The market fell as a result of Binance’s settlement with the U.S. Securities and Exchange Commission (SEC) over several charges; futures traders who were betting on further growth were most affected. Data from CoinGlass show, exchanges have liquidated crypto perpetual futures positions worth $227 million in the past 24 hours. Bullish longs accounted for nearly
Consulting behemoth KPMG Canada is teaming up with blockchain analytics startup Chainalysis to support businesses in combating the ever-increasing threat of fraud and illegal activity in the digital assets space. According to a statement released on Wednesday, KPMG hopes to help its clients with advanced blockchain monitoring, support, governance, and risk management through this partnership.
According to a recent court filing, cryptocurrency lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, in an attempt to recoup more than $689 million. On behalf of other creditors, it claims that Gemini transferred preferentially “aggregate gross amount of no less than approximately $689,302,000” from Genesis, and the company
According to a study released on Monday by Bank of America (BAC), artificial intelligence (AI) technology has the potential to increase banks’ operational effectiveness. It carries risks as well. “Whilst greater automation – likely to be the first and greatest application of AI technology for banks – has the potential to improve bank productivity and thereby enhance bank returns, we also see some vulnerabilities around broad use of AI in banks,” analysts led by Richard Thomas wrote. The report stated that because the industry is heavily regulated and has access to a lot of sensitive data, banks and supervisors will need to be “comfortable about the risks that accompany the institutionalization of AI.” It also noted that ongoing discussions are taking place between the industry and regulators. Concerns are likely to
The cryptocurrency miner Phoenix Group (PHX) said that it had 33 times oversubscribed when it finished its IPO on the Abu Dhabi Securities Exchange (ADX).With a goal of raising 1.36 billion dirhams ($368 million), the UAE-based company said last week that it was offering 907,323,529 shares at 1.50 dirhams a share, giving investors 17.64% of the business. Phoenix Group provides cloud-based hosting services as well as a hashrate rental program for customers interested in mining.Additionally, it operates a cryptocurrency exchange named M2, which is fueled by MMX, a native Ethereum token.Dubai and Abu Dhabi both boast frameworks that offer clear advice on the treatment of various asset kinds and which activities are permitted and forbidden, making the UAE one of the most sophisticated jurisdictions when it comes to providing regulatory clarity around digital assets.Companies may have an edge when pursuing investment due to the clarity of the law. Regarding the legislative framework pertaining to digital assets, the United Arab Emirates (UAE) is one of the most progressive countries. Both Dubai and Abu Dhabi have frameworks that clearly define how various asset types should be treated and what kinds of activities are allowed and not.When corporations are wooing investment, the legal clarity may provide an edge. According to the corporation, professional investors made contributions to a 22-fold oversubscription, while retail investors oversubscribed 180 times.The shares are expected to go on sale on December 4.
The Avalanche ecosystem developer and accelerator, Colony Lab, announced that it will contribute $10 million to help the network’s sustained expansion.The company announced that it has purchased over 500,000 AVAX tokens for a total of $8 million in recent months. The money will be utilized to establish a validators program that will assist AVAX holders. In a proof-of-stake (PoS) blockchain network, a validator is an individual who contributes to security upkeep and verifies newly submitted transactions.By staking their tokens, validators accomplish this and usually receive rewards. Avax and Trader Joe’s JOE are two examples of the assets in the Avalanche ecosystem that are included in the Colony Avalanche Index (CAI), a yield-bearing token index in which Colony Lab will also invest.Colony Lab’s CLY token holders will receive a portion of mint or redemption fees.The community of CLY stakeholders will receive rewards from both the first and next validator initiatives. “As we channel a $10 million investment into the Avalanche ecosystem, we’re not just growing Colony Lab – we’re fostering the long-term potential of AVAX,” CEO Elie Le Rest said in a message to CoinDesk. “Avalanche understands that real blockchain growth comes from expanding its use cases, and its technology reflects this
Make an encrypted offline copy of your crypto wallet’s private keys on a hardware wallet or write them down on paper for safekeeping. Securing one’s digital assets is essential in the quickly changing world of cryptocurrencies. Maintaining a backup of private keys is essential to crypto security. The keys to one’s crypto kingdom are their
A legal dispute in London’s High Court revolves around deposits made by stablecoin issuer Tether with a financial services firm totaling more than $1 billion, as the Financial Times revealed on Tuesday. The report, which referenced documents submitted to the High Court, stated that Tether deposited the money with a division of investment bank Britannia
In a recent announcement, the cryptocurrency exchange Bittrex Global stated that it is closing down operations shortly after closing its U.S. arm. The platform’s trading will cease on December 4; customers are advised to finish “all necessary transactions” by that date, as only withdrawals will be permitted thereafter. Bermuda and Lichtenstein-regulated exchange did not provide
According to a recent announcement, Canada’s Office of the Superintendent of Financial Institutions (OSFI) is looking for input on the disclosure requirements for regional banks and insurers that deal with cryptocurrency. The Basel Committee on Banking Supervision (BCBS), an international body that sets standards, is conducting another consultation on the same topic that complements this
Developing an Ethereum DApp requires using development tools, designing a user-friendly front end, creating secure smart contracts, and testing the product thoroughly before releasing it. Decentralised apps (DApps) have enormous potential, and the Ethereum DApps ecosystem is growing. Who wouldn’t want to take part? On secure blockchain networks, developers can now create apps using their
CoinDesk was acquired by cryptocurrency exchange Bullish, according to a Wall Street Journal (WSJ) story published on Monday. According to the Journal, Bullish, which is led by former NYSE President Tom Farley, acquired all of CoinDesk from cryptocurrency-focused investor Digital Currency Group (DCG) in an all-cash transaction. The deal’s financial details were kept a secret.
Luxor Technologies, a company providing bitcoin mining services, is launching a new venture to reduce hardware shipping issues that miners encounter while purchasing mining equipment and growing their operations internationally. The new division, Luxor Logistics, will put a lot of effort into expediting the convoluted customs procedures in various areas by tailoring delivery and transportation
The U.S. Department of Justice (DOJ) has launched an investigation into a global human trafficking organisation operating in Southeast Asia, leading stablecoin issuer Tether to freeze $225 million worth of its own stablecoin. For months, the inquiry was conducted using Chainalysis’s blockchain analysis tools. According to a press release, it is the biggest stablecoin freeze
OpenAI has named co-founder and former Twitch CEO Emmett Shear as its new CEO. OpenAI is an artificial intelligence (AI) startup. Sam Altman was dismissed from his position as CEO of OpenAI last week after the board expressed lack of faith in his ability to guide the business due to allegations that “he was not
According to an internal announcement, Santander Private Banking International, a division of the massive Spanish financial services company Banco Santander, is providing high-net-worth clients with Swiss accounts with the opportunity to trade and invest in the two major cryptocurrencies, ether (ETH) and bitcoin (BTC). The announcement stated that Santander will provide more cryptocurrencies that satisfy
An announcement on Monday stated that Osaka Digital Exchange (ODX) will launch its new digital securities trading platform on December 25. ODX, a group of influential Japanese players in traditional finance, including SBI Holdings and Sumitomo Mitsui Financial Group (SMFG), was founded in 2021 with the intention of establishing a digital stock exchange. Starting on
David Schwartz, the CTO of Ripple, recently spoke with me about how the XRP Ledger is facilitating a revolution in the tokenization of physical assets.In an interview conducted recently, Schwartz expressed his excitement about the XRP ecosystem as investors’ focus shifted from the XRP coin to a more comprehensive interest in the features of the XRP Ledger.The CTO claims that the XRP Ledger’s technology is becoming more institutionally adopted and is being used in more business and financial applications. In recent years, the idea of tokenizing real-world assets (RWA) has gained traction.Owners of real-world assets can store their rights to things like gold and commodities on the blockchain through the process of digital asset tokenization.However, Ethereum and a few other blockchains have received the majority of the focus surrounding asset tokenization. The tokenization of conventional assets is being actively pursued by major financial institutions like JP Morgan and Bank of America, according to Schwartz in the interview, and this trend is now spreading to the XRP Ledger. “There’s real interest from mainstream financial giants like JPMorgan and Bank of America are actively pursuing tokenization of traditional assets. So I think that’s a scenario to watch and I think that scenario with the XRP ledger is going to excel,” Schwartz said. The CTO also underlined the core capabilities of XRP as a buyable and sellable token with sufficient liquidity.Traditional lenders are starting to adopt this feature more frequently; Chase Bank and HSBC, for example, let customers use XRP to pay down their mortgage debts. Schwartz noted that the XRP Ledger was created by the company’s early engineers in order to overcome the enterprise adoption barrier that Bitcoin faced at the time by establishing XRP payment bridges with conventional finance.He noted that while the XRP Ledger was initially designed to facilitate cross-border payments, the technology supporting XRP isn’t nearly as fascinating as the other features of the Layer-1 that power the XRP Ledger. “It’s exciting to see more focus on
In a brief film, James Wallis, vice president of Ripple for central bank digital currency (CBDC) Engagements, emphasized the contribution that CBDCs make to the advancement of global financial inclusion.Wallis makes it clear that the goal of financial inclusion is to make financial services available to everyone on the planet, particularly to those who don’t have any financial institution connections and have low incomes. Wallis identified several critical elements contributing to financial exclusion, such as low incomes and a lack of prior connections with financial institutions, which results in the absence of a credit history.Banks are frequently commercial organizations motivated by shareholder interests in areas where there is financial exclusion. This presents difficulties in providing services to low-income people because it is hard to make money from this group.Wallis argued that by offering financial services at a substantially lower cost than conventional techniques, CBDCs offer a cost-effective option.With CBDCs, you may build credit and have easier payment alternatives even if you have never worked with a bank before. This effectively gives people the ability to establish credit histories, obtain borrowing capacity, and promote the expansion of their enterprises.Wallis stated that in order to address global difficulties in financial inclusion, CBDCs constitute a disruptive breakthrough.In addition to serving as the technology partner for the Republic of Georgia’s CBDC project’s second phase, Ripple is collaborating on CBDC efforts with more than 20 central banks worldwide.Furthermore, Ripple is now working on CBDC partnerships in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Ripple and the SEC are now at odds in court.For its contributions to the progress of digital currencies and best sustainability initiative—particularly for encouraging innovation in CBDCs—Ripple was recognized in July by Currency Research.Prior to collaborating on the digital lari initiative with the NBG, Ripple actively partnered with companies looking to deploy CBDCs.
According to reports, investors are taking issue with OpenAI’s board of directors’ decision to fire CEO Sam Altman. Several investors in OpenAI, the artificial intelligence (AI) startup that created ChatGPT, are allegedly in contact with its largest shareholder, Microsoft, in an attempt to have Altman reinstated as CEO, according to a Nov. 19 Bloomberg article that cited people familiar with the subject.OpenAI stated on November 17 that Mira Murati, its chief technology officer, would take over as CEO in lieu of Altman.The board stated in a blog post that it was difficult to have a thorough knowledge of the operations since Altman’s communication was unclear and dishonest. It has been reported that Thrive Capital, which was expected to lead a tender offer for employee shares, has not yet sent the money, and Altman’s exit will likely affect its plan of action.Thrive reportedly wants to bring back Altman and its president, Greg Brockman, who left the firm on Friday not long after Altman was fired. When word got out that Altman had been let go by the board, Brockman made his departure official.In a post on X, Brockman said, “I quit based on today’s news” (previously Twitter).Three prominent researchers at OpenAI, including director of research Jakub Pachocki, head of readiness Aleksander Madry, and senior researcher Szymon Sidor, left after hearing the news. According to sources, Altman is open to rejoining the company, provided that the current board members vacate their positions by this weekend.Moreover, it has been claimed that Microsoft CEO Satya Nadella has stated that, considering that he was similarly taken aback by the board’s decision, he will support Altman’s choice.Nevertheless, after being fired on Friday, Altman is reportedly working on a new artificial intelligence project, according to reliable sources.Moreover, rumors suggested that Altman would be collaborating with Brockman on this project.
The reorganisation takes place as Facebook’s parent company approaches the conclusion of its “year of efficiency.” The social media behemoth Meta is said to have dissolved the department in charge of overseeing its artificial intelligence (AI) projects as they are being developed and implemented. Numerous team members of Meta’s responsible AI division have reportedly moved
Since Sam Altman was fired as CEO of OpenAI on November 17, at least three senior researchers have left the company. Following the sudden resignation of its founder, Sam Altman, on November 17, there has been an increasing amount of turmoil at OpenAI, as three senior researchers have reportedly left the artificial intelligence company. In
The decentralised exchange and the Yearn.Finance token (YFI), according to dYdX founder Antonio Juliano, are the targets of a deliberate attack. On November 17, decentralised exchange (DEX) dYdX was compelled to pay $9 million in user liquidations out of its insurance fund. Antonio Juliano, the founder of dYdX, claims that the losses were the consequence
On the grounds that he was “not consistently candid in his communications with the board,” the board of directors dismissed Altman. In a recent blog post ChatGPT developer OpenAI announced that founder Sam Altman had resigned from his role as CEO. Mira Murati, the chief technology officer, will become the CEO protemporarily. After a “deliberative
Greg Brockman announced his resignation, citing recent events and expressing satisfaction with the group’s accomplishments since the company’s establishment. The company’s announcement of Sam Altman’s departure, which it attributed to a lack of confidence in, suggests that internal strife at OpenAI is getting worse. Not long after, president and co-founder of OpenAI Greg Brockman announced
After rising about 170% early in the month, Yearn.Finance’s governance token, YFI, fell more than 43% in five hours on Nov. 18, raising concerns about a potential exit fraud. According to data from CoinMarketCap, during the sharp decline in value, the market capitalization from November’s gains was erased by almost $300 million.As of this writing, the value of the YFI coin is $9,069, down from $14,185 the previous day.The token has increased by 83% during the last 30 days, nevertheless.Within the cryptocurrency community, another weekend of fear, uncertainty, and doubt (FUD) has been brought on by the sell-off.Some users on X (previously Twitter) assert that ten wallets under developer control had half of the token supply.Etherscan data, however, raises the possibility that some of these holders are cryptocurrency exchange wallets. Furthermore, a few users of X mentioned that the move might have been sparked by initiating short bets.A spike in YFI open interest, as reported by Coinglass, suggests that traders are shorting the coin following November’s gains. “I bought the dip… someone sold 1000 coins perhaps that’s why it dropped massively. Will see,” commented a trader on X. According to another user, YFI’s price movement after the decline is unusual for exit scams. “Doesn’t look like rugpull at all. Cuz inspite if so much sell off price is still
A cybersecurity expert publicly supported Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering legislation during a recent U.S. Senate hearing. Senator Elizabeth Warren of the United States has drawn attention to the dangers of cryptocurrency scams that prey on elderly Americans, and a cybersecurity specialist has endorsed her legislation on digital assets to thwart such schemes
Prosecutors claim that Lee Jeong-hoon planned to restructure Bithumb’s management in order to profit from exchange coins while dodging financial laws. The former chair of Bithumb, a significant cryptocurrency exchange in South Korea, Lee Jeong-hoon, is embroiled in a legal dispute that could result in an eight-year prison sentence; a verdict is expected on January
Asset management company Fidelity has applied for its own Ethereum ETF, just days after BlackRock filed for the iShares Ethereum Trust. A company that manages $4.5 trillion in assets, Fidelity, is the most recent to apply for permission to launch a spot Ethereum exchange-traded fund (ETF). Fidelity has proposed to list and trade shares of
Republic Crypto, a startup fintech, informed CoinDesk on Friday that it would host its soon-to-be-launched revenue-sharing tokenized security on the Avalanche blockchain. Investors who purchased a portion of the upside in the company’s venture portfolio will receive stablecoin dividends from Republic through the asset known as R/Note. Republic will give holders their pro rata share
