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Big pay day for select crypto investors: Bankrupt exchange to start distributing $9 billion in bitcoin payouts Mt. Gox, a Japanese bitcoin exchange that went bankrupt a decade ago, is set to repay its creditors with $9 billion worth of bitcoin. This payout is a result of the recovery of bitcoins lost during a major hack in 2011.
Latam Insights: Argentina Reaches Zero Inflation, Central Bank of Bolivia Unbans Bitcoin Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentina reached zero inflation in food and beverages in June, the Central Bank of Bolivia unbans bitcoin, and several employees of the Paraguayan power company were allegedly involved in illegal bitcoin mining operations. Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory Argentina is reaping the first benefits of its fiscal policies regarding inflation. According to data from Econometrica, a private consulting firm, the country reached an economic achievement, registering zero inflation for food and beverages during June’s third week. The research took prices of over 8,000 articles in several online stores and found that prices didn’t change compared to ones collected the week before. This milestone indicates that President Javier Milei has been slowly taming inflation levels, which have been diminishing since he took office and started applying restrictive economic and fiscal policies. Econometrica est
Milei Reveals New Economic Phase for Argentina: Zero Monetary Issuance Javier Milei, the libertarian President of Argentina, has revealed the new policies that will be applied to cement the economic victories he has achieved in Argentina. In an interview, he stated that now, with the recent approval of the omnibus law, the country has reached phase two of its economic plan, which entails having zero monetary issuance. President Javier Milei States Argentina Will Have Zero Currency Issuance Argentina is advancing in its economic recovery plan. President Javier Milei has recently revealed the next steps that his administration will follow to cement the advances that the economy has achieved until now. In an interview, Milei stated that after the approval of the omnibus law, which changes several key elements in the country’s legal system, the next step is to address the monetary issuance of the country to conclude addressing the inflationary problem. Milei declared: The zero deficit stage has already passed, now we are going to the zero issuance stage. Of course, now the change in the monetary regime is coming. Basically, what we aim for is that the broad monetary base does not v
# **Vitalik Buterin Shares Big Take On US Crypto Regulation Flaws** *Ethereum co-founder Vitalik Buterin has revealed one major flaw the US securities laws regarding crypto regulation*
Bitcoin Tops Michael Dell's Poll on X, Outshining AI and Love With Over 64,000 Votes Dell CEO Michael Dell recently conducted a poll asking people to identify the most important factor among artificial intelligence (AI), love and relationships, and the crypto asset network Bitcoin. The poll concluded with Bitcoin receiving a majority of the more than 64,000 votes. Dell’s Poll on AI, Bitcoin, or Love and Relationships — Elon Musk and Crypto Twitter Weigh In On June 28, billionaire Michael Dell, the founder and CEO of Dell, mentioned bitcoin again on social media. He initiated a poll on social media, asking X users to choose what they considered most important among “AI,” “Bitcoin,” “love and relationships,” and “none of the above.” By Saturday afternoon, “Bitcoin” emerged as the top choice, garnering 43.1% of the 64,035 votes cast.
Study: Crypto Assets Worth $572.7 Million Lost to Hacks and Fraud in Q2 2024 Digital assets worth over $572.7 million were lost to hacks and fraud in the second quarter of 2024. This latest figure brings the value of digital assets lost to hacks, fraud, and scams in 2024 to $920.9 million. Decentralized finance (defi) platforms lost approximately $172.1 million across 63 incidents. This figure is 25% lower than the $228.48 million that defi platforms lost in the second quarter of 2023. Fraud Accounts for 1.5% of Losses In the second quarter of 2024, crypto losses attributed to 72 hacks and fraud totaled $572.7 million, according to the latest Immunefi Crypto Losses report. This figure is more than double the $265.5 million worth of digital assets lost to the same attack vectors during the corresponding period in 2023. However, unlike in Q2 of 2023, when losses from fraud, scams, and rug pulls nearly reached $45 million, criminals using these attacks only succeeded in siphoning $8.45 million, representing approximately 1.5% of total losses. The Immunefi report also indicates that centralized finance (cefi) platforms accounted for a significant portion of the losses, approximately
**Bitcoin and Crypto Closing Out Lame Quarter and One Analyst Believes More Pain Could Be in Store** The price of bitcoin has dipped nearly 15% during the second quarter and altcoins fared even worse. A powerful start to 2024 had the bulls predicting $100,000 bitcoin (BTC) at some point this year, but relentless selling pressure during April and June (interrupted by a May bounce) has the price struggling not to drop below $60,000 as the quarter draws to a close.
Binance CEO Shares Key Tips for Investors Getting Into Crypto Binance CEO Richard Teng has given some advice for investors interested in getting into cryptocurrency. He provided three key tips for starting a crypto journey. “Explore and constantly reassess your strategy” was one of the three pieces of advice the Binance executive gave. Binance’s CEO Shares Tips for New Crypto Investors Binance CEO Richard Teng has offered some advice for investors interested in venturing into the world of cryptocurrency. Sharing his insights on social media platform X, Teng wrote on Wednesday: “From time to time, people ask me: ‘How can I start my crypto journey?’ Here are my 3 tips.” Firstly, Teng emphasized the importance of understanding the basics. He advised new crypto investors to invest time in learning about blockchain technology, cryptocurrencies, and other fundamental concepts. “Take the time to learn about blockchain, crypto, and other fundamentals,” he recommended.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Peter Schiff Predicts Further Bitcoin Plunge Ahead of Mt Gox Payouts — Declares BTC in Official Bear Market Economist and gold advocate Peter Schiff has highlighted bitcoin’s recent decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price decline before Mt. Gox creditors begin receiving their crypto payouts next month.
Bitcoin tumbles below $60,000 to start the week KEY POINTS The price of bitcoin fell below $60,000 on Monday for the first time since May 3. The flagship cryptocurrency has been stuck in a narrow range between $60,000 and $70,000 since March, when it reached its all-time high and quickly corrected. Stocks tied to the price of bitcoin, including Coinbase and MicroStrategy, also retreated
Major crypto tokens traded in the red on Monday as negative ETF flows weighed on the asset. Bitcoin (BTC) fell over 3% and was trading at $62,322.09 around 12:20 pm India time. The other major cryptos such as Ethereum (4.04%), XRP (2.97%), Dogecoin (XRP (2.97%), Avalanche (5.19), Tron (1.12%), Cardano (3.68%), Solana (7.28%), BNB (3.79%), Toncoin (4.89%) and Polygon (4.41%).From the peak of $73,000, the Bitcoin prices have slid by nearly 17%
# **Crypto Trends: BlockDAG’s $53M Presale Sprints With Crypto Guru Boost While Uniswap Rises & Render Token Falls**
Ripple CEO Hails Latest Court Ruling 'a Big Win' — Calls His Lawsuit Baseless Troll Attempt Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the lawsuit “was a clear example of the trolls that unsuccessfully tried to take advantage of the U.S. legal system and distort statements to seek 100’s of millions in class action settlements.” ‘To Be Absolutely Clear, This Is a Big Win’ Ripple CEO Brad Garlinghouse took to social media platform X on Friday to clarify the recent court ruling regarding Ripple’s securities lawsuit. U.S. District Judge Phyllis J. Hamilton of the Northern District of California granted Ripple summary judgment on the federal and state class claims but denied summary judgment on an individual claim under California law. This partial win for Ripple has caused some confusion, particularly concerning its impact on XRP.
Bitwise CIO Makes the Case for Adding Ether to Investment Portfolios Matt Hougan, CIO of Bitwise, a crypto-based index fund and ETF provider, has explained why he believes ether might be an interesting asset for an investment portfolio. Hougan states three key reasons for investing in ether: diversification to “own the market,” different use cases than bitcoin, and historical analysis. Bitwise CIO Presents Three Reasons to Invest in Ether Matt Hougan, CIO of cryptocurrency index fund and exchange-traded fund (ETF) provider Bitwise, recently presented several reasons why institutional investors should add ether to their portfolios. Hougan referred to three key fundamentals supporting ether as an investment in the crypto asset class. The first one has to do with diversification. Hougan explains that as cryptocurrencies are part of a still insurgent asset class, it is difficult to pinpoint the specific crypto trait that will change the world. Consequently, the goal of each investor should be to “own the market.” In this regard, Hougan considers a 3:1 bitcoin/ether allocation as the default starting place for most investors.
Analyst Predicts: US to Face Its Own ‘Bank of England’ Debt Crisis Prior to Elections Otavio Costa, a Macro Strategist at Crescat Capital, a multidisciplinary asset management firm, has expressed concern about the state of the U.S. government securities liquidity index and its potential implications for the future of U.S. debt. He suggested that the U.S. is on the verge of experiencing its own ‘Bank of England’ moment prior to the elections, which could lead to a sharp increase in yields. Analyst Warns of Bank of England Moment for US Debt, Steep Yield Increases Otavio Costa, Macro Strategist of Crescat Capital, warned about upcoming problems for the U.S. economy before the presidential elections. On social media, Otavio calls attention to the deteriorating liquidity of the U.S. government securities index, which is at its worst levels since the 2011 European debt crisis. Costa declared that what is more troubling is that this eroded liquidity for Treasuries happens at a time when the U.S. has “one of the largest interest rate differentials compared to other developed economies in history” compared to other developed countries.
Australian Regulator Appeals Court Decision Exempting Block Earner From Penalty Australian Securities and Investments Commission (ASIC) stated on Tuesday that it had appealed the federal court’s decision to relieve Web3 Ventures Pty Ltd., trading as Block Earner, from liability to pay a penalty for offering unlicensed financial services through its crypto-related Earner product. On June 4, the court found Block Earner’s contraventions serious but exempted them from a penalty. The appeal, challenging the court’s decision, will be heard by the Full Federal Court. Web3 Ventures Pty Ltd. provided unlicensed financial services and operated an unregistered managed investment scheme from March to November 2022, ASIC said, noting that it is not appealing the court’s decision regarding Block Earner’s Access product.
Thankyou @phaver
Wasabi Wallet Lead Developer: 'Bitcoin Developers Are Failing El Salvador' Adam Ficsor, the lead developer of Wasabi Wallet, a privacy-centric Bitcoin wallet, has revealed his position regarding the slow adoption of Bitcoin in El Salvador. In a recent interview, Ficsor stated that Bitcoin developers have failed El Salvador, having been unable to improve the situation of Bitcoin as a means of exchange, even with the use of lightning network. Wasabi Wallet Lead Dev States Bitcoin Developers Failed El Salvador, Acknowledges Medium of Exchange Problems Adam Ficsor, the lead developer of Wasabi Wallet, has acknowledged the problems Bitcoin presents when being used as a medium of exchange. In a recent interview with a Salvadoran dentist who assessed Bitcoin adoption was going slow in the nation, Ficsor recognized that bitcoin has still a long way to go in the medium of exchange field. He stated: It’s not that El Salvador isn’t ready for Bitcoin. It’s Bitcoin isn’t ready for El Salvador. It’s us Bitcoin developers who are failing you guys. Ficsor explained that, unlike in the store of value field, where bitcoin excels, developers have failed to streamline bitcoin’s payment user exper
# **Reserve A Spot Among The Future Millionaires And Invest In The Top Crypto ICOs In 2024**
Analysts Predict BTC Hitting $200,000 Next Year and null Million by 2033 — 'We Believe Bitcoin Is in a New Bull Cycle' Global asset management firm Alliance Bernstein’s analysts predict that the price of bitcoin could soar to $200,000 by 2025, $500,000 by 2029, and an astounding null million by 2033. “We believe bitcoin is in a new bull cycle,” they said. Bullish Bitcoin Price Prediction Bernstein analysts Gautam Chhugani and Mahika Sapra shared their bitcoin price prediction on Friday while initiating coverage of the bitcoin-focused software intelligence firm Microstrategy (Nasdaq: MSTR). They believe BTC could reach null million by 2033 and forecast a cycle high of $200,000 by 2025, up from their previous estimate of $150,000. “We revise up our bitcoin price expectation to $200K cycle-high by 2025 (vs. $150K earlier),” they detailed, adding: Our base case estimates: bitcoin at $200K by 2025 … $500K by 2029 … and nullMn by 2033. The analysts largely attribute their bullish price forecast to the strong demand from spot bitcoin exchange-traded funds (ETFs). “We believe that U.S. regulated ETFs were a watershed moment for crypto, bringing in structural demand from traditional pools of c
This Week Top 100 Coin Performance Like a Red Carpat
Landmark Ruling: Crypto Dealings Not Illegal in India, Says High Court The Orissa High Court in India ruled that cryptocurrency dealings are not illegal under Indian law. This decision arose from a case involving individuals accused of fraud through a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not considered money under the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under the Odisha Protection of Interests of Depositors Act, thus deeming mere cryptocurrency dealings not offenses under these laws. Dealing in Crypto ‘Cannot Be Treated as Illegal in Any Manner’ The Orissa High Court in India has issued a significant ruling clarifying the legal status of cryptocurrency dealings under Indian law. This landmark decision emerged from a case involving two individuals accused of defrauding people through a Ponzi or multi-level marketing (MLM) scheme. The primary legal question was whether these activities constituted offenses under the Prize Chits and Money Circulation Schemes (Banning) Act and the Odisha Protection of Interests of Depositors Act (OPID). Justice Sasikanta Mishra, presiding over the single-judge bench, ruled: “Cryptoc
# Do Kwon’s Crypto Firm Agrees to Pay $4.5 Billion Penalty to SEC Fallen crypto tycoon Do Kwon’s company, Terraform Labs, agreed Wednesday to one of the largest penalties ever to settle a civil securities-fraud lawsuit, consenting to pay the Securities and Exchange Commission just under $4.5 billion and wind down its operations.
Good Morning Friends
Gold Production Struggles Despite 2024 Q1 Surge The gold mining industry struggles to sustain production growth due to declining new deposits, reports the World Gold Council (WGC). Despite a 4% increase in first-quarter production in 2024, overall growth has plateaued since 2016. In 2023, mine production rose by only 0.5%, following 1.35% in 2022 and 2.7% in 2021, with a decline of 1% in 2020. WGC Chief Market Strategist John Reade notes the industry has been struggling after a decade of rapid growth from 2008. Discovering new gold deposits is increasingly difficult as many regions have been explored. Large-scale mining requires substantial investment and takes 10-20 years to develop. Additionally, securing government permits and necessary infrastructure, especially in remote areas, adds to the challenges. Gold prices have stabilized at $2,294.3 per ounce after a recent rally. Only about 10% of global discoveries contain enough gold to warrant mining, highlighting the industry’s ongoing difficulties.
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Sunday Special FishCurry in My Home This Fish Curry is satisfying, nutritious and packed with a burst of Indian flavors. Onions, tomatoes, spices & herbs enrich the taste & aroma of this Fish curry that is sure to delight the entire family. Chapati, roti, Naan or a bowl of steaming hot rice with this Fish Masala is comfort food at its best!
TON Foundation Announces Plans to Widen Access to USDT on Ton The TON Foundation has announced a partnership with Tether to broaden the access of global crypto communities to USDT on the TON blockchain. The foundation has outlined plans to integrate TON-based USDT into at least a hundred exchanges and payment processors in both established and emerging markets in the coming months. TON Foundation and Tether to Provide Easy Access to USDT on Ton The Open Network (TON) Foundation, an organization dedicated to fostering initiatives using the TON blockchain, announced on Tuesday that it plans to widen the access and usage of USDT, the Tether-issued dollar-pegged stablecoin, on top of Ton. This alliance seeks to make “USDT on Ton accessible to everyone, everywhere,” according to a press release. TON Foundation’s initiative aims to complete 100 different integrations worldwide, having already managed to execute some of these in certain markets. Users in Africa, Southeast Asia, Europe, the Middle East, and Latin America are already enjoying these integrations
Bitcoin Blockchain Records $ 3.82 Billion in NFT Sales, Secures Fourth-Largest Spot Since the launch of Ordinal inscriptions, Bitcoin-based non-fungible tokens (NFTs) have proliferated, with the blockchain documenting $ 3.82 billion in NFT sales across more than 3 million transactions. Bitcoin has now ascended to the fourth-largest blockchain by total NFT sales. From Counterparty to Ordinal: Bitcoin NFTs Hit $ 3.82 Billion in Sales In the first week of June 2024, data revealed that the Bitcoin blockchain generated $ 3.82 billion from NFT sales. Although NFTs on Bitcoin were previously available through technologies like Counterparty, the introduction of Ordinal inscriptions has significantly increased the popularity of BTC-based NFTs, even amid a general decline in the digital collectibles market. The $ 3.82 billion has positioned BTC within the top five blockchains for NFT sales, securing the fourth spot just below the Ronin chain. Out of the $ 3.82 billion, it is estimated that just over 2% of Bitcoin-based NFT trades are wash trades, totaling $ 81.95 million. The leader in NFT sales by all-time metrics, Ethereum, commands a significant $ 43.81 billion in NFT sales, but 43% of that
Global Crypto Ownership Reaches 562 Million: 6.8% of World Population Now Own and Use Digital Currencies A new report reveals that 562 million people globally now own digital currencies, an increase from 420 million in 2023, making up 6.8% of the world’s population. Asia is at the forefront of this growth, with North America close behind. Overall, cryptocurrency adoption is rising worldwide, with notable increases seen across all continents. ‘562 Million People Across the Globe Own Some or Various Forms of Digital Currencies’ Triple A, a fintech company that enables businesses to process digital currency payments and payouts, recently published a report, titled “The State of Global Cryptocurrency Ownership in 2024,” showing an “in-depth look at cryptocurrency ownership trends across the global and their evolving role within the financial ecosystem.” Eric Barbier, founder and CEO of Triple-A, stated in the forward of the report: Today, 562 million people across the globe own some or various forms of digital currencies, up from 420 million in 2023. In other words, 6.8% of the entire world population own and use digital currencies.
Goa (India) Goa is a small state in western India that was once a Portuguese colony and already has the reputation of being the perfect exotic beach honeymoon destination. There are glorious sandy beaches, beautiful hotels, animal reserves and colourful nightlife and as the sun sinks in the sky, the place to be, is the fort at Chapora.
Ethereum Futures Open Interest Hits All-Time High Following ETF Approvals Ethereum has experienced a significant increase since the U.S. Securities and Exchange Commission (SEC) approved a group of spot ether exchange-traded funds (ETFs). This week, ether reached a high of $ 3,980 per coin, which is approximately 18.4% below its all-time high. Amid fluctuating prices, ethereum futures markets have achieved a record high in open interest. Ether Futures Markets Reach Record Levels In the midst of the dynamic activity on ethereum spot markets, ether derivatives have also seen substantial demand. Ether futures open interest has reached unprecedented levels. Concurrently, the aggregated open interest (OI) in ethereum (ETH) options has been hovering near all-time high levels. As of May 28, 2024, the total open interest in ethereum futures stands at about $ 17.05 billion.
SEC Approves Spot Ether ETFs, Jim Rickards Predicts $ 27K Gold Price, and More The U.S. Securities and Exchange Commission (SEC) has approved significant regulatory filings for spot ether ETFs. Economist Jim Rickards predicts that gold prices could surpass $ 27,000 based on rigorous analysis. Satoshi Nakamoto’s Genesis wallet now holds over 100 BTC after an accidental transfer added 0.10754671 BTC, bringing its total value to approximately $ 6.75 million. The new token, notcoin (NOT), has gained attention in the crypto community, launched on The Open Network (TON), and tied to a click-to-mine game on Telegram. Nigeria’s Securities and Exchange Commission introduced a comprehensive regulatory framework for virtual asset service providers in May 2022.
Federal Reserve Poll Reveals Only 7% Used Cryptocurrency in 2023; Contradicts Coinbase Data The “Economic Well-Being of U.S. Households in 2023” survey, prepared by the Federal Reserve and executed by Ipsos, has revealed that only 7% of the people polled held or used cryptocurrency in the U.S. The survey, which included 11,400 respondents, contrasts with the over 52 million U.S. citizens who crypto exchange Coinbase claims hold crypto in the country. Federal Reserve Survey Clashes With Coinbase Poll: Only 7% Held Cryptocurrency in 2023 The recently released “Economic Well-Being of U.S. Households in 2023” report, prepared by the Federal Reserve, has offered new insight into the level of penetration of cryptocurrency in U.S. society. The traditional yearly survey, which included questions from the Federal Reserve and was applied by Ipsos, a consulting and market research company, featured the participation of 11,400 respondents from different demographic groups. Of all the citizens polled, only 7% declared using crypto dur
South Indian Style Mutton Biryani Recipe There's never been a Sunday without Amma's Chicken Biryani/ Mutton Biryani those were my teenage days and what bliss to sit and enjoy home cooked biryani along with a good Sunday movie. Gosh I miss those days terribly. Life was so care-free sigh! but now I just relish those moments by cooking up Amma's recipes and enjoying great tasting meals along with my other half ;-). Biryani is this magic dish that just draws all your senses and taste buds together and any South-Indian cannot live without them. Ingredients Basmathi Rice - 2 cups Water - 3 cups Mutton / Goat - 1/2 kg Onion - 2 large, sliced Tomato - 3 large, sliced Ginger garlic paste - 1 tbsp Green chilli - 4 no Mint & corriander leaves - 3/4 cup chopped Corriander powder - 2 tsp Red chilli powder - 1/2 tsp Jeera powder - 1/2 tsp Garam masala powder - 1/2 tsp Biryani Masala - 1 tsp Salt - to tate Lemon juice - from 1 lemon (medium sized) Curd - 1 tbsp Bay leaf - 1 Cinnamon - 2 sticks Cardamom - 2 Cloves - 2 Star anise - 1 Fennel seeds - 1 tsp Mace - 2
US Spot Bitcoin ETFs See $ 305M in Inflows; Blackrock's IBIT Dominates U.S. spot bitcoin exchange-traded funds (ETFs) saw an influx of $ 305.7 million on Tuesday, marking a seventh consecutive day of positive inflows. According to data, Blackrock’s IBIT led the day, capturing 94.86% of the total inflows for all the ETFs. Tuesday Sees $ 305M in Inflows Into U.S. Spot Bitcoin ETFs Amidst the excitement around proposed spot ethereum ETFs, spot bitcoin ETFs drew $ 305.7 million in inflows during Tuesday’s trading sessions. Only two funds, Blackrock’s IBIT and Fidelity’s FBTC, contributed to these inflows. IBIT took the majority share with 94.86%, equating to $ 280 million, while FBTC brought in just under $ 26 million. The remaining spot bitcoin ETFs experienced a neutral day with no inflows or outflows. Currently, IBIT holds 281,883.90 BTC, closely trailing Grayscale’s Bitcoin Trust, which holds 289,511.90 BTC. This means Blackrock’s bitcoin fund needs only 7,628 BTC, valued at $ 536 million, to match GBTC’s reserves. GBTC, IBIT, and Fidelity’s FBTC are the onl
Today Crypto Like Green Mate
Liquid Staking Market in Flux: Withdrawals Hit Swell and Mantle, Reshuffling Landscape Over the past 18 days, 27 distinct liquid staking derivatives (LSD) protocols have experienced withdrawals amounting to approximately 50,000 ether, valued at $ 146.72 million. The most significant reductions occurred in the LSDs Swell and Mantle, with Swell’s ether holdings decreasing by 23,078 ether since April 28, 2024.
Mandrake Roots Mandrake is a powerful narcotic, emetic, sedative, and hallucinogen; its poisons can easily lead to death. Blue blossoms and flowering period of the autumn mandrake (Mandragora autumnalis) are two main differences between this species and M. officinarum.
The Layer3 Infinity CUBEs are now live, unlocking the next chapter in the journey towards L3. Over the next 6 weeks, you can collect and mint three legendary CUBEs by participating in partner ecosystems to earn extra L3 + $ 500K in other token rewards.
If your salary was $ 500,000 per day, every day (weekends/holidays included) since The Great Pyramid in Egypt was built... ..and you spent \*nothing\*... ..you'd still have ***LESS*** money today than the U.S Government borrowed in March to operate through Sep of 2024... **#bitcoin**
#Bitcoin    back above $ 64k On a Saturday, good sign! 🚀
Privacy Is Not a Crime On Wednesday, the U.S. Department of Justice from the Southern District of New York brought charges against the creators of Samourai Wallet for running an unlicensed money transmission service and for engaging in money laundering activities. This development has left the cryptocurrency community in dismay, with many expressing their displeasure over the aggressive measures employed by the U.S. authorities to undermine financial privacy. Outcry from Crypto Community as Samourai Founders Face Legal Action Samourai Wallet, the privacy-focused bitcoin (BTC) wallet designed to offer superior privacy and security for BTC users, has been officially shut down by U.S. federal authorities. Founders Keonne Rodriguez and William Lonergan Hill were indicted on charges of money laundering and running an unlicensed money transmission service, allegedly processing over $ 2 billion in so-called “unlawful” transactions. Fundamentally, Samourai was an open-source, non-custodial wallet designed to sever the link between sender and recipient, complicating the tracing of BTC flows through the use of mixing services. Samourai debuted in the cryptocurrency arena in May 2015 as an Android app, securing pre-seed funding in 2017, followed by investments from two venture rounds in 2019 and 2020. Following the indictment, there was a significant response from the cryptocurrency community regarding the lawsuit. Chris Blec shared a conducted interview with Samourai’s lead developer, during which Blec directly questioned him about the potential consequences if Samourai faced similar repercussions as Tornado Cash. Tornado Cash had been sanctioned by the U.S. government, and its developers were indicted in August 2023 for conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmission business. When confronted with the possibility of facing similar challenges, the Samourai developer stated he would not live in fear. “Well I think that if things change, and there’s clear violations of the law, the law changes I mean, and we didn’t change and we we’re violating the law, then yeah I would expect it,” the Samourai dev told Blec. The developer added: I don’t think we’re violating the law so I can’t image why they would come in and do that, and if they did, we do pay lawyers for a reason, we have them on retainer. We’ll fight it, obviously, that’s what you do when your charged with something you didnt do … you fight it and you hope for the best. I’m not going to live in fear. Other cryptocurrency enthusiasts voiced their dissent against the U.S. government infringing upon their financial rights to conduct transactions privately. Taproot Wizards co-founder Udi Wertheimer said he was “shocked and saddened by the news.” “It is one of the biggest failings of this industry that in 15 years we still didn’t find a way for people to maintain their privacy legally. Privacy is normal,” Wertheimer added. “What they did is legal, same with Tornado Cash, code is speech,” one person responded to Wertheimer’s X post. “Ultimately if the government doesn’t like what you’re doing they’ll still try to charge you and put you in jail.” BTC proponent Mandrik wrote, “Bitcoin privacy is under attack, and you guys are freaking out over jpgs.” The news about Samourai further prompted Edward Snowden to comment. The whistleblower stated: The Department of ‘Justice’ has once again criminalized the developers of an app that restores financial privacy. The way to fix this it to make money private by default. Privacy must never be ‘exceptional,’ or they will make it criminal. Numerous others echoed similar views. “Arguing you don’t need privacy because you have nothing to hide, is the same as saying, you don’t need free speech, because you have nothing to say,” another person wrote on X. Independent film director Jessica Solce commented on the charges on Wednesday. “Make no mistakes, Samourai Wallet terms of engagement are their virtues,” Solce said. “Fighting for Freedom and Privacy their ‘crime.’ They engaged the government head on by dismissing the financial box that controls us day by day – building a beautiful system that made the Government’s power and control obsolete.” She added: They will be called criminals but they are moral to the core. They are Death Athletes. This is why they supported my work. Ethics are dangerous and necessary. Journalist and author of “One Nation Under Blackmail,” Whitney Webb also spoke out about the Samourai indictment. “There’s a war on financial privacy,” Webb remarked. “It will not magically stop because you hold some BTC and ‘number go up.’ Larry ‘markets like totalitarian governments.’ Fink + his cronies want to make bitcoin part of the programmable-surveillance digital money ecosystem, they are winning [right now].” As debates continue, the outcome of this case could set a crucial precedent, shaping the future of privacy in the digital age and possibly redefining the boundaries between technology, legality, and personal financial sovereignty.
Privacy is Not a Crime On Wednesday, the U.S. Department of Justice from the Southern District of New York brought charges against the creators of Samourai Wallet for running an unlicensed money transmission service and for engaging in money laundering activities. This development has left the cryptocurrency community in dismay, with many expressing their displeasure over the aggressive measures employed by the U.S. authorities to undermine financial privacy. Outcry from Crypto Community as Samourai Founders Face Legal Action Samourai Wallet, the privacy-focused bitcoin (BTC) wallet designed to offer superior privacy and security for BTC users, has been officially shut down by U.S. federal authorities. Founders Keonne Rodriguez and William Lonergan Hill were indicted on charges of money laundering and running an unlicensed money transmission service, allegedly processing over $ 2 billion in so-called “unlawful” transactions. Fundamentally, Samourai was an open-source, non-custodial wallet designed to sever the link between sender and recipient, complicating the tracing of BTC flows through the use of mixing services. Samourai debuted in the cryptocurrency arena in May 2015 as an Android app, securing pre-seed funding in 2017, followed by investments from two venture rounds in 2019 and 2020. Following the indictment, there was a significant response from the cryptocurrency community regarding the lawsuit. Chris Blec shared a conducted interview with Samourai’s lead developer, during which Blec directly questioned him about the potential consequences if Samourai faced similar repercussions as Tornado Cash. Tornado Cash had been sanctioned by the U.S. government, and its developers were indicted in August 2023 for conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmission business. When confronted with the possibility of facing similar challenges, the Samourai developer stated he would not live in fear. “Well I think that if things change, and there’s clear violations of the law, the law changes I mean, and we didn’t change and we we’re violating the law, then yeah I would expect it,” the Samourai dev told Blec. The developer added: I don’t think we’re violating the law so I can’t image why they would come in and do that, and if they did, we do pay lawyers for a reason, we have them on retainer. We’ll fight it, obviously, that’s what you do when your charged with something you didnt do … you fight it and you hope for the best. I’m not going to live in fear. Other cryptocurrency enthusiasts voiced their dissent against the U.S. government infringing upon their financial rights to conduct transactions privately. Taproot Wizards co-founder Udi Wertheimer said he was “shocked and saddened by the news.” “It is one of the biggest failings of this industry that in 15 years we still didn’t find a way for people to maintain their privacy legally. Privacy is normal,” Wertheimer added. “What they did is legal, same with Tornado Cash, code is speech,” one person responded to Wertheimer’s X post. “Ultimately if the government doesn’t like what you’re doing they’ll still try to charge you and put you in jail.” BTC proponent Mandrik wrote, “Bitcoin privacy is under attack, and you guys are freaking out over jpgs.” The news about Samourai further prompted Edward Snowden to comment. The whistleblower stated: The Department of ‘Justice’ has once again criminalized the developers of an app that restores financial privacy. The way to fix this it to make money private by default. Privacy must never be ‘exceptional,’ or they will make it criminal. Numerous others echoed similar views. “Arguing you don’t need privacy because you have nothing to hide, is the same as saying, you don’t need free speech, because you have nothing to say,” another person wrote on X. Independent film director Jessica Solce commented on the charges on Wednesday. “Make no mistakes, Samourai Wallet terms of engagement are their virtues,” Solce said. “Fighting for Freedom and Privacy their ‘crime.’ They engaged the government head on by dismissing the financial box that controls us day by day – building a beautiful system that made the Government’s power and control obsolete.” She added: They will be called criminals but they are moral to the core. They are Death Athletes. This is why they supported my work. Ethics are dangerous and necessary. Journalist and author of “One Nation Under Blackmail,” Whitney Webb also spoke out about the Samourai indictment. “There’s a war on financial privacy,” Webb remarked. “It will not magically stop because you hold some BTC and ‘number go up.’ Larry ‘markets like totalitarian governments.’ Fink + his cronies want to make bitcoin part of the programmable-surveillance digital money ecosystem, they are winning [right now].” As debates continue, the outcome of this case could set a crucial precedent, shaping the future of privacy in the digital age and possibly redefining the boundaries between technology, legality, and personal financial sovereignty.
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USDE and FDUSD Experience Brief Depegs Amid Saturday Crypto Market Shake-Up The fifth-largest stablecoin in the crypto economy by market capitalization, Ethena’s USDE, temporarily detached from its peg on Saturday amid market declines. Data reveals that the token, designed to mirror the U.S. dollar’s value, declined to $ 0.965 each. Similarly, the market witnessed the fourth largest stablecoin, FDUSD, fall to a low of $ 0.9557 per coin. Stablecoin Sector Once Again Faces Scrutiny After USDE and FDUSD Temporarily Slip Below Intended Peg During significant fluctuations in the crypto markets over the last day, both Ethena’s USDE and First Digital’s FDUSD fell below their target pegs to the U.S. dollar. USDE recorded its lowest value to date, touching $ 0.965 on Saturday afternoon, while FDUSD had previously dropped to $ 0.9421 per token in Aug. 2023. The downturn for USDE occurs as it faces scrutiny from certain decentralized finance (defi) community members over its risk elements. USDE and FDUSD Experience Brief Depegs Amid Saturday’s Crypto Market Shake-Up Ethena’s USDE over the past 24 hours according to coingecko.com metrics. The instability for both stablecoins was brief, with each experiencing depegs of approximately 30-45 minutes. By Sunday, April 14, 2024, they had recovered to $ 0.99 each, following a significant shock to the crypto market triggered by a sharp decline in BTC’s price. The incident drew considerable commentary from both supporters and critics of Ethena, with one individual noting on X the following day, “So far so good: USDE passed its first stress test.” While FDUSD also declined, much of the discussion focused on USDE. “Ethena getting its first stress test with negative funding, should be short-lived but it was enough to briefly depeg USDE,” another person wrote on the social media platform. “Ethena’s % of OI should self-regulate, but considering that a large % of USDE supply is locked in the Sats campaign there were no significant outflows.” Others were decidedly more pessimistic about the stablecoin project. “Ethena will ultimately collapse because they are basing yearly funding within the previous 4 year cycles,” another X user said. “After this glorious bull, we will have a longer 2-3 year bear market with negative funding APY. Reserve capital will not be enough to sustain the protocol and USDE will depeg.” Depegs have troubled crypto enthusiasts since Terra’s UST deviated from its intended U.S. dollar value and failed to recover. In addition, numerous other stablecoins stumbled following UST’s downfall, and several have undergone so many redemptions that they are now barely noticeable blips in the stablecoin market’s radar. This episode underlines the inherent risk factors in the stablecoin sector, pointing to the challenges of maintaining pegs amidst market turmoil and massive price fluctuations. The resilience of USDE and FDUSD, though momentarily questioned, showcases the complex dynamics within the world of U.S. dollar-pegged tokens.
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