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Musk vs. Nakamoto: A 210% Bitcoin Surge Could Change the World’s Wealth Rankings

Musk vs. Nakamoto: A 210% Bitcoin Surge Could Change the World’s Wealth RankingsAt this moment, Tesla’s Elon Musk holds the title of the wealthiest individual on the planet, as reported by the Forbes Real Time Billionaires list on June 1, 2024. However, there exists a potential future where Bitcoin’s creator, Satoshi Nakamoto, could surpass Musk’s fortune. Given the current value of BTC, the price would need to […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

JPMorgan, Apollo plan for enterprise mainnet, execs reveal

The ‘enterprise mainnet’ provides the scalability to add applications to a network that already has a KYC-compliant set of institutional banks, broker-dealers and asset managers.

Executives of banking giants JPMorgan Chase and Apollo revealed plans for a tokenized ‘enterprise mainnet’ formed during a collaboration on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot project. 

On Nov. 15, the MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, which saw participation from 17 member financial institutions, including JPMorgan and Apollo. The duo collaborated to test digital assets for more seamless investment and management of discretionary portfolios and alternative assets, automated portfolio rebalancing and customization at scale.

Members of the Project Guardian. Source: mas.gov.sg

In a Forbes interview, Christine Moy, partner at Apollo Global Management, explained how production-grade tokenization helped create intraday repo, JPMorgan’s new tradable product. The lender's blockchain head, Tyrone Lobban, revealed that the new system has already processed over $900 billion in assets, adding:

“There was actually no intraday repo market before this, and now we’re settling around $2 billion a day of intraday repo trades through our platform.”

According to Moy, the system performs as an enterprise mainnet, and she sees it as having a first-mover advantage in the race for offering tokenized investment instruments. She said:

“Obviously, we've seen the progress and innovation of Ether (ETH) and how as the first mover, they had the network effects, and now that's where all the next-generation innovation has been created.”

The ‘enterprise mainnet’ provides the scalability to add applications to a network with an existing Know Your Customer (KYC)-compliant set of institutional banks, broker-dealers and asset managers.

Related: Singapore central bank to trial live wholesale CBDC for settlements

Through Project Guardian, financial institutions are working out the ideal software stacks that could accommodate agnostic interoperability across different pools of assets.

On Nov. 24, MAS laid down measures for Digital Payment Token (DPT) service providers to discourage speculation in cryptocurrency investments.

Determining customers’ risk awareness, refusing credit card purchases, and providing no incentives are some of the ways MAS asked DPT service providers to help retail clients avoid price speculation.

Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Asked to get a banana, a BAYC owner narrowly avoids a fake Forbes scam

Scammers posing as Forbes journalists have been targeting BAYC holders to set up interviews and distract them while they attempt to steal their apes.

A Bored Ape Yacht Club (BAYC) owner says he has managed to avoid a potentially “dreadful day” after being asked to retrieve a banana for a photo from someone they initially believed was interviewing them for Forbes.

On Nov. 27, NFT collector ‘Crumz’ detailed his run-in with a scammer  posing as a Forbes journalist.

He reported that someone pretending to be Robert LaFanco — a real Forbes editor, contacted him by direct message from an impersonator account with the offer of an interview for a new article about BAYCs. 

During the interview, the scammer prompted Crumz to click a "button" to allow access to record the interview. Crumz said he complied with the so-called journalists despite certain red flags, including their use of a non-premium Zoom account and wanting to use a separate recorder bot to record his screen.

“I had to press a button to allow access to record,” he said before adding, “I didn’t think much of it first but at the end, he asks me to say something that resembles my ape and he suggests a banana.”

'Crumz' said he later realized this was a distraction attempt to take him away from his computer during which the attacker would take control of his computer to steal his assets. 

‘Crumz’ said instead of getting the banana, he waited by his computer and sure enough, the scammers started to control his screen.

"I mute my screen and there's no video and just waited by the screen and sure enough they started to control my screen, I stopped them when they went on delegate.cash." 

Crypto casino Rollbit partner ‘@3orovik’ echoed the warning to his 140,000 X followers on Nov. 27.

He also fingered a spurious account named ‘Robert LaFranco’ whose profile claims he is a Forbes assistant managing editor. “During this interview, he attempts to trick you to gain access to your PC and steal your expensive NFTs,” he warned.

Meanwhile, BAYC community member Laura Rod also reported being contacted by the bogus Forbes editor.

Related: Nansen phishing emails flood crypto investors’ inboxes

Earlier this month blockchain security firm Slowmist detailed a number of scams in which victims lost crypto assets to fake journalists.

It reported that, after scheduling an interview, the attacker would guide victims to join the interview on Telegram, providing an interview outline, conducting a two-hour interview, and then providing the malicious link to consent to publication.

In October, a Friend.tech user reported being duped by a fake Bloomberg journalist, who lured them into clicking a link for a “consent form” which instead resulted in a drained Friend.tech account. 

Meanwhile, several industry observers have noted that scammers on X (Twitter) often have a BAYC profile picture which is something to look out for.

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Ripple Secures Spot in People Magazine’s List of 100 Companies ‘Putting Their Communities First’

Ripple Secures Spot in People Magazine’s List of 100 Companies ‘Putting Their Communities First’

San Francisco payments firm Ripple secured a spot on People Magazine’s official list of the top 100 companies that care about their communities. People Magazine said the list was about companies that “go the extra mile to honor their customers, empower their employees – and make the world a better place.” Ripple landed at number […]

The post Ripple Secures Spot in People Magazine’s List of 100 Companies ‘Putting Their Communities First’ appeared first on The Daily Hodl.

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Sotheby’s to Auction 3AC’s NFT Collection, Including Larva Labs’ Zombie Punk and Dmitri Cherniak’s ‘Golden Goose’

Sotheby’s to Auction 3AC’s NFT Collection, Including Larva Labs’ Zombie Punk and Dmitri Cherniak’s ‘Golden Goose’On Wednesday, Sotheby’s, one of the world’s largest brokers of fine and decorative art, announced its plans to auction a number of non-fungible token (NFT) assets that were previously owned by the now-defunct crypto hedge fund Three Arrows Capital (3AC). The auction, called the “Grails” NFT collection, will take place during Marquee Sale Week at […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors

Former FTX CEO Seeks M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured CreditorsCourt filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense

FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal DefenseAccording to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Binance CEO responds to mainstream FUD: ‘They don’t know how an exchange works’

The co-founder and CEO of Binance, Changpeng Zhao, took to Twitter in response to a FUD-filled article published by Forbes about the exchange and its recent “shuffling” of funds.

In the aftermath of the FTX collapse, Forbes published an article focused on the recent “shuffling” of funds by the cryptocurrency exchange Binance. 

However, the following day on Feb. 28, Binance co-founder and CEO Changpeng Zhao took to Twitter to tackle the FUD. In response to the article, the CEO said:

“They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want.”

In his series of tweets, he addressed various claims from the Forbes article. This included a “backroom maneuver” when Binance transferred $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022.

In light of the movement of funds, the article drew parallels between Binance and the now-defunct FTX in the lead-up to its demise. It also touched on the recent failed Voyager bid by Binance.US and the United States Securities and Exchange Commission’s planned legal action against Paxos Trust Company — the issuer of the Binance-branded stablecoin, Binance USD (BUSD).

Related: Circle blew the whistle on Binance reserves to NYDFS: Report

On Feb. 10, 2022 Forbes announced that Binance would take a $200 million stake in the company as a strategic investment.

Though later in June a follow up report from Bloomsberg, CZ said the company’s investment agreement is “changing” after Forbes’ deal to go public fell through. In light of the article there has been no update on the situation.

However, in response to CZ, one Twitter user suggested he buy Forbes and “delete it,” to which CZ said, “not worth it.” 

The article from Forbes comes after the New York Department of Financial Services (NYDFS) ordered the blockchain company Paxos Trust to terminate its issuance of BUSD. 

On Feb. 13, it officially announced it would no longer be minting the stablecoins while giving them a redemption time period until February 2024. Binance says it still supports BUSD and is now looking into non-USD stablecoins.

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Protocol Labs, Chainalysis and Bittrex add to crypto layoff season

Crypto execs suggested that the "extremely challenging" times forced them to cut jobs in order to “weather this extended" crypto winter.

Several crypto firms have made job cuts this week amid the ongoing crypto winter, retaining “impactful” employees as they prepare for a “longer downturn.”

At least 216 jobs were slashed between three crypto firms – open-source software laboratory Protocol Labs, blockchain data firm Chainalysis and U.S. cryptocurrency exchange Bittrex, with reductions of 89, 83 and 44 employees respectively.

Juan Benet, CEO of Protocol Labs, the parent company of Filecoin (FIL), announced the job cuts in a blog post on Feb. 3 stating that the company has had to focus its headcount “against the most impactful and business critical efforts.”

He stated that the company's decision to cut “89 roles,” approximately 21% of its workforce, was to ensure it is well positioned to “weather this extended winter.”

Benet suggested that the company must “prepare for a longer downturn,” given it has been an “extremely challenging” time for the crypto industry.

Meanwhile Bittrex employees were informed by CEO Richie Lai over email on Feb. 1 that the company has made a reduction to its workforce to “ensure the long-term viability" of the company.

The email was leaked via Twitter on Feb. 2, in which Lai stated that despite the leadership team “working aggressively” to reduce expenses and increase efficiencies over the last several months, the efforts have not produced the "results necessary."

Lai added that the market conditions have forced the company to reset their strategy and balance its “investments with the new economic environment.”

According to Washington State employment data on Feb. 2 it was revealed that Bittrex cut 83 jobs.

Related: Crypto recruitment execs reveal the safest jobs amid layoff season

Maddie Kennedy, director of communications at Chainalysis, told Forbes on Feb. 1 that those “primarily in sales” at the company were let go, as 44 of its 900 employees, approximately 4.8% of the workforce, were slashed.

These layoffs come after news that at least 2,900 staff were cut across 14 crypto firms in January.

Coinbase had the largest layoffs amongst those firms, cutting 950 of its staff on Jan. 10.

Meanwhile competitor exchanges Crypto.com, Luno and Huobi had reductions of approximately 500, 330 and 320 staff respectively.

Cointelegraph reached out for comment from Protocol Labs, Chainalysis and Bittrex but did not receive a response by the time of publication.

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum