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Nathanielbirkett

@nathanielbirkett

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The U.S. Securities and Exchange Commission on Monday sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than 200,000 investors worldwide, including many Haitian-Americans. NovaTech and co-founders Cynthia and Eddy Petion allegedly promised investors their money would be safe, with Cynthia Petion assuring they would be "in profit from day one." The SEC said the Petions instead used new money mainly to repay earlier investors and pay commissions to promoters, while siphoning millions of dollars for themselves. It said the scheme lasted for four years until NovaTech's May 2023 collapse. Monday's lawsuit in Miami federal court came two months after New York Attorney General Letitia James sued NovaTech and the Petions in a state court in Manhattan, estimating their fraud at more than $1 billion.
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Kamala Harris’ campaign is reportedly in discussions with Bitcoin Magazine about her possible participation in the upcoming Bitcoin Conference. In a recent post on X, Bitcoin Magazine CEO David Bailey revealed that they are “in talks with Kamala Harris campaign for her to speak at the conference.” Bailey claimed that Harris’ appearance could “reset the Democrat positioning on the fastest growing voter block in the country.” The decision from Harris’ camp is anticipated today. The endorsement underscores the potential for Harris to carve out a distinctive niche within her party, positioning herself as a forward-thinking leader in the tech space. Further supporting this narrative, Harris’ team has reportedly reached out to several cryptocurrency executives for policy input ahead of the Democratic National Convention. Tech leaders see a strategic opening for Harris to garner support from Silicon Valley by adopting a more pro-innovation stance.
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The crypto asset manager is launching a new fund focusing on decentralized artificial intelligence. The Grayscale Decentralized AI Fund LLC, which will rebalance quarterly, aims to bolster investment endeavors regarding AI in the cryptocurrency industry, according to a release shared with The Block. Decentralized AI projects already included in the fund's basket as of today's launch are Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Near, Filecoin and Render are, respectively, the top-weighted assets in the fund. The release continues that the fund will focus on financing projects in three areas: chatbots, generative images and other decentralized AI uses; addressing centralized AI problems like deep fakes, misinformation and authenticating bots; and AI-related infrastructure like GPU computation, data storage, decentralized marketplaces and other services.
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Kaspa uses a proof-of-work (PoW) consensus mechanism called GHOSTDAG protocol, and unlike bitcoin, it allows multiple blocks to be produced simultaneously. This process helps make transactions faster and provides more block rewards for miners, according to a statement from Marathon. “By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin, and that is directly tied to our core competencies in digital asset compute,” said Adam Swick, Marathon’s chief growth officer in the statement. The Kaspa token's price has risen nearly 50% this year, while bitcoin climbed 44%. The broader CoinDesk 20 index is up nearly 16% in the same time period. Marathon started mining Kaspa in September of last year after bringing the first mining computer online. The miner has bought 60 petahash worth of mining machines that can generate profit margins of up to 95%, according to the statement.
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Bitcoin and other cryptocurrencies were falling early Friday. However, MicroStrategy has made another major purchase of the largest crypto. Bitcoin BTCUSD -0.74% was down 1.5% over the past 24 hours to $64,617. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then. Cryptocurrencies have been restricted by relatively high bond yields as the market scales back expectations for interest-rate cuts from the Federal Reserve. “Bitcoin is not so much “digital gold” as it is a speculative instrument driven by excess dollar liquidity. Since 2011, the primary factor driving all major Bitcoin bull markets is when the U.S. Federal Reserve pivots to dovish,” Barry Bannister, chief equity strategist with Stifel, wrote in a research note this week.
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