Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

Binance’s CZ will have to wait for his sentencing in the United States, the U.S. Congress passed a bill supporting blockchain, and Elon Musk’s xAI seeks $1 billion in capital.

Binance founder Changpeng CZ Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining theres too much of a flight risk if the former crypto exchange CEO is allowed to return to the United Arab Emirates. On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.

A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increase the country’s use of blockchain technology. The act covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech. The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.

The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. In a notice, the SEC said it would designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Grayscale first filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF in October, adding its name to the list of companies awaiting a decision from the regulator.

North Korea's Lazarus Group masterminded $100M Harmony hack: FBI confirms

The FBI also confirmed earlier reports this month by figures such as ZachXBT that the hackers had started moving a large chunk of the funds around via privacy protocols. The Federal Bureau of Investigation (FBI) has confirmed the Lazarus Group and APT38 as the culprits behind the $100 million Harmony Bridge Hack from June 2022. The North Korea-linked cyber group had long been suspected of being behind the attack but their involvement hadn’t been confirmed by authorities until now. According to a Jan. 23 statement, the FBI noted that “through our investigation, we were able to confirm that the Lazarus Group and APT38, cyber actors associated with the DPRK , are responsible for the theft of $100 million of virtual currency from Harmony’s Horizon bridge.” The Harmony Bridge hack in 2022 was the result of security holes in Harmony’s Horizon Ethereum bridge which allowed the cyber attackers to swipe a number of assets stored in the bridge via 11 transactions. The FBI also outlined t...

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South Africa learns a hard crypto lesson amid fast growing demand

South African authorities will be keeping a close eye on the cryptocurrency space in 2021 in the wake of major scams and booming markets. Authorities in South Africa appear to be paying closer attention to the cryptocurrency space in 2021 in the wake of a major Bitcoin ( BTC ) Ponzi scheme and increased trading activity. As a result, the South African Financial Sector Conduct Authority has called for tighter controls of the crypto space following the collapse of what has been described as the biggest Ponzi scheme the country has ever seen. In December 2020, Mirror Trading International went into provisional liquidation after one of its directors allegedly skipped the country, taking with him access to a copious amount of Bitcoin that investors had entrusted to the company over the past few years. In January 2021, MTI claimed to have over 260,000 members around the world and had amassed 23,000 BTC of investor’s holdings, which is worth over $1 billion in today’s market. The South ...

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Palau advances CBDC with Ripple in phase 2 of PSC program launch

The second phase of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance. The Ministry of Finance of Palau officially launched the second phase of its Palau Stablecoin (PSC) program. Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance, confirmed the program’s second phase launch on Dec. 15 in a post on X (formerly Twitter). Anson said that Palau aims to extend its partnership with Ripple in phase two, allowing the PSC team to leverage Ripple’s central bank digital currency (CBDC) platform and technical expertise. PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP Ledger. Read more

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New Bitcoin price highs revive old misconceptions about BTC and crypto

With crypto exceeding all monetary expectations in 2020, some mainstream analysts have reverted to long-forgotten arguments from 2017. As anyone following the crypto industry will have noticed, yes, Bitcoin ( BTC ) did recently smash its previous all-time high of around $20,000. Now, many analysts anticipate the cryptocurrency to eventually rise to the mid-$30,000s or even higher within the next few years. As things stand, BTC is trading at around $23,300, briefly testing the $24,000 mark on several occasions. However, despite all of these positive developments, many prominent individuals from the financial mainstream have spoken negatively about the crypto industry, using cliche adages — such as “crypto is for criminals” and “crypto is all hype, no substance,” etc. — to describe BTC and other prominent digital currencies. For example, renowned economist and financial strategist David Rosenberg recently referred to Bitcoin as a “massive bubble,” propping up the argument by saying...

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Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles

The MLM monitoring publication behindmlm.com revealed on Dec. 1 that the infamous Ponzi scheme Onecoin’s website onecoin.eu has gone offline. According to the domain host Eurid, the onecoin.eu domain name is currently “under legal investigation.” Onecoin’s website going offline follows the recent arrest of the operation’s cofounder Konstantin Ignatov. Also read: Part Deux! Onecoin Buyer Beware: The Definitive Ponzi Exposé Onecoin Operations Come to a Halt For five years the Onecoin Ponzi, a scam that was promoted as a cryptocurrency, managed to attract more than $4 billion worldwide from investors. The multi-level marketing (MLM) scheme was created by Ruja Ignatova, her brother Konstantin Ignatov, and Sebastian Greenwood. News.Bitcoin.com reported on the Onecoin scam on various occasions releasing multiple exposés on the Ponzi’s destruction. Ruja Ignatova and her associates told Onecoin investors there was a Onecoin blockchain and the product was a real cryptocurrency even though...

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Moneygram buys 4% stake in crypto ATM operator Coinme

The investment follows a May 2021 partnership between the two firms aimed at expanding access to crypto-fiat exchanges. Money transmission network MoneyGram now has a minority investment in crypto ATM operator Coinme following a Series A funding round. In a Wednesday announcement, MoneyGram said it had purchased a roughly 4% ownership stake in Coinme — likely more than $764,000, given its valuation of $19.1 million in June — as part of a strategic investment in the crypto company. The investment follows a May 2021 partnership between the two firms aimed at expanding access to crypto-fiat exchanges. "We continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency,” said MoneyGram CEO Alex Holmes. “Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocu...

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Palau advances CBDC with Ripple in phase 2 of PSC program launch