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Kraken CEO Jesse Powell admits to Bank Fraud on Twitter?



Kraken CEO Jesse Powell admits to Bank Fraud on Twitter?

The CEO of cryptocurrency exchange Kraken is under fire for admitting he used money laundering tactics to dodge mainstream financial platforms’ compliance crackdowns.

Tuesday saw the resurfacing of a 2019 Twitter conversation between laser-eyed BTC pumper Anthony Pompliano and Kraken CEO Jesse Powell, in which Powell confirmed that he engaged in dodgy financial structuring to bypass curbs imposed on Kraken’s activities by some major U.S. banks and online payment processor PayPal.

Pomp got the ball rolling by asking his followers to cite the worst experience they’d had dealing with a bank. Powell responded by saying “Paypal locked up all the money I had for 6 months, almost lost my business/apartment. [Bank of America] killed [Kraken’s] payroll account on 30 days notice. Chase killed it on 5 days notice, by mail, which arrived after the account was closed. Found out when employee checks bounced.”

What is the worst experience you have ever had with a bank?

Extra points if you name the bank 🙏🏽

— Pomp 🌪 (@APompliano) January 9, 2019

And you survived. No matter how hard they try, the banks can’t stop the disruption from crypto companies 🤷🏽‍♂️

— Pomp 🌪 (@APompliano) January 9, 2019

Powell then added that “I cycled through multiple rented PayPal accounts and I started spreading deposits across several banks, cash in safety deposit boxes. Probably a compliance person’s worst nightmare but I basically had to employ the arts of a money launderer to survive.”

The exchange prompted the @Bitfinex’ed Twitter account to query PayPal’s customer service account if it was “totally cool to rent PayPal accounts to fraudulent Bitcoin exchanges or is that like a bad thing?”

Ironically, Kraken’s FAQ indicates that the exchange doesn’t accept deposits from or withdrawals to third-party payment processors such as PayPal because “it is difficult to verify that a transaction actually came from or is destined for an account associated with the client on Kraken.” In other words, do as we say, not as our CEO does.

Release the fraudken

The resurfaced Kraken shenanigans take on added significance following Monday’s Bloomberg report that the U.S. Department of Justice was investigating executives of the controversial Tether stablecoin for suspected bank fraud. The report claimed that the DoJ is probing activities from several years ago, when Tether execs allegedly concealed from banks that certain transactions were linked to digital currency.

In response, Tether issued a statement saying the company “routinely has open dialogue with law enforcement agencies” while slamming the Bloomberg report for “repackaging stale claims as ‘news.’” Notably, the blog post didn’t deny the accuracy of Bloomberg’s claims.

Kraken’s connections to Tether have occasionally raised eyebrows, particularly following a 2018 Bloomberg report on suspected ‘wash trading’ that identified “unusual patterns” in Kraken-based Tether trades that the report claimed were “ignoring the normal rules of economics.” 

The following year, Kraken’s Powell attempted to refute the growing consensus that Tether’s money printer was pumping the price of the BTC token, but an academic paper published later that year concluded that Tether was largely responsible for artificially inflating the late-2017 BTC value bubble.

The latest surge in #bitcoin has been accompanied by big volume in #tether. Watch as @krakenfx CEO @jespow details to @OJRenick why the controversy over the stablecoin is much ado about nothing.$BTC $USDT

— TD Ameritrade Network (@TDANetwork) July 1, 2019

Kraken is one of the few exchanges on which rank-and-file traders can (theoretically) exchange USDT for USD, making Kraken a convenient means for Tether to dismiss complaints that USDT is a one-way dead-end street for crypto minnows.

Hate New York regulators, love New York markets

Kraken, a top-five exchange in terms of trading volume, has had an occasionally rocky relationship with certain government agencies, including unsuccessfully resisting efforts by the U.S. Internal Revenue Service to obtain data on individuals who’d conducted trades totalling over $20,000 to determine potential tax liabilities.

Befitting someone who got into digital currency thanks to his friendship with convicted felon Roger Ver, Powell once described New York state’s requirements for licensing digital currency exchanges as “so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.” Powell also rejected a modest information request from New York’s Attorney General, while slamming operators who complied with these requests as engaging in “placative kowtowing.”

Yet Kraken continues to signal its intention to follow the lead of (fellow Tether thunder-buddy) Coinbase, which debuted on the Nasdaq exchange through a direct listing in April 2021. In March, Powell told Bloomberg TV that he could seek a Kraken listing next year, but only if the market values the company at well over $10 billion—and if Powell can somehow find a way to rebuild the regulatory bridges he burned during his anti-New York tantrums.

Dublin down

This past weekend, the Independent reported that Kraken had chosen to establish a new European base of operations in Ireland and was currently assembling a team in the Republic’s capital Dublin. The exchange is reportedly looking to fill a variety of executive positions, including (ahem) a compliance risk officer.

Kraken’s parent company Payward previously established a European base in London, but the U.K.’s financial watchdog has shown an interest in rattling crypto cages over the past couple months. For the moment, Payward remains on the Financial Conduct Authority’s Temporary Registration Regime for ‘cryptoasset’ firms, on which one could also find Binance’s local offshoot, until mid-May when Binance read the writing on the wall and withdrew its application.

The new Dublin base could be intended as a means of ensuring the company’s European Union presence should Boris Johnson’s government prove unable to restart post-Brexit negotiations over the U.K. finance industry’s continued access to EU markets.

Then again, it could also be a precautionary move in case the FCA finds fault with Kraken’s application or takes exception to Powell performing yet another anti-regulation rant. There’s also the outside chance that Powell will accidently disclose that he once shot a man in Reno just to watch him die. Hey, after his ‘rented PayPal accounts’ admission, we’re not ruling anything out.

Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups — from BitMEX to BinanceBitcoin.comBlockstreamShapeShiftCoinbaseRipple and Ethereum—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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AMD CEO says 5-nm Zen 4 processors coming this fall



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Advanced Micro Devices revealed its 5-nanometer Zen 4 processor architecture today at the Computex 2022 event in Taiwan.

The new AMD Ryzen 7000 Series desktop processors with Zen 4 cores will be coming this fall, said Lisa Su, CEO of AMD, in a keynote speech.

Su said the new processors with Zen 4 architecture will deliver a significant increase in performance upon their launch in the fall of 2022. Additionally, Su highlighted the strong growth and momentum for AMD in the mobile market as 70 of the more than 200 expected ultrathin, gaming and commercial notebook designs powered by Ryzen 6000 Series processors have been launched or announced to-date.

In addition, other AMD executives announced the newest addition to the Ryzen Mobile lineup, “Mendocino;” the newest AMD smart technology, SmartAccess Storage; and more details of the new AM5 platform, including support from leading motherboard manufacturers.

“At Computex 2022 we highlighted growing adoption of AMD in ultrathin, gaming, and commercial notebooks from the leading PC providers based on the leadership performance and battery life of our Ryzen 6000 series mobile processors,” said Su. “With our upcoming AMD Ryzen 7000 Series desktop processors, we will bring even more leadership to the desktop market with our next-generation 5-nm Zen 4 architecture and provide an unparalleled, high-

performance computing experience for gamers and creators.”

AMD Ryzen 7000 Series desktop processors

The new Ryzen 7000 Series desktop processors will double the amount of L2 cache per core, feature higher clock speeds, and are projected to provide greater than 15% uplift in single-thread performance versus the prior generation, for a better desktop PC experience.

During the keynote, a pre-production Ryzen 7000 Series desktop processor was demonstrated running at 5.5 GHz clock speed throughout AAA game play. The same processor was also demonstrated performing more than 30% faster than an Intel Core i9 12900K in a Blender multi-threaded rendering workload.

In addition to new “Zen 4” compute dies, the Ryzen 7000 series features an all-new 6nm I/O die. The new I/O die includes AMD RDNA 2-based graphics engine, a new low-power architecture adopted from AMD Ryzen mobile processors, support for the latest memory and connectivity technologies like DDR5 and PCI Express 5.0, and support for up to four displays.

AMD Socket AM5 Platform

The new AMD Socket AM5 platform provides advanced connectivity for our most demanding enthusiasts. This new socket features a 1718-pin LGA design with support for up to 170W TDP processors, dual-channel DDR5 memory, and new SVI3 power infrastructure for leading all-core performance with our Ryzen 7000 Series processors. AMD Socket AM5 features the most PCIe 5.0 lanes in the industry with up to 24 lanes, making it our fastest, largest, and most expansive desktop platform with support for the next-generation and beyond class of storage and graphics cards.

And AMD said the “Mendocino” processors will offer great everyday performance and are expected to be priced from $400 to $700.

Featuring “Zen 2” cores and RDNA 2 architecture-based graphics, the processors are designed to deliver the best battery life and performance in the price band so users can get the most out of their laptop at an attractive price.

The first systems featuring the new “Mendocino” processors will be available from computer partners in Q4 2022.

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AMD’s Ryzen 7000 desktop chips are coming this fall with 5nm Zen 4 cores



AMD’s Ryzen 7000 desktop chips are coming this fall with 5nm Zen 4 cores

AMD’s upcoming Ryzen 7000 chips will mark another major milestone for the company: they’ll be the first desktop processors running 5 nanometer cores. During her Computex keynote presentation today, AMD CEO Lisa Su confirmed that Ryzen 7000 chips will launch this fall. Under the hood, they’ll feature dual 5nm Zen 4 cores, as well as a redesigned 6nm I/O core (which includes RDNA2 graphics, DDR5 and PCIe 5.0 controllers and a low-power architecture). Earlier this month, the company teased its plans for high-end “Dragon Range” Ryzen 7000 laptop chips, which are expected to launch in 2023.

Since this is just a Computex glimpse, AMD isn’t giving us many other details about the Ryzen 7000 yet. The company says it will offer a 15 percent performance jump in Cinebench’s single-threaded benchmark compared to the Ryzen 5950X. Still, it’d be more interesting to hear about multi-threaded performance, especially given the progress Intel has made with its 12th-gen CPUs. You can expect 1MB of L2 cache per core, as well as maximum boost speeds beyond 5GHz and better hardware acceleration for AI tasks.

AMD is also debuting Socket AM5 motherboards alongside its new flagship processor. The company is moving towards a 1718-pin LGA socket, but it will still support AM4 coolers. That’s a big deal if you’ve already invested a ton into your cooling setup. The new motherboards will offer up to 24 channels of PCIe 5.0 split across storage and graphics, up to 14 USB SuperSpeed ports running at 20 Gbps, and up to 4 HDMI 2.1 and DisplayPort 2 ports. You’ll find them in three different flavors: B650 for mainstream systems, X650 for enthusiasts who want PCIe 5.0 for storage and graphics and X650 Extreme for the most demanding folks.

Given that Intel still won’t have a 7nm desktop chip until next year (barring any additional delays), AMD seems poised to once again take the performance lead for another generation. But given just how well Intel’s hybrid process for its 12th-gen chips has worked out, it’ll be interesting to see how it plans to respond. If anything, it sure is nice to see genuine competition in the CPU space again.

While Ryzen 7000 will be AMD’s main focus for the rest of the year, the company is also throwing a bone to mainstream laptops in the fourth quarter with its upcoming 6nm “Mendocino” CPUs. They’ll sport four 6nm Zen 2 cores, as well as RDNA 2 graphics, making them ideal for systems priced between $399 and $699. Sure, that’s not much to get excited about, but even basic machines like Lenovo’s Ideapad 1 deserve decent performance. And for many office drones, it could mean having work-issued machines that finally don’t stink.

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Disney’s Disney+ ad pitch reflects how streaming ad prices set to rise in this year’s upfront



Disney’s Disney+ ad pitch reflects how streaming ad prices set to rise in this year’s upfront

With Disney+, Disney is looking to set a new high-water mark for ad prices among the major ad-supported streamers. The pricey pitch is representative of a broader rising tide in streaming ad pricing in this year’s TV advertising upfront market, as Disney-owned Hulu, Amazon and even Fox’s Tubi are looking to press upfront advertisers to pay up.

In its initial pitch to advertisers and their agencies, Disney is seeking CPMs for Disney+ around $50, according to agency executives. That price point applies to broad-based targeting dubbed “P2+,” which refers to an audience of any viewer who is two years old or older (though Disney has told agency executives that programming aimed at viewers seven years old and younger will be excluded from carrying ads). In other words, more narrowly targeted ads are expected to cost more based on the level of targeting. A Disney spokesperson declined to comment.

At a $50 CPM, Disney+ is surpassing the prices that NBCUniversal’s Peacock  and Warner Bros. Discovery’s HBO Max sought in last year’s upfront market and that gave ad buyers sticker shock. The former sought CPMs in the $30 to $40 range, while the latter sought $40+ CPMs. By comparison, other major ad-supported streamers like Hulu, Discovery+ and Paramount+ were charging low-to-mid $20 CPMs that major ad-supported streamers charge. As a result, Peacock’s and HBO Max’s asks ended up being price prohibitive, with some advertisers limiting the amount of money they spent with the streamers because of their higher rates.

Unsurprisingly, agency executives are balking at Disney+’s price point. “They’re citing pricing that no longer exists, meaning Peacock and HBO Max recognized they came out too high and they’re reducing it. Disney+ is using earmuffs to pretend that second part didn’t happen,” said one agency executive.

However, Disney+ isn’t the only streamer seeking to raise the rates that ad buyers are accustomed to paying. Hulu is also seeking to increase its prices in this year’s upfront, with P2+ pricing going from a $20-$25 CPM average to averaging in the $25-$30 CPM range, according to agency executives. And during a call with reporters on May 16, Fox advertising sales president Marianne Gambelli said that the company will seek higher prices for its free, ad-supported streaming TV service Tubi in this year’s upfront market. It’s unclear what Tubi’s current rates are, but FAST services’ CPMS are typically in the low to mid teens, said the agency executives.

“We have to get the value for Tubi. Tubi has grown to a point — it’s doubled, tripled in size over the past couple of years. So we are going to obviously make that a priority and look for not only more volume but price,” Gambelli said.

Meanwhile, in pitching its Thursday Night Football package that will be streamed on Amazon Prime Video and Twitch, Amazon has been pressing for a premium on what Fox charged advertisers last year, according to agency executives. The e-commerce giant will be handling the games’ ad placements like traditional TV, meaning that it will run the same ad in each ad slot for every viewer as opposed to dynamically inserting targeted ads. “It’s streaming broadcast,” said a second agency executive.

An Amazon spokesperson declined to comment on pricing but did provide a general statement. “Thursday Night Football on Prime Video and Twitch is a purely digital broadcast, and we’re excited to bring fans a new viewing experience. There are 80MM active Prime Video households in the U.S. and, in a survey of our 2021 TNF audience, 38% reported they don’t have a pay-TV service – meaning TNF on Prime Video and Twitch enables brands to connect with cord-cutters and cord-nevers. Brands can also reach these viewers beyond TNF. Our first-party insights enable them to reengage TNF audiences across Amazon, such as in Freevee content.”

One of the agency executives that Digiday spoke to said the latest ask is for a plus-10% increase on Fox’s rates, though what Fox’s rates were are unclear and other agency executives said the premium that Amazon is asking for varies. Ad Age reported in February that Amazon was seeking up to 20% higher prices than Fox’s rates. “I don’t know if it is consistently plus-10, but it is definitely more. Which is crazy because Fox couldn’t make money on it, which is why they gave it up for this fall,” said a second agency executive.

“Someone was eating way too many gummies before they put the pricing together,” said a second agency executive of Amazon’s Thursday Night Football pitch.

Ad-supported streaming service owners also see an opportunity to push for higher prices as advertisers to adopt more advanced targeting with their streaming campaigns, such as by using the media companies’ and/or advertisers’ first-party data to aim their ads on the streamers. 

Said one TV network executive, “You’ll see premiums, especially as it relates to advertisers that really want to hook into [their company’s streaming service] and buy those targeted audiences across the platform and either use [the TV network’s] first-party data or bring their own data to the table. That’s the biggest business we’re in, and that’s where we see great growth from a pricing standpoint.”


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