Nonfungible token (NFT) platform OpenSea says it is unaware of any evidence pointing to a former employee being involved in the infamous AnubisDAO rug pull in 2021 following new accusations on social media. In an Oct. 6 thread on X, the anonymous account NFT Ethics tagged OpenSea asking them to respond to its accusations that their former head of ventures…
South Korean cryptocurrency exchange Upbit has been targeted by hackers on more than 159,000 occasions in the first half of 2023, according to its operating firm. The figures were reported by Dunamu — the firm operating Upbit — to South Korean Representative Park Seong-jung of the People Power Party, according to an Oct. 9 report by South Korea-based Yonhap News Agency.…
Crypto developer platform Gitcoin has admitted to losing approximately $460,000 of Gitcoin (GTC) tokens after mistakenly sending the funds to an unrecoverable contract address. On Oct. 6, project lead “CoachJonathan” posted details of the incident on the Gitcoin governance forum. He said the transfer of GTC from the treasury was intended for a merchandise, memes, and marketing budget proposal. However,…
FTX’s so-called “Backstop Fund” figure was a big lie, according to the former chief technology officer of the crypto exchange. Source: https://cointelegraph.com/app/public/index.php/news/ftx-insurance-fund-sam-bankman-fried-fraud-trial-gary-wang-testimony
The top United States agency for consumer financial protection is considering applying the Electronic Fund Transfer Act (EFTA) to crypto, in an attempt to protect consumers from fraudulent crypto transfers. Speaking at an Oct. 6 payments conference by the Brookings Institution think tank, Consumer Financial Protection Bureau (CFPB) director Rohit Chopra said his agency is looking at applying the EFTA…
Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang. In a damning new testimony on Oct. 6, FTX’s former chief technology officer, Gary Wang, said that FTX’s so-called $100 million insurance…
OpenAI CEO Sam Altman has called Bitcoin (BTC) a “super logical” step on the tech tree, which is both free of government control while helping to fight corruption. “I’m excited about Bitcoin,” Altman told Joe Rogan during an Oct. 6 episode of The Joe Rogan Experience podcast. “I think this idea that we have a global currency that is outside of…
Bitcoin (BTC) scraped the bottom of the barrel in the third quarter of the year, registering a loss of 11.1% for investors, barely beating long-term treasuries, which netted -11.9% over the same timeframe. Greg Cipolaro, Global Head of Research at Bitcoin firm NYDIG, wrote about the crypto’s poor performance and how it defies recent events in the crypto space. Cipolaro…
The vast collection of Americans’ financial data by a dwindling number of large financial firms is one of the ways the United States could end up like China, warned Rohit Chopra, the head of the Consumer Finance Protection Bureau (CFPB). In a panel discussion hosted by the Brookings Institute on Friday, Chopra made his case for a fresh batch of…
The Securities and Exchange Commission is arguing that cryptocurrencies lack any “innate or inherent value” as part of their case against Coinbase in federal court—prompting eye rolls from Coinbase and crypto watchers. In response to a motion to throw out the agency’s lawsuit filed over the summer, the SEC petitioned a judge to reject Coinbase’s stance that cryptocurrency trading does…
