Over 1,000 billionaires are moving an estimated $5.2 trillion to their fellow billionaires at an increasing rate, according to UBS’s “Billionaire Ambitions” report. This transfer is expected to continue for the next 20-30 years. Heirs to Billionaires The heirs of billionaires are gaining influence and acquiring more wealth through inheritance than entrepreneurship for the first…
Jack Mallers, CEO of Lightning Network wallet Strike, believes the US government’s mounting debt will drive Bitcoin to new heights. Government’s Limited Options Mallers argues that the US has no feasible way to repay its $34.578 trillion debt. He predicts that the government will resort to printing more money to meet its obligations. Inflation and…
BitMEX founder Arthur Hayes believes that memecoins, despite skepticism, offer a positive contribution to blockchain ecosystems. Memecoins as Expression and Fun In an interview, Hayes described memecoins as a “powerful” form of expression for the masses. He emphasized their playful and experimental nature, which he finds enjoyable. Hayes stressed the decentralized nature of memecoins, allowing…
Surge in Futures Activity DOGE, the popular memecoin, is making waves again. Futures market activity has skyrocketed, with open interest hitting a record high of over $2 billion. This means traders are placing big bets on the future price of DOGE, with many expecting a surge. Bullish Indicators DOGE’s funding rates have been positive since…
Bitcoin’s Record-Breaking Rise Bitcoin has hit a new high of $73,000, but it’s not all good news. Some investors are worried about what happens next. Whales Awaken “Whales” are people or companies that hold a lot of Bitcoin. One whale recently woke up after sleeping for 12 years. They sold all their Bitcoin, which was…
Roman Storm, co-founder of Tornado Cash, is fighting the charges against him by the US government. His lawyers argue that the charges are flawed and should be dismissed. “Fatally Flawed” Charges The government accuses Storm of money laundering and violating economic sanctions. However, Storm’s lawyers say that Tornado Cash is not a money transmitting business…
Hacker’s On-Chain Messages After stealing $11.6 million from Prisma Finance, the hacker has been sending messages on the blockchain. They claim to be a “white hat hacker” and have criticized Prisma Finance for not catching the security flaw that allowed the hack. The hacker has demanded an online press conference where the Prisma Finance team…
Binance, a leading cryptocurrency exchange, has announced plans to support a new Ethereum-based project called Ethena (ENA) through its Launchpool platform. Ethena: A Synthetic Dollar Solution Ethena aims to provide a crypto-based alternative to traditional banking systems by introducing a synthetic dollar called USDe. It also offers a dollar-denominated savings instrument known as the “Internet…
Cryptocurrencies are becoming a popular payment method for pirated online streaming content, according to a report by blockchain analysis firm Chainalysis. Tracking the Illicit Flow Chainalysis partnered with Nordic Content Protection (NCP) to track crypto addresses linked to illegal streaming. Between 2019 and 2023, these addresses received approximately $24 million in crypto. The surge accelerated…
Allegations of Predatory Lending A lawsuit filed against Wells Fargo alleges that the bank overcharged thousands of military members on credit card interest rates and fees for more than a decade. The lawsuit claims that Wells Fargo violated the Servicemembers Civil Relief Act (SCRA), which limits interest rates for active-duty service members to 6%. Concealment…
