Tag Archives: AA News

Global payments giant PayPal has deepened its footsteps into the crypto industry by launching a dollar-backed stablecoin dubbed PayPal USD (PYUSD). The move makes PayPal one of the first large U.S. financial companies to launch its own stablecoin despite regulatory uncertainty around crypto assets in the country.  As a USD-pegged stablecoin, PayPal USD maintains a fixed value to the U.S. dollar, and it will be issued by the popular white-label stablecoin maker Paxos Trust...

According to data from Switzerland-based investment adviser 21e6 Capital AG, around 13% of crypto hedge funds have shut down so far this year. The reasons for the closures were weak performance and difficulties in accessing banking services. Furthermore, crypto funds generated, on average, around 15% returns in the first half of 2023. They have been underperforming Bitcoin, which gained 77% over the same period. Crypto hedge funds suffer from lagging performance to Bitcoin...

The payment technology firm Block (formerly known as Square) revealed that its bitcoin revenue for the second quarter was approximately 34% more than the figure reported in Q2, 2022.  The company, spearheaded by Twitter’s former CEO Jack Dorsey, is a main player on the crypto scene, owning over 8,000 BTC.  Q2’s Solid Numbers Block revealed that its mobile application that enables monetary transfers – Cash App – generated a bitcoin revenue of $2.39 billion in Q2, 2023. The sum...

A resident of Eden Prairie, Minnesota, whose name was undisclosed, has reportedly parted with $9.2 million after falling prey in a typical cryptocurrency romance fraud.  The local police said it has never investigated a crypto-related scam where individuals have lost such a substantial sum. The Multi-Million Scheme As reported by Star Tribune, the man started chatting with a mysterious woman on LinkedIn who urged him to invest in a dubious cryptocurrency project called...

According to Goldman Sachs’ economists Joseph Briggs and Devesh Kodnani, investments related to Artificial Intelligence (AI) could climb to the astonishing $200 billion by 2025. They also argued that the United States of America is well-positioned to become the global center of that technology. AI Could Impact the Economy Goldman Sachs Research, conducted by Briggs and Kodnani, estimated that Artificial intelligence has “enormous economic potential” and could potentially aid...

But it’s also understandable that FTX creditors are looking for a less stinky exit. The FTX 2.0 reboot proposal is in the reorganization plan filed Monday, July 31. FTX 2.0 Exchange Plans Have High Hopes News of the filing caused FTT tokens to spike from $1.34 to 1.55. But soon after, they settled even lower than before. Anyone holding FTT tokens and scanning like a hawk for the opportunity had a brief window to sell with some cushion. As it turns out, the idea has several...

Lawyers for Coinbase Global asked a U.S. judge Friday to dismiss a suit by the Securities and Exchange Commission. They brought the arguments to back up their request. Coinbase lawyers ask judge to dismiss SEC lawsuit The SEC lawsuit filed June 6, alleges the crypto exchange is an unregistered securities broker and exchange. In the motion to dismiss the suit, Coinbase says: “The SEC misreads Howey in asserting that a ‘scheme’ without a contractual undertaking will suffice.”...

Bitcoin miners have had a rocky start in 2023 after being battered by a severe market downturn the previous year. But as prices recovered over the last several months, they have been at significant capacity, according to Bernstein. The brokerage firm’s latest report weighs in on how large miners are poised to reap substantial benefits from such a growing trend. Where do Miners Stand Ahead of Bitcoin Halving? The report suggests that the 16 largest publicly listed mining firms...

The House Financial Services Committee (HFSC) approved a slew of proposals related to digital asset regulation last month, of which any could be the first piece of crypto-specific legislation signed into U.S. federal law. Here’s a summary of the differences between the most important bills, and what each could mean for crypto as a whole. 4 Crypto Bills: A Summary One of the most high-profile bills to score approval was the Financial Innovation and Technology for the 21st...

Blackberry has detected several malware families that are being used to run massive campaigns for stealing crypto from devices. In the August edition of ‘The BlackBerry Global Threat Intelligence Report,’ the former titan of the smartphone industry found that finance, healthcare, and government are the top three industries with the highest distribution of cyberattacks. Malware Everywhere From March 2023 to May 2023, BlackBerry’s cybersecurity solutions managed to stop over...