Crypto News and Updates

Bitcoin, despite criss-crossing the $20,000 mark since 2017, has actually maintained its value when inflation is taken into account. Data shows that $20,000 worth of Bitcoin purchased in 2017 is now worth $24,942. This demonstrates Bitcoin’s ability to function as a store of value, highlighting its potential as an investment asset. The current Bitcoin spot price of $26,050 reflects the relatively stable price action over the past six years. These findings raise questions about the lack of publicity surrounding Bitcoin’s inflation-adjusted performance. As the Federal Reserve addresses economic policy at the Jackson Hole Economic Symposium, investors are closely watching for potential shifts in the BTC price status quo.

Tether, the stablecoin issuer, maintains a liquidity cushion of $3.3 billion across 15 blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. ecosystems, providing stability and trust to its shareholders. The total assets under Tether amount to $86.1 billion with total liabilities of $82.8 billion, confirming a reserve backing of over 100%. The transparency report contradicts concerns about Tether’s liquidity and asset backing, and highlights the importance of issuance preauthorization for transparency and trust. Other stablecoins under Tether’s umbrella do not have the same liquidity cushion as USDT, making them less resilient during times of crisis.

FTX, a defunct crypto exchange, has experienced a cybersecurity breach involving its bankruptcy case claims agent, Kroll. Limited non-sensitive customer data from specific claimants has been exposed. The exchange assures that account passwords, systems, and funds are unaffected. FTX is actively overseeing the situation and has initiated communication with affected individuals. Customers are advised to be vigilant against potential fraudulent emails posing as entities involved in bankruptcy proceedings.

Global payment giant Mastercard is ending its partnership with Binance crypto exchange in Latin America. The decision comes amid increased regulatory scrutiny of the beleaguered exchange. Starting September 22, Mastercard and Binance will wind down their four crypto card programs in Argentina, Brazil, and Colombia. Cardholders will have the opportunity to convert their Binance wallet holdings. The end of the collaboration is likely a response to Binance’s ongoing regulatory issues worldwide.

A recent survey conducted by the Certified Financial Planner Board revealed that approximately 31% of US investors would be open to following AI-generated financial advice without verifying it with another source. The survey, which polled over 1,100 adults, also found that although only 31% of respondents had received financial planning advice from AI, 80% expressed satisfaction with the experience. Interestingly, generative AI tools were preferred over social media for financial advice across all age groups. However, the CFP Board emphasized the importance of verification by a financial advisor for both AI-generated and social media-derived financial advice. The survey also indicated that only 52% of respondents were interested in receiving AI-created financial advice in the future.

Nolan Bushnell, the founder of Atari and inventor of Pong, spoke at the Digital Entertainment Leadership Forum in Hong Kong about the future of Web3 games and the concept of ownership in virtual worlds. He praised Web3 games for their ability to extend ownership into the digital landscape and predicted that games would imitate all factors of life. Bushnell also highlighted the potential of Web3 games in monetizing gameplay and their impact on education. Yat Siu, co-founder of Animoca Brands, emphasized the multiplayer ecosystem of Web3 games and the need for financial literacy among young gamers. Despite some flaws, Siu believes that Web3 gaming can make the world safer by promoting financial education.

WinRAR has released a patch for a zero-day vulnerability that allowed hackers to install malware and breach online crypto and stock trading accounts. Cybersecurity firm Group-IB discovered the vulnerability, which was exploited for four months. Hackers distributed weaponized ZIP archives on trading forums, disguising them as innocent files such as JPG images or PDF documents. Once extracted, the malware enabled threat actors to withdraw money from broker accounts. The patched vulnerability is addressed in WinRAR version 6.23, protecting crypto traders from these malicious attacks.

The online storage platform Dropbox has made changes to its storage plans after discovering that some users were utilizing the service for resource-intensive tasks such as crypto mining. Dropbox has transitioned from its unlimited Advanced plan to a metered storage plan, offering new users 15 terabytes of storage. This move comes as the company observed an increase in users consuming significantly more storage than genuine business customers. Dropbox identified crypto mining and other high-resource uses as the main culprits behind this surge. The decision is in line with similar policy changes made by Microsoft and Google.

SingularityNET and VeChain have joined forces to tackle the urgent issue of carbon emissions by leveraging the potential of AI and blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. technology. By combining VeChain’s enterprise data with SingularityNET’s advanced AI algorithms, the partnership aims to automate manual processes and provide real-time data to optimize carbon emission output and minimize pollution. This collaboration showcases the synergy between AI and blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically., offering game-changing capabilities to industries and enterprises in their pursuit of sustainability.

Australian crypto exchange Independent Reserve has partnered with PayPal to offer an on-ramp for customers to fund their crypto accounts directly with fiat from their PayPal wallet. The partnership provides investors with more choice and mitigates the risks of increasing bank restrictions against crypto exchange payments. The collaboration marks the first example of a partnership between PayPal and a cryptocurrency exchange in the APAC region. Independent Reserve CEO Adrian Przelozny praised PayPal for taking a positive approach to the crypto industry, in contrast to the risk-averse stance of traditional banks.

In the second quarter of 2023, Exodus, a multichain wallet, reported a revenue decline of 4% year-over-year, amounting to $12.4 million. Despite the decrease, the company managed to reduce costs by 6%. The majority of revenue was generated through the exchange aggregation business, while fiat onboarding revenue experienced a significant increase of 220% compared to the previous year. The top assets traded during the quarter were Bitcoin, Tether, and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.. Monthly active users decreased by 6%. Exodus also made strategic moves, including an integration with Robinhood Connect and support for Arbitrum, Optimism, and Matic staking.

Hong Kong-based crypto exchange HashKey will soon launch retail trading, allowing residents to trade Bitcoin (BTC) and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. (ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.) starting August 28. However, investors will be limited to investing up to 30% of their net worth. The exchange will assess users’ investment background and beginners will have limited purchase options. Meanwhile, China is cracking down on private blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. firms, offering bounties for their arrest and seizing their assets. This crackdown has led to the termination of several protocols and prompted Chinese Web3 founders to emigrate and recover their funds held on these platforms. In contrast, China’s government-led blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. efforts are flourishing, with the issuance of the first digital yuan central bank digital currency (e-CNY CBDC) green bond to finance a solar panel facility expansion project. Additionally, the US FBI has identified 1,580 BTC ($41 million) stolen by North Korean hackers and warned against transactions with the associated addresses. Lastly, a Chinese Bitcoin mining magnate has been sentenced to life in prison for corruption and abuse of power.