- Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a ‘Domino’ Run on the Banks
Tim Draper, a well-known venture capitalist and crypto enthusiast, has recommended bitcoin as part of his cash diversification advice for business founders. Draper, known for winning an auction of 30,000 bitcoins from the U.S. Marshals back in 2014, and for his bitcoin price predictions, posted a document on Twitter that comments on several considerations businesses should make in the face of bank failures.
The document, which presents seven different ways to avoid a cash crunch, states:
Since boards and management are responsible for making payroll, even in times of crisis, it is important to build out contingency plans for bank failures that could happen more and more often if government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.
- BNB Slips Over 5% Following Binance CFTC Lawsuit
Following Monday’s announcement of a lawsuit by the Commodity Futures Trading Commission (CFTC) against Binance and its CEO Changpeng “CZ” Zhao, the crypto exchange’s BNB token tumbled overnight.
BNB token slipped by 5.4% in the last 24 hours—the largest drop of any token in the top 10 by market cap—according to CoinGecko. Over the past 24 hours, Bitcoin has also slipped by 2.8% to $27,157, and Ethereum by 1.1% to $1,746, leaving BNB’s large stumble as the outlier.
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The leading cryptocurrency exchange by trading volume was accused by the U.S. regulator of having violated trading derivatives rules, according to a lawsuit filed by the CFTC in a Chicago federal court.
https://decrypt.co/124738/bnb-slips-following-binance-cftc-lawsuit
- Hacker Behind $200M Euler Attack Apologizes, Returns Millions in Ether, Dai to Protocol
In a sudden turn of events, the attacker behind Euler Finance’s $200 million exploit returned more funds to the protocols and seemed to apologize in a series of messages sent on the blockchain.
“Jacob here. I don’t think what I say will help me in any way but I still want to say it. I f**d up,” the attacker said in a message encoded in a transaction, as blockchain data apparently shows.
“I didn’t want to, but I messed with others’ money, others’ jobs, others’ lives. I really f**d up. I’m sorry. I didn’t mean all that. I really didn’t f**g mean all that. Forgive me,” they added.
https://www.binance.com/en/news/flash/7475949
- EU Lawmakers Vote in Favor of Payment Limits on Anonymous Crypto Wallets
Lawmakers on two key committees in the European Parliament have voted in favor of imposing limits on payments by unverified crypto users, as part of a large scale overhaul of money laundering laws.
The plans, considered alongside measures to forbid businesses from accepting large cash payments and create a new European Union Anti-Money Laundering Agency, AMLA, were approved by the parliament’s Economics and Civil Liberties committees on Tuesday, with six abstentions.
99 lawmakers voted in favor, while 8 voted against the limits.
- Bitcoin ATM maker to refund customers impacted by zero-day hack
Bitcoin ATM manufacturer General Bytes says it is reimbursing its cloud-hosted customers that lost funds in a “security incident” in March that saw its customers’ hot wallets accessed.
As previously reported by Cointelegraph, a hacker gained access to sensitive information, including passwords, private keys and funds from hot wallets on March 17 and 18 after remotely uploading a Java application into General Bytes’ terminals. The ATM manufacturer detailed the attack in a March 23 incident report.
In a recent statement to Cointelegraph, the ATM manufacturer said have since been moving swiftly to “address the situation” and has made the decision to refund its “cloud-hosted customers who have lost funds.”
https://cointelegraph.com/news/bitcoin-atm-maker-to-refund-customers-impacted-by-zero-day-hack
- Nvidia Says Crypto Adds Nothing to Society, Despite Profiting From Mining
Computer hardware manufacturer Nvidia has profited off of the cryptocurrency mining industry in recent years—but now CTO Michael Kagan has reportedly said that crypto does not “bring anything useful for society,” according to The Guardian.
Instead, Kagan hopes that NVIDIA products are used for artificial intelligence (AI) development rather than crypto mining.
“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best so people just programmed it to use for this purpose,” Kagan said. “They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does.”
https://decrypt.co/124680/nvidia-says-crypto-adds-nothing-to-society-despite-profiting-from-mining
- Ethereum Co-Founder Says Crypto Ecosystem Has Never Been Better or Stronger
Ethereum co-founder Joseph Lubin discussed the state of the crypto ecosystem, regulation, and whether ether (ETH) is a security in an interview with CNBC last Wednesday.
“The strength of our ecosystem has never been better or stronger,” he began. While noting that “There are certainly headwinds — some microeconomic, financial headwinds — out in the world,” as well as “banking issues for a small number of companies” in the crypto space, he emphasized: “The sizes of the conferences that are going on in Paris and Denver and Los Angeles have never been bigger.” The Ethereum co-founder added:
Once the builders come into our ecosystem to build essentially an alternative economy, they don’t leave. The speculators run in and they run out, but the building has never been better.
- Chinese Banks Offer Lifeline to Crypto Firms in Hong Kong, CZ Asserts
Changpeng Zhao, the CEO of the behemoth cryptocurrency exchange, Binance, has shown his support for a move made by Chinese state-owned banks. As crypto firms flock to Hong Kong, hoping to bounce back from a tumultuous period, they are discovering an unexpected ally in Chinese banks, according to a Straits Times report.
The cryptocurrency exchange champion Zhao has said that when one door shuts, another one opens, a statement that has garnered attention in the cryptocurrency community on Twitter.
When one door closes, other ones open.Chinese banks court crypto firms in Hong Kong | The Straits Times
https://www.binance.com/en/news/flash/7475869
- EU Money Laundering Law Won’t Prevent Crypto Payments, Lead Lawmaker Says
New money laundering rules won’t block crypto payments, a leading European Union lawmaker said Tuesday, just hours before the European Parliament is scheduled to vote on the legislation.
The Anti-Money Laundering Regulation set to be discussed by the Economic and Civil Liberties Committees would impose a limit of 1,000 euros ($1,080) for payments made from self-hosted wallets where it isn’t possible to identify the payer.
“We are absolutely not preventing crypto transactions,” Damien Carême, a French lawmaker from the Green party, told reporters. “It’s just when identification isn’t possible.”
- Binance Bitcoin balance drops by 3.4K BTC within 24 hours of CFTC lawsuit
The U.S. Securities and Exchange Commission’s pending enforcement action against crypto Soon after the United States Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for regulatory violations, the entrepreneur sought damage control measures while rejecting allegations of market manipulation. However, investors responded by pulling over 3,400 Bitcoin
BTC $26,942 from Binance within 24 hours of the announcement, anticipating market fluctuations.
“Binance.com does not trade for profit or “manipulate” the market under any circumstances,” stated CZ, responding to the CFTC’s allegations. However, episodes involving crypto entrepreneurs such as FTX’s Sam Bankman-Fried and Terraform Labs’ Do Kwon have shaken investor confidence in the crypto ecosystem.
