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Slack conversations between Terraform Labs' co-founders Do Kwon and Daniel Shin have exposed their contemplation of orchestrating fraudulent transactions on the Terra blockchain. Terraform Labs co-founder Do Kwon has refuted the significance of Slack messages as evidence , which involved discussions with his co-founder Daniel Shin about manipulating transactions on the Terra blockchain to attract investors. The United States Securities and Exchange Commission (SEC) included the Slack conversation between the two co-founders, which was dated back to September 2019, in a recent court filing. Slack message report between Do Kwon and Daniel Shin. Source: Docdroid The message report suggests the two co-founders were brainstorming strategies to increase investor interest in the Terra blockchain. However, Kwon showed the intention of influencing transactions to create a more appealing image: “I can just create fake transactions that look real.” Kwon further elaborates that these transact...

NYU Stern’s Center for Business and Human Rights stresses the need for a comprehensive privacy law, warning of significant privacy threats in the burgeoning metaverse. Despite all of its benefits, the next iteration of the internet poses “unprecedented” risks of the “potential erosion of privacy” and the proliferation of abuse in virtual environments. According to a report from NYU’s Stern Center for Business and Human Rights (CBHR), experiences in virtual reality (VR) may result in profound and lasting psychological harm. The scheme of how VR devices collect data from a user | Source: NYU Stern The report says the main issue is not how emerging devices like VR headsets work but how they use the collected data from users. For instance, scientists at the University of California at Berkeley and Unanimous AI have recently found that even the most basic VR headset with a motion tracker can collect lots of data from a user, including their identity,...

Texas Senator Ted Cruz has voiced support for Bitcoin (BTC) mining operations in the U.S., emphasizing its potential to enhance the resiliency of energy grids during times of crisis. Cruz, a Republican, expressed his bullish stance to Fox News Radio. Texas is a hub for jobs, innovation, and freedom—making it the natural oasis for Bitcoin mining. These operations can improve our grid resiliency since they can shut off during inclement weather and free up electricity to heat or cool homes. pic.twitter.com/rpU5i3v03G — Senator Ted Cruz (@SenTedCruz) September 7, 2023 Cruz lauded the beneficial influence of Bitcoin mining on the energy industry, specifically focusing on its positive impact in the Lone Star State. But the former GOP presidential candidate’s endorsement comes at a critical time for Texas, which recently experienced its second-hottest summer on record. Texas subsequently suffered an energy crisis, exacerbated by the sector’s high electricity consumption. Rio...

The US Department of Justice (DOJ) is scrutinizing the advertising strategy of the now-bankrupt crypto exchange, FTX. This scrutiny comes in light of advertisements featuring celebrities Larry David and Tom Brady. According to the DOJ, it did not clearly demarcate between the global platform and its US subsidiary, FTX.US. FTX’s founder, Sam Bankman-Fried, finds himself at the center of a legal maelstrom, vehemently disputing the evidence the government plans to present in the upcoming trial scheduled for Oct. 2. The array of charges against him includes wire fraud, with Bankman-Fried denying any wrongdoing and accusing the DOJ of indirectly introducing allegations of corruption and campaign finance violations. Bankman-Fried’s legal representatives argue for a clear separation of the US operations from the current allegations, which they claim are primarily focused on the international business segment. However, the government contends that the distinction is not as ...

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 invest ment 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 invest ments, he discovered Bitcoin as a sound option. When asked about his Bitcoin invest ment 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. ...

Also Read: Russia’s Putin Says US Dollar Losing Global Role; Bitcoin To Gain? advertisement Attorney Caleb J. Robertson Appears For Garlinghouse In a filing dated August 22, 2023, Attorney Caleb J. Robertson of Cleary Gottlieb Steen & Hamilton LLP appeared on behalf of the Ripple CEO in the lawsuit against the US SEC. In the filing, the attorney requested the court to provide all papers and communications in the lawsuit. Besides the Ripple litigation, attorney Robertson has experience working in enforcement space for a cryptocurrency platform “In connection with multiple government investigations.” He also represents financial institutions, securities trading firms, investment managers, and public companies in regulatory issues. Ripple CEO’s Role In XRP Lawsuit In its December 22, 2020 complaint against the company, the US SEC named Garlinghouse along with Christian Larsen, the company’s co-founder for raising capital t...

Also Read: Wall Street Files 7 Ethereum ETF Applications; Will US SEC Approve? advertisement The company stares at a very interesting time in the regulatory scope of Crypto Market as the industry experts grow increasingly confident of the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF applications. In this context, the Michael Saylor cofounded company may face tough time defending its position as the largest institutional holder of BTC. The company in its quarterly earnings reported that it holds as many as 152,800 BTC with an average Bitcoin price of $29,672 per cryptocurrency. Bitcoin & Certainty While the crypto asset industry faces fear and uncertainty over regulatory clarity in the United States , trading of Bitcoin is hardly contested by regulators. Speaking to CNBC, Saylor said Bitcoin is the “Most certain thing in an economy full of uncertainty.” Also, he welcomed the spot ETF developments f...

Also Read: Coinbase Stock Rallies As CBOE Amends Bitcoin ETF Applications advertisement The SEC’s actions have already led to several US based crypto companies looking elsewhere to conduct business due to the highly uncertain market environment involving repeated enforcement actions. In June 2023, the federal regulatory agency launched one of the largest attacks on the crypto businesses, with back to back lawsuits against the two top crypto exchanges in the world. Deadline To Submit Inputs On Crypto Taxation Senate Finance Committee Chairman Ron Wyden and Finance Committee Ranking Member Mike Crapo have invited members of the crypto community and other stakeholders to help them better understand how Congress can address the tax challenges. The committee has admitted that the growth of Crypto Market created new regulatory issues like the challenge of monitoring it based on the existing federal tax laws. Further, the committee is seeking detailed re...

Also Read: Bitcoin Price: Tim Draper is Not Losing Sight on $250k Target advertisement Musk has recently been criticizing artificial intelligence firms over potential threats if limitations are not placed on the level of AI based development. The Tesla CEO explained that the new restrictions on non-verified users are placed to prevent “excessive data scraping.” Twitter Blocks Access To ChatGPT Web Tool A new restriction placed on Twitter is reportedly affecting a blockage to the platform’s data access to ChatGPT web browser extension. Earlier, the OpenAI chatbot could easily browse Twitter data and perform regular action like summarize a series of tweets. For example, a request to pull out some tweets from any random Twitter account would result in a ‘technical issue’ message. Meanwhile, some of the verified Twitter users are welcoming these actions from the platform, saying they protect users. Jessica Tetreau, a verified us...

Mike Novogratz Predicts Delays In Legal Battles Speaking at a fintech investor conference hosted by Piper Sandler on Wednesday, Novogratz commented that the cases against Coinbase and the Binance exchange, probably won’t be litigated for a few months. “There’s not going to be quick closure on any of this. It makes it very difficult to figure out what you should do”, he added. advertisement Read More: Binance & Coinbase Witness $600Mn In Net Outflows As Investors Lose Trust Additionally, Novogratz highlighted that the SEC’s lawsuits have categorized numerous major tokens as securities. However, notable cryptocurrencies such as Bitcoin, Ethereum, and the stablecoin USD Coin were exempted. Speaking on this context, the 58-year-old crypto advocate was quoted as saying: So if you take the opposite, three-quarters of our industry, even in the US, is available to play. Recommended Articles ...