CRYPTO
PGI Global CEO handed 20-year sentence for $200 million bitcoin, forex Ponzi scheme
Instead of investing in bitcoin and foreign currency trading, as promised, Palafox used new investor funds to pay old ones and siphoned millions for personal use. What to know: The CEO of Praetorian Group International (PGI) was sentenced to 20 years in prison in the U.S. for running a global Ponzi scheme […]
Danske Bank Opens Retail Bitcoin Access After Years of Crypto Resistance
Danske Bank now allows retail customers Bitcoin-linked ETP access, reversing years of crypto resistance amid rising demand. Denmark-based Danske Bank will now allow customers to invest in cryptocurrency-linked products tied to Bitcoin, marking a shift for Denmark’s largest lender after years of resistance to the asset class. The bank said customers using […]
Gen Z ‘nihilism’ is fueling a $100 trillion crypto derivatives boom in response to a broken system
A significant increase in housing costs makes home ownership unattainable for many Gen Z individuals, leading to financial nihilism, said CoinFund’s David Pakman. What to know: The surge in speculation driving prediction markets and leveraged bets on various sectors isn’t reckless, it’s rational, according to CoinFund managing partner David Pakman. […]
Bitcoin mining difficulty drops by most since 2021 as miners capitulate
Miners are facing significant challenges, with bitcoin revenue per petahash falling by half from a peak of $70 to $35. What to know: Bitcoin’s mining difficulty dropped by around 11%, its largest decline since China’s 2021 crackdown on the industry, after a sharp decline in hashrate triggered by plunging prices […]
Polymarket sues Massachusetts, claims states can’t regulate prediction markets
Polymarket is challenging Massachusetts in federal court, arguing that states lack the authority to regulate CFTC-approved prediction markets. Polymarket filed a federal lawsuit against the state of Massachusetts, arguing that Congress granted the Commodity Futures Trading Commission (CFTC) exclusive authority over event contracts, preventing states from independently shutting down federally […]
BlackRock Says 1% Crypto Allocation in Asia Could Drive $2 Trillion in Inflows
An executive from BlackRock said that a small shift in Asian portfolio allocations toward crypto could generate enormous inflows for the digital asset market. BlackRock executive Nicholas Peach said that even a small shift in Asian portfolio allocations toward crypto could generate enormous inflows for the digital asset market. Speaking […]
Concerns over Strategy selling bitcoin are ‘unfounded,’ Michael Saylor says
Strategy Executive Chairman Michael Saylor affirmed the firm’s commitment to a long-term bitcoin strategy following major fourth quarter losses and a continued plunge in prices early this year. What to know: Concerns that Strategy (MSTR) will be forced to sell bitcoin amid falling prices are “an unfounded concern,” chairman Michael […]
Fugitive foreigner sentenced in the U.S. to 20 years for $73 million crypto scam
A U.S. judge sentenced Daren Li to 20 years for a $73 million crypto fraud. The scam used Cambodia-based compounds to target victims via social media and dating apps. What to know: A federal judge in California sentenced in absentia a dual national of China and St. Kitts and Nevis […]
Sam Bankman-Fried files for new trial over FTX fraud charges
The incarcerated former leader of the failed crypto exchange wants a new chance to defend against fraud charges. What to know: Sam Bankman-Fried, the former CEO of collapsed crypto exchange FTX, is seeking a new trial, according to a request filed in a New York federal court by his mother. […]
Crypto’s eligibility for 401k retirement funds is under fire after brutal market rout wipes out $2 trillion
“401ks exist to help people save for a secure retirement, not gamble on speculative assets,” said an industry observer. What to know: Bitcoin’s 50% plunge from its October peak has done more than just erase $2 trillion in market value — it has reignited a fierce debate over the fiduciary […]
