Author: NBTC
Federal prosecutors say eight people have been sentenced for their roles in a multi-year scheme that defrauded U.S. COVID-19 relief programs of more than $17 million. The Department of Justice (DOJ) just announced the conclusion of an investigation that began with charges back in 2021. According to court filings, the group of fraudsters submitted fraudulent applications to both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. The programs were created during the pandemic to provide emergency financial assistance to small businesses and self-employed individuals. Investigators said the conspiracy used fabricated documents, false business records, and…
Japan’s leading crypto exchange, SBI VC Trade, has begun providing comprehensive digital asset services for construction firm LibWork’s treasury strategy. SBI VC Trade has launched Bitcoin trading, custody, and investment management services for LibWork, marking a significant expansion into the construction sector. Moreover, it demonstrates how traditional industries increasingly adopt cryptocurrency treasury strategies. Institutional-Grade Bitcoin Solutions After the announcement, LibWork’s stock price initially surged to $5.44(800 yen). However, profit-taking activities later pushed shares down to $5.25(771 yen), representing a 2.41% decline from the previous trading session. The initial positive reaction demonstrates investor appetite for crypto-related developments. Nevertheless, short-term volatility suggests…
In a significant step in the cryptocurrency industry, Hong Kong-traded Ruihe Shuzhi Technology has signed a joint venture with Bitmain, one of the most successful producers of mining hardware in the world, to roll out cloud computing power services. This will make Ruihe an official newcomer in Bitcoin mining, not limited to digital marketing and AI solutions. Ruihe Shuzhi Technology is an old company that deals with digital intelligence and marketing solutions and has announced the partnership to create a separate branch which is going to deal with cryptocurrency mining. Ruihe Shuzhi Technology was established in 2004 and is reported…
Jason Zhao, co-founder of intellectual property blockchain project Story Protocol, is stepping away from his full-time role after more than three years of building the platform. Zhao announced via a social media post that he will remain as a strategic adviser while turning his focus to a new AI initiative, Poseidon, which applies artificial intelligence to frontier industries such as science, biopharma, robotics, and space. After 3.5 years building Story from scratch, I’m stepping out of my full-time role. I’ll stay closely involved as a strategic advisor.While incubating Poseidon, I rekindled my original passion from my DeepMind days: applying AI…
A federal judge on Friday handed prison terms totaling nearly eight years to two former executives at failed crypto lender Cred, whose actions fueled one of crypto’s worst investor losses. Legal experts told Decrypt that the sentences establish new precedents for executive accountability in crypto fraud cases. Daniel Schatt, former CEO and co-founder of Cred LLC, received 52 months in federal prison, while the firm’s Chief Financial Officer Joseph Podulka was sentenced to 36 months. Senior U.S. District Judge William Alsup handed down the sentences after both men pleaded guilty in May to wire fraud conspiracy charges. The executives misled…
In the fast-paced world of cryptocurrency, staying informed about token movements is crucial. Recently, South Korean crypto exchange Upbit made a significant announcement regarding the Mantra OM token circulation plan. This update, implemented at the direct request of the Mantra project team, signals important adjustments that could impact investors and the broader OM ecosystem. Let’s dive into what these changes entail and what they mean for you. What’s Changing with Mantra OM Token Circulation on Upbit? Upbit, a leading exchange in South Korea, confirmed it has updated the Mantra OM token circulation plan. This isn’t just a minor tweak; it’s…
The crypto market grew 13% in value in July, fueled by a rotation from bitcoin into altcoins, according to Binance Research’s “Monthly Market Insights” report for August. Ether (ETH) was the standout, rallying 48% as another 24 companies added the asset to their balance sheets, lifting corporate holdings by 128% to 2.7 million ETH. That’s nearly half the number held by ETFs. Binance attributed the trend to staking yield, ETH’s deflationary supply and growing comfort among companies to hold cryptocurrencies directly . Bitcoin dominance fell 5.2 percentage points to 60.6%, driven by expectations of Federal Reserve interest-rate cuts and U.S.…
Cryptocurrency exchange OKX announced in its official statement that it has published its 34th Proof of Reserves report. OKX Releases 34th Proof of Reserves Report: $33.7 Billion in Assets Verified According to the report, the reserve ratio of 22 different crypto assets listed on the platform has surpassed 100%, with the reserve ratios for major assets Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) recorded at 106%, 104%, 105%, and 100%, respectively. The total value of these four assets has reached $33.7 billion ($33,700,118,320). The exchange announced that OKX is the first exchange in the industry to publish…
Nike Inc. and StockX, a Detroit-based online marketplace, settled a three-year case in New York federal court last Friday over sneaker-linked NFTs and trademark misuse, over half a year after a judge ruled the resale platform sold counterfeit sneakers. The settlement immediately takes a jury trial scheduled for October off the calendar, dismissing all claims with prejudice. It spares StockX the risk of a damaging verdict, while allowing Nike to avoid the uncertainty of putting its brand protection strategy before a jury. The case began in the Southern District of New York in February 2022, when Nike accused StockX of…
For anyone deeply invested in the world of digital assets, the news from the luxury sector is electrifying! Iconic fashion house Gucci is making a monumental stride into the future by announcing it will begin accepting Gucci crypto payments at select stores across the United States. This pioneering move, initially reported by SolidIntel, isn’t just a payment update; it’s a powerful validation of cryptocurrency’s growing influence and a significant moment for both luxury retail and the digital economy. Why Gucci Crypto Payments Signal a New Era? Gucci’s decision to embrace digital currencies like Ethereum (ETH) and Dogecoin (DOGE) clearly reflects…