On May 8th, Colonial Pipeline Co. paid $4.4 million in Bitcoin to hackers who held its computer systems hostage in one of the largest crypto ransom attacks ever. Over the following weeks, FBI agents were allegedly able to gain access to the wallet holding the stolen Bitcoin and on June 7th, they confirmed that they had successfully retrieved most of the funds.
Immediately after the news broke, Bitcoin’s price plunged as many investors started speculating on how exactly the FBI got access to these funds so quickly, and whether or not they had cracked the private keys. …
Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament.
The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto.
According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin appears to be shifting toward more common-sense regulatory policies for cryptocurrencies.
According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as…
Wei Zhou, the chief finance officer at Binance, has left the company, according to a spokesperson at the biggest crypto exchange by trading volume, after having worked there for nearly three years.
“After three years at Binance, Wei has decided to leave for personal reasons,” the spokesperson said in an email. “While we cannot comment on what Wei will do next, we would like to thank him for his services and contributions during his time here.”
Zhou was still tweeting on June 8 about updates from Binance. It is unclear when exactly he left the exchange.
Binance recruited Zhou in…
El Salvador President Nayib Bukele recently announced in a recorded message played at a Bitcoin conference in Miami that he plans to send proposed legislation to the country’s congress that would make the cryptocurrency legal tender in the Central American nation.
When eventually approved, this bill will be disastrous for the countries economy by forcing citizens to use Bitcoin, which if we are being honest, is expensive, slow, and unrealistic for a nation that lacks any proper infrastructure, and has extremely low wages.
In this article, I’ll go over some reasons why I believe Bitcoin will not be able to…
One of the main selling points for Bitcoin is that its supply is apparently limited to 21 Million Bitcoin, and can never be changed. While this is partially true, Bitcoin actually works with a Consensus Mechanism, where node operators, miners, and developers must agree on something before making any changes to the code. With this system in place, the network isn’t solely controlled by a single entity, like with central banks.
Over the years, however, there have been many heated debates in the Bitcoin community to increase its supply. …
During his Friday appearance on the TD Ameritrade Network, cryptocurrency-skeptic-turned-investor Kevin O’Leary has questioned the pervasive narrative that Bitcoin is seeing strong institutional adoption, calling it “BS.”
The Canadian entrepreneur — who is famous for cohosting the hit TV show “Shark Tank” — claims that actual institutions are not into Bitcoin yet due to environmental concerns:
“That’s BS. They are not yet. There is no institution out there (any sovereign or pension plan) that’s doing it yet because they are not over the ESG issues. They need sustainability.”
O’Leary adds that Bitcoin’s biggest issue is its carbon footprint, which has…
The last two weeks have been very eventful as the crypto markets plunged over $1.3 trillion, which was an unexpected move to many market participants.
This crash was anything but unexpected to those who held a skeptical perspective on the current state of the markets. In my opinion, we’ve been in a mania bubble for the last several months, which is evident in the rise of many cryptocurrency memes, which provide no value, and are worthless.
It’s clear that most people in crypto right now are desperate to make quick gains, rather than do research, and invest in long-term projects…
Coinbase CEO Brian Armstrong declared on Thursday that the company would add the popular novelty cryptocurrency Dogecoin in the near future.
“We plan to list Doge in the next six to eight weeks,” said Armstrong on an earnings call following the company’s formal release of its first quarter earnings.
The Doge announcement came in response to a query from a crypto user named Jordi Y who had asked about it on a Reddit-style forum where Coinbase had solicited questions from its investors. The forum invited others to “upvote” others’ questions, and the Doge one proved most popular.
The Dogecoin has…
The availability of cheap, cryptocurrency-collateralized loans is growing unsustainably and will likely induce a major crisis in the near future.
As blockchain technology grows in popularity, many crypto investors are looking towards crypto lending platforms to stake their funds and earn interest. Under the surface, there are massive risks, scandals, and dangers associated with this new and unregulated industry.
After doing extensive research into the crypto projects currently on the market, I’ve made a remarkable discovery. Around ~96.5% of projects that call themselves “decentralized” or “DeFi” actually have many centralized aspects built in place. …
Though JPMorgan Chase will reportedly offer a bitcoin fund for wealthy clients, chairman and CEO Jamie Dimon still isn’t personally sold on the cryptocurrency.
“I’m not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit on Tuesday. “I don’t care about bitcoin. I have no interest in it.”
“On the other hand, clients are interested, and I don’t tell clients what to do,” he said.
“Blockchain is real. We use it,” according to Dimon. …
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