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2022-06-05 11:37:49 Al Jalila Foundation, the United Arab Emirates charitable organization, recently announced that it has been given permission to accept cryptocurrency donations. Accepting cryptocurrencies makes it possible for the foundation to receive funding via what is described as one of the fastest-growing donation methods.

Accepting Crypto Expands Foundation’s Donation Channels
A United Arab Emirates (UAE) healthcare organization, Al Jalila Foundation, said it has been given permission to accept digital money and that well-wishers can now donate via cryptocurrencies. By accepting cryptocurrencies, Al Jalila Foundation has become one of the first nonprofit organizations from the UAE to do so.

In a recently released...

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2022-06-05 09:34:15 The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year.

FTC Says Scammers Stole Over $1 Billion in Crypto
The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes.

Emma Fletcher, senior data researcher at the FTC, wrote:

Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method.

Specifically, $680 million in cryptocurrency fraud losses were reported...

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2022-06-05 06:31:07 Terraform Labs CEO Do Kwon is unlikely to face criminal charges in the U.S. over the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), according to legal experts. They explained that civil charges are more likely, including lawsuits by cryptocurrency investors.

Do Kwon Unlikely to Face Criminal Charges
The recent collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) has raised questions about whether their creator, Do Kwon, can be held accountable.

Randall Eliason, a professorial lecturer in law at the George Washington University Law School who spent 12 years as an assistant U.S. attorney for the District of Columbia, explained that Kwon is unlikely to be criminally prosecuted, CNBC reported Thursday.

Emphasizing that prosecutors have to prove criminal wrongdoing beyond a reasonable doub...

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2022-06-05 04:40:13 Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way.

Goldman Sachs President’s Warning About the U.S. Economy
Goldman Sachs President and Chief Operating Officer John Waldron shared his outlook for the U.S. economy at a banking conference Thursday.

Commenting on current economic conditions, he said: “This is among — if not the most — complex, dynamic environment I’ve ever seen in my career.” The top Goldman Sachs executive elaborated:

We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented.

Waldron’s comments echoed a similar warning by JPMorgan Chase CEO...

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2022-06-05 01:11:26 As Ethereum’s transition to proof-of-stake (PoS) gets closer and the network’s hashrate taps another all-time high, the Ethereum 2.0 contract is close to nearing 13 million ether worth $22.6 billion using today’s ether exchange rates. Moreover, according to a decentralized finance (defi) educator, the $22.6 billion worth of ethereum that continues to grow won’t be unlocked until another upgrade is enforced following The Merge.

Ethereum 2.0 Contract Nears 13 Million Ether Locked — Defi Educator Says The Merge Won’t Be a Negative Price Catalyst
On June 4, 2022, etherscan.io’s webpage that hosts the Ethereum 2.0 contract, indicates that there’s 12,785,941 ether locked into the contract. The Ethereum 2.0 contract holds the funds f...

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2022-06-04 23:21:33 As digital currency prices have slid significantly in value during the past few months, the bear market cycle is starting to take its toll on the crypto industry’s workforce. On June 2, Gemini’s co-founders the Winklevoss brothers revealed the company would lay off 10% of its employees. The same day, one of the Middle East’s largest digital currency exchanges, Rain Financial revealed it had to lay off dozens of employees. Rain’s CEO said as cryptocurrency markets have slowed down, it has “impacted businesses across the globe.”

7 Crypto Firms Forced to Reduce Workforce Numbers
2022 is starting to look an awful lot like the latter half of 2018 as crypto companies worldwide are letting employees go due to the crypto bear market downturn. The start of the layoff news started in April when Robinhood announced it had to lay...

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2022-06-04 21:16:12 The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said he plans to increase the institution’s gold holdings almost tenfold from the current 11 tonnes to 100 tonnes. Michl also said he will ask the bank’s foreign exchange reserves management team to invest in stocks.

Growing the CNB’s Shareholding
The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said gold is good for diversification because “it has zero correlation with stocks.” Therefore, under his stewardship, the CNB hopes to increase its holdings of the commodity from the current 11 tonnes to 100 tonnes or even more. However, this will be done gradually, the incoming governor said.

With this plan, which sees the bank’s gold holdings grow by almost ten times, the new CNB boss, as one...

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2022-06-04 17:31:01 Following the all-time high (ATH) recorded in May, Ethereum’s hashrate has been breaking records again, as it reached 132 petahash per second (PH/s) on Saturday, June 4. Presently, Ethereum’s hashrate is coasting along at 129 PH/s and the network’s top mining pool Ethermine commands 0.24% of the network’s hashrate.

Ethereum’s Hashrate Captures Another Record High This Year
On June 2, Bitcoin.com News reported on the top five mining pools retaining over 71% of Bitcoin’s hashrate during the month of May. BTC’s hashrate at the time had a rough average of around 200 exahash per second (EH/s) and 16 known mining pools mined the leading crypto asset.

Last May, arou...

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2022-06-04 15:18:11 Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks.

Rostec Employs Distributed Ledger Technology to Substitute SWIFT
Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been...

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2022-06-04 11:53:32 Pablo Hernandez de Cos, governor of the Bank of Spain, has again warned about cryptocurrencies and the growth that the crypto market is experiencing. Hernandes de Cos stated that, while the market is still relatively small at a worldwide level, the cryptocurrency market is now bigger than subprime mortgages before the financial crisis circa 2008, and its links with traditional finance keep growing.

Governor of Bank of Spain Warns About Expansion of Crypto
The governor of the Bank of Spain has warned about the risks of letting the growing cryptocurrency markets mix with traditional financial institutions. While closing an event, Pablo Hernandez...

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