fbpx
Connect with us

Bit Coin

Binance CEO’s net worth hits $96B, Jack Dorsey launches BTC defense fund, Bill Miller apes into Bitcoin: Hodler’s Digest, Jan. 9-15

Published

on

Binance CEO’s net worth hits $96B, Jack Dorsey launches BTC defense fund, Bill Miller apes into Bitcoin: Hodler’s Digest, Jan. 9-15

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Binance CEO CZ is the richest crypto billionaire at $96B: Bloomberg

Bloomberg has estimated Binance CEO Changpeng Zhao — also known as “CZ”— to be the 11th-richest person in the world at a net worth of around $96 billion, making him the wealthiest billionaire in crypto. 

However, Bloomberg’s tabulation excluded CZ’s personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could become much larger in the future. 

To make the list of the top 10 richest people, CZ will need to look under his sofa and find a spare $11 billion to surpass Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who has accumulated $263 billion on the back of the success of his heavily subsidized electric vehicle company.

Disney patents technology for a theme park metaverse

Disney has obtained a patent that will enable the creation of personalized interactive attractions for its theme park visitors. 

The technology could reportedly be used to develop licensed, headset-free augmented reality attractions, involving such features as personalized 3D effects displayed on physical spaces across its parks that correspond with visitors’ journeys to different locations. 

The patent, dubbed the “Virtual-world Simulator,” was filed in the United States. It appears the move is part of Disney’s broader push to enter the metaverse sector, with CEO Bob Chapek noting in a Q4 conference call last year: 

“We’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.”

Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Famous investor Bill Miller has now put 50% of his net worth in Bitcoin, as well as major industry firms like Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining.

Miller was an early investor in Amazon, which he says still accounts for nearly 100% of the rest of his portfolio. He said he’s been gradually accumulating Bitcoin since the price hit $30,000 in mid-2021. 

The investor stated that he no longer considers himself just a “Bitcoin observer” but rather a real Bitcoin bull. Miller initially bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a “little bit more overtime” when it became $500.

Tonga to copy El Salvador bill making Bitcoin legal tender, says former MP

Former Tongan member of parliament Lord Fusitu’a outlined a bill for Bitcoin to become legal tender in the island nation. Fusitu’a stated that the country’s Bitcoin bill is almost “identical” to the one that was enacted in El Salvador. 

Fusitu’a, who currently serves as chairman of the Oceania chapter of the Global Organization of Parliamentarians Against Corruption, outlined five points in the roadmap for the bill’s adoption, predicting that it will pass in parliament around September or October, and potentially be legislated by the end of 2022 if all goes to plan. 

In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender, and optimism appears to be high among Tongans in 2022.

Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO, Bitcoin maxi and Block founder Jack Dorsey announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.

The announcement, shared via Dorsey’s mailing list, states that the fund will help provide a legal defense for Bitcoin developers, who are “currently the subject of multi-front litigation.” 

“The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,” the announcement stated.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $43,121, Ether (ETH) at $3,292 and XRP at $0.77. The total market cap is at $2.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Oasis Network (ROSE) at 47.47%, Secret (SCRT) at 32.23% and NEAR Protocol (NEAR) at 25.73%. 

The top three altcoin losers of the week are Loopring (LRC) at -14.23%, yearn.finance (YFI) at -13.52% and Ravencoin (RVN) at -13.01%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”

Jerome Powell, chair of the U.S. Federal Reserve, on the Fed’s upcoming digital currency report

“Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.”

CertiK

“We’re already at a quarter of that number, so we’ve got 24% of Americans owning Bitcoin. It won’t be that much of a stretch for it to get to a third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.”

Ric Edelman, founder of Edelman Financial Engines

“Wikipedia really can’t be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler.”

Jonas, Wikipedia editor

“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception.”

Alkesh Shah, digital asset strategist for Bank of America

“The number of addresses with the minimum number of Bitcoin is actually growing compared to the number of whales. I think you get a profound retail trend everywhere in the world; people onboarding Bitcoin, they trust Bitcoin more and more. It’s really the people that will push the price up.” 

Pascal Gauthier, CEO of Ledger

“Subsequent employee surveys made it clear: recharge weeks work.”

L.J. Brock, chief people officer at Coinbase

“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”

Suppakrit Boonsat, president of the Thai Digital Asset Association

Prediction of the Week 

Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December’s ‘nuke’

Bitcoin had somewhat of a rocky trading week, as the flagship cryptocurrency fell to a price of $39,675 on Monday, according to Cointelegraph’s BTC price index. BTC found itself priced at $44,315 by Wednesday. The asset hit $44,448 on Thursday before subsequently dropping later in the week. 

Although Bitcoin’s price increased on Tuesday, its Wednesday rally came on the same day it was reported that U.S. inflation rose at an annual pace of 7% in December, the highest in 40 years.  

Even though Bitcoin’s price rallied in the days following Monday’s drop below $40,000, the potential for further downward action remains a possibility as of Wednesday, according to widely-followed Twitter personality Material Scientist.

“Remainder of bids was just pulled,” one of the tweets stated. “Either they’re done accumulating and use liquidity to chase now, or we see the same thing as in late November (pulled bids + stacked asks a few days later).”

In the case of Bitcoin trading, bids refer to buyer demand seen on exchange order books. Following its $68,969 peak in November 2021, BTC declined notably through the rest of the month, falling down to $41,614 by early December.

FUD of the Week 

LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain

Liechtenstein-based crypto exchange LCX confirmed on Sunday that one of its hot wallets was compromised after the platform temporarily suspended all deposits and withdrawals. 

The hack was initially highlighted by blockchain security firm PeckShield, which spotted a suspicious transfer of ERC-20 tokens from LCX to an unknown Ethereum wallet. The compromise was then promptly confirmed by LCX, which announced that several crypto tokens were compromised, including Ether, USD Coin (USDC), Sandbox (SAND) and its native LCX token. 

According to an investigation by PeckShield, LCX lost a total of around $6.8 million via the hot wallet hack.

FTC issues public warning about new crypto ATM scam

The U.S. Federal Trade Commission (FTC) posted an alert earlier this week regarding a new crypto ATM scam that involves nefarious QR codes. 

The FTC stated that the scam starts with fraudsters impersonating figures, such as public officials, law enforcement agents, or potential dating partners on dating apps, who all spin various fables to dupe the victim into sending crypto.

If the victim falls for the fake story, they are directed to withdraw cash and then head to a crypto ATM and purchase some crypto. Once they purchase the crypto, the fraudster shares a QR code with the victim that diverts the funds back to the scammer upon scanning.    

“Here’s the main thing to know: nobody from the government, law enforcement, utility company or prize promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time,” the FTC said.

Pakistan’s central bank reportedly wants to ban crypto

According to reports from local media outlets, the State Bank of Pakistan (SBP) wants to ban all crypto transactions in Pakistan, arguing that assets such as Bitcoin are illegal and shouldn’t be used for trade.

Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of crypto in the country, with several Pakistani authorities, including the SBP, calling for a ban on the sector via a document submitted to the court. 

Alongside the usual tropes of investor protection and money laundering and terrorism concerns, the document urged the court to follow the model of countries such as China, whose government has stamped out the local crypto sector to pave way for a spawn of satan central bank digital currency (CBDC).

Best Cointelegraph Features

QuickSwap founder: L2s are the path to mass adoption

“If I’m a normal user and I want to do a small trade, I cannot do it on Ethereum.”

Green and gold: The crypto projects saving the planet

As the world argued about the ethics of crypto, these projects changed the world for the better during 2021.

Volcanos, Bitcoin and remittances: A Tongan lord plans for financial security

A former lawmaker from the island nation wants to use Bitcoin to secure his country’s financial security.

Go to Source

Bit Coin

LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

Published

on

LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

LUNA Investor Arrested for Knocking on Do Kwon's Door After Losing $2.4 Million in Terra Crash

A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments.

Investor Under Investigation for Going to Do Kwon’s Home

The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has wiped out a large number of investors. One investor in particular sought direct answers from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who is behind the two cryptocurrencies.

The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. He lost around 3 billion won ($2.4 million) in the LUNA and UST collapse. He told BBC News:

I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out.

He explained that he was angry with the lack of communication from Do Kwon after LUNA and UST went into freefall. He then searched online and found Kwon’s home address in Seoul.

“I wanted to ask him about his plans for LUNA,” Chancers said. “I suffered a huge loss and wanted to talk to him directly.”

The frustrated investor traveled across his home city and knocked on Kwon’s door on May 12. He streamed the event on his online channel; about 100 people were watching at the time.

However, after ringing the doorbell of Kwon’s condominium, his wife answered the door and said her husband was not home. She also called the police but Chancers already left the building when they arrived.

The investor found out the next day that the police were looking for him. He then surrendered himself at Seoul’s Seongdong Police Station on the morning of May 13.

“I surrendered myself to the police station twice,” Chancers stressed, insisting: “I didn’t trespass on Do Kwon’s property, but according to Korean law, it’s illegal to just go there and try to talk. I didn’t know.”

Chancers told the news outlet that he expects to face a fine and a criminal record that could make his life difficult. He opined:

It’s so hard. I lost a lot of money and now I’m being investigated by the police. I originally served as a civil servant in Korea. But if I am convicted of this case, I may not be able to return to the civil service again.

“In Korean culture, the problem itself is not important but rather the fact that it caused a scandal,” he explained. “I even had to apologize publicly as a sinner. I had no idea this would be so big. It’s very sad.”

Do Kwon claims that he has been in Singapore since December last year. However, he dissolved Terraform Labs Korea and shut down the company’s Korean offices just days before LUNA and UST collapsed.

South Korean authorities have launched an emergency investigation into the implosion of the two coins. This week, the Korean police asked crypto exchanges to freeze the assets of the Luna Foundation Guard.

Do you think it was wrong for the investor to knock on Do Kwon’s door after he lost millions in the LUNA and UST crash? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Go to Source

Continue Reading

Bit Coin

Hardware Wallet D’CENT Offers Multiple Ways Which Can Help Users Bypass Crypto Exchanges

Published

on

Hardware Wallet D’CENT Offers Multiple Ways Which Can Help Users Bypass Crypto Exchanges

press release

PRESS RELEASE. D’CENT Hardware Wallet recently added a new user-focused feature named ‘Exchange’ under the platform’s ‘Discovery’ tab menu, allowing users to exchange multiple network cryptocurrency assets with only a few clicks. Furthermore, users may acquire cryptocurrencies using their credit cards directly from the ‘Buy Cryptocurrency’ tab, thereby bypassing the need for crypto exchanges.

Details about the wallet

D’CENT provides three types of wallets, namely ‘Biometric’, ‘Card Type’, and ‘App’, all of which are handled through a single D’CENT mobile application that is fully compatible with both iOS and Android smartphones.

D’CENT users may convert their cryptocurrencies into supported coins using the ‘Exchange’ menu and can purchase crypto via the ‘Buy Cryptocurrency’ options without using traditional exchange services as aforementioned. In this way, D’CENT has effectively eliminated the need for users to register their crypto wallet addresses which means that they are given an easy and safe user experience, since these services shall instantly recognize D’CENT wallet addresses which would help make the entire process both quicker and more seamless.

What makes the wallet so special?

Apart from the aforementioned features, D’CENT will also be working alongside the ChangeNOW and Changelly crypto exchanges, as well as Simplex, Wyre and MoonPay for the purposes of buying crypto assets. D’CENT wallets also currently support over 40 main network coins. Additionally, more than 20 main network oriented decentralized application (Dapp) services are also supported via the ‘Discovery’ tab.

NFTs based on Ethereum, Polygon, Klaytn, Luniverse and HECO can also be managed through the wallets. In addition, D’CENT will focus on incorporating different features which will be verified via the wallet in order to provide both enhanced user focus alongside an intuitive user experience based on blockchain services. Lastly, Metamask integration for PC and support for upto 100 main networks will also be prioritized going forward.

About D’CENT

D’CENT Wallet is a safe, easy to use, and reliable hardware wallet that boasts enhanced crypto protection built on the highest security standards. IoTrust developed D’CENT Wallet as a startup built by security professionals with more than 15 years of security and technical expertise in designing deeply embedded security solutions focused around secure-chip technology (SE and TEE). Essentially, D’CENT Wallet combines hardware and software and security methods to safeguard users’ digital assets.

For more information, check out the official website as well as the Twitter, Medium, YouTube and Facebook channels.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com Media

Bitcoin.com is the premier source for everything crypto-related.
Contact [email protected] to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source

Continue Reading

Bit Coin

Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend

Published

on

Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend

During the last few years, cryptocurrencies have been integrated into traditional finance tools like automated teller machines (ATMs), loadable debit cards, point-of-sale devices, and direct payments for all kinds of goods and services. Digital assets have also been added to retirement account offerings issued by financial giants like Fidelity. In recent times, cryptocurrencies can be further capitalized to put a down payment on a mortgage or get a conventional home loan using bitcoin as collateral.

Crypto-Backed Conventional Home Loans

These days, at least in the United States, banks require at least 20% down if a person or a couple wants to purchase a home by leveraging a conventional loan. Typically, people use cash for collateral or a down payment, but Americans can also utilize things like business equipment, inventory, invoices, blanket liens, and even other forms of real estate to secure a traditional mortgage.

As of April 8, 2022, the median home price in the U.S. was $392,000, which means a buyer needs $78,400 in collateral to secure a conventional bank loan. While crypto assets can be utilized to load debit cards and pay for items via point-of-sale commerce, there’s not many firms that allow people to use digital currencies for a crypto-backed loan.

Interested home buyers looking to leverage their crypto assets to buy a home can use firms like Milo and Abra. In the future, Figure Technologies and Ledn aim to offer crypto-backed mortgage products.

However, there are a couple of companies right now, either offering loans that utilize crypto assets for collateral or that are planning to do so in the near future. Moreover, some firms that planned to offer crypto-backed loans gave up on the idea shortly after.

For instance, the second-largest mortgage lender in the U.S., United Wholesale Mortgage, announced it would accept bitcoin (BTC) for mortgages at the end of August 2021. However, a few months later, United Wholesale Mortgage revealed the company decided not to offer the crypto services.

The company’s CEO, Mat Ishbia, told CNBC in October 2021 that the lender did not think it was worth it. “Due to the current combination of incremental costs and regulatory uncertainty in the crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time,” Ishbia explained to CNBC’s MacKenzie Sigalos.

Crypto-Backed Home Loans Provided by Abra and Milo

Meanwhile, a financial services firm that just recently announced crypto-backed home loans is the cryptocurrency firm Abra. The company, founded in 2014 by former Goldman Sachs fixed income analyst Bill Barhydt, has provided digital asset trading services and a cryptocurrency wallet for over seven years.

Abra CEO Bill Barhydt revealed that the company would offer home loans via Abra’s Borrow application and a partnership with the company Propy.

On April 28, 2022, Abra announced it has partnered with the company Propy and homebuyers can secure a home loan using crypto as collateral via the Abra Borrow platform. The Abra lending application has various interest rates, depending on how much crypto collateral is added, from 0 to 9.95%.

“While digital asset investment has skyrocketed, most investors are unable to use their cryptocurrency holdings to directly fund the most important purchase in their life, a home,” Abra’s CEO Bill Barhydt explained during the announcement. “Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate,” the Abra executive added.

In addition to Abra, a company called Milo is offering crypto-backed mortgages for people interested in purchasing real estate. Milo is a Florida-based startup that raised $17 million on March 9, 2022, in a Series A funding round. The California-based venture capital firm M13 led the funding round and QED Investors and Metaprop participated.

Milo offers crypto-backed mortgages and accepts BTC, ETH, and a few stablecoins.

Milo offers 30-year loans for borrowers looking to leverage up to $5 million. Milo accepts stablecoins, bitcoin (BTC), ethereum (ETH), and interest rates are between 5.95% and 6.95%, with loans that have two to three-week closing times. When Milo raised $17 million last March, Milo CEO Josip Rupena said the company’s efforts aim to enable crypto participants.

“This [funding] round of financing is a validation of Milo’s vision to empower global and crypto consumers and the opportunity to bridge the digital world with real-world real estate assets,” Rupena said at the time. “This is a multibillion-dollar opportunity, and we are proud to be pioneering the efforts in the U.S. for consumers that have unconventional wealth.”

Ledn and Figure Technologies Plan to Offer Crypto-Backed Mortgage Products

The crypto lender and savings platform Ledn revealed in December 2021 that it was readying “the impending launch of a bitcoin-backed mortgage product.” At the same time, the firm said that it raised $70 million from a handful of well-known investors.

While Ledn’s crypto-backed mortgages are not yet available, people can sign up to get on the waitlist.

Ledn was founded in 2018 and the company has raised a total of $103.9 million to date. At the time of writing, Ledn’s bitcoin-backed mortgage is not yet available, but people can sign up for Ledn’s mortgage product waitlist.

“By combining the appreciation potential of bitcoin with the price stability of real estate, this first-of-its-kind loan offers a balanced blend of wealth-building collateral,” Ledn’s mortgage web page says. “With the Bitcoin Mortgage, you can use your holdings to buy a new property, or finance the home you already own. Get a loan equal to your bitcoin holdings, without selling a satoshi.”

Figure Technologies also plans to provide a crypto-backed mortgage and people can sign up for a waitlist in order to access Figure’s upcoming product. Figure’s co-founder Mike Cagney explained at the end of March that the company was launching the mortgage program.

Figure aims to offer crypto-backed mortgages up to $20 million with varying interest rates, from 5.99% to 6.018% APR.

“Figure is launching a crypto-backed mortgage in early April,” Cagney said at the time. “100% LTV – you put up $5M in BTC or ETH, we give you a $5M mortgage. No painful process, no cash-out, any amount up to $20M, for a 30-year mortgage. You can make payments with your crypto collateral. And we don’t rehypothecate your crypto.”

While there’s not that many crypto-backed mortgage products today, the trend is starting to become a bit more prominent in 2022. If the trend continues, like crypto’s integration with ATMs, debit cards, and the myriad of traditional financial vehicles, the concept of buying a home with bitcoin will likely become a mainstay in society.

What do you think about the concept of crypto-backed mortgage products? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Binance CEO’s net worth hits B, Jack Dorsey launches BTC defense fund, Bill Miller apes into Bitcoin: Hodler’s Digest, Jan. 9-15
a

Market

Trending