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Crypto lender Blockfi is moving closer to returning funds to clients after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute the remaining assets to clients and attempt to recover additional funds. Blockfi Advances on Client Asset Reimbursement Following Chapter 11 Plan Approval With over 90% of voting creditors approving the plan, Blockfi expressed optimism about providing client recoveries relatively quickly compared to similar crypto bankruptcies. The plan confirmation comes after Blockfi originally filed for bankruptcy protection in November 2022, amid the broader crypto market downturn. Under the approved plan, Blockfi will first distribute the remaining digital assets back to clients with funds in Blockfi Wallet accounts. The company will then make an initial distribution to clients with funds in Blockfi Interest Accounts (BIAs) and retail crypto-backed loans. “Over the coming months, you will receive an e

Bitcoin.com, one of the world’s leading cryptocurrency wallet developers and news portals, has partnered with the Busan International Film Festival as a major sponsor. The Busan International Film Festival (BIFF), held annually in South Korea, is one of the most significant film festivals in all of Asia. By sponsoring the event Bitcoin.com seeks to support artistic endeavors and reach new audiences. The 28th Busan International Film Festival will take place on October 4-13, 2023 at the Busan Cinema Center in Busan, South Korea. The festival will showcase the best of Asian cinema and feature various events and programs, such as master classes, open talks, hand-printing ceremonies, and awards ceremonies. The opening film will be Because I Hate Korea by Jang Kun-jae, and the closing film will be The Movie Emperor by Ning Hao. The festival will also honor Hong Kong star Chow Yun-fat with the Asian Filmmaker of the Year award. You can find more information about the festival on its offici

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has explained why the securities regulator is taking a litigation-heavy strategy to regulate the crypto industry. The SEC chair insisted that enforcement actions against crypto firms are not brought with a political agenda, emphasizing that he is protecting the American public. “This is a field where the American public is at risk and being harmed every day on these platforms that are commingling and often trading against their customers,” he cautioned. Gensler Reveals Why SEC Focuses on Litigation in Regulating Crypto The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified before the House Financial Services Committee on Wednesday. During the hearing, several members of Congress raised questions about cryptocurrency and the regulation of crypto tokens. Congressman John Rose (R-TN) asked Gensler: “Regarding cryptocurrencies … I’m interested in why you have pursued a litigation-hea

The U.S. Securities and Exchange Commission’s former head of internet enforcement says former U.S. President Donald Trump’s anti-crypto stance may change dramatically . He further predicted that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, at a minimum, approve a bitcoin exchange-traded fund (ETF) and “may even slow down considerably SEC crypto-related enforcement efforts.” Former SEC Official on Donald Trump’s Anti-Crypto Stance Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has argued that former President Donald Trump could “dramatically” change his position on cryptocurrencies. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Trump is running for president in 2024. “Former President Trump is on record as being strongly anti-bitcoin and anti-c

Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin will “become priceless” when the Federal Reserve launches a central bank digital currency (CBDC). He warned that privacy will be destroyed, emphasizing that “Big Brother will be watching.” The famous author urged investors to start accumulating bitcoin now “before it’s too late.” Robert Kiyosaki’s CBDC Warning, Urges Investors to Start Saving Bitcoin Now The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned about the risks of the Fed launching a central bank digital currency (CBDC). Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki explained in a post on social media platform X Friday that the Federal Reserve’s central bank digital currency is coming and when that happens, privacy will be gone. “B

In the wake of the U.S. Securities and Exchange Commission’s (SEC) call to depose Terraform Labs creator and former CEO Do Kwon, the SEC unveiled an alleged exchange between him and his former associate Daniel Shin. The ex-Terra boss reportedly claimed he could fabricate transactions on the Terra blockchain to render them authentic and accrue fees, further penning that he could strive to render the doctored transactions “indiscernible.” ‘I Can Just Create Fake Transactions’ — SEC Publishes Leaked Chat Between Kwon and Shin Court filings submitted by the SEC show a purported conversation between the Terraform Labs founder and former CEO Do Kwon and his business partner the former CEO of Chai, Daniel Shin . “Kwon perpetrated a scheme to fabricate Chai transactions on the Terraform blockchain to make it appear more active, all to dupe investors,” the SEC filing claims. The U.S. securities regulator added: For instance, in an extensive private chat between Kwon and Daniel Shin2 duri

Bitcoin miners have been steadily clearing the mempool of unconfirmed transactions since the number almost reached 700,000 on September 6, 2023. Currently, the number of unconfirmed transactions has dropped to just over 153,000 pending confirmation. Transaction Backlog Shrinks as Bitcoin Miners Face Fewer Inscriptions On September 15, 2023, just over 500,000 unconfirmed bitcoin transfers lingered, awaiting miner confirmation, a decrease from the nearly 700,000 a week prior. Yet, as the curtain fell in September, the tally of unconfirmed transactions dwindled to a smidge over 153,000 . Data from both mempool.space and Johoe’s mempool statistics reflect that a substantial portion of the unconfirmed transfers have been processed. A couple of factors have augmented the miners’ capacity to navigate through the immense sea of unconfirmed transactions in the queue. Firstly, block times have been shaving off a fraction of their 10-minute average, clocking in at around 8 minutes and 48

The city of Buenos Aires has announced that it will roll out a blockchain-based, privacy-focused digital ID wallet starting in October. The Quarkid project, previously known as Tangoid, will allow its users to download a “self-sovereign” wallet to hold their birth and marriage certificates, with more digital documents to be added later this year. Buenos Aires to Roll Out Blockchain-Based ID Program The City of Buenos Aires government announced the deployment of a digital, blockchain-based “self-sovereign” ID project for its citizens. The wallet, called Quarkid, formerly known as Tangoid and scheduled to be operating by last January, will supposedly allow its users to exert full ownership of their data, granting only trusted and permissioned third parties access. The Quarkid wallet will use Zksync Era, a zero-knowledge (ZK) Ethereum L2 (Layer 2) protocol, as its base, allowing the use of this kind of mathematical proof for privacy and confidentiality purposes. Quarkid was co-creat

A calendar has been set for the upcoming trial of United States v. Bankman-Fried, with jury selection beginning October 3, 2023. The FTX founder, Sam Bankman-Fried, was denied temporary release from prison but will be allowed to use an “air-gapped,” internet-disabled laptop for note-taking in the courtroom. In the coming month and a half, the public will likely hear testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison, Nishad Singh, and Ryan Salame. The Bankman-Fried Trial Kickoff Next week, the co-founder and former FTX CEO Sam Bankman-Fried is set to face trial following charges leveled by the U.S. government. The litany of accusations against him includes wire fraud conspiracy, wire fraud, commodities fraud conspiracy, securities fraud conspiracy, and money laundering. The charges are associated with FTX’s collapse after the once-$32 billion crypto empire failed in November 2022. Bankman-Fried is the only one named in the lawsuit and on September 2

U.S. Securities and Exchange Commission (SEC) has postponed its decisions on the spot bitcoin exchange-traded funds (ETFs) proposed by several companies. The delays of the applications of financial powerhouse Blackrock, asset manager Valkyrie and others come ahead of an expected government shutdown that would affect the SEC. U.S. Securities Regulator Pushes Back Verdicts on Multiple Bitcoin ETF Applications The future of a number of attempts to issue spot bitcoin ETFs in the United States remains unclear after the country’s regulatory body overseeing the securities market delayed its decisions again. The move concerns the high-profile application of investment giant Blackrock as well as those of Valkyrie, Bitwise, and Invesco, according to filings on Thursday. The development follows the postponing of the verdict on the Ark 21shares and Global X spot bitcoin ETFs earlier this week. The first was jointly proposed by Cboe BZX Exchange, 21shares, and Ark Invest, while the second was

Virginia’s Democratic representative Don Beyer has ushered in a fresh bill mandating the documentation of off-chain transactions and over-the-counter (OTC) crypto engagements by cryptocurrency exchanges, to be catalogued in a repository under the purview of the U.S. Commodity Futures Trading Commission. New Legislation Targets Off-Chain Transfers in Crypto Industry Representative Don Beyer (D-VA), has unveiled a new legislative piece reportedly aimed at safeguarding stakeholders in the digital assets arena. Titled the “Off-Chain Digital Commodity Transaction Reporting Act,” this bill mandates “trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC).” Beyer posits that crypto trading platforms bear the responsibility for “reporting all such transactions to a registered digital asset repository of transactions as soon as technically practicable after the execution of each such transaction.” Under Beyer’s legislatio

Numerous reports foretell an imminent U.S. government shutdown, given the anticipated failure of a spending bill to secure passage by Saturday evening — a measure meant to sustain operations till mid-November. On the cusp of this shutdown, bitcoin ( BTC ) has been on an ascent, catching the eye of many. Coinshares analyst Luke Nolan notes a buoyant sentiment among some traders, who view the government’s looming closure with a favorable lens. Bitcoin Rides the Wave of Uncertainty as U.S. Braces for Government Shutdown The U.S. government could shut down this weekend if Democrats and Republican policymakers can’t come to an agreement on spending. Currently, there’s a bill on the table that aims to extend the government’s pay until mid-November, but a number of Republicans and Kevin McCarthy, the current House of Representatives speaker, are not budging on negotiations. The two chambers find themselves at a deadlock, and should the bipartisan proposal aimed at averting a shutdown fai

Su Zhu, a founding member of the now-insolvent Three Arrows Capital, was apprehended in Singapore at Changi Airport on Friday, as per the firm’s liquidator, Teneo. Zhu received a four-month prison sentence for failing to cooperate in the bankruptcy proceedings, Teneo revealed. Crackdown at Changi Airport: 3AC’s Su Zhu Detained, Associate Kyle Davies Fugitive Teneo, overseeing the liquidation of Three Arrows Capital, reported that co-founder Su Zhu was seized and sentenced to four months’ incarceration. His associate, Kyle Davies, remains at large; however, Teneo confirmed he was given an identical penalty. Zhu allegedly tried to flee Singapore when he was intercepted at Changi Airport, situated approximately 25 miles east of Singapore’s Downtown Core. The Singapore court decreed that Zhu and Davies had not been collaborating with the liquidation procedure – an issue previously reported by the media months prior to his apprehension. The defunct Singapore-based cryptocurrency hedge

Crypto exchange Binance is closing down all exchange services and business lines in Russia. The company has entered into a sales agreement with Commex. A Binance executive explained that operating in Russia is not compatible with the company’s compliance strategy. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” he emphasized. Binance Fully Exiting Russia Cryptocurrency exchange Binance announced Wednesday that it will fully exit Russia. According to the announcement: “ has entered into an agreement to sell the entirety of its Russia business to Commex.” According to its website, Commex is “a centralized cryptocurrency exchange backed by top-tier crypto VC.” Binance added that to “ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.” Noting that the financial details of the deal will not be disclosed, the crypto exchange str

Coinbase CEO Brian Armstrong has slammed JPMorgan’s British retail bank, Chase UK, for changing its policy to block all crypto-related payments. Calling the move by Chase “totally inappropriate,” the Coinbase boss said: “UK crypto holders should close their Chase accounts if this is how they’re going to be treated.” Meanwhile, the British government is striving to make the U.K. a global crypto hub. Coinbase’s CEO Slams Chase Bank Over Anti-Crypto Policy The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, publicly criticized JPMorgan’s British retail bank, Chase UK, on Wednesday for changing its policy to block all crypto-related payments. The Coinbase executive wrote on social media platform X: Totally inappropriate behavior from Chase UK (this is their UK bank only is my understanding) … UK crypto holders should close their Chase accounts if this is how they’re going to be treated. Armstrong also alerted British Prime Minister Rishi Sunak and Member of

Economist Peter Schiff has warned of an impending biggest bond market crash in U.S. history. “The coming economic and financial crisis will be unprecedented in size,” he added. “The stagflation nightmare will soon be a full-blown reality. Very few investors are actually prepared for this outcome,” he further cautioned. Peter Schiff’s Latest Economic Warnings Economist and gold bug Peter Schiff issued more warnings about the U.S. economy and the U.S. dollar in multiple posts on social media platform X over the past few days. He wrote on Wednesday: We are still early in what will become the biggest bond market crash in U.S. history. Given that the U.S. economy is more levered now than at any time in history (governments, corporations, and individuals), the coming economic and financial crisis will be unprecedented in size. “The financial crisis we are about to experience will be much worse than anything that happened in 2008, yet Wall Street and the Fed are even more clueless now

Crypto exchange Binance has issued a recommendation for customers using the services of Paysafe for euro (EUR) transfers. The crypto trading platform is advising users to convert their euro balances to tether ( USDT ) or withdraw them to bank accounts after the payment processor suspended deposits and withdrawals in the common European currency. Binance Urges Traders to Take Action Amid Paysafe Suspension of EUR Transfers The world’s largest exchange for digital assets, Binance, issued a notice calling on users of Paysafe Payment Solutions to take “appropriate actions” in relation with the payment company’s decision to stop processing euro deposits and withdrawals for Binance customers. In June, the U.K.-based payment processor announced its decision to cease offering its embedded wallet solution to Binance across Europe. It was expected to drop support for bank transfers of euros to and from Binance via the Single Euro Payments Area (SEPA) in late September. On Thursday, Binance

Meta Platforms, the parent company of Facebook and Instagram, launched its own chatbot based on artificial intelligence (AI) technology. Meta AI provides an alternative to products like Openai’s Chatgpt and is setting out to offer interaction tailored to attend to different interests and solve specific tasks. Zuckerberg Unveils Meta AI Chatbot, AI Personas at Meta Connect Event Meta CEO Mark Zuckerberg announced the launch of the U.S. tech giant’s new AI-powered assistant in a keynote speech at the Meta Connect developers conference on Wednesday. The chatbot will compete against the already established player in the space, Chatgpt, and other offerings like Google’s upcoming Gemini. It became clear from Zuckerberg’s presentation that Meta’s approach to the development of AI differs from the rest of the industry in that the company does not believe in a “singular superintelligence” for everyone. In its view, most people would rather have a number of AIs for different purposes or eve

Following the letter of intent to acquire Fortress Trust, Ripple CEO Brad Garlinghouse announced the company has decided “not to move forward with an outright acquisition.” Garlinghouse didn’t cite specific reasons for dropping the deal but said Ripple planned to remain an investor in Fortress. Garlinghouse Announces Ripple’s Withdrawal From Fortress Trust Deal On Thursday, Ripple’s CEO confirmed the company has shelved its plans to purchase crypto custodian firm Fortress Trust. The Nevada-licensed financial services provider, founded by Scott Purcell, former CEO of the now-defunct crypto custodian Prime Trust , caught Ripple’s interest in early September 2023. At the time, Garlinghouse expressed Ripple was “excited to bring on this team and its technology to accelerate our business.” Garlinghouse has since addressed the public on social media platform X, explaining the deal isn’t proceeding. “A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since ma

Layer one (L1) and layer two (L2) blockchains offer different approaches to scaling distributed ledger networks. While developers of L1 blockchains focus on improving the base protocol, L2 programmers have moved transactions off-chain to enable faster and cheaper transactions. What Are Layer One Blockchains? Layer one or L1 refers to a base blockchain protocol like Bitcoin or Ethereum. These networks operate on a decentralized ledger secured by proof-of-work (PoW) mining or proof-of-stake (PoS) staking . L1 chains such as Bitcoin and Ethereum offer unparalleled security. However, during peak times, both of these chains grapple with sluggish transaction speeds and steep fees. Developers from several L1 networks are working to improve layer one scaling through methods like increasing block size, sharding , and introducing proof-of-stake consensus. However, substantial layer one upgrades require coordination among node operators and can take years to implement. Some blockchains inte

U.S. authorities are seeking to recover cryptocurrencies linked to the popular pig-butchering crypto scam. “Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized,” the United States Attorney’s Office for the District of Massachusetts has revealed. US Continues to Crack Down on Pig-Butchering Crypto Scam The United States Attorney’s Office for the District of Massachusetts announced Tuesday that it has filed “a civil forfeiture action to recover cryptocurrency alleged to be the proceeds of a ‘pig-butchering’ fraud scheme targeting a Massachusetts resident and involved in money laundering.” The announcement details: Specifically, the government seeks to forfeit 412,543.555 tether ( USDT ) and 100.896 Binance coin ( BNB ) seized from two accounts located at Binance.com, a cryptocurrency exchange and custodian. The U.S. Attorney’s Office added: “Collectively, this cryptocurrency has a current estimate

JPMorgan Chase CEO Jamie Dimon has expressed concerns about the Federal Reserve potentially raising interest rates to 7% and that the U.S. economy could experience stagflation. “I am not sure if the world is prepared for 7%,” he stressed, adding that there is “a range of outcomes.” Jamie Dimon’s Economic Warnings The CEO of JPMorgan Chase, Jamie Dimon, discussed various aspects of the U.S. economy, including the impact of further interest rate hikes, in an interview with the Times of India, published Tuesday. When asked about the possibility of a hard landing in the U.S., the JPMorgan boss replied: “No one knows. There is a range of outcomes. It will be affected by everything else — Ukraine, oil, gas, war, Europe.” The executive added: “I would be cautious … We have to deal with all these serious issues over time, and the deficits can’t continue forever. So rates may go up more. But I hope and pray there is a soft landing.” Dimon explained: “When rates go up sharply, there is stre