Commentary When Canadian cryptocurrency broker and lender Voyager Digital filed for bankruptcy in July, it created some confusion across its customers about their deposits and whether they were FDIC insured. U.S. regulated bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to a certain amount. This serves as a protection for customers…
ECB Says Cash ‘Not Fit’ for Digital Economy, Dismisses CBDC Privacy Concerns
August 23, 2022
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Business & Marketscentral bank digital currencycryptocurrencyEuropeEuropean Central BankMarketsWorld
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In the digital economy, cash is no longer a useful tool, and a central bank digital currency (CBDC) is the “only solution” to continue the existing monetary system, according to a new paper from the European Central Bank (ECB). The eurozone’s central bank recently published a paper titled, “The Economics of Central Bank Digital Currency.”…
Euro, Sterling Slip to Month Low on Renewed Growth Fears
August 19, 2022
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Business & Marketscryptocurrencyeconomic policieseconomyenergyForexglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—The euro and sterling slipped to a one-month low versus the safe-haven U.S. dollar on Friday with investors worrying about further economic slowdown after Federal Reserve officials reiterated the need for higher rates. The dollar index rose 0.2 percent to 107.69, after earlier touching 107.74, its highest since July 18. The gauge is on track…
Crypto Hackers Have Stolen $1.9 Billion so Far in 2022, Says Chainalysis
Around $1.9 billion worth of digital tokens were stolen by hackers from the beginning of the year through July, according to blockchain analysis firm, Chainalysis. This is up 58 percent from the same time last year, as decentralized cryptocurrency DiFi protocols have become increasingly vulnerable to cyberattacks. DeFi protocols, with cross-chain bridges in particular, are used…
Dutch Detain Suspected Developer of Crypto Mixer Tornado Cash
August 15, 2022
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BillionsBusiness & MarketscryptocurrencydutchEuropeInternationalMarketsmoney launderingNorth KoreaWorld
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AMSTERDAM—Dutch authorities on Friday said they had arrested a 29-year-old man believed to be a developer for the crypto mixing service Tornado Cash, which the United States put on its sanctions list this week. The U.S. sanctions announced on Monday followed allegations that Tornado Cash was helping conceal billions in capital flows, including for North…
World Shares Mostly Gain After Wall Street Hits 3-month Highs
August 11, 2022
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Business & Marketscryptocurrencyeconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionSharesstocks
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BANGKOK—World shares were mixed Thursday after Wall Street benchmarks closed at three-month highs as investors cheered a report showing inflation cooled more than expected in July. U.S. futures edged higher and oil prices also advanced. The U.S. government said Wednesday that consumer inflation jumped 8.5 percent in July from a year earlier. But that was…
Coinbase Issued ‘False,’ ‘Misleading’ Statements Ahead of Public Listing: Shareholder Lawsuit
Cryptocurrency exchange Coinbase Global Inc. has been accused of misleading investors regarding its public listing, as per a new shareholder derivative lawsuit. What Happened Coinbase and nine of its executives allegedly breached fiduciary duties, violated the securities act, and issued false and misleading statements concerning its direct listing, according to a shareholder complaint filed on Aug 4. The executives’…
Twilio Falls Prey to Hackers: Report
Digital authentication solutions provider Twilio Inc. said a scheme by which outsiders duped employees into handing over their passwords hacked some of its employees’ and customers’ accounts. Twilio became aware of the incident on Aug. 4. “This broad-based attack against our employee base succeeded in fooling some employees into providing their credentials,” Twilio said. “The attackers then used the…
Dollar Edges Down Ahead of Key US Inflation Data
HONG KONG—The dollar edged lower on Wednesday, ahead of U.S. inflation data which markets will scrutinize for guidance on how steeply the U.S. Federal Reserve will raise interest rates. The figures were due at 1230 GMT. Economists expect year-on-year headline inflation to be running at a scorching 8.7 percent, a small retreat from June’s 9.1…
Stocks Steady, Dollar Dips as Investors Brace for US Inflation Data
August 10, 2022
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Business & Marketscryptocurrencyeconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Stocks and bonds steadied on Wednesday, while the dollar edged lower ahead of U.S. inflation data that could give clues to the Federal Reserve’s appetite for more aggressive rate rises. The Consumer Price Index (CPI) report will be released at 1230 GMT, with markets watching for signs that inflation eased in July despite unexpectedly strong…
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