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Dogecoin and Shiba Inu Rival Surges Nearly 70% in 24 Hours Amid Impending Launch of Ad Blitz on Times Square

Dogecoin and Shiba Inu Rival Surges Nearly 70% in 24 Hours Amid Impending Launch of Ad Blitz on Times Square

A dog-themed crypto asset rivaling Dogecoin (DOGE) and Shiba Inu (SHIB) is skyrocketing ahead of the launch of an ad blitz on New York’s Times Square. New data reveals that memecoin Floki (FLOKI) has surged 70% during the last 24 hours in anticipation of the ad blitz. Floki is trading for $0.000230 at time of […]

The post Dogecoin and Shiba Inu Rival Surges Nearly 70% in 24 Hours Amid Impending Launch of Ad Blitz on Times Square appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash

New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash

A New York bank with $113.9 billion in assets is reportedly in trying to raise cash as its stock nosedives 40% in a matter of hours. New York Community Bank’s (NYCB) stock fell so far so fast that trading was halted “pending imminent news,” according to multiple reports. The Wall Street Journal says the bank […]

The post New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash appeared first on The Daily Hodl.

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Crypto Lender Genesis Agrees to $21 Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report

Crypto Lender Genesis Agrees to  Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report

Bankrupt crypto lender Genesis is reportedly agreeing to pay a $21 million civil fine to settle with the U.S. Securities and Exchange Commission (SEC) over the now-defunct Gemini Earn program. According to a new report by Reuters, the settlement will allow Genesis to focus on repaying customers and creditors instead of having to defend itself […]

The post Crypto Lender Genesis Agrees to $21 Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Genesis Global Trading Ordered To Pay $8,000,000 Fine by New York Financial Regulator Over Compliance Violations

Genesis Global Trading Ordered To Pay ,000,000 Fine by New York Financial Regulator Over Compliance Violations

A New York financial regulator is ordering crypto firm Genesis Global Trading to pay an $8 million fine after it was found to be in violation of the law. In a new press release, the New York State Department of Financial Services (DFS) says that the crypto trading branch of the Digital Currency Group (DCG) […]

The post Genesis Global Trading Ordered To Pay $8,000,000 Fine by New York Financial Regulator Over Compliance Violations appeared first on The Daily Hodl.

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KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for $22,000,000

KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for ,000,000

Crypto exchange KuCoin will cease operating in New York as part of an agreement to settle a lawsuit accusing the Seychelles-based platform of failing to register as a securities and commodities broker-dealer. In a new statement, the office of New York Attorney General Letitia James says KuCoin must pay the state a $5.3 million penalty […]

The post KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for $22,000,000 appeared first on The Daily Hodl.

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Kucoin agrees to ban New York residents and pay $22 million in settlement

Kucoin users from New York will lose the ability to trade within 30 days and will have their accounts closed within 120 days.

Crypto exchange Kucoin has agreed to pay $22 million to the State of New York and to bar residents of the state from using its platform, according to a stipulation and consent order filed in the New York Supreme Court on December 12.

According to the order, Kucoin admits that it “operates a cryptocurrency trading platform on which users, including users in New York state, can purchase or sell cryptocurrencies which are securities or commodities as defined under the laws of New York state and that Kucoin is not registered as a securities or commodities broker-dealer.” In addition, Kucoin “admits that it represented itself as an ‘exchange’ and was not registered as an exchange pursuant to the laws of New York State.”

Kucoin has agreed to close the accounts of all New York resident users within 120 days and to prevent New York residents from obtaining accounts in the future. In addition, it will restrict access to withdrawals only within 30 days, leaving the remaining 90 days available for users to withdraw funds.

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Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Tether, Bitfinex agree to drop opposition to FOIL request

Tether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the interests of "transparency."

Tether and Bitfinex have jointly agreed to drop initial opposition to a freedom of information (FOIL) request lodged in New York by a number of high-profile news publications.

A statement from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from Coindesk earlier this year.

The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices:

“It's essential to clarify that transparency does not mean a wholesale release of all our documents.”

Tether and Bitfinex will not appeal against the FOIL request put forward by journalists including Zeke Faux, Shane Shifflett and Ada Hui, while claiming that this is despite “certain behaviors” exhibited by the writers in question.

The company’s claim that Faux’s past reports on Tether and Bitfinex have “extended beyond the boundaries of professional journalism”. They also claim that media outlets including the Wall Street Journal and Bloomberg, whose journalists are participating in the ongoing FOIL request, have been “one-sided and inaccurate”.

Related: Tether’s game plan in El Salvador: Why invest in Volcano Energy?

The statement stresses that both companies are committed to transparency and remain open to engagement with journalists and regulatory authorities, given that they “adhere to ethical reporting standards and respect data privacy boundaries”.

Tether and Bitfinex have also called for “responsible document review” before any public release of information and that their efforts to be transparent do not “equate to unrestricted public disclosure of all documents”.

Cointelegraph has reached out to Tether to ascertain finer details of the FOIL request and the information it pertains to.

Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers

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US regulators continue to discuss crypto: Law Decoded, Nov. 13–20

Elizabeth Warren continues pressing for tighter regulation, and Vivek Ramaswamy promises to defend crypto from the government’s overreach if elected.

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.” The meeting began with a discussion of Hamas’s use of crypto for fundraising. However, the committee’s Chair, Representative French Hill, declared that as “phone and the internet aren’t to be blamed for terror financing,” crypto shouldn’t be either. The witnesses, including representatives from Consensys and Chainalysis, spoke about the need for international and public-private collaboration in stopping the misuse of digital assets, the need for well-crafted legislation and the intricacies of blockchain sleuthing.

At another hearing held by the Senate Special Committee on Aging, U.S. Senator Elizabeth Warren highlighted the dangers of cryptocurrency scams. Steve Weisman, a recognized expert on scams and cybersecurity as described by Warren, confirmed that unlike credit card fraud, which can be swiftly identified, stopped and traced, crypto poses greater challenges with transparency. Weisman expressed support for Warren’s Digital Asset Anti-Money Laundering Act, which seeks to ensure that digital assets are subject to the same Anti-Money Laundering laws as traditional fiat currency.

Meanwhile, the New York State Department of Financial Services (NYDFS) unveiled new restrictions that mandate crypto companies submit their coin listing and delisting policies for NYDFS approval. Company policies will be measured against more stringent risk assessment standards set forth by the NYDFS to protect investors. Technological, operational, cybersecurity, market, liquidity and illicit activity risks of the tokens are among the factors to be considered by the NYDFS. The incoming changes apply to all digital currency business entities licensed under the New York Codes, Rules and Regulation or limited purpose trust companies under the state’s banking law.

Vivek Ramaswamy criticizes mixer sanctions in his crypto program

Republican United States Presidential candidate Vivek Ramaswamy unveiled a crypto policy framework called “The Three Freedoms of Crypto.” Ramaswamy vows to “direct government prosecutors to prosecute bad actors, not the code they use and not the developers who write that code” if elected president. In an accompanying speech, Ramaswamy specifically targeted sanctions against crypto mixer Tornado Cash, stating: “The case brought against the Tornado Cash folks, for example. […] You can’t go after the developers of code.”

The presidential candidate also promises to provide regulatory clarity that gives new cryptocurrencies “safe harbor” exemptions from securities laws for a period of time after they are launched and to prevent any federal agency from creating rules that limit the use of self-hosted wallets.

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Australia will impose a capital gains tax on wrapped tokens

The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment of decentralized finance and wrapping crypto tokens for individuals, clarifying its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens. In May 2022, the ATO outlined crypto capital gains as one of four key focus areas. Building on the initiative, the Australian tax authority recently clarified a raft of taxable actions in its jurisdiction. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement.

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Democratic Party of South Korea obliges its candidates to disclose crypto holdings

The Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, has made it mandatory for prospective candidates to disclose their digital asset holdings before the 2024 general election. The disclosure will be a part of the party’s effort to show the “high moral standards” of its candidates. In the case of false reports, the party will cancel that person’s candidature. However, there would be no consequences for holding crypto. The information on prospective candidates will be made available to the public on a separate online platform featuring details of their careers, educational background and legislative activity plans.

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New York MoMA now has tokenized artworks in its permanent collection

The museum’s acquisition of two NFTs marked its first on-chain and AI holdings.

Generative art is proving Web3’s creative anchor in the traditional art world. Last month, New York’s Museum of Modern Art (MoMA) made headlines by acquiring Refik Anadol’s “Unsupervised — Machine Hallucinations” (2022) alongside an edition from last year’s “3FACE” project by Ian Cheng. These two mark the first-ever artificial intelligence (AI) and nonfungible token (NFT) additions to MoMA’s collection, already home to relics such as Andy Warhol’s soup cans and Vincent Van Gogh’s “Starry Night.”

The landmark acquisitions also supplement MoMA’s longtime legacy of pioneering exhibitions at the intersection of technology and art, from its 1968 show “The Machine as Seen at the End of the Mechanical Age” through this year’s “Signals: How Video Transformed the World.”

MoMA’s announcement arrived in tandem with an outline of the institution’s digital art programming for the fall and winter seasons ahead, including the debut of video artist Leslie Thornton’s latest work, “HANDMADE” (2023), and an online exhibition with Feral File opening early next year. Weeks before, MoMA had announced its on-chain Postcard project, too.

Sample data visualization, Unsupervised — Machine Hallucinations. Source: MoMA

“These new initiatives underscore MoMA’s longstanding commitment to support artists who experiment with emerging technologies to expand their visual vocabularies and creative exploration, increase the impact of their work and help us understand and navigate transformative change in the world,” the Museum’s release around their acquisitions states.

“I’m very proud to be included,” Cheng told Cointelegraph. “MoMA had previously acquired my ‘Emissaries’ trilogy of simulations in 2017. Their openness and enthusiasm for acquiring dynamic digital art is rare for an institution.”

Unsupervised

It’s the screensaver heard around the world. Whether you’re enamored or suspicious of this one-time Google artist-in-residence’s prolific and mesmerizing machine-learning abstractions, the odds are you’ve seen them. Anadol designed this one in particular with help from Nvidia. It feeds 138,151 pieces of visual metadata from MoMA’s collection to an algorithm that produces an AI imagination of art history through Anadol’s signature undulations.

Since its release in November 2022, “Unsupervised” has been reviewed by critics at Vulture, Artforum and more. The time it took to write those reviews says more than anything about the work’s import. Jerry Saltz’s half-baked hot takes don’t detract from the mental energy his writing requires. Haters alone haven’t made Anadol famous — he has scores of devoted fans if not collectors. MoMA opted to extend the work’s 24-foot tall display several times. It just came down on Oct. 29, but visitors who minted their proof-of-attendance protocol, or POAP, from the posted QR code still have a piece of the spectacle.

Sample data visualization, Unsupervised — Machine Hallucinations. Source: MoMA

Noted NFT collector and founder of the club 1 OF 1 Ryan Zurrer made the work’s acquisition possible, along with the “RFC Collection,” led by Pablo Rodriguez-Fraile and Desiree Casoni.

“I tip my hat to the folks at MoMA for understanding the cultural zeitgeist of the moment,” Zurrer told ARTnews. “Unsupervised went up two weeks before ChatGPT went public. AI is the defining topic of the moment, and MoMA captured that. I’m excited to donate this work to MoMA. But I need to acknowledge that this isn’t just a donation from me and [collector] Pablo Rodriguez-Fraile, but from Refik. He is bringing the servers and screens and the other components. The NFT is one part of this conceptual artwork that belongs to MoMA now.”

Magazine: I spent a week working in VR. It was mostly terrible, however…

While the Museum couldn’t clarify whether Anadol outright donated the hardware that enabled “Unsupervised” to go on view, we can assume that’s the case. Their release said Thornton’s “HANDMADE” will go on view in the same Gund Lobby where they displayed “Unsupervised” on a screen the very same size, “designed by and realized with thanks to Refik Anadol Studio.”

3FACE

Meanwhile, Cheng evades branding. A lifelong exploration of psychology through cutting-edge technologies defines his practice more than any single aesthetic. In fact, there are 4,096 unique editions of “3FACE” in existence, and not one of them was designed explicitly by Cheng’s hand. Works in the generative project depict adaptive, ongoing visual portraits of their owners, crafted using data gleaned from their wallets at any given moment. MoMA calls it his “most ambitious experimental artwork to date to explore blockchain technologies and the decentralization of data,” which expands upon “the artist’s interest in the capacity of humans to relate to change.”

In his efforts to represent and shape the ephemeral mind, Cheng told Right Click Save last year he believes “art can play a role in upgrading the unconscious response we have to complexity.” “3FACE” honors the depths of every person — and, because it’s dynamic, their ability to change.

Image from 3FACE. Source: MoMA

The NFT platform Outland Art donated its “3FACE” to MoMA’s collection. “Jason Li and Chris Lew advised a lot and helped flesh out the team to turn the idea into a reality,” Cheng told Cointelegraph. “I would not have made ‘3FACE’ without Outland.”

The work’s public entry on MoMA’s website doesn’t list what number out of the whole series it is or what wallet it belongs to. MoMA didn’t respond to Cointelegraph’s request for comment, but based on the way “3FACE” works and the fact that MoMA just started collecting on-chain artworks, this might be the “3FACE” interpretation of a wide open wallet populated only by Anadol’s “Unsupervised.”

Another chapter in art history

Carrying the torch from former contentious and pioneering art forms like photography, generative art has forced this generation of artists to reassess what exactly makes art valuable.

“The endgame of generative AI tooling is a new immediacy between thought and visual articulation,” Cheng mused about what’s next for AI art. “We’re used to the immediacy between thought and written or verbal expression. A writer, with no intermediary help, can construct a novel. Imagine if you, with no intermediary help, could construct a movie. As with writing fiction, the filmmaker is capped only by their own imagination, their taste, the quality of their questions, their courage to pursue gray truths, and their understanding of human behavior.”

Technology will continually evolve, but it’s the evolution of artists’ abilities in using it that divides what’s merely eye-catching from what’s impactful. Not that those two are mutually exclusive — even though MoMA’s Anadol acquisition is akin to the institution buying itself a Louis Vuitton bag, what society calls luxury is history on its own.

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Anadol and Cheng both work predominantly with data while making AI art. The emergent properties of their processes have implications. “Unsupervised” begs the question: What is art history? — a fraught topic traditional art historians argue over without even breaching painting alone. By virtue of its premise, “3FACE” asks those who engage with it how they’d quantify a gnarled human psyche. It’s one of the few projects that uses the ledger as anything more than a manner of transacting.

Museums such as the Los Angeles County Museum of Art and the Centre Pompidou started collecting NFTs back in the boom days. MoMA’s decision to lend credence to such works now marks a new watershed moment.

“We pinch our nose at ‘AI art’ right now because the first experiments look like experiments, but zoom out 10 years from now,” Cheng said. “The ease of producing visually refined expression will unlock a lot of artistic agency from a greater plurality of people, and this is a good thing.”

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SafeMoon CEO bail release goes on hold after Feds cite flight risk

Prosecutors argued SafeMoon CEO Braden John Karony poses a flight risk given his alleged access to funds and overseas connections.

United States federal prosecutors have managed to put SafeMoon CEO Braden John Karony’s bail release order on hold, citing flight risk and his release being a possible “danger to the community.

On Nov. 9, New York District Judge LaShann DeArcy Hall stayed a Nov. 8 bail release order after prosecutors challenged a Utah Magistrate judge’s decision to let Karony out on a $500,000 bail.

Prosecutors made the challenge to Judge Daphne Oberg’s decision in New York, saying the release order was given “without consideration of the defendant’s substantial financial means and ability to flee” and added his release posed a “continued danger to the community.”

“If convicted, the defendant faces a statutory maximum of 45 years’ imprisonment,” prosecutors wrote.

“These facts all provide powerful incentives for the defendant to leverage his substantial (and opaque) financial assets and foreign ties to avoid that outcome.”

Judge Oberg’s Nov. 8 order would have permitted Karony to stay at his Miami apartment and barred him from accessing crypto exchanges or wallets, holding or transacting crypto and banned him from engaging in promotional activities.

Prosecutors however claimed the Utah court overlooked Karony’s assets when setting his bail at $500,000. They alleged the SafeMoon chief provided “almost no information concerning his finances” and claimed he can access “assets totaling millions of dollars.”

Karony also has “substantial and ever-expanding” overseas ties and has spent months outside the U.S. in Europe and the United Kingdom with his fiancée, a British citizen and resident, prosecutors alleged.

Prosecutors also asked the court to transport Karony to New York and have him detained there which Judge Hall will consider at a later date.

Related: SafeMoon addresses recent exploits amid SEC charges

Karony was arrested on Oct. 31 at Salt Lake City International Airport and was charged alongside SafeMoon creator Kyle Nagy and chief technology officer Thomas Smith with conspiracy to commit securities and wire fraud and money laundering conspiracy.

The Securities and Exchange Commission also charged the trio with various fraud charges and unregistered securities sales and alleged they misappropriated funds to purchase SafeMoon (SFM) tokens to prop up its price.

SafeMoon technology chief Thomas Smith was released on a $500,000 bond on Nov. 3 and is pursuing a plea deal while the Department of Justice said Nagy remains at large.

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