Sam Bankman-Fried (SBF), the embattled founder of FTX, recently provided a revealing testimony that shed light on his approach to managing the cryptocurrency exchange. SBF admitted that he had been advised by FTX executives to “stop asking too many questions,” a revelation that has raised eyebrows in the crypto community. Ignoring Employee Warnings SBF’s testimony, presented during a recent court hearing, disclosed a series of unsettling practices within the company. FTX employees had taken the initiative to report critical issues within the exchange, but SBF allegedly disregarded their concerns. When asked about being informed of a bug related to fiat…
Author: Rea K.
Stablecoin issuer Circle is set to make a significant change in its business strategy, as it has recently informed its users that it will cease support for consumer accounts. This decision, slated for implementation on November 30, 2023, will see the discontinuation of wiring and mining functionalities for consumer-only Circle Accounts. While the company has not disclosed the specific reasons behind this strategic shift, it emphasized that this move aligns with its existing terms and agreements. A Strategic Review Circle’s move to terminate support for consumer accounts is part of a broader strategic review by the company, led by CEO…
Onyx Protocol has become the latest victim of a significant exploit, losing a staggering $2.2 million worth of Ethereum (ETH) to malicious actors. The incident highlights the persistent challenges faced by DeFi projects and the need for robust security measures within the crypto space. The Exploit Unveiled Blockchain analytics company PeckShield uncovered the exploit and promptly informed the Onyx Protocol community, revealing a breach worth $2.1 million. The hacker’s wallet showed a balance of approximately 1,164 ETH, equivalent to $2.1 million, pointing to the scale of the attack. The hackers executed their attack by swapping various tokens, including PEPE, USDC,…
United States-based cryptocurrency exchange Kraken has announced its compliance with a court order to share the data of approximately 42,000 users with the U.S. Internal Revenue Service (IRS). The information, which includes a range of user records and data, is set to be transmitted to the IRS in early November. Court Order Compels Data Sharing Kraken’s decision to provide this user data comes in response to a court order from the U.S. District Court for the Northern District of California issued in May 2021. The court ordered Kraken to produce a wide array of records and data concerning its U.S.…
In a recent and alarming development, over 25 cryptocurrency users who relied on the popular password manager LastPass found themselves victims of a staggering heist, losing more than $4.4 million worth of digital assets. The breach, which dates back to December 2022, has left many in the crypto community reeling from the substantial losses. LastPass Confirms Breach LastPass first confirmed the breach in December 2022 when the company acknowledged that hackers had managed to copy a backup of its customer vault data. This sensitive data included vital information such as website usernames, passwords, secure notes, and form-filled data. Since this…
Elon Musk has taken a bold step to counteract the spread of misinformation and curb bot activity on the social media platform formerly known as Twitter, which he has renamed “X.” This decision comes after concerns about the platform becoming a hub for misinformation and extremism since Musk’s acquisition a year ago. Putting Accuracy Over Sensationalism Musk’s new policy seeks to revolutionize the way content creators are compensated for their posts. Under this directive, users posting misleading content that is later corrected by Community Notes, a crowdsourced fact-checking program, will no longer receive payment for engagement on those posts. This…
Artificial intelligence (AI) has rapidly emerged as a transformative technology with vast potential, but its unchecked development raises concerns about misuse and risks. In response to these challenges, the Group of Seven (G7) industrial nations, in collaboration with the European Union, are taking proactive steps to establish a voluntary ‘Code of Conduct’ for companies innovating in advanced AI systems. This initiative, originating from the “Hiroshima AI process,” aims to address ethical concerns, privacy issues, and security risks associated with AI. The G7’s Pioneering Effort The G7 consists of Canada, France, Germany, Italy, Japan, Britain, and the United States. They, along…
Tech billionaire Elon Musk’s $44 billion acquisition of Twitter, now rebranded as ‘X,’ has brought about significant changes and ambitious plans for the microblogging platform. A year after the acquisition, the platform’s transformation is well underway. Also read: X (Twitter) to Test Charging $1 in Battle Against Spam & Scam Bots Rebranding and Fee Introduction One of the most notable changes initiated by Elon Musk after acquiring Twitter was the rebranding of the platform as ‘X.’ Additionally, Musk introduced a subscription model, allowing users to generate income through their posts on the platform. This move sparked various reactions from the…
Google’s recent $2 billion investment commitment in the artificial intelligence (AI) firm Anthropic is poised to bring FTX, a cryptocurrency exchange that declared bankruptcy last year, closer to a full financial recovery. The tech giant’s investment, which includes an initial $500 million infusion with plans for an additional $1.5 billion over time, has raised hopes for the beleaguered exchange. This article delves into how this substantial investment is reshaping the prospects of FTX and the cryptocurrency market. Also read: Wallets Linked to FTX and Alameda Move Over $60 Million Travis Kling’s Optimism Hedge fund manager Travis Kling, the founder of…
Blockchain analytical firm Nansen uncovered substantial cryptocurrency transfers associated with the defunct FTX Exchange and Alameda Research. Over the course of a week, these wallets moved more than $60 million in digital assets across various blockchain networks. The significance and implications of these transfers remain uncertain, but they have raised eyebrows in the crypto community. FTX’s Cryptocurrency Shuffle Nansen’s investigation shed light on the extensive movement of digital assets tied to FTX. Initially, the exchange relocated $8.6 million worth of cryptocurrencies, including popular tokens like Chainlink, Avalanche, and Ethereum. Later in the week, an additional $24.3 million in digital assets…