Gemini said the SEC’s lawsuit against its “Earn” product — which offered yields to customers against their crypto deposits — was “ill-conceived.“ Cryptocurrency exchange Gemini and bankrupt crypto lender Genesis Global Capital have jointly filed for the dismissal of a Securities and Exchange Commission (SEC) lawsuit. The lawsuit claims “Gemini Earn” — which let customers…
Read more
Efforts are underway to recover compromised assets and enhance security measures as users express concerns on social media. Patricia, a Nigerian platform for gift card and crypto trading, has encountered a security breach, prompting immediate measures to safeguard its users. As a precautionary step, the platform has temporarily suspended fund withdrawals. The company announced that…
Read more
DeFi saw another multimillion-dollar rug pull this past week, and the Multichain saga continues to spiral out of control. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. After a bullish April, May was another month…
Read more
The US stock market is attempting to recover after concerns over the debt ceiling and a general sense of uncertainty caused a decline on Wednesday. The Dow Jones Industrial Average is currently close to break even, while the S&P 500, Nasdaq Composite, and Bitcoin are registering a recovery of 0.9%, 1.8%, and 1%, respectively. In…
Read more
The venture capital firm will allocate up to $200,000 to blockchain projects that it deems promising. On May 24, Singaporean venture capital (VC) firm Foresight Ventures announced it would pledge an additional $10 million to its Foresight X Accelerator, bringing its total to $20 million. The move comes as the firm opens the second phase…
Read more
The International Monetary Fund projects 2.2% GDP growth and manageable debt, but warns of liquidity risks. The Central African Republic (CAR) has received optimism from the International Monetary Fund (IMF) one year since it adopted Bitcoin (BTC). The IMF’s positive outlook reflects the country’s economic prospects and the impact of embracing the leading cryptocurrency. The IMF published…
Read more
With the crypto markets seeing less trading volume, Bitcoin’s price fluctuations have mellowed lately. However, on-chain data shows that long-term Bitcoin holders are continuing to hold on to their positions. As a result, Bitcoin is presently trading within a tight price range. Given this, what are the best cryptos to buy now? Typically a very volatile…
Read more
Although gold has been trading below the $2K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of…
Read more
Authorities in the U.S. and elsewhere may try to compel tech firms like Apple and Google to exfiltrate private keys from devices and apps under their control, crypto entrepreneur Balaji Srinivasan warned on social media. The former executive of Coinbase believes this would be done to remit funds to cash-hungry governments. Tech Giants Apple, Google…
Read more
Three Arrows Capital is currently undergoing bankruptcy proceedings and owes an estimated $3.5 billion to creditors. The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19. Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza…
Read more
