[{"id":"BrijLMtr","publishDate":"2024-03-29","image":{"attribution":"Shutterstock","asset":{"_rev":"xsJlBnLx23003tnPWVodlT","_id":"image-7171e3e7f6b9acea2e3ae03495a649443c8e2158-6669x4366-jpg","_updatedAt":"2024-03-28T23:09:36Z","extension":"jpg","description":"FTX founder Sam Bankman-Fried passes through a security checkpoint as he arrives at federal court for a bail hearing in New York, New York, USA, 26 July 2023. 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In total, he ","_key":"eb9d8385d0fd0"},{"text":"defrauded","_key":"eb9d8385d0fd1","_type":"span","marks":["bc46d94e4747"]},{"text":" investors out of","_key":"eb9d8385d0fd2","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" a combined $8 billion","_key":"f5797cac3ed5"},{"_type":"span","marks":[],"text":".","_key":"018b53f208c2"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"text":"This week, the disgraced former head of crypto exchange FTX was sentenced to a total of","_key":"f80a66215d9d0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" 25 years behind bars","_key":"7ac2817b010f"},{"_type":"span","marks":[],"text":" on convictions including fraud, conspiracy, and money laundering.","_key":"aeb0b2d6f731"}],"_type":"block","style":"normal","_key":"8e375feff0ab"},{"_type":"block","style":"normal","_key":"21ac5d68aa73","markDefs":[],"children":[{"_key":"c05adfb9e20e0","_type":"span","marks":[],"text":"That’s a hefty sentence … but is it more, less, or pretty much on par for such a significant criminal investment scheme? Let’s take a look at a few of the "},{"_type":"span","marks":["strong"],"text":"most infamous cases","_key":"4502e3e6d350"},{"text":" from the past few decades for some context.","_key":"37f2ee8a5e92","_type":"span","marks":[]}]},{"children":[{"_type":"span","marks":["strong"],"text":"Bernie Madoff: ","_key":"6040f9e20edb0"},{"_key":"8b0255fa734d","_type":"span","marks":[],"text":"The man behind the most audacious Ponzi scheme in American history received a staggering 150-year sentence in 2009. In the end, the criminal financier ultimately served a dozen years before dying in prison. But Bankman-Fried’s attorneys dismissed any comparison between the two cases, asserting that Madoff’s clients thought they “were investing in a conservative vehicle” while crypto investors were willing to take bigger risks."}],"level":1,"_type":"block","style":"normal","_key":"61e59fbe0d30","listItem":"bullet","markDefs":[]},{"_key":"0028485c1312","listItem":"bullet","markDefs":[],"children":[{"text":"Michael Milkin:","_key":"f02685d8aaaa0","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" On the other end of the sentencing spectrum was the so-called “junk bond king,” who was convicted of crimes including securities fraud and tax fraud before receiving a 10-year sentence in 1990. In the end, he was released after just two years and went on to establish a successful charitable organization. Bankman-Fried’s lawyers also cited this case, stating that he would likewise “dedicate his post-prison life to charitable works.”","_key":"1f87b420796c"}],"level":1,"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":["strong"],"text":"Elizabeth Holmes: ","_key":"3c1f104979aa0"},{"marks":[],"text":"The founder of Theranos received an 11-year sentence in 2022 for charges related to defrauding investors in a startup company she claimed would revolutionize blood tests. According to Bankman-Fried’s legal team, the cases were similar because they both were in their 30s when they were sentenced, but claimed that Holmes was “far more culpable” because she “put patients at risk.”","_key":"2be7ddfa9902","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"69652ab431f0","listItem":"bullet","markDefs":[]}],"title":"SBF Just Got 25 Years. How Does That Stack Up Against Other Fraudsters?","summary":"Some other white-collar criminals ended up with much more time behind bars.","visibility":"true"},{"category":"crypto","slug":"/story/2023/06/wall-street-titans-are-becoming-more-bullish-on-crypto","title":"Wall Street Titans Are Becoming More Bullish On Crypto","summary":"That doesn't necessarily mean you should go out and bet big on Bitcoin, though.","visibility":"true","_type":"story","body":[{"_type":"block","style":"normal","_key":"ceafedae469c","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Just because many of the world’s most robust and influential money management firms are ","_key":"34deb010504d0"},{"_type":"span","marks":["strong"],"text":"starting to invest more heavily","_key":"34deb010504d1"},{"text":" in digital currencies doesn’t necessarily mean that the industry is a safe bet for ordinary investors.","_key":"34deb010504d2","_type":"span","marks":[]}]},{"_key":"62db48774471","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/crypto-has-a-new-rescuer-wall-street-123946418.html","_key":"5c86a61acf6e"}],"children":[{"_type":"span","marks":[],"text":"But it’s still worth taking a look into how these finance companies are beginning to ","_key":"df9dd9e7d6e80"},{"_type":"span","marks":["5c86a61acf6e"],"text":"incorporate","_key":"df9dd9e7d6e81"},{"_type":"span","marks":[],"text":" crypto into their plans for the future.","_key":"df9dd9e7d6e82"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"On an upward swing","_key":"b8125034b8120"}],"_type":"block","style":"normal","_key":"83003cc0de27"},{"_type":"block","style":"normal","_key":"a95de53d8d41","markDefs":[],"children":[{"_type":"span","marks":[],"text":"You might have noticed that Bitcoin and certain other digital assets have seen big gains in value this year after taking a collective tumble throughout much of 2022. That could continue in the near term after recent declarations by some big players in the financial realm:","_key":"a15db50686620"}]},{"style":"normal","_key":"2ea75738396a","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Asset management giant BlackRock is expected to ","_key":"33c82da154500","_type":"span"},{"_key":"33c82da154501","_type":"span","marks":["strong"],"text":"use Bitcoin as a building block"},{"_type":"span","marks":[],"text":" for its new exchange-traded fund.","_key":"33c82da154502"}],"level":1,"_type":"block"},{"_key":"7228dff0af46","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The global Deutsche Bank is exploring plans to ","_key":"f07606c39a290"},{"_type":"span","marks":["strong"],"text":"expand into crypto custody","_key":"f07606c39a291"},{"_type":"span","marks":[],"text":", which will give clients a place to park their digital currencies.","_key":"f07606c39a292"}],"level":1,"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":[],"text":"Citadel Securities, a leading hedge fund, is financially ","_key":"e0781e44b1960"},{"_key":"e0781e44b1961","_type":"span","marks":["strong"],"text":"supporting a new crypto exchange"},{"_type":"span","marks":[],"text":" platform.","_key":"e0781e44b1962"}],"level":1,"_type":"block","style":"normal","_key":"5c91262fbf29","listItem":"bullet","markDefs":[]},{"children":[{"text":"Along with investments from major entities including Fidelity Investments and Charles Schwab, it seems clear that major crypto companies won’t have to look too hard for support. But what does it mean for you?","_key":"fb9e74ade7390","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"0d8831f6740c","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"An uncertain future","_key":"d590ca9239ff0"}],"_type":"block","style":"normal","_key":"34882b33d9b5"},{"children":[{"marks":[],"text":"As you’re probably aware, there have been some shady characters operating within the crypto market in recent years. Of course, that’s to be expected in this ","_key":"94226d16e7650","_type":"span"},{"_type":"span","marks":["strong"],"text":"new and largely unregulated market","_key":"94226d16e7651"},{"_type":"span","marks":[],"text":" — and it’s possible that as crypto matures, some of these risks will be mitigated.","_key":"94226d16e7652"}],"_type":"block","style":"normal","_key":"9ec6b7f9bcc5","markDefs":[]},{"markDefs":[],"children":[{"text":"In fact, the recent interest in this industry from financial titans could help smooth the rough patch caused by last year’s collapse of the FTX crypto exchange.","_key":"d6798667a5830","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"1294c088bc60"},{"_type":"block","style":"normal","_key":"5ef9788a3e38","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But with Bitcoin’s value soaring a whopping 81% just since the beginning of this year, betting on crypto can be a costly decision.","_key":"fc303b845da10"}]}],"_rev":"rytjNEMmQN4IdluirjOvM9","_id":"a2d5cc44-ed2b-40d5-82b4-bf486f9d416d","image":{"_type":"image","attribution":"Cristobal Herrera - Ulashkevich/EPA-EFE/Shutterstock","asset":{"_id":"image-848146215898e9fd82d31e5d1a0dd8eb5723115c-4892x3263-jpg","originalFilename":"sstk-13919402o.jpg","extension":"jpg","metadata":{"palette":{"vibrant":{"background":"#bb963b","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":3.65},"dominant":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":4.26,"background":"#8b8595"},"_type":"sanity.imagePalette","darkMuted":{"population":1.12,"background":"#383947","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"muted":{"background":"#8b8595","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":4.26},"lightVibrant":{"foreground":"#000","title":"#fff","population":2.05,"background":"#dfc388","_type":"sanity.imagePaletteSwatch"},"darkVibrant":{"background":"#553727","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.9},"lightMuted":{"_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":0.69,"background":"#d3c4af"}},"hasAlpha":false,"lqip":"data:image/jpeg;base64,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","dimensions":{"height":3263,"_type":"sanity.imageDimensions","width":4892,"aspectRatio":1.4992338338951885},"isOpaque":true,"blurHash":"VfMtN@_4IW%NRkMxxabdt8Rjoxt5oej?ocx[xtadf4s:","_type":"sanity.imageMetadata"},"_rev":"rytjNEMmQN4IdluirjMFDX","description":"People attend the Bitcoin 2023 conference at the Miami Beach Convention Center in Miami Beach, Florida, USA, 18 May 2023. 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But the leading cryptocurrency currently on the market seems to have ","_key":"e9c6026dc8ba0"},{"_key":"e9c6026dc8ba1","_type":"span","marks":["403d18391acd"],"text":"defied"},{"_type":"span","marks":[],"text":" the odds in a big way.","_key":"e9c6026dc8ba2"}],"_type":"block"},{"_type":"block","style":"normal","_key":"dffbb8c61b80","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Outperforming the stock market","_key":"4c732f86d6720"}]},{"style":"normal","_key":"24ca1238c68d","markDefs":[],"children":[{"text":"The S&P 500 has had a pretty decent 2023, gaining 7% in value thus far. But that’s nothing compared to Bitcoin, which has seen its price ","_key":"ec95fe98970d0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"skyrocket by a whopping 65%","_key":"ec95fe98970d1"},{"_type":"span","marks":[],"text":" over the same period.","_key":"ec95fe98970d2"}],"_type":"block"},{"children":[{"text":"Is it sustainable? That’s almost impossible to say. Nevertheless, the many so-called experts who continuously downplayed the staying power of crypto haven’t been proven right … at least not yet.","_key":"ab33f0e071af0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"adc6c5200ca0","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Reasons for the Bitcoin bounce","_key":"f0638b4d0d770"}],"_type":"block","style":"normal","_key":"d4b5972f3275"},{"_key":"c8e42e2cfd7f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"When it comes to explaining the major gains that Bitcoin has seen this year, there are a few factors to consider:","_key":"d6b3b09fc1460"}],"_type":"block","style":"normal"},{"listItem":"bullet","markDefs":[],"children":[{"text":"The price ","_key":"f8feba71f7a90","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"plummeted","_key":"f8feba71f7a91"},{"_type":"span","marks":[],"text":" last year, giving Bitcoin plenty of room to recover.","_key":"f8feba71f7a92"}],"level":1,"_type":"block","style":"normal","_key":"3d70d1091454"},{"children":[{"marks":[],"text":"Economic turmoil led worried investors to ","_key":"d42f7d99e5960","_type":"span"},{"_type":"span","marks":["strong"],"text":"hedge their bets","_key":"d42f7d99e5961"},{"text":" with crypto.","_key":"d42f7d99e5962","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"f7e0f099bf3a","listItem":"bullet","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Bitcoin is seen by many people as ","_key":"f140ff9b1d460"},{"_type":"span","marks":["strong"],"text":"more trustworthy","_key":"f140ff9b1d461"},{"_key":"f140ff9b1d462","_type":"span","marks":[],"text":" than other digital assets."}],"level":1,"_type":"block","style":"normal","_key":"61828b45c7d3","listItem":"bullet"},{"_key":"d85957edf9ee","markDefs":[],"children":[{"_type":"span","marks":[],"text":"While the overall crypto market has seen some gains in recent months, it’s important to note that the biggest winner appears to also be the market’s biggest player.","_key":"a034df0f24890"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"6a95f61f8d6f","markDefs":[],"children":[{"marks":["strong"],"text":"It’s still an uncertain investment","_key":"e4e45ad672350","_type":"span"}]},{"_key":"14b7e7885774","markDefs":[{"_type":"link","href":"https://investingnews.com/daily/tech-investing/blockchain-investing/bitcoin-price-history/","_key":"294e1d36ec46"}],"children":[{"text":"If it had been possible to predict the future, last year would’ve been a great time to invest in Bitcoin. But just like when it was ","_key":"3254a897e8f80","_type":"span","marks":[]},{"marks":["294e1d36ec46"],"text":"trading","_key":"3254a897e8f81","_type":"span"},{"_type":"span","marks":[],"text":" for a fraction of a penny in 2010, ","_key":"3254a897e8f82"},{"_key":"3254a897e8f83","_type":"span","marks":["strong"],"text":"hindsight is always 20/20"},{"_type":"span","marks":[],"text":".","_key":"3254a897e8f84"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"For that reason, anyone rushing out to buy Bitcoin now should be aware that anything could happen.","_key":"5eec1aab073a0"}],"_type":"block","style":"normal","_key":"b036fbb4e1b9"},{"_key":"e3479f596117","markDefs":[],"children":[{"marks":[],"text":"There aren’t many investments that come with guaranteed gains, but with an asset as young as Bitcoin, it’s still unclear how a major recession or other market forces could impact its 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That trend is evident in the price of Bitcoin, which has "},{"marks":["strong"],"text":"gained a massive 30%","_key":"3feaeabdc4e11","_type":"span"},{"_type":"span","marks":[],"text":" over the course of just a week.","_key":"3feaeabdc4e12"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Furthermore, the Federal Reserve had been expected to keep hiking rates in order to fight inflation, but that could negatively impact what is now a relatively minor banking crisis.","_key":"efbc12c600360"}],"_type":"block","style":"normal","_key":"c2877016cb51"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"If the current predictions hold and interest rates either remain steady or begin to fall, asset management pro Matt Hougan explained that crypto will continue to benefit.","_key":"9f7715426a990"}],"_type":"block","style":"normal","_key":"fc152227c0e1"},{"_type":"block","style":"normal","_key":"aec0aa87e200","markDefs":[],"children":[{"_type":"span","marks":[],"text":"“It’s purely mathematical,” he said. “Nasdaq went up, crypto did too because the market was pricing in a rate reversal.”","_key":"2588df15a6710"}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Not everyone agrees, though","_key":"686949fef6a40"}],"_type":"block","style":"normal","_key":"551272ec60dd"},{"style":"normal","_key":"458e4794ef70","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Truflation CEO Stefan Rust noted that Bitcoin and other digital currencies don’t always behave as we’d expect.","_key":"6ff47ec3e1370"}],"_type":"block"},{"children":[{"_key":"f8a1f0094ce10","_type":"span","marks":[],"text":"“What drove early adoption was remittances and purchases,” he noted, which means that macroeconomic trends "},{"_type":"span","marks":["strong"],"text":"shouldn’t have a huge impact","_key":"f8a1f0094ce11"},{"_type":"span","marks":[],"text":" on long-term value.","_key":"f8a1f0094ce12"}],"_type":"block","style":"normal","_key":"958d7951924a","markDefs":[]},{"style":"normal","_key":"06a4ddcf01f6","markDefs":[],"children":[{"marks":[],"text":"So should you invest if you’ve never bought crypto before? That’s up to you … but it’s worth noting that almost 75% of Bitcoin is already in the hands of long-term investors, which means you might be going up against some fierce competition.","_key":"385c8616ca180","_type":"span"}],"_type":"block"}]},{"_rev":"BPyZGvs0pJRGqz7s02FnsS","publishDate":"2022-11-15","_createdAt":"2022-11-14T23:50:44Z","summary":"The hermit nation has a long history of illicit behavior.","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Anyone with even a passing familiarity with geopolitics understands that North Korea remains a pariah on the world stage. Its repressive government has threatened nuclear war and widespread sanctions have cut the nation off from virtually all trade or foreign aid.","_key":"cfa9046cc2a40"}],"_type":"block","style":"normal","_key":"b04b7f07bc28"},{"markDefs":[{"href":"https://arstechnica.com/information-technology/2022/11/how-north-korea-became-a-mastermind-of-crypto-cyber-crime/","_key":"9e2e3296c7ce","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"That leaves precious few ","_key":"a3716f9f7c500"},{"marks":["9e2e3296c7ce"],"text":"options","_key":"a3716f9f7c501","_type":"span"},{"_type":"span","marks":[],"text":" when it comes to providing the rogue nation with the funding it needs to carry out its agenda. Apparently, cryptocurrency crime is one area where Pyongyang can still get its hands on some quick cash.","_key":"a3716f9f7c502"}],"_type":"block","style":"normal","_key":"5ed24f0c468b"},{"_key":"464c519a8476","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Breaking down the heist","_key":"a5d880caf0d70"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":[],"text":"Cybercrime can take on various forms, and there’s no universal method by which North Korea is reportedly using it to support its military and other aspects of the government. Nevertheless, the United Nations believes that such illicit activity — particularly involving digital currency trades — is responsible for funding roughly one-third of the country’s entire missile program.","_key":"20979f76bac60","_type":"span"}],"_type":"block","style":"normal","_key":"cb73d44c9f14"},{"style":"normal","_key":"028663bb8326","markDefs":[],"children":[{"marks":[],"text":"In just the first nine months of this year, experts believe North Korea has swindled a staggering $1 billion from cryptocurrency exchanges. Only a paltry $30 million of that sum has reportedly been recovered since the decentralized nature of crypto trades makes it incredibly difficult to track origins and destinations.","_key":"6d1b34df614b0","_type":"span"}],"_type":"block"},{"children":[{"_type":"span","marks":["strong"],"text":"The role of Office 39","_key":"1f5602dcfbd30"}],"_type":"block","style":"normal","_key":"80f1b642102b","markDefs":[]},{"_type":"block","style":"normal","_key":"9515666a2625","markDefs":[],"children":[{"_key":"5a1791ea8efa0","_type":"span","marks":[],"text":"While crypto crime might be a relatively new undertaking for North Korea, its government has long relied on a global crime ring to rake in money. Most of these schemes fall under the purview of a shady entity known as Office 39."}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"This organization has spent decades dealing in narcotics, counterfeit goods, weapons, endangered animals, and pretty much anything of value that it can obtain. This shadow economy has been profitable, but the cloistered country is obviously at a disadvantage when it comes to accessing and selling illicit goods.","_key":"7dab7f344fe20"}],"_type":"block","style":"normal","_key":"0a40e4be752f"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Cybercrime inherently negates that problem, which seems to be a game-changer for North Korea.","_key":"184d0143b9660"}],"_type":"block","style":"normal","_key":"4cffc51a015c"}],"id":"f5ylu2","slug":"/story/2022/11/understanding-cryptos-role-in-funding-the-north-korean-regime","category":"crypto","_updatedAt":"2023-03-01T15:50:56Z","author":{"_ref":"phCNL32Gn","_type":"reference"},"title":"Understanding Crypto’s Role In Funding The North Korean 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value, many people are questioning whether it’s still a viable investment option. On the bright side, we don’t have to worry whether Bill Gates is a crypto aficionado. At a tech conference early this week, the Microsoft co-founder said that these newer digital investment vehicles are “100% based on greater fool theory.” Greater fool theory is a financial theory that claims one can make money selling overpriced assets as long as there’s an even more foolish person to buy them. Later on in the conference Gates criticized Bored Apes NFTs, joking about how “expensive digital images of monkeys” will “improve the world immensely”.","_key":"0e195ccff80e0"}],"_type":"block","style":"normal","_key":"14f0b07158fa","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"This statement comes at a time where cryptocurrencies as a whole have been failing. Bitcoin hit its peak price per coin in November 2021 at $69,000/1 BTC. Since then, the value has been free falling, closing at $21,117 as of Wednesday night. ","_key":"1589a982a9bd0"}],"_type":"block","style":"normal","_key":"b9fec154df93","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"The future of crypto is shaky as novel investors are losing faith in the concept and crypto start-ups are starting to lay off employees, or even shut down operations completely. \"I do think people get bought into these manias, who may not have as much money to spare,\" said Gates. \"So I'm not bullish on bitcoin.\"","_key":"8f877671db39"}],"_type":"block","style":"normal","_key":"a3aba7201a65"}],"title":"Bill Gates says crypto and NFTs are a sham","visibility":"true"},{"publishDate":"2022-06-16","author":{"_ref":"pF41nkBdS","_type":"reference"},"_id":"6886ceb2-0962-46c5-aa9e-60f84d13f2ad","slug":"/story/2022/06/crypto-firms-are-failing","visibility":"true","category":"crypto","title":"Crypto firms are failing","summary":"Cryptocurrency startups are feeling the economic pressure which is resulting in a downward trend with lay-offs and withdrawal freezes. ","_rev":"BPyZGvs0pJRGqz7s02FkCK","_createdAt":"2022-06-16T02:56:29Z","_updatedAt":"2023-03-01T15:50:50Z","image":{"_type":"image","alt":"","asset":{"metadata":{"palette":{"darkVibrant":{"title":"#fff","population":0.12,"background":"#76691a","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightMuted":{"foreground":"#000","title":"#000","population":4.52,"background":"#d4caa6","_type":"sanity.imagePaletteSwatch"},"vibrant":{"_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":0,"background":"#d0b92e"},"dominant":{"population":4.52,"background":"#d4caa6","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000"},"_type":"sanity.imagePalette","darkMuted":{"background":"#4c4828","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.31},"muted":{"title":"#fff","population":0,"background":"#7c8c64","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightVibrant":{"background":"#e7db92","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":0}},"hasAlpha":false,"lqip":"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAMABQDASIAAhEBAxEB/8QAFwAAAwEAAAAAAAAAAAAAAAAAAAQHBf/EACEQAAICAgIBBQAAAAAAAAAAAAECAAMEEQUhBhIiMUFh/8QAFwEAAwEAAAAAAAAAAAAAAAAAAAECA//EABkRAAIDAQAAAAAAAAAAAAAAAAABAhExEv/aAAwDAQACEQMRAD8AnnhvI4xxA2QFPt0SYx5O+Bfwa3Y/IC1xsehumH5J1xFziogN1DOOq2IAB+epnO3jEqWmXaN2No/cIwaEZUY72y7PcJfQH//Z","dimensions":{"_type":"sanity.imageDimensions","width":512,"aspectRatio":1.6305732484076434,"height":314},"isOpaque":true,"blurHash":"V88z=F%g00i]%1_MxuD%Rjs:4;t5?FIqM|D*j?%LWXNG","_type":"sanity.imageMetadata"},"_type":"sanity.imageAsset","mimeType":"image/jpeg","sha1hash":"da46bfed08c985ab1ec51963007eaded96441078","assetId":"da46bfed08c985ab1ec51963007eaded96441078","originalFilename":"TEC Bitcoin.jpeg","_rev":"YsND8fzVq1l7vIZQKndbzm","path":"images/8mioycse/v3/da46bfed08c985ab1ec51963007eaded96441078-512x314.jpg","uploadId":"nookBfLYkmbQHy20AW2BVq8NBPxjhViW","_createdAt":"2023-02-28T20:47:20Z","_id":"image-da46bfed08c985ab1ec51963007eaded96441078-512x314-jpg","_updatedAt":"2023-02-28T20:47:20Z","extension":"jpg","url":"https://cdn.sanity.io/images/8mioycse/v3/da46bfed08c985ab1ec51963007eaded96441078-512x314.jpg","size":42184}},"id":"3YCXNc","body":[{"_key":"5d75c974101a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Over the last 2 years, aided by a turbulent economy from the pandemic, the prices of Bitcoin and other cryptocurrencies have skyrocketed. And as one expected, crypto start-ups have been popping up left and right. However, after weeks of falling crypto prices, these once-lucrative start-ups are starting to feel the heat. On Tuesday, Coinbase announced that they’re planning to cut 18% of their staff. Before that, Celsius, an experimental crypto bank, halted all withdrawals. This phenomenon has attracted opinions from both tech and finance researchers alike. “The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official, to a New York Times correspondent. While on the other hand, there are some crypto researchers who are confident that this will pass. “We have been in these downward spirals before and recovered,” Mr. Jones, the Science Inc. investor, said. “We all believe in the fundamentals.”","_key":"7c55545440cd0"}],"_type":"block","style":"normal"}],"_type":"story"},{"slug":"/story/2022/06/hightech-crime-units-fighting-crypto-theft","title":"High-Tech Crime Units Fighting Crypto Theft","summary":"While the crypto markets aren't good, fighting crypto crime is improving.","publishDate":"2022-06-06","author":{"_ref":"pYanAoHWh","_type":"reference"},"category":"crypto","_type":"story","visibility":"true","_updatedAt":"2023-03-01T15:51:03Z","_rev":"G5tlNFGA2uX0YSIWc61BOb","body":[{"style":"normal","_key":"368c09747e13","markDefs":[{"href":"https://www.investopedia.com/terms/f/fiatmoney.asp","_key":"82b4bde857f7","_type":"link"},{"_key":"ff94fb5c26a3","_type":"link","href":"https://www.forbes.com/sites/davidblack/2022/03/11/cryptocurrency-fuels-explosive-growth-of-crime/?sh=6f3d119618a0"}],"children":[{"_type":"span","marks":[],"text":"Cybercrime has become an increasing concern as the world has become more entrenched with rapidly increasing emerging technologies. Cryptocurrency, a somewhat alternative marketplace mostly backed up by traditional ","_key":"21a05a2f75ab0"},{"text":"fiat currency,","_key":"21a05a2f75ab1","_type":"span","marks":["82b4bde857f7"]},{"_type":"span","marks":[],"text":" is a common ","_key":"21a05a2f75ab2"},{"_type":"span","marks":["ff94fb5c26a3"],"text":"target","_key":"21a05a2f75ab3"},{"_type":"span","marks":[],"text":" for cybercriminals.\n","_key":"21a05a2f75ab4"}],"_type":"block"},{"style":"normal","_key":"d60ed0379274","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Earlier this year Erin West, a deputy district attorney in charge of the high technology crimes unit in Santa Clara County (California), was able to prevent a man from losing hundreds of thousands of dollars in cryptocurrency after being scammed.","_key":"cf13e2c5c9510"}],"_type":"block"},{"style":"normal","_key":"be350fc996e8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"","_key":"2aea1425acad0"}],"_type":"block"},{"markDefs":[{"_type":"link","href":"https://www.nbcnews.com/tech/tech-news/local-high-tech-crime-units-are-tracking-seizing-stolen-cryptocurrency-rcna30655","_key":"de0aa83e5092"}],"children":[{"_type":"span","marks":[],"text":"West was able able to track and ","_key":"d48d276b0f840"},{"text":"freeze","_key":"d48d276b0f841","_type":"span","marks":["de0aa83e5092"]},{"_key":"d48d276b0f842","_type":"span","marks":[],"text":" the money to prevent the scammer from being able to access the funds. \"Our bread and butter these days really is tracing cryptocurrency and trying to seize it and trying to get there faster than the bad guys are moving it somewhere where we can’t grab it.\" West said regarding how the process of stopping crypto crime operates."}],"_type":"block","style":"normal","_key":"4097ddd174d6"},{"style":"normal","_key":"801ad8242a4b","markDefs":[],"children":[{"_type":"span","marks":[],"text":"","_key":"aa09e9e1f8540"}],"_type":"block"},{"_key":"a85ce446e40d","markDefs":[],"children":[{"_key":"4c12763f85c80","_type":"span","marks":[],"text":"West and her team tracked the victim's money as it bounced from one digital wallet to under until it ended up at a major cryptocurrency exchange. West's team was then able to issue a warrant and freeze the money.\n"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_key":"82113b4456d70","_type":"span","marks":[],"text":"While some (probably a lot) don't see the point in crypto, it's good to see fighting cybercrime is advancing past where it was a few years ago."}],"_type":"block","style":"normal","_key":"cc35d162159a"}],"_createdAt":"2022-06-06T10:24:16Z","_id":"b713fb5f-fc98-4456-856b-857bdf321347","id":"ITzfx3","image":{"alt":"","asset":{"_rev":"cAWu7qvPfyNGMEttw8IelO","sha1hash":"85df02e72c5fc553be5229f5df88984136cfc92a","assetId":"85df02e72c5fc553be5229f5df88984136cfc92a","_createdAt":"2023-02-28T20:46:47Z","originalFilename":"Crypto 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cryptocurrency market is very volatile and trending in the wrong direction.","slug":"/story/2022/05/crypto-going-crazy","image":{"asset":{"extension":"jpg","metadata":{"dimensions":{"_type":"sanity.imageDimensions","width":711,"aspectRatio":1.5,"height":474},"isOpaque":true,"blurHash":"VG9Z}-~o-:xuog?a?a%Mt7aiI:SgkDWYa#NGM|RjWVof","_type":"sanity.imageMetadata","palette":{"muted":{"foreground":"#fff","title":"#fff","population":1,"background":"#ad6466","_type":"sanity.imagePaletteSwatch"},"lightVibrant":{"foreground":"#000","title":"#fff","population":0.26,"background":"#e4aa99","_type":"sanity.imagePaletteSwatch"},"darkVibrant":{"background":"#041917","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":5.35},"lightMuted":{"background":"#ccd8b7","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":0.48},"vibrant":{"population":0.01,"background":"#a45942","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"dominant":{"background":"#443935","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":5.49},"_type":"sanity.imagePalette","darkMuted":{"population":5.49,"background":"#443935","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"}},"hasAlpha":false,"lqip":"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAANABQDASIAAhEBAxEB/8QAGAAAAgMAAAAAAAAAAAAAAAAAAAQDBQf/xAAmEAACAgECAwkAAAAAAAAAAAABAgADBQQREiIxBhMhJEFhgZHh/8QAFgEBAQEAAAAAAAAAAAAAAAAAAgAD/8QAGREAAgMBAAAAAAAAAAAAAAAAABIBA0EC/9oADAMBAAIRAxEAPwBLtxncRq8R5azi1FnLsPT2MxnI4lq72IdCD4/kQbIah72tZzxE79ZK+suvKm1tyOkNda6Up3hXPS6sQVI+IRu2x+8PM33CaLIFg//Z"},"mimeType":"image/jpeg","path":"images/8mioycse/v3/1c9e39851855d2d42cc603273e03b558ee9fc5c8-711x474.jpg","size":37357,"originalFilename":"960x0.jpg","sha1hash":"1c9e39851855d2d42cc603273e03b558ee9fc5c8","assetId":"1c9e39851855d2d42cc603273e03b558ee9fc5c8","_id":"image-1c9e39851855d2d42cc603273e03b558ee9fc5c8-711x474-jpg","_updatedAt":"2023-02-28T20:48:12Z","uploadId":"oHxhdxAZwXvwxfnhiqHPO2AYJ6RqmPrY","_rev":"1K8pT3qofyahtESQAVdn7E","_type":"sanity.imageAsset","url":"https://cdn.sanity.io/images/8mioycse/v3/1c9e39851855d2d42cc603273e03b558ee9fc5c8-711x474.jpg","_createdAt":"2023-02-28T20:48:12Z"},"_type":"image","alt":""},"publishDate":"2022-05-14","category":"crypto","_id":"35e35970-e6df-4ae9-83f1-d5306d3558be","_rev":"BPyZGvs0pJRGqz7s02FgOy","id":"AbqDzG","_createdAt":"2022-05-14T17:35:32Z","_updatedAt":"2023-03-01T15:50:44Z","visibility":"true","title":"Crypto Going Crazy","body":[{"_type":"block","style":"normal","_key":"b794654a8e39","markDefs":[{"_key":"f872e1507953","_type":"link","href":"https://finance.yahoo.com/news/crypto-prices-slip-record-week-162207135.html"}],"children":[{"marks":[],"text":"C","_key":"3de145d887ad0","_type":"span"},{"text":"ryptocurrencies are still trending in the wrong direction, coming in the wake of the ","_key":"213a46b69074","_type":"span","marks":["strong"]},{"_type":"span","marks":["f872e1507953","strong"],"text":"collapse of TerraUSD","_key":"da037e83bcea"},{"_type":"span","marks":["strong"],"text":". ","_key":"ba303b6e6d13"},{"text":"Not only that, Bitcoin has gone through its most volatile week in over two years.","_key":"7639f872dfe2","_type":"span","marks":[]}]},{"_type":"block","style":"normal","_key":"cbec3dca488e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The collapse of algorithmic stable coin TerraUSD and its sister token Luna erased $270 billion from the Trillion-dollar value in the Crypto sector.","_key":"b345841b8de00"}]},{"_type":"block","style":"normal","_key":"64fbdc4a2df7","markDefs":[{"_type":"link","href":"https://www.coindesk.com/price/bitcoin/","_key":"ca432219701f"}],"children":[{"_type":"span","marks":["ca432219701f"],"text":"Bitcoin has been bouncing up and down all week","_key":"af86ff448b050"},{"_type":"span","marks":[],"text":", leading to many sell-offs resulting in Bitcoin having about a -2.5% drop from Friday to Saturday. However, Bitcoin is not the only cryptocurrency to have a rough week. In fact, most notable cryptocurrencies did as well.","_key":"4e0e4a50b896"}]},{"markDefs":[{"_type":"link","href":"https://www.fool.com/investing/2022/05/14/why-bitcoin-shiba-inu-and-cardano-are-down-today/","_key":"dd14a9f59ac5"}],"children":[{"_type":"span","marks":[],"text":"Coins like ","_key":"cdfb4d7b85840"},{"_type":"span","marks":["dd14a9f59ac5"],"text":"Shiba Inu and Cardano ","_key":"cc13f2985b37"},{"_type":"span","marks":[],"text":"saw drops from Friday to Saturday by around 7%. The market's short-term outlook is not great at the moment, and drops are expected to continue.","_key":"8ea289b39654"}],"_type":"block","style":"normal","_key":"f73f8f16fe15"},{"_key":"3d3b67ed91b8","markDefs":[],"children":[{"marks":[],"text":"Any crypto investment would have to be a long-term play as analysts are still confident in the market. Still, the current negative trends have probably yet to bottom out. One thought, though, would say to keep monitoring it, and the opportunity is there right now to buy cheap with the potential for long-term gains.\n","_key":"454268cf353e0","_type":"span"}],"_type":"block","style":"normal"}],"_type":"story","author":{"_ref":"pmAh28U5R","_type":"reference"}}]