The U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.” Two Fraudulent Crypto Schemes The SEC announced Thursday that it has “charged a Latvian citizen…
The lead artist behind the iconic Bored Ape Yacht Club collection (BAYC), who goes by the name of All Seeing Seneca, released a new set of NFTs today at Dfinity’s Iconoclast gallery event at Art Basel Miami. The drop was much-anticipated considering BAYC’s immense success: the collection (including Mutant Apes and Bored Ape Kennel Club) has generated over $1 billion…
“Time is money, Money is time, But how are we printing money if we can’t print time?” You and I work for money. Money is meant to reflect the value of our time and energy, which becomes more scarce and valuable as we age. However, our money buys us less and less every day, which means money becomes less scarce…
Watch “Bitcoin Is A Veblen Good” On YouTube. For most products and services, there is an inverse relationship between price and demand. That is, when the price goes up, demand goes down. However, for Veblen goods, there is a direct relationship between price and demand. When the price goes up, demand for that product goes up too. This is because…
The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate. Plot of Land Next to…
The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law is supposed to produce tax…
This week in coins. Illustration by Mitchell Preffer for Decrypt. After an initially promising week, Bitcoin tanked on Friday night. Just after midnight EST, the price of the world’s biggest cryptocurrency fell to $45,033, a staggering drop of 34.5% from an all-time high of $68,790 recorded on November 10 this year. It has bounced back a little, and currently trades…
As the crypto market shed billions of dollars, El Salvador bought the dip, taking advantage of the falling price of bitcoin early Saturday morning. With the latest buy, El Salvador has purchased a total of 1,370 bitcoins altogether. According to Salvadoran president Nayib Bukele, the coins were bought seven minutes before the price of the cryptocurrency bottomed out. El Salvador…
Cross-chain asset transfer has been around for several years. The concept developed almost as soon as multiple blockchains were developed and began to gain adoption. In its initial application, the transfers focused on swaps between the chain’s native assets and tokens, which led later to several decentralized exchanges. While exchange of assets has its utility, pure transfer and movement of…
When, earlier this year, executives at an Ethereum project called Arbitrum joined a business call with a buzzy new investment firm, they didn’t mind that one of the firm’s partners was using a filter to make him look like a cat. (Yes, just like that viral video, but different!) Arbitrum’s delegates, according to people at the meeting, treated the cat…
