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Bitcoin.com News

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Bitcoin.com News

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  • $180 Million Hacked From Brazilian Banking System: Attackers Cashed out Using Crypto According to local media, this may be the largest hack ever perpetrated against the Brazilian banking system. Attackers leveraged USDT and bitcoin to cash out through exchanges and crypto institutions, using instant payment systems such as Pix. The Brazilian banking system has faced what might be the largest attack ever perpetrated against several of its institutions. On Tuesday, local media reported that C&M, a company that provides financial software to several large financial institutions in Brazil, including Bradesco, the second-largest bank in the country, had been attacked. The unidentified party exploited a vulnerability in C&M’s software that allowed it to take control of several accounts linked to BMP, a banking-as-a-service provider. This allowed them to take millions of reais from institutions like Bradesco and Credsystem, another institution that provides credit card services. While the Central Bank of Brazil acknowledged the attack happened and has disconnected C&M’s access to the system, there have been no official reports detailing the actual losses caused by this exploit. Sources report that losses could reach up to 1 billion reais (over $180 million), which would already be out of the reach of these institutions, as hackers took quick action to move these funds outside the system using Pix, the Brazilian instant payment system. To this end, the attackers took advantage of the popularity of this payment system and directed the stolen funds to several cryptocurrency exchanges supporting this feature to launder the funds. Part of the money was exchanged through these Brazilian platforms for bitcoin and Tether’s USDT. Rocelo Lopes, CEO of Smartpay, criticized the vulnerability of the Brazilian banking system, which lacks the needed guardrails to stop this kind of attack in its tracks.
  • Openpayd and Ripple Partner to Enhance Fiat and Stablecoin Infrastructure for Streamlined Cross-Border Payments Openpayd, a prominent provider of financial infrastructure, has announced a strategic partnership with Ripple aimed at delivering compliant and scalable payment solutions for enterprise clients. This collaboration will integrate Openpayd’s global fiat infrastructure, including real-time payment rails and multi-currency accounts, with Ripple Payments, which utilizes blockchain technology to facilitate fast and transparent cross-border payments in EUR and GBP. The partnership also enhances Openpayd’s stablecoin infrastructure by enabling direct minting and burning of Ripple USD (RLUSD), allowing businesses to seamlessly convert between fiat and RLUSD while accessing a comprehensive suite of services through a single API. Both companies emphasize the importance of robust fiat infrastructure for mainstream stablecoin adoption, with the partnership designed to simplify cross-border payments and improve liquidity management for enterprises.
  • 'Big, Beautiful Bill' Widens Trump-Musk Schism: Dawn of the America Party The implications of the upcoming approval of Trump’s trademark “big, beautiful bill” have prompted Musk to oppose it, warning senators about its potential dangers. Musk stated that if the bill is approved, the America Party would be formed to oppose both sides of the aisle. Elon Musk Blasts Debt Implications of Trump’s ‘Big, Beautiful Bill,’ Calls for Founding New America Party Elon Musk has taken his criticism of President Trump’s and the Republican Party’s “big, beautiful bill” to another level, pushing against senators supporting this initiative and proposing the creation of a new political party catering to centrist individuals. Musk blasted the changes that the bill would bring, including the increase of the debt ceiling by $5 trillion, hinting at a public debt growth under Trump’s current administration. On X, Musk objected to the upcoming approval of this bill, stressing that “every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!” Furthermore, Musk vowed to attack these senators and make them lose their primary elections next year. In a subsequent post, Musk proposed the creation of a new political party that would group citizens not in line with the policies promoted by Republicans and Democrats. He stated: If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE. In a poll where over 5 million voted, 80% supported Musk’s America Party proposal. President Donald Trump quickly reacted to Musk’s remarks, calling him out for receiving subsidies from the Federal government to keep his companies operating. On Truth Social, Trump highlighted that Musk may get more subsidies “than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa.” This exchange widens the already large gap between the former collaborators, as Musk believes that the big, beautiful bill is contrary to what he sought to achieve with the Department of Government Efficiency ( DOGE) initiative.
  • Number of Bitcoin Wallets Holding Over $1 Million Sees Significant Jump: Coinbase Institutional Coinbase Institutional projects a constructive outlook for cryptocurrency markets in the second half of 2025, driven by economic optimism, corporate adoption and regulatory progress. Positive 2H25 Crypto Outlook Amid Rising Institutional Holdings The report identifies three key themes: improved U.S. macroeconomic prospects reducing recession fears, increasing adoption by corporate treasuries as a significant demand source, and a shifting U.S. regulatory landscape supporting stablecoins and market structure. While acknowledging risks like potential yield curve steepening or forced selling from specialized corporate vehicles, Coinbase views these as manageable near-term concerns. A notable trend is the sharp rise in corporate entities focused primarily on accumulating bitcoin and other cryptocurrencies. This corporate adoption is reflected in on-chain data showing a significant increase in the number of bitcoin (BTC) wallets holding balances exceeding $1 million. Data cited from Glassnode indicates these high-value wallets rose substantially from levels seen in early 2024 through May 2025. Number of Bitcoin Wallets Holding Over $1 Million Sees Significant Jump: Coinbase Institutional This corporate accumulation, often funded through equity or debt issuance, introduces potential systemic risks related to forced selling or discretionary selling pressure. However, Coinbase analysts note that major debt maturities for these vehicles generally extend to late 2029 or beyond, mitigating immediate forced selling concerns. On regulation, Coinbase highlights strong momentum for stablecoin legislation potentially reaching President Trump’s desk before the August congressional recess, alongside progress on a broader crypto market structure bill clarifying roles for the CFTC and SEC. The SEC also faces decisions on numerous pending exchange-traded fund (ETF) applications throughout 2025. Despite risks, Coinbase expects bitcoin’s upward trend to continue, while altcoin performance may depend more on specific factors like upcoming regulatory decisions on single-asset ETFs. The overall outlook remains positive based on the confluence of economic, adoption, and regulatory factors.
  • Lazarus Group Launders $1.95M in Stolen Ethereum via Tornado Cash Blockchain investigator ZachXBT has identified hackers tied to North Korea’s Lazarus Group laundering $1.95 million worth of stolen crypto through the mixer Tornado Cash. North Korea’s Hackers Use Tornado Cash to Obfuscate the Trail of $1.95M Ethereum The theft originated from a May 16, 2025, attack where a victim lost $3.2 million from multiple Solana addresses, according to ZachXBT. The hackers market-sold the assets and bridged funds to the Ethereum chain before depositing 800 ETH into Tornado Cash across two transactions: 400 ETH on June 25 and another 400 ETH on June 27. Lazarus Group Launders $1.95M in Stolen Ethereum via Tornado Cash Image shared by ZachXBT in his Telegram channel. Approximately $1.25 million in DAI and Ethereum remains untouched at the address “0xa5f,” ZachXBT stated. The Solana theft address is identified as “C4WY1.” The Lazarus Group, a state-sponsored hacking collective operated by North Korea, conducts large-scale cyberattacks to fund the regime’s weapons programs. It has stolen billions in cryptocurrency since 2018 through exchange hacks, ransomware, and phishing schemes, drawing sanctions from the U.S. Treasury. Authorities and investigators like ZachXBT will likely monitor the unmoved $1.25 million as blockchain analysts trace the Lazarus Group’s cross-chain laundering tactics. With Tornado Cash’s role, however, the Ethereum-based tool obscures transaction trails and makes it more difficult.
  • Africa's Stablecoin Boom: An 'Economic Lifeline' for Emerging Markets The founder of an African stablecoin association said he supports BitMEX founder Arthur Hayes’ claim that one-third of Nigeria’s GDP is conducted in USDT. He emphasized that stablecoins are a vital economic lifeline for emerging markets and marginalized communities. Stablecoins an Economic Lifeline A founder of a Nigerian stablecoin platform has backed BitMEX founder Arthur Hayes’ assertions in a recent blog that a third of Nigerian gross domestic product (GDP) is conducted in USDT. According to Nathaniel Luz, who also leads the Africa Stablecoin Network, Hayes’ claims are hardly surprising because stablecoins are proving to be an “economic lifeline” for emerging markets and countries with broken financial systems. From proving to be a much more effective way of paying for imports to rescuing the financially excluded, stablecoins like USDT are showing themselves to be a life-changing financial innovation. Explaining to Bitcoin.com News why stablecoins are increasingly popular in Africa, Luz said: They serve as a financial lifeline for individuals who need to make prompt payments to import goods. They serve as an economic lifeline for people who have been marginalized, specifically those who cannot access funds through conventional banking apps. They are an economic lifeline for third-world countries, emerging markets, and people whom the big financial players have marginalized. Stablecoins do not discriminate. In his recent blog post, Hayes revealed that a board member of an unnamed major U.S. bank highlighted the threat posed by stablecoins to a business model that has earned financial services billions of dollars for years. According to Hayes, the said board member believes stablecoins are inevitable; therefore, financial institutions must adapt or sink. While a growing number of U.S.-based financial institutions are eagerly exploring the launch of their own stablecoins, these ambitions remain largely tethered to the elusive promise of a clear regulatory framework. Of the two stablecoin bills currently before U.S. lawmakers, only the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act has managed to clear significant legislative hurdles. Africa More Than Ready for Stablecoins Analysts contend that only after a definitive and comprehensive law is enacted will a floodgate truly open for companies seeking to introduce their stablecoin offerings. However, unlike in the U.S., which until recently pursued a hostile policy toward digital assets, stablecoins in Africa already have “75% of the criteria for full adoption with a ready market.” According to Luz, while regulation is the only missing piece of the puzzle, some African governments are finally waking up to this reality. “The current Nigerian government is pro-crypto and pro-stablecoin. Cryptocurrency is entirely legal in Nigeria, and we can see government bodies like the SEC coming up with the ‘Crypto Smart, Nigeria Strong’ initiative to educate and increase the adoption of cryptocurrencies. It is time for Africa, and we are glad to be a part of it,” Luz said. Regarding his association’s role in promoting the use of stablecoins in Africa, Luz explained that the African Stablecoin Network is focused on stablecoin adoption in Africa. As part of this mandate, the network is set to hold a conference in July that draws stakeholders from the finance and fintech industry. On lessons that can be drawn from the ongoing process to establish a stablecoin regulatory regime in the U.S., Luz said African governments must distinguish stablecoins from cryptocurrencies. “Just as the U.S. began with the STABLE and GENIUS Acts, financial regulatory bodies in Nigeria and other African countries must establish separate regulations for stablecoins,” Luz stated.
  • Strike CEO Jack Mallers: Bitcoin Is a Moral Revolution, Not Just an Investment Jack Mallers, the CEO of Strike and Twenty One Capital, delivered a keynote at BTC Prague arguing bitcoin represents a moral revolution against a failing financial system burdening younger generations. Youth Bear Cost of Money Printing, Mallers Says; Bitcoin Provides Hope Strike CEO Jack Mallers used his keynote address at BTC Prague to frame bitcoin as a necessary moral and generational revolution against a financial system he claims has failed young people. He rejected characterizations of bitcoin (BTC) as solely for the wealthy or speculative gain. Mallers, identifying as a young millennial, asserted his generation struggles under the weight of government debt and policies favoring elites. “My generation is struggling,” Mallers stated. “It’s not an investment; it’s a revolution.” He described government debt as “a form of time travel,” spending future resources, and asked why problems like poverty persist if money can simply be printed. He traced systemic issues back to President Nixon ending the U.S. dollar’s convertibility to gold in 1971 and the subsequent petrodollar system. Mallers cited economist Robert Triffin’s dilemma, arguing that the dollar’s reserve status forces the U.S. to run deficits, exporting inflation and instability domestically. Mallers said: The cost of printing is not paid in currency—it’s paid in us. The youth bear it. Citing statistics, Mallers claimed social decline accelerated after 1971, including falling birth rates, rising divorce, increasing single-parent poverty, soaring health costs, declining life expectancy relative to Japan, unaffordable housing, and exploding incarceration rates. “Global reserve gone awry is not superpower—it’s a disease,” he argued. Mallers contended that fiat money, controlled by governments, represents a “moral violation.” “Printing money is a moral violation—it’s stealing from future generations without consent. Fiat is a moral wrong,” he declared. He positioned bitcoin as humanity’s next essential tool, akin to fire or the printing press, designed with unbreakable ethical rules: “no censorship, no inflation… no theft.” “Before bitcoin is the best-performing asset, it’s a moral stand,” Mallers asserted. He emphasized Bitcoin’s foundation in mathematics and cryptography, making it resistant to seizure or censorship: “Bitcoin creates immensity—the strength no violence can break.” He highlighted the community’s role: “Bitcoiners are bitcoin—the nodes enforcing consensus are run and defended by humans.” Concluding, Mallers urged his generation to see BTC as hope for a better future. “Bitcoin is a moral option… It uses math to preserve happiness, saving, family, hope,” he said, adding: “Choose ethical money. Choose freedom.”
  • The U.S. House shows 66% pro-Bitcoin alignment, signaling a major shift towards crypto-backed growth. The GENIUS Act, now advances to the House for consideration, while the CLARITY crypto market-structure bill heads to the Senate.
  • Bakkt Files for $1 Billion Shelf Offering, May Allocate to Bitcoin Bakkt Holdings, Inc. filed a $1 billion mixed securities shelf offering with the U.S. Securities and Exchange Commission (SEC), potentially funding bitcoin acquisitions under its updated investment strategy. Crypto Firm Bakkt Seeks $1B in Flexible Capital Raise for Digital Assets The crypto platform’s Form S-3 registration, filed June 26, 2025, allows it to sell Class A common stock, preferred stock, debt securities, warrants, or units in one or more future offerings. Proceeds may support working capital and “general corporate purposes,” per the prospectus. The shelf mechanism provides flexibility to raise capital opportunistically over time without new SEC filings. Bakkt Files for $1 Billion Shelf Offering, May Allocate to Bitcoin BKKT share performance as of June 26, 2025. Bakkt’s updated investment policy, disclosed on June 10, 2025, explicitly permits bitcoin (BTC) and digital asset acquisitions using cash reserves, financing proceeds, or other capital. The policy aims to align treasury strategy with crypto market exposure, though the firm noted no purchases have yet occurred. The SEC filing highlights significant business challenges, including client concentration and non-renewal of a major contract. Bakkt’s loyalty segment faces potential divestment as it refocuses on crypto services. A March 2025 cooperation agreement with Distributed Technologies Research Global Ltd. aims to integrate payment-processing technology. Regulatory uncertainties feature prominently in risk disclosures. Bakkt warned that evolving crypto rules, potential security classification of digital assets, and banking access disruptions could materially impact operations. Cybersecurity threats to digital holdings and operational hurdles in integrating new assets were also cited. Bakkt did not specify a timeline for securities sales but the crypto community is amped up about this prospect. Its Class A shares (NYSE: BKKT) and public warrants (BKKT WS) remain listed. The shelf offering requires prospectus supplements detailing terms for each tranche. If Bakkt does allocate to bitcoin, the company will join a slew of firms using the same strategy
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