Tag Archives: cryptocurrency

Major Cryptocurrency Outfit Files For Bankruptcy

Reuters reports: U.S. crypto lender Celsius Network said on Wednesday it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices. New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. In …

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FBI Seeks “Crypto Queen” Behind $4 Billion Scam

Axios reports: The FBI has offered a $100,000 reward in its search for Ruja Ignatova, the so-called “Cryptoqueen” who allegedly helped defraud investors out of $4 billion with a cryptocurrency scam. Ignatova was added to the FBI’s list of the 10 most-wanted fugitives this week. The FBI is asking for any information about the alleged fraudster, who disappeared in 2017. …

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North Korea Likely Behind $100 Million Crypto Theft

Reuters reports: North Korean hackers are most likely behind an attack last week that stole as much as $100 million in cryptocurrency from a U.S. company, three digital investigative firms have concluded. The cryptoassets were stolen on June 23 from Horizon Bridge, a service operated by the Harmony blockchain that allows assets to be transferred to other blockchains. Since then, …

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Hacker Rips Off Cryptocurrency Startup For $100M

TechCrunch reports: A hacker has exploited a vulnerability to steal $100 million from Harmony’s Horizon Bridge, which allows users to transfer their crypto assets from one blockchain to another. Harmony, the U.S. crypto startup behind Horizon, said in a blog post on Friday that it was notified of a “malicious attack” on its proprietary Horizon blockchain bridge on Thursday. Blockchain …

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Cryptocurrencies Lose $400B In Value In One Week

Forbes reports: Bitcoin has crashed under $20,000 per bitcoin after a huge crypto market meltdown wiped away around $400 billion of value in just a week – with some traders’ worst fears materializing. Billionaire investor Jeff Gundlach warned he wouldn’t be surprised to see the bitcoin price fall further to hit $10,000. The brutal bitcoin and crypto crash was partly …

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Musk Sued For $258B For Alleged “Dogecoin Scheme”

The Hill reports: A cryptocurrency investor has sued Elon Musk for $258 billion, saying the Tesla co-founder ran a pyramid scheme via Dogecoin. The lawsuit filed by plaintiff Keith Johnson in New York, has accused Musk and his companies, Tesla and Space X, of running a “pyramid scheme” to inflate the price of the cryptocurrency. The lawsuit added that, “Defendants …

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Cryptocurrency Stocks Plummet Amid Bitcoin Crash

CNBC reports: Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets. Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market. Over the weekend and into Monday morning, more than $200 billion had been …

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Candace Owens Named In Crypto Class Action Lawsuit

The Daily Beast reports: A new class-action lawsuit filed by an investor in Trumpworld’s favorite “Let’s Go Brandon” meme coin claims that some of the token’s key players orchestrated a pump-and-dump scheme. A number of former President Donald Trump’s most loyal fans bought into the crypto hype, only to see the value of their investments plummet. Ultimately, the 79-page suit …

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NYC Mayor Headlines Miami Cryptocurrency Event

The New York Daily News reports: Mayor Adams waxed poetic about cryptocurrencies during a visit to Miami on Tuesday, touting the non-government-backed currencies as an antidote to “historical inequalities” in the U.S. economy. Adams, a vocal crypto booster who promised last year to convert his first three City Hall paychecks into Bitcoin and Ethereum, offered the effusive praise while attending …

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Crypto Founder Charged In Alleged $2.4B Ponzi Scheme

From the Justice Department: A federal grand jury in San Diego returned an indictment today charging the founder of BitConnect with orchestrating a global Ponzi scheme. BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion. According to court documents, Satish Kumbhani, 36, of Hemal, India, the founder of BitConnect, misled investors about …

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“Let’s Go Brandon” Crypto-Coin Already Worthless

The Daily Beast reports: The MAGA-themed “Let’s Go Brandon” Ethereum cryptocurrency has fallen on tough times. So much so that the value of all 330 trillion coins totals just a few thousand dollars combined, according to the trading sites CoinMarketCap and Crypto, a far cry from the days of pro-Trump investors believing they could strike it rich. That represents a …

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NYC Mayor To Convert First Paycheck To Bitcoin

The New York Daily News reports: Mayor Adams revealed Thursday that he will convert his first City Hall paycheck into cryptocurrency, seeking to make good on a campaign promise to use and promote the virtual cash system while in office. The first paycheck, due to arrive Friday, will “automatically be converted” into Bitcoin and Ethereum, two popular cryptocurrencies, via Coinbase, …

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NASCAR May Disallow “Let’s Go Brandon” Sponsorship

USA Today reports: A partnership between NASCAR driver Brandon Brown and a cryptocurrency coin named after the “Lets go Brandon” meme, a coded vulgar insult of President Biden, appeared to be in limbo on the same day the deal was announced. Max Marcucci, a PR strategist who represents the racecar driver and Brandonbilt Motorsports, said NASCAR provided written approval of …

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Melania Trump Launches Not At All Grifty NFT Platform

CNN reports: Melania Trump is getting in on the latest crypto craze — NFTs. The former first lady announced Thursday that she is selling an NFT, or a non-fungible token, titled “Melania’s Vision” — her first public endeavor since leaving office almost one year ago. The NFT is the first digital art to be sold on her newly launched platform, …

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LA’s Staples Center To Be Renamed “Crypto.com Arena”

The Los Angeles Times reports: Staples Center is getting a new name for Christmas: Crypto.com Arena. The downtown Los Angeles venue — home of the Lakers, Clippers, Kings and Sparks — will wear the new name for 20 years under a deal between the Singapore cryptocurrency exchange and AEG, the owner and operator of the arena, both parties announced Tuesday. …

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Personal Details Of “MAGAcoin” Holders Exposed

The Guardian reports: More than 1,000 people have so far signed up to the pro-Trump cryptocurrency magacoin, including conservative media personalities and Republican figures, the Guardian can reveal. The news comes after poor security configuration in a website associated with magacoin exposed the email addresses, passwords, cryptocurrency wallet addresses and IP addresses of users who have bought in to what …

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GOP To Begin Accepting Cryptocurrency Donations

Axios reports: The National Republican Congressional Committee is the first national party committee to solicit crypto donations. That puts it at the forefront of a disruptive financial technology that could test campaign finance rules. “We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative …

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El Salvador First To Adopt Bitcoin As Legal Tender

Forbes reports: El Salvador has become the first country in the world to formally adopt cryptocurrency after its Congress voted overwhelmingly to approve a law classifying Bitcoin as legal tender, President Nayib Bukele [photo] said Wednesday, an initiative he hopes will boost foreign investment, improve financial inclusion and generate jobs. Bitcoin is set to become legal tender in 90 days, …

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LIVE VIDEO: Mark Zuckerberg Testifies Before House

Wired reports: Facebook and Congress have a lot to talk about. In the past week, the company has careened through controversies over misinformation, squabbles over election ads, and an oddly statesmanlike speech in DC that sought to put a fresh spin on the Facebook origin story. But, unless grandstanding on other Facebook issues gets in the way, Wednesday’s hearing featuring …

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Major Partners Bail From Facebook’s Cryptocurrency

The Associated Press reports: On Friday, Visa and MasterCard announced their departures from the Libra project, as did e-commerce giant eBay and payments startup Stripe. Last week, PayPal became the first major company to drop out of Libra. The exodus comes amid growing — not to mention stronger-than-anticipated — regulatory pushback against Libra in the U.S. and elsewhere. “It’s a …

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