Autor Cointelegraph By Martin Young

SBF has been a 'significant donor' in the US midterm elections

SBF has been a 'significant donor' in the US midterm elections

Uverejnil používateľ | nov 7, 2022 |

Crypto billionaire and FTX founder Sam Bankman-Fried have admitted to being a “significant donor” to both sides of the political spectrum ahead of the 2022 midterm elections.Days ahead of the U.S. midterm elections on Nov. 8, SBF told his Twitter followers that he has given contributions to electoral campaigns on both sides of the fence.The crypto billionaire said that he has been “supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC,” as well as “working with them to support permissionless finance.”SBF added that working with FTX Digital Markets co-CEO Ryan Salame, he has signed up campaigns to accept crypto “and gave some, including millions to Senate and House Republicans.”1) I was a significant donor in both D and R primaries.Supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.And working with them to support permissionless finance.— SBF (@SBF_FTX) November 5, 2022Earlier this year, Cointelegraph reported that SBF was planning to spend up to a billion dollars to help influence 2024 presidential election campaigns. His real plan is to bankroll the candidate running against former president Donald Trump. In 2020, SBF donated $5.2 million to the Joe Biden presidential campaign.According to Open Secrets, a platform following the money in politics, SBF is the sixth largest political contributor. The platform reports that he has made a total contribution of $39.8 million for the 2021-2022 cycle.Of that total, 92% has gone to the Democrats with the remainder going to Republican candidates and campaigns. FTX co-CEO Salame favors the red side of the political divide, donating $23.6 million to Republican campaigns for the current cycle.The top political contributor was billionaire investor George Soros who has pledged $128.5 million to the democrats. Billionaire venture capitalist Peter Thiel, who has backed several crypto startups, was ninth on the list with $32.6 million for the Republicans.Related: US Election update: Where do the pro-crypto candidates stand ahead of the election?Bankman-Fried also backs the political action committee (PAC) Protect Our Future, which was set up in January 2022 and has spent more than $9 million to support Democrat candidates.Crypto has become a point of contention in the midterms with a larger tech and crypto-savvy voter base now having a say. According to a recent survey by fund manager Grayscale, 38% of respondents will be “considering crypto policy positions” when choosing their candidates.

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You have our swords: 12 independent entities pledge legal support for Ripple

You have our swords: 12 independent entities pledge legal support for Ripple

Uverejnil používateľ | nov 4, 2022 |

Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).On Nov. 4, Ripple chief executive Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the firm has reached 12.The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty.An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to “friend of the court.”“It’s unprecedented (I’m told) to have this happen at this stage,” Garlinghouse exclaimed.For those of you keeping count, 12 (!) amici briefs submitted.  It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO— Brad Garlinghouse (@bgarlinghouse) November 3, 2022On Nov. 3, the SEC filed a motion to extend the time to file all reply briefs until Nov. 30. It asked Judge Analisa Torres to order that any additional amicus briefs be filed by Nov. 11.Alderoty mocked the SEC’s response claiming that the agency “needs more time, not to listen or engage, but to blindly bulldoze on.” Garlinghouse had previously hoped for a conclusion in the first half of 2023, but with the evidence mounting, the SEC could drag it out longer.The most recent amicus brief was filed by Cryptillian Payment Systems on Nov. 3 as confirmed by defense lawyer James K. Filan.#XRPCommunity #SECGov v. #Ripple #XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple’s Opposition to the SEC’s Motion for SJ.https://t.co/brFjNVmUmq— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022

Veri DAO also joined the list of Ripple supporters on Nov. 3 with its own amicus brief.That growing number of supporters that have already filed briefs include Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN), and John Deaton on behalf of more than 75,000 XRP (XRP) investors.Related: ‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their handsThe U.S. securities regulator took action against Ripple in December 2020, accusing the company and its executives of conducting an unregulated securities sale of its XRP token.Almost two years later, the battle is still raging on but support for Ripple is growing as its case strengthens. Garlinghouse has previously stated that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

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CBDCs are no threat to crypto, says Binance boss

CBDCs are no threat to crypto, says Binance boss

Uverejnil používateľ | nov 3, 2022 |

Binance CEO Changpeng “CZ” Zhao appears to have softened his stance on central bank digital currencies (CBDCs), arguing in a conference that he doesn’t think CBDCs are a threat to his company or the crypto sector. CZ spoke at the Web Summit in Lisbon on Nov. 2 about CBDCs and their role in the crypto industry.The Binance boss said that CBDCs would validate blockchain technology and build trust among those with concerns about the technology, commenting: “I very much think that the more we have, the better.”He also added that governments adopting blockchain would be seen as a good thing, however, he noted blockchain does not equal crypto which he termed as “deflationary,” according to Reuters. CZ’s comments appears to have softened compared to his previous stance on CBDCs. Last year, he said that they would never offer the same freedom as cryptocurrencies such as Bitcoin and Ethereum. “Most central bank digital currencies are going to have a lot of control attached to them,” he stated at the time.Central banks around the world are racing to research, pilot, and deploy their CBDCs, with China seen by some as leading the race. There are however continued concerns that a programmable digital currency gives central banks unprecedented control over what groups of citizens can use it and what they can spend it on. Cointelegraph has previously noted that citizens who want less government involvement in their financial lives might see problems with CBDCs.Last month, political commentator Peter Imanuelsen highlighted his concerns over the level of control governments would have over people’s finances, labeling it as “global communism.” A digital-ID-linked CBDC could be used to crack down on dissidents or control carbon-friendly spending, he speculated.Turkey is one country planning a digital ID-linked CBDC launch in 2023, according to reports.Related: India’s central bank outlines digital rupee CBDC plansAccording to the Atlantic Council, 15 countries are currently piloting a CBDC including China, Kazakhstan, Thailand, Saudi Arabia, Sweden, South Africa, and Russia. Other countries that have actually deployed a CBDC include Nigeria, Jamaica, The Bahamas, and eight Caribbean island nations. The U.S. lags behind the rest of the world as it is still in the discussions phase, while reactions to a digital dollar have been largely divided among Americans.In October, the International Monetary Fund (IMF) touted programmability as a CBDC feature that could lead to “financial inclusion,” however some belie reality could well be the opposite.

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Record hash rates may see Big Oil become a major BTC mining player

Record hash rates may see Big Oil become a major BTC mining player

Uverejnil používateľ | nov 2, 2022 |

Surging Bitcoin (BTC) network hash rates are causing problems for mining companies but might be rolling out the red carpet for energy giants.The Bitcoin hash rate, the amount of computing power given to the blockchain through mining, has reached another record peak. According to Blockchain.com, the metric hit an all-time high of 267 exahashes per second (EH/s) on Nov. 1 after increasing almost 60% since the beginning of the year.Commenting on the new peak, Capriole Fund founder Charles Edwards speculated that highly efficient government and oil company enterprises were entering the mining game at scale.New Bitcoin hash rate world record! 9% higher than the prior all time high set just a few days ago.I have no doubt that we have serious, highly efficient government & oil company enterprises entering the mining game at scale as we speak. pic.twitter.com/YBSswwvK59— Charles Edwards (@caprioleio) November 1, 2022He added that this was bullish and not a sign of a miner capitulation. However, in the short term, it could be considered bearish as miners sell coins to cover their expenses and remain in business.This scenario would result in a stagnation or fall in hash rate which hasn’t been seen yet, adding more weight to the premise that rigs are being deployed by other entities. “Big oil will undoubtedly become major players,” said Edwards.It appears that the big oil influence is already happening.Earlier this year, it was reported that ExxonMobil has been working with Denver-based Crusoe Energy Systems to mine Bitcoin in North Dakota. In June, reports emerged that the oil subsidiary of Russian natural gas giant Gazprom will provide energy to mining firm BitRiver.There has been an increased usage of gas flare energy, a byproduct from the oil industry that is otherwise wasted, to power Bitcoin mining. Earlier this month, Argentina’s state-owned energy company YPF stated that it would be converting residual gas flare energy into power for crypto mining.These are just a few examples of the influence that big oil is having over Bitcoin mining, and they are likely to increase going forward. Back in 2020, Cointelegraph reported that oil companies could dominate BTC mining by 2025.Related: Stranded no more? Bitcoin miners could help solve Big Oil’s gas problemFirms that rely on Bitcoin mining as their sole business and revenue source are struggling at the moment as each block becomes more competitive, energy prices skyrocket and hash price or profitability slumps.Just this week, mining giant Argo Blockchain announced a restructuring of its business strategy and details of its mining hardware selloff. Last week, Bitcoin miner Core Scientific filed forms with the United States Securities and Exchange Commission (SEC) warning of potential bankruptcy proceedings.The depressed price of Bitcoin, which is down 70% from its all-time, high is certainly not making things easier for Bitcoin miners.

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Scary stats: $3B stolen in 2022 as of ‘Hacktober,’ doubling 2021

Scary stats: $3B stolen in 2022 as of ‘Hacktober,’ doubling 2021

Uverejnil používateľ | nov 1, 2022 |

The month of October has broken all records for crypto exploits and the amount of digital loot pilfered — living up to its new moniker of “Hacktober” — according to the latest figures.On Oct. 31, blockchain security firm PeckShield tweeted some scary statistics for the month, reporting a total of $2.98 billion in stolen digital assets as of Oct. 31, 2022, which is nearly double the $1.55 billion lost in all of 2021.”Hacktober” saw around 44 exploits affecting 53 protocols, it added. Malicious actors made off with a whopping $760 million in the month, however, $100 million had been returned. #PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU— PeckShieldAlert (@PeckShieldAlert) October 31, 2022After October, March was the second-highest month for hacked funds with just under $710 million stolen. The majority of this was from the Ronin bridge exploit which resulted in $625 million in crypto assets being pilfered. The top exploit for October was by far the BNB Chain which lost $586 million according to PeckShield. It listed the Mango Markets DeFi protocol as second, despite it including an agreement with the exploiter to return some of the funds.There were several other notable exploits in October according to DeFiYield’s Rekt Database. These include the Freeway crypto yield platform which it classified as a $60 million rug pull, Transit Swap which lost $29 million, Team Finance taking a $13 million hit, and Moola Market losing $9 million.Related: Barely halfway and October’s the ‘biggest month’ in crypto hacksDeFiYield released its own report on Nov. 1 depicting the dire state of the hackfest that took place last month.It claims that more than $1 billion was lost to crypto scams in October though it includes what it considers as rug pulls and Ponzis in addition to direct protocol exploits. DeFiYield reported 35 total incidents for the month, 15 of which were rug pulls.On a brighter note, the report stated that almost $890 million in crypto funds had been recovered so far in 2022.

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