Author: Nola Robert

Article written by Nola Robert

FTX Exchange Faces $24 Billion Tax Bill from IRS Amid Ongoing Legal Battles and Bankruptcy Woes

December 2, 2023 2 mins read

Already dealing with bankruptcy and legal issues, crypto exchange FTX has been hit with an unexpected setback—a massive $24 billion tax bill issued by the Internal Revenue Service (IRS) for the United States. The IRS delivered the massive tax demand to FTX, which is currently navigating the aftermath of bankruptcy and working hard to recover assets to restore customer funds. According to recent filings, the IRS filed initial proofs of

Hong Kong Authorities Investigate Alleged $15.4 Million Crypto Scam Linked to Hounax

November 27, 2023 1 min read

Hong Kong police have initiated an investigation into crypto trading platform Hounax following reports from 131 individuals who collectively claim losses of HK$120 million ($15.4 million) in an alleged scam. Victims, ranging from 19 to 78 years old, were lured into investing in cryptocurrencies through the platform. Upon attempting to withdraw funds, investors found themselves unable to do so. The police have vowed to make arrests soon. The Securities and

Glassnode Predicts $70 Billion Inflow into Bitcoin Post Spot ETF Approval

November 26, 2023 1 min read

Blockchain analytics firm Glassnode has conducted an analysis, estimating a substantial influx of around $70 billion in investor demand following the recent approval of a Bitcoin Spot ETF. The research delves into the potential impacts on Bitcoin’s price and the broader crypto market. Glassnode’s insights are grounded in the expectation that institutional investors, seeking new avenues, will channel significant portions of capital from traditional markets such as stocks, bonds, and

Over 70% of Bitcoin (BTC) Supply Remains Unmoved, Signaling Investor Confidence

November 24, 2023 1 min read

Glassnode, a prominent blockchain analytics firm, recently revealed that a record-breaking 70.35% of Bitcoin’s circulating supply has been inactive for over a year. This is higher than the previous high of 69.35% set in July, indicating a steadfast commitment on the part of Bitcoin hodlers. This extended period of inactivity suggests that some Bitcoin holders are unconcerned about market challenges and global economic uncertainty. Despite the cryptocurrency’s price doubling this

Will ImmutableX (IMX) Price Prediction Hit $5 Soon?

November 22, 2023 2 mins read

With its ground-breaking Web3 solutions, Immutable X, a blockchain platform made for games, is causing a stir in the NFT and gaming industries. Immutable X promises to revolutionize the gaming and development industries by emphasizing speed, scalability, simplicity, and flexibility. Immutable X Features Immutable X delivers improved speed, scalability, and flexibility with a variety of features designed to satisfy the varied needs of gaming. For non-fungible tokens (NFTs), especially those

BNB drops by over 9% amidst Binance’s $4.3B settlement and CEO’s resignation

November 22, 2023 1 min read

Binance, the world’s leading crypto exchange, is facing legal and financial difficulties in an unexpected turn of events. This turbulent situation has resulted in a significant drop in the value of its native token, BNB. A massive $4.3 billion settlement with the US Department of Justice (DoJ) and a high-profile leadership change, with CEO Changpeng Zhao stepping down, are two key factors contributing to this upheaval. The announcement of a

Shibarium Launches ‘Donate’ Feature to Encourage Validators and Strengthen Shiba Inu Community

November 20, 2023 1 min read

Shiba Inu ecosystem, Shibarium, has launched a novel feature called “Donate” to encourage community involvement and give network validators direct assistance. This major development allows users to financially support non-profit validators that are essential to preserving Shibarium’s security and efficiency, with the goal of building a more robust and inclusive ecosystem. In a statement on X, well-known Shiba Inu community member Ragnar Shib praised the update and emphasized its significance.

Binance and US SEC Collaborate for Mutual Legal Defense Amid Ongoing Lawsuit

November 15, 2023 1 min read

In the ongoing legal tussle between Binance and the U.S. Securities and Exchange Commission (SEC), both parties have jointly requested a protective order from the court. This move aims to maintain privacy around certain details, following disputes over document sharing and disagreements over the dismissal of the case. The decision to seek a protective order stems from a June 17 agreement intending to keep specific information confidential. The joint request

Former FTX Leaders Launch Crypto Exchange in Dubai

November 13, 2023 1 min read

Former FTX executives are set to launch a brand-new cryptocurrency exchange in Dubai, aptly named the Backpack Exchange. With a focus on prioritizing customer fund safety, the team behind this venture aims to learn from the mistakes of their previous employer, FTX. Under Can Sun’s leadership, Trek Labs, a former FTX lawyer, has secured the necessary licensing to operate Backpack Exchange in Dubai. This move signals a fresh start and

Brave Browser joins forces with Inspect to Redefine Web3 Browsing

November 11, 2023 1 min read

Inspect has joined forces with Brave Browser to provide millions of users with an enhanced browsing experience focused on privacy and accessibility. Inspect, a prominent player in the Web3 arena, has partnered with Brave, a well-known privacy-oriented web browser, catering to users concerned about online privacy. This collaboration is set to bring Inspect to more than 57 million Brave users, allowing them to access the first Layer 2 solution built

Ripple Expands into Africa with New Cross-Border Payments Solution

November 9, 2023 1 min read

Ripple, a leading provider of cryptocurrency-based payment solutions, is expanding its reach with new initiatives aimed at simplifying cross-border transactions. The company has upgraded its Ripple Payments service to make it more accessible to non-crypto-savvy businesses, particularly in the United States. Additionally, Ripple has partnered with African fintech firm Onafriq to facilitate faster and cheaper money transfers between Africa and other regions. Ripple Payments is designed to streamline cross-border payments

Monero Wallet Loses $460,000 to Hackers

November 6, 2023 1 min read

On September 1st, Monero, the popular privacy-focused cryptocurrency, fell victim to a hacking incident. The attack resulted in the theft of a significant sum, totaling 2,675.73 XMR, which was valued at approximately $460,000. The news of this breach was brought to light by crypto journalist Colin Wu, who reported the incident involving Monero’s Community Crowdfunding System (CCS). What makes this situation particularly concerning is that, as of now, the exact