The 2024 BNY Mellon Wealth Management Study reveals a divided perspective among family offices regarding cryptocurrency investments. Approximately 39% of the surveyed family offices are either actively investing in cryptocurrencies or considering them, highlighting a keen interest in this modern asset class. These offices are motivated by the desire to stay abreast of new investment […]
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Russian Crypto Exchange Unable to Process Withdrawals; Angry Users Try to Storm Offices
Approximately 50 users of Beribit, a Russian cryptocurrency exchange, recently tried to storm the company’s Moscow offices to demand their digital assets. Beribit’s management has attributed the delay in processing withdrawal requests to an audit initiated following the discovery of discrepancies in the exchange’s balance sheet. Balance Sheet Discrepancies About 50 users of the Russian […]
Bitcoin News
Hong Kong Worldcoin Offices Visited Amid Privacy Investigation
The offices of the Worldcoin project, a biometric scanning and wallet initiative, have been visited by authorities in Hong Kong amidst a broad privacy investigation. The authorities, complying with a court warrant, advised the general audience to protect their sensitive data carefully and avoid casually providing their biometric information to third parties.
Worldcoin Under Investigation by Hong Kong Authorities
Worldcoin is facing increased scrutiny on its operations in Hong Kong. Local sources reported that on January 31, privacy authorities visited six Worldcoin offices in the city, located in Yau Ma Tei, Kwun Tong, Wan Chai, Cyberport, Central, and Causeway Bay, to conduct investigations on the project operations.
The authorities, part of the Office of the Privacy Commissioner, had a court warrant to enter these premises and seize documents related to the usage of the data collected by Worldcoin. To receive a bonus of 25 WLD, Worldcoin’s token, users have to scan their eyes using an optical device called the Orb, which collects the data and proves the “personhood” of each verified user.
The collection of sensitive and personal data prompted this investigation, as the Office of the Privacy Commissioner believes it might violate some provisions of the city’s privacy ordinance.
In its FAQ page, Worldcoin stresses that, by default, the Orb “promptly deletes iris images after the creation of the iris code,” which is a digital representation of the iris of each user. Nonetheless, users can opt-in to store their biometric data in Worldcoin’s distributed servers.
Chung Liling, Hong Kong’s privacy commissioner for personal data, stated that the general public should be more vigilant about its biometric data and should also avoid giving it casually to third parties.
This is not the first nation where Worldcoin has faced opposition due to its intrusive data collection practices, as it has also been investigated in Argentina, France, and Kenya, where authorities attempted to detain its representatives.
Worldcoin has over 3.2 million signups, with over 180,000 accounts created in the last seven days.
What do you think about Hong Kong’s investigation of Worldcoin? Tell us in the comments section below.
Grant Thornton: Family Offices Are Warming Up to Blockchain and Crypto
A report issued by Grant Thornton, a professional services network, has revealed that family offices are eyeing crypto and blockchain to increase their investments in these areas. More than half of the family offices consulted have already invested in digital assets, with 38% allocating less than 1% of their portfolio to these technologies.
Grant Thornton Report Reveals Family Offices’ Interest in Crypto and Blockchain
Family offices might be considering putting more funds behind crypto and blockchain initiatives. A recent report prepared by Grant Thornton, a professional services network that operates in over 147 markets and employs over 68,000 personnel, has revealed that family offices are warming up to crypto and blockchain. 35% of these offices hope to increase their exposure to blockchain investments, while 27% expect to increase their investments in cryptocurrency.
Nonetheless, these two investment tools are not new for this kind of institution, as more than half of the offices consulted had already invested some of their funds in crypto. As a reference, 38% of the businesses had allocated less than 1% of their portfolio to these investments.
Mian Wong, advisory director of Grant Thornton Hong Kong, stated that even with all of the uncertainty regarding cryptocurrency regulation, digital assets will be vital as alternative investments. She urged the national government to establish guarantees to ensure an orderly virtual assets market. Grant Thornton Hong Kong has attracted more than 30 family offices in Hong Kong and has received inquiries from offices all across China, Southeast Asia, Europe, and the Middle East.
In June, a Goldman Sachs survey revealed that family offices were turning to crypto due to “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.” Nonetheless, only 15% of the 150 family offices polled by Goldman had invested in crypto and blockchain products.
What do you think about Grant Thornton’s report on the uptick in the interest of family offices in blockchain and crypto investments? Tell us in the comments section below.
FBI Dives Into FTX Customer Records — Field Offices Issue Subpoenas to Bankruptcy Consultants
Reports indicate that the U.S. Federal Bureau of Investigation (FBI) has received data on FTX clients from the advisors of the now-insolvent firm. These consultants have complied with a minimum of five inquiries issued by the bureau’s local offices across various states.
FTX Implosion Leads to FBI Data Dragnet
The collapse of FTX has drawn the FBI’s attention to its data, following a Bloomberg report by Jonathan Randles that revealed the exchange’s consultants, Alvarez & Marsal, had provided the agency with trading information and client details.
There are multiple reasons why U.S. law enforcement would seek access to this data. In the event of FTX’s bankruptcy, the FBI’s investigation may extend to the company’s management practices and any potential violations of financial regulations or acts of misconduct that may have led to its financial downfall.
The FBI might be scrutinizing whether certain customers received preferential treatment during the company’s collapse. According to Randles’ account, advisors received “subpoenas from at least five FBI field offices,” spanning cities from Portland to Philadelphia, Minneapolis, and Oakland.
This insight springs from billing documents belonging to Alvarez & Marsal, which also indicate that trading details were handed over to the FBI and a thorough review of FTX’s “cloud-computing data.”
Attempts by Randles to obtain a statement from Alvarez & Marsal went unanswered. In situations like that of FTX, the FBI’s pursuit of data often signals an inquiry into suspected illegalities, including fraud, money laundering, or other financial offenses.
Through the lens of customer data, the FBI could reconstruct a comprehensive narrative of the transactions, pinpoint discrepancies or illicit conduct, and compile evidence for any ensuing legal action.
The news follows a jury convicting FTX founder Sam Bankman-Fried on all counts. Bankman-Fried’s sentencing date is scheduled for March 28, 2024, he faces more than 100 years in prison.
What do you think about the FBI sifting through FTX’s customer data? Share your thoughts and opinions about this subject in the comments section below.
Report: Kenyan Police Raid Worldcoin’s Offices Just Days After Govt Suspended the Crypto Project
A team of Kenyan police officers is reported to have raided the premises used by Worldcoin and seized devices storing users’ data. The raid came just days after the Kenyan government announced the suspension of Worldcoin’s activities in the country.
Officers Armed With Search Warrant
The Kenyan police recently raided a building housing cryptocurrency and biometric ID project Worldcoin, and reportedly took away devices used for storing data. According to a local report, the law enforcement agents were not only armed with a search warrant but had the backing of so-called multi-agency officials.
The raid on Worldcoin’s Kenyan offices came barely a week after the government suspended the cryptocurrency project on grounds that it posed a threat to public safety. Before that, Kenya’s data regulating agency had sounded the alarm over Worldcoin’s activities in the East African country.
However, following the move by the Kenyan government, Tools for Humanity (TFH)’s Alex Blania said in a tweet that his organization would use the pause in Worldcoin’s activities to address regulators’ concerns. Yet, as stated in a report published by Kahawa Tungu, Data Commissioner Immaculate Kassait is adamant that Worldcoin did not adequately explain its intentions during its registration process, hence the raid.
Eliud Owalo: At the point of registration, Worldcoin had met all the requisite requirements for registration purposes. What Kenyans need to understand is that there is a difference between registration and operationalization #MondayReport @TrevorOmbija pic.twitter.com/bUxOEc7C0d
— Citizen TV Kenya (@citizentvkenya) August 7, 2023
User Data ‘Will Not Be Infringed’
Meanwhile, Eliud Owalo, the Kenyan ICT minister who has defended Worldcoin’s activities in the past, suggested in an interview with Citizen TV Kenya that TFH may not have been adhering to the requirements of its registration license. When asked about the fate of the data collected from over 350,000 Kenyans who had their irises scanned by Worldcoin’s “Orb,” Owalo said the Office of the Data Commissioner “has ensured that that data will not be infringed.”
Reacting to news of the raid, Erik Voorhees, the founder of crypto exchange platform Shapeshift, lamented how the seizure of Worldcoin’s data storage devices has resulted in the transfer of users’ personal data to politicians.
“Just like that, all the private data (which can never be revoked) is in the hands of politicians. And also whichever regime comes into power next. Of course, raiding the orbs isn’t even necessary. Governments of any country can just demand it all with a strongly worded letter,” Voorhees said in a tweet.
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What are your thoughts on this story? Let us know what you think in the comments section below.
Wealthy Investors and Family Offices Embrace BTC Following Bank Failures, Says Swan Bitcoin Executive
According to Steven Lubka, the head of private clients and family offices, as well as the managing director at Swan Bitcoin, wealthy investors and private offices have been gravitating towards bitcoin since the downfall of Silicon Valley Bank (SVB). Lubka stated that his firm has also observed “corporations engaging in treasury diversification” and emphasized that these investors “want to own an asset that is outside” of the troubled financial system.
High-Net-Worth Individuals and Family Offices Are ‘Concerned About Long-Term Stability in the Financial System’
In 2023, three of the largest bank failures in the history of the United States occurred. Since then, affluent investors, family offices, and individuals with high net worth have been gravitating towards bitcoin. This information was shared by Steven Lubka, an executive at Swan Bitcoin, during an interview with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. The conversation took place at the Bitcoin 2023 conference held in Miami.
“Since the collapse of Silicon Valley Bank we’ve seen a huge uptick,” Lubka informed Makori. “We’ve always had a slice of family office clients that have used the platform, but ever since SVB that has massively increased. These people are taking large bitcoin positions.” Lubka emphasized that these investors have a keen interest and “they want to learn more.”
Swan’s managing director further expressed that if any institutional segment is expected to be an early adopter, it is likely to be family offices due to their greater control over investing in alternative assets. Lubka told Makori that bitcoin (BTC) exhibited a positive response when the banks faced pressure. He also highlighted that high-net-worth individuals and family offices approached Swan expressing they were “concerned.”
The executive mentioned that Swan caters to a diverse range of clients but specified that, for high-net-worth individuals, his firm is “generally looking at million on the individual side” and “as much as a billion on the family office side.” Lubka said that these investors “are concerned about long-term stability in the financial system.” He added:
They want to own an asset that is outside of that system.
Lubka commented to Makori that investors and family offices perceive bitcoin as a means of “diversification.” He emphasized that when BTC experienced a surge during the bank contagion, it demonstrated its resilience as a hedge. “That wouldn’t have happened in the same way, I don’t think, five years ago,” Lubka stated. He expressed confidence in bitcoin reaching the six-figure range by the end of 2024, and he further suggested the possibility of a “million-dollar bitcoin by 2030.”
What are your thoughts on the trend of wealthy investors and family offices turning to bitcoin for diversification? Share your thoughts and opinions about this subject in the comments section below.
BTCU Team Attends Ritossa’s Global Investment Summit of Family Offices
On July 28-30, Monaco hosted the 11th Global Family Office Investment Summit under the high patronage of His Serene Highness Prince Albert II of Monaco. The Ritossa’s Family Office Summit, organized by Sir Anthony, was recognized as the largest of its kind, bringing together investors with wealth over $ 4.5 trillion. The summit was aimed at discussing alternative investments and the impact of family office investments on human well-being. The main topic of the summit was the discussion of alternative sustainable investments that would help preserve capital during volatile market behavior.
Such meetings bring together like-minded people and members of family investment funds. As the head of the family foundation, Sir Anthony always creates up-to-date events with a big agenda and atmosphere that can only be found at Ritossa summits. The conference, which was attended by the team of the Bitcoin Ultimatum, also was attended by over 600 private investment offices and the richest people in the world. Among them are members of Royal Families, Princes, Sheikhs, Heads of investment and financial companies.
Search for alternative directions for investment
The behavior of stocks and bonds in the markets is becoming more unpredictable, and it is a big risk to make forecasts based on outdated models. Therefore, more and more family office managers are using new technologies that were discussed at the event.
“I believe that, fundamentally, we all want to be the best version of ourselves – within our families, our relationships with others and, ultimately, our wealth. There is a revolution unfolding on the balance sheets of the world’s corporations that holds a lesson for families with wealth: “The Explosion of Intangible Assets”. — said Sir Anthony Ritossa.
As we know, blockchain startups are currently the most interesting alternative investment area. Young technology has millions of supporters around the world, including very famous and influential people.
At the Ritossa’s summit, the Bitcoin Ultimatum project from the team of Mykola Udianskyi was the representative of the blockchain industry. The head of BTCU presented to the esteemed public an improved version of Bitcoin, which solves the problem with the scalability and energy consumption of classic bitcoin, and also allows to launch smart contracts and supports DAPPs.
“Apart from solving the most critical adversities of Bitcoin, the new cryptocurrency’s (BTCU) protocol will also serve as the best alternative for the implementation of blockchain technology on a large-scale business and social processes.” — according to the team.
In addition, the BTCU developers announced their readiness to cooperate with the government of any country (except those under sanctions) in the creation of a state cryptocurrency of any complexity and on any blockchain.
In general, alternative assets became an important topic of the meeting, because, in times of unpredictable volatile market behavior, financiers need a safe haven to preserve and increase their wealth.
The history of the Italian Ritossa family has been going on for 600 years and is closely intertwined with success in financial affairs and investment. Before becoming a full-fledged representative of the family office, Sir Anthony Ritossa made an amazing career on Wall Street and managed to prove himself in managerial positions in the largest investment funds.
BTCU Team Attends Ritossa’s Global Investment Summit of Family Offices
On July 28-30, Monaco hosted the 11th Global Family Office Investment Summit under the high patronage of His Serene Highness Prince Albert II of Monaco. The Ritossa’s Family Office Summit, organized by Sir Anthony, was recognized as the largest of its kind, bringing together investors with wealth over $ 4.5 trillion. The summit was aimed at discussing alternative investments and the impact of family office investments on human well-being. The main topic of the summit was the discussion of alternative sustainable investments that would help preserve capital during volatile market behavior.
Such meetings bring together like-minded people and members of family investment funds. As the head of the family foundation, Sir Anthony always creates up-to-date events with a big agenda and atmosphere that can only be found at Ritossa summits. The conference, which was attended by the team of the Bitcoin Ultimatum, also was attended by over 600 private investment offices and the richest people in the world. Among them are members of Royal Families, Princes, Sheikhs, Heads of investment and financial companies.
Search for alternative directions for investment
The behavior of stocks and bonds in the markets is becoming more unpredictable, and it is a big risk to make forecasts based on outdated models. Therefore, more and more family office managers are using new technologies that were discussed at the event.
“I believe that, fundamentally, we all want to be the best version of ourselves – within our families, our relationships with others and, ultimately, our wealth. There is a revolution unfolding on the balance sheets of the world’s corporations that holds a lesson for families with wealth: “The Explosion of Intangible Assets”. — said Sir Anthony Ritossa.
As we know, blockchain startups are currently the most interesting alternative investment area. Young technology has millions of supporters around the world, including very famous and influential people.
At the Ritossa’s summit, the Bitcoin Ultimatum project from the team of Mykola Udianskyi was the representative of the blockchain industry. The head of BTCU presented to the esteemed public an improved version of Bitcoin, which solves the problem with the scalability and energy consumption of classic bitcoin, and also allows to launch smart contracts and supports DAPPs.
“Apart from solving the most critical adversities of Bitcoin, the new cryptocurrency’s (BTCU) protocol will also serve as the best alternative for the implementation of blockchain technology on a large-scale business and social processes.” — according to the team.
In addition, the BTCU developers announced their readiness to cooperate with the government of any country (except those under sanctions) in the creation of a state cryptocurrency of any complexity and on any blockchain.
In general, alternative assets became an important topic of the meeting, because, in times of unpredictable volatile market behavior, financiers need a safe haven to preserve and increase their wealth.
The history of the Italian Ritossa family has been going on for 600 years and is closely intertwined with success in financial affairs and investment. Before becoming a full-fledged representative of the family office, Sir Anthony Ritossa made an amazing career on Wall Street and managed to prove himself in managerial positions in the largest investment funds.
Binance Denies Police Raids, Very Existence of Shanghai Offices
n Binance cryptocurrency exchange has denied reports of a police raid on its Shanghai offices, as it purportedly has no such officesn
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