Binance’s FTX Bail Out Follows a Twitter Spat Between the Founders

The CEO of Binance tweeted on Sunday the exchange would be liquidating all its FTT tokens due to “recent revelations.” On Monday, FTX head Bankman-Fried tweeted “a competitor is trying to go after us with false rumors.” Bankman-Fried announced on Tuesday his exchange FTX is to be acquired by Binance. Something is loading. Thanks for … Read more

Starbucks Is Changing Rewards: Web3 Updates

Starbucks CEO Howard Schultz said a new web3 initiative for rewards is coming. The changes will be revealed at Starbucks Investor Day in September. Other chains like McDonald’s, Wendy’s, and Chipotle have ventured into web3 via the metaverse. Something is loading. Starbucks is planning some changes to its iconic rewards program, the coffee chain announced … Read more

Cryptocurrencies a clear danger, says RBI governor Das

Terming cryptocurrencies a “clear danger”, Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial … Read more

Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail

“Fortune favors the brave,” Matt Damon declared in a recent ad. Walking through computer-generated scenes of explorers and adventurers, Damon then told viewers how they could join the ranks of these brave people: by trading cryptocurrency on Crypto.com. The message from the Crypto.com ad — echoed by a slew of other crypto companies that paid … Read more

Joe Biden signs order on cryptocurrency as its use explodes in U.S.

President Joe Biden has signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should create its own digital currency United States (U.S.) President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether … Read more

BitConnect’s indicted founder Satish Kumbhani vanished, SEC says

BitConnect founder Satish Kumbhani, charged in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials told a New York judge. In September, before the criminal charges were filed, the U.S. Securities and Exchange Commission had sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors … Read more

Russia could use cryptocurrency to blunt the force of US sanctions

When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense. Economists estimated that sanctions imposed by Western nations cost Russia $50 billion a year. Since then, the global market … Read more

Goldman Sachs says bitcoin will compete with gold as “store of value”

Bitcoin was trading around $46,073 on Wednesday, having struggled to make gains after falling sharply in early December. In November, it had hit an all-time high of $69,000. Bitcoin will take market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs analyst Zach Pandl said in a research note … Read more