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He Lost $187M in Bitcoin, Has Idea How to Get It Back

James Howells' latest plan involves AI

(Newser) - James Howells' claim to fame is the fortune that he lost. In 2013 the computer engineer accidentally tossed a hard drive containing 8,000 bitcoins. At their current value of about $23,400 a pop, those missing bitcoins are worth roughly $187 million; at their November 2021 peak, it would...

Robinhood Has More Bad News for Its Employees

After slashing 9% of workforce earlier this year, CEO Tenev announces another 23% has to go

(Newser) - Robinhood Markets said Tuesday it's cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce...

Feds Say Crypto Firm Was $300M Ponzi Scheme

Forsage's founders among 11 charged by SEC

(Newser) - Cryptocurrency firm Forsage used technology undreamt of when Charles Ponzi was ripping off investors in the 1920s but regulators say the basic idea was the same: A scam in which investors promised big returns were paid off with money from later investors. The Securities and Exchange Commission has charged 11...

Tesla Sells 3/4 of Its Bitcoin Holdings

Amid ongoing production issues

(Newser) - Tesla had what the Guardian describes as a "shaky" second quarter, reporting a 32% drop in profit from the first quarter's record levels and having a difficult time meeting demand due to production issues. Amid all this, it has sold 75% of its bitcoin holdings, $936 million worth,...

Amateur Investors Still Processing Crypto Crash

Nobody was surprised by the crypto crash, but the losses are still very real for many

(Newser) - Crypto has gone from craze to crash in the space of two years. Bitcoin, for example, hit nearly $70,000 in November, but it’s been hovering around $20,000 for a month. It could drop more, or maybe it won’t. Guardian reporter Sirin Kale says there remains plenty...

Cryptocurrency Lender Files for Bankruptcy

It could take years for Celsius customers to get any money back

(Newser) - One of the biggest cryptocurrency lenders has become the latest industry giant to be toppled by this year's massive crash in crypto prices. Celsius Networks, which froze customer accounts a month ago, has filed for Chapter 11 bankruptcy protection and it's not clear when, or if, its customers...

'Cryptoqueen' Added to FBI's Ten Most Wanted List

Ruja Ignatova is accused of scamming OneCoin investors out of more than $4B

(Newser) - The FBI has added Ruja Ignatova, a Bulgarian woman dubbed the "cryptoqueen," to its Ten Most Wanted list—but she's been missing since 2017 and the agency says she may have changed her appearance. The 42-year-old is accused of running a Ponzi scheme that scammed investors around...

N. Korea Blamed for $100M Crypto Heist

But country's holdings have been hit by crash in values

(Newser) - Cryptocurrency heists aren't as lucrative as they were before the recent crash in values, but hackers apparently linked to North Korea still managed to make off with up to $100 million in a cyberattack on a US company last week, analysts say. Reuters reports that investigators have spotted tell-tale...

Selloff Pushes Bitcoin Price Below $20K

Other cryptocurrency collapses combine with worries about economy to shake market

(Newser) - Bitcoin has now lost 72% of its value from its high point in November, after the price dropped below $20,000 on Saturday. And Ether slipped below $1,000. The cryptocurrency selloff partly has been prompted by concerns—shared by stock traders—about inflation and the Federal Reserve's steps...

Economist Who Hates Crypto Recasts a 'Moon' Prediction

With market in free fall, Peter Schiff suggests a crash landing is coming

(Newser) - The stock market f ell into a bear market on Monday, but as badly as stocks are getting hammered, the cryptocurrency sector is getting hammered even harder. The fallout continued Tuesday, as Coinbase—the largest cryptocurrency exchange in the US—announced it was cutting 18% of its workforce, reports the...

Alleged PPP Fraudster Blew $2.5M on Cars, Crypto

Vinicius Santana of Florida allegedly bought 2 cars and a home with his $2.5M loan

(Newser) - Authorities say the former owner of a Massachusetts painting business fraudulently received $2.5 million in loans meant to assist small businesses during the pandemic before buying cars and a home and investing in cryptocurrency. Vinicius Santana, 34, was arrested Monday at Miami International Airport, not far from where he...

Cryptomining Poised to Take a Hit in This State

Landmark environmental measure slowing down operations passes New York state Legislature

(Newser) - A milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature. The closely watched bill approved Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil...

Ethics Panel Opens Cawthorn Investigation

Scope includes allegation about 'Let's Go Brandon' crypto coin

(Newser) - The House Ethics Committee said Monday it's beginning an investigation of Rep. Madison Cawthorn, the Republican freshman whose reelection bid was derailed last week when he lost his North Carolina primary . The panel is looking into whether Cawthorn broke any rules by promoting a cryptocurrency in which he might...

Luna's Inventor Mocked Critics, and 'Lunatics' Lost Everything

Do Kwon built a faithful following despite critics' doubts about Luna's underpinnings

(Newser) - In April, Do Kwon—founder of Terraform Labs— tweeted a picture of his newborn daughter with the message, "My dearest creation named after my dearest invention," Luna cryptocurrency. On May 13, less than a month later, he tweeted, "I am heartbroken about the pain my invention has...

Coinbase to Users: You Could Lose It All if We Go Bankrupt

But the company's CEO says there's 'no risk' of crypto exchange going bankrupt

(Newser) - Coinbase, America's largest cryptocurrency exchange, holds around $256 billion in cryptocurrencies and traditional currencies—and it alarmed some users this week when it warned that those holdings could be lost if the company files for bankruptcy. The company said "the crypto assets we hold in custody on behalf...

FBI Points Finger at Well-Known Group for Huge Crypto Heist

N. Korea's Lazarus, tied to 2014 Sony Pictures breach, is believed to be behind theft

(Newser) - Update: It's a hack the BBC calls "likely one of the biggest ever to hit the crypto world," and US officials say it looks Lazarus was behind it. That's the hacker group thought to be controlled by North Korea's main intelligence agency and believed to...

'Justice Served' in Crypto Expert's North Korea Case

Virgil Griffith gets 5 years behind bars after presenting at crypto conference in Pyongyang

(Newser) - Update: It's more than five years behind bars for Virgil Griffith, the hacker accused of helping North Korea evade US sanctions with his cryptocurrency tips. NBC News reports the 39-year-old received a 63-month prison sentence on Tuesday after pleading guilty last year to conspiracy; he admitted to presenting at...

Cops: 'Ethical Hacker' Was Anything But

Aaron Motta of Florida accused of robbing customer of nearly $600K in cryptocurrency

(Newser) - Police say a tech expert listed as a "certified ethical hacker" on LinkedIn fell a wee bit short in the ethics department while working with a senior citizen. The Clearwater Police Department says 27-year-old Aaron Daniel Motta robbed nearly $600,000 in cryptocurrency from a customer who hired Motta...

Young Crypto Billionaire: I'm Giving Away Most of My Money
He's 30, Worth $24B, Drives
a Corolla, Sleeps in a Beanbag
in case you missed it

He's 30, Worth $24B, Drives a Corolla, Sleeps in a Beanbag

'I don't want a yacht,' crypto CEO Sam Bankman-Fried says of plan to give away most of his money

(Newser) - Sam Bankman-Fried wants FTX, the Bahamas-based cryptocurrency exchange he co-founded, to become the "biggest source of financial transactions in the world." In the meantime, he has a plan for the fortune he's already raking in: He wants to give most of it away. The 30-year-old tech entrepreneur,...

Online Game Hit by Massive Crypto Heist

'Axie Infinity' says $615M was taken after criminals compromised blockchain bridge

(Newser) - A popular online game says it is "here to stay" despite one of the biggest cryptocurrency thefts on record. Vietnamese studio Sky Mavis says hackers drained cryptocurrency worth more than $600 million from the "bridge" that allows Axie Infinity players to exchange other cryptocurrencies for in-game currency or...

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