Billionaire Mark Cuban said that recent trading of bitcoin and other cryptocurrencies reminds him of the internet stock bubble of the late 1990s.
Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. — Mark Cuban
Cryptocurrencies have been on a meteoric rise in recent months, as the market cap of bitcoin and other cryptos topped $1 trillion last week, according to CoinDesk.
Bitcoin, which has risen nearly 300% in the past 12 months, was mentioned by Cuban as an equity that could survive a potential bubble bursting among cryptocurrencies — similar to how companies like Amazon and EBay survived during the internet stock bubble. …
A PayPal user reports their account has been restricted for 180 days after they traded crypto too frequently using the platform.
According to U.S.-based Reddit user TheCoolDoc, PayPal sent them a message stating that it had permanently limited their account “due to potential risk.” The user said they had made at least 10 crypto transactions within a week, purchasing during dips and selling when the price was high, and PayPal had asked for an explanation for each transaction.
“The system flagged my account thinking I was selling items worth $10,000 in one week when I hadn’t done so in the last 6 years I’ve held a PayPal account,” the user said. “I submitted the stuff for review with my photo ID and wrote ‘PayPal Crypto’ for each crypto transaction because what else could I say?” …
BitMEX and its founders have been hit with yet another lawsuit that alleges racketeering, money laundering, and market manipulation.
Păun Gabriel-Razvan, a resident of Bucuresti, Romania, accuses BitMEX’s internal trading desk of directly participating in manipulation schemes.
Păun Gabriel-Razvan, a resident of Bucuresti, Romania, filed the lawsuit in the Northern District Court of California on Friday. He alleges that HDR Global Trading Limited, the operator of BitMEX, the exchange’s founders Arthur Hayes, Ben Delo, and Samuel Reed and others, engaged in and facilitated racketeering activities, “earning Defendants billions of dollars in illicit profits.”
The complaint comes one month after a similar lawsuit was filed against BitMEX and founders by plaintiff Dmitry Dolgov, a resident of Moscow, Russia. Both Dolgov and Gabriel-Razvan are represented by the same attorney — Pavel Pogodin of Consensus Law. …
Facing a potentially calamitous liquidity shortage, China buckled and despite hawkish commentary from its central bankers, the PBOC announced that it would offer a whopping 800 billion in MLF.
PBOC Deputy Governor Liu Guoqiang said recently when he warned that exiting easing measures was “a matter of time” and “necessary,” was just a jawboning placeholder, and with China finding itself in a funding scramble, the PBOC not only delivered but left quite a bit of liquidity on top.
Since 1935, the following seal appears on the reverse side of every $1 dollar Federal Reserve Note: Annuit Coeptis and Novus Ordo Seclorum, which translates to “Providence Favors our Undertakings” and “New Order of the Ages”
As we are in the midst of a historic economic crisis, it’s imperative that the American people understand that the Fed is largely responsible for these problems. It is a system of money that was created by the bankers and that operates for the benefit of the bankers. The American people like to think that we have a “democratic system”, but there is nothing “democratic” about the Federal Reserve. …
Huobi said Monday the rumors alleging one of its senior executives had been arrested were false.
“We have become aware of rumors within our community about the arrest of a Huobi senior executive by local officials,” the company told CoinDesk. “We can share with confidence that these rumors are false. All of Huobi’s management team members have been accounted for and have not been detained or arrested.”
“We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe,” the company said.
Unsubstantiated rumors on social media and other media outlets said the exchange’s chief operating officer, Robin Zhu, was arrested on Monday. The exchange claimed Zhu was on a business trip and will be present at a company meeting on Tuesday morning Beijing time. …
The dark web is the underbelly of the internet, where cyber-criminals hunt for drugs, demand ransom and engage in trafficking.
It’s also where hackers can buy and sell email credentials to access customer accounts at Robinhood Markets, the online brokerage that has drawn millions of users this year, many of them young and trading stocks for the first time.
Access to more than 10,000 email login credentials allegedly tied to Robinhood accounts were available for sale this week, according to a Bloomberg review of dark web marketplaces. …
Plaintiffs in a civil lawsuit filed this spring allege that the leadership of HDR Global — the parent company of crypto derivatives exchange BitMEX — withdrew significant sums of money once they learned about investigations and pending charges from U.S. regulators and law enforcement.
The allegations were included in an October 30 court filing. That filing is the latest in a months-long lawsuit filed in May, which, as previously reported by The Block, accused HDR and co-founders Arthur Hayes, Ben Delo and Samuel Reed of market manipulation and money laundering. …
Twitter Inc. added users and revenue in the third quarter, but its profit and daily active-user gains fell short of analyst expectations, sending its shares sharply lower in after-hours trading.
Twitter shares fell 12% in the extended session Thursday after closing the regular session up 8% to $52.43.
The San Francisco-based company said its average monetizable daily users increased to 187 million, compared with 145 million in the year-ago period. Analysts had expected the social network’s daily user count to hit 195 million.
The company reported third-quarter net income of $29 million, or 4 cents a share, compared with $47 million, or 5 cents a share, in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 6 cents a share on revenue of $777.3 …
Apple is intensifying long-standing efforts to beat Google at its own game by building its own rival search engine technology, the Financial Times report, as U.S. antitrust regulators hone in on the search engine giant for allegedly abusing its dominant market position and deals with other big players like Apple.