Briefly Crypto

​Fed's Rate Moves Dangle Despite Inflation Cooling Down It appears that the incessant pressures of inflation have paused to catch their breath, but this hasn't helped the Federal Reserve make up its mind about rates. While inflation's marching band slows its tempo, the anticipated tune from the Fed about their rate decision remains shrouded in mystery. Indeed, anyone living in the hopes of a definitive conclusion from the Fed will find their patience still being tested. Despite inflation slowing down its sprint, we remain in a perpetual state of suspense about what the Fed's money maestros will do next. Sentiment: Hesitant ​Read Article

​Early BTC enthusiast under hot water for maneuvering $3.7M tax on crypto gains Don't mess with the IRS, especially when it comes to cryptocurrency earnings. Texas resident and early adopter of Bitcoin, Frank Richard Ahlgren III, found that out the hard way, confessing to an 'oopsie' on his tax return. The court documents reveal that Ahlgren scored big on 1,366 BTC back in 2015, when the cost was a mere $500 a pop. Fast forward two years, and Ahlgren bid farewell to 640 of his precious bitcoins, but not before turning them into a sweet $3.7 million. With a real estate cherry on top, he used all that digital cash to rope in some land in Park City, Utah. However, the complexity began when Ahlgren thought he could hoodwink the taxman. In his 2017 tax return, he inflated the original cost of his precious bitcoins, which allowed him to play down his capital gains significantly. Tax authorities emphasize the importance of accurate reporting, reminding investors to stay informed of the rules of the tax game to steer clear of legal hassles and hefty financial penalties. Sentiment: Humorous ​Read Article

​"Visa and Mastercard's Colossal ATM Fee Settlement Splashes $197.5 Million on US Bank Customers" Get ready to pop some champagne corks, folks! Visa and Mastercard are about to loosen their purse strings in a staggeringly gargantuan settlement over those pesky ATM fees that always seem like a sneaky jab at your wallet. The two payment titans have been accused of joining forces with big-name banks like JPMorgan Chase, Wells Fargo, Bank of America and a few coyly unnamed lenders, keeping ATM surcharges way, way higher than they ought to have been. Now, you might be thinking - this sounds like an episode from a daytime soap opera. But it's all very real, with the echoes of the cash register reaching as many as 100 million US banking customers who have been victims of these unreimbursed ATM surcharges at bank-operated ATMs from October 1, 2007, and July 26, 2024. Last year, some of the supporting characters in the "ATM Action Drama," namely the aforementioned JPMorgan Chase, Wells Fargo and Bank of America, coughed up to the tune of $66.74 million to end their part in the soap opera, although they didn’t admit any foul play. They were singled out due to the sheer size of their ATM operations and their alleged complicity in helping enforce Visa and Mastercard's Non-Discrimination Rules– which allegedly was a chief reason that ATM operators weren't allowed to lower their fees. Sentiment: Amused ​Read Article

​Sky Pushes to Overturn WBTC Due to BitGlobal's Justin Sun's Domination Sky, formerly operating under the name Maker, has suggested challenging the status quo and ousting Wrapped Bitcoin (WBTC) because of its control by Justin Sun through BitGlobal. Wrapped Bitcoin's potential destabilization comes as Sky expresses concerns over centralized control. It highlights the power Justin Sun wields in the arena of cryptocurrency. Sky's proposal puts not only Justin Sun's authority under scrutiny but also questions the role of BitGlobal, a major player in the crypto world. Sentiment: Neutral ​Read Article

​Crypto Frauds Lead to Record-Breaking $5.6 Billion Investor Losses in 2023 In a round-up of the black side of cryptocurrency, the Federal Bureau of Investigation's Internet Crime Complaint Center recently dished out a sobering statistic - cryptocurrency scams took American investors to the cleaners in 2023, with losses reaching a nightmare-inducing $5.6 billion. This is a startling 45% leap from the previous year. With their digital hands full, the FBI reported an eye-opening 69,468 complaints about crypto-related finagling last year. That's over 10% of total financial fraud squawks and accounts for around 50% of the total losses. It appears that age brought wisdom and security no safety, as investors over the age of 60 accounted for a whopping $1.2 billion of losses, with their young crypto-curious counterparts in the 30s and 40s following suit. The investment fraud schemes were what most victims cried foul over. Although the FBI’s cyber hound division sniffed out complaints from over 200 countries, 83% of all gripes came from U.S. investors. It seems that the golden state, California, indeed had gold, but for fraudsters, bagging both top spots for the number of complaints and area with the most collective losses. Sentiment: Negative ​Read Article

​Ethereum Maintains DEX Crown With Steady 35% Market Hold: Others Scrambling to Keep Up? Despite grappling with stubborn resistance levels, Ethereum has proven it's not going down without a fight. Data from IntoTheBlock underscores Ethereum's unwavering grip on decentralized exchange (DEX) volume, symbolizing its strong presence in the DeFi space. Although Ethereum's price isn't seeing as many green days as we'd like, its network capacity paints a different picture. Dominating almost 35% of the total DEX market, Ethereum is asserting its influence and power without breaking a sweat, as per the latest IntoTheBlock report. Not shaking off its resilience just yet, Ethereum was seen sporting a $2,427 price tag after a gutsy 5% leap this past Friday. Its remarkable adaptability under pressure reinforces it as a major player int the DeFi game, leaving us wondering if other contenders can brace-up enough to challenge the leader. Sentiment: Positive ​Read Article

​Trump's World LibertyFi Crypto Venture Raises Eyebrows In what seems like a surprising move for some, former President Donald Trump has announced a poker-like bet on the roll-out of cryptocurrency, World LibertyFi. Polymarket users are patting themselves on the back for predicting this venture. Trump, ready to "embrace the future with crypto", is digitalizing and monetizing his voice during a Twitter Spaces event at 8 p.m. EST to kick-off the official launch of World LibertyFi. However, Bloomberg's alarm bells are ringing loud and clear, pointing out a number of red flags surrounding this crypo venture. The most alarming concern is that a whopping 70% of all World Liberty Financial's tokens will be stashed away by insiders, including Mr. Trump himself. This leads to speculation about the true intentions behind this event. Is Trump simply promoting the event to oil his campaign machinery or is this an ingenious method to settle his surging legal debts? At this moment, the jury is out and only time will reveal the answers. Sentiment: Skeptical ​Read Article

​China's Potential Crypto Moves Might Stir up A $1.4 Trillion Bitcoin Tsunami The financial world is tensely watching China, as a potential decision from the Asian giant could send shockwaves through the realm of Bitcoin and cryptocurrency. A substantial shakeup may be on the horizon, as the country's actions might cause a value fluctuation equal to a staggering $1.4 trillion. Dubbed a 'financial earthquake', the impact of this largely depends on what China decides to do next. For now, all eyes are on the East, anticipating tectonic shifts in the world's cryptocurrency markets. In a field notoriously known for its volatility, this prediction suggests a seismic event that could either cause a big splash or ripple out, affecting millions of investors and crypto enthusiasts worldwide. However, without more information or details from the source provided, the specifics of these potential consequences remain unclear. Sentiment: Neutral ​Read Article

​Usher’s X Account Compromised: Quick Rise and Fall of Meme Coin $USHER Renowned R

​Binance Sounds Alarm Over Climbing Clipper Malware Danger In what can only be described as the equivalent of cryptocurrency's friendly neighborhood watch, Binance has decided to save the day by alerting its users to a budding danger: Clipper Malware. All jokes aside, Clipper Malware isn't laughing matter. This shifty software pest has been causing numbers of digital currency holders nothing but anxiety. As its sneaky nature suggests, Clipper Malware holds the ability to interfere with blockchain transactions. It comes as little surprise that Binance is making sure to sound off the sirens aloud. The crypto trading giant recognizes the importance of maintaining digital security and the beneficial relationship between happy, secure users and a thriving crypto market. So, in the spirit of unpacking this serious public information announcement with a hint of comic relief, remember, folks: Always keep your digital assets tightly zipped up against the threat of clippers in the cryptocurrency world. Sentiment: Concerned ​Read Article

​Bitcoin ETFs in the US Celebrate Bumper Day as Bitcoin Price Soars Past $60,000 Friday witnessed a remarkable surge in the US spot Bitcoin exchange-traded funds, with net purchases exceeding $263 million, making it the most significant one-day inflow since July 22. This significant influx coincided with Bitcoin scaling the $60,000 peak, reflecting a 12% price hike in just a week, according to TradingView information. These impressive gains led US spot Bitcoin ETFs to cap off the week with over $400 million in net inflows. But it wasn't all about Bitcoin - the wider crypto market was also enjoying the colour green on Friday, indicating the good times weren't confined to the US Bitcoin funds. A fresh report unveiled by ARK Invest reveals that the average cost basis of the investors in US spot Bitcoin ETFs was over the current market price as of the end of August. All in all, a day of celebration for the US cryptocurrency market with Bitcoin ETFs having a field day! Sentiment: Positive ​Read Article

​Lazarus Group's Wallets Frozen by Tether and Circle Over $4.96 Million in USDT In a fresh blockchain drama, crypto powerhouses Tether and Circle have thrown a cold-water surprise party for the Lazarus Group. Without so much as a warning, they've blacklisted the wallets owned by the Lazarus Group, effectively freezing nearly $5 million in Tether (USDT). Judging from the action, it seems the party was over even before the birthday cake could arrive. The surprise move comes amid investigations, and - spoiler alert - the Lazarus Group doesn't seem too pleased about it. But hey, in the wild wild west of cryptocurrency, one must be prepared for any sharp turns or steep dips. Stay put for more updates as the blockchain plot thickens in this crypto showdown. Sentiment: Neutral ​Read Article

​Bitcoin Soars To Stellar Heights At $60K Amid Favorable Market Conditions: A Santiment Probe Crypto-enthusiast and reputed writer, Semilore Faleti, brings to the community his seasonal insight and analysis of our beloved Bitcoin hitting a flabbergasting $60,000, as told by Santiment. For a couple of years now, Semilore, armed with his trusty quill (or in this case, keyboard), has regaled us with comprehensive coverage of the ever-riveting cryptocurrency world. From blockchain technology, decentralized finance, to the whimsical world of non-fungible tokens, and daring narratives of staking, regulations, and network updates, Semilore has kept keen crypto investors and greenhorns alike up-to-speed and in the know. This top-notch reporter doesn't just stop at reciting news; he curates pieces for seasoned cryptocurrency users, an effort that surely puts him on the pedestal of trusted sources in this field. His latest piece delves into the exhilarating roll that Bitcoin is on as it touches $60,000. Some of the factors behind this incredible surge are based on market conditions that are apparently lining up to favor this digital currency. As always, his exceptional writing style and extensive research promises an enlightening read. In a nutshell, if you're looking to dive into the intricate whirlpool of digital assets, cryptocurrencies, and the lot, Semilore Faleti is your cryptographer, leading you through the labyrinth of this digital realm. An embodiment of expertise, passion, and advocacy, he's the knight in shining armor for every crypto enthusiast wondering "What's next?" Sentiment: Positive ​Read Article

​Sam Bankman-Fried Cries Foul Over FTX Fraud Conviction, Pleads for Fresh Trial Ex-CEO of FTX, Sam Bankman-Fried, who is currently serving a 25-year sentence for his fraud conviction, is seeking a new trial. He lost his five-week trial late in 2023, with the court ruling in November that the former lead man at FTX had deceived its investors illegally out of a behemoth $8 billion. The New York Times reports that Bankman-Fried has appealed the ruling, with the proposal of a fresh trial. Alexandra A.E. Shapiro, his new legal muscle, argues that the trial judge, Kaplan, may have stained the trial's fairness due to a premature presumption of Bankman-Fried's guilt. Always putting up a strong front of his innocence, even amidst the whirlwind of his Manhattan trial, the Ex-FTX boss holds firm that he had no intentions to pocket billions from customer’s coffers. In his defense, he also stated that he did not attempt to mask the company's financial status from investors and regulators. Mingling in the mix of legal trouble are also other big names from FTX. Former Alameda CEO Caroline Ellison and Ryan Salame, both of whom went down the path of plea deals, are also penciling in prison time on their future calendars. Sentiment: Negative ​Read Article

​Crypto Bigshot's Lawyers Slam Quick Judgement, Assert "No Presumption of Innocence" Legal eagles representing Sam Bankman-Fried, the former CEO and founder of FTX, are slamming down their gavels in protest. They're filing an appeal this Friday, claiming the court swung the justice pendulum rather too hastily. According to them, their client, aka SBF, was slapped with a guilty label before he even had a chance to declare "not guilty." They're saying he was made out to be a billionaire thief, hunted by the media before he even had his mugshot taken. The lawyers argue that SBF faced more bias than a cricket pitch, both in the media and legal sense, throughout his trial. They're got a thing or two to say about the trial judge, as well. Claiming his gavel fell faster than a hot bitcoin, they're saying he pressured the jury into delivering a verdict after just one day of a four-week trial. SBF's defenders are asking for a do-over at the 2nd US Circuit Court of Appeals, hoping to find a new judge and a presumption of innocence that went missing quicker than a lost crypto wallet key. Right now, Bankman-Fried is around 24 years and some months away from his next freedom fry, courtesy of a 25-year sentence. With a legal team kicking and screaming for a retrial, the saga doesn't look like it's set to end any time soon. Sentiment: Negative ​Read Article

​Russia Set to Tackle International Crypto Payments by November The Russian Federation just made a bold leap into the world of cryptocurrencies, lighting up red tape like it's December in Moscow when a law allowing the use of digital currencies for foreign transactions was enacted on September 1. Since then, the Central Bank and Ministry of Finance have been busy drafting operational rules and they hope to regulate the wild west of cross-border cryptocurrency payments by November. For now, these rules will put out clear directions on how crypto will venture across borders and who gets to play cowboy in this first round. In the opinion of Anatoly Aksakov, the hotshot Chairman of Russia's Financial Market Committee, cryptocurrencies need to be reigned in like a pack of wild stallions and regulated just like any other foreign currency. However, the homeland won’t see any crypto-rubles just yet, as Aksakov added that their use should be reserved solely for foreign trade transactions. Tip-off from Bloomberg suggests that when it comes to cross-border payments, all the action will happen within Russia's MIR payment system. Sentiment: Positive ​Read Article

​Kraken Bites Back at SEC's Unregistered Securities Allegations Crypto industry bigwig, Kraken, has once again trounced objections by the US Securities and Exchange Commission (SEC). The watchdog’s allegations revolved around the accusation that Kraken was dabbling in an unlawful sale of digital assets, which they consider to be unregistered securities. Kraken, however, shrugged off these allegations like crumbs from a picnic blanket. According to findings published in November 2023, the SEC had singled out Kraken, unfairly crying foul over its crypto trading operations. Meanwhile, Kraken has secured an unlikely ally in its corner, US Senator Cynthia Lummis, who insists that the SEC simply "cannot continue ruling by enforcement" in the unchartered waters of cryptocurrency regulations. Kraken asserts that the SEC lacks substantial evidence to classify the cryptocurrencies causing the fuss as securities. This dabble into the crypto domain by the SEC has its feathers ruffled amongst several states, making them circle their wagons in defense of their local cryptographic assets businesses. Intriguingly, these states boast stringent consumer protection laws. They value their consumers more than federal chimera called 'securities'. Sentiment: Neutral ​Read Article

​Red Alert in Finance: Banks Incur $512.9 Trillion in Paper Losses, 66 Enter Troublesome Territory Pockets turned inside out, or rather ripped right open, for US banks as they whistle past an awful $512.9 trillion hill of unrealized losses, according to FDIC. And, as if the financial T-Rex wasn't scary enough, the tribe of 'Problem Banks' has welcomed 66 new members. A festive season indeed, if your definition of festive involves dire disarray and financial fright. Technically, the losses aren't real yet, not until the banks decide to sell their negatively performing assets. You see, it's a bit like getting a bad haircut; it's only a problem if you decide to step out of your cave. But rest assured, the current number of problem banks isn't 'just a regular Tuesday'. The rise signals increasing stress in the banking sector, like that feeling you get when you realize you bought a 'rare' Beanie Baby on eBay at 3am. Now, every bank is frantically checking its portfolio for a haircut that has gone horribly wrong. So for now, the banks are looking very much like a bear that has found itself in an arena full of matadors. Let's hope they're sporting washable red ink, and not the permanent, financial sort. Sentiment: Tongue-in-cheek humour. ​Read Article

​Florida Dude Bags 47 Years for Snatching $3.5M in Crypto In a crypto-catastrophe, a man from Florida just won an all-expense-paid 47-year staycation at a government facilitated luxury prison suite, for his adventurous efforts of parting ways with $3.5 million worth of cryptocurrencies that didn't belong to him. The crypto-enthusiast, known for his risky appetite (or maybe just poor life choices), tried his hand at a real-life version of "Robbing Hood" by stealing digital riches, except in this version there are no poor to share the booty with - only a lengthy jail term and a hefty regret to keep him company. His actions have proven once again that digital cash or real, Uncle Sam’s long hand will always get the law-ducking doers and that, my friends, is one blockchain nobody wants to be a part of. So, next time you think of pulling a "Florida Man", you might want to reconsider… or, at the least, remember the golden rule - don't get caught. Tune in next time for more tales from the crypt...ocurrency. Sentiment: Amused ​Read Article

​Cryptocurrency Magnate James Fickel Registers $40 Million Blow from Leverage Trading Cryptocurrency magnate, James Fickel, reputed for his sizable cache of crypto wealth, discovered that even Midas himself loses his touch sometimes, as he misplaced a whopping $40 million from his strategic crypto trades since the year's dawn. As an avid inventor of longevity, Fickel couldn't extend his golden touch to his weighted investments in Ethereum, initiating long ETH trades against Bitcoin and subsequently topping his sprinkles on the icing with a heavy loss. Fickel sourced $12 million in USDC and further invested $39.9 million in 16,000 ETH at an average exchange rate of 0.042 ETH/BTC. Following an elaborate trade-in for Ethereum's native token using Wrapped Bitcoin borrowed on Aave, he repurchased 882 wBTC. The aged idea seemed robust on paper, if only Fickel had the crypto oracles on speed dial. Now with a towering wBTC debt of 2,196 on Aave valued over $132 million, the almost-half-a-Billy Fickel sees his miscalculations have skinned off $43.7 million. Call it faith in Ethereum or a poor play, but the story underscores the flip of the coin in the world of high-stakes crypto trading. The future, however, remains breezy for the daring crypto captain, as it offers as much opportunity for redemption as the peril of the plunge. Sentiment: Amusing ​Read Article