BTCNews

Crypto lender Blockfi is moving closer to returning funds to clients after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute the remaining assets to clients and attempt to recover additional funds. Blockfi Advances on Client Asset Reimbursement Following Chapter 11 Plan Approval With over 90% of voting creditors approving the plan, Blockfi expressed optimism about providing client recoveries relatively quickly compared to similar crypto bankruptcies. The plan confirmation comes after Blockfi originally filed for bankruptcy protection in November 2022, amid the broader crypto market downturn. Under the approved plan, Blockfi will first distribute the remaining digital assets back to clients with funds in Blockfi Wallet accounts. The company will then make an initial distribution to clients with funds in Blockfi Interest Accounts (BIAs) and retail crypto-backed loans. “Over the coming months, you will receive an e...

Bitcoin.com, one of the world’s leading cryptocurrency wallet developers and news portals, has partnered with the Busan International Film Festival as a major sponsor. The Busan International Film Festival (BIFF), held annually in South Korea, is one of the most significant film festivals in all of Asia. By sponsoring the event Bitcoin.com seeks to support artistic endeavors and reach new audiences. The 28th Busan International Film Festival will take place on October 4-13, 2023 at the Busan Cinema Center in Busan, South Korea. The festival will showcase the best of Asian cinema and feature various events and programs, such as master classes, open talks, hand-printing ceremonies, and awards ceremonies. The opening film will be Because I Hate Korea by Jang Kun-jae, and the closing film will be The Movie Emperor by Ning Hao. The festival will also honor Hong Kong star Chow Yun-fat with the Asian Filmmaker of the Year award. You can find more information about the festival on its offici...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has explained why the securities regulator is taking a litigation-heavy strategy to regulate the crypto industry. The SEC chair insisted that enforcement actions against crypto firms are not brought with a political agenda, emphasizing that he is protecting the American public. “This is a field where the American public is at risk and being harmed every day on these platforms that are commingling and often trading against their customers,” he cautioned. Gensler Reveals Why SEC Focuses on Litigation in Regulating Crypto The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified before the House Financial Services Committee on Wednesday. During the hearing, several members of Congress raised questions about cryptocurrency and the regulation of crypto tokens. Congressman John Rose (R-TN) asked Gensler: “Regarding cryptocurrencies … I’m interested in why you have pursued a litigation-hea...

The U.S. Securities and Exchange Commission’s former head of internet enforcement says former U.S. President Donald Trump’s anti-crypto stance may change dramatically . He further predicted that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, at a minimum, approve a bitcoin exchange-traded fund (ETF) and “may even slow down considerably SEC crypto-related enforcement efforts.” Former SEC Official on Donald Trump’s Anti-Crypto Stance Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has argued that former President Donald Trump could “dramatically” change his position on cryptocurrencies. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Trump is running for president in 2024. “Former President Trump is on record as being strongly anti-bitcoin and anti-c...

Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin will “become priceless” when the Federal Reserve launches a central bank digital currency (CBDC). He warned that privacy will be destroyed, emphasizing that “Big Brother will be watching.” The famous author urged investors to start accumulating bitcoin now “before it’s too late.” Robert Kiyosaki’s CBDC Warning, Urges Investors to Start Saving Bitcoin Now The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned about the risks of the Fed launching a central bank digital currency (CBDC). Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki explained in a post on social media platform X Friday that the Federal Reserve’s central bank digital currency is coming and when that happens, privacy will be gone. “B...

Chainlink rose for a fourth straight day to start the weekend, as the price surged by as much as 7% in today’s session. The move pushed the token to a two-month high, breaking out of a key resistance level in the process. Solana extended recent gains on Saturday. Chainlink (LINK) Chainlink (LINK) rose by as much as 7% in today’s session, as the token climbed to a two-month peak. LINK/USD raced to an intraday high of $8.21 to start the weekend, which comes a day after falling to a low of $7.69. As a result of the rally, chainlink climbed to its highest level since July 22, when the price peaked at $8.37. From the chart, it appears that the move occurred after bulls orchestrated a breakout of a ceiling at $8.10. This gain also pushed the relative strength index (RSI) into the overbought region, with a current reading of 74.28. Bears may see this as an opportunity to trigger a price reversal, with a ceiling of 75.00 as a potential entry point. Solana (SOL) Solana (SOL) remained ...

The Israel Land Authority has called for blockchain experts to determine the different applications of distributed ledger technology in real estate. Implementing this technology could ostensibly present several advantages compared to traditional real estate transactions, which are qualified by Israeli media as being “time-consuming” and having high operational fees. Israel Examines Blockchain Real Estate Opportunities Israel is mulling the application of blockchain tech in the real estate sector. According to Israeli media , the national Land Authority has called for blockchain experts to examine the various applications of blockchain in the real estate sector, and how it might benefit from such implementations. Some of the applications that the Israeli Land Authority believes blockchain tech might expedite include registration of property and license management, selling and purchasing property using smart contracts, and the creation of a blockchain resident national property regis...

The city of Buenos Aires has announced that it will roll out a blockchain-based, privacy-focused digital ID wallet starting in October. The Quarkid project, previously known as Tangoid, will allow its users to download a “self-sovereign” wallet to hold their birth and marriage certificates, with more digital documents to be added later this year. Buenos Aires to Roll Out Blockchain-Based ID Program The City of Buenos Aires government announced the deployment of a digital, blockchain-based “self-sovereign” ID project for its citizens. The wallet, called Quarkid, formerly known as Tangoid and scheduled to be operating by last January, will supposedly allow its users to exert full ownership of their data, granting only trusted and permissioned third parties access. The Quarkid wallet will use Zksync Era, a zero-knowledge (ZK) Ethereum L2 (Layer 2) protocol, as its base, allowing the use of this kind of mathematical proof for privacy and confidentiality purposes. Quarkid was co-creat...

A calendar has been set for the upcoming trial of United States v. Bankman-Fried, with jury selection beginning October 3, 2023. The FTX founder, Sam Bankman-Fried, was denied temporary release from prison but will be allowed to use an “air-gapped,” internet-disabled laptop for note-taking in the courtroom. In the coming month and a half, the public will likely hear testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison, Nishad Singh, and Ryan Salame. The Bankman-Fried Trial Kickoff Next week, the co-founder and former FTX CEO Sam Bankman-Fried is set to face trial following charges leveled by the U.S. government. The litany of accusations against him includes wire fraud conspiracy, wire fraud, commodities fraud conspiracy, securities fraud conspiracy, and money laundering. The charges are associated with FTX’s collapse after the once-$32 billion crypto empire failed in November 2022. Bankman-Fried is the only one named in the lawsuit and on September 2...

U.S. Securities and Exchange Commission (SEC) has postponed its decisions on the spot bitcoin exchange-traded funds (ETFs) proposed by several companies. The delays of the applications of financial powerhouse Blackrock, asset manager Valkyrie and others come ahead of an expected government shutdown that would affect the SEC. U.S. Securities Regulator Pushes Back Verdicts on Multiple Bitcoin ETF Applications The future of a number of attempts to issue spot bitcoin ETFs in the United States remains unclear after the country’s regulatory body overseeing the securities market delayed its decisions again. The move concerns the high-profile application of investment giant Blackrock as well as those of Valkyrie, Bitwise, and Invesco, according to filings on Thursday. The development follows the postponing of the verdict on the Ark 21shares and Global X spot bitcoin ETFs earlier this week. The first was jointly proposed by Cboe BZX Exchange, 21shares, and Ark Invest, while the second was...

Virginia’s Democratic representative Don Beyer has ushered in a fresh bill mandating the documentation of off-chain transactions and over-the-counter (OTC) crypto engagements by cryptocurrency exchanges, to be catalogued in a repository under the purview of the U.S. Commodity Futures Trading Commission. New Legislation Targets Off-Chain Transfers in Crypto Industry Representative Don Beyer (D-VA), has unveiled a new legislative piece reportedly aimed at safeguarding stakeholders in the digital assets arena. Titled the “Off-Chain Digital Commodity Transaction Reporting Act,” this bill mandates “trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC).” Beyer posits that crypto trading platforms bear the responsibility for “reporting all such transactions to a registered digital asset repository of transactions as soon as technically practicable after the execution of each such transaction.” Under Beyer’s legislatio...

Reports indicate that the U.S. Central Intelligence Agency is poised to unveil a generative artificial intelligence (AI) tool, akin to Openai’s Chatgpt, to significantly enhance investigative efforts. Randy Nixon, the head of the CIA’s Open-Source Enterprise division, explained that this innovation will empower users to effortlessly trace back to the original sources of the information they are amassing. CIA Eyes Generative AI Technology The CIA is on track to unveil a generative AI chatbot, echoing the capabilities of OpenAI’s Chatgpt or Anthropic’s Claude. The spotlight on AI has intensified in 2023, and the U.S. government’s intelligence arm is gearing up to launch its distinct AI asset. This tool, however, will remain off-limits to U.S. bureaucrats and the general populace, with Nixon emphasizing its stringent adherence to privacy laws. “We’ve gone from newspapers and radio, to newspapers and television, to newspapers and cable television, to basic internet, to big data, and i...

The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national crypto association, is asking Sunacrip to open communication channels with the community affected by its actions. Venezuelan Government Extends Sunacrip Intervention by Six Months The Venezuelan government has announced the extension of the restructuring of Sunacrip, the cryptocurrency watchdog of the country, by six months more. The executive order, which extended the intervention, also ratified each member of the restructuring board in their charges. Sunacrip will now have until next March to complete its restructuring processes. Sunacrip was intervened in March due to the arrest of its former head, Joselit Ramirez, who was arrested due to alleged links with a corruption scheme where the institution would have served as an intermedia...

Crypto exchange Binance is closing down all exchange services and business lines in Russia. The company has entered into a sales agreement with Commex. A Binance executive explained that operating in Russia is not compatible with the company’s compliance strategy. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” he emphasized. Binance Fully Exiting Russia Cryptocurrency exchange Binance announced Wednesday that it will fully exit Russia. According to the announcement: “ has entered into an agreement to sell the entirety of its Russia business to Commex.” According to its website, Commex is “a centralized cryptocurrency exchange backed by top-tier crypto VC.” Binance added that to “ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.” Noting that the financial details of the deal will not be disclosed, the crypto exchange str...

Coinbase CEO Brian Armstrong has slammed JPMorgan’s British retail bank, Chase UK, for changing its policy to block all crypto-related payments. Calling the move by Chase “totally inappropriate,” the Coinbase boss said: “UK crypto holders should close their Chase accounts if this is how they’re going to be treated.” Meanwhile, the British government is striving to make the U.K. a global crypto hub. Coinbase’s CEO Slams Chase Bank Over Anti-Crypto Policy The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, publicly criticized JPMorgan’s British retail bank, Chase UK, on Wednesday for changing its policy to block all crypto-related payments. The Coinbase executive wrote on social media platform X: Totally inappropriate behavior from Chase UK (this is their UK bank only is my understanding) … UK crypto holders should close their Chase accounts if this is how they’re going to be treated. Armstrong also alerted British Prime Minister Rishi Sunak and Member of...

Economist Peter Schiff has warned of an impending biggest bond market crash in U.S. history. “The coming economic and financial crisis will be unprecedented in size,” he added. “The stagflation nightmare will soon be a full-blown reality. Very few investors are actually prepared for this outcome,” he further cautioned. Peter Schiff’s Latest Economic Warnings Economist and gold bug Peter Schiff issued more warnings about the U.S. economy and the U.S. dollar in multiple posts on social media platform X over the past few days. He wrote on Wednesday: We are still early in what will become the biggest bond market crash in U.S. history. Given that the U.S. economy is more levered now than at any time in history (governments, corporations, and individuals), the coming economic and financial crisis will be unprecedented in size. “The financial crisis we are about to experience will be much worse than anything that happened in 2008, yet Wall Street and the Fed are even more clueless now ...

Ethereum climbed to a fresh one-week high on Thursday, as bulls kept price above a key resistance level. The move comes despite cryptocurrencies mostly consolidating in today’s session, following Wednesday’s rally. Bitcoin was marginally lower, retreating from recent gains. Bitcoin Bitcoin edged marginally lower on Thursday, as crypto markets consolidated, following strong gains the day prior. BTC /USD dropped to an intraday low of $26,111.46, less than 24 hours after nearing a breakout above the $27,000 level. Overall, it appears that traders have opted to secure gains, abandoning their positions as markets neared a point of uncertainty. Looking at the chart, this area appears to be 51.00 on the 14-day relative strength index (RSI). As of writing, price strength is tracking at the 49.64 level, with bitcoin now trading at $26,481.46. Should bulls navigate a surge beyond this point, there is a good chance that price could move back above $27,000. Ethereum Ethereum ( ETH ) peak...

Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods. China Allows Foreign Users of Its Digital Yuan to Preload Their E-CNY Wallets The operators of China’s central bank digital currency (CBDC) platform have upgraded its payment services to make the process of spending the digital yuan (e-CNY) more user-friendly to foreign nationals visiting the country, the state-run China.org.cn portal informed readers. The newly introduced “recharge before use” feature on the digital yuan app allows visitors to replenish the built-in e-CNY wallet using the online services of the leading global payment networks Visa and Mastercard. Foreigners can also load the Chinese digital currency wallet by depositing cash in a bank office. At the end of their stay,...

Layer one (L1) and layer two (L2) blockchains offer different approaches to scaling distributed ledger networks. While developers of L1 blockchains focus on improving the base protocol, L2 programmers have moved transactions off-chain to enable faster and cheaper transactions. What Are Layer One Blockchains? Layer one or L1 refers to a base blockchain protocol like Bitcoin or Ethereum. These networks operate on a decentralized ledger secured by proof-of-work (PoW) mining or proof-of-stake (PoS) staking . L1 chains such as Bitcoin and Ethereum offer unparalleled security. However, during peak times, both of these chains grapple with sluggish transaction speeds and steep fees. Developers from several L1 networks are working to improve layer one scaling through methods like increasing block size, sharding , and introducing proof-of-stake consensus. However, substantial layer one upgrades require coordination among node operators and can take years to implement. Some blockchains inte...

U.S. authorities are seeking to recover cryptocurrencies linked to the popular pig-butchering crypto scam. “Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized,” the United States Attorney’s Office for the District of Massachusetts has revealed. US Continues to Crack Down on Pig-Butchering Crypto Scam The United States Attorney’s Office for the District of Massachusetts announced Tuesday that it has filed “a civil forfeiture action to recover cryptocurrency alleged to be the proceeds of a ‘pig-butchering’ fraud scheme targeting a Massachusetts resident and involved in money laundering.” The announcement details: Specifically, the government seeks to forfeit 412,543.555 tether ( USDT ) and 100.896 Binance coin ( BNB ) seized from two accounts located at Binance.com, a cryptocurrency exchange and custodian. The U.S. Attorney’s Office added: “Collectively, this cryptocurrency has a current estimate...

JPMorgan Chase CEO Jamie Dimon has expressed concerns about the Federal Reserve potentially raising interest rates to 7% and that the U.S. economy could experience stagflation. “I am not sure if the world is prepared for 7%,” he stressed, adding that there is “a range of outcomes.” Jamie Dimon’s Economic Warnings The CEO of JPMorgan Chase, Jamie Dimon, discussed various aspects of the U.S. economy, including the impact of further interest rate hikes, in an interview with the Times of India, published Tuesday. When asked about the possibility of a hard landing in the U.S., the JPMorgan boss replied: “No one knows. There is a range of outcomes. It will be affected by everything else — Ukraine, oil, gas, war, Europe.” The executive added: “I would be cautious … We have to deal with all these serious issues over time, and the deficits can’t continue forever. So rates may go up more. But I hope and pray there is a soft landing.” Dimon explained: “When rates go up sharply, there is stre...

Four U.S. lawmakers have called on the U.S. Securities and Exchange Commission (SEC) to immediately approve spot bitcoin exchange-traded funds (ETFs). “Following the Court of Appeals’ decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards … We urge you to approve the listing of spot bitcoin ETPs immediately,” the lawmakers told SEC Chair Gary Gensler. Lawmakers Want Spot Bitcoin ETFs Approved U.S. Representatives Mike Flood (R-NE), Tom Emmer (R-MN), Wiley Nickel (D-NC), and Ritchie Torres (D-NY) sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Tuesday urging the regulator to immediately approve applications for spot bitcoin exchange-traded funds (ETFs). The lawmakers wrote: We write to ensure the Securities and Exchange Commission (SEC) does not continue to discriminate against spot bitcoin exchange traded products (ETPs). The letter cites a recent decision by the Court of Appeals ...

The Bank of Tanzania said on Sept. 25 that it has kickstarted an initiative that seeks to boost the country’s foreign exchange reserves by buying gold with local currency. The bank said its objective is to acquire six tonnes of gold from miners and traders in 2023 alone. The Tanzanian Gold Reserve The Tanzanian central bank said on Sept. 25 that it had commenced the so-called domestic gold purchasing program which aims to boost the country’s foreign exchange reserves. According to a report in The Chanzo Initiative, the start of the gold-buying program came nearly six months after the Tanzanian government unveiled the process to launch the gold reserve. In a video update shared a few days before the Sept. 25 announcement, the Bank of Tanzania (BOT) governor Emmanuel Tutuba said the institution had already bought some 418 kilograms of gold. However, the commodity was subsequently sold and the revenues generated have since been transferred to the country’s forex reserves. The centra...