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Sam Bankman-Fried Admits FTX Didn’t Buy Bitcoin for Clients – Just Took Their Money

FTX customers believed that it was investing their money in cryptocurrencies that they requested. However, an interviewer asked the former head of FTX, Sam Bankman-Fried, also known as SBF, why there was no more Bitcoin for customers to withdraw, and suggested it was because the Bitcoin did not actually exist as SBF was just letting customers buy notional or imaginary tokens rather than Bitcoin. SBF responded by saying, “I believe that what you’re saying is part of what happened.”

Ukraine used FTX to send money to the Democrat party. SBF reportedly donated $40 million to Democrats in the midterm elections. Elon Musk tweeted, “SBF donated $40m to not go to jail for stealing $10b+ is one of the highest ROI trades of all time”. Musk then wrote that SBF’s actual support of the Democrat elections was probably over $1 billion and he asked where that money went.

Read full article here…

Gateway Pundit:    https://www.thegatewaypundit.com/2022/12/boom-elon-musk-alleges-ftx-ceo-sam-bankman-fried-donated-1-billion-democrats/




Cryptocurrencies Crash and Bitcoin Has Lost 70% of Its Value Since November

Major cryptocurrency exchanges like Celsius and Binance froze withdrawal transactions due to “extreme market conditions,” prompting a massive sell-off in the crypto space that resulted in a $500 billion being wiped from the market. Almost every top coin is now worth half or even less than their all-time highs. Bitcoin has dipped below $21,000 and its price is down nearly 70% from its all-time high of $69,000 last November. The immediate trigger for the crypto crash appears to be a massive sell-off by investors panicked by inflation of food, gas and energy prices as a recession looms. Investors are continuing to stay away from riskier assets and the stock market is also plummeting. The Dow Jones Industrial Average closed 876 points lower, while the S&P 500 pulled back 20% from its all-time high, marking the steepest 3-day trading decline of 2022.

Why is crypto crashing today? Cryptocurrency markets have crashed to a new low of this year today (13th June, 2022). The global market cap has shrunk below $1 trillion to $977 billion, around 12 % fall since yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even less than their all-time highs.

The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears and pausing of withdrawal by crypto lending service Celsius. Investors are also continuing to stay away from riskier assets, which is reflecting in the stock markets as well.

Bitcoin, the biggest and most popular cryptocurrency, has fallen below $22,000 while almost all altcoins, starting from Ethereum, are bleeding prices since weekend.

Ethereum has fallen to its lowest level in more than 14 months, trading around $1155. Solana has fallen by more than 15% and is hovering around the $27 mark, according to CoinMarketCap data at the time of writing.

Experts say that the crypto price plunge indicate a falling risk appetite of investors. They are clearly wary of risky assets. With all its uncertainties and volatilities, crypto is considered as one of the most volatile instruments for investment purpose.

“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” said Edul Patel Co-Founder and CEO of crypto investment platform Mudrex.

“As investors seem to have panicked, the number of crypto liquidations has been high since Friday. Bitcoin and Ethereum plummeted as much as 7% each and are currently trading at their lowest at US$25,000 and US$1,300. The bearish trend may likely continue in the next coming days,” he added.

While altcoins have historically underperformed Bitcoin, this time they have an added pressure of potential regulatory roadblocks. A report by CoinDesk quoted an expert as saying that only a small number of altcoins are likely to survive such market movements.

Shivam Thakral, CEO of crypto exchange BuyUcoin said that the rising food, gas, and energy prices are putting tremendous pressure on the crypto market as Bitcoin and Ether have witnessed double-digit losses in the past 24 hours.

“After the consumer price index reported the highest inflation since 1981, financial markets across the globe have seen a sharp downturn,” said Thakral.

“The market is expected to remain choppy in the coming weeks and countries around the globe continue to report high inflation numbers. The current dip in the crypto prices allows investors to buy crypto at 2021 prices and we expect the seasoned investors to take advantage of the dip,” he added.

According to Darshan Bathija, CEO of crypto exchange Vauld, most investors worry that unless inflation numbers start dropping soon, the US Fed may have to tighten reigns by increasing interest rates at a faster pace than anticipated

Read full article here…

NY Post:   https://nypost.com/2022/06/14/crypto-crash-continues-as-bitcoin-briefly-dips-below-21k/




Crypto Currency Warning: Coinbase Cuts Off 25K Russian Wallets!

Coinbase, the largest US crypto exchange service, announced that they have shut down 25,000 wallets belonging to Russian customers due to suspicions about “illicit activity.” The leaders of Coinbase and Binance have said they will comply with government mandates to restrict sanctioned individuals, but won’t ban all Russian users. This announcement should blow the lid off of any idea that cryptocurrencies are a “safe haven” to store wealth and assets because they are dependent upon the frail technology where they are stored, and they are subject to tyrannical governments just the same as any currency stored in banks.

I have a digital wallet and have explored digital currencies in the past. But I have never felt comfortable putting major resources into cryptocurrencies for several reasons, the most obvious one being that it is dependent upon “the system,” which requires, among other things, electricity and a working Internet.

That alone is cause for red flags, but today the whole world can now know that cryptocurrencies are NOT a safe haven, as Coinbase, the largest US crypto exchange service, announced that they have cut off 25,000 Russian wallets. Apparently Binance will be doing the same thing.

ZeroHedge News reports:

Despite CEO Brian Armstrong having just the other day implored the public not to judge the company too harshly for continuing to service its accounts in Russia, Coinbase has now gone and done just the opposite: shutting down 25K wallets belonging to Russian customers due to suspicions about “illicit activity.”

Previously, Armstrong had vehemently insisted during a series of tweets that he wouldn’t deny anyone access to their Coinbase accounts for no good reason. Now, he’s apparently going back on his word to target a sizable portion of the company’s customers in Russia.

In a company blog post, Paul Grewal, Coinbase’s chief legal officer, announced that the largest US crypto exchange had banned access for sanctioned individuals. Cryptocurrency trading platform Coinbase said it had blocked over 25K wallet addresses related to Russian individuals or entities that it believes to be engaging in illicit activity.

The leaders of Coinbase and Binance have said they will comply with government mandates to restrict sanctioned individuals, but won’t ban all Russian users. (Full article.)

Read full article here…




Kazakh Government Resigns, Shuts Down Internet amid Protests, Causes Bitcoin to Tumble

Last Wednesday, Kazakhstan, the second-largest country in the world when it comes to Bitcoin (BTC) mining speed (hash rate), experienced unprecedented political unrest due to a sharp rise in fuel prices. As a result, the country’s presiding cabinet resigned, but not before the state-owned telecommunication company, Kazakhtelecom, shut down the nation’s internet, causing network activity to plunge to 2% of daily heights. The country accounts for 18% of the Bitcoin network’s hash activity. No timeline exists as to when the internet will switch back on in the second-biggest Bitcoin mining country in the world. Bitcoin is very volatile and set a record at more than $64,000 in April 2021, but fell below $30,000 in July 2021.

No timeline exists as to when the internet will switch back on in the second-biggest Bitcoin mining country in the world.

On Wednesday, Kazakhstan, the second-largest country in the world when it comes to Bitcoin (BTC) mining hash rate, experienced unprecedented political unrest due to a sharp rise in fuel prices. As a result, the country’s presiding cabinet resigned, but not before the state-owned Kazakhtelecom shut down the nation’s internet, causing network activity to plunge to 2% of daily heights.

The move dealt a severe blow to Bitcoin mining activity in the country. As per data compiled by YCharts.com, the Bitcoin network’s overall hash rate declined 13.4% in the hours after the shutdown from about 205,000 petahash per second (PH/s) to 177,330 PH/s. The country accounts for 18% of the Bitcoin network’s hash activity.

Just days prior, the Kazakh government removed price caps on liquefied petroleum gas used for car fuel to align with market conditions, which doubled its price overnight, sparking violent protests. At the time of publication, the internet remains inaccessible in Kazakhstan. If extended, the consequences could be severe as internet services aside, the Data Center Industry & Blockchain Association of Kazakhstan expects the country to generate $1.5 billion from legal cryptocurrency mining (and another $1.5 billion in illicit) activities over the next five years.

Read full article here…




Financial Expert Excoriates Vaccine Passports and Explains Why Controllers Are Targeting Children

Melissa Ciummei, a financial investor from Northern Ireland, explained that vaccine passports, also called health passes, serve no purpose in promoting health, but are instead a tool for control. She warned that children are targeted for the purpose of indoctrination for the future. A digital ID is necessary to bring in central bank digital currency (CBDC) for totalitarian control, and vaccine passports are necessary to bring in digital ID. Vaccine passports will also combine social credits and carbon credits. China has already instituted CBDC. Ms. Ciummei made a case for protecting individual wealth and autonomy with precious metals that can operate outside of the totalitarian digital system. She warned that Bitcoin and other cryptocurrencies can be regulated out of existence simply by taxing it at 90%. There is no going back to the old system; blockchain is the future. The IRS now requires taxpayers to declare whether they received, sold, sent, exchanged, or acquired cryptocurrency, and failure to disclose transaction is a felony. Ciummei warned that the economy is failing and we only have a short time to prepare. She explained that we are at war and mass non-compliance by the people is needed.

Link for video:    https://www.bitchute.com/video/buPcp64UMFDX/




China Declares Virtual-Currency Transactions Illegal, Sends Crypto Prices Tumbling

China’s central bank declared that all activities related to digital coins are “illegal” and must be banned. The People’s Bank of China specifically targeted overseas cryptocurrency exchanges, naming Bitcoin, Ether and Tether as examples of illegal cryptocurrencies, and declaring that it was illegal for them to provide online services to residents in China. China is aggressively clearing the runway for its very own digital yuan, a central-bank digital currency that acts like credit card money Market reception for China’s central-bank digital currency has been catastrophic so far. -GEG

China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.

In a statement the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability.

Incidentally, the news was already priced in once, with rumors of PBOC crackdown sending the price of bitcoin lower in mid-September when Bitcoin traded just below $50,000.

Naming bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies. The PBOC specifically targeted overseas cryptocurrency exchanges declaring that it was illegal for them to provide online services to residents in China.

Read full article here…



G. Edward Griffin Discusses the Federal Reserve, Inflation, Digital Currency, and More!

In this radio interview by Marco Santarelli​, host of Passive Real Estate Investing, G. Edward Griffin explains how he began his career and then explains what the Federal Reserve System is. You may be amazed to know that it is a cartel of banks, not a government agency. He says it is allowed to exist only because people do not understand that it’s primary purpose, is not to stabilize the economy, but to legally plunder anyone who uses American dollars. Mr. Griffin also comments on inflation, digital currency, real estate and the free market. This is a collectible. -GEG

Listen to audio interview here…
[When you get to the page, scroll down to the black play bar.]

Transcript:  https://www.passiverealestateinvesting.com/the-creature-from-jekyll-island/




1,500 Businesses Infected by Latest Ransomware Cyber Attacks

As many as 1,500 businesses around the world have been infected by highly destructive malware that first struck software maker Kaseya, and then used that access to attack Kaseya’s customers. REvil’s site on the dark web claimed that more than 1 million targets were infected in the attack and that the group was demanding $70 million for a universal decryptor. The mass attack had cascading effects around the world; for instance, Swedish supermarket chain Coop shut about half of its 800 stores because electronic checkouts stopped working. The hackers demanded the ransom in Bitcoin, which has been used by authorities to to call for an end to private cryptocurrencies.

As many as 1,500 businesses around the world have been infected by highly destructive malware that first struck software maker Kaseya. In one of the worst ransom attacks ever, the malware, in turn, used that access to fell Kaseya’s customers.

The attack struck on Friday afternoon in the lead-up to the three-day Independence Day holiday weekend in the US. Hackers affiliated with REvil, one of ransomware’s most cutthroat gangs, exploited a zero-day vulnerability in the Kaseya VSA remote management service, which the company says is used by 35,000 customers. The REvil affiliates then used their control of Kaseya’s infrastructure to push a malicious software update to customers, who are primarily small-to-midsize businesses.

In a statement posted on Monday, Kaseya said that roughly 50 of its customers were compromised. From there, the company said, 800 to 1,500 businesses that are managed by Kaseya’s customers were infected. REvil’s site on the dark web claimed that more than 1 million targets were infected in the attack and that the group was demanding $70 million for a universal decryptor.

Read full article here…



In a World First, El Salvador Makes Bitcoin Legal Tender

El Salvador’s legislature voted this week to accept Bitcoin as legal tender alongside the US dollar, which is the country’s official currency. Under the law, Bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in the cryptocurrency. El Salvador’s President Nayib Bukele is promoting a bitcoin mining hub around the country’s geothermal potential from its volcanoes. He also advocates for Bitcoin to be used for remittances that accounted for about $6 billion in 2019 that was 20% of the country’s GDP. Around 70% of Salvadorans do not have bank accounts. Bitcoin rose on the news as much as 6% to $35,200.

Some critics say that El Salvador’s acceptance of a competing currency is a hedge against the US dollar that has massively increased its money supply, which causes inflation.

El Salvador became the first country in the world to adopt bitcoin as legal tender after Congress on Wednesday approved President Nayib Bukele’s proposal to embrace the cryptocurrency, a move that delighted the currency’s supporters.

With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund.

Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the U.S. dollar will also continue as legal tender. In practice, El Salvador does not have its own currency.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.

In an idea he appeared to have developed overnight, Bukele later said he had instructed state-owned geothermal electric firm LaGeo to develop a plan to offer bitcoin mining facilities using renewable energy from the country’s volcanoes. read more

He said the idea was to build a bitcoin mining hub around the country’s geothermal potential. He also said that El Salvador would offer citizenship to people who showed evidence they had invested in at least three bitcoins.

Read full article here…

Yahoo Finance:   https://finance.yahoo.com/news/el-salvador-bitcoin-legal-tender-120440725.html




Ohio Is Set to Be the First US State to Accept Bitcoin for Taxes, According to WSJ Report

The Wall Street Journal reports that, next week, Ohio’s Treasurer, Josh Mandel, a cryptocurrency advocate, will accept tax payments from businesses in digital currency, and that this option eventually will be extended to individuals. Mandel says he is empowered to make this decision decide “without approval from the legislature or governor,” because he is an elected official. His term, however, ends in January. -GEG

The U.S. state of Ohio is poised to become the first state to accept Bitcoin (BTC) as tax payment, the Wall Street Journal (WSJ) reports today, Nov. 25.

As the WSJ writes, the move initially applies only to businesses, with plans to extend the offering to individual taxpayers in future. Starting this week, Ohio-based businesses will be able register to pay all of their taxes in the leading cryptocurrency. The payments are reportedly set to be processed via crypto payments service BitPay.

As the WSJ reports, the crypto-friendly move was initiated by state Treasurer Josh Mandel, who told reporters he is looking to “plan[t] a flag” for Ohio in terms of national cryptocurrency adoption:

“I do see [bitcoin] as a legitimate form of currency.”

Mandel also told the publication that he is “confident that this cryptocurrency initiative will continue” after his term ends this January. As an elected state official, Mandel told journalists that he is able to decide that his office will accept the digital currency “without approval from the legislature or governor,” the WSJ reports.

In contrast, several bills in other U.S. states in the past year that propose accepting crypto for taxes have been initiated, but state lawmakers have delayed their final passing.

Read full article here…




Bitcoin and Cryptocurrency Prices Tumble. Miners Pull the Plug on ‘Mining’ Operations.

Cryptocurrencies have lost about $60-billion in less than a week following the continuing decline of Bitcoin, Ethereum, Litecoin, Ether, and Ripple. Bitcoin tumbled to $4,237 before regaining support in the late afternoon session. According to CoinMarketCap.com, digital-currency assets have lost approximately $700-billion of market value since the peak in December 2017.

Bitcoin’s hash rate, or the speed at which a given mining machine operates by finding and solving blocks through complex computations, has dropped and led some crypto miners to shut down their rigs. The 2018 bear market is forcing many miners to operate at a loss, and some are pulling the plug on their operations.
[We do not recommend what investors should do at this stage but we feel compelled to remind everyone that the market for all emerging, disruptive technologies, such as cryptocurrencies, are volatile. Major price dips are to be expected rather than viewed as the end of the market. The reason so few people never buy low and sell high is that, when prices fall, they run for the exit doors instead of seeing it as possibly the opportunity they are hoping for. Click here for additional commentary on this phenomenon.] – GEG commentary
Additional commentary from GEG…
From ZeroHedge:

Cryptocurrencies have lost about $60 billion in less than a week following the collapse of Bitcoin, Ethereum, Litecoin, Ether, and XRP, which hit their lowest levels since 2017. Bitcoin tumbled to $4,237, a 13-month low, before regaining some support in the late afternoon session. If $4,207 support is breached, Bitcoin could crash even more to the weekly 200sma at $3,130.

After months of low volatility and declining volume, everything has been flipped upside down, and cryptocurrency bulls are left scrambling after a 30% liquidity gap opened up in the last several weeks.

According to CoinMarketCap.com, digital assets have lost approximately $700 billion of market value since the crypto-mania peak in December 2017. Since the peak, Bitcoin has sustained 87% declines as hash rates have also taken a dip.

According to eToro senior analyst Mati Greenspan, Bitcoin hash rates have fallen to the lowest levels since August, and this has led some crypto miners to shut down their rigs.

Read full article here…

 

 

 




Bitcoin Drops 12% on Google Ban on Advertisements for Cryptocurrencies


Google banned ads for cryptocurrencies including ICOs, crypto wallets, cryptocurrency exchanges, and services related to providing crypto trading advice. Twitter is considering a similar ban. The price of Bitcoin dropped 12% in response to the news. -GEG

Twitter could be the next major Internet company to ban crypto-related ads, according to reports that surfaced Sunday.

According to Sky News, Twitter will revamp its advertising policy so that those for ICOs, token sales, and cryptocurrency wallets will no longer be allowed. The new policy could take effect in as few as two weeks.

As the news went viral, Bitcoin’s price continued to slide. At the beginning of the weekend on Friday, its price was about $8,500. At the time of writing (New York time), it was hovering around $7,500.

Let’s discuss.

h2 Who’s who of the crypto ad bans/h2

If Twitter does ban crypto-related ads, the action would follow that of its much larger social media competitor Facebook (NASDAQ:FB). In January, Facebook announced that it was banning crypto-related ads, including ICOs.

Google (NASDAQ:GOOGL) stated last week that it would no longer allow for advertising for cryptocurrencies and related content. Specifically, Google’s advertising change also applies to ICOs and crypto wallets, but also to cryptocurrency exchanges, and services related to providing crypto trading advice.

Its halt is scheduled to not begin until June and is part of a sweeping crackdown on high-risk and unregulated financial products, we reported last week.

h2 Paranoia?/h2

With these moves from such prominent Internet companies, one can’t help but to think that cryptos are coming under attack. Or, are these companies simply being paranoid over the still growing, and unfamiliar crypto space?

Maybe not.

In our reporting, we told you about Google removing roughly 79 million ads that lured online users to websites infected with malware.

The amount of malware that has been found may mitigate notions that these companies are being paranoid by putting these ad bans in place. One of the ways crooks have been able to take over personal computers to mine cryptos is through malware.

Read full article here…