cryptocurrency
The fall of FTX and Sam Bankman-Fried might be good for crypto
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” new FTX CEO John Ray III said in a legal filing on Thursday. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” Ray, who oversaw Enron’s bankruptcy in 2001, stepped in as CEO shortly after founder Sam Bankman-Fried resigned (and reportedly tried to flee to Argentina, although he denies it). He is absolutely right that FTX was brought down by a complete failure of corporate controls, but in reality, the situation is far from unprecedented. And unless ...
Crypto casino Winz.io unveils Sportsbook for global sports
Winz.io Sports will offer bonuses to both new and existing customers to celebrate the launch of the sportsbook. The risk-free bet and 100% bonus will not have any wagering requirements, a popular feature at Winz.io Casino Winz.io, a crypto-friendly casino supporting all the major digital assets, has announced its new sportsbook offering that will cover the world’s most popular sports. The Winz.io casino, founded in 2020, seeks to expand its presence within the gambling industry, and sports betting offers one of the fastest growing avenues. According to the Winz.io team, this new wagering solution is timely for customers given the sector’s growth projection that puts it at over $83 billion in 2022. Deposit and bet using crypto The new Winz.io sportsbook will offer wagers access to more than...
Crypto casino Winz.io unveils Sportsbook for global sports
Winz.io Sports will offer bonuses to both new and existing customers to celebrate the launch of the sportsbook. The risk-free bet and 100% bonus will not have any wagering requirements, a popular feature at Winz.io Casino Winz.io, a crypto-friendly casino supporting all the major digital assets, has announced its new sportsbook offering that will cover the world’s most popular sports. The Winz.io casino, founded in 2020, seeks to expand its presence within the gambling industry, and sports betting offers one of the fastest growing avenues. According to the Winz.io team, this new wagering solution is timely for customers given the sector’s growth projection that puts it at over $83 billion in 2022. Deposit and bet using crypto The new Winz.io sportsbook will offer wagers access to more than...
Coinbase, Alameda-backed Mara launches African crypto wallet service
Some 2 million users in Nigeria and Kenya are set to be onboarded to a new cryptocurrency wallet backed by the likes of Coinbase Ventures and Alameda Research. Mara is a digital financial ecosystem project that is kickstarting its journey with the launch of a cryptocurrency wallet for signed-up users in Nigeria. A portion of the waitlist will be onboarded through an invite-only process starting on Oct. 27, followed by the onboarding of users in Kenya and Ghana. The project is backed by cryptocurrency industry heavyweights, having raised $23 million in a fundraising round headlined by Coinbase Ventures, Alameda Research, Huobi and several other investors and venture capitalists. The Mara wallet will offer cryptocurrency brokerage services through its app, allowing users to buy, send, ...
United Kingdom banks hate crypto, and that’s bad news for everyone
In 2018, the United Kingdom’s Financial Conduct Authority (FCA) wrote to the heads of the country’s biggest high street banks to emphasize the importance of due diligence when dealing with crypto businesses. That seems to have led to widespread high-risk ratings and bans on crypto-related banking, impacting both crypto businesses hoping to operate in the U.K. and investors alike. Banks are, understandably and responsibly, concerned with scams, but the current situation creates uncertainty. Crypto investors need to be able to move their money around as they like, and crypto businesses need access to payment rails for a variety of other reasons, such as paying staff and suppliers. A catch-22 that harms market competition By barring crypto businesses from accessing “mainstream” banking, organ...
Crypto incubators have a responsibility to maintain fiscal discipline
Contrary to popular belief, a bear market provides ideal conditions for startup founders and developers to work on technological innovations. The absence of market frenzy and speculative investing helps startups to focus on the fundamentals, which are beneficial in the long run. However, bear markets dry up capital sources, and liquidity becomes the proverbial mirage of an oasis in the desert sand. Thus, startups turn toward incubators who become messiahs with their network of angel investors and venture capitalists. As incubators hold the key to funding, they are powerful enough to make or break a crypto startup. And, as Marvel’s Spider-Man reminded us, “With great power comes great responsibility.” Incubators, therefore, play a crucial role in guiding startups to adhere to crypto regulat...
Japan is losing its place as the world’s gaming capital because of crypto hostility
A marked hostility toward new and emerging Web3 technologies like cryptocurrencies runs the risk of costing Japan its place as the world’s gaming capital. We’re getting dangerously close to the point of no return, and here’s why. Nobody can be sure where the country’s antagonism to crypto originated or why it still persists even after the nonfungible token (NFT) and crypto “boom” of 2021, which took off in a major global way and prompted officials in the United States and Europe to backtrack on their initial antipathy for the space, finally opening up to regulations. The White House just released its first crypto regulatory framework in September 2022, and the European Parliament Committee followed up in October 2022 by approving the Markets in Crypto-Assets framework, also known as ...
Government crackdowns are coming unless crypto starts self-policing
Self-regulation will be critical in governing the rapidly changing landscape of the cryptocurrency industry in order to preserve its autonomous, decentralized nature. Months after the collapse of the Terra ecosystem that propelled crypto’s market capitalization below $1 trillion, the industry is beginning the long process of rebuilding not only retail trust but also faith in itself. Current market conditions are in part due to structural weaknesses in smart contracts, models and governance processes. This is made evident by the many hacks and exploits that have taken place this year and the ballooning of projects with flawed tokenomics and that are governed through dubious operations. The implementation of stricter self-regulatory standards will be necessary for the industry to build...
Venom Foundation – the first crypto foundation licensed in UAE’s ADGM to build an infinitely scalable blockchain platform
The project generates attention in MENA due to its tremendous transactional management possibilities, higher security, and inbound governmental database projects. Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issuing utility tokens. ADGM is known as a fintech oasis for investors and financial services firms around the globe. The next essential step of Venom Blockchain is to be announced in the upcoming month. Venom blockchain has an asynchronous blockchain technology of dynamical sharding, that has made an unprecedented leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization. Venom Foundation is leading among three core...
Kim Kardashian To Pay $1.26M To SEC Over Cryptocurrency Promotion
Written By D.L. Chandler , Senior Editor Posted 19 hours ago @dlchandler123 D.L. Chandler is a veteran of the Washington D.C. metro writing scene, working as a journalist, reporter, and culture critic. Initially freelancing at iOne Digital in 2010, he officially joined the iOne team in 2017 where he currently works as a Senior Editor for Cassius Life and Hip-Hop Wired. D.L. covers a variety of topics including breaking news, politics, Hip-Hop music and culture, fashion, and Black history. He currently heads the SPIRIT.ED column for Cassius Life, which focuses on adult beverages and their history. D.L. has worked in the past for MTV News, Billboard, and several other publications. His first big break in journalism came with the now-defunct Politically Black in 1999, the nation’s first...
Kim Kardashian Charged By SEC for Unlawfully Promoting Crypto Currency
Kim Kardashian has been charged by the Securities and Exchange Commission for unlawful promotion of a crypto currency and agreed to pay a $1.26 million fine. According to the SEC, Kardashian used her social media to tout EMAX tokens, a crypto currency sold by EthereumMax, without disclosing the payment she received for the promotion. “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler in a statement. Advertisement Related Video Kardashian neither admitted to nor denied the SEC’s findings, but “wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows he...
Kim Kardashian Paying $1.26M to SEC Over Crypto Promotion
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation. The SEC said Kardashian failed to disclose that she was paid to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens. “The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of ...
