently, removing unnecessary delays and ensuring a smooth start. Combining user-friendly invoicing with fast token listings, Plus Wallet is a go-to solution for managing crypto transactions with ease. The Bottom Line Bitget’s fund is expected to boost the TON ecosystem, fostering the growth of decentralized projects. The SUI Bridge is enabling smoother asset transfers between Sui and Ethereum, further enhancing cross-chain functionality. However, when it comes to managing digital assets efficiently, Plus Wallet stands out as the top choice. Its advanced invoicing system and quick token listings offer businesses and individuals a profitable way to handle their crypto transactions with ease. As a powerful MetaMask alternative, Plus Wallet combines usability with essential features, making it an excellent solution for navigating the market. Explore Plus Wallet: Website: https://pluswallet.app/ Download: https://onelink.to/pluswalletapp Twitter: https://x.com/pluswalletapp Instagram: https://www.instagram.com/pluswallet.app

 2024-10-04 16:00:44

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An upcoming HBO documentary hints at revealing the true identity of Satoshi Nakamoto, the unknown creator of Bitcoin, the first-ever cryptocurrency."If he is an individual rather than a collective, he could be one of the richest people on earth," the trailer for the HBO documentary teases.The true identity of Satoshi Nakamoto remains one of the biggest mysteries in the tech world, and despite numerous investigations and claims, no conclusive evidence has emerged to identify Bitcoin's creator."Anyone competent enough to go do Bitcoin probably would be competent enough to not leave any traces," says one of the interviewees in the HBO trailer.In 2008, a person or group using this name published a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System," which outlined the concept of the digital currency. Nakamoto released the first Bitcoin software in 2009 and collaborated with other developers on the project until 2010.In 2011, Nakamoto ceased communication with the Bitcoin community and essentially vanished.Many individuals have been proposed or have claimed to be Satoshi Nakamoto. These include Nick Szabo, an American computer scientist and cryptographer, Hal Finney, an early Bitcoin contributor who passed away in 2014, Craig Wright, an Australian computer scientist who publicly claimed to be Nakamoto (though this claim is widely disputed), and Dorian Nakamoto, a Japanese-American man who was mistakenly identified as the Bitcoin creator in 2014.A significant number of bitcoins (estimated to be around 1 million) believed to belong to Nakamoto remain unspent, adding to the mystery. "Satoshi's done nothing to speak for his stash," says one of the documentary interviewees.The documentary, titled Money Electric: The Bitcoin Mystery, is directed by Emmy-nominated Cullen Hoback, who also directed and produced the HBO documentary series Q: Into the Storm, which investigated the origins and impact of the QAnon conspiracy theory movement. The Bitcoin documentary airs on October 8.Not everyone is convinced the film will put the Bitcoin mystery to rest. "SPOILER ALERT. HBO has no idea who is Satoshi Nakamoto. You're welcome," said one individual on X (formerly Twitter).Crypto trading platform Coinbase posted in response to the trailer: "We are all Satoshi. Roll credits."Others feel more hopeful. "A new HBO documentary claims to have cracked the true identity of the pseudonymous creator of Bitcoin, Satoshi Nakamoto," posted crypto resources platform Unusual Whales."It says that 'its findings will shock the world, even the US election'," it added.Some key Bitcoin statistics: Bitcoin's market cap is around $1.3 trillion as of September 2024, according to Statista; Bitcoin's price hovers between $60,000 and $65,000; The total circulating supply is approximately 19.76 million Bitcoins, as per Blockchain.com. This is based on Bitcoin's fixed maximum supply of 21 million; Bitcoin processes about 300,000 to 350,000 transactions per day; Bitcoin's annual energy consumption is estimated at 176 TWh, which is higher than the consumption of several countries including Egypt and Malaysia, as noted by the Cambridge Centre for Alternative Finance.

 2024-10-04 15:57:24

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He’s taken down Ghislaine Maxwell, New Jersey Sen. Robert Menendez and FTX crypto kingpin Sam Bankman-Fried. He aims to put Sean “Diddy” Combs behind bars for a long time. And on Sept. 26, Damian Williams, the powerful U.S. attorney for the Southern District of New York, unleashed his biggest case yet, bringing an indictment against […]

 2024-10-04 15:15:00

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Binance, once the dominant force in cryptocurrency exchanges, has witnessed a sharp fall in its market share, marking a four-year low as of September 2024. This decline is coupled with a notable drop in trading volumes, with figures indicating a contraction of over 20% compared to the previous month. The exchange’s declining influence underscores broader market dynamics that are reshaping the competitive landscape of digital assets trading. As of September, Binance’s market share slipped to approximately 34%, a significant decline from the 50% it commanded earlier in the year. The company’s dwindling dominance has raised questions about its long-term strategy and its ability to maintain its foothold in a market that is becoming increasingly fragmented. Several factors have contributed to Binance’s drop, including regulatory pressures, legal challenges, and the emergence of rival platforms that are capitalizing on the exchange’s setbacks. Binance’s struggle is further exacerbated by the global regulatory environment, which has been tightening around the exchange. Multiple jurisdictions, including the U.S. and Europe, have introduced or expanded regulations aimed at increasing oversight of cryptocurrency exchanges. In particular, Binance has faced scrutiny from authorities over concerns surrounding compliance with anti-money laundering (AML) rules, as well as issues related to Know Your Customer (KYC) requirements. These challenges have resulted in some users migrating to alternative platforms that are seen as more compliant or less prone to legal uncertainties. Despite these obstacles, Binance continues to be a major player in the crypto space. Its diverse offerings, including a wide array of digital assets and its established reputation, still attract a substantial user base. However, the exchange has been forced to adapt to changing conditions, implementing new policies aimed at addressing regulatory concerns. These measures, while necessary, have also created friction with some users who prefer the more relaxed regulatory environment that Binance originally thrived in. Rival exchanges such as OKX and Bybit have gained ground, seizing the opportunity to attract traders dissatisfied with Binance’s regulatory troubles. OKX, in particular, has seen its market share rise, largely driven by its appeal to institutional investors and its regulatory standing in key regions. Bybit, on the other hand, has capitalized on its innovative product offerings, particularly in derivatives trading, which has drawn significant trading volume away from Binance. Decentralized exchanges (DEXs) have surged in popularity as a viable alternative to traditional, centralized platforms like Binance. DEXs offer users the ability to trade directly from their wallets without the need for intermediaries, providing an additional layer of privacy and security that centralized exchanges sometimes struggle to offer. Uniswap and other DEXs have seen an uptick in usage, contributing to the redistribution of market share across the broader crypto ecosystem. The overall cryptocurrency market has also been experiencing reduced trading activity, which has affected not just Binance but the industry as a whole. Lower volatility in major cryptocurrencies such as Bitcoin and Ethereum has led to a decrease in speculative trading, which typically drives much of the volume on exchanges. As a result, Binance’s reliance on high trading volumes has placed it in a vulnerable position during periods of market stagnation. The exchange’s response to these challenges will likely determine its ability to regain market share. Binance has already made efforts to bolster its reputation and restore confidence, including expanding its regulatory compliance team and forging partnerships with regulators to create a more transparent operational environment. Nevertheless, with its trading volume plunging and competitors gaining traction, Binance’s path forward remains uncertain. One of the more notable trends influencing Binance’s decline is the growing interest in institutional cryptocurrency trading. Institutional players have become more active in the space, seeking exchanges that can provide robust compliance frameworks, secure trading environments, and advanced features suited to their needs. Binance, despite its size and market share, has struggled to fully cater to these demands, creating an opening for more niche, institution-focused platforms to thrive. Binance’s founder and CEO, Changpeng Zhao (CZ), has maintained a bullish stance on the future of the company, pointing to its innovation pipeline and its commitment to working with regulators. He has stressed the exchange’s focus on creating a sustainable ecosystem that will benefit both retail and institutional traders. However, the company’s future success will largely depend on how well it navigates the complex regulatory landscape and adapts to the evolving needs of its users.

 2024-10-04 15:08:33

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Now that the Los Angeles Lakers have officially opened training camp, LeBron and Bronny James are getting their first formal taste of working together as teammates. Lakers head coach JJ Redick told ESPN's Ramona Shelburne about the "surreal" experience of seeing the father-son duo playing on the court with each other: "I mean, you get to coach your own kids when they're little. But he's in the freaking NBA, shooting right over here on this basket with his son. ... They were doing 2-on-2 pick-and-roll drills to start practice against the coaches. One of them's guarding the ball. One of them's guarding the screener. It's surreal." The Lakers began practicing on Tuesday, with Bronny apparently taking it to his father when they were matched up with each other on the second day of camp. Anthony Davis told ESPN's Dave McMenamin on Wednesday the 19-year-old rookie hit a three over LeBron that seemed to light a fire under the four-time NBA MVP. "Everybody was talking smack in Bronny's favor," Davis said. "Then Bron came down and just bullied somebody. Just took it out on [the defender] —I forgot who it was—and got a layup. Bronny came down and hit another 3, I think over Austin [Reaves]. And Bron wanted the ball." Bronny's role with the Lakers is still being determined, but Redick previously said on The Lowe Post podcast (starts at 1:03:51 mark) that he and LeBron will play together in the same game "sooner rather than later." In the same interview, Redick suggested Bronny could spend time with the South Bay Lakers in the G League because of the development they need to see from his game. There is a chance fans could see LeBron and Bronny playing together as soon as Friday night. The Lakers open their preseason schedule against the Minnesota Timberwolves at Acrisure Arena in Phoenix. Redick confirmed on Thursday that LeBron and Davis will get some playing time in the preseason opener. The Lakers will also host the Timberwolves in the regular-season opener for both teams on Oct. 22 at Crypto.com Arena.

 2024-10-04 14:59:05

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Investors continuously search for ways to increase returns as the crypto market recovers from its August low. Dogs Token (DOGS), Rexas Finance (RXS), and Hamster Kombat (HMSTR) are the three tokens that are currently creating a lot of hype. Each offers different investment prospects due to their different use cases and market positioning.

 2024-10-04 14:07:31

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Coinbase will delist certain stablecoins in the European Economic Area by year's end, the cryptocurrency exchange said on Friday, as the industry braces for tougher regulation in the region. The European Union's landmark crypto regulatory framework, known as the Markets in Crypto-Assets (MiCA) regulation, introduced in early 2023, is set to be fully applied by December. It requires issuers of stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - to meet strict transparency, liquidity, and consumer protection standards. "Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024," the top U.S. crypto exchange said in an emailed statement. Coinbase plans to offer in November impacted EEA customers options to switch to authorized issuers like fintech firm Circle's USDC and EURC, whose value is pegged to the U.S. dollar and euro, respectively. Stablecoins have gained significant popularity in recent years, as financial heavyweights such as PayPal adopt them and the rapid integration into mainstream finance of the once-nascent digital assets sector.

 2024-10-04 13:57:28

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The world has long wondered who created Bitcoin. Ever since a white paper bearing his name was published on the web in 2008, the digital asset’s conception has widely been attributed to a pseudonymous figure known as “Satoshi Nakamoto.” Still, nobody knows who Satoshi is—or if it’s even a single person. Now, a new documentary from HBO promises to dox the long-secret identity of the supposed crypto mastermind. Money Electric: The Bitcoin Mystery is directed by Cullen Hoback, the same filmmaker who took on the mysterious personality behind the QAnon cult in Q: Enter the Storm, another HBO doc. Having allegedly cracked that case, Hoback seems to be trying his luck with yet another long-simmering mystery: the identity of Satoshi Nakamoto. A newly released trailer for the film doesn’t give much away but promises another interesting ride. Hoback seems to have sketched out a compelling thesis for Q’s identity in Into the Storm, but he never got the culprit dead to rights. His documentary points the finger at Ron Watkins, a weirdo systems administrator for 8kun (the follow-up site to 4chan, where Q originally began his posting career). Since the documentary was released, Q’s activity has mostly quieted down. It will be interesting to see if Hoback validates a long prevailing theory, which is that Bitcoin wasn’t created by an individual at all, but by a government agency—namely, the Central Intelligence Agency. Tucker Carlson, who has never met a conspiracy theory he didn’t like, recently platformed this theory on his dumb podcast. (Carlson said it was “obvious” that the CIA created the digital currency and that it was a “honeytrap.”) This is a believable hypothesis but one that involves little evidence. Purveyors of the “CIA invented Bitcoin” theory have relied heavily on the argument that Satoshi Nakamoto translates (roughly) to “central” “intelligence,” in Japanese. Others contend that the National Security Agency is Bitcoin’s progenitor—a guess that, frankly, makes a lot more sense. After all, crypto is conjured via cryptography, and the NSA, which employs more mathematicians than any other organization on the planet, is the world’s premier cryptography organization. Why would America’s intelligence services want to create fake internet money to compete with the dollar? Your guess is as good as mine. If you listen to Russian state media, they’ll tell you that it was invented to generate funds for American covert operations overseas, which, despite being a conjecture spawned by our geopolitical enemy, is as good a theory as any. Money Electric will be available on Max starting October 8.

 2024-10-04 13:35:42

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They say pressure makes diamonds. VCs are probably hoping the same is true for startups launching and operating in this tough economy.Fintech funding, measured across average deal size and deal volume, fell from 2023 levels, according to CB Insights' second-quarter State of Fintech report.Still, VCs are finding bright spots in the sector. Business Insider asked 27 top investors — including Index Ventures, QED Investors, and Bain Capital Ventures — to name some of those diamonds in the rough. In total, they named 49 red-hot startups that haven't raised beyond a Series C, including companies within their portfolios and those with which they have no financial ties.AI fintechs dominated the series this year, using the tech to do everything from helping dealmakers negotiate debt agreements to automating compliance for fintechs and banks, and helping consumers strategize around their debts. Fintechs disrupting the insurance and healthcare industries were also popular. And some VCs are excited about startups using crypto's behind-the-scenes tech, like stablecoins and blockchain, to streamline money movement.

 2024-10-04 12:52:54

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SAN SALVADOR, EL SALVADOR - JUNE 1: In this handout picture provided by the Salvadoran presidency, ... [+] President of El Salvador Nayib Bukele takes oath of office during the 'Inauguration Day ' at Palacio Nacional on June 1, 2024 in San Salvador, El Salvador. Nayib Bukele won the presidential election on February 4 giving him a second consecutive term in office from 2024 to 2029. (Photo by Handout/Getty Images) Getty Images The International Monetary Fund stated that if El Salvador doesn’t get rid of its Bitcoin Bitcoin law, which made bitcoin legal tender in the country, it should at least “narrow the scope” of the regulation to receive the resources from the fund it seeks. El Salvador made bitcoin legal tender in 2021, and since that moment, the IMF has been criticizing and opposing this decision. Now, they come with a different approach: equally against bitcoin but with a less challenging claim. “What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem and limiting the public sector exposure to bitcoin,” the IMF’s Director of Communications Department Julie Kozack explained in a press briefing on October 3. The Central American country not only declared bitcoin legal tender but also created regulations regarding digital assets in general, and have been accumulating bitcoin. Right now, El Salvador sits on 5,892.76 BTC, adding 1 BTC daily to its treasury as a public policy since November 2022; President Nayib Bukele announced this strategy through his X account. Even being an important demand from the IMF, the new comments underscore the shift in the fund’s narrative. In 2021, its representatives called for the full abolition of the law. The idea is that the country should limit the influence of bitcoin, especially in the public sector, as Kozack stated. That’s a change. Read More: Venezuelans Use Crypto To Resist Maduro’s Post-Election Repression “Bitcoin is a mimetic money machine. If the IMF and the other fiat supranationals do not accumulate a stash, they will go extinct,” said the Bitcoin analyst and Adamant Research founder Tuur Demeester through his X account, implying that, in the end, organizations like the IMF might be forced to accumulate Bitcoin. Despite looking for resources, El Salvador’s president announced that the national budget 2025 won’t include the issuance of new debt, so they may be prepared for not receiving new funds from the IMF. The conversations continue, and now it’s time for the El Salvador administration to choose if they prefer the fund way or keep on track with their Bitcoin strategy. The country has been exploring the possibility of issuing bonds related to Bitcoin, known as the Volcano Bonds, since 2021, so there are alternatives to finance the funding needed. We contacted several organizations related to the El Salvador government but had yet to receive an answer by the time of this publication.

 2024-10-04 12:47:03

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