Former Coinbase CTO makes $2M bet on Bitcoin’s performance

[ad_1] Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin's (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17. The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet.Sir,

SBF legal fees, BTC market cap flips Meta,USDC climbs back to $1

[ad_1] Top Stories This Week Sam Bankman-Fried petitions court to prioritize reimbursing his legal fees Sam Bankman-Fried (SBF) is seeking to use FTX’s corporate insurance policies to cover his legal expenses, according to a court filing on March 15. As per the filing, the policies provide “priority of payment” to insured individuals such as Bankman-Fried. The move would put the former CEO on top of the FTX payout list. Another

What are distributed systems, and how do they work?

[ad_1] For distributed systems to function, a task must be divided into smaller subtasks and spread over several nodes or computers in a network. These nodes or computers then communicate and cooperate to finish the task. The following four steps provide a brief overview of how distributed systems operate: Decentralized components A distributed system comprises numerous parts or nodes spread over various real or virtual places. These parts can communicate

Binance’s response to U.S. Senators lacks financial information: Report

[ad_1] Binance has answered a letter from United States Senators from early March requesting information about the crypto exchange operations in the country, including its balance sheet. According to a report on March 18, Binance's response did not include the financial data requested. Bloomberg learned from an anonymous source that despite being omitted from the letter, the exchange sent the information to U.S. regulators. In the 14-page document, Binance chief strategy

What are the Howey test and its implications for cryptocurrency?

[ad_1] What is the Howey test?The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co. (1946), and it has since been applied in numerous cases to determine whether various financial arrangements and offerings constitute

Sam Bankman-Fried to propose revised bail package ‘by next week’

[ad_1] The lawyer representing crypto entrepreneur Sam Bankman-Fried (SBF) in the ongoing FTX case will soon present a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure about SBF’s use of encrypted-messaging apps and virtual private network (VPN) services while out on bail.Legal proceedings around FTX’s downfall led SBF to avoid possible jail time with a $250 million

Euler Finance hacker starts returning stolen Ether back to the Foundation

[ad_1] The recent attack that drained $197 million off Euler Finance was dubbed the biggest decentralized finance (DeFi) hack in 2023 so far. However, this may not hold true for much longer as the hacker reportedly had a change of heart.On March 18, roughly 3,000 Ether (ETH) — worth $5.4 million — were returned to Euler Finance’s deployer address from the Euler Finance hacker’s address. Blockchain investigator Peckshield identified three

Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B

[ad_1] The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.BTC market cap daily performance chart. Source: TradingViewMoreover, Bitcoin has decoupled from U.S. stocks for the first time in a year, with its price rising about 65% versus S&P 500's 2.5% gains and Nasdaq's 15%

Diversified set of guardians required for safe self-custody: Vitalik Buterin

[ad_1] Ethereum co-founder Vitalik Buterin has emphasized the importance of having a varied set of “guardians” to maximize the safety of crypto asset self-custody via multisig and social recovery wallets. Given the ever-growing rate of crypto scams and hacks over the past few years, and several major crypto firms going bust in 2022, the importance of self-custody and maintaining sufficient wallet safety procedures has never been more important. In a

More 186 US banks well-positioned for collapse, SVB analysis reveals

[ad_1] The perfect mix of losses, uninsured leverage and a greater loan portfolio, among other factors, resulted in the fall of Silicon Valley Bank (SVB). Comparing SVB’s situation with other players revealed that nearly 190 banks operating in the United States are at potential risk of a run.While SVB’s collapse came as a reminder of the fragility of the traditional financial system, a recent analysis by economists showed that a