$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing […]
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Altcoin Tied to Security-Focused Crypto Wallet Surges by 43% This Week Amid Rollout of New Swaps Feature
An altcoin linked to a security-focused crypto wallet is outperforming the broader digital asset market, surging by more than 40% this week. Safe is a smart contract wallet that runs on multiple blockchains. The project introduced native swaps this week. Explains Safe, “Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple […]
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Fund managers predict SEC rejection of Ethereum ETFs next week
The SEC is set to decide on Van Eck’s Ethereum ETF by May 23, with market expectations leaning towards rejection amid regulatory uncertainty.
The post Fund managers predict SEC rejection of Ethereum ETFs next week appeared first on Crypto Briefing.
Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18
Trader makes millions after PEPE price soars, a new gas model for Ethereum, and Tornado Cash developer convicted.
A savvy trader made $46 million in profit, which is an eye-watering 15,718-fold return on his initial $3,000 investment. The unknown wallet bought 4.9 trillion PEPE for $3,000 on April 15, which is currently worth over $56 million. The trader sold 1.41 trillion PEPE for $7.4 million and is currently sitting on 3.5 trillion PEPE, worth $38.9 million, according to a May 15 X post from Lookonchain. PEPEs market capitalization was around $4.5 billion on May 15, making it the third-largest memecoin behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Ethereum co-founder Vitalik Buterin has proposed Ethereum improvement protocol, EIP-7706, which introduces a new gas model for transaction call data. This new fee would be separate from the existing gas fees for transaction execution and data storage. The proposal aims to reduce costs for transactions that are data-heavy but not computationally intensive by setting separate charges for call data, distinct from the costs of executing contract code or storing data in blobs. If the proposal is accepted, the Ethereum network will be responsible for setting the call data costs independently of other costs.
Alexey Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, has been found guilty of money laundering, raising potentially severe implications for open-source code developers. The developer was sentenced to five years and four months in prison for allegedly laundering $1.2 billion worth of illicit assets on the platform. The sentencing came despite Tornado Cash being a noncustodial crypto mixing protocol meaning that the funds that go through the protocol are never held or controlled by it.
Microsoft faces multi-billion dollar fine in EU over Bing AI
The Redmond company could be fined as much as 1% of its annual revenue if it doesn’t respond by May 27.
Microsoft faces a fine in the European Union of up to 1% of its annual revenue if it doesn’t respond to a request for information by May 27.
The threat stems from a request made under the E.U.’s Digital Services Act concerning the company’s Bing search engine and its associated generative artificial intelligence services.
A post on X.com compelling Microsoft to “provide information under the Digital Services Act on generative AI risks on Bing” was sent on May 17 disclosing the news to the public.
CryptoQuant CEO Maps Out Path Forward for Bitcoin Bull Cycle – Here’s When He Thinks It Will End
The head of blockchain analytics platform CryptoQuant thinks Bitcoin (BTC) is only halfway through its current bull cycle. Ki Young Ju tells his 346,000 followers on the social media platform X that BTC’s market cap is growing faster than its realized cap, a trend he says tends to last around two years. The realized cap […]
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‘46 Times Faster Than Ethereum’ – Solana Races to the Top of CoinGecko’s List of Swiftest Blockchains
Smart contract platform Solana (SOL) is moving to the top of CoinGecko’s list of fastest blockchains. In a new publication, CoinGecko says Solana is a staggering 46 times faster than its rival Ethereum (ETH), the second-largest digital asset by market cap, making it the fastest large blockchain on the market. However, CoinGecko says that Solana […]
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14 Years Ago, an Individual Offered 10,000 Bitcoins for 2 Pizzas, Finalizing the Deal in 4 Days
Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report
The San Francisco-based crypto exchange Kraken is reportedly mulling whether to pull support for the stablecoin USDT in the European Union (EU). Bloomberg reports that Kraken is “actively reviewing” its European support for the Tether-issued stablecoin. European digital asset trade associations and think tanks have warned that the EU’s Markets in Crypto-Assets Regulation (MiCA) could […]
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Wells Fargo Hands Fake $100 Bill To Customer, Issues Alert on Worthless Withdrawal and Counterfeit Cash: Report
A Wells Fargo customer says she’s shocked after the banking giant gave her fake cash during a seemingly routine withdrawal. Kam Ridley recently went to a Wells Fargo branch in Mississippi to withdraw cash and pay bills, reports the ABC-affiliated news station WAPT. Ridley then went to her other bank, Trustmark, to deposit the cash […]
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‘Godfather of AI’ advises UK government to start UBI
Geoffrey Hinton also warns that advanced AI could pose an existential threat within the next five to twenty years.
Geoffrey Hinton, a world-renowned artificial intelligence (AI) expert often referred to as the “Godfather of AI,” recently consulted with members of the United Kingdom’s government at Downing Street where he advised lawmakers to consider adopting a universal basic income (UBI) to deal with the impending threat of job loss.
Until recently, Hinton worked for Google developing high-level AI features for neural networks — the underlying technology that powers most modern generative AI systems such as Google’s Gemini and OpenAI’s ChatGPT.
According to Hinton, the AI revolution will mostly benefit the rich. Laypersons, blue collar workers, and those employed in jobs that can be automated stand to lose their means of income and “that’s going to be bad for society” he recently told the BBC in an interview.
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance
Galaxy Digital CEO Mike Novogratz is warning that Bitcoin (BTC) is not likely to print fresh all-time highs (ATH) until macro conditions change. In a new interview on Galaxy’s podcast, the billionaire says that Bitcoin will probably trade sideways until Fed rate cuts, which he believes would be bullish for the crypto king. More favorable […]
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Bitcoin’s Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees
Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
LayerZero identifies over 800K addresses in sybil self-reporting phase
Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.
LayerZero Labs has officially announced that the sybil self-reporting phase of its solution to address sybil activity, or “airdrop farming,” is over.
According to LayerZero, addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. Following the review, a total of 803,093 addresses were identified as potential sybil addresses, which will not receive the total token allocation.
Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.
Mid-May NFT Sales Drop by 8.97%, Top 4 Chains See Reductions
If SEC approves spot Ether ETFs, many ‘will be caught severely offside’
Coinbase institutional research analyst David Han believes “there is room for surprise to the upside on this decision.”
Despite unfavorable odds from several crypto analysts and the broader crypto community regarding the approval of spot Ether exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC), some analysts suggest that “there is room for surprise.”
“If by some chance the SEC decides to approve then so many will be caught severely offside,” crypto trader Matthew Hyland told his 142,000 X followers in a May 17 post.
“If 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?” he added before declaring that the expectation of denial is “priced in.” At the time of publication, Ether (ETH) is trading at $3,102, as per CoinMarketCap data.
Top-50 Solana-Based Altcoin Primed for a ‘Much Higher’ Price, According to Crypto Trader – Here’s the Timeline
A closely followed crypto strategist believes one Top-50 artificial intelligence (AI)-related altcoin is preparing to witness big rallies in the coming months. Pseudonymous analyst Altcoin Sherpa tells his 215,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), will likely hold a range low as support. […]
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Indian Regulator Advocates Multi-Agency Approach for Crypto
Aussie admits to promoting BitConnect crypto services without a license
The Australian Securities and Exchange Commission claims that John Louis Anthony Bigatton promoted the crypto lending platform at four seminars and via two social media posts.
An Australian man has pleaded guilty to his involvement in promoting cryptocurrency lending services for the now-defunct crypto exchange BitConnect — an infamous entity that allegedly ran as a Ponzi scheme and shut down in 2018 amid accusations of defrauding victims of more than $2.4 billion.
“Mr. Bigatton provided financial product advice without holding an Australian Financial Services license or authorization to provide financial services about the lending platform,” the Australian Securities and Exchange Commission (ASIC) declared in a May 17 statement.
ASIC alleged that in his role as BitConnect’s national promoter, John Louis Anthony Bigatton offered financial product advice on six occasions at different locations across Australia, at four seminars, and through two social media posts.
Welcome to Duelbits’ Festival Of Football
Crypto Trader Says One Large-Cap Memecoin Is ‘About To Rip,’ Updates Outlook on Bitcoin and Solana
A widely followed analyst and trader is expressing bullish sentiment on a leading memecoin while updating his outlook on three other crypto assets. The analyst pseudonymously known as Kaleo tells his 638,400 followers on the social media platform X that Dogecoin (DOGE) is “about to rip”. On the largest memecoin by market cap, the widely […]
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Nigerian Court Rules Tigran Gambaryan Can Face Tax Evasion Charges on Behalf of Binance
Bitcoin Bull Cycle Not Over by Any Stretch of the Imagination, Says Analyst Jason Pizzino – Here Are His Targets
Analyst and trader Jason Pizzino believes that Bitcoin (BTC) is gearing up for a big upside move en route to fresh all-time highs. Pizzino tells his 326,000 YouTube subscribers that the Bitcoin bull market is just taking a breather as it consolidates below its immediate resistance at around $69,000. According to the analyst, it is […]
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Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Financial Nonprofit Better Markets: Approving a Spot Ether ETF Would Threaten ‘the Broader Financial System’
Do We Even Need Bitcoin ETFs
After five years of drama and dozens of rejections, ETFs (exchange-traded funds) based on Bitcoin’s spot price have finally been approved. A total of 11 ETFs are making their market debut, allowing US investors to gain exposure to Bitcoin (BTC) without directly owning the cryptocurrency itself. While this could see billions of dollars flow into […]
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