With U.K. opinion polls indicating a strong performance by the Labour Party in the July 4 elections, crypto executives and lobbyists are reportedly focusing their attention on party leader Keir Starmer. The crypto industry has also prioritized two other pro-tech Labour Party leaders in its ongoing effort to influence the U.K. government’s policy on digital […]
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Donald Trump Pledges to Champion Bitcoin Mining in Historic Meeting With Industry Leaders
Former U.S. President and presidential candidate Donald Trump has engaged with leaders in the bitcoin mining sector, expressing his support for the industry. Trump stressed that bitcoin mining “may be our last line of defense” against a central bank digital currency (CBDC). He emphasized the importance of producing the remaining bitcoin in the U.S., suggesting […]
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“Scaling Bitcoin Together” Event Set to Unite Bitcoin Leaders in Hong Kong
PRESS RELEASE. As a part of Bitcoin Asia Week 2024, the “Scaling Bitcoin Together” event will take place on May 11, 2024, in Hong Kong. This event will bring together top blockchain experts to discuss how to grow the Bitcoin ecosystem. The “Scaling Bitcoin Together” aims to foster discussions that propel the development of the […]
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L2 Protocol Manta Network Suffers DDoS Attack, Project Leaders Face Money Laundering Allegations
Manta Network, a modular layer two (L2) protocol, said a distributed denial-of-service attack on Jan. 18 resulted in the network accumulating a large queue of recent transactions. The attack, which occurred during a token-issuing event, is believed to have severely limited communication between the protocol and Manta Network apps.
An Aggressive and Timed Attack
On Jan. 18, the Manta Network, a modular layer two (L2) protocol, announced that it was a victim of a distributed denial-of-service (DDoS) attack. The attack resulted in a sharp increase in the number of pending transactions. According to Kenny Li, who shared the DDoS attack alert via X (formerly), the attack initially saw 135 million requests hitting remote procedure call (RPC) nodes, proving that “a very aggressive and timed attack” was underway.
DDoS Attack Update on @MantaNetwork
Hey everyone, we are experiencing a calculated DDoS attack on the network. This happened at 9:30AM UTC, exactly the same time as our TGE event. Since that time, we have seen over 135m requests hit the RPC nodes, which indicates that this is a… pic.twitter.com/EgjUiOvRl0—
Kenny.manta
(
,
) (@superanonymousk) January 18, 2024
The attack, which occurred during a token issuance event, is believed to have severely limited communication between the protocol and Manta Network apps. Some of the apps affected include New Paradigm and Into the Blue. Manta Network initially said it would take steps to counter the impact of the DDoS attack.
“We are working around the clock as a team to get through this. We are creating more DDoS mitigation efforts and communicating with partners and service providers to deploy counteractive measures,” Li, a co-founder at Manta Network, said.
Money Laundering and Scam Allegations
Li, who also identifies himself as a marketing intern, implied in the X post that since the attack was much larger and had lasted longer than the norm, resolving this would require more time. While he did not identify the culprits behind the attack, Li’s post on X appeared to suggest that the Manta Network team may have been aware that certain individuals or organizations were determined to impede the project.
. @MantaNetwork was suspected of money laundering through Bithumb on the day of listing
– 2M $MANTA transferred to personal wallet of MANTA’s Korean BD
– 2M $MANTA was deposited into Bithumb deposit wallet, accounting for more than 75% of Bithumb’s total circulation volume.
-… pic.twitter.com/uMWq6J6D37— Definalist (@definalist) January 18, 2024
Although the post did not elaborate on why anyone would want to harm the project, several scam or money laundering allegation posts on X appeared to offer some clues. For instance, a user named Definalist raised money laundering allegations against the Manta Network team and warned of dire consequences should this turn out to be true. However, in an apparent response to the allegations, Manta Network said it only dispersed the funds in question “to Bithumb to secure liquidity.”
Another user claimed that the Manta Network team had copied a token-dumping tactic usually performed by insiders, particularly developers.
Meanwhile, the Manta Network team disclosed on Jan. 19 that it was still working to resolve the issue. At the time of writing (11 am EST on Jan. 19 ), the MANTA token was changing hands at .27 which translated to a market capitalization of just over 0 million.
What are your thoughts on this story? Let us know what you think in the comments section below.
Robert Kiyosaki: Our Leaders Will Drive Us Into Depression, War — Reiterates Bitcoin Buy Recommendation
Rich Dad Poor Dad author Robert Kiyosaki has warned that our leaders will drive the U.S. economy into an economic depression and a war. The famous author has reiterated his recommendation to buy bitcoin amid high anticipation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
Robert Kiyosaki on Depression and War
The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned that our leaders will drive us into an economic depression and a war. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
He explained on social media platform X Saturday that the “Definition of insanity is doing the same thing over and over again and expecting things to change.” He emphasized, “Our leaders, the 3 Stooges Biden as President, Yellen as Treasury Secretary and Powell as Fed Chairman, are doing us a favor,” warning:
They will drive us into Depression and War. Don’t be the fourth Stooge. Buy gold, silver, and bitcoin. Time to get smarter and get richer.
Kiyosaki has repeatedly expressed concern about the potential for significant economic turmoil in the near future. In December 2023, he warned that the next crash may turn into a depression. He also raised concerns about a giant market collapse, a war, and really hard times ahead for millions of people. Moreover, Kiyosaki recommends preparing for hyperinflation and suggests bitcoin as a potential safeguard against these economic challenges.
The renowned author has advised investors to buy gold, silver, and bitcoin for quite some time. He even recommended buying bitcoin exchange-traded funds (ETFs) which the Securities and Exchange Commission (SEC) could soon approve. In November last year, Kiyosaki urged investors to get into BTC now, “before it’s too late.” He stressed that bitcoin provides lifelong financial security and freedom, predicting that BTC is headed for 5,000 and will become priceless when the Federal Reserve launches a central bank digital currency (CBDC).
What do you think about the warnings by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
G20 Leaders Endorse FSB Recommendations for Crypto Regulation
The G20 leaders have released their declaration following their summit in New Delhi. They endorsed the Financial Stability Board’s “high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements” and welcomed several reports by standard-setting organizations. The G20 leaders emphasized “the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.”
G20 Releases Leaders’ Declaration
The G20 leaders released their declaration on Sunday following a two-day summit in New Delhi. India holds the G20 Presidency this year. The 37-page declaration includes a section on the policy and regulation of crypto assets and central bank digital currency (CBDC).
“We continue to closely monitor the risks of the fast-paced developments in the cryptoasset ecosystem,” the declaration states. “We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements.” The FSB finalized both the recommendations for crypto and stablecoins in July. The declaration continues:
We ask the FSB and SSBs to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.
The G20 leaders welcomed several reports on crypto assets, namely “the shared FSB and SSBs [Standard-Setting Bodies] workplan,” “the IMF-FSB Synthesis Paper,” and “the BIS Report on The Crypto Ecosystem: Key Elements and Risks.”
The IMF-FSB Synthesis Paper includes a Roadmap “that will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks,” the declaration notes, adding:
Our finance ministers and central bank governors will discuss taking forward the Roadmap at their meeting in October 2023.
Earlier this month, Indian Finance Minister Nirmala Sitharaman revealed that the G20 nations are actively discussing a global framework for crypto assets under India’s Presidency.
Regarding central bank digital currency, the declaration states: “We welcome discussions on the potential macro-financial implications arising from the introduction and adoption of central bank digital currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system.”
The leaders further noted: “We welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue.”
What do you think about the G20 leaders’ declaration on crypto assets? Let us know in the comments section below.
BUSD Falls to Fifth Among Stablecoin Leaders; TUSD and FDUSD Supplies Surge in a 3-Day Span
The stablecoin landscape witnessed a shifting dynamic this week, with the once fourth-largest stablecoin, binance usd (BUSD), relinquishing its position. This change arises from the crypto asset’s supply dwindling below the 3 billion mark, while in a surprising twist, the stablecoin trueusd (TUSD) experienced a surge in supply from 2.9 billion to 3.438 billion in three days. These developments unfolded shortly after Binance’s announcement of a gradual phase-out plan for the dollar-pegged token BUSD.
BUSD Supply Sinks Below the 3 Billion Threshold
Binance usd, abbreviated as BUSD, has fallen below the 3 billion mark, as data from etherscan on September 3, 2023, reveals a decrease in supply to 2.844 billion BUSD. The once-prominent stablecoin issued by Paxos has ceded its standing as the fourth-largest stablecoin, now ranking fifth among the top ten dollar-pegged coins by market valuation. Binance declared three days ago that it would gradually phase out BUSD, discontinuing trading pairs for the stablecoin due to U.S. regulators instructing Paxos to halt token issuance.
While BUSD’s supply contracted, two other stablecoins, TUSD and FDUSD, have witnessed growth over the past 72 hours. Notably, nine out of the top ten stablecoins recorded supply reductions last month, with FDUSD expanding by over 40%. Although TUSD’s supply contracted by 3.8% in August, it surged from 2.9 billion to the current 3.438 billion TUSD between August 31 and September 3, marking an 18.55% increase over three days. Nansen analytics approximates that Binance holds around 2.782 billion TUSD.
Furthermore, the supply of the stablecoin first digital usd (FDUSD) was 327 million on August 31, 2023; as per etherscan data, the supply has now grown to 382,548,919 FDUSD. Etherscan statistics from September 3 indicate that Binance controls approximately 99.4397% of the FDUSD supply. Even the top six wallets, collectively representing 84.2% of the entire BUSD supply, are categorized as Binance-controlled wallets. Binance commands a significant portion of all three aforementioned stablecoins – BUSD, TUSD, and FDUSD.
The reserves of these three stablecoins, held within the crypto exchange, amass a value of .664 billion. Additionally, Nansen analytics reveal that out of the total existing 82.89 billion tether (USDT) circulating, Binance holds 18.10 billion USDT. This implies that Binance, the leading crypto asset in trade volume, controls 21.83% of the circulating tether supply. Among these stablecoins, the collective stash constitutes .764 billion of Binance’s .04 billion crypto reserves, signifying that the four dollar-pegged tokens constitute 44.18% of the trading platform’s entire asset balance.
What do you think about BUSD’s supply dropping below 3 billion while two other stablecoins saw their supplies swell? Share your thoughts and opinions about this subject in the comments section below.
BRICS Leaders Declare Importance of Using Local Currencies in International Trade
The BRICS leaders stress “the importance of encouraging the use of local currencies in international trade and financial transactions” in their declaration released at the conclusion of their 15th annual summit. In addition, the BRICS nations have tasked their finance ministers and central bank governors to “consider the issue of local currencies, payment instruments, and platforms.”
BRICS Declaration and Use of Local Currencies
The BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit on Thursday in Johannesburg. The three-day summit was held under the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.” The BRICS leaders released their “Johannesburg II Declaration” at the conclusion of the summit.
The declaration states that all leaders of the BRICS nations are committed to “strengthening the framework of mutually beneficial BRICS cooperation.” Emphasizing that they “recognize the widespread benefits of fast, inexpensive, transparent, safe, and inclusive payment systems,” the BRICS leaders declared:
We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners.
“We also encourage strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies,” the BRICS leaders added.
They further proclaimed:
We task our finance ministers and/or central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to us by the next summit.
Russia will assume the 2024 BRICS Chairship and will hold the XVI BRICS Summit in the city of Kazan.
The declaration further details that the BRICS nations recognize the key role of the New Development Bank (also known as the BRICS Bank) in “promoting infrastructure and sustainable development of its member countries.” In addition to Brazil, Russia, India, China, and South Africa, the New Development Bank includes Bangladesh, the United Arab Emirates (UAE), and Egypt as members, with Uruguay as a prospective member.
The BRICS economic bloc has invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Earlier, South Africa, the chair of this year’s BRICS summit, claimed that 23 countries have formally applied to join the group. “We have also tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit,” the declaration adds.
What do you think about the BRICS declaration and the leaders’ push for the use of local currencies? Let us know in the comments section below.
Russian President Putin to BRICS Leaders: Irreversible Process of De-Dollarization Gaining Steam
Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.”
Putin Participating at BRICS Summit
The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year.
Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater share in global GDP than the so-called Group of Seven [G7] in terms of purchasing power parity. Over the past decade, BRICS countries have doubled their investment in the global economy, and their total exports have reached 20 percent of the global total.”
Noting that “The partner countries are successfully implementing their Strategy for BRICS Economic Partnership 2025 [BRICS Strategy],” Putin stressed:
In particular, they are strengthening five-sided cooperation in such areas as diversification of supply chains, de-dollarization and the transition to national currencies in mutual transactions, digital economy, support for small and medium-sized businesses, and fair technology transfer.
The BRICS Strategy “defines a development path of BRICS and sets the framework for cooperation of its members in accordance with current economic trends and conditions,” the economic bloc previously explained.
Putin also emphasized the importance of shaping a multipolar world order. “Importantly, we are all united in our commitment to shaping a multipolar world order with genuine justice, based on the international law and in keeping with the key principles set forth in the UN Charter, including sovereignty and respecting the right of every nation to follow its own development model,” he said, adding:
We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.
On Tuesday, Putin also told the BRICS Business Forum, one of the key events at the BRICS summit:
A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control.
“As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year,” the Russian president noted.
What do you think about the statements by Russian President Vladimir Putin at the BRICS summit? Let us know in the comments section below.
23 Countries Apply for BRICS Membership as Leaders Prepare to Convene at Summit
South Africa, the host of the BRICS summit this year, has published a list of 23 countries that have applied to become members of the economic bloc. Moreover, South African President Cyril Ramaphosa has invited 67 leaders and 20 representatives of major organizations to the BRICS summit. French President Emmanuel Macron, however, is not invited.
23 Countries Apply to Join BRICS
South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, revealed at a briefing on the upcoming BRICS summit on Monday that 23 countries have officially applied to join the economic bloc.
The BRICS summit will take place on Aug. 22-24 in Johannesburg. South Africa is hosting the BRICS summit this year. South Africa’s President Cyril Ramaphosa, China’s President Xi Jinping, Brazil’s President Luiz Lula da Silva, and Indian Prime Minister Narendra Modi are expected to attend. However, Russian President Vladimir Putin will not attend in person.
According to the South African official, the 23 countries that have applied for BRICS membership are Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia.
Pandor noted that at the summit, the leaders of the BRICS countries will be presented with a special report on the principles of expanding the association and a list of countries that want to join the economic bloc. Noting that “BRICS leaders will discuss the expansion of the organization at the summit,” she clarified:
It is the leaders who will make the final decision on this issue.
“We remember that South Africa was the first country to be admitted to the association after its creation. As the BRICS chairman, South Africa will negotiate at the summit on the expansion model and its principles and criteria. We are gradually moving towards a consensus on BRICS expansion and we hope that it will be reached at the summit,” Pandor continued.
67 Leaders and 20 Representatives Invited to BRICS Summit
The South African foreign minister further revealed on Monday that South Africa’s President Cyril Ramaphosa, with consensus support from his fellow BRICS leaders, has invited 67 leaders of countries in Africa, Latin America, Asia, and the Caribbean to the summit.
Moreover, she added that 20 representatives of major international organizations have been invited to the BRICS summit, including the secretary-general of the United Nations, the chairperson of the African Union Commission, and the president of the New Development Bank, also known as the BRICS Bank. Furthermore, invitations have been extended to the chairs and executive heads of African Regional Economic Communities and African financial institutions, as well as to the Secretary General of the African Continental Free Trade Area Secretariat and the CEO of the African Union Development Agency.
The South African official further shared that 34 countries have confirmed their participation. However, she noted French President Emmanuel Macron was not invited. Macron earlier expressed interest in attending the economic bloc’s summit.
What do you think about 23 countries applying to join the BRICS economic bloc? Let us know in the comments section below.