A federal judge has issued a ruling that restricts communication between Biden administration officials and social media companies. The decision comes as two Republican state attorneys general challenge the administration's actions to combat disinformation.

Former President Trump-appointed U.S. District Judge Terry Doughty granted a preliminary injunction,

https://storage.courtlistener.com/recap/gov.uscourts.lawd.189520/gov.uscourts.lawd.189520.294.0.pdf

Prohibiting a wide range of officials from the Department of Health and Human Services, the Centers for Disease Control and Prevention, the Department of Justice, the State Department, and the FBI from engaging in communication with social media companies.

The attorneys general of Louisiana and Missouri, both Republicans, are suing the administration,

https://storage.courtlistener.com/recap/gov.uscourts.lawd.189520/gov.uscourts.lawd.189520.1.0.pdf

Alleging a "campaign of censorship." They claim that the Biden administration has collaborated with social media platforms to identify and suppress certain speakers, viewpoints, and content.

The lawsuit argues that the public and private communications between administration officials and social media companies regarding the removal of COVID-19 vaccine-related content, public health measures, election integrity, and other topics violate the First Amendment.

The attorneys general highlighted the Biden campaign's and subsequent administration's calls, along with those of other Democratic lawmakers, to reform Section 230 due to the dissemination of disinformation. The lawsuit characterizes these calls as "threats" and a "campaign of pressure."

Section 230 currently shields social media companies from liability for content posted by third parties on their platforms. The lawsuit also alleges that the Biden administration's collaborative efforts with social media companies to combat COVID-19 and election disinformation amount to "collusion."

As per the injunction, Biden administration officials are prohibited from engaging in communication via email, calls, letters, texts, or meetings with social media companies that aim to persuade, encourage, pressure, or induce the removal, deletion, suppression, or reduction of content containing protected free speech on social media platforms, as ruled by Judge Doughty.

However, the ruling does not prevent Biden administration officials from communicating with the platforms regarding criminal activity, national security threats, threats to public safety, or posts intended to mislead voters about voting requirements and procedures.

Court granted SEC’s request for emergency relief and asset freezes

FOR IMMEDIATE RELEASE 2023-118

Washington D.C., June 26, 2023 —

The Securities and Exchange Commission today announced charges against Broward County, Florida resident Sanjay Singh and his trucking and logistics company, Royal Bengal Logistics Inc., with fraudulently raising approximately $112 million from as many as 1,500 investors through an unregistered securities offering that primarily targeted Haitian-Americans. 

The Securities and Exchange Commission (SEC) has filed a complaint accusing Singh and his company, Royal Bengal Logistics Inc., of engaging in fraudulent investment practices between 2019 and 2023. Singh allegedly offered high-yield investment programs to investors, claiming guaranteed returns ranging from 12.5 to 325 percent. These programs were presented as a means to expand the company's operations and increase its fleet of semi-trucks and trailers. Singh and Royal Bengal assured investors that their investments were safe and that the company generated significant monthly revenue, reportedly up to $1 million. However, the SEC alleges that Royal Bengal operated at a loss and used approximately $70 million of new investor funds to pay earlier investors, resembling a Ponzi scheme.

The complaint further asserts that Singh misappropriated at least $14 million of investor funds for personal use and for individuals who did not provide any legitimate services in exchange. Additionally, he diverted more than $19 million of investor funds to two brokerage accounts under his control, engaging in speculative equities trading on margin, resulting in losses exceeding $1 million of investor money.

Eric I. Bustillo, Director of the SEC's Miami Regional Office, stated, "Singh targeted members of the Haitian-American community, deceiving them with a Ponzi-like scheme to enrich himself. We are determined to hold individuals like Singh accountable for preying on investors through deception."

The SEC's complaint, filed in the U.S. District Court for the Southern District of Florida, accuses Singh and Royal Bengal of violating federal securities laws concerning registration and anti-fraud provisions. Additionally, relief defendants Sheetal Singh and Constantina Celicourt, spouses of Sanjay Singh and Royal Bengal Logistics's Vice President of Business Development, respectively, have been named in the complaint. The District Court has granted the SEC's emergency relief requests, which include preliminary injunctive relief, asset freezes, the appointment of a Receiver, and an order preventing the destruction of documents. The SEC seeks an officer and director bar against Singh, permanent injunctions, civil money penalties, and disgorgement of ill-gotten gains with prejudgment interest for both defendants and relief defendants.

The SEC's Office of Investor Education and Advocacy, along with the Division of Enforcement's Retail Strategy Task Force, has issued an Investor Alert providing tips on how investors can avoid making investment decisions solely based on common ties with individuals recommending or selling investments.

The SEC appreciates the assistance of Florida’s Office of Financial Regulation, the U.S. Attorney’s Office for the Southern District of Florida, the FBI’s Miami Field Office, and the U.S. Department of Transportation, Office of Inspector General, Southern Region. 

The SEC’s investigation was part of the Miami Regional Office’s Fraud Against Minority Groups Initiative and was conducted by Linda S. Schmidt and supervised by Sean M. O’Neill and Glenn Gordon, with the assistance of Mark Dee, Fernando Torres, and Ivette Goizueta-Mendes. The SEC’s litigation will be led by Russell O’Brien, and supervised by Teresa J. Verges. 

#SEC #secnews #scam

Bitcoin's upward trajectory may continue due to several factors, including inter-market dynamics, positive sentiment stemming from BlackRock's ETF filing, and the demand for safe haven investments. While directional traders have experienced setbacks in recent months, with Bitcoin's price pulling back by over 16% from its peak of $31,000, the cryptocurrency still boasts a remarkable year-to-date gain of nearly 60%, outperforming Wall Street's tech-heavy index, Nasdaq, which rose by 38%.

One significant factor supporting Bitcoin's potential ascent is the weakening of the US dollar and reduced volatility in the bond market. The dollar index has registered three consecutive weekly losses, declining by 1.2% to 102.30. A weaker dollar tends to benefit Bitcoin, as the two have historically exhibited an inverse relationship. With the Federal Reserve pausing rate hikes and inflation cooling down, the dollar's strength appears to be waning, potentially favoring Bitcoin's upward trajectory.

Furthermore, the volatility in the US Treasury bond market is diminishing, often leading to increased risk-taking in financial markets. This shift in risk sentiment may further support Bitcoin's upward movement.

BlackRock's recent filing for a spot-based Bitcoin ETF also injects optimism into the market. As the world's largest asset manager, BlackRock's move indicates ongoing institutional interest in Bitcoin-based products. The proposed ETF, backed by CF Benchmarks' Bitcoin reference rate and including a surveillance-sharing agreement, may address regulatory concerns regarding price manipulation. This development not only showcases institutional demand for Bitcoin exposure but also adds pressure on the US Securities and Exchange Commission (SEC) to clarify its stance on cryptocurrencies.

Lastly, the demand for safe haven assets could contribute to Bitcoin's rise. While regulatory challenges surrounding altcoins have raised concerns, Bitcoin and Ethereum (ETH) have not been directly targeted in recent SEC lawsuits against major crypto exchanges. This limited impact on Bitcoin and Ethereum holders, combined with Bitcoin's dominance rate breaking out of a three-year oscillation pattern, indicates a potential rotation of investments from altcoins to Bitcoin.

In summary, Bitcoin's path of least resistance appears to favor further upward movement. Inter-market factors, optimism from BlackRock's ETF filing, and safe haven flows contribute to this positive outlook for the leading cryptocurrency.

An expensive Ethereum NFT from a prominent PFP collection in Web3 has been permanently taken out of circulation and symbolically associated with an Ordinals inscription, as a group of Bitcoin enthusiasts celebrate this costly and attention-grabbing endeavor.

On Saturday, CryptoPunk #8611 was sold for approximately 55 Ethereum or $95,000, as reported by Etherescan. Hours later, the NFT was deliberately burned in a manner that references inscription 12,456,749, an NFT-like asset on Bitcoin that bears the same image as its predecessor.

The decision to effectively destroy CryptoPunk #8611 was driven by the community, led by Nathan Stein, a developer at Wolf Capital, on Twitter, along with holders of Bitcoin Bandits. A spokesperson for the project informed Decrypt that around 150 individuals contributed to this initiative.

https://twitter.com/MINHxDYNASTY/status/1670311105984598016

When a digital asset is burned, it is permanently locked away in a digital wallet that nobody controls. CryptoPunk #8611 has now been put to rest in a well-known burn address that also holds $21 million worth of Ethereum.

https://twitter.com/natan_stein/status/1669556240396226560

"What a wild night," exclaimed an account named Minh on Twitter. Minh shared a video documenting the purchase and burning of CryptoPunk #8611, describing the entire process as "chaotic, yet beautiful."

Ordinals, a buzzy Bitcoin protocol launched earlier this year, enables the creation of NFT-like assets on Bitcoin by "inscribing" data onto individual satoshis, which are the smallest denomination of Bitcoin. This data can include images, videos, or plain text, and has even been used to create BRC-20 tokens.

While NFTs can be seen as a burgeoning industry or an emerging frontier for digital art, Ordinals inscriptions are even more recent, leading to a surge of hype, bugs, and scams surrounding Bitcoin, the oldest cryptocurrency.

As the Ordinals community continues to evolve, the practice of redirecting expensive NFTs from the Ethereum ecosystem to other assets on Bitcoin, known as teleburning, is becoming increasingly common. Thus, the CryptoPunk burn on Saturday may sound somewhat familiar because it is not the first instance where a valuable NFT has been burned to symbolically transition an asset's underlying chain from Ethereum to Bitcoin.

In February, Jason Williams burned an NFT from the Bored Ape Yacht Club collection, which was valued at around $169,000 at the time. Williams told Decrypt shortly after that he found it quite enjoyable to "throw a Lamborghini into a trash compactor."

Yuga Labs, the creators of the Bored Ape Yacht Club, noted that the Ordinals inscription associated with Williams' BAYC NFT represents an unauthorized ape. They explained that only tokens originating from the project's original smart contract are considered valid, granting holders commercial rights and access to events.

However, unlike Williams' action, the burning of CryptoPunk #8611 was not solely for entertainment purposes, according to Stein. The ultimate objective is to create a series of Ordinals inscriptions corresponding to a fraction of ownership in CryptoPunk #8611, even though the actual asset can no longer be owned on its original chain.

Once the current inscription pointing to CryptoPunk #8611 is ceremoniously sent to a digital wallet belonging to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, it will effectively become a one-way trip, as Stein mentioned in a tweet.

Furthermore, members of the Bitcoin Bandits community, who pooled their funds to purchase CryptoPunk #8611, have also been entered into a contest related to a separate inscriptions project. However, this is considered secondary to the main intention behind the burning, as stated by the spokesperson.

"The Bandits Community did this to show the way," the spokesperson expressed. "They believe

Solana's Android phone is now in the hands of thousands of people after being unveiled last year. We spoke to several users to gather their feedback on the phone.

While most layer-one projects target developers in the non-fungible tokens and decentralized finance market, Solana is carving out a niche in the mobile industry, known for devouring and spitting out challengers.

About a year ago, Solana first introduced its plan to disrupt the telecoms space with Saga, a new Android phone. Additionally, they released the Solana Mobile Stack, a set of libraries for developers to create mobile-first decentralized applications on the blockchain.

Currently, Saga is being used by a few thousand individuals, but it has already made an impact on the workflow of various crypto enthusiasts, including developers, venture capitalists, and even journalists. We spoke with a few users to learn how they have been utilizing the platform.

Upon initial inspection, the device resembles a typical Android phone, but closer scrutiny reveals green accent buttons and a discreetly placed Solana logo on the back.

The phone's "crypto" identity goes beyond the logo; it incorporates built-in functionality throughout. For instance, approving transactions on decentralized applications using fingerprint and seed vault authentication is relatively seamless compared to using Metamask or Phantom on an iPhone.

Emmett Hollyer, head of business operations at Solana Labs, stated that the ultimate goal is to make web3 accessible to any consumer, whether they are crypto-centric, crypto-curious, or otherwise.

According to Cameron Tynes from The Block, the device lives up to Hollyer's claims, describing Saga as offering "by far the smoothest web3 experience I have had, especially considering it is all on mobile."

For venture investor Carl Vogel, a partner at 6th Man Ventures, the Seed Vault and the security it provides are among the phone's benefits.

"It combines the secure elements of hardware wallets with the usability of a mobile device," he said.

Tynes, an Apple iPhone owner, attributes most of the negatives to general issues with Android devices.

"Not being able to use Apple Pay/savings has been my biggest barrier to adopting this as my everyday phone," Tynes added.

The Saga device is part of Solana's broader mobile ambitions, which also include the Solana Mobile Stack. Chris Osborn, co-founder of the secure messaging application Dialect, uses both.

Saga's openness eliminates some of the barriers that exist when building apps within the Apple and Google environments.

"We are already facing challenges getting these experiences approved in the major app stores, and we’ve only barely started," Osborn said, referring to new features for Dialect. "Saga will continue to be the platform on which we can design and ship experiences that are unconstrained by app store restrictions and are best for the user."

The fate of Saga is linked to these developers and the robustness of its app store.

"The challenge lies with Saga and web3 developers in general to create the first wave of these groundbreaking web3 apps," Osborn said.

In Vogel's perspective, Saga provides developers with a third path "to iterate and capture more value."

"While in-app purchases on iOS and Android incur fees of 15%-30%, Saga charges 0%," Vogel explained.

Nonetheless, Solana is primarily focused on Saga rather than direct competition with behemoths like Samsung and Apple.

"Our goal is not to directly compete with Apple and Samsung, but to showcase the potential of a superior web3 experience on mobile," stated Emmett Hollyer from Solana Labs. "We aim to advance the entire space by creating and curating unique experiences that are mobile-first and feel native to a web3 audience."

KEY TAKEAWAYS:— Centralized Exchanges (CEXs) are a type of cryptocurrency exchange, meaning they allow users to buy and sell cryptocurrencies. — Much like stock exchanges, CEXs use order books to facilitate trades. — Centralized Exchanges, unlike their decentralized counterparts, are governed by a single entity and typically use custodial wallets.

If you want to buy and sell crypto, then you will need a crypto exchange, which come in two main types: centralized and decentralized. Both types of exchanges are an essential part of the crypto economy and each has its advantages, disadvantages and unique features. Put simply they are necessary for accessibility and ease of use, making it possible for new crypto users to exchange their fiat currencies, such as dollars or euros, for crypto.

Many centralized cryptocurrency exchanges  (or CEXs) work much like banks. In short, they usually require users to forfeit custody of their keys.  However, not all centralized exchanges work in this way, and they do come with certain unique benefits.

But what is a CEX, what are those unique benefits and why are they important for the success of the crypto industry?

Let’s get started!

What is a Centralized Cryptocurrency Exchange (CEX)?

A centralized exchange is a platform owned and operated by a single entity acting as an intermediary between buyers and sellers. This middleman or third party helps conduct transactions by providing liquidity for supported tokens. 

The centralized platform uses an order book system to establish crypto prices, much like a traditional bank does. Here, a user typically deposits funds into an account held by the exchange, which acts as a custodian of those funds. 

Users trust the platform to handle their funds fairly and securely. The crypto exchange matches buyers with sellers, or vice versa, and executes trades on their behalf.

Features of a Centralized Exchange

So what features does an exchange need to have in order to be “centralized”? Well, most centralized exchanges follow a similar model. Let’s take a look at what makes them unique.

Governed By a Single Entity

The defining feature of a centralized exchange is that it is controlled by a single entity, allowing for faster decision-making and subsequent implementation of strategies. This means more streamlined and efficient services. 

As a result, CEXs can offer features like advanced trading tools, fiat currency support, simplified account management, and customer support. This allows them to attract a large number of users and offer higher trading volumes and increased liquidity which translates to faster trade execution and tighter bid-ask spreads.

But one organization in control means a single point of failure. Any issue on such a platform can have widespread consequences, be it a technical glitch, server outage, or financial difficulty. Plus, since centralized exchanges are governed by a single entity, it means they are subject to the regulations in a specific region. This can leave your funds vulnerable to regulatory action–which is especially worrisome in countries with draconian laws.

Not to mention, you are trusting the exchange to execute your trades fairly and honestly. If a centralized entity decides to mismanage your funds, there’s not a lot you can do. This creates a risk of front-running, market manipulation, or even insider trading.

Finally, centralized management means that company policy is often opaque–you don’t know the principles on which the exchange operates. That may be fine if you use an exchange purely for buying crypto, nd choose to store your assets elsewhere. However, most centralized exchanges don’t work like that. Let’s explore why.

Custodial Wallets

When it comes to security, centralized exchanges implement several measures to protect users’ funds and personal information: a password, two-factor authentication (2FA), cold storage, withdrawal restrictions, and regular security audits.

However, a CEX usually requires you to use their own custodial wallets. This means you are depositing your funds into accounts under the exchange’s control. You receive the login details to access the wallet, but you don’t actually own it. Instead, the exchange holds the account’s private key, and you are simply “borrowing” the wallet to transact and store your crypto. This lack of ownership comes with a risk: It means that the centralized entity that controls your funds may revoke your access at any point. 

For this reason, many centralized exchanges, such as Kraken, recommend that you transfer your funds to non-custodial wallets as soon as you’ve made your crypto purchase. Even centralized exchanges themselves acknowledge that managing your funds yourself is always the best answer.

Require KYC

Finally, CEXs also require official documents to verify your identity. That’s because CEXs are businesses and, therefore, subject to local laws. This means by using these sorts of exchanges,  you lack privacy, being forced to share your sensitive information with centralized entities.

How do Centralized Exchanges Work?

A centralized exchange uses an order book system to facilitate crypto trading. The order book is an electronic list a CEX maintains. It lists all the buy and sell orders, displaying the price and quantity of each order. An order book records ongoing trading activity and allows the user to see the current market depth and liquidity.

The way it works is: users place a buy or sell order on the CEX, and when the order finds a compatible price, the exchange matches the orders and executes the trade for a fee.

For instance: If A wants to buy 1 BTC at $30k and B wants to sell 1 BTC for $30k, the exchange will match A and B seamlessly.

Centralized Vs. Decentralized Exchanges (CEX VS DEX): What’s The Difference?

As users seek greater control over their assets, the growing demand for self-custody has led to the emergence and popularity of decentralized exchanges.

The key defining feature of a decentralized exchange is that instead of an order book, it uses an Automated Market Maker (AMM) to eliminate all intermediate processes in crypto trading. 

AMMs use smart contracts to determine prices and provide liquidity. For this, users deposit assets into smart contracts called liquidity pools. These pools automatically execute trades based on predefined mathematical formulas rather than relying on individual buy and sell orders.

Unlike a CEX, a DEX does not support custodial infrastructures where the exchange holds all the wallet’s private keys; rather, it allows you to be in control of your funds. When using a DEX, you simply connect your non-custodial wallet to trade crypto and use your own private keys to manage your funds.

Examples of Centralized Exchanges

Today, there are hundreds of centralized exchanges operating in the crypto market. Some of the most notable include:

Binance: The largest centralized exchange in the world, Binance was founded in 2017. It is home to thousands of cryptocurrencies and millions of users. 

Coinbase: The most commonly used CEX in the US, Coinbase is a publicly-traded company founded in 2012. It’s easy to use but comes with high fees.

Kraken: One of the most trusted centralized exchanges, Kraken was founded in 2011 and is known for its low fees. It is a suitable option for intermediate and expert crypto users.

Do I need to use a Centralized Exchange?

If you want to buy crypto using fiat currency, say USD, you would have to use a centralized exchange, as most DEXs do not support fiat currencies such as dollars or euros. Instead, they only accept crypto. This means to buy crypto for the first time, you will usually need to use a CEX and undergo the KYC process at some point.

So you might be thinking, “How do I go about buying crypto without forfeiting the custody of my funds?”

Using a Centralized Exchange Securely

Well luckily, there is a way to buy crypto without forfeiting the ownership of your private keys. But how? The answer is simple; Yes, you can buy crypto directly from a CEX using Ledger Live.

With a Ledger device, you can connect to Ledger Live and buy crypto via an on-ramp partner. This allows you to buy cryptocurrencies and protect them with your Ledger directly. Put simply, you don’t have to forfeit any ownership of your cryptocurrencies, plus you can buy and sell cryptocurrencies at will. So, if you really must interact with a centralized exchange, you don’t have to give up your ownership rights.

Your other option is to use a centralized exchange and then migrate your crypto assets to your Ledger. So how does this work? To learn more, check out our article on how to migrate your crypto to your Ledger. But essentially all you have to do is:

Set up an account on your Ledger device  for the crypto you want to send

Buy the asset on a centralized exchange using your bank card or fiat currency

Send the assets to your newly-created account for that specific asset

Let your assets enjoy the security of your Ledger device!

In conclusion, while crypto exchanges may seem overwhelming, both centralized and decentralized exchanges have their clear benefits and risks.  If you want to buy crypto from an exchange, it’s important to know how safe your assets are, and whether you even retain ownership of them. All in all, crypto security is in your hands, because that is what self-custody is all about.

Source By Gaurav Roy

Professional investors are still keen on crypto but want to see backing from large traditional financial institutions before taking the plunge themselves, according to a survey from Nomura's digital asset arm.

Institutional investor interest in crypto has stalled in recent weeks due to increasing regulatory uncertainty in the United States and its regulatory crackdown on the wider industry.

The Laser Digital Investor Survey conducted in April found that 90% of professional investors polled said it was important to have the backing of a "large traditional financial institution" for any crypto asset fund or investment vehicle before considering putting money into it. Additionally, 96% of respondents regarded digital assets as representing an investment diversification opportunity in addition to traditional asset classes.

https://twitter.com/LaserDigital_/status/1582259218253778944

Industry observers predict an increase in institutional investment following the BlackRock spot ETF application. Furthermore, 82% of the professional investors interviewed expressed optimism about the crypto asset class in general over the next 12 months, specifically mentioning Bitcoin (BTC) and Ether (ETH) as the foundation of the Web3 economy and a long-lasting source of investment opportunities.

https://twitter.com/MsCryptomom1/status/1669489355130384385

Dr. Jez Mohideen, CEO of Laser Digital, highlighted that the study shows institutional investors see a clear role for digital assets in the investment management landscape and the benefits they can bring, such as greater diversification of portfolios. However, around three-quarters of respondents stated that legal or regulatory restrictions could prevent their firms or clients from investing in crypto-related funds or products.

Following the collapse of FTX in November, global regulators have increased scrutiny of the digital asset sector, although many countries are actively rolling out regulations for the new asset class.

Laser Digital conducted an independent global survey with institutional investors across 21 countries in Europe, the Middle East, Asia, South Africa, and Latin America. The survey included over 300 institutional investors with collective assets worth $4.9 trillion, such as wealth managers, pension funds, hedge funds, investment funds, and insurance asset managers.

Nomura established its crypto venture arm, Laser Digital, in September. The Japanese banking giant subsidiary is focusing on Asia for the next crypto industry growth spurt, with regulatory clarity in Japan and Hong Kong expected to boost retail participation, according to Mohideen.

Prometheum, a crypto startup, has gained attention from the Securities and Exchange Commission (SEC) as an example of regulatory compliance in the industry. The company positions itself as a market ecosystem for digital asset securities and is the first crypto-centric broker-dealer to register with the SEC and be a member of the Financial Industry Regulatory Authority (FINRA). Prometheum's founder and co-CEO, Aaron Kaplan, testified before the House Financial Services Committee, emphasizing the company's commitment to compliance and criticizing new legislation aimed at regulating crypto. While some industry players questioned Prometheum's preferential treatment, Kaplan stated that the regulatory status was the result of years of hard work.

The success of Prometheum aligns with SEC Chair Gary Gensler's assertion that noncompliance is a choice, as Republican lawmakers continue to criticize the SEC's actions against other crypto entities. However, during the hearing, Prometheum faced criticism for not allowing customers to trade Bitcoin and Ethereum, with Kaplan explaining that the company is taking a gradual approach. The lack of transparency regarding the assets it intends to list on its platform has raised further concerns.

Prometheum has faced scrutiny on social media, with critics questioning its business model and connections to China-affiliated firms. Some argue that the SEC's approval of Prometheum raises red flags, considering the lack of product launches since the company's inception and its ties to regulated entities.

Prometheum's registrations as an alternative trading system (ATS) and special purpose broker-dealer (SPBD) can be verified on FINRA's BrokerCheck platform. While the ATS is approved for operation in multiple jurisdictions, the SPBD business is limited to 15 states, including New York, known for its strict BitLicense regime. Questions have been raised about Prometheum's ability to register with the SEC, prompting a request under the Freedom of Information Act for related documents and communications.

As the industry and Crypto Twitter delve deeper into Prometheum's background, advocates for the crypto industry await the SEC's response to the FOIA request, hoping for greater transparency.

https://brokercheck.finra.org/firm/summary/311636

https://www.dfs.ny.gov/virtual_currency_businesses

https://twitter.com/tyler/status/1669332864398409728

BlackRock, a leading asset manager with $9 trillion in assets, has applied for a Bitcoin exchange-traded fund (ETF). The New York City investment firm plans to utilize Coinbase Custody for the potential ETF. In addition, they will use the spot market data from Coinbase for pricing. As of now, Coinbase has not released any statement regarding this new application.

Source: Newmoney

Despite the ongoing regulatory battles between the Securities and Exchange Commission (SEC) and platforms like Binance and Coinbase, BlackRock remains committed to its cryptocurrency ventures by pursuing a Bitcoin ETF. Last year, BlackRock and Coinbase began collaborating to offer digital assets to institutional investors.

It's important to note that the SEC has consistently rejected all applications for spot Bitcoin ETFs to date. However, the commission has recently approved Bitcoin futures ETFs for trading purposes. Therefore, the approval of BlackRock's ETF may depend on this distinction.

The proposed fund, named iShares Bitcoin Trust, will primarily consist of bitcoin held by a custodian on behalf of the Trust, according to the application. If the registration is successful, the BlackRock Bitcoin ETF will be launched immediately, as stated in the application filing.

While both BlackRock and Coinbase have yet to release a public statement regarding the new application, it is expected that they will do so in the near future.

Source: left.gr

UPDATE: Major Hacker Groups Plotting to Disrupt Western Financial System Within 48 Hours: US and European Banks, SWIFT, and Federal Reserve on Alert — MASH.

A concerning development has emerged as several prominent hacker groups join forces in an unprecedented campaign to cripple the Western financial system. KillNet, Revil, and Anonymous Sudan have united with a primary objective of paralyzing the SWIFT system, as reported by MASH.

According to information obtained by Lenta, multiple hacker groups are collaborating to execute a large-scale attack on the European banking system. Combining their efforts, activists from KillNet, previously believed to be defeated Revil, and members of Anonymous Sudan aim to achieve this disruptive goal.

A KillNet spokesperson issued a stern warning, stating, "Nothing can save you from the imminent troubles that lie ahead. Consider this a heads-up rather than a cautionary message. You are about to face unprecedented challenges."

Lenta also obtained a yet-to-be-released promotional video associated with the impending attack. In the video, an unnamed representative from KillNet urges all active groups to engage in destructive activities targeting the European banking system.

"This is not a mere DDoS attack; the era of games is over. 'No money, no weapons, no Kiev regime'—this formula will hold true," the masked individual promised.

Killmilk, the pseudonymous leader of KillNet, confirmed ongoing preparations for the attack and stated that its commencement is expected within the next 48 hours.

If successful, this cyberattack could be the largest in history. A representative from Revil expressed concern, describing the world as having descended into madness, largely due to money. The representative also claimed that the European banking system exercises control over the European Union.

"No money, no problems. Revil is well-acquainted with the European financial infrastructure," warned the group's representative.

Furthermore, an Anonymous Sudan member emphasized that European financial institutions would face "the most potent cyber attack in modern world history." The member called upon these institutions to brace themselves for the imminent strike, adding that once it occurs, it will be too late to rectify the damage.

"Numerous European banks will become targets, and our strikes will be merciless," concluded the Anonymous Sudan representative.

KillNet gained notoriety shortly after the initiation of a special military operation in Ukraine. Its members hacked the website of the Anonymous group, which had previously declared a cyber war against Russia. Following this, they proceeded to launch attacks on the websites and systems of Western government agencies and companies. Eventually, KillNet officially declared a cyber war against Western nations and carried out several memorable attacks in 2022 and 2023, including targeting the manufacturer of HIMARS, NATO infrastructure, Starlink service, and the FBI portal.

Revil stands as one of the world's most infamous hacker groups, implicated in high-profile attacks on critical infrastructure in the US and major global corporations. In several instances, these hackers have demanded ransoms reaching up to $50 million. In January 2022, the FSB claimed to have neutralized the group at the request of the US. However, doubts arose at a later stage regarding whether the apprehended hackers truly represented the core leadership of Revil.

Anonymous Sudan identifies itself as an association with national ties to Sudan, with the protection of Islam from its adversaries being among its main objectives. The group has primarily targeted prominent Swedish corporations, frequently demanding ransoms from their victims.

$BTC $ETH $SOL