Tag Archives: social

The residents of Massachusetts – Erig Meiggs and Declan Harrington – will go to jail for two years for stealing approximately $330,000 worth of cryptocurrency from victims. The criminals employed multiple techniques to drain assets, including “SIM swapping” and computer hacking. Fraudulent schemes involving digital assets have been on the rise lately in the USA. At the end of August, the authorities charged the Miami trio – Esteban Cabrera Da Corte, Luis Hernandez Gonzalez,...

Last year’s NFT gold rush marked the ascent of OpenSea into a $13 billion company, but its competitors have been increasingly capturing market share. A new report suggests the transition of a previously monopolistic non-fungible token (NFT) market into an oligopoly. OpenSea Faces Stiff Competition According to the latest edition of Binance’s Market Pulse, NFTs had a bad quarter throughout the board in Q3 of 2022. While OpenSea is still the leading exchange, the biggest...

The crypto industry showed a mild recovery in Q3 after taking a significant plunge amid volatile conditions over the first half of 2022.  According to the latest quarterly report published by cryptocurrency aggregator CoinGecko, the overall crypto market cap increased by 6.5%, about $100 billion, in Q3 compared to Q2. Bitcoin Outperformed Other Assets  Despite having a choppy Q3, BTC outperformed every asset class except the U.S. dollar Index, which measures the exchange rate...

The US-based cryptocurrency exchange – Kraken – joined the list of platforms restricting services to Russian consumers. The decision comes as a result of the latest sanctions that the European Union (EU) imposed on the largest country by landmass for its invasion of Ukraine. Other trading venues that have already ended ties with Russian users include BlockchainCom, CryptoCom, and more. Russia’s military campaign in Ukraine, which started in February, caused the Western world...

Earlier this week, the crypto billionaire riled the industry by suggesting ways to confront the legal and hacking woes plaguing the ecosystem. Erik Voorhees, ShapeShift co-founder, is the latest one to detail concerns regarding the draft. The OFAC Conundrum While Voorhees noted that rules are important and that “voluntarily-adopted” standards are noble because they are achieved through coercion and violence, not consent and market forces, the same cannot be said for...

United States-based cryptocurrency exchange FTX.US was approved by the bankruptcy court to enter the asset purchase agreement with the bankrupt crypto lender, Voyager. According to the official announcement, FTX.US is valued at nearly $1.422 billion. Voyager said it will move forward with a customer vote on the broader recovery plan, which entails the implementation of the sale to the crypto exchange. The voting deadline on the same is scheduled for November 29. The embattled...

Bitcoin continues to trade without any substantial moves in either direction on low trading volumes, similar to previous weekends. Most alternative coins sit quietly as well, with ETC and APT being among the few exceptions, posting notable gains. Bitcoin Stalls at $19K The past seven days were significantly less volatile than the previous week, in which BTC went from $19,000 to $18,200 and up to $20,000 in a matter of 24 hours after the latest US CPI numbers came out....

Cardano’s price took turn for the worse after the much-anticipated Vasil upgrade, as it fell to the lowest level since February 2021. ADA is currently on the way to posting the seventh red monthly candle in a row. The ADA price correction gained traction in the wake of a downtrend across the digital asset market spurred by the Federal Reserve’s aggressive interest rate hikes to suppress rising inflation. In fact, ADA declined by over 20% since the hard fork, which aimed at...

The person who stole unreleased songs by Ed Sheeran and other musicians has been sent to prison for a year and a half. He sold at least two of Sheeran’s songs on the dark web in exchange for bitcoin. Jailed After Selling Unreleased Songs The investigation began in 2019 when several musical agents complained to the New York District Attorney that someone had exploited the online accounts of some of their clients. The unknown hacker, called Spirdark, began stealing unreleased...

The United States Department of Justice (DOJ) has sued Larry Dean Harmon, the founder of defunct cryptocurrency mixer Helix, for failing to pay a civil penalty of $60 million since his indictment in 2020.  The lawsuit was filed in the U.S. District Court for the District of Columbia on Wednesday. According to the filing, the $60 million fine was imposed on Harmon after he pled guilty to charges against him in 2020. Helix Laundered Over $300M In December 2019, the Financial...