Connect with us
  • tg

Cryptocurrency

Bittrex news: U.S. Treasury fined Bittrex exchange $53 million

letizo News

Published

on

bittrex exchange

Bittrex news. The U.S. Treasury Department and the Financial Crimes Enforcement Network fined the cryptocurrency exchange Bittrex for $24 million and $29 million, respectively. The department announced this in a press release.

The fine was in response to Bittrex exchange’s violations of its anti-money laundering requirements, the U.S. Treasury Department said. U.S. Treasury Department investigations found numerous violations of sanctions requirements, bank secrecy, anti-money laundering, and suspicious activity reporting laws.

U.S. authorities allege that Bittrex exchange was effectively giving sanctioned regions, darknets and other malicious actors access to the market, resulting in risks to trading counterparties. The regulator estimates that users from sanctioned regions could trade for more than $263.4 million using Bittrex between 2014 and 2017. At the same time, the exchange was aware of such cases with the help of IP-address monitoring.

Bittrex has previously been accused of taking large amounts of bitcoin to unknown destinations. Back in 2019, the Twitter account Whale Alert recorded 17 nearly simultaneous bitcoin transactions to unknown wallets, each worth about 56,000 BTC. The reason for transferring such large amounts of bitcoin is still unknown.

In March 2022, U.S. Deputy Treasury Secretary Wally Adeyemo threatened companies that would help the Russian Federation circumvent sanctions. At the time, the U.S. Treasury Department did not notice any significant episodes of sanctions circumvention, but is confident that the Russian Federation will try to do so “by any means possible. At the same time, Adeyemo suggested that opaque offshore companies and crypto-assets could be the most likely such tools.

Earlier, we reported that Binance and venture capital funds still want to take over Twitter.

Cryptocurrency

EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

letizo News

Published

on

Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.

The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.

EY Launches the OpsChain Contract Manager

EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and reducing costs.

The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds.

The development of OCM came from EY’s previous client engagements, where it realized that contract term accuracy could be enhanced while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively.

Meanwhile, EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining undue advantage while mitigating the risk of sensitive business information leakage.

Paul Brody, EY Global Blockchain Leader, highlighted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality.

EY’s Venture Into Blockchain

EY’s launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on Ethereum.

EY’s OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations.

This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a “healthcare breakthrough” by leveraging blockchain technology in collaboration with Canadian Blood Services.

In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets.

In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Continue Reading

Cryptocurrency

ChatGPT Analyzes Which Meme Coin Will Perform the Best After the Bitcoin (BTC) Halving

letizo News

Published

on

TL;DR

  • The Bitcoin halving has slashed the miners’ block rewards in half, reducing the daily issuance of BTC and likely resulting in a price rally.
  • While it is speculative to predict which meme coin will perform best post-halving, Dogecoin and Shiba Inu have historically done well, with potential boosts from technological advances, celebrity endorsements, and community support.

The BTC Halving’s Impact

One of the most important events in the cryptocurrency industry – the Bitcoin halving – occurred the other day. It reduced the miners’ block reward from 6.25 BTC to 3.125 BTC, slashing in half the daily issuance of the primary digital asset. 

The mechanism is integral to Bitcoin’s supply system and has a direct impact on its inflation rate. The decreased amount of coins entering the market makes them scarcer. As basic economics dictates, a reduction in supply with the same or more demand results in an increasing price.

The halving happens roughly every four years and historically has been a precursor of a massive resurgence of BTC and the entire cryptocurrency market. As such, we decided to ask ChatGPT whether meme coins will experience such a revival in the following months, as well as which asset of that type will perform the best.

ChatGPT’s Answer

The popular chatbot forecasted that the halving may fuel a substantial green wave in the crypto sector, with the volatile meme coin niche benefiting, too. It claimed that predicting which asset of that kind will be the best performer in the following months is highly “speculative” but reminded that Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed explosive price growth after the previous halving.

Nowadays, though, there are many more meme coins that oppose the dominance of the aforementioned leaders. Notable examples include dogwifhat (WIF), Pepe (PEPE), and Floki Inu (FLOKI), which all have market capitalizations in the billions.

ChatGPT estimated that technological advancements, endorsements from popular figures, and community activity could boost their value toward the top. However, Shiba Inu is the meme coin with the biggest community base, while Dogecoin enjoys the support of Tesla’s CEO – Elon Musk.

Subsequently, the chatbot alerted people to enter the meme coin ecosystem with a grain of salt due to the risks associated with it. If you are about to hop on the bandwagon, please check our dedicated video to avoid some common mistakes related to the matter:

SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Continue Reading

Cryptocurrency

Shiba Inu (SHIB) Explodes 18% Daily, Bitcoin (BTC) Taps $65K (Weekend Watch)

letizo News

Published

on

Bitcoin’s price recovery continues following the recent massacres, and the cryptocurrency has jumped to about $65,000 as of now.

The altcoins are even more in the green now, with ETH and BNB surging by approximately 4%, while SHIB has stolen the show.

Bitcoin Aims at $65K

It’s safe to say that the week leading to the fourth Bitcoin halving was quite painful. The asset fell from over $70,000 to $65,000 last Friday before it dumped to $61,000 a day later.

After regaining some traction by Monday, BTC went for another freefall in the middle of the week and one more on Friday amid the escalating tension between Iran and Israel. The last massive drop took BTC to below $60,000 just hours before the highly-anticipated halving was supposed to take place.

However, the cryptocurrency soared by over five grand in the next half a day and stood at around $65,000 when the halving was completed.

Since then, there has been little volatility and Bitcoin currently sits around $65,000 once again after failing at $66,000 earlier today. Its market capitalization remains below $1.3 trillion, while its dominance over the alts has taken a hit and is down to just under 51%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB Takes the Main Stage

The altcoins have performed a lot better than BTC in the past 24 hours, led by the second-largest meme coin – Shiba Inu. SHIB has skyrocketed by 18% and now trades above $0.000027.

Other lower-cap meme coins have also presented double-digit gains, such as BONK, FLOKI, and PEPE.

Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot are also well in the green, with gains of around 6-8%.

The total crypto market cap has increased by over $50 billion in a day and sits above $2.5 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved