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Bhushan Akolkar

Articles by Bhushan Akolkar

US Prosecutors Reach New Bail Agreement with Lawyers of FTX founder Sam Bankman-Fried

1 day ago

As per the proposed conditions, FTX founder Sam Bankman-Fried will get a new phone with no internet capability limited to voice calls and text messages.

On Monday, March 27, lawyers of FTX’s disgraced founder Sam Bankman-Fried said that they have reached an agreement with US prosecutors over the new bail conditions. This development comes as the judge raised the prospect of sending SBF to jail pending trial.
The newly proposed conditions have been submitted for approval to District Judge Lewis Kaplan of the Southern District of New York. These conditions state that FTX founder Sam Bankman-Fried will get a new phone with no internet capability limited to voice calls and text messages. Besides, he shall also get a laptop with limited functionality that will allow him access only to the

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Parts of Twitter Source Code Leaked Online

1 day ago

As per court filing, Twitter has issued a subpoena and asked GitHub to disclose “name(s), address(es), telephone number(s), email address(es), social media profile data, and IP address(es)” linked to the handle behind the source code theft.

As per a legal court filing, some parts of Twitter’s source code have been leaked as Elon Musk‘s Twitter is now seeking information about the responsible person.
Last week on March 24, Twitter issued a subpoena to the software collaboration platform GitHub for a user identified as “FreeSpeechEnthusiast”. The user had reportedly shared excerpts of Twitter’s source code without permission. In the court documents, the Twitter counsel said that the purpose of this subpoena was to identify the users responsible for sharing this source code.

As a

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Coinbase Working on Inflation-pegged Flatcoins over Its New Base Network

2 days ago

Coinbase asked developers to work on an inflation-tracking stablecoin that can serve as a hedge to the poor monetary policy decisions of the central bank.

Crypto exchange Coinbase has been working on some key projects and one of them includes inflation-pegged flatcoins to be built over its recently launched Layer-2 network Base.
Coinbase sees flatcoins as one of the four critical innovations in the future of crypto. The other three projects include on-chain limit order book (LOB) exchange, an on-chain reputation system, and tools that make DeFi ecosystem safer.

Last month, crypto exchange Coinbase launched the Base Network, a network secured by Ethereum and powered by fellow layer-2 network Optimism. Last week, Coinbase spoke of the above four areas where they would like developers

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FTX Debtors Agree to $95M Stake Sale in Mysten Labs to Shore Up Funds

5 days ago

As part of the agreement, debtors will sell roughly $95 million worth of preferred stock back to Mysten Labs in addition to $1 million in SUI tokens.

On Thursday, March 23, debtors of the collapsed crypto exchange FTX filed a motion in the bankruptcy court seeking a $95 million stake in the Delaware-based Web3 firm Mysten Labs.
Crypto exchange FTX has been surviving to pay its customers impacted by the collapse of the exchange last year in November 2022. Before it fall, FTX had paid $101 million last year for the preferred shares of Mysten Labs and also led a funding round valuing the Web3 firm at more than $2 billion.

Mysten Labs is a Proof-of-Stake blockchain that runs on an open-source programming language called Move with its native cryptocurrency dubbed SUI tokens. The Web3

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Bitcoin (BTC) Could Touch New All-Time High of $100,000 This Year

6 days ago

Some crypto industry insiders believe that BTC price can surge to its previous all-time high of $69,000 and even beyond to $100,000.

The world’s largest cryptocurrency Bitcoin (BTC) has already delivered a solid performance this year so far outperforming all other asset classes by a considerable margin. Currently, Bitcoin is trading at $27,708 with a market cap of $535 billion. At this current price, the BTC price is up already 70% from January 1, 2023.
The fact that this Bitcoin performance comes despite cracks in the global banking system is exemplary. This has forced several analysts to turn bullish. In fact, some analysts are bullish to a point that they are expecting Bitcoin to hit a new all-time high this year in 2023.

CNBC spoke to some crypto industry insiders one of them

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Google Challenges OpenAI by Opening Early Access to ChatGPT Rival Bard

7 days ago

Currently, Google Bard is available to a few select customers in the US and UK. As per Google, Bard is “an early experiment … intended to help people boost their productivity, accelerate their ideas, and fuel their curiosity”

On Tuesday, March 21, tech giant Google opened access to its AI chatbot tool Bard, which directly competes with OpenAI’s ChatGPT. However, this is limited access and Bard will be initially available only to selected users in the US and UK, who can join a waitlist at
Similar to ChatGPT, Bard will allow users to outline and write essay drafts and provide users with ideas for almost anything and everything. Many across the world have already tried their hands with ChatGPT and witnessed how effectively these AI chatbots function.

However, Google

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Google Suspends China’s Pinduoduo App from Play Store Citing Malware Issues

8 days ago

The Pinduoduo app serves more than 700 million people every month. Google has no word on when it will get the app back on the Play Store.

On Tuesday, March 21, tech giant Google announced the suspension of the Chinese e-commerce app Pinduoduo citing that they discovered malware in the unsanctioned versions of the software.
Google Suspends Pinduoduo App
As a security precaution, the Play Store version of Pinduoduo is no longer available for download. This development comes at a time when American lawmakers have accused Chinese-owned apps such as TikTok of threatening national security.

Pinduoduo is one of the biggest online retailers in China, and this is a one-of-its-kind move by Google to freeze downloads of an app of this size. On Tuesday, Google warned users to uninstall the

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US Supreme Court All Set to Hear First Crypto Case on Tuesday

8 days ago

In the appeal to Supreme Court, crypto exchange Coinbase is willing to send the two lawsuits – Bielski v. Coinbase and Suski v. Coinbase – into arbitration.

On Tuesday, March 21, the US Supreme court is all set to hear its first-ever crypto case in history. Nine chief justices will hear the plea from lawyers representing crypto exchange Coinbase asking to pause a pair of class-action lawsuits against the crypto trading platform.
However, this case is not quite on the technicalities or the legality of crypto matters. Instead, the case involves a procedural argument on whether a lawsuit should proceed in the federal case. In this case, crypto exchange Coinbase is attempting to send the dispute to arbitration.

Arbitration is a method of out-of-court dispute resolution wherein the odds

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Hacker of Euler Finance Sends 100 ETH to a North Korean Address

9 days ago

As per blockchain intelligence firm Chainalysis, Euler Finance transferred a total of 100 ETH to an address having links to North Korea.

Another major hack rocked the decentralized finance (DeFi) market last week in March. The attack on DeFi protocol Euler Finance drained a massive $197 million making it the biggest DeFi hack in 2023 so far.
While tracking the details of the movement of hacked funds, it turns out that the hack could be linked to North Korea. Among the series of transfers made by the hacker, one transaction of 100 ETH involves the movement of funds to an address linked to North Korean actors.

Chainalysis, the blockchain investigating platform identified that 100 ETH from Euler’s stolen funds have been moved to an address flagged in a previous hack having links to

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FDIC Announces Sale of Signature Bank Assets to New York Community Bancorp

9 days ago

FDIC said that the deal between Signature and Flagstar would cost the Deposit Insurance Fund an estimated $2.5 billion.

On Sunday, March 19, the Federal Deposit Insurance Corporation announced that Flagstar Bank, a subsidiary of the New York Community Bancorp, has entered an agreement with US regulators to secure the deposits and loans from Signature Bank, which announced shutdown a week back. The FDIC said that roughly $4 billion of Signature Bank’s deposits and $60 billion worth of loans would remain with it in receivership. However, Flagstar Bank will only undertake non-crypto deposits from Signature Bank.
This, that Signature Bank depositors, other than those related to the digital assets banking business, will automatically become depositors of Flagstar. Thus, they remain insured

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Fed Swells Its Balance Sheet by $300 Billion in Wake of Crisis, All Monetary Tightening Efforts in Vain?

12 days ago

As the Fed intervenes in order to prevent a crisis in the US banking system, analysts answer whether the Fed has chosen to pivot from its quantitative tightening measures.

The banking crisis last week in the US pushed Wall Street to the edge giving glimpses of yet another 2008-like financial crisis. However, the Fed and other agencies intervened pumping a fresh $300 billion into the economy and thus increasing its balance sheet.
This has served as a temporary oxygen to the global market as all the top-three US indices gained significantly on Thursday, March 16. This $300 billion came from the Fed’s emergency liquidity facility and shall help the troubled banks to meet their short-term liquidity needs.

The US banks borrowed approximately $164 billion combined from the Federal

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This US Lawmaker Says Signature Bank Collapse Was Due to Instability in Crypto

12 days ago

Senator Michael Bennet from Colorado said that Signature Bank didn’t make “prudentially sound” decisions while dealing with crypto. Other US lawmakers believe crypto is being made a scapegoat in the failed banking policies of the Fed.

Michael Bennet, the United States Senator from Colorado, recently opened up about the shutting down of crypto-friendly Signature Bank, with the intervention of the Fed and the FDIC.
He said that the bank with crypto clients didn’t make “prudentially sound” decisions while functioning. Speaking before the Senate Finance Committee on Thursday, March 16, Bennet spoke about the close of Signature Bank in discussion with US Treasury Secretary Janet Yellen.

During his discussion, Bennet drew a comparison between the relationship between banks and crypto

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Cathie Wood’s Ark Invest Raises $16 Million for Another Crypto Fund

13 days ago

Cathie Wood praised crypto assets for proving to be safe havens as crisis unfolded in the US banking system last week.

Ark Investment‘s Cathie Wood is known for making some of the bold bets in crypto. Even during the strong downfall of 2022, Cathie Wood has been a regular investor in crypto companies like Coinbase.
In another such development, ARK Investment Management LLC managed to raise a staggering $16 million from investors for a new crypto-focused investments fund. On Wednesday, March 15, the filings submitted to the US Securities and Exchange Commission (SEC) show that the ARK Crypto Revolutions Cayman Fund LLC raised close to $9 million from one investor. Similarly, Delaware incorporated ARK Crypto Revolutions US Fund LLC raised another $7 million from nine listed investors.

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