Tag: Virtual Currency

How Influencers Hype Crypto, Without Disclosing Their Financial Ties

Some of the projects that Mr. Armstrong promoted were small-time, experimental crypto ventures that eventually encountered problems. In those cases, he said, he considered himself a victim, too. “They’re preying on the novice crypto influencer who just got popular and is trying to figure out what they should and shouldn’t be doing,” he said. “It’s […]

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Has the Crypto Crash Hurt Your Investments? We Want to Hear About It.

Over the last two years, a boom in cryptocurrency prices has minted a generation of millionaires, catapulting industry executives and even some regular investors to extraordinary wealth. But lately the crypto market has crashed. Last week, the collapse of a so-called stablecoin helped ignite a broader meltdown, tanking the price of Bitcoin and wiping $300 […]

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How a Trash-Talking Crypto Bro Caused a $40 Billion Crash

Do Kwon, a trash-talking entrepreneur from South Korea, called the cryptocurrency he created in 2018 “my greatest invention.” In countless tweets and interviews, he trumpeted the world-changing potential of the currency, Luna, rallying a band of investors and supporters he proudly referred to as “Lunatics.” Mr. Kwon’s company, Terraform Labs, raised more than $200 million […]

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Crashing Crypto: Is This Time Different?

And in the past year or so, crypto marketing has gone really mainstream, with endorsements from celebrities — including Matt Damon, Kim Kardashian and Mike Tyson — not to mention political figures like Mayor Eric Adams of New York and the (unsuccessful) Republican Senate candidate Josh Mandel, who declared his intention to make Ohio “pro-God, […]

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Sam Bankman-Fried, Crypto Billionaire, Wants Washington to Follow His Lead

Mr. Bankman-Fried spent much of Crypto Bahamas shuttling back and forth from his laptop to the convention stage. Even his mother, Barbara Fried, had trouble getting time alone with him: As she tried to catch his eye one afternoon, a blockchain bro in a polo shirt cornered Mr. Bankman-Fried, asking him to film a birthday […]

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Will Crypto Play a Role in Funding Abortion Access?

“With privacy, it’s like, once it’s out, it’s out,” Professor Meiklejohn said. Dr. Rebecca Gomperts, a physician and the director of Women on Waves, a nonprofit that provides resources for abortion seekers, found this to be the case when she tried setting up her own crypto wallet. “It had exactly the same diligence requests as […]

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Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic

Cryptocurrency prices also dropped precipitously. The price of Bitcoin fell as low as $26,000 on Thursday, down 60 percent from its peak in November, before rising somewhat. Since the start of the year, Bitcoin’s price movement has closely mirrored that of the Nasdaq, a benchmark that’s heavily weighted toward technology stocks, suggesting that investors are […]

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Bitcoin Is Increasingly Acting Like Just Another Tech Stock

Unlike the idealists who drove the initial enthusiasm for Bitcoin in the 2010s, these professional traders are treating the cryptocurrency as part of a larger portfolio of high-risk, high-reward tech investments. Some of them are under pressure to secure short-term returns for clients and are less ideologically committed to Bitcoin’s long-term potential. And when they […]

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Crypto’s Promises Keep Crashing

“There will only be a lot more damage as it continues,” White said. Web3’s nominal aims are quite noble. The original internet boom of the late 1990s, what you might think of as web 1.0, was a time of great stock-market valuations that created a few enduring companies and a lot of dead dot-coms. The […]

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The Tale of ZenLedger’s Dan Hannum, Who Wasn’t Who He Said He Was

Mr. Rogers, who ran an investment fund with George Soros and wrote the book “Investment Biker,” said he had briefly been a “skeptical adviser” on the project since he did not expect it to work. He added that he had never bought cryptocurrency, let alone via Mr. Hannum. “I have never heard of him,” he […]

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How the Treasury Department Is Cracking Down on Russian Sanction Evasion

WASHINGTON — The Treasury Department on Wednesday moved to crack down on Russia’s efforts to evade sanctions by imposing a new set of measures targeting a Russian bank, a cryptocurrency mining company and a network of individuals who are accused of facilitating illicit transactions. The sanctions were announced as Russian officials were participating in meetings […]

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Bitcoin Mining Is a Tax on Our Electrical Grid

He and others also argue that Bitcoin isn’t as much of an energy hog as it first appears. Because Bitcoin miners can rapidly turn on or off, they are stabilizing the electrical grid in places such as Texas by throttling back when other demand is high and cranking up consumption when other demand is weak, […]

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Crypto Industry Helps Write, and Pass, Its Own Agenda in State Capitols

In July, the state ordered a dozen A.T.M. providers that sell crypto in exchange for cash — including Cash Cloud, Coin Now and DigiCash — to register as money transmitters, despite appeals from the companies, documents obtained by The Times show. Last year, Mr. Aloupis introduced the bill to exempt two-party crypto transactions, after lobbying […]

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Does the End of Cash Mean the End of Privacy?

As a Treasury-issued currency, Ecash would not be a central bank digital currency of the kind being tested around the world. On March 9, President Biden ordered the government to report back within 180 days on “the future of money and payment systems,” including “the potential implications” of a U.S. central bank digital currency. There’s […]

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Ex-Party Producer Charged in $2.7 Million Bitcoin-Laundering Scheme

Dark-web drug dealers selling ketamine, MDMA and counterfeit Xanax in every state in America. An identity thief hacking into his targets’ cellphones. A member of an Eastern European organized crime syndicate. These, prosecutors said, were just some of the customers of Thomas Spieker, a former party producer who was charged on Thursday in state court […]

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Everyone Has Crypto FOMO, but Does It Belong in Your Portfolio?

Other fund vehicles hold crypto directly, but they’re grappling with different structural problems and carry higher fees, which are a drag on returns. Grayscale Bitcoin Trust, the largest Bitcoin vehicle, with $27 billion in assets, costs 2 percent and trades on the “over the counter” market. But these trusts don’t have the flexibility of regular […]

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Bitcoin Miners Want to Recast Themselves as Eco-Friendly

Along a dirt-covered road deep in Texas farm country, the cryptocurrency company Argo Blockchain is building a power plant for the internet age: a crypto “mining” site stocked with computers that generate new Bitcoins. But unlike other Bitcoin mining operations, which consume large quantities of fossil fuels and produce carbon emissions, Argo claims it’s trying […]

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Ukrainian Minister Has Turned Digital Tools Into Modern Weapons of War

But Peter Singer, a professor at the Center on the Future of War at Arizona State University, said Mr. Fedorov had been “incredibly effective” in calling for companies to rethink their Russia connections. “No celebrity, let alone nation, has ever been more effective than Ukraine at calling out corporate brands to name and shame them […]

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Bitcoin’s Value Drops Amid Russia-Ukraine War and Inflation

“To whatever extent the Canadian trucker story would be seen as bullish for Bitcoin (because it got people thinking about ways of making payments without regulated entities) it’s also bearish for Bitcoin (because it caught the attention of state actors who wanted to push back against such payments),” he wrote. There are other explanations out […]

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Biden to Take Step Toward Regulating Cryptocurrencies

WASHINGTON — President Biden is scheduled to sign an executive order on Wednesday that will direct the federal government to come up with a plan to regulate cryptocurrencies, recognizing their popularity and potential to destabilize traditional money and markets. The order, under development for months, would coordinate efforts among financial regulators to better understand the […]

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Reality Intrudes on a Utopian Crypto Vision

WASHINGTON — American CryptoFed is a new kind of company spawned by the advent of cryptocurrency — one that claims, in a way, not to be a company at all. There are no owners, officers or employees, according to its stated plan. Instead, American CryptoFed is a “decentralized autonomous organization” that is supposed to be […]

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Friends With Benefits Social Club Runs On Crypto and Vibes

Members with at least one $FWB token (current price: about $45) can read the group’s newsletter and blog posts. Local membership, which requires holding at least five tokens, comes with limited access to the group’s chat rooms on Discord, a talking and texting app, as well as entry to offline events. Global membership costs 75 […]

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Anonymity in Crypto Raises Alarm

At work, he makes one exception to the secrecy. On calls with clients, he often uses his actual first name to introduce himself, concerned that traditional business executives may be uncomfortable working with someone known simply as Legend. Over the last year, the venture capital firm Paradigm has also hired engineers and researchers who operate […]

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After Chinese Ban, Cryptocurrency Mining Got Worse for Climate

China’s crackdown on cryptocurrencies upended the world of Bitcoin last year, triggering a mass exodus of “miners” — who use power-hungry computers to mine, or create, new Bitcoins — to new locations around the world. Now, research has found that the exodus likely made cryptomining, which already uses more electricity than many countries, even worse […]

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Russia Could Use Cryptocurrency to Mitigate U.S. Sanctions

When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense. Economists estimated that sanctions imposed by Western nations cost Russia $50 billion a year. Since then, the global market […]

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Crypto Scammers Target Dating Apps

The man from the dating app Hinge checked all of Tho Vu’s boxes. He was a boyishly handsome architect from China, staying in Maryland on a long-term assignment. They had never met in person — he was still waiting to get his Covid-19 booster shot, he said — but they had texted back and forth […]

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Ilya Lichtenstein Held in Bitcoin Case While Heather Morgan Is Given Bail

WASHINGTON — A federal judge on Monday ordered the pretrial detention of a man charged with overseeing a sweeping scheme to launder billions of dollars of stolen Bitcoin while upholding a decision by a New York judge to release his wife pending trial. Chief Judge Beryl A. Howell of the Federal District Court in the […]

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Larry David Doesn’t Get Crypto. That’s Why FTX Hired Him.

In recent months, FTX paid $17.5 million to sponsor the athletic teams at the University of California, Berkeley; introduced a $20 million advertising campaign with the football star Tom Brady and his supermodel wife, Gisele Bündchen; and teamed with the Coachella music festival to offer NFTs, or nonfungible tokens. It has the naming rights to […]

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Divorcing Couples Fight Over the Kids, the House and Now the Crypto

“Francis has been less than forthright with his ever-changing stories,” Ms. deSouza’s lawyers claimed in one filing. No secret stash ever materialized. A spokeswoman for Mr. deSouza said he had disclosed the entirety of his cryptocurrency holdings at the beginning of the divorce. “As soon as Francis knew that the Bitcoin was caught up in […]

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Prepare Yourself for This Weekend’s ‘Crypto Bowl’

The crypto industry, which struggles with a reputation for being volatile, bad for the environment and overrun by wealthy tech guys, has tried to demystify itself for the general public in part by pouring money into marketing. Several ad experts said they had déjà vu, noting similarities to the gush of money dedicated to marketing […]

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Justice Dept. Seizes $3.6 Billion in Bitcoin and Arrests Married Couple

WASHINGTON — The Justice Department said on Tuesday that it had seized over $3.6 billion worth of stolen Bitcoin and arrested a married couple accused of laundering the cryptocurrency that hackers had stolen six years ago. The couple, Ilya Lichtenstein, 34, and Heather Morgan, 31, were accused in a criminal complaint of conspiring to launder […]

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