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$1,000,000,000 in Unclaimed Assets Sitting in Bank Accounts and Owed to Customers in One US State: Report

,000,000,000 in Unclaimed Assets Sitting in Bank Accounts and Owed to Customers in One US State: Report

The amount of unclaimed cash and property unwittingly owned by Americans has surpassed $1 billion in one US state. Stats from North Carolina’s Treasury Department show residents have a significant pile of essentially free money waiting for them, reports the Charlotte-based NBC-affiliated news station WCNC. The unclaimed assets are hiding in a long list of […]

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Crypto firm pleads guilty to wash trading FBI-made token

US Government Prints 756,096,000 $50 Bills As Americans Begin Hoarding Physical Cash: Report

US Government Prints 756,096,000  Bills As Americans Begin Hoarding Physical Cash: Report

The Federal Reserve Bank is printing a record number of $50 bills as Americans feel the urge to hold physical cash. The Bureau of Engraving and Printing, the agency in charge of money printing operations in the US, created 756.09 million new $50 bills in 2022, reports CNN. The pile of fresh cash is worth […]

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Crypto firm pleads guilty to wash trading FBI-made token

Billion-Dollar Bank’s ATM Glitch Triggers Mad Rush for Cash As Machine Spits Out Double the Requested Amount

Billion-Dollar Bank’s ATM Glitch Triggers Mad Rush for Cash As Machine Spits Out Double the Requested Amount

An ATM owned by a multi-billion dollar bank in London was reportedly swarmed by customers after dishing out more cash than requested. Customers at NatWest bank abruptly rushed to the lender’s ATM in East Ham, East London after a video circulated online showing the machine was malfunctioning, reports Metro. People lined up as news spread […]

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Crypto firm pleads guilty to wash trading FBI-made token

Rich Dad Poor Dad Author Robert Kiyosaki Doubles Down on Bitcoin and Gold, Says Leaders Want War and Poverty

Rich Dad Poor Dad Author Robert Kiyosaki Doubles Down on Bitcoin and Gold, Says Leaders Want War and Poverty

Best-selling finance author Robert Kiyosaki is doubling down on Bitcoin (BTC) and gold, and says governments no longer care about their people. In a new thread, Kiyosaki tells his 2.4 million followers on the social media platform X that investors should be stockpiling hard assets like BTC to defend themselves. “I keep buying more gold, […]

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Crypto firm pleads guilty to wash trading FBI-made token

Jack Dorsey’s Block had $5.62B in revenue, $44M in Bitcoin profits in Q3

Block didn’t incur any impairment loss on its Bitcoin holdings, and Bitcoin revenue contributed as much as 43% of its total revenue.

Jack Dorsey-led Block, a Bitcoin-focused fintech company, published its third-quarter earnings report on Nov. 2, revealing a profitable quarter and surpassing analyst expectations.

The firm had $5.62 billion in revenue in the third quarter of 2023, boosted by solid revenue growth in Cash App and Square, with $44 million in profit on its Bitcoin (BTC) holdings thanks to a price surge in recent months.

In a shareholder letter, Dorsey shed light on the company’s focus and future plans, especially with Square, along with the key financial metrics from the third quarter. Dorsey said the company had authorized the repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation.

In the third quarter of 2023, Block generated a gross profit of $1.90 billion, up 21% year-over-year. On the other hand, the mobile payment service Cash App generated a gross profit of $984 million, up 27% year-over-year, and Square generated a gross profit of $899 million, up 15%.

Block’ Q3 profits. Source: Block

Bitcoin revenue accounted for approximately 43% of the $5.6 billion in revenue for Block. The fintech firms’ growth in the third quarter was also aided by strong consumer demand and positive spending.

Related: Jack Dorsey tips pro-crypto candidate Robert Kennedy to win presidency

Block’s Bitcoin gross profit stood at $45 million, up by 22% year-over-year, with the firm selling $2.42 billion worth of BTC to customers via Cash App. The company’s Bitcoin gross profit stood at 2% of Bitcoin revenue. The firm claimed that the rise in BTC revenue was fueled by an increase in the average market price of Bitcoin and the quantity of Bitcoin sold to customers.

Block stated it has not seen any impairment loss on its Bitcoin holding since the previous quarter. Block’s investment in Bitcoin had a carrying value of $102 million as of Sept. 30, 2023, but its fair value, determined by observable market prices, was $216 million, or $114 million more than its carrying value.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

Crypto firm pleads guilty to wash trading FBI-made token

Billionaire Ray Dalio Says Cash Is Not Trash Anymore, Calls Asset Class Relatively Attractive – Here’s Why

Billionaire Ray Dalio Says Cash Is Not Trash Anymore, Calls Asset Class Relatively Attractive – Here’s Why

Billionaire investor Ray Dalio says that the “cash is trash” mantra is no longer true amid significant shifts in the macroeconomic landscape. In a new discussion at the Greenwich Economic Forum, Dalio says financial conditions have changed enough in the last several years that cash is now a “relatively attractive asset class,” at least for […]

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Crypto firm pleads guilty to wash trading FBI-made token

Billion-Dollar Bank Terminating Cash Transactions in All Branches in Abrupt Shift to Digital-Only Era

Billion-Dollar Bank Terminating Cash Transactions in All Branches in Abrupt Shift to Digital-Only Era

A bank with more than $250 billion in total assets says it will soon terminate cash transactions in all of its branches. The Australia-based Macquarie Bank says it will launch a plan to eliminate all cash, check and phone payment services in January, shifting to a digital operation by the end of the 2024. “Between […]

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Crypto firm pleads guilty to wash trading FBI-made token

Billion-Dollar Bank Restricts Customers to $667 Cash Withdrawal Limit, Places Cap on How Much People Can Spend

Billion-Dollar Bank Restricts Customers to 7 Cash Withdrawal Limit, Places Cap on How Much People Can Spend

One of the biggest banks in Australia is making significant changes to the amount of cash customers can withdraw and how much they are allowed to spend using their debit cards. Westpac is reportedly restricting the amount of cash that customers can pull out of ATMs to $1,000 AUD per day, which is about $667 […]

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Crypto firm pleads guilty to wash trading FBI-made token

Billion-Dollar Bank Demands Customers Prove Withdrawals Are Valid, Warns Cash Can Be Refused At Will

Billion-Dollar Bank Demands Customers Prove Withdrawals Are Valid, Warns Cash Can Be Refused At Will

A UK-centered bank with $28 billion in assets under management is demanding customers explain why they are withdrawing cash. NatWest bank says if the answer is not satisfactory, it will force customers to provide documentation proving there’s a legitimate reason for taking their money out. The bank says the procedures are designed to protect its […]

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Crypto firm pleads guilty to wash trading FBI-made token

Global Law Enforcement Agencies Dismantle Darknet Marketplace Monopoly Market, Arrest 288 and Seize $53.4 Million

Global Law Enforcement Agencies Dismantle Darknet Marketplace Monopoly Market, Arrest 288 and Seize .4 MillionOn May 2, 2023, Europol announced a collaborative effort between law enforcement agencies from the U.S., Europe, the U.K., and Brazil culminated in 288 arrests, along with the confiscation of 850 kg of illegal drugs, 117 firearms, and $53.4 million in cash and cryptocurrencies. This joint venture, named “Operation Spector,” successfully dismantled the darknet marketplace […]

Crypto firm pleads guilty to wash trading FBI-made token