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A sophisticated SIM swap attack targeting a Kroll employee led to a data breach impacting several prominent cryptocurrency firms, according to statements from the companies involved. The incident highlights the lingering vulnerabilities of SMS-based authentication. Bankrupt platforms FTX, BlockFi, and Genesis privately notified customers last week that financial services firm
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Leading Indian cryptocurrency exchange CoinSwitch has become the latest crypto startup to trim its workforce, laying off 44 employees this week. The move highlights the broader industry slowdown as volumes remain depressed in the ongoing 'crypto winter.' CoinSwitch cut 7% of its staff, specifically from customer support roles.
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With crypto poised for its next bull cycle as early as 2024, traders who weathered past booms have wisdom to share on navigating the mania. Their insights highlight strategies for newcomers entering their first crypto bull run. Millions discovered cryptocurrencies in 2021. Now their first taste of a bull market
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A group of influential House Republicans have raised concerns over the Federal Reserve's new crypto oversight programs, arguing they may stifle innovation in the absence of clear federal legislation. In a letter to Fed Chair Jerome Powell, House Financial Services Committee ranking member Patrick McHenry (R-NC) and others
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India's Prime Minister Narendra Modi made headlines this week when he called for a global framework to regulate cryptocurrencies and other emerging technologies like artificial intelligence. In an interview with Business Today magazine days before the G20 summit in New Delhi, Modi said "not only crypto, but
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Cryptocurrencies Sui (SUI) and Hedera (HBAR) have declined over the past day amid scheduled unlocks that will increase their circulating supplies. SUI has fallen 7% to $0.54, while HBAR is down 4% to $0.05, based on CoinDesk pricing data. The drops come ahead of pre-planned unlocks for both
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A former New Jersey corrections officer allegedly defrauded police, firefighters and EMTs out of over $620,000 through a fake cryptocurrency investment scheme. The accused scammer John DeSalvo created a crypto token called Blazar that he aggressively marketed as a "crypto pension" for first responders. However, the token&
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The U.S. Internal Revenue Service (IRS) has proposed far-reaching tax regulations that would require cryptocurrency brokers to report customer digital asset transactions. While the rules intend to standardize crypto tax reporting, critics argue they overstep by treating decentralized networks like centralized finance. As regulators eye closing tax gaps, the
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A new exchange-traded fund (ETF) from London-based Jacobi Asset Management is testing the boundaries of ESG investing principles. The firm's Jacobi FT Wilshire Bitcoin ETF (BCOIN) claims to promote environmental, social and governance (ESG) standards, an unprecedented label for a financial product focused on the highly energy-intensive cryptocurrency
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According to new data from analytics provider Santiment, the amount of Bitcoin sitting on cryptocurrency exchanges has fallen to its lowest level since December 2017. Just 5.8% of Bitcoin's total supply is currently held on exchange platforms. This declining availability suggests growing scarcity and hints at the
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In the early positioning of potential 2024 U.S. presidential contenders, cryptocurrency policy has notably faded as a major talking point despite flashes of prominence last year. The first Republican primary debate on Aug. 5 included no mentions of crypto regulation or oversight issues from leading candidates. This absence came
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The release of new IRS guidelines around reporting of cryptocurrency transactions has sparked debate within the digital asset sector about the scope and impact of expanded oversight. Stakeholders across the industry are poised to flood regulators with feedback during a 60-day public comment period. The rules, unveiled Friday, require cryptocurrency
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Over 850 million XRP tokens, worth nearly $450 million, were withdrawn from major European cryptocurrency exchange Bitvavo this weekend, according to transaction trackers. The large transfers came just ahead of a period of sideways trading and a 2.34% XRP price drop over the past 24 hours. On Friday and
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South Korean cryptocurrency exchanges will soon face tighter requirements for maintaining minimum cash reserves, as part of enhanced regulations aimed at strengthening protections for traders. Starting next month, exchanges with accounts at real-name local banks must keep reserves equal to 30% of average daily client deposits, with a minimum threshold
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A recent profile of Fidelity Investments CEO Abby Johnson uncovered her surprising advocacy for cryptocurrencies within the traditionally conservative firm. Starting in 2014, Johnson pushed Fidelity to adopt crypto despite reluctance from finance and security teams. Her forward-looking embrace of digital assets enabled Fidelity to capitalize on Bitcoin's
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Cryptocurrencies have exploded in popularity over the last decade, leaving regulators scrambling to understand and regulate these new digital assets. However, the recent legal actions taken against major cryptocurrency exchanges by the U.S. Securities and Exchange Commission (SEC) reveal a fundamental lack of comprehension when it comes to cryptocurrencies