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News related to Crypto / Former BitMEX Chief Asks Court for Probation, Not Jail

« on: May 05, 2022, 01:44:30 PM »

Former BitMEX co-founder and CEO Arthur Hayes is asking for no jail time and permission to live overseas in anticipation of his sentencing later this month.

Lawyers for the 37-year-old American entrepreneur filed a request for probation, with no home detention or community confinement, after he struck a plea deal that would result in a prison sentence of six to 12 months under federal guidelines, reported Bloomberg.

Hayes, along with former chief technology officer Samuel Reed and BitMEX co-founder Benjamin Delo, was fined $10 million for failure to establish an anti-money-laundering program at the exchange.

Former BitMEX CEO gets support from mother
Hayes received support from his mother and fans in the form of a 65-page proposal that includes “photographs and letters.” His lawyers have presented the submission to the judge.

“This is a landmark case that has already had an extraordinary and well-publicized impact on Mr. Hayes’s personal life and on the BitMEX business that he co-founded,” said the proposal.

Following the co-founders’ guilty plea in Feb, prosecutor Damian Williams said: “The opportunities and advantages of operating in the United States are legion, but they carry with them the obligation for those businesses to do their part to help in driving out crime and corruption.

“Arthur Hayes and Benjamin Delo built a company designed to flout those obligations; they willfully failed to implement and maintain even basic anti-money laundering policies. They allowed BitMEX to operate as a platform in the shadows of the financial markets. Today’s guilty pleas reflect this Office’s continued commitment to the investigation and prosecution of money laundering in the cryptocurrency sector.”

Hayes also made some bold predictions about gold and bitcoin (BTC) in March. In an article titled “Energy Cancelled,” he wrote about the future of finance and expects gold to reach the $10,000 mark while bitcoin could move towards $1 million following Russia’s invasion of Ukraine.

Source: https://beincrypto.com/former-bitmex-chief-asks-court-for-probation-not-jail/

News related to Crypto / Federal Reserve Hikes Interest Rates by 0.5%, Biggest Increase Since 2000

« on: May 05, 2022, 01:38:47 PM »

The United States Federal Reserve has increased interest rates by half a percentage point. Inflation is hitting the U.S. hard, and the central bank is looking at ways to stymie its effect on the country.

The United States Federal Reserve has raised interest rates by a half-point, as the country grapples with high levels of inflation. This rate hike is the largest since 2000, and the central bank had not raised the rate by more than a quarter-point since that year. It will also reduce its asset holdings, including Treasury securities and agency debt, and agency mortgage-backed securities.

Like many other countries, the U.S. is facing a high inflation rate that is gravely affecting average citizens. India, for instance, has also raised its repo rate by 40 bps to 4.4% to combat inflation.

The Consumer Price Index is at 8.55%, the highest it has been in decades. This index measures the weighted average price of consumer goods and services, including food and transportation.

Source: https://beincrypto.com/federal-reserve-hikes-interest-rates-by-0-5-biggest-increase-since-2000/

News related to Crypto / Bored Ape Yacht Club Surpasses $2 Billion in All-Time Sales

« on: May 05, 2022, 12:17:19 PM »

Due to its increasing monthly sales volumes in March and April, Bored Ape Yacht Club has hit a sales milestone that bodes well for the entire non-fungible token (NFT) space.

Bored Ape Yacht Club is one of the most popular names when it comes to digital collectibles.

According to Be[In]Crypto Research, Bored Ape Yacht Club had an all-time total sales volume of around $2.04 billion, as of May 4, 2022.

This comes as a huge boost to the project after the successful launch of the Otherside metaverse by Yuga Labs.

This places Bored Ape Yacht Club behind Axie Infinity (AXS) and CryptoPunks in terms of sales.

With that said, BAYC is still ahead of other top projects like Art Blocks, NBA Top Shot, Otherdeed, CloneX, Azuki, VeeFriends, Moonbirds, Meetbits, and The Sandbox.

Source: https://beincrypto.com/bored-ape-yacht-club-2-billion-sales/

News related to Crypto / IMF Expresses Concern Over Central African Republic’s Bitcoin Adoption

« on: May 05, 2022, 12:02:28 PM »

The International Monetary Fund (IMF) has voiced concerns over the Central African Republic’s adoption of bitcoin as legal tender saying it raises a number of challenges for the country and region.

The global authority expressed the same concerns that it did when El Salvador adopted bitcoin, namely macroeconomic and legal worries.

IMF officials assisting in addressing concerns
“The adoption of bitcoin as legal tender in the Central African Republic raises major legal, transparency, and economic policy challenges. IMF staff are assisting the regional and Central African Republic’s authorities in addressing the concerns posed by the new law,” an IMF spokesman told Bloomberg.

The National Assembly of the Central African Republic passed a resolution to accept bitcoin as legal tender last month, a move that took many observers by surprise, becoming the first country in Africa, and the second in the world, to recognize bitcoin as a currency.

Source: https://beincrypto.com/imf-expresses-concern-over-central-african-republics-bitcoin-adoption/

News related to Crypto / How GemTRX Perfected Cloud Mining to Make Profit Together

« on: May 05, 2022, 11:38:40 AM »

GEM-TRX is a uniquely-built cloud mining service made to ease the process of users renting out suitable hash power to mine crypto by paying an appropriate fee.

What is cloud mining?
Crypto mining has never gone out of style since Bitcoin hit its 2nd all-time-high figures. But the concept and idea of cryptocurrency mining have modernized over the years.

For people who do not want to take the traditional route, cloud mining services have become an asset because there are fewer expenses and more profits involved in this approach.

Due to the advantages and convenience of switching to cloud mining, people from anywhere in the world can mine cryptocurrencies by opening an account with a service provider and then renting out hash power at a nominal cost.

Source: https://beincrypto.com/how-gemtrx-perfected-cloud-mining-to-make-profit-together/

News related to Crypto / French Financial Regulators Approve Binance as a Crypto Service Provider

« on: May 05, 2022, 09:05:49 AM »

Global crypto exchange Binance has announced that its domestic arm has been granted a Digital Asset Service Provider (DASP) registration by the French financial markets regulator and banking supervisor.

The nod from Autorité des marchés financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) came as Binance’s first approval as it expands into Europe. Meanwhile, Binance, which is the largest exchange by volume, is the first major global crypto exchange to set up shop in France.

David Princay, CEO of Binance France, commented: “The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.”

Paris as the regional hub
The company is set to turn Paris into its regional hub, with Changpeng Zhao (CZ), founder and CEO of Binance calling for “effective regulation” in the sector. He said, “They’re very strict, France is a very strict regulator. But they have the advanced understandings to go with that.”

And he also argued that “having a G-7 country with a strict regulator sends a very strong signal to the other countries”

Bonjour! @cz_binance has some fantastic news to share. #Binance is now a fully regulated digital asset service provider in France!🇫🇷 pic.twitter.com/W5DrhFqvjl

— Binance (@binance) May 4, 2022
In a keynote address at the Paris Blockchain Week Summit last month, the exchange had announced an investment of 100 million euros in Web3 startups in France. CZ had remarked, “I think France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”

Meanwhile, as Binance scales up operations in France, the company stated, “In line with our mission to be the infrastructure services provider for the blockchain ecosystem, we have plans to expand our team to pursue further infrastructure development.”

Source: https://beincrypto.com/french-financial-regulators-approve-binance-crypto-service-provider/

News related to Crypto / Ethereum Privacy Layer Recruiter Claims to Have Interviewed North Korean Hacker

« on: May 03, 2022, 12:05:55 PM »

Aztec Network growth lead Jonathan Wu claims he may have interviewed a North Korean hacker for a job at the Ethereum layer two (L2) privacy protocol.

North Korean hackers are notorious for pillaging billions of dollars from the cryptocurrency industry, particularly in DeFi, according to the U.S. Federal Bureau of Investigations (FBI).

The latest hit involves the theft of $620 million from Axie Infinity’s Ronin Network bridge by North Korean-backed hacker group Lazarus, the FBI alleged.

Posting on Twitter, Wu laid out details about a job interview he had by video with one ‘Bobby Sierra,’ a Solidity engineer supposedly from Hong Kong. He found Sierra via jobs platform Greenhouse, claiming “6+ years of rich experience.”

But the character, believed to be from North Korea, could neither clearly describe his skillset nor explain projects he claimed to have previously worked on. For example, Sierra failed to clarify his alleged experience in F2Pool, one of the largest Bitcoin and Ethereum mining pools in the world.

Instead, he mentioned “completely random” DAO and NFT projects like BoredBunnies and MetaverseDAO. Sierra listed 12 GitHub commits over the previous 12 months, experience which is far from “rich” for a blockchain developer.

Source: https://beincrypto.com/ethereum-recruiter-claims-interviewed-north-korean-hacker-job/

News related to Crypto / Square Enix Sells Tomb Raider to Invest in Blockchain-Based Tech

« on: May 03, 2022, 11:49:38 AM »

Japanese video game company Square Enix has sold several of its game development companies, including Crystal Dynamics, which develops Tomb Raider. The company has done so to invest more into new tech, including blockchain technology.

Japanese video game company Square Enix has sold many of its game development companies, including Crystal Dynamics, which developed Tomb Raider, to invest more in technologies — including blockchain. Square Enix announced on May 2, saying that it had sold its Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal studios which were responsible for many of its famed IPs. The companies were sold to the Embrace Group for $300 million.

Square Enix has been known to be very keen on blockchain tech. The announcement said that the sale of the companies would “enable the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”

The company announced a partnership with double jump.Tokyo focusing on creating NFT content. This was done over a year ago, but there haven’t been any updates since.

The response from the gaming community has been one of disappointment and criticism. Many do not see blockchain tech as being applicable in video games.

Tomb Raider is one of the most well-known franchises in the gaming industry. It has spawned movies and is something of a hallmark in the industry. And with the way video game companies are growing increasingly interested in new tech, it may be the case that other well-known games consider the use of NFTs.

Source: https://beincrypto.com/square-enix-sells-tomb-raider-invest-blockchain-based-tech/

News related to Crypto / Algorand (ALGO) Price Soars Following World Cup Sponsorship Deal With FIFA

« on: May 03, 2022, 11:41:02 AM »

Algorand has secured a sponsorship deal with FIFA for the men’s and women’s world cup. The price of the blockchain’s native ALGO asset subsequently spiked by 20%.

The Algorand coin has soared by over 20% in the wake of a sponsorship deal for the FIFA World Cup and is now priced at $0.72, up from about $0.58 on May 2.

FIFA published a media release saying that it has partnered with Algorand, stating that it would be the organization’s official blockchain platform.

FIFA President Gianni Infantino and Algorand founder Silvio Micali met in Los Angeles to finalize the partnership, which will be valid for the FIFA World Cup Qatar 2022, and the FIFA Women’s World Cup Australia and New Zealand 2023.

The partnership will see Algorand assist FIFA in “developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure, and promotional opportunities.” FIFA also mentions the capabilities of blockchain tech, including immutability and NFTs, though it doesn’t say whether the latter will be used. Infantino said that a partnership would be a long one, with an eye on sustainable revenue growth,

“We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.”

Source: https://beincrypto.com/algorand-algo-soars-world-cup-sponsorship-deal-fifa/

News related to Crypto / Global Metaverse Event of Lydian.World in Dubai Opera (Feat. Football Superstars

« on: May 03, 2022, 11:30:40 AM »

Football Superstars such as Roberto Carlos Mario Yepes David Trezeguet Michel Salgado Fernando Hierro Lucas Radebe, invite you to a Global Metaverse of Lydian.World exclusive event.

The event will take place on May 7, 2022, in Dubai Opera. As a first oﬄine event of such scale where thousands of guests from all over the world will gather to become a part of Lydian.World metaverse. Guests are invited to take part in multiple business opportunities and multiple entertainment moments.

Lydian.World is a virtual game partially owned by its users which in the reward for their engagement and strategy the game rewards them back in cryptocurrency. In other words, the place where you can Earn, Learn & Have fun!

If this already rings a bell for you, join us, our Lydian.World metaverse brings opportunities such as staking pools, crypto credit cards sharing their commissions, mining pools, assisted trading, NFT marketplace, a trivia game over the blockchain, a lot of airdrops & much more!

Chief Technology Oﬃcer – Alexandru COCINDAU:

“Do you remember feeling of joy when your parents were gifting you a new toy? That moment when you want to play with it all day long, to discover it, to learn it! This is our day-to-day gift, this is our Lydian.World, and my mission is to bring the joy, the happiness and the freedom smile every day for every single player.”

The most successful and influential representatives of the crypto industry will attend in Dubai on May 7.

Source: https://beincrypto.com/global-metaverse-event-of-lydian-world-in-dubai-opera/

News related to Crypto / TUSD-am3CRV Pool Launches on Curve (Polygon) With Gauge Feature

« on: April 28, 2022, 05:25:55 PM »

The TUSD-am3CRV pool has launched on Curve’s Polygon network with the gauge feature – which only seven pools on Curve’s Polygon network have, to distribute CRV rewards on April 1.

The TUSD-am3CRV pool is supported on Curve’s Ethereum network as well.

As an automated market maker in DeFi that offers stablecoin swap services, Curve’s total value locked (TVL) has hit $20.45B, ranking first among all decentralized exchanges (DEXs).

Compared with other trading protocols, Curve offers more carefully chosen trading pairs featuring exceptionally low slippage and handling fees for better liquidity. Swap fees paid by traders also fund liquidity provider (LP) rewards.

In addition, Curve’s gauge system is a focal point of many liquidity pools. LPs of pools with gauges can get a share of the handling fees collected and receive additional CRV distribution.

Source: https://beincrypto.com/tusd-am3crv-pool-launches-on-curve-polygon-with-gauge-feature/

News related to Crypto / Cuba Approves Crypto Services, Subject to Bank License

« on: April 28, 2022, 05:23:10 PM »

Cuba’s central bank has authorized virtual asset service providers and the issuance of cryptocurrencies on the Caribbean island.

The Central Bank of Cuba issued regulations for virtual asset service providers in the government’s official gazette earlier this week. According to the announcement, anyone wishing to issue a digital currency must obtain a license from the monetary authority.

In issuing a license, the central bank said it would consider the legality, socioeconomic interest, and characteristics of any project before approval. Initially, licenses will be valid for one year.

Cuba skirting sanctions
Following the introduction of mobile internet three years ago, the Cuban government approved the personal use of cryptocurrencies for payments last year. Enthusiasts hope the digital currencies, which function independently of any centralized authority, will help them overcome obstacles created by U.S. sanctions.

Cut off from international financial markets and payment systems by the decades-old U.S. trade embargo, citizens of the Communist country struggle to obtain credit or debit cards for international use.

“If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country,” said former Cuban central bank economist Pavel Vidal.

He believes the government is attempting to facilitate the entry of remittances and international foreign trade operations. “This can reduce the cost of these international transactions and generate an alternative to operations in dollars, less sensitive to the sanctions scheme,” he said.

Source: https://beincrypto.com/cuba-approves-crypto-services-subject-to-bank-license/

News related to Crypto / India’s Legislative Crypto Decisions Will Impact Nepal; Regulator Restricts Apps

« on: April 28, 2022, 05:20:08 PM »

In a circular released earlier this week, the Nepal Telecommunications Authority (TPA) has warned against the use of crypto instruments that are not legally recognized in the country.

Meanwhile, local reports claim that the regulatory body is also clamping down on crypto activity by blocking related apps and websites. The translated circular noted that transactions using digital technologies such as Virtual Currency and Network Marketing, which are not legally recognized as monetary instruments, are on the rise in recent days.

Crypto apps and websites ‘blacklisted’
The release also remarked that the use of crypto is prohibited if operated and managed within Nepal, and therefore, these activities have reportedly been ‘disabled and blacklisted.’

Notably, the moves comes when the country’s inward remittance flow has reportedly been falling as citizens abroad are increasingly relying on digital methods like crypto to make transfers.

“Illegal activities such as cryptocurrency, bitcoin, hyper networking, online gambling, and financial crime-related activities through online technology and virtual media are illegal and criminal activities, so all concerned are informed not to indulge in such acts,” the release stated.

The Central Investigation Bureau (CIB) of Nepal Police has also reportedly arrested individuals involved in the crypto sector.

Source: https://beincrypto.com/indias-legislative-crypto-decisions-will-impact-nepal-regulator-restricts-apps-websites/

News related to Crypto / Luxury Resort in Malaysia Will Raise Funds to Build by Selling Tokens

« on: April 27, 2022, 11:25:31 AM »

Luxury resort life: Yes please. One of the largest construction companies in Southeast Asia, have just announced that they will raise funds to build a wildly beautiful hotel via a token sale.

IBN Corp has its real estate tentacles across Asia. It has a presence in Malaysia, China, and Singapore. The company has some impressive developments under its belt, including IBN Bukit Bintang – the tallest residential building in Kuala Lumpur.

IBN Highlands City
Their latest project, called IBN Highlands City, is a billion-dollar project. It will be located in one of Asia’s most well-known summer resort – Genting Highlands.

The project will have serviced apartments, commercial areas, and 5-star hotels, all falling into the luxury category. And they will be paying for construction by selling tokens.

Source: https://beincrypto.com/luxury-resort-in-malaysia-will-raise-funds-to-build-by-selling-tokens/

News related to Crypto / Fort Worth Pioneering US City-Led Bitcoin Mining Trial

« on: April 27, 2022, 11:07:51 AM »

Fort Worth, Texas, is looking to gain a first-mover advantage as it sets up three computers to mine bitcoin in the information wing of city hall.

The Fort Worth City Council, led by Mayor Mattie Parker, unanimously decided to approve a resolution on April 26 to mine bitcoin and add it to the city’s balance sheet. The city undertook this project in collaboration with the Texas Blockchain Council and mining pool Luxor Technologies to establish itself as a technology hub, following Mayor Parker’s interaction with venture capitalists invested in the cryptocurrency space.

Initially, the project will not prioritize profits but will allow the city to enjoy being a pioneer in the mining of bitcoin. Talking about why he voted yes, District 3 Councilman Michael D. Crain said, “Fort Worth has always been a leader in many industries, including technology. With the wider global acceptance of cryptocurrency, this move shows that Fort-Worth is once again on the cutting-edge of innovation and encouragement of creative tools to spur economic development.”

Robert Sturn, the city’s economic development director, said, “This initiative demonstrates that Fort Worth, as a city, is serious about attracting innovative, tech-focused businesses.”

“This is outside the box for any government, right? Usually, things move at a snail’s pace, and in Fort Worth, we want to do things differently, and kind of elbow our way into the room,” the city’s first millennial mayor said.

Source: https://beincrypto.com/fort-worth-pioneering-us-city-led-bitcoin-mining-trial/