The Friend.tech project, which has recently attracted a lot of interest in the cryptocurrency world due to its explosive financial growth, is currently under fire due to security and data leak issues. Over 100,000 Twitter accounts linked to certain wallet addresses, according to a tweet from Cos, may have been compromised, alarms were raised. As

After the U.S. Trustee objected to an earlier request, bankrupt cryptocurrency exchange FTX changed its motion for settlement, according to a court document made on Sunday. Although the FTX debtors criticised the U.S. Trustee as the “sole objector to the Motion” and accused it of trying to “inject itself into a routine settlement process that

Beginning on September 1, new clients will need to finish level 1 know-your-customer (KYC) verification. Regulators frequently lambast cryptocurrency exchanges for what they claim is a lack of KYC checks, claiming that this encourages fraud, money laundering, and terrorism financing. The Seychelles-based cryptocurrency exchange Bitget will start next month with stricter know-your-customer (KYC) procedures for

Gemini, a cryptocurrency exchange, has submitted a reply brief in an effort to have the case against the Securities and Exchange Commission of the United States (SEC) dismissed. According to the lawsuit, Gemini Earn, a program that lets users lend digital assets like Bitcoin to Genesis, violated securities laws by providing unregistered securities.Gemini asserted that the SEC has not made a clear claim, according to court documents submitted on August 18 to the U.S. District Court for the Southern District of New York.The complaint claimed that the SEC has not made explicit the standards for alleging a violation of the securities act, saying that section 5 is “not difficult to understand.” “The fact that the SEC cannot decide what is the security at issue only underscores the weakness of its position.” Furthermore, it contended that the SEC should put forth simple tests to evaluate whether it meets the requirements for being a security rather than presenting “convoluted analyses” to the court.It raised a number of queries, such as: When was the supposed security sold? One who purchased?The seller’s name was?What was the cost, either offered or imposed? The SEC, according to Gemini, must first identify the sale or offer to sell the unregistered security before highlighting the registered one.It stated that the SEC had not accomplished this.“However, the SEC has not met that burden, and its opposition avoids the question before the court,” the filing stated. Gemini requested that the SEC dismiss the complaint on May 27 in a court filing where it claimed that transactions made through the Gemini Earn program were effectively loans.An assertion that the SEC is altering its defense as the lawsuit progresses was made on X (formerly Twitter) on August 19 by Jack Baugham, a founding partner of JFB Legal, the firm that represents Gemini. “The SEC is floundering. They can’t even decide what the

David Schwartz, the chief technology officer of Ripple Labs, recently provided an update that highlighted a recent event regarding the appeal of the US Securities and Exchange Commission (SEC). According to Schwartz, the SEC believes that the legal case has not yet come to a conclusion and is therefore requesting an appeal at this particular

The most recent news regarding Sam Bankman-Fried, often known as SBF, the founder of FTX, is causing a stir in the cryptocurrency community. SBF has officially requested weekday release from his present detention at the Metropolitan Detention Centre in Brooklyn, New York, in a move that has attracted the attention of the sector. This motion

Based on the cost of household electricity, nine of the ten countries with the lowest mining profits for bitcoins are located in Europe. The cost of electricity for individual Bitcoin miners varies widely across the world. A recent study found that the cost of creating one Bitcoin in Lebanon is about 783 times lower than

The U.S. Securities and Exchange Commission (SEC) requested approval on Friday to appeal a federal judge’s decision that XRP sales through exchanges did not violate securities law, a day after the judge stated the SEC could make its case.The SEC petitioned Judge Analisa Torres of the United States District Court for the Southern District of New York to certify for an interlocutory appeal (meaning an appeal filed before the overall case is resolved) one day after she granted the request.Due to the fact that individual buyers of the asset on an exchange would not have the same expectations as an institutional buyer of XRP directly, the federal regulator is expressly appealing the judge’s decision that Ripple’s programmatic sales of XRP did not breach securities law. “The rulings that the SEC seeks to appeal were legal determinations about the existence of investment contracts based on undisputed facts. The undisputed facts (e.g., Order at 23 (Programmatic Sales are ‘blind bid/ask transactions’)) present a legal question – can an issuer’s offers and sales on crypto asset trading platforms create a reasonable expectation

A paper written for the New Zealand Parliament has suggested a slow, adaptive approach, despite the call for crypto legislation growing louder and louder around the world, and regulation by enforcement being controversial.In 2021, the Finance and Expenditure Committee of the New Zealand House of Representatives ordered a report with the working title “Inquiry into the current and future nature, impact, and risks of cryptocurrencies.” The 99-page study, which was cowritten by a partner at the legal firm MinterEllisonRuddWatts and an associate professor of commercial law at the University of Auckland, took into account feedback from the public that had previously been requested and included 22 suggestions.It adopted a positive stance toward digital assets and blockchain technology in general. The research issued a warning against overly harsh regulations despite issues like volatility, environmental damage, and criminal usage, stating that they would “reduce the viability and competitiveness of such businesses as purchasers increasingly make payments in cryptocurrencies.”It also issued a warning against attempting to regulate too soon.“Creating and implementing an integrated [regulatory] framework would be a complicated endeavour.Based on our understanding, agencies are not resourced or equipped to manage this.” “Instead, we recommend that problems are addressed as they arise. We recommend that the Government and regulators create coherent and consistent guidance on the treatment of digital assets under

It has been authorised for the U.S. Securities and Exchange Commission (SEC) to work with South Korea on its investigation of Terraform Labs and its co-founders, Daniel Shin and Do Kwon. The SEC is now able to interview Shin and get access to Chai Corporation’s records thanks to this ruling, which District Judge Jed Rakoff

Republican presidential candidate Vivek Ramaswamy, according to the CEO of Tesla and SpaceX, is “very promising.” Elon Musk, the chairman and CTO of X (previously Twitter), has praised Vivek Ramaswamy, the up-and-coming Republican contender for president of the United States. Vivek Ramaswamy is the youngest-ever Republican presidential candidate, according to Musk, who commented in response

Globally, central bank digital currencies (CBDCs), also referred to as digital versions of government-backed fiat money, are gaining a lot of interest. According to data from the Bank for International Settlements, 4 retail CBDCs are already fully operational, and 93% of central banks are now engaged in CBDC-related operations. By taking a proactive stance, Mastercard

A sophisticated tool for risk management powered by AI, Feedzai aids in the identification of fraud at the institutional level . Financial fraud is on the rise, with losses of $8.8 billion in 2022 alone. Financial fraud damages rose by 30% between 2021 and 2023, according to the US Federal Trade Commission. Scammers are already

A well-known cryptocurrency lender from Melbourne named Helio Lending got caught up in a legal knot. A non-conviction bond was given to the lender because of its false claims to hold an Australian credit licence (ACL), a crucial licence that demonstrates an institution’s trustworthiness in the financial industry. The Australian Securities and Investments Commission (ASIC),

The renowned aerospace technology company SpaceX is said to have written down the value of its Bitcoin assets by a total of $373 million in 2021 and 2022, according to a Wall Street Journal report from August 17. Although it is still unknown whether all $373 million worth of SpaceX’s Bitcoin was liquidated, the story

Insolvent cryptocurrency lender Celsius will hold a vote on its proposal to sell assets to the Fahrenheit consortium after a judge on Thursday permitted disclosures that suggested creditors should expect to recover 67%-85% of holdings.In a year that has witnessed major turmoil in the cryptocurrency markets and the arrest of former Chief Executive Officer Alex Mashinsky on fraud charges, which he has denied, approval is the last stage in Celsius’s year-long journey out of bankruptcy and the repatriation of assets to customers. In a statement sent via email, Chris Ferraro, the company’s interim CEO, stated that the Chapter 11 bankruptcy case that began in July 2022 and is being overseen by New York Bankruptcy Judge Martin Glenn “remains laser focused on creating the best outcome for customers and creditors and returning value as soon as possible.” Between August 24 and September 22, creditors will receive ballots to vote on the plan, which calls for the transfer of assets to a group that includes Arrington Capital and the miner U.S. Bitcoin Corp.Returns to creditors, which will mostly be made in bitcoin (BTC) and ether (ETH), could range from 67% for individuals with Earn Accounts to 85.6% for those taking part in Celsius’ Borrow Program, as opposed to just 47% for a liquidation of assets, according to court documents. In previous cryptocurrency bankruptcy plans, creditors overwhelmingly approved reorganization proposals.A sale to Binance was favored by 97% of Voyager’s creditors, a crypto lender.US, even if the buyer unexpectedly withdrew after legal snags. Mashinsky was detained in July on suspicion of conspiracy to commit wire fraud, securities fraud, commodities fraud, and conspiring to influence the price of Celsius’ CEL coin.As a result of its cooperation and acceptance of responsibility, the business was not prosecuted. It has also stated that plans to refund consumers’ money won’t be impacted by the Federal Trade Commission’s $4.7 billion punishment.

According to Coinglass statistics, cryptocurrency traders lost $1 billion in liquidations during the past 24 hours as a result of one of the worst sell-offs of the year in the digital asset markets and a two-month low in the price of bitcoin.After falling as low as $25,000 earlier in the day, Bitcoin, the biggest and first cryptocurrency, fell 7% to approximately $26,900, its lowest level since June. According to CoinGlass, traders who had long positions—bet that prices would rise—lost over $821 million during the stampede for the door.The biggest losers were traders of bitcoin (BTC), who endured protracted liquidations totaling $472 million, followed by dealers of ether (ETH), who lost $302 million. According to Coinalyze data, which was collected around the time the price of the most popular cryptocurrency fell to $17,000, this was the highest amount of BTC liquidations for a single day since June 2022.The liquidations took place after cryptocurrency values plunged through the floor on Thursday in U.S. time, turning this month’s gradual decline into a massacre amid uncertainties in the financial markets caused by the devaluation of other currencies, concerns about the Chinese economy, and soaring bond yields.Major cryptocurrencies like BTC and ETH had losses close to double digits, dropping to levels not seen since early summer. Liquidations occur when an exchange shuts a leveraged trading position as a result of a partial or complete loss of the trader’s initial capital, or “margin” – if the trader is unable to meet the margin requirements or does not have sufficient cash to keep the trade open.A cascade of liquidations may begin when asset prices plummet, escalating losses and price decreases.

XRP-related options were introduced by cryptocurrency derivatives exchange BIT The exchange announced the new product in a press release, stating that users will be able to trade XRP options without having to keep the cryptocurrency and that gains and losses will be settled in dollars. The duty of creating order book liquidity falls to institutional

In a press release, the Avalanche Foundation announced that it would provide up to $3 million worth of AVAX tokens to Dexalot, a central order limit book decentralized exchange (DEX) developed on an Avalanche subnet.The project is a component of Avalanche’s Multiverse, a fund with incentives to promote the development of new subnets.Defining its own membership and tokeneomics policies, a subnet is a self-governing network. Through a decentralized on-chain program, Dexalot, a DEX, seeks to imitate the experience of a centralized exchange.With the use of its central limit order book, it hopes to enable users to make orders at precise levels.In February, Dexalot launched its network.Avalanche’s Multiverse funding will be distributed over a 12-month period starting in the fall through the Dexalot incentive program.According to the press release, the monies are conditional and will be given out in line with the subnet reaching new milestones.Concerning the specifics of what the milestones are, the business refuses to say.