Gary Gensler, chair of the Securities and Exchange Commission, took yet another shot at the crypto industry in a speech Monday, critiquing what he perceives to be the disproportionate power wielded in the sector by centralized cryptocurrency exchanges. Gensler’s comments, made on Monday before the annual meeting of the Securities Industry and Financial Markets Association—a prominent trade group representing securities…
The U.S. Department of Justice has accused two Chinese intelligence officers of obstruction of justice for allegedly attempting to bribe a U.S. government employee with $61,000 in Bitcoin to steal documents related to an investigation into a China-based company. “The Justice Department will not tolerate attempts by any foreign power to undermine the rule of law upon which our democracy…
Nokia, one of the first companies to manufacture a consumer-grade mobile phone system, now believes the metaverse will cause phones to become deprecated. These metaverse experiences will be powered by the use of virtual reality (VR) headsets and augmented reality glasses, and will allow users to interact in several activities. Industrial usage will also be significant. Nokia Predicts the Fall…
Coinbase will custody $1.6 billion worth of MarkerDAO’s USD Coin (USDC) treasury with its institutional-grade service, allowing the DAO to earn up to 1.5% rewards on the funds. The proposal was ratified with 75% of the votes in favor on Monday afternoon after Coinbase Institutional submitted it on September 6. The USDC represents one-third of the treasury backing the Peg…
Apple continues to clarify its controversial stance on NFTs. The tech giant published updates to its App Store Review Guidelines on Monday with new language surrounding NFTs, according to Apple Insider. In short, NFTs are allowed to exist within apps on the App Store—but they can’t unlock additional features or content. “Apps may use in-app purchase to sell and sell…
The global Bitcoin (BTC) payments market will reach $3.7 billion by 2031, registering a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector expansion, forecasted Allied Market Research in a report published on Oct. 24. According to the document, operational demand for efficiency and transparency in payments systems, along with…
NEAR Protocol’s stablecoin is being shut down after it began to exhibit risky characteristics similar to those observed with TerraUSD, a cryptocurrency that spectacularly failed this year and lost investors billions of dollars. Ethereum competitor NEAR is a popular blockchain for building decentralized apps (dapps) and minting NFTs. Since April, it has had its own stablecoin, USN, which was issued…
In brief Secondary market sales of Reddit’s Polygon-based avatars are surging today as prices rise and more NFTs are trading. Reddit revealed last week that over 3 million Polygon wallets have been created by users to collect the NFTs. Online message board community Reddit has proven to be a significant force for NFT adoption, as an executive revealed last week…
On Monday, the Polygon-based decentralized exchange (dex) Quickswap lost $220K in a flash loan exploit and following the attack, the team detailed the Quickswap Lend platform will be terminated. Quickswap Hacked for $220K, Dex Project Sunsets Lending Platform 2022 has been quite the year for decentralized finance (defi) hacks as billions have been stolen due to mistakes, flash loans, faulty…
Two intelligence officers from the People’s Republic of China (PRC) attempted to bribe a U.S. intelligence agent with $61,000 in bitcoin, per a release from the Justice Department. “Today’s complaint underscores the unrelenting efforts of the PRC government to undermine the rule of law,” stated United States Attorney Breon Peace. “As alleged, the case involves an effort by PRC intelligence…
