The Federal Deposit Insurance Corporation (FDIC) has reported a surge in unrealized losses within the US banking system, reaching a staggering $517 billion. Unrealized Losses: A Growing Concern Unrealized losses represent the gap between the purchase price and current market value of securities held by banks. While banks can typically hold these securities until maturity…
Ethereum co-founder Vitalik Buterin has donated $113,678 worth of Ethereum (ETH) to the legal fund of Tornado Cash developers Alexey Pertsev and Roman Storm. Tornado Cash Controversy Tornado Cash is a cryptocurrency mixing service that allows users to make anonymous transactions. In 2022, the US sanctioned the platform, claiming it was used for money laundering…
James Gomes, a former bank manager, has admitted to stealing over $200,000 from a customer’s accounts. Unauthorized Access and Fraud Gomes, 43, worked as a branch manager for an international bank. He accessed the victim’s accounts over a dozen times without authorization between January and April 2020. Using a fake email address created under the…
Under-the-Radar Indicator Hints at Breakout Crypto analyst Jason Pizzino has identified an indicator that suggests Bitcoin (BTC) is poised for a sudden surge to new all-time highs. Stealth Moves Pizzino notes that Bitcoin has historically made “stealth moves” to the upside when its average true range (ATR) indicator reaches a local low while price consolidates…
Blockchain and the Global Financial System Chainlink co-founder Sergey Nazarov predicts a significant merger between blockchain and the traditional financial system in 2024. On-Chain Assets Market Nazarov estimates that the market for on-chain assets exceeds $100 trillion. He believes that assets such as stocks, bonds, real estate, and derivatives can be tokenized and moved onto…
Billionaire investor Chamath Palihapitiya believes that holding Bitcoin alongside local currencies makes sense for many countries. Dual-Currency System Palihapitiya explains that some countries may not fully embrace Bitcoin but could adopt a dual-currency system. They would use their local currency for everyday transactions and Bitcoin for long-term asset purchases. Bitcoin’s Performance after Halvings Palihapitiya suggests…
The crypto industry suffered a devastating loss of $385 million to hackers in May, the highest monthly total so far in 2024. Major Hacks DMM Bitcoin Exchange: Lost over 4,500 Bitcoin (valued at $305 million) in a hack on May 31st. Gala Games: Suffered a network breach on May 20th, resulting in the theft of…
Coinbase, the largest crypto exchange in the US, is taking on the SEC, accusing them of trying to crush the crypto industry. SEC vs. Coinbase: The Lawsuit The SEC sued Coinbase in 2023, claiming it violated securities laws by not registering as a broker or exchange. Coinbase argues that the SEC’s rules are unclear when…
Anthropic Shares Sale The FTX bankruptcy estate has sold its remaining shares in Anthropic, the AI company behind the Claude chatbot. The estate sold 15 million shares at $30 per share, totaling over $452 million. The top buyer was G Squared, a venture capital fund, which purchased 4.5 million shares for $135 million. This sale…
The Fall of a Crypto Giant Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange, has begun a four-month prison sentence for failing to prevent money laundering on his platform. Regulatory Wake-Up Call This development has sent shockwaves through the crypto industry, casting doubt on its Wild West reputation. US regulators had…
