Antpool Offers Refund for $3 Million BTC Transaction Fee, Sets Verification Deadline for Claimant

Following a claim from an individual asserting they had lost 139 bitcoin in a hack, where 83.65 BTC was utilized as a heightened fee to expedite its mining, Antpool has disclosed its readiness to reimburse the mistakenly paid fee. Antpool specified on November 30 that the individual has a deadline of December 10, 2023, to reclaim the fee from the mining pool.

Deadline Announced by Antpool for Refunding Massive Bitcoin Transaction Fee in Suspected Hack Case

Recently, the cryptocurrency community observed an exceptionally large transaction fee, where 83.65 BTC, valued at over $3 million, was remitted to miners. This transaction, confirmed in block 818,087, was processed by Antpool, today’s most dominant mining pool by hashrate. Following this event, an unidentified user on the social media platform X disclosed that this fee originated from their bitcoin holdings, which were allegedly compromised by hackers.

The user also provided a signature, verifying their claim by signing a message with the private keys of the address. On November 30, Antpool issued a statement regarding the erroneously paid fee, declaring its readiness to refund the owner of the address. “On November 23rd, some user submitted 83 BTC as a gas fee,” Antpool disclosed. “The risk control system of Antpool temporarily froze the fee when packaging the transaction.”

Please contact us before 00:00 (UTC+8) on December 10, 2023 and verify personal identity in the following way. After verification, Antpool will refund the fee.

Confirming the user’s identity could be crucial for Antpool, as there’s a prevailing notion that the hacker might still possess the key, and the alleged victim might actually be the perpetrator. The user is required to sign the address and forward it to Antpool’s email for verification purposes.

What do you think about Antpool detailing that it would refund the massive fee it mined? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Report: Operator of South Korean Crypto Exchange Upbit Sees a Nearly 40% Drop in Operating Profit

Dunamu, the operator of the South Korean crypto exchange Upbit, recently said it had realized an operating profit amounting to $79 million in the third quarter of 2023. Virtual asset valuation losses contributed to the 81.6% drop in the operator’s net profit for the period.

Operating Profit Down by Nearly 40%

In the third quarter (Q3) of 2023, Dunamu, the operator of the South Korean crypto exchange Upbit, reportedly realized an operating profit of just over $79 million (101.8 billion won). According to a Decenter report, Dunamu’s Q3 operating profit is nearly 40% lower than the $130.9 million realized in the corresponding period in 2022.

Similarly, Dunamu’s Q3 revenue, which stood at approximately $150 million, is 29% lower than the $211 million realized in the same period last year. Also, the crypto exchange operator’s Q3 net profit of $22.9 million is reportedly 81.6% lower than in the same period last year.

As per the report, Dunamu’s net profit for the period is lower due to so-called virtual asset valuation losses.

Meanwhile, the report revealed that Dunamu is now working on finding ways to mitigate the effects of the recession in the virtual assets market. An unnamed company official suggested that Dunamu is hoping to achieve this by pursuing new business opportunities.

“We will strive to revitalize the blockchain ecosystem and create an advanced investment environment, and do our best to provide innovative services based on Dunamu’s unique technological capabilities,” the unnamed official said.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Philippines Securities Regulator Says Binance Is Operating Without a License

Crypto exchange Binance is not a registered corporation in the Philippines hence its activities in the country are not above board, the Asian country’s securities regulator has said. The regulator warned of a possible jail term for individuals found enabling Binance’s activities in the Philippines.

Licensed Overseas Organizations Still Need to Get Local Approval

According to the Philippines securities regulator, crypto exchange Binance is not a registered corporation and has been operating without the necessary license or authority. In an advisory issued on Nov. 28, the Asian country’s Securities and Exchange Commission (SEC) alleges that Binance has been “actively employing promotional campaigns” despite not having the requisite license.

Explaining why it has warned Filipinos against using Binance, the SEC said it is aware that some online crypto exchange platforms are in possession of licenses issued by overseas institutions. However, the regulator insists brokers and crypto exchanges still need to obtain licenses from it before selling or offering securities and investment products to the public.

To get the license, operators of crypto exchange platforms must submit an application for registration together with details on the issuance price, use of the proceeds as well as the nature of the securities. Also, they must be in possession of “a secondary license to sell offer securities to the public.”

Possible Jail Term for Offenders

The SEC claimed that since Binance has not submitted an application for registration it is therefore in violation of the relevant section of the Securities Regulation Code (SRC).

Meanwhile, in addition to advising against the use of Binance, the regulator revealed the penalties that offenders face.

“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the Binance platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of five million pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC,” the SEC said.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Northern Data Subsidiary Bolsters AI Capabilities With $362 Million Nvidia GPU Investment

On Wednesday, Northern Data Group, headquartered in Frankfurt and specializing in bitcoin mining, disclosed that its subsidiary, Taiga Cloud, has secured a significant acquisition of about 8,200 Nvidia H100 Tensor Core Graphics Processing Units (GPUs). These newly acquired units will complement Northern Data’s current collection of artificial intelligence (AI)-oriented hardware, following their previous acquisition of 10,000 Nvidia GPUs in September.

Taiga’s $362M Nvidia AI Boost; Northern Data Launches Liquid-Cooled Bitcoin Mining Site

In a continuous stride towards growth in the generative AI sector, Northern Data Group and its subsidiary, Taiga Cloud, announced on November 29 another noteworthy expansion. Taiga Cloud has enhanced its AI infrastructure through the procurement of additional Nvidia-based GPUs.

The expansion includes equipping Taiga Cloud with HPE Cray XD supercomputers, furnished with Nvidia H100 GPU Tensor Core GPUs. This latest acquisition, valued at 330 million euros or equivalently $362 million, was facilitated by Hewlett Packard Enterprise (HPE). The company had previously acquired 10,000 Nvidia units in September.

“Taiga and HPE share similar beliefs and values, which are aligned to democratizing access to cutting-edge sustainable generative AI technology,” Karl Havard the managing director of Taiga Cloud said in a statement. “We understand that AI workloads require purpose-built AI-native architecture where hundreds and even thousands of nodes work together in concert to support a single workload.”

The recent announcement highlights Taiga’s ascendancy as a frontrunner among Europe’s generative AI Cloud Service Providers. Taiga’s investment in AI hardware exceeds $800 million, granting them “access to over 18,000 Nvidia H100 Tensor Core GPUs.” Additionally, Taiga revealed its generative AI Cloud’s achievement of 100% carbon neutrality, maintained through energy-efficient Power Usage Effectiveness (PUE) ratios below 1.2.

In a parallel development, Northern Data is advancing its bitcoin mining endeavors. Its subsidiary, Peak Mining, has commenced the construction of a 30-megawatt (MW) mining facility in Grand Forks, North Dakota. The project, which began this month, is on track to be operational in the first quarter of 2024. The facility, boasting state-of-the-art direct-to-chip liquid-cooling technology, will utilize Microbt‘s advanced liquid-cooled M53S++ miners.

What do you think about bitcoin mining firms expanding into the AI sector? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bondex: Changing the Recruitment Landscape for Users Benefits

PRESS RELEASE. London, United Kingdom, 29th November, 2023. Bondex, the groundbreaking decentralized professional talent network, is proud to announce the launch of its innovative Job Portal, marking a paradigm shift in the recruitment landscape. In partnership with some of the biggest names in the space for their first external marketing campaigns, including names like Coinlist and Chainlink, Bondex will be able to become the leading talent platform in Web 3.

The platform introduces an innovative referral reward system, democratizing the hiring process and creating a symbiotic ecosystem where talent, employers, and recruiters converge for mutual benefit and potential financial gains that offers users a new means of gaining passive income. The ongoing campaign with Coinlist for the next three months will give users the potential to boost their airdrop eligibility, giving them the opportunity to receive more financial rewards.

The Bondex platform and app, available on GooglePlay, and the Appstore, has over three million downloads, four million registered users, and a thriving million monthly active users. As a gamified decentralized token-based professional talent network, Bondex incentivizes user participation for career advancement, talent referrals, networking, and skill development. The platform shares the resulting economic value with its participants, creating a decentralized professional network where reputation dictates user participation.

Through an open referral rewards system, Bondex’s Job Portal redefines traditional recruitment by providing users with incentives to become recruiters. By leveraging their professional networks, users can profit from hiring companies’ bounties. By utilising the combined reach of user networks, this crowdsourced method guarantees the best possible matches between employers and candidates, differentiating Bondex from outdated Web 2 leaders.

About Bondex

Bondex is a decentralized professional talent network and job portal that empowers users to become recruiters, connecting talent with employers through a unique referral rewards system. With a gamified approach and over three million downloads, and four million registered users, Bondex disrupts traditional recruitment models, fostering a symbiotic ecosystem for mutual benefit.

For media inquiries, please contact:

Dina Mattar, CEO of DVerse

dina@dverse.xyz

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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AI-Focused Cryptocurrency Sector Expands by $2 Billion in Less Than 2 Weeks

Recent market data reveals a significant surge in the AI-focused cryptocurrency sector, with its value ballooning by nearly $2 billion in just under two weeks. A major contributor to this growth is the token bittensor (TAO), which soared 86.5% in the last fortnight.

AI Crypto Economy Rebounds Strongly

In the AI-oriented crypto landscape, the past month has been marked by impressive growth. The top six AI tokens have all experienced double-digit percentage increases. TAO leads the pack with a striking 207% rise in the last 30 days. Following closely, fetch (FET) has climbed 46.34%, and covalent (CQT) has risen 41.91% against the U.S. dollar during the same period.

In the past month, the graph (GRT) experienced a 35% increase, while singularitynet (AGIX) witnessed a 28% uptick in its value. As of 12 days ago, on November 17, 2023, the valuation of the AI-centric crypto economy stood at $3.32 billion. This was a recovery to previous levels, achieved over three months, adding approximately $720 million from its July end low of $2.6 billion.

In just the last 12 days, the sector has expanded by an impressive $1.97 billion. This growth is largely attributed to TAO’s rise, escalating from a market value of $329 million on October 29 to today’s $1.297 billion. Cortex (CTXC) also emerged as a significant player in the AI-focused arena, climbing from the 17th to the 11th position in terms of market capitalization.

CTXC’s market value soared from $37 million to a current $90.62 million, following a 194.12% surge this past month. However, not all AI-centric cryptocurrencies fared well over the same period. GOC, XMON, NEURONI, ARCONA, AMC, DX, XRT, and ALI all recorded double-digit declines during the 30-day timeframe.

What do you think about the AI crypto sector’s recent rise? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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CZ Resigns as Chairman of Binance US, Signaling Strategic Shift

On Tuesday, Binance US, the American branch of Binance.com, revealed that Changpeng Zhao (CZ), its former CEO, has relinquished his position as chairman of the board with immediate effect. The announcement emphasized that Binance US is fully functional and operates independently from Binance.com.

Changpeng Zhao Steps Down as Binance US Chairman

The update from Binance US comes in the wake of a recent agreement between Binance.com and the U.S. Department of Justice. This settlement also involved various U.S. entities, including the Treasury’s Office of Foreign Assets Control (OFAC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN).

Binance US clarified that it was not involved in last week’s settlements and currently has no pending enforcement issues with the DOJ, FinCEN, OFAC, or CFTC. The company underscored its independence and separate operation from Binance.com. Despite this autonomy, CZ, the ex-chief of Binance, is departing from the board of the U.S. exchange.

The Tuesday announcement stated, “As CZ transitions to life after Binance, he has decided to step down from his role as chairman of our board of directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance.”

Last week, CZ admitted to violating the Bank Secrecy Act, agreeing to step down as Binance’s CEO and to pay a $50 million penalty. Richard Teng has stepped in as the new CEO of Binance, which will now undergo rigorous monitoring by federal agencies. Binance US, a part of the global cryptocurrency exchange behemoth, reiterates its dedication to progress independently.

Binance US added, “Binance US continues to be led by Norman Reed and our existing, experienced management team. We are well capitalized to continue to build and grow our platform and to do so with renewed clarity and momentum, while maintaining the same customer first commitment.”

What do you think about CZ stepping down as chairman of Binance US? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Over 100 Physical Attacks on Bitcoin Owners Documented Since 2014, Research Reveals

In light of recent physical assaults targeting bitcoin owners, Jameson Lopp, co-founder of Casa, revealed a substantial list of such attacks on crypto holders, tracing back to 2014. Lopp’s research points out that the list, documenting over a hundred physical assaults, likely represents just a fraction of the actual incidents, as many go unreported and unnoticed by the public.

A Startling Report of Over 100 Physical Assaults on Crypto Owners

Recently, at the beginning of November, a report emerged about the abduction of executives from a Binance client, who were coerced into draining their cryptocurrency wallets. Days prior to this incident, a Swedish couple endured a violent ordeal where they were bound, assaulted, and ultimately compelled to relinquish their cryptocurrency assets.

Casa’s CTO, Jameson Lopp, who has been tracking physical assaults on bitcoin users, noted that there have been 16 such attacks in 2023. Lopp disseminated the list on the social media outlet X, remarking, “Did you know that over 100 physical attacks have been perpetrated against Bitcoiners? You can learn more at this historical archive I maintain.”

The list is extensive, yet Lopp emphasizes its limitations, noting that it “is not comprehensive” and pointing out that “many attacks are not publicly reported.” Additionally, the list encompasses “crypto asset owning entities,” which includes physical attacks on cryptocurrency automated teller machines (ATMs).

Lopp’s compilation clearly demonstrates a correlation between the rising value of bitcoin (BTC) and the surge in robberies and physical assaults. For instance, there was a solitary physical attack in 2014, involving the SWATting of computer scientist and early bitcoin advocate Hal Finney.

The attacks escalated in the following year, totaling five, and in 2016, four incidents were documented. The number soared during the 2017 bull run, with 12 attacks recorded within the year. Notably, 2018 saw a dramatic increase to 25 incidents, with eight occurring in January alone.

In 2019 and 2020, the frequency of physical attacks diminished, yet with the 2021 bull run, they surged to 35 incidents. The subsequent year, 2022, saw 26 such attacks documented in Lopp’s record.

These assaults encompass a range of tactics including home invasions, SWATting, abductions, mishandled in-person bitcoin trades, and raids on cryptocurrency mining facilities. Alongside the list, Lopp provides an educational resource titled “The Hodlguard- a primer on physical security in Bitcoin,” as well as slides for those seeking to enhance their security techniques.

What do you think about the list of physical attacks against crypto holders since 2014? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Cardano’s Charles Hoskinson Clashes With Blockstream’s Adam Back Over Crypto Security Classification

Charles Hoskinson, co-founder of Input Output Global (IOHK) and the Cardano blockchain initiative, recently expressed his frustration in a video over the U.S. regulator’s decision to categorize the cryptocurrency cardano as a security. He’s perplexed and critical about the exemption of bitcoin from being tagged as a security, mocking the situation as a “pathetic joke” and pointing out the apparent free pass granted to “Team Orange.”

Hoskinson Shows Frustration Over ‘Team Orange’ Getting a Pass

In a video clip shared by Altcoin Daily on a social media platform referred to as X, Charles Hoskinson passionately discussed his views on cardano’s (ADA) classification as a security, contrasting it with bitcoin (BTC) and others in the crypto space. He questions the logic, highlighting what he perceives as inconsistencies and unfair treatment in the regulatory approach.

Hoskinson, in the video, questions the absence of expectation of profit among fervent bitcoin supporters, known as the “Orange pill moon boys.” He criticizes the perceived decentralization of Bitcoin, noting that subpoenaing or targeting a few entities could potentially lead to a 51% attack on the network due to the nature of its hashpower distribution. He lambasts this oversight as a glaring, “pathetic f***ing joke.”

Following the video’s release by Altcoin Daily, users of platform X reacted to Hoskinson’s assertions. In a thread on X, Blockstream founder Adam Back responded, tagging Hoskinson. Back simplified the distinction, stating, “[Charles Hoskinson] it’s very simple: Bitcoin did not do an ICO, most people thought it had no value, it was mined from zero, it is decentralised, there is no CEO, ICO warchested ‘foundation,’ incorporation etc. so Cardano, ETH etc clearly pass Howey, Bitcoin is a commodity and does not.”

Responding to Back, Hoskinson clarified that Cardano didn’t have an ICO. Instead, he detailed an airdrop and subsequent trading of ADA by a diverse group of individuals who also used the platform for various projects.

He further elaborated:

A voucher sale of a different asset outside of the United States, priced in Yen, settled in Bitcoin, explained in Japanese to Japanese citizens, and without a single U.S. participant does not constitute an ICO of ADA.

As per Cardano’s Genesis records, these ADA token vouchers were distributed through sales in Asia from October 2015 to early January 2017. A Japanese company facilitated these sales, which garnered 108,844.5 BTC. The debate continued with Back countering Hoskinson’s explanation, suggesting that an airdrop, premine, and some market activity still classify as an ICO. He also pointed to the reliance on a management team for profit expectations.

Hoskinson: ‘I’m Done With Team Orange Lobbying the U.S. Government to Criminalize Everything but Bitcoin’

Hoskinson refuted the notion that an airdrop equates to an initial coin offering (ICO), citing even the SEC’s ambiguity on the matter. He pointed to the SEC’s settlement with EOS and Block.one as a case in point. Hoskinson emphasized that ADA was not publicly offered by a centralized entity, contrasting it with Ethereum’s ICO for ether, which has not been classified as a security.

Expressing his frustration, Hoskinson criticized the bitcoin community for labeling non-Bitcoin projects as inferior or fraudulent. He condemned what he perceived as efforts by Bitcoin advocates to push U.S. authorities to outlaw cryptocurrencies other than Bitcoin. He also dismissed the argument that Bitcoin’s mining process was fundamentally different, noting that Satoshi Nakamoto, Bitcoin’s creator, initially had complete control over the network and remained anonymous due to legal uncertainties.

The Blockstream executive responded by comparing bitcoin with gold and diamonds, arguing that none of these are securities. Despite claims that gold prices are influenced by sovereign entities and diamond prices by companies like Debeers, Back asserted that they, like bitcoin, are commodities. He maintained that ether, ADA, and similar cryptocurrencies are, in contrast, securities. Furthermore, he emphasized that these assets are “both unregistered, and unregisterable securities too.”

What do you think about the debate between Charles Hoskinson and Adam Back? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Crypto Payment Provider Alchemy Pay Secures Iowa Money Services License

The Singapore-based payment gateway Alchemy Pay has been granted the money services license by the U.S. state of Iowa. Both this license and the money transmitter license obtained from Arkansas nearly two months earlier underline Alchemy’s “dedication to compliance.”

Alchemy Now in the Same League as Established Payment Providers

Alchemy Pay, a crypto on-ramp and payment gateway, recently said it has been granted the money services license by the U.S. state of Iowa’s banking division. In a statement, the Singapore-based payment gateway said it secured the Iowa license just a few months after obtaining the money transmitter license (MTL) in the state of Arkansas.

According to the gateway’s Nov. 23 statement, obtaining both licenses puts Alchemy in the same league with key players in the U.S. crypto market such as Coinbase, X (formerly Twitter), and Moonpay. Robert McCracken, the ecosystem lead at Alchemy, said the license acquisitions demonstrate his firm’s desire to remain compliant whilst improving user experience.

“The acquisition of our second Money Services License in the United States underlines Alchemy Pay’s global payment capabilities and our dedication to compliance. We continue to obtain licenses in countries and regions around the globe, improving our user’s experience, and strengthening our network coverage,” McCracken said.

In addition to the two licenses, the payment provider said it has completed the application process for MTL licenses in more states with outcomes expected to come in the next few months.

Besides the United States, Alchemy has scored similar license successes in Lithuania, Indonesia, and Canada. Alchemy Pay said it also intends to secure licenses in the United Kingdom and Hong Kong. These licenses not only solidify Alchemy’s standing in the crypto payment sector but also extend its credibility into the traditional payment sector.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Bitcoin Technical Analysis: Momentum Slows as Bulls Cool Down Following 4-Week Rally

The crypto economy has dropped more than 2% on Monday morning as equity futures show U.S. stocks may slip a hair on Monday following a four-week winning streak. Bitcoin has slid 2% over the past 24 hours against the U.S. dollar and it’s dropped 3.4% since the high of $38,437 recorded on November 25.

Bitcoin

As of November 27, 2023, bitcoin’s price stands at $36,951, marking a notable movement within its 24-hour range of $36,899 to $37,748. The current market capitalization is at $725 billion, with a trade volume of $16.79 billion. Oscillators, key indicators for market momentum, present a mixed outlook for bitcoin on Monday.

The relative strength index (RSI) at 57 suggests a neutral to near-bearish stance, indicating neither overbought nor oversold conditions. Similarly, the Stochastic and the commodity channel index (CCI) stand at 71 and 51 respectively, both aligning with neutral sentiment. This collectively suggests a market in balance, without clear overextension in either direction.

Bitcoin chart by TradingView

Moving averages show a divergent and unique picture. Short-term exponential (EMA) and simple moving averages (SMA) for 10 days signal a bearish outlook. However, as we extend the timeline, EMAs and SMAs from 20 to 200 days progressively switch from neutral to bullish signals. This indicates that while immediate sentiment is cautious, the long-term view remains positive.

The daily chart reveals a bullish trend since early October, characterized by higher lows and higher highs. Despite recent volatility, as evidenced by larger candle wicks, the market has shown resilience. Support is identified near the $33,000 range, with significant resistance around a $38,437 top reached two days ago. However, volume analysis shows inconsistency, suggesting a lack of strong conviction in the price direction, adding an element of uncertainty to future trading sessions.

On a more granular level, the four-hour chart indicates a short-term downtrend, with lower highs and lower lows since the peak two days ago. Current bearish candles suggest this downtrend may continue further. The next support level is around $35,651, with resistance at the recent peak. Trading volume is lower on Monday, with a 1.89% decline since Sunday.

Bull Verdict:

In summary, the technical analysis of bitcoin as of November 27, 2023, leans towards a bullish outlook. Despite the short-term sell signals and immediate volatility, the long-term moving averages and overall market trend suggest a positive trajectory.

Bear Verdict:

Conversely, the bearish perspective on bitcoin’s current technical analysis suggests caution. The immediate sell signals from short-term moving averages, coupled with a downtrend in the four-hour chart, indicate potential short-term price declines.

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What do you think about bitcoin’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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‘Cantillon Effect’ Can Be Countered by Having ‘Bitcoin Only’ Companies Present at the Negotiating Table — Swan Bitcoin MD

The crypto industry can stop the so-called Cantillon Effect from occurring by establishing large enough “Bitcoin only” companies that will sit on the negotiating table with the U.S. Federal Reserve and major financial institutions, Swan Bitcoin’s Terrance Yang has said. According to Yang, the U.S. Department of Justice’s settlement with Binance has increased the likelihood of such an institution joining the negotiation table.

The Cantillon Effect

Terrance Yang, the managing director (MD) of the bitcoin exchange platform Swan Bitcoin, has defended the proposal to create enough “Bitcoin-only” companies saying this is the only way the crypto industry will be fairly represented at the negotiating table. According to Yang, the U.S. Department of Justice (DOJ)’s recent settlement with Binance has increased the chances of such an institution joining the negotiation table.

As was recently explained by Swan Bitcoin co-founder and CTO Yan Pritzker, the crypto industry needs to fight back against opponents who seem to have ratcheted up the pressure in recent years. Ordinarily, this can be achieved by having “a large selection of banks willing to do business with Bitcoin companies.” Nevertheless, in his Nov. 11 post on X (formerly Twitter), Pritzker suggested making companies in the crypto space “big enough to be relevant negotiators.”

Some critics argue that creating such powerful entities could have negative consequences for the industry in the long run. However, in his written answers sent to Bitcoin.com News, Yang doubles down on why Swan believes this to be the solution.

“For decades now the [U.S.] Federal Reserve Bank and all major banks and institutions have been the key negotiators at the table. We recently published a detailed study of why this needs to change and how [the] Federal Reserve drives the Cantillon Effect which in turn impacts inflation and fiscal debt,” Yang said.

Bad Actors Have an ‘Incentive to Feed and Spread False Narratives’

According to Yang, it is such Bitcoin-only companies that can fill the “void” which has grown each time authorities have gone after large crypto exchanges like Binance and Coinbase.

Concerning the perception certain players are not doing enough to counter false crypto narratives often peddled by critics like U.S. Senator Elizabeth Warren, Yang suggested this may be because they “have an incentive to feed and spread false narratives.”

Therefore, as the industry works on how to respond to the attacks which have seen the space shrink, Yang said only those with good standing should “write their Congressional representative, and speak out on social media.” In addition, such unblemished individuals and entities should “stop doing business with ‘bad actors’ that are facing lawsuits and are in trouble.”

While it is generally agreed that the recent actions by the U.S. regulators will prompt crypto firms to ponder leaving the United States, Yang is adamant that “bitcoin will [still] thrive in the U.S.”

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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The Earn Network Announces $EARN Token Public Sale – Started on November 24, 2023 on Leading Launchpads

PRESS RELEASE. The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of its $EARN token that started on November 24, 2023, for a limited time of a few days. This pivotal event, highlighting Earn Network’s dedication to reshaping the landscape of decentralized finance, will be followed by the listing of the $EARN token on major cryptocurrency exchanges, further expanding its accessibility and impact on the market.

About the Earn Network

The Earn Network stands as the end-game dApp for all crypto investments, offering a wide array of yield-generation and yield-optimizing opportunities, including DeFi Staking, NFT Staking and Restaking. Its user-friendly interface is designed to democratize access to decentralized solutions, catering to both seasoned investors and newcomers in the DeFi space. This approach positions the Earn Network as a major player in simplifying and enhancing the crypto investment experience, which has already yielded significant growth in terms of user interaction and Total Value Locked (TVL) within its short existence.

The platform’s collaboration with significant partners such as Aleph Zero, Cronos, Avalanche, ThunderCore and Decimal elevates its status in the decentralized ecosystem. These partnerships underscore the Earn Network’s commitment to expanding and integrating innovative financial solutions available for DeFi users across multiple blockchains. Moreover, Earn Network’s unique offering of no-code solutions for projects stands out, especially for those looking to launch token and NFT staking mechanisms without the substantial investment typically required for hiring developers and performing time-consuming audits.

Apart from these partnerships and solutions, the Earn Network also functions as a blockchain infrastructure operator, running validators on more than 35 networks. This substantial engagement highlights its strong presence in the blockchain ecosystem and commitment to being a yield-origination platform.

Future plans

As part of its strategic vision, the Earn Network is evolving into a premier financial marketplace, inspired by successful models in various industries. The platform eliminates traditional investment barriers, such as hidden fees and intermediaries, providing secure, non-custodial access to global money markets.

Expanding its services continuously, the Earn Network is currently focused on enhancing its existing products through the introduction of new projects, cross-chain support and community-contributed rewards available across its staking programs as a significant v2 update. Categories like liquid staking, social wagering/betting and index-based solutions, along with the integration of real-world assets and tokenized investments, are also carefully considered and form part of Earn Network’s upcoming developments.

These additions not only will improve accessibility to complex financial activities but also bridge the gap between traditional finance and DeFi. By prioritizing compliance, user-friendliness and security, the Earn Network aims to consistently redefine investing, aligning it with everyday activities and promoting a more inclusive financial ecosystem.

Team

The Earn Network team, adept in steering the $EARN public sale, is led by CEO Bartosz Pozniak, who brings a rich blend of entrepreneurial and technological expertise. His notable achievements include founding MyCointainer.com and developing advanced financial technologies for major banks. Under his guidance, the team’s proficiency in blockchain, marketing and strategic partnerships is set to play a pivotal role in the successful rollout and future endeavors of the $EARN public sale.

About $EARN token

The much-anticipated $EARN token, a pivotal element of the Earn Network’s ecosystem, has officially been released. Commencing its availability for purchase on November 24th, 2023, through prominent launchpads, the token ensures broad accessibility for investors and enthusiasts alike. The rollout doesn’t stop there; from the 1st of December 2023, $EARN will further extend its reach by being listed on numerous centralized and decentralized exchanges. This strategic expansion is designed to enhance the token’s visibility and integration within the global crypto trading community. Feel free to learn more directly on Earn Network’s platform about additional information and details regarding the $EARN token and its availability across partnered launchpads.

The $EARN token, central to the Earn Network ecosystem, not only will enable the distribution of platform fees but also offer distinct benefits through its well-defined allocations and tokenomics aimed at price stability and preventing market dumps. This strategic financial model allows a portion of fees to be reinvested for community growth and the development of partnerships, granting token holders a stake in the network’s success. Additionally, $EARN will reduce fees within the platform and enhance the visibility of pool creators’ offers, thereby increasing their participation and liquidity. Its non-inflationary design ensures that staking yields are aligned with the platform’s performance, reflecting Earn Network’s commitment to sustainable, community-focused growth and making the $EARN token a valuable asset in the decentralized finance landscape.

Website | X | Telegram | Discord

 

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Eurasian Economic Union Minister: CBDCs Will Pave the Way for the Launch of a Digital Reserve Currency

Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union (EEU), has noted the advancements the adoption of central bank digital currencies (CBDCs) could ostensibly bring to the trading dynamics of the region. According to Glazyev, the launch of several digital currencies will allow countries to settle trades outside of the U.S. dollar as early as next year, leading to the rise of a new reserve currency.

Eurasian Economic Union Hopes to Move to CBDC Settlements

The Eurasian Economic Union (EEU) expects that the rise of several central bank digital currencies (CBDCs) will pave the way for the issuance of a new reserve currency different from the U.S. dollar. Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union, talked about the future benefits these digital, blockchain-based technologies might bring to the trading processes between countries of the EEU and even BRICS countries.

In statements given to Sputnik on Tuesday, Glazyev stated:

I believe that the development of digital technologies and the already announced plans for the introduction of the digital ruble, the digital yuan and the digital rupee will lead us, perhaps as early as next year, to move first to digital settlement in national currencies.

The EEU consists of several post-Soviet Union states, including Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, having a gross domestic product of $2.4 trillion.

An Easier Route to Trade: The Road to a New Digital Reserve Currency

The minister also emphasized the benefits of changing the settlement methods from the current legacy system that uses banks to a blockchain-based payment method.

Glazyev stressed:

This is much easier than going through banks. There are no endless restrictions and regulatory fears of sanctions. Digital currencies allow trading operations to bypass banks.

Since the start of the Russia-Ukraine conflict, the Russian Federation has been the target of a stringent set of sanctions that made it change its commercial relations to focus on trading with friendly countries.

Nonetheless, even companies of these friendly countries making trades with Russia can be affected by sanctions targeting their use of U.S.-based fiat systems, with U.S. officials comparing such actions to “playing roulette.”

Glazyev trusts that launching these digital currencies and building of a settlement system harnessing them will serve as the base of a new digital currency, to substitute the reserve currencies proposed by the International Monetary Fund (IMF), based on an international agreement.

What do you think about the hypothetical rise of a new digital reserve currency different from the U.S. dollar? Tell us in the comments section below.

via Sergio Goschenko

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7-Day Crypto Snapshot: BLUR, APE, KLAY, and MINA Lead This Week’s Market Rallies

In the last week, bitcoin experienced a modest increase of 2.7% against the U.S. dollar, while ethereum saw a rise of 6.5%. Concurrently, a range of other cryptocurrencies registered significant double-digit advances, notably the non-fungible token (NFT) marketplace Blur’s token BLUR, which soared by a significant 72% this past week.

17 Crypto Assets Record Double-Digit Growth

As of Sunday, November 26, 2023, the total market capitalization of the cryptocurrency sector stands at $1.43 trillion. This week, 17 distinct digital currencies achieved double-digit growth, with BLUR at the forefront with a 72% surge.

Trailing BLUR, apecoin (APE) escalated by 26.3%, and klaytn (KLAY) observed a comparable ascent of 26%. Further, mina protocol (MINA) climbed by 24.1%, while illuvium (ILV) rose 22.9% over the week, as per the data from coingecko.com.

Pursuing ILV, cryptocurrencies such as uniswap (UNI), sui (SUI), and bittensor (TAO) also experienced notable increases, ranging from 16% to 19.2%. Nevertheless, alongside these gains, several digital assets witnessed declines this week.

Celestia (TIA) experienced a significant drop, losing 21% over the week, and rollbit coin (RLB) decreased in value by 8.1%. Additionally, MATIC fell by 8%, and kaspa (KAS) suffered a 6% decline.

Other cryptocurrencies that didn’t fare well during this seven-day period include XDC, BNB, SOL, CAKE, and SHIB. On the flip side, the four digital currencies with the highest trading volumes this week were USDT, BTC, ETH, and USDC.

Within the $1.43 trillion crypto economy, bitcoin’s market value represents 51.2% of the total, while ethereum accounts for 17.5% as of November 26. In terms of 24-hour performance, the leading crypto gainers include SUPER, ETHW, ROSE, PRIME, and MAGIC, whereas the most notable losers are SNX, SEI, FTT, and PENDLE.

This week’s top-performing cryptocurrencies displayed less vigorous growth compared to the previous week, which witnessed several coins achieving triple-digit increases over a seven-day span.

What do you think about the week’s biggest gainers and losers in the world of crypto trading? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bitcoin’s Mining Difficulty Hits Record High With Sixth Consecutive Rise

On November 25, 2023, the Bitcoin network marked its sixth consecutive difficulty rise, reaching a new peak at block 818,496. The difficulty soared by 5.07%, setting a record high of 67.96 trillion, a level that will persist until the next adjustment on December 9, 2023.

Bitcoin’s Difficulty Jumps 5% and Over 23% Higher During the Past 2 Months

The latest increase in Bitcoin’s difficulty, a 5.07% uptick, occurred on the evening of November 25 at block 818,496. This marks the sixth rise in difficulty since September 19, 2023, at block 808,416. Over the past 68 days, the cumulative increase stands at 23.27%. Despite this considerable rise over the two-month period, the network’s hashrate hasn’t shown any signs of slowing down, with miners consistently setting new records in this domain.

For example, at 7:00 a.m. Eastern Time on November 25, the hashrate’s seven-day moving average hit an unprecedented peak, reaching 507 exahash per second (EH/s). Despite the recent adjustment in difficulty, the hashrate continues to maintain a robust level of around 500 EH/s. With the difficulty now established at 67.96 trillion, bitcoin (BTC) miners are required to exert a significant amount of computational effort to discover blocks within this challenging high difficulty environment.

As of this report, around 49 pools are contributing their hashrate to the Bitcoin blockchain, with the smallest among them offering 916 megahash per second (MH/s). The leading mining pool, Antpool, boasts a formidable 135.10 EH/s of hashpower, representing 27.23% of the overall total. Hot on its heels is the second-largest pool, Foundry USA, which commands 131.86 EH/s, amounting to 26.58% of the collective hashrate. Following these two giants in the mining arena are F2pool, Viabtc, and Binance Pool.

Time will reveal whether the recent difficulty adjustment, exceeding 5%, genuinely impacts miners’ activities, but current indications suggest the hashrate remains undeterred. In anticipation of the upcoming halving, mining entities have been actively expanding their arsenals with thousands of new machines, enhancing their fleet’s potency. The introduction of these newer, more efficient models, combined with the escalating BTC prices, has been a significant catalyst in driving both the hashrate and the mining pools that generate it.

What do you think about the network’s difficulty rising by more than 5% on November 25? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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End of an Era: CZ Steps Down, SEC Names More ‘Securities,’ as US Crypto Crusade Continues — Week in Review

Bitcoin.com News reported this week that leading crypto exchange Binance will settle with the United States Department of Justice (DOJ) for $4.3 billion, related to breaching anti-money laundering and sanctions regulations. The well-known face of the exchange, and former CEO, Changpeng “CZ” Zhao, has stepped down as part of the plea deal. In other news, the U.S. Securities and Exchange Commission (SEC) has once again named crypto assets which it views as securities. This and more just below, in the latest Bitcoin.com News Week in Review.

DOJ Announces $4.3 Billion Settlement With Binance; CZ to Step Down as Part of Plea Deal

The United States Department of Justice (DOJ) has revealed a landmark settlement involving Binance, the world’s largest crypto exchange by trading volume. Under the agreement, Binance will pay $4.3 billion to settle with the law enforcement authority. This significant development was disclosed during a DOJ press briefing on cryptocurrency enforcement, which took place at 3:36 p.m. Eastern Time (ET) on Tuesday.

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SEC Identifies 16 Crypto Tokens as Securities in Kraken Lawsuit

The U.S. Securities and Exchange Commission (SEC) has identified 16 crypto tokens as securities in its lawsuit against cryptocurrency exchange Kraken. Some of the alleged crypto securities were the same as those highlighted in the SEC’s lawsuits against Coinbase and Binance. Kraken’s CEO stressed: “We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.”

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Bitcoin Mining Pool F2pool Acknowledges OFAC Transaction Censorship; Backpedals After Community Backlash

F2Pool, a Bitcoin mining pool, has admitted to filtering transactions coming from Bitcoin addresses flagged by the Office of Foreign Assets Control (OFAC). After the situation was discovered by 0xB10C, a Bitcoin developer, F2pool co-founder Chun Wang acknowledged that his pool was indeed applying this filter, announcing it would drop the censorship until there was consensus in the community on the issue.

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Tether Freezes $225 Million in USDT After DOJ Investigation, Calling It ‘Largest-Ever Freeze of USDT’

Tether has announced the “largest-ever freeze of USDT in history.” In collaboration with crypto exchange Okx, Tether froze $225 million in USDT following an investigation by the U.S. Department of Justice (DOJ). The tokens were allegedly linked to an international human trafficking syndicate in Southeast Asia responsible for a global “pig butchering” crypto scam.

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What are your thoughts on this week’s stories? Be sure to let us know in the comments section below.

via Bitcoin.com

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Nigeria Law Enforcement Nab Politician Who Laundered Funds Stolen From Crypto Exchange

Nigerian law enforcement recently arrested a politician who is accused of laundering digital funds that were stolen from Patricia Technologies in May. CEO Hanu Fejiro praised the politician’s arrest and said the recovered funds will “go a long way to soothe Patricia users.”

The Politician’s Involvement in a Complex Crime

The Nigerian police have arrested a politician who is accused of seeking to launder digital assets that were stolen from the crypto exchange platform Patricia Technologies earlier this year. According to the police, Wilfred Bonse had fraudulently transferred more than $60,000 from the $750,000 in stolen funds to his bank account.

As reported by Bitcoin.com News in May, Patricia lost digital assets worth more than $2 million after hackers breached its platform. The theft left the crypto platform with a financial hole which forced Patricia to seek funds to refund affected users.

In his remarks after announcing the politician’s arrest, Prince Olumuyiwa Adejobi, the spokesperson for the Nigerian police, said:

Having registered his involvement in the complex crime. Wilfred Bonse, conspired in laundering the sum of Fifty Million Naira (N50,000,000) originating from the fraudulent diversion of Six Hundred and Seven Million Naira (N607,000,000) from Patricia Technology company’s account to his bank account through a cryptocurrency wallet.

The spokesperson, however, said investigations are still ongoing and vowed to bring those behind the hacking to justice.

IMPORTANT UPDATE

Thank you to the men and women of the NPF-NCCC.

More updates to follow soon. #patriciatechnologies https://t.co/qSHGjZ3EsQ

— Patricia (@PatriciaSwitch) November 24, 2023

In a post on X (formerly Twitter), Patricia praised Nigerian law enforcement agencies behind Bonse’s arrest. The CEO Hanu Fejiro said the recovered funds will “go a long way to soothe Patricia users.”

Meanwhile, the confirmation of Bonse’s arrest as well as the recovery of part of the funds came just a few days after Patricia said it had commenced refunding the first batch of users.

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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BRC20 Token ORDI Dips 10% in a Week After a 319% Monthly Surge, Nears Record High

The price of the BRC20 token ordi (ORDI) slid more than 10% this week against the U.S. dollar after recording substantial gains over the three weeks prior. Despite the recent downturn, ORDI has risen over 300% during the last 30 days and it’s a touch over 25% away from surpassing its all-time price high.

ORDI Retreats 10% After 300% Monthly Gain, Sees Significant Trading Activity With Turkish Lira

At the end of the first week of November, ordi (ORDI) the BRC20 token built on top of the Bitcoin blockchain skyrocketed in value after Binance announced it would list the coin. This week, however, ORDI has dropped 10% in value over the past seven days and during the last 24 hours, it’s down 2.2%.

ORDI’s market valuation on November 25, 2023, is just under a half billion at $446 million. This places ORDI in the 115th-ranked position among more than 10,000 crypto assets listed across 935 exchanges. Over the past day, ORDI has recorded $99 million in global trades, and interestingly, statistics from cryptocompare.com show ORDI has a great deal of trades associated with the Turkish lira, and even more so than its USDT pairs.

While ORDI is down 2.2% and more than 10% this past week, it has climbed awfully close to the pinnacle price it hit seven months ago on May 08, 2023. At that time, ORDI was trading for $28.52 per coin, and today, it is exchanging hands for $21.04 per unit. Moreover, over the past 30 days, ORDI has climbed 319% against the greenback.

Wallet or rich list statistics from the top ten ORDI wallets indicate that the crypto exchange Okx is one of the largest holders. The centralized exchange has a vast sum of ORDI tokens in the following addresses “bc1q8,” “bc1qg,” “bc1qz,” “bc1qn,” and “bc1qq,” among others. The largest ORDI holder today is the wallet “bc1qh” which commands 2,231,755 ORDI. The address is not flagged so the owner is unknown.

What do you think about ORDI’s market performance? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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BIS General Manager Agustin Carstens Touts Tokenization as Part of the Future Financial System

Agustin Carstens, general manager of the Bank for International Settlements (BIS), has discussed tokenization’s significance in modernizing the current siloed financial system. Carstens stated that only through tokenization can the world move to a more interconnected and programmable financial system, where several central bank digital currencies (CBDCs) will be transacted seamlessly.

BIS Head Agustin Carstens Talks Tokenization as Origin of an International Unified Ledger

Agustin Carstens, general manager of the Bank for International Settlements (BIS), referred to the significance of tokenization as a key tech for building an interconnected financial system using central bank digital currency (CBDC). In a keynote speech at the CBDC & Future Monetary System Seminar in Seoul, Carstens explained how tokenization would allow the modernization of the current siloed financial system.

He stated:

Tokenization is a means of recording money and assets in a digital form on a programmable ledger. In practical terms, this means that users could transfer assets directly through programming instructions, rather than through intermediaries such as account managers who act on behalf of the user.

For Carstens, the tokenization of money and other assets and its integration on top of a “unified ledger” will help the current financial system to evolve, allowing a two-tiered currency system composed of wholesale tokenized CBDC and tokenized deposits to be implemented in several countries.

Carstens Blasts Outdated Regulatory Frameworks

According to Carstens, the technology necessary for this change is already here. Nonetheless, the regulations of each jurisdiction are hindering the advancements in this regard.

On this, Carstens declared:

The real challenge is to work out the legal and regulatory frameworks, the governance and the communication protocols needed for such a network of networks to operate. In short, we need to build the digital infrastructure.

However, he doesn’t think this will happen overnight and that every jurisdiction out there will join a hypothetical unified ledger. Nonetheless, the construction of protocols that allow interconnecting these systems can also help to achieve the desired interoperation goal.

He concluded that “the future monetary system needs wholesale central bank money at its core, complemented by tokenized commercial bank money and potentially other tokenized assets.”

Carstens has been a fervent proponent of CBDCs, stating before that their issuance would be the only way of “providing money in a form that meets the public’s needs and expectations.”

What do you think about Agustin Carstens’ thoughts on tokenization and CBDCs? Tell us in the comments section below.

via Sergio Goschenko

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UAE Virtual Assets Regulator Says Islamic Coin Issuer Has ‘Cooperated Fully’

Bored Gen DMCC, the issuer of islamic coin, has cooperated fully with the Virtual Assets Regulatory Authority’s ongoing investigation into the token’s issuance and distribution. Bored Gen, however, still needs to “secure appropriate approvals” before it undertakes to distribute the islamic coin (ISLM) in the Dubai market.

BG Undertook Remedial Measures

The United Arab Emirates (UAE) digital assets regulator, the Virtual Assets Regulatory Authority (VARA), recently revealed that Bored Gen DMCC (BG) — the issuer of islamic coin — had cooperated fully during its investigation into the issuance, marketing and distribution of the token. It added that BG had “undertaken remedial measures, including the implementation of adequate public disclosures for improved market assurance.”

However, in its Nov. 16 enforcement notice, the regulator said it had determined that the issues which are the subject of its ongoing investigation constituted “technical non-compliance.” The notice went on to state that BG still needs to “secure appropriate approvals” before it undertakes any distribution of islamic coin (ISLM) in the Dubai market. The notice added:

BG may continue business operations related to non-VA Activities, subject to maintenance of regular engagement with VARA and fulfilment of the necessary obligations including full compliance with all applicable regulatory requirements.

As previously reported by Bitcoin.com News, VARA blocked the sale and distribution of ISLM after a determination was made that BG lacked the authority to do so.

Issuer vs Developer Entity

Meanwhile, a statement issued on behalf of BG reveals that the organization is not the issuer of the token as stated by VARA. According to the statement, BG is in fact, a “developer entity” working to develop essential components such as the Haqq Wallet and Launchpad. It also asserts that the public sale of ISLM took place on the Republic platform, a regulated entity based in the United States.

In addition, the token sale is said to have adhered to Reg D and S for U.S. and non-U.S. investors respectively. On the other hand, Dubai was explicitly excluded from the sale, the statement added.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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