Author: Dren.H

The Federal Reserve explores CBDCs, weighing potential benefits against risks, while prioritizing privacy, innovation, and maintaining a stable banking system. Central Bank Digital Currencies (CBDCs) have been gaining attention worldwide as central banks explore the possibilities of implementing digital currencies to enhance their financial systems. In the United States, the Federal Reserve has been actively investigating the potential benefits and challenges of a CBDC to ensure that any developments align with the country’s economic and financial interests. In this article, we will delve into the key aspects of the Federal Reserve’s approach to CBDCs, based on a recent speech by…

MetaMask denies involvement in a $10M crypto hack and collaborates with Web3 wallet experts to investigate the exploit source. MetaMask, a prominent cryptocurrency wallet provider, has refuted allegations that a vulnerability in their wallet caused a major wallet-draining operation, which led to the theft of over 5,000 Ether. The company’s security team is now collaborating with other experts in the Web3 wallet industry to identify the root cause of the exploit. This follows a series of tweets from Taylor Monahan, the founder of Ethereum wallet manager MyCrypto, which outlined an unknown wallet-draining exploit that has stolen more than $10.5 million…

The Bank of England and BIS successfully completed Project Meridian, a DLT-based pilot for CBDC settlement systems. The Bank for International Settlements (BIS) Innovation Hub London Center and the Bank of England have successfully completed a pilot project, leveraging distributed ledger technology (DLT) for settlements between the institutions. Termed Project Meridian, the insights gained from this endeavor are set to be utilized by the Bank of England in refining its real-time gross settlement (RTGS) system. On April 19, BIS released a comprehensive report, shedding light on the 44-page document detailing the accomplishments of Project Meridian. The pilot project involved purchasing…

Coinbase prepares for a legal battle with the SEC and considers relocating outside the U.S. due to regulatory concerns. Coinbase, a leading cryptocurrency exchange, is preparing for a legal showdown with the U.S. Securities and Exchange Commission (SEC) as stated by its CEO, Brian Armstrong. This move comes in the wake of the SEC issuing a Wells notice to Coinbase last month, indicating the possibility of upcoming formal charges. Armstrong also hinted at the option of relocating the company’s base from the United States if the regulatory environment remains unfavorable. SEC’s Wells Notice Raises Concerns for Crypto Companies The Wells…

SEC Chairman Gary Gensler faces criticism for praising Algorand in 2019 after recently declaring its token an unregistered security. A video from four years ago has recently resurfaced on Twitter, spotlighting Gary Gensler, the United States Securities and Exchange Commission (SEC) Chairman, as he praises Algorand, the smart contract platform. This development comes on the heels of the SEC’s classification of ALGO, the native token of Algorand, as an unregistered security. Consequently, members of the crypto community have accused Gensler of endorsing Algorand and called attention to the perceived inconsistency in his stance. In the video, Gensler, who was then…

Microsoft is reportedly developing custom AI chips, codenamed “Athena,” to power ChatGPT and OpenAI projects, reducing dependence on Nvidia GPUs. The technology titan, Microsoft, is said to be formulating its exclusive AI chips to fuel artificial intelligence projects for both OpenAI and its in-house teams. As reported by The Information, the company has been discreetly working on these chips since 2019, aiming to counterbalance the escalating development expenses for Microsoft’s internal initiatives and its partnerships with OpenAI. The recent unveiling of this hardware project aims to decrease the company’s reliance on Nvidia’s GPUs, which have become progressively costly and rare…

CFTC Chairman Rostin Behnam accuses Binance of intentionally violating U.S. regulations, escalating the ongoing legal battle with the exchange. The Commodity Futures Trading Commission (CFTC) seems determined to hold Binance, one of the largest cryptocurrency exchanges globally, accountable for its actions. Moreover, in a recent event at Princeton University, CFTC Chairman Rostin Behnam accused Binance’s top executives of intentionally operating outside the boundaries of U.S. laws related to commodities and futures trading. This strong statement intensifies the ongoing legal conflict between the exchange and the regulatory body. Reports from Bloomberg reveal that Behnam made these remarks during a fireside chat…

Terraform Labs CEO Do Kwon allegedly sent $7 million to a law firm before the Terra ecosystem collapse, raising suspicions. South Korean authorities have recently disclosed that Do Kwon, the CEO of Terraform Labs, made a significant payment of 9 billion won (around $7 million) to the prestigious South Korean law firm Kim & Chang just before the catastrophic failure of the Terra ecosystem. Reports from KBS News suggest that Kwon’s sizable transfer to the law firm was a strategic action, allegedly demonstrating his prior knowledge of the impending collapse and the anticipated legal complications that would ensue. As part…

The Paxos report advises enterprises to pursue collaborations, explore innovative solutions, and address stablecoin challenges during the crypto winter. Blockchain infrastructure provider Paxos has recently shared a comprehensive report aimed at helping the cryptocurrency community successfully tackle the ongoing crypto winter. The “Navigating Crypto Winter: Paxos Report 2023” dives into the current market landscape and presents a variety of opportunities that can benefit projects during these challenging times. One of the primary recommendations highlighted in the report is for enterprises to actively pursue collaboration and explore groundbreaking solutions. The Paxos report identifies stablecoins as a consistently valuable component of the…

BitBoy Crypto, a prominent YouTuber, faces a court appearance over allegations of harassing lawyers in a $1-billion lawsuit. BitBoy Crypto, a popular YouTuber whose real name is Ben Armstrong, has been ordered by a federal magistrate judge to appear in a Florida court to address accusations of harassing and threatening lawyers involved in a class-action lawsuit against him and other cryptocurrency influencers. Judge Melissa Damian of the United States District Court for the Southern District of Florida recently issued the order, instructing Armstrong and his legal team to attend a status conference on April 20th with the lawyers representing the…