You searched for SEC - Page 113 of 347 - Crypto Intelligence News

Kraken Co-Founder Donates $1 Million in Ether to Trump’s 2024 Campaign, Cites Pro-Crypto Policies

Bitcoin/Blockchain News/Crypto News Today

Jesse Powell, the co-founder of Kraken, announced on X that he has donated $1 million, primarily in Ether, to Donald Trump’s 2024 presidential campaign.

Powell expressed his support for Trump, highlighting him as the sole major party candidate advocating for pro-crypto policies.

“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”

In his post, Powell criticized President Joe Biden’s regulatory approach to the crypto industry and accused officials such as Senator Elizabeth Warren and SEC Chair Gary Gensler of reducing the United States’ competitiveness.

“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others.”

Rudy De La Cruz, general and strategic partner at BasedVC, shared with Cointelegraph that there is “an air of optimism” in the crypto industry.

“According to a Grayscale survey, this is an issue of concern among Americans, though voters are split. […] Organizations and wealthy crypto entrepreneurs supporting candidates who are friendly to the crypto industry is not that surprising.”

Powell believes Trump’s candidacy in the 2024 presidential election presents an opportunity for the U.S. to lead in blockchain technology.

His post, featuring a photo of Powell and Trump, reinforced this alliance and included the hashtag #freeross, referencing Ross Ulbricht.

Ulbricht was sentenced to life in prison without parole plus 40 years in 2015 for operating the online black market Silk Road, which facilitated anonymous transactions.

On June 20, U.S. presidential candidate Robert F. Kennedy Jr. tweeted that he would free Ulbricht if elected in November.

“Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on.”

RFK Jr. also mentioned that he would sign a petition for Ulbricht’s release and encouraged others to do the same.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Crypto Hacks and Scams Double in Q2 2024, Surpassing $572 Million in Losses

Blockchain News/CD/Crypto News Today

Crypto losses from hacks and scams surged in the second quarter of 2024, more than doubling from the same period the previous year, as reported by blockchain security platform Immunefi.

Losses totaled over $572 million in Q2 2024, a significant increase from $220 million in Q2 2023. Centralized exchange hacks were the primary contributors to these losses.

Before Q2, losses from hacks and scams had been decreasing, with Immunefi noting a 23% reduction in Q1.

This downward trend continued through April and most of May, but the situation worsened dramatically at the end of May and in June.

The most significant loss during the quarter was the May 31 private key hack of crypto exchange DMM, resulting in $305 million worth of Bitcoin being stolen.

Another major incident was the BtcTurk hack on June 22, which caused $55 million in losses. Combined, these two hacks accounted for over 62% of the total losses for the quarter.

Centralized protocols and exchanges experienced approximately $401 million in losses during Q2, making up 70% of the total.

Despite this large financial impact, only five successful attacks were recorded against centralized protocols. In contrast, decentralized protocols faced 62 successful exploits or scams.

Decentralized finance protocols suffered $171 million in losses during the quarter, a 25% decrease from Q2 2023.

Ethereum and the BNB Smart Chain remained the top two targets for hackers and scammers, responsible for 71% of total losses.

There is also growing evidence that Ethereum layer 2 networks are becoming more popular targets for malicious activities.

Arbitrum was the third most targeted network, suffering four incidents and accounting for 5.5% of the total losses.

Blast and Optimism each faced three incidents, while other networks collectively accounted for 15% of the total losses.

Immunefi founder Mitchell Amador emphasized the importance of centralized exchange security, stating: “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. Robust measures to safeguard the entirety of the ecosystem are crucial.”

Some stolen funds were later recovered by security researchers.

For instance, the attacker who exploited the Gala Games protocol returned nearly all the stolen funds, reportedly due to exposing his IP address.

Alex Labs, Bloom, and Yolo Games also recovered most of their lost funds, with recovered funds representing 5% of the total losses in the quarter.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

VanEck Files for First Solana ETF in the U.S., Aiming to Leverage SOL’s Utility and Decentralization

Blockchain News/CD/Crypto News Today

VanEck, one of the initial issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed for a new Solana ETF.

Matthew Sigel, VanEck’s head of digital assets research, announced on X on June 27 that the firm has submitted an application for a Solana ETF with the U.S. Securities and Exchange Commission (SEC).

The new fund, named the VanEck Solana Trust, is designed to leverage Solana’s decentralized characteristics, high utility, and economic feasibility, according to Sigel.

He noted that this is the first filing for a Solana ETF in the United States.

In his post, Sigel explained why the company views SOL as a commodity, writing: “We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ether.

“It is utilized to pay for transaction fees and computational services on the blockchain.

“Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”

VanEck’s SEC filing indicates that the VanEck Solana Trust is expected to be listed on the Cboe BZX Exchange, pending SEC approval.

The investment goal of the VanEck Solana Trust is to mirror the performance of Solana’s cryptocurrency price, excluding the trust’s operational expenses.

The filing specifies that the trust will use the MarketVector Solana Benchmark Rate index for daily share valuation.

This index is based on prices from the top five SOL trading platforms, as identified by the CCData Centralized Exchange Benchmark review report.

VanEck’s Solana ETF filing follows the U.S. SEC’s approval of spot Ether ETFs on May 23, 2024.

This approval resolved longstanding debates about the classification of ETH, affirming it as a commodity rather than a security.

Subsequently, the SEC reportedly halted an investigation into whether Ether is a security on June 19.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Crypto Casinos & Non-Gamstop Options: A New Era for UK Gambling

Blockchain News

Crypto casinos and non-Gamstop gambling platforms, while distinct in their technical aspects, offer a range of benefits for UK players. Both cater to the privacy-conscious. Cryptocurrencies, with their inherent security and anonymity perfectly complement the flexibility focus of non-Gamstop casinos. This synergy creates platforms ideal for players who value control, efficiency, and a wider range of gaming choices.

The Value of Non-Gamstop Casinos:

Gamstop is a self-exclusion service; It’s designed to encourage responsible gambling. The trouble is, Gamstop uses a one-size-fits-all approach for a population of online gamblers with diverse needs. Gamstop just won’t suit everyone. For players who once opted in but no longer need restrictions, Gamstop is a burden, not a boon. Enter non-Gamstop casinos. These platforms operate beyond the Gamstop self-exclusion scheme, catering to those who want more flexibility in their online gambling experience. They offer unlimited access to games of chance, letting players take responsibility for their own enjoyment. (Source: www.sportscasting.com/online-casinos/casinos-not-on-gamstop-uk/)

Beyond flexibility, non-Gamstop platforms offer several other advantages; novelty and choice are chief among them. Unbound by some of the regulations that apply to UK Gambling Commission (UKGC)-licensed platforms, non-Gamstop casinos have the freedom to experiment and introduce unique features to games. Additionally, restrictions placed on certain games by the UKGC may not apply to non-Gamstop casinos, meaning a larger library of games on offer.

Non-Gamstop platforms also give players greater control over their financial transactions by embracing the use of cryptocurrency. Unlike traditional online casinos that require bank details for registration and transactions, crypto transactions ensure anonymity. Crypto eliminates the need to link bank accounts to gambling platforms, enhancing privacy and discretion for those who prefer it.

Transparency and Efficiency of Crypto Casinos:

Crypto betting sites are becoming ever more popular in the UK as cryptocurrency itself becomes increasingly normalised in the public view. These sites offer a dynamic alternative to traditional online gambling platforms by accepting cryptocurrencies like Bitcoin and Ethereum for deposits and withdrawals. Doing so offers many advantages for savvy players, particularly for the privacy-conscious and security-minded among us. Crypto transactions eliminate the need for intermediaries because blockchain technology reduces the risk of fraud and security breaches. While traditional online casinos store player information on vulnerable centralised servers, crypto transactions are recorded on a decentralised ledger, minimising the threat of cyber-attacks and data leaks.

Transactions using cryptocurrency are typically a lot faster than traditional bank transfers. Crypto users can enjoy near-instant deposits and quicker withdrawals, allowing them to seamlessly move funds into and out of their accounts. Eliminating the waiting times of conventional banking methods is a huge boon for impatient players with busy lives. Crypto transactions also cost less compared to traditional payment methods. Fees levied by credit cards and hidden costs for bank transfers can quickly add up, eating into a player’s winnings. Such fees don’t apply when wagering with crypto, making it a much more cost-effective way to manage funds.

The Relationship Between Crypto and Non-Gamstop Casinos:

The convergence of crypto casinos and non-Gamstop platforms showcases the rapidly evolving needs and ever-changing tastes of UK gamblers online. Players seeking greater flexibility and agency look to non-Gamstop casinos as an alternative to the restrictions of Gamstop sites. Meanwhile, cryptocurrencies offer privacy and efficiency for financial transactions within these platforms. As both sectors continue to innovate, refining their offerings, there is every potential that the marriage of crypto and non-Gamstop casinos will lead to a more diverse and exciting online gambling scene. Hopefully, one with greater control, choice, and security for UK players.

Julian Assange Released After 14-Year Extradition Battle, Cleared of Debts by Anonymous Bitcoin Donation

Bitcoin/Blockchain News/CD/Crypto News Today

WikiLeaks co-founder Julian Assange is free after a 14-year battle against extradition to the United States.

In a final effort to secure his freedom, an anonymous Bitcoiner donated over 8 Bitcoin, worth around $500,000, to help Assange’s family pay off the debt incurred by his travel and settlement expenses.

On June 24, Assange was released from the high-security Belmarsh prison in the United Kingdom after reaching a plea agreement with U.S. authorities.

Shortly after his release, he departed the U.K. on a private plane from a London airport to Saipan in the Northern Mariana Islands, a U.S. territory.

Assange appeared in a district court in Saipan on June 26, where he pleaded guilty to one charge of breaching the U.S. Espionage Act by leaking classified documents.

The journey was planned to prevent Assange from touching foot on American soil.

In an interview, Stella Assange, Assange’s wife, stated that “freedom comes at a cost.”

Assange is required to pay $520,000 to the Australian government for the “forced” chartering of flight VJ199 to travel to Saipan and Australia.

Stella started a crowdfunding page to help the jailed founder with his debts after his return home to Australia.

The donation link was posted by Stella Assange on June 25, and within 10 hours, an anonymous Bitcoiner paid over 8 Bitcoin to the fund, almost clearing the goal of $520,000.

He has also received over 300,000 British pounds ($380,000) in fiat donations so far.

The single Bitcoin donation was the largest donation to the fund, more than all other donations in all currencies combined.

As a result, Assange will arrive in Australia debt free.

At Assange’s court appearance on June 26, Judge Ramona Manglona sentenced him to five years and two months in prison for pleading guilty to espionage charges.

However, Assange has already served the exact amount of prison time in the United Kingdom while fighting extradition.

As a result, he walked from the courtroom a free man.

Assange then took a private flight and arrived in Canberra, Australia, at 9:39 am UTC.

Assange argued that the Espionage Act, under which he was charged, conflicted with First Amendment rights in the U.S. Constitution.

However, he acknowledged that encouraging sources to provide classified information for publication could be illegal.

As part of the plea deal, he was required to destroy all classified information provided to WikiLeaks.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Crypto Losses from Deep Fake Scams Expected to Exceed $25 Billion in 2024, Reports Bitget Research

Blockchain News/CD/Crypto News Today

Crypto losses due to deep fake scams are projected to surpass $25 billion in 2024, more than doubling last year’s losses, according to Bitget Research.

In a June 27 report, Bitget noted a 245% increase in deep fakes worldwide, based on earlier Sumsub research data.

The report identified China, Germany, Ukraine, the United States, Vietnam, and the United Kingdom as having the highest occurrences of deep fakes in the first quarter of 2024.

The crypto industry alone saw a 217% increase in deep fake incidents compared to Q1 2023.

Bitget reported that the rise in deep fakes led to $6.3 billion in crypto losses in the first quarter, with expectations of losses reaching $10 billion per quarter by 2025.

“Deepfakes are moving into the crypto sector in force, and there is little we can do to stop them without proper education and awareness,” Bitget CEO Gracy Chen told Cointelegraph.

Interestingly, deep fake fraudsters have not significantly changed their tactics over the years.

Most crypto losses occur through fake projects, phishing attacks, and Ponzi schemes, using deep fake technology to gain the trust of cryptocurrency investors.

These methods have accounted for more than half of all deep fake-related crypto losses over the past two years.

“By impersonating influential figures, these schemes create the illusion of credibility and substantial project capitalization, thereby receiving large investments from victims without thorough due diligence,” said Bitget Research.

MicroStrategy executive chairman Michael Saylor has been a frequent target for fraudsters.

In January, Saylor mentioned his team removes around 80 AI-generated fake videos of him daily, typically promoting Bitcoin-related scams.

Bitget also noted the use of deep fakes in cyber extortion, identity fraud, and market manipulation, though these represent a smaller share of crypto scams.

For example, a fake statement from an influencer might be used to manipulate token prices.

Bitget predicts that without effective measures, deep fakes could be used in 70% of crypto crimes by 2026.

“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims,” Bitget Research chief analyst Ryan Lee told Cointelegraph.

Lee highlighted concerns over AI-backed voice impersonators and deep fakes that circumvent Know Your Customer (KYC) measures to access user funds.

He emphasized the importance of “Proof of Life” features in KYC systems to prevent such fraud.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Kadena Announces Nitin Gaur as Advisor

Press Releases

New York, New York, June 27th, 2024, Chainwire

Kadena, the industry’s only scalable Proof of Work blockchain, welcomes Nitin Gaur, the Founder of IBM Blockchain Lab and a former Global Head of Digital Assets at State Street, as an advisor. Gaur, a distinguished leader in blockchain with a robust patent portfolio, brings a wealth of knowledge and expertise to guide Kadena’s strategic direction for implementing a decentralized approach to traditional finance.

Stuart Popejoy, CEO and Co-Founder of Kadena, expressed his excitement about the new addition to Kadena’s advisory team: “We are thrilled to welcome Nitin Gaur to Kadena as an advisor, joining blockchain inventor Dr. Stuart Haber, among others. His deep understanding of blockchain technology and his institutional background will be instrumental as we continue to push the boundaries of what is possible with our platform.”

Gaur shared in the excitement to join Kadena. “Kadena has a bright future with a world-class team of executives and advisors. I’m excited to bring my experience in blockchain-powered business networks, especially in financial services, to add to a strong foundation.”

Nitin’s contributions to the field extend beyond his work at IBM and State Street. He is a sought-after speaker at various global events, advised on digital currency initiatives at Stanford University, and holds 100-plus patents.

For more information about Kadena and its initiatives, users can visit www.kadena.io.

About Nitin Gaur

Nitin Gaur is currently the Founder and CEO of LedgerLink, an AI-driven Web2.5 Platform. The goal of LedgerLink is leading Digital Asset and Technology Design, with aspirations to transition part of the company’s financial market infrastructure and its clients to the new digital economy. In this role, Nitin aims to dedicate energy to bridging traditional finance and emerging decentralized finance with concepts around enterprise-grade digital asset custody, risk model frameworks, tokenization of traditional assets, and fund structures, to transform and modernize the market infrastructure with a vast partner ecosystem. Nitin Gaur also serves as the CTO and Co-Founder at Portal Asset Management, an acclaimed crypto hedge fund. He is also the co-host of the “Beyond Bitcoin” podcast, which offers deep insights into the evolution and adoption of digital assets across industries.

In his previous role, Nitin Gaur, served as Managing Director at State Street, Founder and Director of IBM Digital Asset Labs – committed to devising industry standards, use cases and working towards making blockchain for enterprise a reality. In parallel Nitin also served as CTO of IBM World Wire – a cross-border payment solution utilizing digital assets. Nitin also Founded IBM Blockchain Labs and led the effort to establish blockchain practices for the enterprise. Prior to this role, he was working in the capacity of CTO, IBM Mobile Payments, and Enterprise Mobile Solutions. Nitin holds an MS in Management Information Systems and an MBA in Finance from the University of Maryland. Nitin was also appointed as an IBM Distinguished Engineer and was recognized as a Master Inventor with a rich patent portfolio.

About Kadena

Kadena, a blockchain technology company founded in 2017 by Stuart Popejoy and Will Martino, who created JP Morgan’s first blockchain and led the SEC’s Crypto Committee, stands as the industry’s only scalable layer-1 Proof of Work (PoW) blockchain. This unique scalability enables Kadena to deliver infrastructure-grade performance for any blockchain project. Along with their smart contract language Pact, Kadena’s platform provides the world with the tools and environment to turn ideas and ambitions into reality, paving the way for true blockchain mass adoption.

Kadena LinkedIn

Kadena on X (Formerly Twitter)

Kadena Discord

Contact

Kadena Press
Kadena
press@kadena.io

German Government Wallet Sells $54 Million in Bitcoin, Sparking Price Drop Concerns

Bitcoin/Blockchain News/CD/Crypto News Today

A cryptocurrency wallet labeled by the German Government (BKA) has sold over $54 million worth of Bitcoin.

On June 25, the wallet executed three transactions, offloading a total of 900 Bitcoin. The first transaction, involving 200 BTC, was sent to the Coinbase exchange, while the second, also of 200 BTC, was directed to the Kraken exchange.

The third transaction, amounting to 500 BTC, worth over $30 million, was sent to an unknown wallet labeled “139Po,” as reported by Arkham Intelligence.

Although the identity of wallet “139Po” remains a mystery, it has previously interacted with the German government’s wallet.

On June 20, 800 BTC were transferred to “139Po,” following a 500 BTC transfer on June 19.

After the latest transactions, the German government-labeled wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.

There are concerns that the German government’s actions might impact Bitcoin’s price, potentially pushing it below the $60,000 mark.

The wallet currently holds over $2.8 billion worth of Bitcoin, which could exert significant selling pressure.

Bitcoin’s price has been on a downtrend, dropping 11% over the past month and more than 7% in the past week, hovering just above $61,000 as of 9:40 am UTC, according to Bitstamp data.

Popular analyst Willy Woo suggests that Bitcoin might undergo a correction lasting up to four weeks before resuming its price rally.

In a June 22 post on X to his 1.1 million followers, he wrote: “Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”

On June 19, suspicions about potential Bitcoin selling were sparked when the government-labeled wallet transferred 6,500 BTC, valued at over $425 million.

The majority of Bitcoin from the government’s wallet is being sent to centralized exchanges, indicating potential sales.

Prior to these transfers, the wallet held nearly 50,000 BTC since February 2024, believed to be seized from the operator of the pirated movie website Movie2k.

Further selling pressure could arise in July, as the collapsed cryptocurrency exchange Mt. Gox announced it would start repaying its users.

Mt. Gox creditors, owed over $9.4 billion worth of Bitcoin, have been waiting more than ten years to recover their funds, which could add significant pressure on Bitcoin’s price.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

DFX Labs Nears Full Operational License in Hong Kong Amid Regulatory Push for Global Crypto Startups

Blockchain News/CD/Crypto News Today

Hong Kong-based crypto trading platform DFX Labs is nearing a full operational license after receiving clearance under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

According to public records from the Securities and Futures Commission (SFC) of Hong Kong, DFX Labs is “deemed to be licensed for providing the virtual asset service.”

However, despite holding an active AMLO license, the platform is not yet authorized to offer crypto trading services.

The records clarify:

“The Applicant is only deemed to be licensed for providing the virtual asset service below. The SFC has NOT granted a license to the Applicant under the AMLO.

The application for his/her license is still pending determination.”

DFX Labs applied for the Hong Kong crypto license on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, as the primary applicant.

The exchange was deemed to be licensed on June 1.

Currently, the DFX Labs website remains an unlicensed virtual asset platform and is unavailable for Hong Kong residents.

Hong Kong is making concerted efforts to attract global startups.

Three government entities — The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) — recently co-hosted an event in Toronto to promote its offshore technology hub for Canadian crypto and Web3 startups.

Speaking at the event, Toronto ETO director Emily Mo highlighted the startup-friendly regulations, such as lower taxes compared to Canada, and Hong Kong’s willingness to collaborate with “pre-commercial specialist technology companies.” She emphasized:

“There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.”

In May, Hong Kong mandated the shutdown of all crypto exchanges operating without a license.

Many crypto exchanges that had applied for an operational license eventually withdrew their applications. This list included prominent global players such as OKX, Huobi HK, and Bybit, among others.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Australian Crypto Firm NGS Rebrands to ‘Hiddup’ Amid ASIC Investigation and Legal Battle

Blockchain News/Crypto News Today

Australian crypto company NGS Crypto has rebranded to “Hiddup” amidst an ongoing investigation and legal action by the Australian Securities and Investment.

On June 25, NGS Crypto claimed the rebrand was due to a trademark dispute.

This announcement came during an ASIC case involving about 61 million Australian dollars ($41 million) in interest owed to investors.

In April, the company’s directors, Mark Ten Caten, Brett Mendham, and Ryan Brown, had their assets, along with the firm’s funds, frozen.

Cointelegraph reached out to Hiddup for comments but did not receive an immediate response.

ASIC’s Allegations and Actions
ASIC has initiated a lawsuit against three crypto mining companies linked to NGS: NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd after they collapsed into liquidation.

These companies allegedly targeted Australians to create self-managed superannuation funds, converting these funds into digital assets for investment in blockchain mining packages with promised fixed returns.

ASIC’s preliminary investigation revealed that over 450 Australians invested approximately $41 million through NGS companies.

The financial watchdog claims that NGS companies violated national laws by providing financial services without an Australian financial services license.

As part of the proceedings, ASIC seeks interim and final injunctions to prevent NGS from operating without proper licensing.

In response, the Federal Court appointed advisory and restructuring firm McGrathNicol as receivers to assist creditors in recovering funds.

Additionally, Mendham’s passport has been seized, and authorities continue to search for the missing $41 million.

ASIC is aware of NGS’s rebranding efforts amid the investigation. An ASIC spokeswoman confirmed that they are investigating this matter.

In 2022, superannuation fund NGS Super sued NGS Crypto, accusing it of copyright infringement and misleading investors by implying an association with NGS Super’s funds.

NGS Super clarified that it does not sell cryptocurrency or related products.

NGS Crypto stated that the rebranding to Hiddup was due to this ongoing trademark dispute, aiming to avoid confusion and differentiate the business.

Despite the ongoing legal issues, the company continues to advertise returns ranging from 6 to 16 percent per annum through blockchain mining on its website.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.