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@baraded

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@baraded
Musk's $1M Giveaways Called a Scam Elon Musk's $1 million daily sweepstakes has been labeled a scam in a Philadelphia court. His lawyer revealed that winners aren't randomly selected but designated as paid "spokespeople." This admission challenges Musk's earlier claims of randomness, raising legal concerns about campaign donations. District Attorney Larry Krasner criticized the initiative as an unregistered lottery, arguing that participants were misled into sharing personal information. The judge allowed the giveaways to continue, with the final recipient from Michigan already chosen
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Taiwan's Financial Watchdog to Enforce New Crypto Regulations in 2025 Taiwan's Financial Supervisory Commission will introduce new regulations for crypto asset listings and record-keeping, effective January 2025. Director Hsi-Ho Huang announced that virtual asset service providers (VASPs) must register for compliance, with non-compliance potentially resulting in up to two years of imprisonment. The new rules aim to enhance scrutiny over custody, information security, and trading practices. Additionally, the FSC plans to draft a special law for crypto assets, to be submitted in June 2025
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Paxos Launches USDG Stablecoin, Expanding Regulatory Compliance Efforts Paxos has introduced the Global Dollar, a stablecoin compliant with Singapore's Monetary Authority regulations, following the earlier Lift Dollar launch. Backed 1:1 by the US dollar, USDG's reserves are managed by DBS Bank, enhancing its credibility. Paxos aims to distribute USDG globally through partnerships with crypto exchanges and wallets. The stablecoin adheres to MAS's framework with plans for expansion to other blockchains. Paxos emphasizes regulatory compliance and market stability in its operations
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Bitcoin Nears All-Time High Ahead of U.S. Elections: Implications of Trump vs. Harris Bitcoin approached $73,000 on Wednesday, just shy of its all-time high, amid speculation surrounding the upcoming U.S. elections. Traders anticipate market optimism, particularly if Donald Trump wins, given his pro-crypto stance. Trump has promoted cryptocurrency donations and proposed a national Bitcoin reserve, which could lead to a surge in Bitcoin’s adoption. Conversely, a Kamala Harris victory may result in increased regulatory scrutiny, potentially causing an initial price dip
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Robinhood Q3 Earnings Show Strong Crypto Demand Despite Volume Decline Robinhood reported third-quarter earnings, highlighting a 112% year-over-year increase in crypto trading volumes to $14.4 billion, although down from $21.5 billion in Q2. Transaction-based revenues rose 72% to $319 million, with crypto bringing in $61 million—up 165% but down from $81 million last quarter. Assets Under Custody grew 76% to $152.2 billion. The company posted earnings of $0.17 per share, rebounding from a loss last year. Robinhood is also expanding its crypto offerings and introducing new trading tools
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Bitpanda Considers IPO in Frankfurt Amid Crypto Market Surge Vienna-based cryptocurrency exchange Bitpanda, backed by billionaire Peter Thiel, is exploring a public listing in Frankfurt with guidance from Citigroup and JPMorgan Chase. If successful, the IPO could value the exchange at over $4 billion, matching its last valuation in August 2021. Interest in a public listing has increased due to recent Bitcoin ETF approvals and market optimism following Bitcoin’s rise past $70,000. Bitpanda has diversified since its 2014 launch, now offering equity derivatives and commodities
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Meta Develops AI Search Engine to Reduce Dependence on Google and Bing Meta Platforms is developing its own AI-based search engine to lessen reliance on Google and Bing. Previously, Meta's AI chatbot used Bing for real-time data, but the company now aims to manage operations in-house. This move comes amid intense competition in the AI search market, where Meta seeks to enhance user experience by providing conversational responses through its chatbot integrated into , Instagram, and Facebook. Meta has partnered with Reuters to improve the accuracy of information delivered by its AI
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FTX Settles Lawsuit with Bybit, Recovering $228 Million FTX has settled its lawsuit against Bybit, its executives, and investment arm Mirana, allowing the defunct exchange to recover approximately $228 million to aid in repaying its creditors. The settlement includes reclaiming $175 million in cryptocurrencies from Bybit accounts and selling over 105 million BIT tokens worth around $52.7 million. FTX alleged that Bybit withdrew substantial assets shortly before its collapse in 2022. The bankruptcy court has approved FTX's reorganization plan, with over 94% of creditors in favor
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$20 Million in Crypto Stolen from U.S. Government Wallets Approximately $20 million worth of cryptocurrency has been stolen from U.S. government wallets, according to Arkham Intelligence. Unusual activity began Thursday when funds not moved in over eight months were withdrawn from Aave. The stolen assets include nearly $14 million in AUSDC, $5.4 million in USDC, and $1.1 million in USDT. The suspect's wallet is now transferring funds to various addresses, indicating an attempt to launder the money. This incident raises questions about the security of government-held crypto assets
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Tomarket Reveals Airdrop Criteria Ahead of TOMA Launch Tomarket, a popular Telegram crypto project, has announced details for its TOMA token airdrop ahead of the token generation event on October 31, 2024. To qualify, users must complete social tasks, join the Tomarket Daily Combo, and add a "tomato" emoji to their Telegram username. Additionally, players must achieve at least Bronze status in the game's leveling system. With over 40 million players and rapid growth, Tomarket aims to reward active participants as excitement builds for the upcoming launch
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Unveiling Phantom Tokenomics: The Hidden Risks in Crypto Projects In the second part of the Tokenomics series, the article explores "backdoor token transactions" that obscure true project economics. These transactions, often involving insider agreements, distort on-chain representations of tokenomics. Key types include advisor allocations, market-making incentives, CEX listing fees, and exclusive returns for large investors. As the crypto market faces oversupply and dwindling demand, these opaque practices trap projects in unsustainable models, echoing the myth of the Minotaur
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Bitcoin's Role in Decentralization and His Fight for Freedom Twelve years ago, Julian Assange predicted Bitcoin's significance in decentralization and privacy, stating, "In the era of mass surveillance, the last free living people will be those who know how to use cryptography." Following a financial blockade from institutions like PayPal, WikiLeaks turned to Bitcoin for funding, losing 95% of its revenue overnight. Assange’s family raised $520,000 for his release through Bitcoin donations. Post-release emphasized blockchain's potential for transparency and journalism during a Reddit AMA
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Italy Increases Capital Gains Tax on Cryptocurrencies to 42% Italy's Deputy Finance Minister Maurizio Leo announced plans to raise the capital gains tax on cryptocurrencies, including Bitcoin, from 26% to 42%. This change aims to bolster revenue for the 2025 budget amid increasing cryptocurrency use. Despite the tax hike, Bitcoin's price rose over 12% this week, surpassing $68,000. Critics argue the higher tax may deter crypto market activity and drive investors to more tax-friendly European countries, potentially stifling innovation in Italy’s digital economy
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Worldcoin Rebrands to 'World' Amid Ambitious New Vision Worldcoin has rebranded as "World Network," reflecting its expanded goals beyond cryptocurrency to include identity verification and AI services. Co-founder Sam Altman announced this change on October 17, 2024, highlighting the project's aim to create a network of verified humans. The launch of World Chain, a Layer 2 blockchain, and an upgraded Orb device for biometric verification are key features of this transformation. World is optimistic about its future, with a recent 46% increase in token value over the past month
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I just won 172 $DEGEN in Gate of Degen! @degengate
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Memecoin Supercycle Theory Gains Traction Among Traders Investor Murad Mahmudov's memecoin supercycle theory suggests an endless cycle of growth for meme-centric cryptocurrencies, driven by community and emotion rather than fundamentals. Experts note a shift in analysis metrics, favoring key opinion leaders and market performance over traditional fundamentals. Critics argue this trend reflects irrational investor behavior, warning that memecoins lack intrinsic value and may lead to significant volatility and losses
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Radiant Capital Hit by Exploit, $51 Million in Losses Radiant Capital is reportedly facing an exploit that began on its Ethereum Layer 2 Arbitrum instance and spread to BNB Chain, resulting in losses of $51 million. Security firm urged users to revoke approvals due to vulnerabilities in a new contract. The attacker deployed a backdoor contract, gaining unauthorized access to user accounts. The compromised wallet holds over $32 million in Arbitrum assets and $18 million in BNB. This incident follows a previous flash loan attack earlier this year that cost Radiant around $4.5 million
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Ripple Gains Traction Amid Regulatory Challenges Despite ongoing regulatory issues in the US, Japan and BRICS nations are increasingly adopting Ripple. Currently, 80% of Japanese banks are collaborating with Ripple to enhance international payments. Additionally, Vladimir Putin announced a blockchain-based payment system for BRICS, aiming to facilitate trade free from Western interference. Ripple's Japan and Korea Fund aims to support local blockchain innovation, further boosting investor confidence as XRP shows potential as an alternative to SWIFT.
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Abridge AI Set to Raise $250 Million to Transform Healthcare Pittsburgh-based Abridge AI Inc. is nearing a $250 million funding round, led by investors and IVP, with participation from Alphabet's CapitalG. This round values the company at $2.5 billion, a significant increase from last year's $200 million valuation. Abridge's AI platform automates medical note-taking by transcribing doctor-patient conversations, saving clinicians up to 70 hours monthly. With advanced technology supporting over 14 languages, Abridge aims to enhance healthcare efficiency and improve patient care outcomes
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Charles Hoskinson Addresses Negative Sentiment Around Cardano Charles Hoskinson, founder of IOG, recently discussed the rising negativity surrounding Cardano as it enters its Voltaire era, which focuses on decentralized governance. He believes this shift reflects the network's evolution rather than a failure. The Voltaire upgrade aims to address long-standing issues and improve transparency, setting Cardano apart from other blockchains. Despite concerns, Hoskinson asserts that Cardano is thriving, with ongoing developments like the privacy-focused project Midnight
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