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🇳🇬 Nigeria Law Enforcement Nab Politician Who Laundered Funds Stolen From Crypto Exchange
🔗 The Nigerian police have arrested a politician who is accused of seeking to launder digital assets that were stolen from the crypto exchange platform Patricia Technologies earlier this year. According to the police, Wilfred Bonse had fraudulently transferred more than $60,000 from the $750,000 in stolen funds to his bank account.
❗️Patricia lost digital assets worth more than $2 million after hackers breached its platform. The theft left the crypto platform with a financial hole which forced Patricia to seek funds to refund affected users.
❕ In his remarks after announcing the politician’s arrest, Prince Olumuyiwa Adejobi, the spokesperson for the Nigerian police, said:
❕ Having registered his involvement in the complex crime. Wilfred Bonse, conspired in laundering the sum of Fifty Million Naira (N50,000,000) originating from the fraudulent diversion of Six Hundred and Seven Million Naira (N607,000,000) from Patricia Technology company’s account to his bank account through a cryptocurrency wallet.
➡️ The spokesperson, however, said investigations are still ongoing and vowed to bring those behind the hacking to justice.
❌ In a post on X (formerly Twitter), Patricia praised Nigerian law enforcement agencies behind Bonse’s arrest. The CEO Hanu Fejiro said the recovered funds will “go a long way to soothe Patricia users.”
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🇷🇺 Report: US Crypto Exchange Coinbase Fined for Refusing to Localize Russian Users’ Data
➡️ A court in Russia recently imposed a fine of just over $11,000 on the U.S. cryptocurrency exchange Coinbase. The court said the fine relates to Coinbase’s alleged refusal to localize data on Russian nationals who use the crypto exchange platform.
📝 According to a report from one online media outlet, Coinbase’s non-adherence with Russia’s data regulations means the crypto exchange is guilty of an administrative offense under Part 8 of Art. 13.11 of the Code of Administrative Offenses of the Russian Federation.
💩 Since the end of May, Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media or the Roskomnadzor (RZN) has required foreign companies to “localize databases of Russian users.” Already, representatives of more than 600 foreign companies are believed to have complied with the requirement.
❕ A few global corporate giants including Spotify, Apple, Whatsapp, Match Group (which owns Tinder), and Airbnb have been penalized for defying the requirement. Passed in 2014, the data localization law is seen by some opponents of President Vladimir Putin as a weapon being used by Russia against mainly Western organizations.
🔊 Robert Kiyosaki: Fiat Money Isn’t Safe, Investors Must Protect Themselves From Central Bankers
The famous author wrote on X Saturday:
❕ Central banks like Fed are buying gold. Does this mean fiat money is safe? Hell no!
➡️ bankers are saving themselves from their own incompetence, that’s why they buy gold. Their job is to protect the banks not you. Get smart. Protect yourself from central bankers: Save gold, silver, bitcoin,” Kiyosaki advised.
⏺ Central banks around the world maintained their appetite for gold in the third quarter, with purchases totaling 337 metric tons, according to the World Gold Council. This surge in buying has propelled year-to-date purchases to a record high of 800 metric tons.
❕ Kiyosaki has consistently issued warnings regarding fiat currencies, referring to them as “fake money.” In contrast, he calls gold and silver “God’s money” and considers bitcoin as “people’s money.” In September, he said “crypto is the future,” noting that fiat money is “toast.” He has urged investors to get into gold, silver, and bitcoin as soon as possible.
👉 The renowned author has also repeatedly warned about the demise of the U.S. dollar. He blames the Federal Reserve for causing inflation and collapsing the U.S. economy. In July, he predicted that the end of the USD is near. In April, he said America is dying, warning of the impending death of the U.S. dollar. Moreover, he expects BTC to become priceless when the Fed starts issuing a central bank digital currency (CBDC).
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✅ Elon Musk Confirms None of His Companies Will Ever Create a Crypto Token
❌ Tesla and Spacex CEO Elon Musk confirmed on his social media platform X on Friday that his companies will never create a crypto token.
➡️ His clarification followed a post on X by user Dogedesigner warning his followers about a crypto token using the name XAI, which could be mistaken for Musk’s artificial intelligence company. Dogedesigner wrote: “Elon Musk & xAI is not associated with any such crypto token. Please be careful.” In response, Musk clarified that none of his companies will ever create a crypto token.
💲 Musk previously revealed that he personally owned bitcoin (BTC), ether (ETH), and dogecoin (DOGE). His electric car company, Tesla, maintains $184 million in bitcoin on its balance sheet as of the third quarter. The company also holds a small amount of dogecoin (DOGE). The billionaire has been a supporter of the meme cryptocurrency, viewing it as the people’s crypto. In 2021, Musk stated that Spacex also owned BTC.
❕ Last month, the billionaire unveiled his plan to make X a powerful financial platform by the end of next year. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever,” he detailed, adding that “you won’t need a bank account.”
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📣 US Lawmakers Ask DOJ to Consider Criminal Charges Against Binance and Tether
➡️ The office of U.S. Senator Cynthia Lummis (R-WY) announced Thursday that the senator from Wyoming and U.S. Representative French Hill (R-AR) have sent a letter to U.S. Attorney General Merrick Garland urging the Department of Justice (DOJ) “to swiftly investigate Binance and Tether.” They alleged that the two cryptocurrency platforms have been used to fund Hamas and “have a history of allowing illegal activity to occur.”
⚫️ Lummis is a member of the Senate Banking Committee while Hill is the chair of the House Financial Services Committee’s Subcommittee on Digital Assets. Senator Lummis highlighted “the need for federal investigators to crack down on bad actors in the crypto asset space after reports surfaced that showed Hamas used crypto assets to fund their war in Israel,” the announcement describes.
⚫️ The letter cites an article published by the Wall Street Journal on Oct. 10 stating that Hamas, Palestinian Islamic Jihad, and Hezbollah have received crypto funding since Auguhttps://static.news.bitcoin.com/wp-content/uploads/2023/10/binance-lummis-768x432.jpgst 2021. While acknowledging that the level of funding reported in the article is “likely not accurate,” the lawmakers said: “We believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity.”
❕This week, blockchain analytics firm Elliptic clarified that there is no evidence to support the assertion that Hamas has received significant volumes of crypto donations. The firm added that the data it provided “has been misinterpreted.”
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🖱Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High
🪙 Bitcoin
⏺Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs. BTC/USD edged to a low of $28,172.91 earlier in today’s session, which comes a day after a high of $28,889.01.
⏺Today’s price consolidation comes after the world’s largest cryptocurrency rose to as high as $30,000 earlier in the week. Looking at the chart, the decline comes as the 14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.
⏺As of writing, the index is tracking at a reading of 62.28, after a failed breakout from a resistance of 65.00 on Monday. Price may continue to consolidate until either the aforementioned floor or ceiling is broken.
🔷 Ethereum
⏺Ethereum (ETH) made slight gains on hump-day, as it continued to hover around the $1,580 mark. Following a low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday peak of $1,584.73 during the day.
⏺Earlier gains have since eased, with ethereum now trading at $1,577.40, with short-term bulls still targeting the $1,600 zone. This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.
⏺Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls.
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🪙 Binance CEO Changpeng Zhao Shares Thoughts on Bitcoin Halving
➡️ Changpeng Zhao, founder and CEO of Binance, one of the largest cryptocurrency exchanges, has recently shared his thoughts about the events leading to the Bitcoin halving, when the reward given to Bitcoin miners for mining new blocks gets cut in half.
❕ CZ details that one year after the halving, bitcoin prices will reach new all-time highs (ATH), and people will still look for a reason for this development.
🖥 For Zhao, the halving is a significant event for the cryptocurrency market. Zhao reported that he already added a Bitcoin halving countdown to Binance’s homepage.
👍 Zhao is not the only one who believes that the halving will spur an increase in bitcoin prices due to the reduction of the bitcoin available on the market and other factors.
⚡️ Crypto Tycoon SBF in the Dock: Jury Selection Extended; Hearing Reveals Financial Carnage
➡️ A day earlier, on Tuesday, Sam Bankman-Fried (SBF) appeared in the courtroom sporting a considerably shorter haircut and accompanied by his legal counsel. Various media outlets reported on the jury selection and voir dire, including an extensive X thread from Matthew Russell Lee’s Inner City Press publication. Judge Kaplan and the court aim to select a total of 12 jurors and approximately six alternates, hoping to complete the process on Wednesday.
💸 Lee’s coverage of Tuesday’s hearing revealed that several prospective jurors mentioned losing money in cryptocurrencies. One potential juror claimed their company invested in FTX and Alameda Research, experiencing financial losses. Another person stated their fiancé lost money investing in crypto assets, while a third individual worked for Signature Bank, which financed FTX transactions, according to Inner City Press.
❌ One possible juror expressed concern that the case involved the death penalty and stated they could not participate if the punishment was so severe. Judge Kaplan reassured the juror that the death penalty would not be applicable in this legal matter. Over 70 prospective jurors were questioned by the judge and attorneys, leaving an estimated 50 candidates remaining to finalize the selection of 12 jurors and six alternates.
👁🗨 US Spy Agency Plans to Launch Generative AI Tool to Amplify Intelligence Gathering
🪖 Reports indicate that the U.S. Central Intelligence Agency is poised to unveil a generative artificial intelligence (AI) tool, akin to Openai’s Chatgpt, to significantly enhance investigative efforts. Randy Nixon, the head of the CIA’s Open-Source Enterprise division, explained that this innovation will empower users to effortlessly trace back to the original sources of the information they are amassing.
⚫️ This tool, will remain off-limits to U.S. bureaucrats and the general populace, with Nixon emphasizing its stringent adherence to privacy laws.
🔊 “We’ve gone from newspapers and radio, to newspapers and television, to newspapers and cable television, to basic internet, to big data, and it just keeps going,” Nixon told Bloomberg on Thursday. “We have to find the needles in the needle field.”
Nixon added:
🔊 The scale of how much we collect and what we collect on has grown astronomically over the last 80-plus years, so much so that this could be daunting and at times unusable for our consumers.
⚫️ In the span of the past eight months, generative AI has soared to prominence, with dominant players raising billions of dollars to propel this technology forward. It has seamlessly integrated into various sectors of society, including the realms of finance and the burgeoning cryptocurrency ecosystem. Yet, the ascent of this technology has bureaucrats and regulators on edge, prompting plans to institute regulations.
🌟 Coin shares Unveils New Crypto Hedge Fund Division, Widens Institutional Services to US
➡️ Coin shares, a European digital asset manager, is moving into the U.S. with a new hedge fund division aimed at institutional investors. The firm, based in Saint Helier, Jersey, intends to offer comprehensive services for institutions exploring crypto assets.
⚫️ The company revealed its new branch, Coin shares Hedge Fund Solutions, signifying its foundational emphasis as a crypto-centric hedge fund manager. Lewis Fellas, an asset manager with more than two decades of experience, including seven years in the digital assets sector, will lead this division.
⚫️ The press release highlights the merger of Coinshares‘ ten years in crypto with the expertise the team has developed from proprietary trading since 2016. The firm holds that this experience equips it to produce competitive products comparable to those of mainstream financial entities.
⚫️ Registered as a broker-dealer with FINRA, Coinshares will introduce the hedge fund offerings to eligible U.S. investors. The company noted in its release, “The long-awaited return of interest rate-driven volatility is a great opportunity that we plan to capture with our novel fund products.”
🪙 Bitcoin User Unwittingly Pays $3.1 Million in Single Transaction Fee
➡️ Block 818,087 stands out in Bitcoin’s ledger for recording the largest fee for a single transaction in its history. This block encapsulated around 4,179 transactions. Besides the standard reward of 6.25 newly created BTC, Antpool earned an additional 85.216 BTC in fees from this block.
💲 The extraordinary transaction fee amounted to 83.65 BTC, transferring 55.77 BTC, valued at approximately $2 million based on current exchange rates. This incident surpasses the previous record, where an excessive fee of about 19.8 BTC – worth $738,639 today but approximately $500K at that time – was paid.
❕This earlier record was set in block 807,057, mined by F2pool, which earned 20.0127 BTC in total fees from the block. The 19.8 BTC transfer was later identified as a transaction by Paxos. In a gesture of goodwill, F2pool chose to refund the company, demonstrating that miners have the discretion to reimburse addresses in cases of apparent errors.
🪙 Bitcoin Achieves Lifetime Record With Over 710,000 Daily Transactions Confirmed on Sunday
👑 This recent weekend marked a record-breaking moment for the Bitcoin network. Operating at a robust hashrate of 480 exahash per second (EH/s), the network verified an unprecedented total of 710,579 transactions – a new peak in Bitcoin’s storied history. This surpassed the previous high set on September 15, 2023, when bitcoin (BTC) miners verified 703,692 transactions.
📈 Furthermore, on November 12, 2023, the daily transaction volume (703,327) nearly eclipsed the former record, now ranking as the third highest in history. All of these days featured unparalleled levels of inscription-based transactions, with the most recent record established on Sunday accounting for 475,249 inscriptions.
➡️ Sunday emerged as the second most prolific day for inscription-based transactions, slightly trailing the record set on November 12, which saw 505,345 inscriptions. As of 2:40 p.m. Eastern Time on November 20, 2023, the day’s data remains incomplete, yet 411,723 transfers have already been processed by bitcoin miners, with 300,452 being inscriptions.
⚡️ Inscriptions have surged recently after a brief dip, sparking a rise in miners’ fees due to a backlog of more than 200,000 transactions, which has driven up the cost of block space. Concurrently, as miners set new benchmarks in transaction processing, the network’s hashrate has soared to an unparalleled peak of 480 EH/s, based on the seven-day moving average.
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⚡️ US Lawmaker: Crypto Is Not the Problem, Bad Actors That Exist in Every Industry Are
➡️ U.S. Senator Cynthia Lummis (R-WY) defended crypto in response to an article on Forbes about how misinformation on Hamas and crypto fooled nearly 20% of Congress.
❕ “Crypto accounts for < 1% of all illicit finance activity and would be even less if we created a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets,” the senator from Wyoming wrote on social media platform X Friday. She stressed:
❕ Recently, several news outlets reported that Hamas had raised millions of dollars in cryptocurrency. However, blockchain analytics firm Elliptic has debunked the reports, stating: “There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.”
📣 Despite Elliptic’s efforts to set the record straight, these reports prompted 100 U.S. lawmakers, including Senator Elizabeth Warren (D-MA), to push the Biden administration to address crypto-financed terrorism.
🪙Bitcoin Flips Ethereum for the First Time in 24-Hour NFT Sales Shift
⚡️ The trend for Bitcoin NFT transactions has seen an upward trajectory lately, and just three days ago highlighted that Bitcoin had secured the runner-up spot for NFT sales across a week. In a significant first, Bitcoin’s Ordinal inscriptions, its unique brand of NFTs, exceeded Ethereum’s sales over a 24-hour time frame on Wednesday.
⚡️ NFT connoisseur Leonidas, the founder of Ord, documented this unprecedented event onchain, marking the occasion when Bitcoin-based NFTs leaped ahead of their Ethereum counterparts for the first time in history. Leonidas said:
🗣 Breaking – Ordinals just flipped Ethereum NFTs for the first time. So of course I had to inscribe it into Bitcoin forever.
➡️ Looking at a week’s performance in NFT sales, Ethereum has seen an increase, netting $79.61 million since Wednesday, November 1, 2023, which represents a 45.66% rise from the previous week, as reported by cryptoslam. In comparison, Bitcoin’s weekly NFT sales also enjoyed a rise, boasting a 661.60% increase from the prior week with sales hitting $55.52 million.
🇧🇬 Bulgaria’s Oldest Soccer Club Botev Plovdiv Adds Bitcoin as a Payment Option
🔊 Bulgaria’s oldest soccer team, PFC Botev Plovdiv, has said fans and the general public can now pay for merchandise with BTC at the club’s fan shops and catering points in the central stand during matches. The club said it is planning to avail this payment option for fans who wish to buy tickets.
Remarking on the club’s acceptance of bitcoin as a payment option, club president Anton Zingarevich said:
❕ We are excited about this technology, which is creating new opportunities and has the potential to become an integral part of our lives, just as it happened with the Internet.
🖥 As per the report, PFC Botev Plovdiv has selected the self-hosted, open-source cryptocurrency payment processor BTCPay Server as its partner. BTCPay Server executive Nicolas Dorier said his firm’s focus in 2023 has been on the local adoption of bitcoin. Dorier added that BTCPay Server’s goal will “continue to support such transformative endeavours.”
🔔 Robert Kiyosaki Shares Investment Allocation to Help You Survive ‘Greatest Crash in World History’
⚫️ The famous author wrote on social media platform X Sunday: “Ship of Fools. Forever and ever financial experts have promoted the idea ‘Smart Investors invest in 60/40.'” The common 60/40 portfolio invests 60% in stocks and 40% in bonds. Kiyosaki cautioned: “In 2024, 60/40 investors will be [the] biggest losers.” He proceeded to recommend:
🖥 Before going down with the ship, consider a shift to 75% gold, silver, bitcoin [and] 25% real estate/oil stocks. This mix may allow you to survive the greatest crash in world history.
➡️ Kiyosaki has been recommending gold, silver, and bitcoin for quite some time. However, this is the first time he shared a specific investment allocation for these assets with his 2.4 million followers on X.
⚫️ Kiyosaki used to be more into real estate. In October of last year, he explained on X that in his 2022 book Capitalist Manifesto, he stated that Marxists “took over the U.S. in the 2020 election,” warning that they would implement policies such as property tax increases and rent controls. In addition, property values would decrease due to rising interest rates. “I recommended investing in gold, silver, and bitcoin,” he concluded at the time.
⚫️ Last month, the renowned author advised investors to buy bitcoin immediately, noting that he foresees a rush to buy BTC as stock, bond, and real estate markets crash. He additionally expressed his belief in the future of cryptocurrency, asserting that fiat money is toast and describing it as “fake money.” In his view, gold and silver represent “God’s money” while bitcoin is “people’s money.” Besides issuing multiple warnings about the greatest crash in real estate, stocks, and bonds, he also cautioned that the Federal Reserve raising interest rates will crash the U.S. dollar.
🔶 Binance Executives in UK and France Leave Crypto Exchange
🇬🇧 Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week.
❌ The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto assets to the public. The restrictive measures, announced in June, include a ban on “refer a friend” bonuses, for example.
💩 Last week, the Managing Director Binance France, Stéphanie Cabossioras, also vacated her position. She joined the exchange as head of legal in April 2022 when Binance unveiled it had chosen Paris for its European hub.
™️ Cabossioras and a Binance spokesperson have confirmed her departure, according to a report by Bloomberg, while the President of Binance France, David Prinçay, thanked her for her contribution in a post on X, formerly Twitter.
➡️ The resignations of Farnell and Cabossioras add to a series of executive exits at this year, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who ran the crypto giant’s Asia-Pacific business, and Product Lead Mayur Kamat. Binance’s managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis, also quit the exchange as well as the CEO of Binance US, Brian Shroder.
🇺🇸 US Chamber of Digital Commerce Backs Binance, Urges SEC to Drop Lawsuit
⏳ Founded in July 2014 by Perianne Boring, the U.S. Chamber of Digital Commerce is a Washington, D.C.-based trade association and advocacy group that promotes crypto assets and blockchain technology. On October 19, the group filed an amicus brief backing the world’s largest crypto exchange by trade volume, Binance.
💬 In the brief, the Chamber stressed the importance of maintaining clear jurisdictional boundaries, cautioning against an overreach of the SEC’s authority. Extending U.S. securities law into areas unrelated to securities markets, they argue, could have unintended consequences for various sectors of the U.S. economy.
The crypto advocacy group wrote:
❕ The SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon. Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.
➡️The brief underscored the pressing need for a transparent regulatory framework for digital assets. Echoing Senator Cynthia Lummis‘ sentiments, the Chamber emphasized that Congress should provide unambiguous guidance to foster innovation while ensuring consumer protection.
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🆕 New Documentary Exposes the Turbulent Downfall of FTX and Sam Bankman-Fried
➡️ Bloomberg is gearing up to unveil one of the first documentaries delving into Sam Bankman-Fried (SBF) and FTX’s saga. This Bloomberg Originals production casts a spotlight on the “dramatic downfall of his cryptocurrency enterprise.”
🟡A trailer, just over two minutes, has also made its debut on October 13. This unveiling coincides with SBF navigating the treacherous waters of his New York trial, where he confronts testimonies from former allies like Caroline Ellison and Gary Wang.
📝 These former associates have painted a damning picture, alleging SBF directed them into fraudulent activities and greenlit Alameda’s mingling with FTX’s client funds. Amidst this media frenzy, acclaimed “Big Short” author Michael Lewis is on a promotional spree for his latest offering, “Going Infinite: The Rise and Fall of a New Tycoon.”
🟡Lewis’s tome, despite its completion, hasn’t been spared from criticism. Especially contentious was his claim on “60 Minutes” that FTX “actually had a great real business.”
🟡Such assertions starkly clash with the recent testimonies of Ellison and Wang. Nonetheless, with all these biopics coming, audiences are in for a whirlwind tale encompassing vast fortunes, hedonistic indulgences, polyamorous relationships, and layers of deceit.
🔔 Tesla CEO Elon Musk Predicts ‘Comprehensive Overhaul’ of SEC With 100% Probability
➡️ Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC).
⚫️In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote:
❕ A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.
❗️ Moreover, another X user asked Musk: “Will it ever happen?” The billionaire replied: “I estimate the probability at 100%”
➡️ On Thursday, the SEC announced that it had filed a subpoena enforcement action against Musk. The regulator is seeking a court order to compel the Tesla boss to attend an investigative testimony concerning his purchase of Twitter.
❕ Musk has frequently voiced his disapproval of the SEC. During a December 2013 interview with “60 Minutes,” he clarified that he adhered to the settlement agreement with the SEC out of respect for the justice system. He stressed at the time: “I do not respect the SEC. I do not respect them.”
🔷 Vaneck Pledges 10% of Ethereum ETF Profits to Fuel ETH Core Development
🌟 On September 29, 2023, the asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum (ETH) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol.
💻 The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membership. This guild is steered by the vision to “boost the incentives around stewarding the core protocol.” Vaneck accentuates that core developers have played pivotal roles in propelling crucial updates such as The Merge and Shanghai.
💸 The firm underscored that should traditional finance (tradfi) reap benefits from the endeavors of Ethereum development, it’s only fitting that Tradefi reciprocates by giving back.
➡️ Vaneck’s Ethereum-centric ETF, brandishing the ticker “EFUT,” operates as a cash-settled futures fund, capitalizing on futures traded over the Chicago Mercantile Exchange (CME). Yet, it has lodged a filing for a physically-settled ether ETF, in tandem with its spot bitcoin ETF submission. Not to be outdone, Ark Invest and 21shares have also cast their bid into the ring, aiming to launch a physically settled ETH exchange-traded fund with regulatory approval.
📣 Marathon CEO Fred Thiel Warns About Fed Losing Its Weapons to Fight Inflation During Upcoming Period of Fiscal Dominance
❕ Fred Thiel, CEO of Marathon Digital Holdings, a Nasdaq-listed Bitcoin mining company, has warned about the future of the U.S. economy and the consequences of the Federal Reserve’s current monetary policy. Thiel noted the possibility of an upcoming period of fiscal dominance, in which the Federal Reserve would have fewer weapons to fight inflation.
➡️ Fred Thiel, CEO of Marathon Digital Holdings, a publicly listed Bitcoin mining company, discussed challenges the Federal Reserve might face in its battle to tame inflation. Thiel stated that the U.S. economy might be close to entering a period of fiscal dominance, which would affect the efficiency of the methods that the Fed has to battle inflation and take it to a self-imposed goal of 2% yearly.
⚠️ According to Thiel, this fiscal dominance period, which occurs when the increasing debt and deficit levels become sufficiently high that monetary policy ceases to be an effective tool for controlling inflation, would result in the Fed having “few tools” to battle this phenomenon that still has not been contained.
⚫️ Thiel bases his remarks on the levels of interest payments as part of government revenues and the levels of outstanding Treasuries by maturity dates, which “need to be refinanced in addition to issuance of additional debt to cover interest payments and deficit spending.”
💲 Thiel is not the only one who has recently alerted about the possible effects of the high spending and rampant money printing in the U.S. economy, that might lead to a difficult fiscal situation in the upcoming years.
🔔 ‘Lack of Finality’ — Single Mining Pool Commands 53% of Zcash’s Hashrate
➡️ Recent data shows a single mining pool controls more than 53% of the hashrate for the cryptocurrency network Zcash. On September 19, 2023, the crypto mining pool Viabtc had 4.2 giga solutions per second (GSol/s) of Zcash’s total 7.84 GSol/s hashrate. Electric Coin Co., which oversees the Zcash project’s codebase, acknowledged the issue Tuesday, citing a “lack of finality.”
📝 In the PSA, Coinbase detailed the prevailing issue and mentioned its direct engagement with the Zcash team. To safeguard customer assets from potential issues, Coinbase took measures including shifting its Zcash markets to a “limit-only state.”
💬 Following the release of the blog post, Electric Coin Co. (ECC) took to social platform X to address the PSA. “ECC is aware of this issue, and we’ve had conversations with Coinbase, Viabtc, Zcash’s security lead, and [Zcash Community Grants],” ECC stated. Emphasizing Zcash’s decentralized nature, the team pointed out that, “Zcash is a decentralized, open-source network with no ‘lead developer,’ no ‘issuer,’ and no org that controls it.”
🗣 ECC underscored the crux of the issue: finality. The company explained, “the problem is caused by a lack of finality, which affects all proof-of-work blockchains.” The firm’s proposed solution? “Our Trailing Finality Layer (TFL) proposal is intended to fix that by providing finality for Zcash.” Further, ECC highlighted a shift to proof-of-stake (PoS) as a beneficial move for Zcash, tagging it as one of their “top four priorities.”