Author: Lora

Five U.S. senators have united to oppose the Biden administration’s proposal to introduce a “digital dollar” by introducing legislation that calls for a ban on central bank digital currencies (CBDCs). Introduced on February 26 by Senators Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, the CBDC Anti-Surveillance State Act challenges the authority of the Federal Reserve to implement a CBDC. The senators express concerns that a CBDC could be used for citizen surveillance and pose a threat to freedom. Senator Cruz has urged Congress to clarify that the Federal Reserve lacks the authority to roll out a…

Singapore-based Web3 firm Startale Labs has announced an additional $3.5 million in funding from Samsung Next and United Overseas Bank (UOB) Venture Management, aiming to bolster its web3 product lineup and attract top industry talent. This funding, part of an extended seed round, brings Startale Labs’ total seed financing to $7 million, including a previous $3.5 million investment from Sony Network Communications in September 2023. Startale Labs CEO Sota Watanabe expressed gratitude for the support from leading Asian enterprises, stating that the funds will be used to invest in product development and recruitment, aiming to establish Startale as a representative…

Ethereum co-founder Vitalik Buterin has once again expressed concerns about the increasing complexity of Layer 2 scaling solutions. In a recent social media post, Buterin highlighted the potential risks associated with overly intricate Layer 2 networks and advocated for a more balanced approach to blockchain ecosystem development. Traditionally, the blockchain community has favored simplicity in Layer 1 networks to minimize the likelihood of critical bugs and security vulnerabilities. However, as the demand for more advanced features grows, Layer 2 networks have taken on the responsibility of providing scaling solutions. Buterin stressed the significant consequences of critical bugs in Layer 2…

In a coordinated effort named Operation Cronos, law enforcement agencies from various countries, including the U.S. Department of Justice (DOJ) and Europol, have targeted LockBit, one of the prominent ransomware operator groups. This operation resulted in the freezing of over 200 cryptocurrency accounts associated with LockBit’s activities. Europol disclosed that two LockBit actors were apprehended in Poland and Ukraine, while two more defendants, believed to be affiliates, were arrested and charged in the U.S. Furthermore, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted 10 bitcoin and ether addresses linked to the group. According to data from Arkham…

Coinbase Commerce, the payment platform for merchants, has made waves by removing support for native Bitcoin (BTC) and other UTXO (Unspent Transaction Output) coins. The decision, as explained by Lauren Dowling on X, Coinbase’s head of product, stemmed from challenges in implementing recent updates on Coinbase Commerce’s EVM (Ethereum Virtual Machine) payment protocol for Bitcoin. In response to this change, Coinbase Commerce has introduced a new product focusing on enforcing payment details on-chain and supporting a diverse array of assets, including native and ERC-20 tokens. This revamped system automatically converts payments to USDC (USD Coin) on-chain at a guaranteed rate…

ARK Invest, led by prominent Bitcoin advocate Cathie Wood, has sold a significant portion of its Coinbase stock ahead of the exchange’s strong earnings report. According to a filing on Thursday, ARK Invest divested $34.3 million worth of Coinbase shares from three of its funds: ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW). This marks the first time since January 11 that ARK Invest has sold some of its Coinbase holdings, coinciding with a surge in Coinbase’s stock price, which rose 11% in after-hours trading following the release of its earnings report.…

In an interview with CNBC, Michael Saylor, the executive chairman and co-founder of MicroStrategy, discussed the burgeoning demand for Bitcoin exchange-traded funds (ETFs), estimating a backlog of interest spanning over a decade. Saylor remarked, “There’s 10 years of pent-up demand people been waiting for these ETFs and finally, mainstream investors are able to access Bitcoin and I think that’s what’s driving the surge of capital in the asset class.” During the interview, Saylor delved into various aspects of the crypto industry, including the introduction of Bitcoin ETFs, the increasing valuation of Bitcoin, and the future trajectory of the company. He…

In a bid to enhance oversight in the virtual asset market, South Korea is gearing up to conduct virtual asset exchange inspections later this year, with the aim of ousting ineligible platforms. Authorities are considering implementing an advanced suspension system for suspicious transactions to swiftly prevent the concealment of illicit funds at all stages of the investigation process. According to reports from Yonhap News, the Financial Intelligence Unit (FIU) unveiled its “2024 Work Plan” on Monday after gathering input from experts through consultations with the Policy Advisory Committee. The FIU intends to bar unauthorized virtual asset exchanges from accessing the…

Arthur Hayes, co-founder of BitMEX and former CEO turned Maelstrom chief investment officer, has put forth a compelling argument for the adoption of a “points” program over traditional methods like initial coin offerings (ICOs) and yield farming in the realm of crypto fundraising and engagement. In his recent blog post titled “Points Guard,” published on February 9, Hayes outlines the challenges posed by ICOs and yield farming despite their apparent benefits. While ICOs provide an avenue for retail investors to participate in early-stage projects, they often encounter regulatory obstacles due to their nature as securities. Hayes notes that navigating these…

A former executive of Hydrogen Technology Corp, Shane Hampton, has been convicted by a Florida federal jury for his involvement in a conspiracy to manipulate the price of the company’s native cryptocurrency token, Hydro. Hampton’s scheme allegedly lasted for several months and aimed to artificially inflate the value of Hydro’s token. The company had previously faced legal issues with the US securities regulator, resulting in a $2.8 million settlement in April 2023. According to a press release, Hampton and his accomplices engaged in securities price manipulation and wire fraud conspiracy. Hampton is scheduled to be sentenced on April 29 and…