The authorities claimed the exchanges allowed cybercriminals to flout anti-money laundering measures. Nine digital currency exchanges allegedly aiding and abetting cybercriminals had their domains seized by the United States Federal Bureau of Investigation (FBI) and Ukrainian law enforcement. According to a May 1 press release, the FBI’s Detroit Field Office and the National Police of Ukraine…

International Monetary Fund Managing Director Kristalina Georgieva says that wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.” A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies (CBDCs), the managing director of the International Monetary Fund has claimed. The IMF’s Kristalina Georgieva erred on the…

Investing in assets “outside of the traditional financial system” is the only way to preserve one’s wealth, according to the former BitMEX CEO. The majority of people will have their wealth progressively eaten away by the devaluation of money, according to Arthur Hayes, the co-founder and former CEO of crypto derivatives exchange BitMEX. According to…

The proposed class action lawsuit alleges the exchange violated privacy laws in Illinois when it collected and stored users’ fingerprints and facial scans. Coinbase violated biometric privacy laws in Illinois through its collection and storage of customer fingerprints and facial templates, a proposed class-action lawsuit alleges. A May 1 filing in a California District Court by a…

The blockchain industry is facing a massive power imbalance — just like the traditional finance industry. Blockchain technology was introduced in 2008 as a decentralized, secure, transparent system for managing digital transactions. Its primary aim was to provide a solution to major problems with traditional transactional systems, including trust, security, decentralization and efficiency. Blockchain has…

Starknet makes performance improvements a top priority in 2023, aiming to increase throughput, lower latency and reduce transaction costs. Layer-2 blockchain protocols have been in the spotlight in 2023, bringing major performance improvements to a variety of platforms and services operating in the Ethereum ecosystem. Zero-knowledge (ZK) proofs have been key in the roll-out of a variety…

Banking giant JPMorgan will take over the assets of the troubled First Republic Bank after its seizure by the California Department of Financial Protection and Innovation. The American banking giant JPMorgan Chase is set to acquire First Republic Bank’s (FRB) assets after early efforts to rescue it failed. JPMorgan and multiple other banks submitted a…

According to ChatGPT, there’s a 15% chance that Bitcoin will “fade to irrelevancy,” with prices falling 99.99% by 2035. A Coinbase executive claims to have discovered a “jailbreak” for the artificial intelligence tool ChatGPT that allows it to calculate the probability of bizarre crypto price scenarios. The crypto exchange’s head of business operations Conor Grogan,…

A survey from the United States Financial Industry Regulatory Authority indicates that new crypto investors tended to be swayed by suggestions from friends, compared to equities or bond investors. Influence from friends and the fear of missing out (FOMO) were some of the reasons investors bought crypto for the first time in 2022, according to…

Block has completed the design of its new prototype ASIC chip that it says will fast-track its plan to bring an “open source” Bitcoin mining rig design to market. Block, the financial services and technology company owned by former Twitter CEO Jack Dorsey, has announced it has completed the prototype design of its new five-nanometre…