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Barry Silbert: Founder and CEO of Digital Currency Group Inc. (left) and New York State Attorney General Letitia James (right).Getty Images (left) | Reuters(R)Genesis was once the flagship of cryptocurrency magnate Barry Silbert's empire. The company, an over-the-counter trading desk, prime brokerage, and lender, collected cryptocurrencies from its customers, lent them to other parties, and profited from the interest it charged customers. It was very lucrative at one point, until crypto hedge fund Three Arrows Capital defaulted on a loan, throwing much of the crypto world into turmoil.DCG said in a statement that it has been cooperating with the New…
The New York Attorney General continues his crackdown on cryptocurrency-related companies, accusing three of the digital asset industry's biggest companies of lying to investors and concealing losses in a $1 billion fraud scheme in a lawsuit filed on Thursday.The lawsuit targets Gemini Trust, an exchange run by twin brothers Tyler and Cameron Winklevoss, lender Genesis Capital and Genesis' parent company Digital Currency Group.In her lawsuit, Attorney General Letitia James alleges that Gemini lied to investors about the risks of Gemini Earn, a program launched by Gemini and Genesis that promised investors high returns of up to 8% if they loaned…
Barry Silbert: Founder and CEO of Digital Currency Group Inc. (left) and New York State Attorney General Letitia James (right).Getty Images (left) | Reuters(R)New York state prosecutors said Thursday in a lawsuit filed in Manhattan that crypto companies Digital Currency Group and Gemini defrauded more than 230,000 investors out of a total of $1.1 billion. They cited a series of lapses, including Sam Bankman Freed's failure to properly manage the risks associated with its exposure to a bankrupt and allegedly fraudulent cryptocurrency trading company.Prosecutors say that to carry out the alleged fraud, Digital Currency Group and its subsidiaries and affiliates,…
Staking your cryptocurrencies to earn more is one way to increase your profits. But what is staking? In this guide, we'll explain what staking is, how it works, and the potential risks you should be aware of.Verifying Cryptocurrency Transactions: Mining and StakingTo understand staking, let's take a look at how blockchain transactions are processed. In traditional currency trading, banks and financial institutions usually work behind the scenes for this purpose. However, decentralized blockchains require the network to come together to reach a consensus on who owns what. Anyone who does this for the blockchain is essentially providing a service and…
Presented by Mario Draghi, former President, European Central Bank, and former Prime Minister, Italy The NBER is a cornerstone of economic thinking worldwide. Since its foundation over a century ago, its members have pushed the boundary of academic research to an extent that was simply unimaginable at that time. You have also guided the work of policymakers and contributed to making the world a better place. I am personally very grateful for the research you have produced during my time in government and central banks. It has prevented mistakes, strengthened our convictions, and made our policies much more effective. I…
A senior executive at a British investment firm has told how he was scammed out of his life's savings of £300,000 by a cryptocurrency scammer.Matthew Thomas* says he was “probably blinded by a mixture of greed, curiosity and stubbornness” as he became embroiled in an elaborate and complicated fraud that took place over six months.The details of his experience, which he shared to help prevent others from being scammed, came as tough new marketing rules for cryptocurrency companies aimed at offering better protection to British consumers came into force on Sunday.The scam that ensnared Thomas began in January when he…
The incredible cryptocurrency bull run of 2021 may be over but crypto seems to be surging again and adoption is ever increasing. PayPal and Square have begun to integrate cryptocurrency payments into their systems and large financial firms like BlackRock and Goldman Sachs have added cryptocurrency to their holdings. Yes, Bitcoin might not be making new all-time highs every week now, but that hasn’t stopped the rapid adoption of digital currencies.Institutions sweeping up cryptocurrencies shows that interest is no longer reserved for shadowy corners of the internet. Bitcoin has gone mainstream and while that may disappoint some of the early…
In early October 2023, the Islamic State (ISIS) released several posters soliciting donations of virtual currency to fund its activities. MEMRI JTTM, in collaboration with the MEMRI Cyber & Jihad Lab (CJL), has been monitoring the growing use of cryptocurrencies by jihadists for years, and is investigating how terrorist organizations such as ISIS are adopting cryptocurrencies as a means of financing. We have documented what is happening. The following report supplements existing research and documents ISIS' continued use of cryptocurrencies for funding. Islamic State's Khurasan province solicits donations of Monero virtual currency: “Please donate to use your wealth to carry…
Read U.TODAY google news Metaco, a subsidiary of American blockchain payment company Ripple Labs, has achieved groundbreaking results. I'm honored We received the prestigious “Best Technology Solution Provider Award for Digital Assets” at the Digital Assets Awards 2023 ceremony hosted by The Digital Banker. The announcement was made in a celebratory post on the X platform, in which Metaco thanked its clients and partners and acknowledged that this win is a testament to the company's unwavering dedication to developing institutional digital asset technology. .The importance of this award goes beyond just a trophy sitting on a shelf. This recognition demonstrates…
Cover image (via www.freepik.com) Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available. Metaco, a subsidiary of American blockchain payment company Ripple Labs, has achieved groundbreaking results. I'm honored We received…