Crypto Currency

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence. The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX prior to its bankruptcy declaration. According to a September 29 statement , the SEC alleged that Prager Metis provided auditing services to its clients without maintaining the necessary independence, as it allegedly continued to offer accounting services. This practice is prohibited under the auditor independence framework. To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these activities spanned over a period of approximately three years: “As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamenta...

The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether ETF proceeds to the community. Global asset manager VanEck will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for ten years, the company announced on X (formerly Twitter) on Sept. 29.  The beneficiary will be The Protocol Guild, a group of over 150 developers maintaining Ethereum’s core technology. According to VanEck, it’s only fair for asset managers to return part of their proceeds to the community building the crypto protocol. It stated: “If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way." With this move, VanEck joins other crypto-native communities supporting the Ethereum network, including Lid...

The AI sector has seen rapid investment over the last two years, but does that mean the market is overheated? From voice assistants to algorithms predicting global market trends, artificial intelligence (AI) is seeing explosive growth. But as with any emerging technology, there comes a point where innovation risks giving way to oversaturation. The rapid proliferation of AI tools and solutions in recent months has ignited discussions among industry experts and investors alike. Are we witnessing the zenith of AI’s golden age, or are we on the precipice of a market saturated beyond capacity? The tech landscape has always been dynamic, with innovations often outpacing the market’s ability to adapt. Historical tech boom-and-busts The late 1990s saw the dot-com bubble, a period marked by exuberant optimism around internet-based companies. Startups with little more than a web presence achieved staggering valuations, only for many to crash spectacularly when the bubble burst. In 2017, t...

This article provides a deep dive into leased proof-of-stake (LPoS), establishing how it works, its benefits, key features and its role in blockchains. Understanding leased proof-of-stake LPoS is a type of PoS meant to increase mining power, address inherent issues found in PoW, and improve other types of PoS, such as delegated proof-of-stake (DPoS). Regular cryptocurrency users have probably come across the term proof-of-stake (PoS) when dealing with crypto staking, but what is leased proof-of-stake (LPoS), and is there a connection between the two? Yes, they are related, as LPoS is simply a variant of the PoS system. Proof-of-stake is a key element of the blockchain consensus mechanism, where validators participate in staking to generate and validate transaction blocks. Validators on proof-of-stake platforms typically have to stake more cryptocurrency to improve their chances of block generation, and here is where LPoS comes in handy. Tokenholders who don’t have the technica...

Bitwise stated that this move will enable investors to access CME Ether futures within the widely embraced and regulated ETF framework. Bitwise Asset Management has revised its spot Bitcoin Exchange-Traded Fund (ETF) application and has confirmed that trading for two Ethereum-focused ETFs will commence on October 2, 2023. This decision comes after having amended its application for the spot Bitcoin ETF. The firm has revealed that trading is scheduled to commence for the Bitwise Ethereum Strategy ETF ($AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP). Bitwise stated that this move will enable investors to access CME Ether futures within the widely embraced and regulated ETF framework, marking a significant milestone. According to the firm's Chief Investment Officer, Matt Hougan, in a statement, he remarked, "Ethereum offers a more extensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others perc...

Sam Bankman-Fried’s lawyer asserts that the proposed questions already insinuate his guilt in fraud and money laundering. The lawyer representing Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, has claimed that the proposed jury questions for the upcoming fraud trial will elicit biased responses. In a court filing on Sept. 29, lawyer Mark Cohen, who is representing Bankman-Fried, contends that the jury questions presented by the United States government contain prejudice that could result in an unfair trial for Bankman-Fried. “The Government’s proposed voir dire discourages full disclosure from potential jurors, fails to elicit sufficient information to allow the defense to ascertain potential juror bias, and risks tainting the jury by presenting the allegations in a prejudicial manner.” Court filing in the U.S. District Court for the Southern District of New York. Source: CourtListener He also argues that the language used in the jury selection quest...

Slack conversations between Terraform Labs' co-founders Do Kwon and Daniel Shin have exposed their contemplation of orchestrating fraudulent transactions on the Terra blockchain. Terraform Labs co-founder Do Kwon has refuted the significance of Slack messages as evidence, which involved discussions with his co-founder Daniel Shin about manipulating transactions on the Terra blockchain to attract investors. The United States Securities and Exchange Commission (SEC) included the Slack conversation between the two co-founders, which was dated back to September 2019, in a recent court filing . Slack message report between Do Kwon and Daniel Shin. Source: Docdroid The message report suggests the two co-founders were brainstorming strategies to increase investor interest in the Terra blockchain. However, Kwon showed the intention of influencing transactions to create a more appealing image: “I can just create fake transactions that look real.” Kwon further elaborates that these ...

The funds raised from the event will help 4,000 people impacted by cancer and locals who need immediate and vital support. A nonfungible token (NFT) artist raised nearly $140,000 (114,000 British pounds) from an art event in Edinburgh, Scotland to support cancer treatment. Maggie’s Edinburgh — an institution dedicated to free cancer treatment — received 114,000 pounds from Trevor Jones, a popular crypto artist from Scotland , who raised funds at a charity exhibition and auction at an annual Web3 Castle Party near Paris. According to Maggie’s Edinburgh Fundraising, the funds collected by Jones amounted to the highest single donation from an art event recorded in the Edinburgh Center’s 27-year history. A spokesperson representing Maggie’s Edinburgh attributed the success to “the support and enthusiasm of the NFT art community.” Cancer patient (right) being able to live a normal life owing to philanthropic initiatives. Source: maggies.org The total money raised from the fundrais...

The action reportedly came as a part of a general inquiry of French antitrust authorities into the cloud computing sector. Nvidia, one of the global leaders in artificial intelligence (AI) chip production with headquarters in California, reportedly faced a police raid in its French offices this week. The action came as a part of a general inquiry of French antitrust authorities into the cloud computing sector.  On Sept. 28, the Wall Street Journal reported  the raid, although neither Nvidia nor the French enforcement agencies have officially commented on what happened. A press release on the webpage of the French antitrust agency, the Autorité de la Concurrence, refers to an unannounced inspection in the graphics cards sector. According to the release, a judge authorized the raid at the premise of the company “having implemented anticompetitive practices in the graphics cards sector.” However, the raid itself does not “pre-suppose the existence of a breach of the la...

“Spending way more than we earn” — CEO Tim Sweeney blamed job cuts on major structural changes to the company’s economics. Epic Games, the company behind Fortnite, has slashed 16% of its workforce — approximately 830 staff — after unrealistic expectations of metaverse-inspired revenue caused it to spend “way more” money than it had been earning. "We concluded that layoffs are the only way and that doing them now and on this scale will stabilize our finances," wrote CEO Tim Sweeney in a Sept. 29 memo sent to Epic Games staff. “I had long been optimistic that we could power through this transition without layoffs, but in retrospect, I see that this was unrealistic,” Sweeney added. Epic Games have laid off 870 employees today across multiple departments, a whopping 16% of their workforce. Those laid off will receive 6 months severance "For awhile now, we've been spending way more money than we earn, investing in the next evolution of Epic and Fortnite" pic...

“I think he’ll get the maximum sentence” — one lawyer predicts the former FTX CEO could look at life behind bars if convicted of all seven charges. FTX founder Sam Bankman-Fried, once described as the “golden boy” of crypto, is set to stare down a jury next week for his role in the collapse of his $32 billion crypto exchange.  After a jury selection process on Oct. 3, the trial begins in earnest on Oct. 4, with Bankman-Fried staring down seven charges. If found guilty on all counts, he faces a maximum sentence of 115 years in prison. However, the judge won't likely go easy on him, crypto lawyers tell Cointelegraph. Here's a first look at the calendar for SBF's criminal trial this October. The former CEO of FTX has plead not guilty to all charges brought against him. https://t.co/xRA27iUwGJ pic.twitter.com/RqMJErDPMW — Cointelegraph (@Cointelegraph) September 28, 2023 In mid-November last year, Bankman-Fried suffered one of the most rapid and public reputational ...

Once Ethereum futures ETF and spot Bitcoin ETF applications get approved, there will be a marketing war like we've never seen says, Bloomberg ETF analyst Eric Balchunas. Investment manager VanEck has fired up the marketing engine for its “upcoming” Ethereum futures exchange-traded fund (ETF), which some analysts expect could be launched as early as Oct. 2. On Sept. 28, VanEck released the two “Enter the Ether” themed TV commercials, revealing that its Ethereum Strategy ETF — tickered EFUT — is “coming soon.” AI, AI, Uh Oh! Follow for updates on how to Enter the Ether. pic.twitter.com/wM69nVtbWC — VanEck (@vaneck_us) September 28, 2023 The commercials came on the same day VanEck published a press statement about its upcoming EFUT, stating it will be listed on the Chicago Board Options Exchange and be managed by Greg Krezner, VanEck’s Head of Active Trading. Bloomberg ETF analysts Eric Balchunas and James Seyffart believe  the TV ads could hint that Ethereum futures ETFs are...

Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech. While critics have been busy writing eulogies for Meta’s metaverse dream over the last few years, Mark Zuckerberg’s latest demonstration of its photorealistic avatars shows it could be pretty far from dead after all. Appearing on a Sept. 28 episode of the Lex Fridman podcast , Zuckerberg and the popular computer scientist engaged in a one-hour face-to-face conversation. Only, it wasn’t actually in person at all. Instead, the entirety of Fridman and Zuckerberg’s conversation used photorealistic realistic avatars in the metaverse, facilitated through Meta’s Quest 3 headsets and noise-canceling headphones. Here's my conversation with Mark Zuckerberg, his 3rd time on the podcast, but this time we talked in the Metaverse as photorealistic avatars. This was one of the most incredible experiences of my life. It really felt like we were talking in-person, but ...

Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission. The United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin ( BTC ) exchange-traded funds (ETFs), including  BlackRock , ahead of an anticipated government shutdown. The spot Bitcoin ETF applications of  Invesco , Bitwise and Valkyrie  were also delayed by the SEC, according to separate Sept. 28 filings, while Bloomberg ETF analyst James Seyffart is expecting the applications from Fidelity, VanEck and WidsomTree to also be pushed back by the securities regulator. ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi — James Seyffart (@JSeyff) September 28, 2023 Seyffart expected the delays due to a U.S. government “shutdown” potentially taking place on Oct. 1. Both chambers of Congress — the House and Senat...

According to the central bank’s data, from January to August 2023, imports of crypto rose by 44.2% compared with the same period last year. The governor of the Central Bank of Brazil, addressing the Finance and Taxation Commission of the country's parliament, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.  During his speech  on Sept. 27, Banco Central do Brasil Governor Roberto Campos Neto reported the rise of “cryptocurrency imports” by Brazilians. According to the Central Bank’s data, from January to August 2023, imports of crypto rose by 44.2% compared to the same period last year. The total amount of funds was about $7.4 billion (35.9 billion Brazilian reals). Related: Brazilian lawmakers seek to add crypto to debtors’ protected assets list Neto separately emphasized the popularity of stablecoins, which, according to him, are being used more for payment than investments. ...

Bitcoin is still down 60% from its November 2021 all-time high so many traders are wondering if BTC price could crash further in the coming months. Bitcoin ( BTC ) is still in a bullish reversal when looking at this year's price chart. BTC price has gained 70% after bottoming out at around $16,800 in November 2022, defying rate hike fears while riding on  growing ETF approval optimism.  However, in recent months, Bitcoin bulls have failed to sustain BTC price above $30,000. Therefore, with the "bullish"  halving is still over 200 days away, many traders are wondering: is Bitcoin price going to cash again in the coming months?  Let's take a closer look at the possible scenarios as Q3 draws to a close. Fibonacci fractal hints at Bitcoin crash to $21,500 From a technical standpoint, Bitcoin price has stabilized around the 0.236 Fib line of its Fibonacci retracement graph drawn from the $69,000-swing high (the market top) to the $15,900-swing low (the local mark...

Binance’s European debanking woes continue as it urges Paysafe users to convert their euros to digital dollars. Crypto exchange Binance has urged users to convert their euros into Tether ( USDT ) before the end of October after losing the support of its banking partner. On Sept. 28, Binance urged European Paysafe users to convert their EUR balances in their Binance accounts to USDT before Oct. 31, noting that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.” Binance, however, noted that users may continue to withdraw their EUR balances from Binance accounts to their bank accounts. “Paysafe users are advised to take appropriate actions in advance.” The firm said that Paysafe users will no longer be able to trade EUR spot trading pairs starting Sept. 28 at 4:00 am UTC, and open orders will be canceled an hour later. Binance Convert, which operates like a token swap, will also be restricted for EUR transactions. Screenshot of the Binance announ...

The new AI assistant, Meta AI will be initially available from Sept. 27 for a limited group of U.S.-based users. Meta CEO Mark Zuckerberg has unveiled his firm's new AI-powered assistant  — Meta AI —  his answer to OpenAI’s ChatGPT, which will integrate with Instagram, Facebook, WhatsApp and eventually, its mixed reality devices. Speaking at the Meta Connect event on Sept. 27, Zuckerberg explained that Meta AI is powered by the company’s large language model Llama 2, and has been built in partnership with Microsoft Bing to allow users access to real-time information from the internet. “Meta AI is your basic assistant that you can talk to like a person.” In addition to answering questions, and talking with users, the newly unveiled bot can generate images, leveraging a new image generation tool called Emu that Meta trained on 1.1 billion pieces of data, including photos and captions shared by users on Facebook and Instagram. Zuckerberg unveiled the new Meta AI chatbot a...