News Bytes – 2

Auto Added by WPeMatico

Paypal Ventures-Backed Mesh Partners With Conio to Launch Open Banking Solutions for Bitcoin in Europe

by

Mesh, a U.S. fintech company backed by Paypal Ventures, has partnered with Italian digital asset wallet Conio to enhance cryptocurrency exchange access for Conio’s 430,000 customers. This collaboration allows users to access 10 leading crypto exchanges, including Binance and Coinbase, through the Conio app, and seamlessly transfer bitcoin purchases directly into their Conio wallets. By … Read more

BIS Report Warns of Rising Public Debt Risks to Global Economies

by

The Bank for International Settlements (BIS) Annual Economic Report 2024, published on June 30, highlights the significant risks posed by rising public debt levels across both advanced and emerging market economies. The report stresses that without fiscal consolidation, debt trajectories will remain unsustainable, threatening macroeconomic stability. As interest rates rise, refinancing needs and higher debt … Read more

Tokyo Stock Exchange-Listed Metaplanet Boosts Bitcoin Holdings

by

Metaplanet, listed on the Tokyo Stock Exchange under the ticker 3350, announced on July 1 that it has made an additional bitcoin purchase. Following the company’s disclosure on June 24 about plans to acquire BTC worth 1 billion yen ($6.2 million), Metaplanet has initiated the purchase with an investment of 200 million yen. This transaction … Read more

Malicious Crypto Wallet App Submitted to Apple Store Leads to Fraud Charges

by

The U.S. Department of Justice (DOJ) announced on Wednesday that Nikita Andreevich Sklyuev, also known as Valeriy Dorojkin, has been extradited from Ukraine and arraigned in Buffalo, NY, on charges of wire fraud and fraudulent use of an unauthorized access device. Sklyuev is accused of submitting a malicious cryptocurrency wallet app, “EOSIO Wallet Explorer,” to … Read more

North Carolina Passes Bill to Block State Participation in Federal CBDC Testing

by

The General Assembly of the U.S. state of North Carolina has approved a bill that prevents the state from participating in the Federal Reserve’s testing of a central bank digital currency (CBDC). The General Assembly is North Carolina’s legislative body, comprising two chambers: the House of Representatives and the Senate. The bill passed with significant … Read more

Yield App Suspends Operations Ahead of Liquidation

by

Yield App, a platform for earning interest, buying, and swapping cryptocurrencies, announced on social media platform X Friday the suspension of all activities in preparation for liquidation proceedings. The Seychelles-based company halted operations due to significant portfolio losses from third-party hedge fund managers on the failed cryptocurrency exchange FTX, which are currently under litigation. To … Read more

Fake Crypto Fund Operator Pleads Guilty to Defrauding Investors

by

Michael Joseph McElhiney, age 37 and formerly of Spokane, Washington, has pleaded guilty to wire fraud, the U.S. Department of Justice (DOJ) announced on Wednesday. Between March 4, 2021, and Sept. 10, 2022, McElhiney defrauded investors by falsely claiming to operate a cryptocurrency investment fund called Mac Blockchain Solutions. He contacted victims in person, via … Read more

Asian Currencies Hit 19-Month Low: Devere CEO Predicts Continued Weakness

by

Asian currencies have reached their lowest levels in over 19 months as the U.S. dollar strengthens, driven by expectations of prolonged elevated U.S. interest rates. The Bloomberg Asia Dollar Index fell by 0.1% on Thursday, marking its lowest point since November 2022. Significant declines in the Philippine peso, Indian rupee, and South Korean won are … Read more

SEC Revokes Lufkin Advisors’ Registration Amid Fraudulent Crypto Activities

by

The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Lufkin Advisors LLC on Wednesday. This follows an offer of settlement from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including the mismanagement of crypto assets, undisclosed investments with an employer related to the spouse … Read more

Federal Reserve Stress Test Projects $685 Billion in Losses for Large Banks

by

The Federal Reserve Board’s annual stress test results reveal that large banks are expected to face nearly $685 billion in projected losses during a severe recession scenario. These losses are significantly higher than last year due to increased risks in bank balance sheets and higher expenses. The aggregate common equity tier 1 (CET1) capital ratio … Read more