The iris-scanning project saw a surge of signups in Argentina, registering an average of one user every nine seconds.
Human ID project Worldcoin signed up over 9,500 users in Argentina in a single day in August, setting a record for single-day signups. To achieve this feat, facilitators onboarded participants at an average rate of less than nine seconds per person, according to an Aug. 31 announcement from the project.
Argentina is one of the world’s leading countries for blockchain innovation & crypto adoption. That reputation was reinforced recently, as demand for World ID led to 9.5K Orb verifications in 24 hours—a new global record. https://t.co/DEMx1Yda2O
Argentina has Worldcoin facilitators in 38 different locations, according to the project’s website. Most locations are in the country’s capital city of Buenos Aires.
Worldcoin is a blockchain-based project that allows individuals to prove they're human by having their irises scanned. When a user verifies their humanness, they are given a “World ID” that can be integrated into future applications to prove they are not a bot or artificial intelligence program. The project was founded by OpenAI co-founder Sam Altman, who argued that human IDs would be needed in the future as artificial AI programs become more sophisticated and less distinguishable from humans.
Worldcoin launched on July 25 and almost immediately came under criticism from data privacy advocates. Critics claimed that it is too centralized and could easily leak users’ biometric data, leading to negative consequences for users.
In their Aug. 31 post, the team claimed that many Argentinians are signing up for World IDs anyway, despite the controversy. “There was a significant increase in demand for World ID verifications in countries around the world [after launch],” they stated. This “continued into August, which saw 9.5K Argentinians verify their World ID in a single day.”
The post also stated that the surge in signups caused the Worldcoin app to “temporarily become the number one app in Argentina on the App Store.”
Worldcoin gives its native coin, WLD, to new users after they sign up. Currently, the signup bonus is 25 WLD, which is worth approximately 10,239.48 Argentinian Pesos (ARS) or $29.25 on the open market. According to cost-of-living data from travel website Expatistan, this is enough to buy two meals from the “basic lunchtime menu” in the business districts of major cities within Argentina. The coin hit an all-time high on launch day, when the 25 WLD bonus was worth approximately 23,791 ARS, or $68.
The project claims that it “is fully compliant with all laws and regulations governing biometric data collection and data transfer.” In response to criticism, the Argentinian government has opened an investigation of Worldcoin's privacy practices. Worldcoin has also been suspended in Kenya, and the Worldcoin team has responded with a document arguing that it has complied with all privacy laws in the country.
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This week’s episode of Market Talks discusses whether it will ever be “too late” to buy Bitcoin and why BTC could take over the financial world.
On the latest episode of Cointelegraph’s Market Talks, host Ray Salmond spoke with Luke Broyles, a popular Bitcoin (BTC) advocate and content creator on YouTube and X (formerly Twitter). During the show, Broyles laid out his Bitcoin investment thesis and his unique perspectives on how the asset’s price could eventually rise into seven-figure territory.
Broyles said that in 2020, he realized the bond market was broken. While searching for alternative investments, he discovered Bitcoin as a sound option. When asked about his Bitcoin investment strategy and how he stomachs the volatility, Broyles said:
“I do not own bonds. I have sold off 97% of my stocks over the past three years, and I’m selling off the last 3% this week actually, so it’s funny that you ask that. By the end of this week, the only three assets that I will own will be U.S. dollars, aka cash, the best political currency in the world; second, real estate; and third, Bitcoin. That’s it. And I sleep better now than I did with a diversified portfolio.”
Everything is overpriced and should crash
Another key factor backing Broyles’ Bitcoin investment thesis is his belief that “everything is overvalued, nothing makes sense, and everything should crash; however, we don’t want to deal with it. Politicians don’t want to deal with it. Lawyers don’t want to deal with it. I, as a real estate investor, don’t want to deal with it.” Broyles believes that stocks, healthcare, real estate and the education industry are highly overvalued, so people are losing faith in the dollar and their dollar purchasing power — which highlights the allure of Bitcoin as a supply-capped asset.
“If we have a credit unwind, of course we’re going to print ourselves out of it.”
When asked whether there is a particular price where it becomes “too late” for investors to consider buying Bitcoin, Broyles made the analogy of a sinking ship and suggested that for those on the boat, it’s never too late to exit.
“At no point is it ever too late to buy Bitcoin, but it will be too late to exit bonds and to exit fiat.”
Listen to the full episode of Market Talks on the new Cointelegraph Markets & Research YouTube channel, and don’t forget to click “Like” and “Subscribe” to keep up-to-date with all our latest content.
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Worldcoin could make it easier to create digital identities for people worldwide. And even if it fails, more projects like it are coming.
All eyes have been on Worldcoin (WLD) since the July 24 launch of its “World ID” system. The issues associated with the launch have been well reported at this juncture. They include possible onboarding security risks along with Worldcoin’s use of biometric data, which is now under investigation by governments in several countries — including the United Kingdom, France and Argentina.
In the tech industry, where many of the most significant innovations of the past few decades have occurred, there is often a tension between the drive to innovate and the need to consider ethical implications. As technologies like machine learning, facial recognition and big data analytics become more advanced, the ethical stakes also rise.
In some cases, criticism from external analysts, journalists or ethicists can actually lead to positive outcomes by encouraging companies to consider ethical implications and perhaps even alter their business practices. In other cases, it can create a backlash that stymies innovation or leads to increased regulation. Either way, ethical and social concerns are a significant aspect of the landscape that innovators must navigate, and these concerns are often magnified when the innovations touch on sensitive areas like privacy, autonomy and social justice.
So, while innovators often face criticism on multiple fronts — whether it’s questioning the feasibility of their ideas, their potential to disrupt markets or the ethical implications of their work — their relationship with external observers is complex and multifaceted. Criticism can be both a hurdle and a constructive force, depending on the situation.
Rather than argue the merits of Worldcoin specifically, I would argue that we risk severely delaying technological advancement if we criticize it to death instead of criticizing it to improve.
Worldcoin wants to solve the digital identity issue, and its approach to doing so is bypassing governments. A solution to interoperable, accessible digital identity means you do not have to worry if you lose your identity documents, or if you are no longer able to access them because of changes within your home country.
Four major components of Worldcoin
Having worked with the United Nations in the past on solutions for distributed digital identity, I know that a well-designed system could fight corruption, resist identity replication, reduce fraud, and protect citizens against censorship. This is especially helpful for people who receive support from supranational organizations. A digital identity that can never expire, and can be accessed and read all over the world, is not just convenient. It can be life-saving.
It is easy enough to make the argument for this system on the fact that while a single government may do identity well, there is no seamless system worldwide for identity. Further, no significant progress has been made by any consortium of governments to use technology to address this issue. Worldcoin saw an opportunity to address this issue privately — and now it is paying the price of being the first mover.
This evokes a memory of another Web3 first mover. Libra was a similarly ambitious project that sought to solve market failures with a private-sector solution. In this case, Libra attempted to provide stable money, which is, by most definitions, a public service. In doing so, it would have bypassed central banks.
One of the reasons we don’t have this system working today is because Libra was disbanded after severe scrutiny. Some of its failings could have stemmed from being tied to a well-known founder who has not safeguarded our data or best interests well — Mark Zuckerberg. With the benefit of hindsight, we can say for sure that the minds working on the project were not Zuckerberg. And while stymied at Libra, they have attempted to solve this in different ways at other companies — from Circle (which has another stablecoin) to Lightspark (which facilitates Lightning payments).
Progress has not necessarily been lost, but it has been changed. We are not where we could be — in a world with more stable and accessible payment rails for everyone. Further to that, in the intervening years, there were significant and damaging attacks on the merits of the Libra project. These attacks still affect stablecoins today.
So, in response to such an onslaught of criticism, somebody may want Worldcoin to go the route of Libra. It may fail not simply because of missteps by the founders. This is a reasonable reason to fail, and it is the journey of entrepreneurship. No, I fear it may fail because it is attempting to build something we have no paradigm for, and that creates a breeding ground for “punching down” on the entire technology stack that digital identity will require (and that we will all require if we want secure digital identity in our lifetimes).
To pause my pessimistic view for a moment: I am sure that even if Worldcoin fails, progress will be made on digital identity. But the fear and suspicion will not fade quickly, which could seriously impact the uptake by the communities that need digital identity the most.
Yes, there’s a trend of private sector technologies trying to replace public services. Depending on how effectively your government works for you, you will have different opinions on the merits of this choice. But we should remember that the private sector can be better at problem-solving, especially when it comes to efficiently applying new technologies at speed.
No, a private company should not have the last word on identity — but if it has already invested in the infrastructure and technology, should we not build on its efforts? It has achieved groundbreaking innovation in the area of ID management and storage and processing. If it is open to creating a more polished “open innovation model,” we could use this work as a way to improve several global systems. One that comes to mind is global voting. Governance still remains firmly localized, for example, even as we face global challenges like climate change.
Changing a core system — such as voting — would require a mindset change entirely in how we view, use and trust our systems. But many of us started this journey when we discovered blockchain. In 2009, we wondered how our society would change in a post-centralized world. How can we trust a system that isn’t controlled by just us, our governments or one company? Now, we face the same question. How is our society going to change in a post-proof world? How do we operate in a system where we can be sure proof exists but that we won’t ever see or know it ourselves?
This is the discussion we need to be having about Worldcoin — less about the company, less about the founders and far more about the system it (or someone else) will build. Because Worldcoin is not the last ambitious project that seeks to solve the fragmented systems we operate in — others will follow it. And we should pose the same questions to them: How are you safeguarding privacy? How are you incentivizing users without taking advantage of their economic situation? What is your governance mechanism? How robust is it? Why should we choose you, and how does your business model benefit if we do? What impact will you have on our world, positively or negatively, and what partners, advisers, overseers and auditors should be in place to help mitigate it?
We should soon pose these questions to Worldcoin with an eye toward a future where it, or someone else, will successfully implement this system.
In closing, it is easy to attack Worldcoin, but we should all remain mindful that some authorities, especially those with a vested interest in not providing digital identity to their citizens, will feel threatened by the borderlessness of this initiative. Not everyone criticizing Worldcoin is doing so for the sake of improving it. I challenge us to think bigger. If this system, and a post-proof world, is to be built, let us build it better now.
Paolo Tasca is a professor and economist. He founded two blockchain organizations, the University College London Centre for Blockchain Technologies and the Distributed Ledger Technology Science Foundation. He advises several organizations, including Ripple, INATBA and the International Organization for Standardization, among others. He has also consulted and worked with the United Nations, the European Parliament, the Cleveland Fed, the European Central Bank, the central banks of Italy, Chile, Brazil, Colombia and Canada, and Nexo. He previously served as the lead economist for digital currencies and P2P financial systems at the German central bank (Deutsche Bundesbank).
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Four security incidents took place on Coinbase's layer-2 solution Base shortly after its launch.
A total of $15.8 million in cryptocurrencies were lost to hacks or exploits in the month of August.
According to an Aug. 31 report by blockchain security firm Immunfi, a combined $23.4 million in crypto was lost to a combination of hacks and fraud, a significant decrease compared to the $320.5 million lost in July. All exploits consisted of attacks against decentralized finance (DeFi) protocols, and not a single incident affected centralized finance entities.
Of the 21 security incidents reported, five took place on the Ethereum blockchain, while four occurred on BNB Chain. Coinbase's highly anticipated layer-2 solution, Base, witnessed four security exploits shortly after its launch on Aug. 9.
Top losses include the Exactly Protocol hack on Aug. 18, where 4,323.6 Ether (ETH) ($7.2 million) in users' deposits were stolen via a malicious deposit contract.
Meanwhile, on Aug. 25, Magnate Finance, a borrowing and lending protocol deployed on Base, orchestrated an alleged $6.5 million exit scam after prominent DeFi sleuth zachXBT claimed the Magnate Finance deployer address was linked to the exit scam. All assets have since been removed from the protocol's smart contract, with its website and socials also offline.
Year-to-date, users have lost $1.25 billion in crypto due to hacks and fraudulent activities, according to Immunefi data. In March, DeFi protocol Euler Finance lost $195 million in a malicious flash loan attack. Less than one month later, the Euler hacker returned over 90% of users' assets after developers threatened them with legal action.
DeFi August 2023 security incident report | Source: Immunefi
The card is only available to citizens of the 30-country European Economic Area.
Bulgarian decentralized lending platform Nexo has unveiled a crypto-powered debit and credit Mastercard for citizens of the European Economic Area (EEA).
According to the Aug. 31 announcement, the Nexo Card will allow users to spend their euro, U.S. dollar, and British pound stablecoins via debit transactions at over 100 million merchant terminals worldwide. Up to 9% in annual interest will reportedly be paid to stored balances.
Meanwhile, the Nexo Card's credit transactions use major cryptocurrencies, such as Bitcoin (BTC), as collateral, offering up to 2% cash back and interest rates of 16% per annum on used credit lines. Both debit and credit transactions directly convert users' crypto to fiat money when used at terminals. Nexo claims that custodied assets are insured by Ledger and Bakkt.
The firm also says that the new Nexo Card has no monthly or inactivity fees, no foreign exchange fees for up to 20,000 euros ($21,700) per month, and a limit of 10,000 euros ($10,800) in monthly ATM withdrawals. Upon passing Know Your Customer verification checks, a virtual card and a physical card will be issued; both can connect to Apple Pay and Google Pay. The card is only available to citizens of the 30-country EEA.
Earlier this year, Nexo's corporate offices in Sofia were raided by Bulgarian police over allegations of violating sanctions and Anti-Money Laundering laws against Russia. The firm said it plans to sue the Bulgarian government for damages relating to the incident. Due to issues with the local government, Nexo does not provide services to residents in Bulgaria.
Vietnam is currently among the top countries in the world in terms of crypto adoption.
Over three-quarters of Vietnamese crypto holders make investment decisions through friends’ referrals.
That’s according to an Aug. 30 report by Vietnamese venture capital firms Kyros Ventures and Coin68, alongside Animoca Brands. In the 3,300-participant survey, 75.5% of participants admitted being “influenced by recommendations or referrals” regarding crypto investing. The amount is 2.5 times higher than reported in the United States.
Self-study, community groups and media news were the biggest sources of information for Vietnamese crypto investors, with nearly one in two electing such methods.
The "Vietnam Cryptocurrency Market Report" for the first half of 2023 also found that 70% of respondents believed the bear market was already over or nearing its end. Meanwhile, 75% of respondents desired more regulatory intervention in the crypto sector.
As per Chainalysis, Vietnam is currently the top country in the world in terms of crypto adoption and second in decentralized finance (DeFi), with over 19% of adults owning digital assets. Despite this, only nine Vietnamese educational institutions provide blockchain courses, and only eight blockchain infrastructure projects are present within the Southeast Asian country.
Vietnamese crypto users value the self-custodial nature of DEXs alongside the liquidity on centralized exchanges. Source: Kyros
Nearly 90% of survey respondents engaged in DeFi activities, compared with 70.2% for GameFi, 73.7% for nonfungible tokens, 91% for centralized finance and 54.9% for SocialFi. Participants remain equally distributed between their preference for centralized exchanges compared to decentralized exchanges. Researchers summarized:
“The local tech development and trends also change rapidly in line with the global climate. Indeed, you might recognize there were over a hundred GameFi projects in Vietnam before, and now it is time for the 'Web3 builder’ wave, especially since GM Vietnam [Vietnam Blockchain Week] 2023."
The inquiry seeks information and comment on issues related to the content AI produces and how policy makers should treat AI that imitates or mimics human artists.
The United States Copyright Office issued an official request for comments and notice of inquiry on copyright and artificial intelligence (AI) in the Federal Register on Aug. 30.
The Copyright Office issued a notice of inquiry in the Federal Register seeking public comment on questions about copyright law and policy issues raised by AI systems. Initial comments are due by October 18, 2023. Reply comments are due November 15, 2023. https://t.co/fNiHB1W7SIpic.twitter.com/3vNBRNxGJj
According to the filing, the Copyright Office is seeking “factual information and views” on copyright issues raised by recent advances in generative AI models such as OpenAI’s ChatGPT and Google’s Bard.
In a press release sent via email from the Library of Congress and viewed by Cointelegraph, the U.S. Copyright Office stated:
“These issues include the use of copyrighted works to train AI models, the appropriate levels of transparency and disclosure with respect to the use of copyrighted works, the legal status of AI-generated outputs, and the appropriate treatment of AI-generated outputs that mimic personal attributes of human artists.”
Those interested in commenting during the official inquiry period will have until Oct. 18 to do so.
The request comes during a tumultuous time for the AI industry with regards to regulation in the U.S. and around the world. While the EU and other territories have enacted policies to protect citizen privacy and limit how corporations can use, share, and sell data, there’s been little in the way of regulation concerning the use of copyrighted material to train or prompt AI systems.
As Cointelegraph reported previously, the media industry is grappling with how to deal with the emergence of AI systems capable of imitating the work of creators and artists. The New York Times and other news agencies have taken steps to block web crawlers from AI companies seeking to train their models on their data.
Beyond copyright issues, there are also concerns related to AI involving misalignment (the idea that the machines could have objectives that clash with the wellbeing of humanity) and the mass proliferation of misinformation.
The U.S. government has held a series of meetings with stakeholders in the AI community, with the next, a closed-door meeting between Senator Chuck Schumer and Tesla CEO Elon Musk, Alphabet CEO Sundar Pichai, OpenAI CEO Sam Altman, and Microsoft CEO Satya Nadella, slated for Sep. 13.
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The Giving Block matched more than $68,000 in crypto and fiat donations to raise more than $136,000 for a project aimed at assisting efforts following the fires in Maui.
Relief efforts are still underway on the Hawaiian island of Maui following a series of wildfires severely damaging major areas, including Lahaina.
All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires, which took the lives of more than 100 people and destroyed homes and businesses. Government officials have reported that the cost to rebuild may be more than $5.5 billion.
“Cryptocurrency donations as any other type of donations are helping to provide essential support after the devastating wildfires,” said Olga Ruggiero, chief of organizational integration and events at All Hands and Hearts. “The crypto industry continues to band together with communities around the world in need.”
We are participating in @TheGivingBlock's Maui Emergency Response Fund to support survivors of the wildfires in Hawaii.
Ruggiero reported that the organization had received more than $125 million in crypto through The Giving Block, a charity platform that facilitates digital asset donations in Bitcoin (BTC), Ether (ETH) and other cryptocurrencies. At the time of publication, the Giving Block had matched more than $68,000 in crypto and fiat donations to raise more than $136,000 for the Maui project.
“All Hands and Hearts and other disaster relief organizations have evolved their donation strategies over the years by embracing technology and utilizing different types of digital platforms,” said Ruggiero. “These changes have improved fundraising efficiency and effectiveness, enabling organizations to provide crucial aid during disasters.”
The fires, which reports suggest may have been caused by downed power lines on Aug. 8, have devastated the island of more than 160,000 residents. In addition to donations through All Hands and Hearts, the governments of Japan and South Korea each pledged $2 million in aid to support relief efforts.
Many organizations have turned to cryptocurrency as a solution to get funds into areas affected by natural and man-made disasters. In Ukraine, where residents have faced Russian military attacks since 2022, the government received more than $70 million in crypto for military equipment and humanitarian assistance as of February.
This could help raise cryptocurrency education, insulate consumers against scams, and increase the potential for wealth generation in crypto.
A trio of researchers from the University of Cincinnati recently developed a Crypto Literacy Scale (CLS) to help standardize and measure economic and financial knowledge as it relates to consumer and policy-maker understanding of cryptocurrencies and related technology.
The team’s research paper, titled “Measuring Crypto Literacy,” details the gap between traditional financial literacy and crypto literacy and the need for a Crypto Literacy Scale and policies that will support cryptocurrency education and literacy efforts worldwide.
According to the paper:
“Measuring financial literacy has encouraged policymakers and educators to create programs that improve financial decision-making and increase financial empowerment. However, there is no similar corresponding scale to measure crypto literacy."
The researchers point out that financial literacy “also plays a crucial role in preventing scams by equipping individuals with the knowledge, skills, and confidence to make informed financial decisions.”
In order to develop the CLS, the team viewed cryptocurrency literacy separate from overall financial literacy. “Cryptocurrencies may look like more traditional financial products on the surface” write the researchers, but due to the centralized nature of traditional finance, the decision-making processes learned through a normal financial literacy syllabus often don’t apply in the cryptocurrency world.
The researchers studied various aspects of cryptocurrency and distilled the basic knowledge requirements they felt necessary to demonstrate a basic understanding to 10 questions. While the questions weren’t shared in the paper, accompanying images show that respondents were asked about their experience with cryptocurrency.
The history of financial literacy in the U.S. is storied. Benjamin Franklin is often credited with being the first wealth advocate and one of his most famous (and misquoted) lines ever written, “a penny saved is two pence cleared,” appears as one of the earliest mentions of consumer fiscal responsibility in U.S. punditry.
However the term “financial literacy” appears to have emerged only recently, with its earliest popular usage in the U.S. dating back to 1990. As the concept spread, the U.S. government began to adopt standards and practices for educating the population by the early 2000s.
In the years that followd, the number of millionaires in the U.S. rose from approximately 63,642 in 1990 to around 25,000,000 in 2021 – an increase of about 37,800% over three decades.
As the world of cryptocurrency and blockchain technology matures, the number of investors who are ‘in the know’ remains on the rise. However, the state of crypto literacy throughout the general global population remains relatively low.
A 2022 report from CNBC claimed that 57% of U.S. adults are considered financially literate when it comes to traditional finance. By comparison, a non-scientific survey conducted by “CryptoLiteracy.org” in 2021 claimed that only 4% of respondents from the U.S. demonstrated cryptocurrency literacy.
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Bitcoin price is booming as investors’ excitement over the Grayscale victory over the SEC fuels dreams of a new bull market.
Bitcoin (BTC) price is up today, rising 5% with a sharp upward candle that sent the price to a 2-week high over $28,000 after U.S. Court of Appeals Circuit Judge Neomi Rao sided with Grayscale Bitcoin Trust (GBTC) in its case against the U.S. Securities and Exchange Commission (SEC).
The decision amplifies the recent growing institutional interest in Bitcoin from companies like BlackRock and Fidelity Investments, both of which are scheduled to hear answers about their BTC spot ETFs on Sept. 2.
Bitcoin price began the Aug. 29 rally after Judge Rao vacated the SEC’s order to deny the GBTC spot ETF over “fraud” concerns. The decision comes after the company took the SEC to the appeals court to argue for the soundness of Bitcoin futures on June 30, 2022. While the order does not approve the spot ETF, Judge Rao adjudged,
“Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court”
The judge vacating the SEC’s Grayscale ETF denial has also provided a boost to the Grayscale ETF. The discount is approaching 2023 highs under 25%.
Grayscale holdings. Coinglass
To date, the SEC has refused to approve a spot Bitcoin ETF, despite numerous applicants including BlackRock, Fidelity, Cathie Wood’s ARK and 21Shares which has filed for approval three times.
BlackRock is the world’s largest asset manager with over $8.5 trillion in assets under management. The firm will also utilize Coinbase to custody the BTC in the trust according to the filing with the SEC. Starting in Sept. the SEC has a host of ETF decisions to approve, deny or delay.
ETF tracker. Source: Bloomberg
Lower exchange BTC supply
Coinciding with Bitcoin price gains on Aug. 29, the BTC supply on exchanges is dropping to the lowest level since January 2018.
BTC balance on exchanges. Source: Glassnode
The market perceives coins leaving crypto exchanges as a bullish signal, given traders withdraw their BTC typically when they want to hold it in self-custody long-term.
Interestingly, on-chain data shows that exchanges have been shedding Bitcoin since May 18, 2023. In other words, large swaths of Bitcoin investors are positioning for a BTC price rally even amidst the elongated bear market trend of 2023.
Bitcoin exchange net position change. Source: Glassnode
Liquidations could be sending Bitcoin price higher
With Bitcoin continuing to leave exchanges, liquidations have less cushion causing volatility. In the past 24-hours alone, over $46.5 million BTC shorts have been liquidated with over $100 million in shorts being liquidated across the crypto market.
Bitcoin liquidation heat map. Source: Coinglass
Despite the short-seller losing streak, 48% of the futures market remains short on Bitcoin price. With such a high ratio remaining skewed short a potential opportunity for a short-squeeze could happen leading to greater Bitcoin price upside.
While Bitcoin price is showing some bullish momentum in the short-term after the Grayscale ruling and short liquidations, the Bitcoin Fear & Greed Index shows the market is still fearful, down over 13 points compared to the previous month.
Bitcoin Fear & Greed Index. Source: Alternative.me
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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According to John Reed Stark, the U.S. Justice Department may intend to indict or already indicted Binance, suggesting a motion in civil court was aimed at keeping this secret.
The legal team representing the United States Securities and Exchange Commission (SEC) in its civil case against Binance is requesting the court grant a motion to allow documents filed under seal.
In an Aug. 28 filing in U.S. District Court for the District of Columbia, the SEC petitioned a federal judge for leave to file documents under seal in the commission’s case against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion itself was under seal, leading to speculation that the SEC intended to make filings with sensitive information.
According to former SEC official John Reed Stark, the request to file sealed documents could hint at an ongoing criminal probe by the U.S. Department of Justice. The government department has reportedly been investigating Binance for allegations of money laundering and potential violations of sanctions involving Russian entities.
“The secret U.S. SEC filing likely relates to an existing U.S. DOJ investigation of Binance and could, directly or indirectly, describe the heretofore unknown contents of an impending U.S. DOJ Binance-related indictment or an indictment already filed under seal — which the U.S. DOJ would prefer to keep secret,” said Stark. “Binance will likely NOT oppose the U.S. SEC sealing motion for fear of making public potentially inculpatory evidence or potentially scathing criminal allegations relating to Binance’s activities.”
What’s Up With The Secret U.S. SEC Motion Relating to Binance?
In the U.S. SEC/Binance litigation, the U.S. SEC has filed a sealed motion for leave to file documents under seal, according to an SEC court filing late yesterday. Filing a court document “under seal” allows… pic.twitter.com/cmx6gdh2so
The motion followed Binance’s peer-to-peer platform banning Russian residents from using fiat currencies other than the ruble and removing certain sanctioned Russian financial institutions from available payment options. A Binance spokesperson also reportedly said the firm was considering all options in regard to Russia, “including a full exit.”
The SEC filed a lawsuit against Binance, Binance.US, and CZ in June for allegedly offering unregistered securities to U.S. users and failing to register as an exchange or a broker-dealer clearing agency. The Commodity Futures Trading Commission also filed a lawsuit against Binance and CZ, who filed motions to dismiss in July. Both cases were ongoing at the time of publication.
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BTC price volatility returns as good news over GBTC’s conversion to a spot Bitcoin ETF sends markets rallying.
Bitcoin (BTC) neared two-week highs on Aug. 29 as news hit that digital asset manager Grayscale had won a lawsuit against United States regulators.
BTC/USD 1-day chart. Source: TradingView
SEC was “arbitrary and capricious” with Bitcoin ETF rejection
Data from Cointelegraph Markets Pro and TradingView captured an instant BTC price reaction to the event, with BTC/USD gaining $1,700 in around 30 minutes.
A ruling by the United States Court of Appeals for the District of Columbia Circuit stated that the U.S. Securities and Exchange Commission (SEC) was wrong to reject an application by Grayscale to launch an exchange-traded fund (ETF) using the Bitcoin spot price as its basis.
“The denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment of similar products,” an unverified copy circulating online states.
“We therefore grant Grayscale's petition and vacate the order.”
Grayscale thus joins the waiting list of firms seeking to launch what would become the first U.S. spot Bitcoin ETF, with the SEC yet to approve any application.
At the time of writing, BTC/USD circled $27,300, having reached as high as $27,723 on Bitstamp.
Data from the Binance BTC/USD order book uploaded to X by monitoring resource Material Indicators covered the uptick, with all order classes boosting buying in what was a market lacking liquidity.
BTC/USD order book data for Binance. Source: Material Indicators/X
“A 6-month view of order book data shows thin liquidity to the upside that should be quite easy to exploit for a retest of the $30s, but we've yet to see enough sentiment to do that because the market fears what will happen if BTC starts printing lower lows,” part of analysis issued just prior to the Grayscale announcement stated.
Analyst heralds BTC price "bull cycle" catalyst
Continuing the reaction, Michaël van de Poppe, founder and CEO of trading firm Eight, suggested that the court’s decision could have a positive impact on the existing ETF applications, notably that of the world’s largest asset manager, BlackRock.
“This might sound weird, but we could be on the verge of the start of the bull cycle with this news,” he summarized to X followers in part of commentary on the back of a dedicated video update.
As Cointelegraph reported, Grayscale’s legal battle with the SEC was lengthy and slow-moving, with CEO Michael Sonnenshein among those insisting that the firm would not rest until granted permission to convert its existing Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), to an ETF.
“Thank you to everyone who has been on this journey with us, especially our investors,” Sonnenshein wrote on X following news of the SEC’s setback.
“We are grateful for your support and encouragement. Next up: our legal team is actively reviewing the Court's opinion.”
The GBTC share price was up over 17% on the day at the time of writing at $20.60.
Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Lawyers questioned a judge’s decision to revoke bail on Aug. 11, claiming SBF speaking to a journalist about Caroline Ellison was “protected First Amendment activity.”
Lawyers representing Sam Bankman-Fried, or SBF, have filed an appeal claiming the former FTX CEO’s bail was revoked “in retaliation for him exercising his First Amendment rights” and not witness tampering as alleged.
In an Aug. 25 filing in the United States Court of Appeals for the Second Circuit, SBF’s legal team filed a motion seeking to have him released before his October trial. According to his lawyers, Judge Lewis Kaplan revoking SBF’s bail on Aug. 11 was “improper,” claiming his actions of speaking to the press and releasing information about former Alameda Research CEO Caroline Ellison were part of his First Amendment rights.
According to the appeal, SBF’s lawyers questioned the manner of “intimidation or threats” against Ellison by the former FTX CEO speaking to reporters at The New York Times, which led to some of her private journals being published in an article. The New York Times submitted its own filing in the case, claiming the public had a “legitimate interest” in the information and citing similar First Amendment concerns.
“Under prevailing precedent, Mr. Bankman-Fried’s communications to the Times reporter were protected First Amendment activity,” said the Aug. 25 appeal. “Neither the Government nor the trial court have cited any case law, and the defense is aware of none, where a defendant’s provision of newsworthy information to a journalist has ever been construed as witness tampering.”
SBF has denied he was involved in witness tampering after prosecutors moved to revoke his bail following his alleged sharing of Caroline Ellison’s diary with The New York Times. https://t.co/IvcKnimcyt
The appeal built upon a filing in the U.S. District Court for the Southern District of New York, which claimed Bankman-Fried’s access to discovery materials before his criminal trial was inadequate due to his confinement to the Metropolitan Detention Center in Brooklyn. SBF has roughly five weeks until his first trial is scheduled to begin on Oct. 3, and the Justice Department has produced millions of pages of discovery materials ahead of the court date.
Kaplan had already approved provisions allowing SBF to have access to a courthouse cell block with his attorneys, provided they gave 48 hours’ notice. However, Bankman-Fried’s lawyers have called these accommodations inadequate, given the limited time before trial and the amount of information to review.
In October, Bankman-Fried will face seven criminal counts related to alleged fraud and misuse of customer funds at FTX and Alameda. There will be another trial scheduled for March 2024 in which the former CEO faces five criminal counts. He has pleaded not guilty to all charges.
Evergrande’s ongoing bankruptcy saga has significant macroeconomic implications — including for the global cryptocurrency market.
As Evergrande Group, China’s heavily indebted property developer, files for bankruptcy in the United States, many are concerned about how this will impact the global economy and cryptocurrencies. The situation represents one of the largest debt faultings in the world and will have sizable ramifications.
However, it shouldn’t come as too much of a surprise that China’s real estate agent running out of money to cover debt is causing worry within the crypto space. While many fear Evergrande’s collapse will cause a knock-on effect for other tokens and coins already vulnerable in financial markets, the increased crypto volatility could be the silver lining for investors.
Market uncertainty and volatility
The collapse of a significant financial player like Evergrande could generate uncertainty and volatility across all asset classes, including cryptocurrencies. There’s no denying the crypto market is volatile. In other words, even the slightest hit to the status quo can cause the price of even the biggest cryptocurrencies to go down the dumps or through the roof.
This is even the case for Bitcoin (BTC). Cryptocurrencies are falling as concerns around China result in risk off-sentiment. Leading analysts have reported that the downturn in the crypto market is no big deal. However, investors are still in a hurry to liquidate their crypto funds. This is likely due to the fear of China’s crisis disrupting the biggest worldwide financial balance.
Evergrande, one of China’s real estate giants, just filed Chapter 15 bankruptcy.
Meanwhile, China’s HY real estate index is down a massive 82% in just over 2 years.
This puts the index back down to 2008-levels.
All while China just “unexpectedly” cut interest rates.
Investors may either flee to cryptocurrencies as a hedge against traditional markets or sell off crypto assets to cover losses elsewhere. Additionally, volatility is being harnessed by professional traders to book profits by selling during recovery and purchasing the dip. Bitcoin miners, then, are holding on to their funds even as it becomes increasingly challenging to mine for the cryptocurrency.
Liquidity crunch
If Evergrande’s collapse results in tightened credit markets, liquidity could become scarce. Cryptocurrency may be liquidated en masse to cover losses or meet margin calls, causing a temporary price drop. Tether (USDT) accounts for around half of the market capitalization of stablecoins and is a significant component of crypto market liquidity.
Tether is quite active in Asia, and there was some concern that some of USDT’s backing would be Evergrande commercial paper. Therefore, the collapse in Evergrande would be poor news for Tether and the market as a whole. While Tether issued a statement recently stating it does not hold any Evergrande paper, that doesn’t mean it is entirely free from Evergrande-related risks. Ultimately, this situation could cause a broader liquidity crisis within the industry.
Influence on Chinese cryptocurrency activity
There’s no denying the Evergrande collapse is occurring at a delicate time for China’s economy. The fallout from the collapse has affected banks, smaller suppliers, and even worldwide markets exposed to Evergrande’s debt. Considering that Evergrande is a Chinese company, its collapse could have specific implications for crypto markets in China.
These implications come from concerns about Tether’s holdings and that crypto is vulnerable to downturns in the broader market. Given China’s complex relationship with cryptocurrencies, any financial instability could lead to regulatory shifts that impact crypto adoption or trading within the country. It’s clear Evergrande’s challenges are part of a much larger set of issues within the sale of Chinese equities in global markets.
Macroeconomic consideration
While the collapse of Evergrande may seem as though it is about nothing more than the company, there is more to it. China is one of the world’s leading economies, and Evergrande is one of the largest companies within the Chinese economy.
Therefore, the fallout has presented significant macroeconomic implications. If a broader economic downturn is yet to come, cryptocurrencies could benefit as a “safe haven” asset. Due to their limited supply and lack of dependence on national governments, crypto assets can be key in times of crisis.
Additionally, cryptocurrency prices seem to be less affected by macroeconomic elements than prices of more traditional financial assets. Paradoxically, financial crises often lead to increased innovation and adoption of alternative financial systems.
In other words, in times of desperation, leaders and developers are encouraged to engage in outside-the-box thinking and devise effective and unique solutions. Bitcoin, for example, was born after a crisis, and the crypto market was developed as an alternative to the traditional economy.
It’s difficult to say whether events that occur in the broader economy will truly threaten crypto markets. A global economic slowdown ideally shouldn’t materially impact the price of cryptocurrencies, and crypto should be considered a speculative asset.
Therefore, Evergrande’s collapse could be an opportunity for the crypto market. The collapse of these traditional structures and encouraging a separation between the traditional and crypto economies could accelerate interest in decentralized finance solutions.
Daniele Servadei Is the 20-year-old founder and CEO of Sellix, an Italian e-commerce platform that has processed more than $75 million in transactions for more than 2.3 million customers worldwide. He's also attending the University of Parma for a degree in computer science.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels.
Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.
Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000.
Although analysts have been giving both bullish and bearish targets, it is better to wait for the price to break out of the range before taking large bets. Typically, after a low volatile period, the volatility picks up but it is difficult to predict the direction of the breakout with certainty.
Do Bitcoin and the major altcoins show signs of a potential breakout? What are the important levels to watch out for? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) turned down from the moving averages on Aug. 24 but the bears could not sustain the lower levels.
After the recovery on Aug. 25, the bulls maintained their buying pressure and pushed the index back to the moving averages. If buyers overcome this roadblock, the index could rally to the overhead resistance zone between 4,607 and 4,650. This zone is likely to witness a tough battle between the bulls and the bears.
If the price once again turns down from the moving averages, it will suggest that bears are fiercely defending the level. The pair may then slide to the pivotal support at 4,325. If this level breaks down, the index will complete a bearish head and shoulders pattern. That could start a correction toward the pattern target of 4,043.
U.S. dollar index price analysis
The bulls propelled the U.S. dollar index (DXY) above the downtrend line on Aug. 22, signaling that the correction may be over in the near term.
The bears tried to pull the price back below the level on Aug. 23 but the bulls held their ground. This suggests that the bulls successfully flipped the downtrend line into support.
The bulls will next attempt to push the price to 106. The rising 20-day exponential moving average (103) and the relative strength index (RSI) near the overbought territory indicate advantage to buyers.
If bears want to make a comeback, they will have to quickly pull the price back below the downtrend line. If they do that, the index may slide to the 50-day simple moving average (102).
Bitcoin price analysis
The bulls and the bears are not taking large bets as Bitcoin continues to trade inside the range between $24,800 and $26,833.
The downsloping moving averages and the RSI in the oversold zone indicate that bears are in command. However, sellers may find it difficult to resume the downward move because the bulls are likely to defend the $24,800 level with vigor.
If the price rebounds off the support, it will suggest that the BTC/USDT pair may continue its consolidation for some more time. On the upside, a rally above $26,833 will be the first sign of strength. That could push the price to the 50-day SMA ($28,806) and later to $30,000.
Contrarily, a break and close below the $24,800 support could start the next leg of the downtrend to $20,000.
Ether price analysis
Ether (ETH) has been trading near the crucial support at $1,626, indicating that the bears have kept up the selling pressure.
The failure of the bulls to start a strong rebound increases the risk of a break below $1,626. If that happens, the ETH/USDT pair could plummet to $1,550. This level may attract solid buying by the bulls.
If the price turns up from this level but turns down from $1,626, it will signal that bears have flipped the level into resistance. That may start a downtrend toward $1,368. The bulls will have to kick the price above the 20-day EMA ($1,716) to signal a comeback.
BNB price analysis
BNB’s (BNB) pullback is facing selling at the breakdown level of $220, indicating that the bears are trying to flip the level into resistance.
A minor positive in favor of the bulls is that they have not given up much ground from $220. This suggests that buyers are keeping up the pressure. The bulls will have to overcome the barrier at the 20-day EMA ($223) to start a relief rally to the resistance line. This level may again witness strong selling by the bears.
The first support on the downside is $213. If this level breaks down, the BNB/USDT pair could plunge to psychological support at $200. A break below this level may extend the decline to the next major support at $183.
XRP price analysis
The failure of the bulls to push XRP (XRP) to the overhead resistance at $0.56 suggests a lack of demand at higher levels.
The weak bounce off $0.50 may attract aggressive selling by the bears. If the $0.50 support gives way, the XRP/USDT pair could drop to the crucial support at $0.41. This level could witness strong buying by the bulls. If the price rebounds off this support, it will suggest that the pair may oscillate between $0.41 and $0.56 for a few more days.
Conversely, if the price turns up and breaks above $0.56, it will suggest the start of a sustained recovery. The pair may then climb to the 50-day SMA ($0.64).
Cardano price analysis
Cardano (ADA) has been swinging inside the narrow range between $0.24 and $0.28 for the past few days. This suggests that the bulls are buying near the support and bears are selling at the resistance level.
If buyers propel the price above the overhead resistance at $0.28, the ADA/USDT pair could start a rally to the 50-day SMA ($0.29). This level may act as an obstacle, but if overcome, the pair could shoot to $0.34.
The bears are likely to have other plans. They will try to defend the overhead resistance and tug the price to the support of the range at $0.24. If this level breaks down, the pair may slump to $0.22 and eventually to $0.20.
The 20-day EMA is sloping down and the RSI is in the negative territory, indicating that the bears have the edge. Sellers will try to sink the price below $0.06 and further strengthen their position.
Time is running out for the bulls. If they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. If they do that, the DOGE/USDT pair could rally to the 50-day SMA ($0.07) and thereafter jump to $0.08.
Solana price analysis
Solana (SOL) has been gradually drifting lower, indicating that the bears are pouncing on every minor relief rally.
The SOL/USDT pair could drop to the Aug. 22 intraday low of $19.35. If this level caves in, the selling could intensify and the pair may dive to $18 and eventually to the next major support at $15.60.
Contrary to this assumption, if the price turns up and breaks above $22.30, it will indicate solid buying at lower levels. The pair may first rise to the 50-day SMA ($23.61) and thereafter to the strong resistance at $26.
Polkadot price analysis
The bulls are trying to shove Polkadot (DOT) above the overhead resistance at the 20-day EMA ($4.64) but they are likely to encounter stiff resistance from the bears.
If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a retest of the crucial support at $4.22. If this support crumbles, the DOT/USDT pair may collapse to $4 and later to $3.88.
On the other hand, if buyers kick the price above the 20-day EMA, it will suggest the start of a stronger relief rally to the breakdown level of $5. This level could attract selling by the bears.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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In June, Belgium’s financial regulator ordered Binance to stop offering crypto exchange and custody wallet services, citing violations of the country’s AML and CFT requirements.
After an order from the Belgian Financial Services and Markets Authority (FSMA), crypto exchange Binance announced its Poland entity would be providing services to residents of Belgium.
In an Aug. 28 announcement, Binance said Binance Poland sp. z o.o. — an entity the exchange registered with Polish regulatory authorities in January — would comply with “regulatory obligations” for residents of Belgium looking for services on the exchange. According to Binance, some users may need to submit documentation in accordance with Know Your Customer requirements for Poland rather than Belgium.
The announcement came roughly two months after Belgium’s financial regulator ordered Binance to stop offering crypto exchange and custody wallet services, citing violations of the country’s Anti-Money Laundering and Combating the Financing of Terrorism requirements. At the time, FSMA suggested Binance could operate in Belgium via a “legal entity governed by the law of another member state of the European Economic Area [EEA] that is duly authorized by its home member state.” The EEA includes Poland.
A global crypto exchange operating in many countries through various entities, Binance has had a number of regulatory entanglements since its launch. The crypto exchange halted its services for Dutch users in July, citing a failure to obtain a virtual asset service provider license. In addition, Binance, Binance.US and Binance CEO Changpeng Zhao are facing a lawsuit from the United States Securities and Exchange Commission.
The Markets in Crypto-Assets legislation, a bill aimed at establishing a consistent regulatory framework for crypto assets among the European Union member states, is expected to take effect in 2024 following passage by policymakers. The framework is currently moving through a consultative phase for feedback on technical standards.
Buyers, sellers, inflows and transactions have all taken significant dives on the Friend.tech platform after its launch just over two weeks ago, prompting some critics to herald its death.
Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared "dead" by critics, following a recent drop in key metrics such as activity, inflows and volume.
Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network.
However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26 according to DefiLlama.
Transactions on Friend.tech also declined over 90% from the nearly 525,000 peak on Aug. 21 with just over 51,000 transactions on Aug. 27, Dune Analytics data complied by Crypto Koryo shows, leading many on X (Twitter) post condolences for the network.
Friend.tech is centered on buying and selling “keys” that enable the buyer to send private messages to the seller, with the platform reportedly taking a 5% cut.
In an Aug. 27 X post, Coinbase payments risk manager Lisandro Rodriguez opined that the platform is "dead," due mainly to "greed and poor execution."
Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff. Let's dig into how this failure came to be pic.twitter.com/WDQncTQJ21
Alongside the fee decline, buyers and sellers have also tanked, with Aug. 27 seeing around 10,000 buyers and 7,800 sellers compared to the Aug. 21 peak of over 58,000 buyers and 27,000 sellers, per Dune data.
Friend.tech buyers (green) and sellers (orange) have both steadily declined since the peak on Aug. 21. Source: Dune
Dune shows inflows have also taken a dive from the Aug. 21 high of $16.8 million with Friend.tech seeing around $1.6 million on Aug. 27 — a nearly 90.5% decrease.
Protocol inflows peaked on Aug. 21 but have since trended down. Source: Dune
Before the decline over the past week, some community members had already shared their bearish predictions for the platform.
Last week, crypto commentator Yazan told Cointelegraph of factors that led him to believe Friend.tech had between six to eight weeks before it would see a decline in user key prices and activity.
Yazan said the user key price increases were unsustainable and questioned why so many would pay upwards of 1 Ether (ETH) “to be able to see a private chat.”
The platform has drawn parallels to the 2021 DeSo app BitCloud with pseudonymous Web3 marketer Legendary saying he believes Friend.tech “will collapse as BitClout did.”
Fenix International, the parent company of OnlyFans purchased the cryptocurrency between 2021 and 2022.
The parent company of subscription platform OnlyFans has become the latest firm to reveal its cryptocurrency holdings, showing it invested nearly $20 million into Ether (ETH) in 2022.
According to an Aug. 24 financial filing to the UK corporate registry, Fenix International reported that it had purchased some $19.9 million worth of ETH between 2021 and 2022. However, due to an overall decline in crypto asset prices over the course of last year, the total value of its Ether decreased by $8.5 million by the end of November 2022.
As of Nov. 30, 2022 — when ETH was worth $1,295 apiece — which placed the carrying amount of the company’s ETH holdings at $11.4 million.
OnlyFans parent company purchased $19.889 million worth of Ethereum. Source: Fenix International
Despite its lack of initial success in crypto investing — overall, the platform experienced solid growth in the reporting period ending November 30, 2022.
According to the filing, the company's revenue increased 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, the primarily adult entertainment platform also witnessed a 47% increase in the number of creators and a 27% increase in total subscribers.
Its crypto investment isn’t the first time the company and its executives have ventured into the digital asset space. In Feb. 2022, the platform allowed verified creators to change their profile pictures to Ethereum-based NFTs.
In June 2022, two former OnlyFans executives launched a celebrity trading card platform called Zoop. Built on the Ethereum scaling solution Polygon, Zoop allowed users to trade 3D digital playing cards of their favorite celebrities.
