The recent downfall of Silvergate Bank, a US-based bank that provides services to cryptocurrency-related businesses, has sent shockwaves through the cryptocurrency industry. This event has led to concerns about the stability of the industry as a whole and the impact it could have on the price of digital assets like Bitcoin.
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Amid worries about the regulatory environment, Visa and Mastercard allegedly put a hold on their plans to form new partnerships with cryptocurrency companies. The payment processing giants are concerned about the potential regulatory backlash if they partner with cryptocurrency companies working in nations with murky or stringent crypto regulations, according to sources familiar with the situation. Although both businesses have previously expressed interest in cryptocurrencies, new regulatory uncertainty is said to have made them more cautious. The cryptocurrency sector has been working to increase acceptance and integrate into the established banking system, so the news is probably a setback for it.
“Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been charged with conspiracy to make unlawful political contributions and defraud the Federal Elections Commission (FEC). The charges against Bankman-Fried stem from his alleged involvement in a scheme to illegally funnel money to political candidates through a network of straw donors. According to the indictment, Bankman-Fried conspired with several individuals to make illegal contributions to federal campaigns, in violation of federal election laws.”
Agustin Carstens, the head of the Bank for International Settlements (BIS), has stated that cryptocurrencies have lost the “battle” against fiat currency. During a recent speech, Carstens acknowledged the benefits of digital currencies but ultimately argued that their lack of stability, association with illicit activities, and limited acceptance make them unlikely to replace traditional currencies in the foreseeable future.
Investment management firm ARK Invest has released its BIG IDEAS 2023 report, highlighting ten areas of disruptive innovation that are expected to shape the future of the global economy. These areas include electric vehicles, automation, and genomics. ARK Invest’s CEO, Cathie Wood, is known for her innovative investment strategies and the firm’s BIG IDEAS reports have become a highly anticipated annual event.
Nishad Singh, a former executive at FTX, is planning to plead guilty to fraud charges related to misrepresenting his ownership of shares in a company he was promoting to investors. Singh allegedly used these claims to convince investors to buy shares in the company, which had no significant operations. The total amount of investor funds allegedly misappropriated by Singh is estimated to be over $5 million.
Charlie Munger’s recent comments on cryptocurrencies have caused controversy within the crypto community. In a recent interview, Munger referred to cryptocurrencies as “disgusting” and argued that they are used to facilitate illegal activities. However, he was unable to provide any evidence to support his claims, leading to criticism from those who support cryptocurrencies.
Norwegian authorities have seized a record $5.8 million worth of cryptocurrency believed to have been stolen by North Korean hackers. The funds were allegedly laundered through several countries before being traced to a Norwegian cryptocurrency trading platform. The seizure marks the largest to date by Norwegian authorities and serves as a reminder of the increasing role of cryptocurrency in funding cybercrime.
Sam Bankman-Fried is currently on bail as he awaits trial for eight federal criminal charges, including fraud and other financial crimes. On Wednesday, the judge overseeing the criminal trial for Sam Bankman-Fried ordered the unsealing of the names of cosigners for the $250 million bond of the disgraced FTX founder. In short fashion, the two …