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Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax evasion.” Schiff stressed: “Other than the failed investigation of my bank, which did not result in any charges being filed against anyone, the J5 has not had a single enforcement success in its 5-year plus history of existence.”

Peter Schiff Says J5’s Only Success Is a Failure

Economist Peter Schiff slammed the Joint Chiefs of Global Tax Enforcement (J5) on Wednesday, claiming its only success is a failed action against his bank, Euro Pacific Bank. J5 was established in 2018 by leaders of tax enforcement authorities from Australia, Canada, the Netherlands, the U.K., and the U.S. to increase collaboration in the fight against international and transnational tax crime and money laundering.

Schiff detailed:

The only J5 enforcement success the IRS brags about on its website is the coordinated global day of action in Jan. of 2020 against my bank ‘to put a stop to the suspected facilitation of offshore tax evasion.’

“The action was part of a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe,” the economist added.

Euro Pacific Bank’s operations were suspended in July last year by the Puerto Rican Office of the Commissioner of Financial Institutions (OCIF), which cited “serious insolvency” issues. However, a subsequent settlement revealed the bank did have cash on hand. As part of the settlement, Schiff agreed to return $66.7 million in deposits and pay $300,000 in fines, according to a copy of the agreement.

Commenting on the J5’s action against his bank, Schiff stressed: “This ‘success’ was a total failure, as everything they believed was false. No one was using my bank to evade taxes or launder money. All the J5 succeeded in doing was putting a completely innocent bank out of business, and denying its law-abiding customers, who only used their accounts for lawful and legitimate purposes, to be without their savings for over 17 months and counting.” The gold bug further detailed:

Other than the failed investigation of my bank, which did not result in any charges being filed against anyone, the J5 has not had a single enforcement success in its 5-year plus history of existence.

What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.

Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.”

Robert Kiyosaki on Giant Crash and a Depression

The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued:

This next crash may turn into a depression.

The renowned author also shared in an X post on Sunday that the Israel-Hamas war has motivated him to buy an electric vehicle. “The war is about oil,” he said. “Higher gas prices will make the poor poorer.” He proceeded to reiterate his recommendation of buying gold, silver, and bitcoin, which he believes to be the best investment for unstable times.

The well-known author has repeatedly expressed concerns about challenging times ahead for the U.S. economy. Last week, he similarly cautioned about a possible next Great Depression and a war, predicting “really hard times ahead” for millions of people. Kiyosaki also previously warned of the “greatest real estate crash ever,” emphasizing that the Federal Reserve’s rate hikes will also crash stocks, bonds, and the U.S. dollar.

What do you think about the warnings by Rich Dad Poor Dad author Robert Kiyosaki about the next crash turning into a depression? Let us know in the comments section below.

JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug traffickers, money laundering, and tax avoidance.

Jamie Dimon Wants to Shut Down Crypto, Bitcoin

The chief executive officer of global investment bank JPMorgan Chase shared his view about crypto and bitcoin on Wednesday during the Senate Banking Committee’s annual Wall Street oversight hearing.

Responding to U.S. Senator Elizabeth Warren’s question about why cryptocurrencies are an attractive tool for criminals, Dimon stated:

I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.

“That is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously because it doesn’t go through all these systems built up over many years: Know Your Customer [KYC], sanctions, OFAC [Office of Foreign Assets Control] — they can bypass all of that,” the JPMorgan boss emphasized, adding:

If I were the government, I’d close it down.

“Today’s terrorists have a new way to get around the Bank Secrecy Act — cryptocurrency,” Senator Warren claimed. “I’m not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security.”

Dimon has always been skeptical about crypto and bitcoin. He previously said crypto tokens are “decentralized Ponzi schemes.” In January, he called bitcoin “a hyped-up fraud” and likened the cryptocurrency to a pet rock. He also believes that Bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.

Responding to Dimon’s testimony, crypto proponents expressed on social media platform X that if he thinks he can shut down bitcoin, he doesn’t understand it. Many pointed out that banks and fiat money are used more heavily by criminals than crypto. Vaneck’s director of digital asset strategy, Gabor Gurbacs, commented: “Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion. Banks should stay silent.” He added:

JPMorgan Chase parent company is the second most penalized financial institution with close to $40 billion in fines for 272 violations since 2000. Jamie Dimon is in no position to criticize bitcoin with this sort of track record. They should start the hearing with these stats.

Lawyer John Deaton called Dimon a hypocrite. “Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when JPMorgan has been fined over thirty-five billion dollars ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use bitcoin or crypto?” he asked.

Even X’s “readers added context” pointed out that people might want to know: “Less than 1% of the trillions transacted annually in crypto are illicit. The UN estimates that annually between 2% to 5% of global GDP ($800 billion – $2 trillion) is used for illicit activities and money laundering through the traditional banking system and cash.”

What do you think about JPMorgan Chase CEO Jamie Dimon wanting to shut down crypto and bitcoin? Let us know in the comments section below.

Brazil will address the subject of digital currencies and how they can improve the financial system for the Group of Twenty (G20). Roberto Campos Neto, president of the Central Bank of Brazil, stated he wants the G20 to consider the benefits of using these currencies for making financial transactions and to work towards adapting rules to take advantage of this.

Brazil to Discuss Digital Currencies as G20 President

The government of Brazil will discuss digital currencies and the possible benefits of implementing them for financial transactions as part of the Group of the Twenty (G20). Having assumed the G20 presidency on December 1, Brazil will leverage its position to advance the digital agenda and assess how the twenty largest economies could adapt their regulatory frameworks to take advantage of digital currencies.

At a recent event, Roberto Campos Neto, president of the Central Bank of Brazil, explained Brazil will touch on this subject in the group. According to Valor Economico, he stated:

Digital currencies can greatly reduce the costs of international transactions. The G20 will work to improve the settlement and governance of international transfers.

Campos Neto referred to the improvements that programmability, a trait of digital currencies, brings to the financial transactions arena, clarifying that it can offer efficiency gains due to the possible scheduling of asset purchases and payments.

Monetization of user data will be a significant factor in lowering the costs associated with using these currencies, Campos Neto stressed. “It is a technology that is here to stay. It democratizes,” he concluded.

Brazil is currently in the pilot stages of its upcoming digital currency, dubbed drex, which features an elevated degree of programmability, including automating transactions involving assets such as cars and real estate. The launch of this currency could happen in 2024, according to previous statements from Campos Neto.

What do you think about Brazil taking the issue of digital currencies to the G20? Tell us in the comments section below.

Terraform Labs’ co-founder, Do Kwon, is on the brink of extradition to the United States from Montenegro. This development follows a decisive ruling by a high court and the endorsement from a top official. According to The Wall Street Journal, Justice Minister Andrej Milovic has confidentially agreed to the extradition, signifying a crucial twist in Terraform Labs’ continuing narrative and its profound repercussions on the crypto economy.

High Court Approves U.S. Extradition of Terraform Labs Co-Founder Do Kwon Amid Fraud Charges

The Wall Street Journal released an exclusive report on Thursday regarding Do Kwon’s extradition. This follows the judgment of a Montenegrin high court, which received subsequent support from Justice Minister Andrej Milovic during closed-door and private conversations. Insiders reveal that the high court has consented to the U.S.’s extradition request and plans to transfer Kwon to American soil.

The path to extradition for Kwon has been complex, with the possibility of him being extradited to either South Korea or the U.S. Though Kwon consented to be extradited to South Korea, which added complexity to the case, the ultimate decision lay in the hands of Montenegrin officials. They now appear inclined to grant the U.S.’s extradition request. The Journal’s Alexander Osipovich and Marko Vešović stated:

Montenegro’s top justice official has privately said he plans to send disgraced crypto tycoon Do Kwon to the U.S. rather than South Korea to face criminal charges, people familiar with the matter said.

The charges from the U.S. against Kwon are extensive and multifaceted, including accusations of commodities fraud, securities fraud, wire fraud, and conspiracy to commit fraud and manipulate the market. The U.S. Securities and Exchange Commission (SEC) has leveled these charges, alleging that Kwon deceived investors through his operations at Terraform Labs. Despite facing these significant legal hurdles, Kwon has steadfastly refuted all claims of fraudulent conduct.

What do you think about the insiders who say Montenegro plans to send Do Kwon to the United States? Share your thoughts and opinions about this subject in the comments section below.

After the notable appearance of a mega whale on December 4, another block reward from the Satoshi era was moved on December 7, at a block height of 820,156. This transaction marks the 21st block reward from 2010 to be spent in the initial week of December.

Sleeping Bitcoin Stash Stirs After a Decade

On Thursday, December 7, 2023, a dormant stash of 50 bitcoin (BTC) stirred into action for the first time in over ten years. This movement of the so-called ‘sleeping bitcoins’ was detected by the blockchain parsing platform Echoing the activity seen on December 4, where a series of 20 blocks were utilized, the original address divided the funds between two separate Pay-to-Script-Hash (P2SH) addresses.

The originating address, known as “18JkK,” was established on July 24, 2010. From this, it transferred 1 BTC to the address labeled “32Xas” and a further 48.99 BTC to “3DD4X.” Nevertheless, the transaction was conspicuous in terms of privacy, garnering a low privacy score of 5 out of 100 from Blockchair’s privacy analysis tool. This was attributed to identifiable issues like matched inputs and outputs.

While the transfer of 50 BTC may seem modest compared to the 1,000 BTC moved by the spender of 20 block rewards on December 4, its current value of $2.18 million is striking, especially when contrasted with its July 2010 worth of just $15. Moreover, instances of moving bitcoins from 2010 have become notably scarce in 2023, with more frequent sightings of 2012-era bitcoins.

The specific block reward, number 69,986, spent on that Thursday marked its first movement in over a decade. Importantly, it wasn’t part of the collection of block rewards linked to Bitcoin’s creator, Satoshi Nakamoto. Notably, Satoshi was active during that July but departed the community permanently in December 2010.

What do you think about the 2010 block reward awakenings in December? Share your thoughts and opinions about this subject in the comments section below.

Sotheby’s, the world’s oldest fine art auction house, recently declared its intention to conduct an auction featuring Bitcoin-based Ordinal inscriptions, marking a first in the auction house’s history. This online event is set to commence in December at Sotheby’s New York, where an exclusive selection of “Bitcoinshrooms” from the Shroomtoshi’s Ordinals collection will be on display.

Sotheby’s Unveils Bitcoinshrooms Ordinals Auction

Michael Bouhanna, the lead for digital and contemporary art at Sotheby’s, revealed the auction house’s strategy to offer non-fungible token (NFT) assets that are created on the Bitcoin blockchain. These NFTs originate from the “Bitcoinshrooms” Ordinals collection, which showcases an 8-bit artistic style. This unique collection is the brainchild of the digital artist Shroomtoshi.

Set to conclude in New York on December 13, 2023, at noon (EST), the Sotheby’s Bitcoinshrooms auction is currently underway. As of now, all lots have attracted bids, with some even surpassing their anticipated prices. Additionally, bidders can purchase the Bitcoinshrooms NFTs using cryptocurrency, should they choose to do so.

“I am so excited to present Bitcoinshrooms, the first Ordinal sale at Sothebysverse, and we couldn’t start with a better project,” Bouhanna said on the social media platform X. “This is the first time works from the very anticipated collection will be available to the public.”

The trio of lots features 8-bit style Ordinals, including one depicting a mushroom emblazoned with an “S” symbolizing “Self-Sovereignty,” and another mushroom adorned with a crown, representing the “Sovereign Individual.” The final lot presents an 8-bit rendition of a BIP39 seed, which also echoes the theme of sovereignty. Sotheby’s estimates place the value of each Ordinal from the Bitcoinshrooms collection between $20,000 and $30,000.

Recently, Ordinal inscriptions have sparked significant interest, and for some, they are a topic of debate. As of this writing, over 46.5 million Ordinal inscriptions have been permanently embedded into the Bitcoin blockchain. Since their introduction in December 2022, bitcoin miners have garnered a total of 3,388 BTC from this Ordinals inscription phenomenon. Shroomtoshi considers this collection as a vivid pictorial summary of Bitcoin’s 13-year evolution.

“The Bitcoinshrooms collection is a pixelated recap of the first 13 years of Bitcoin, a homage to the 8-bit style of art that expresses a slight nostalgia for the 90s, a way to soil 10s of thousands of SSDs spread across the world with my art (->next level cyber-vandalism), a tool to raise awareness about Bitcoin and what I personally view as its core principles, an ironic way to vent at what I see as its annoying pop elements and aberrations,” the artist said in a statement.

What do you think about Sotheby’s latest auction that features Bitcoin-based Ordinals? Share your thoughts and opinions about this subject in the comments section below.

Tether, the leading stablecoin by market capitalization, has seen its supply increase by 5.5% in the last month, achieving a significant market valuation of $90 billion.

Since 2015, Tether’s Market Cap Has Swelled by 35,912,812%

Since the dawn of 2023, tether (USDT) has experienced substantial growth. Starting the year with a market value of $66.3 billion on January 1, 2023, it has surged to $90 billion in 340 days. This expansion represents more than a 35% increase, adding $23.7 billion to USDT’s market capitalization since the year’s commencement.

Tether’s market capitalization now represents 5.369% of the total $1.68 trillion crypto economy. Not only does tether hold the third position among over 10,000 digital currencies in terms of market valuation, but it also leads in daily trading volume with $23 billion. USDT’s principal trading pairs involve major fiat currencies such as the USD, EUR, TRY, MXN, and THB.

While year-to-date data indicates a more than 35% rise in USDT’s market cap, 5.5% of this upswing occurred in the preceding month. According to Tether’s transparency page, of the $90 billion total, the Tron network accounts for $47.82 billion and Ethereum for $41.01 billion, with the remainder distributed across various other blockchain platforms.

Looking back to March 16, 2015, USDT’s market value was a modest $251,000. Over eight years, the coin’s market cap has soared by a massive 35,912,812%. Tether’s aggregate market valuation is on the brink of entering the world’s top 100 assets, including exchange-traded funds (ETFs) and companies, in terms of market capitalization. In order to achieve this feat, USDT will need a market cap of more than $130 billion.

What do you think about the stablecoin tether and its market cap growing to $90 billion? Share your thoughts and opinions about this subject in the comments section below.

Recently, the Worldcoin Foundation unveiled the launch of its community grants program, beginning with its first phase, Wave0. In the crypto economy, Worldcoin’s WLD token has not experienced the growth that other crypto assets have enjoyed, declining over 3% in the past fortnight. This downturn followed the departure of CEO Sam Altman from Openai, a notable Worldcoin backer.

Worldcoin Debuts Three-Tiered Grants Program

The community grants program, as outlined by the Worldcoin Foundation, commits an initial pool of two million WLD across three distinct grant tracks in its initial stages. Worldcoin details that these tracks include community grants, project grants, and open track grants, each catering to different scales and scopes of community projects.

Community grants, capped at 5K WLD, focus on events, sponsorships, and hackathon projects. The announcement details that project grants, offering up to 25K WLD, target larger-scale initiatives. The largest of the grant projects fall under open track grants, which have no predefined budget limit.

The native token WLD took a hit losing 3% against the U.S. dollar when Sam Altman was let go by Openai’s board members. However, after frenzied discussions about the future of the company, he was reinstated and has returned to Openai as the CEO. Altman helped co-create Worldcoin as he is the chairman and co-founder of Tools for Humanity, the firm that’s been building and scaling the Worldcoin project.

Worldcoin’s latest announcement discusses decentralization and the “Worldcoin Tech Tree.” At the time of writing, 980,401 unique wallets hold the WLD token. However, the top 100 wallets command 90.68% of the supply. The project’s grants initiative excludes individuals or companies based in the United States and other specified restricted territories. The application period for the grants is set from December 6 to December 22, 2023, with recipients to be announced in January 2024.

What do you think about the Worldcoin grants program? Share your thoughts and opinions about this subject in the comments section below.

Luke Dashjr, bitcoin developer and Mummolin’s CTO, has reiterated his negative opinion about Ordinal inscriptions, stating these leverage and exploit a vulnerability in the Bitcoin Core full node software implementation. Dashjr also hinted at correcting this “exploit” in an upcoming version of the Bitcoin node software.

Luke Dashjr Divides BTC Community, States Inscriptions Could Be ‘Fixed’

Luke Dashjr, a Bitcoin Core software developer and CTO of Mummolin, the company that operates the Ocean bitcoin mining pool, has criticized Ordinal inscriptions, a series of elements — images and others — that can be directly embedded onto the BTC blockchain.

Dashjr, who has been very vocal about his negative opinion of these inscriptions, referred to them as “spam” and as “exploits,” revealing that he had already fixed this “bug” in Bitcoin Knots, a node software maintained by himself.

Dashjr explained:

This bug was recently fixed in Bitcoin Knots v25.1. It took longer than usual due to my workflow being severely disrupted at the end of last year (v24 was skipped entirely).

Ocean, the recently launched bitcoin mining pool that acknowledged having filtered inscriptions since day one, also implemented this Knots fix, making inscriptions unable to be included in blocks mined by the pool.

Furthermore, Dashjr hinted at the possibility of introducing a similar fix in an upcoming version of Bitcoin Core, the default full-node software of the Bitcoin network. “Bitcoin Core is still vulnerable in the upcoming v26 release. I can only hope it will finally get fixed before v27 next year,” he declared.

Several members of the Bitcoin community rejected this possible change. Jameson Lopp, co-founder and CTO of Casa, stressed that mining had a significant economic element now and that his proposal was unlikely to stand. “Miners are mostly large enterprises now. They have a duty to maximize profit for shareholders. They will mine any valid transaction that pays the highest fee rates,” he concluded.

Udi Wertheimer, a co-founder of Taproot Wizards, one of the largest inscriptions projects, stated that while Dashjr had made “sporadic contributions” to Bitcoin projects, he was not Bitcoin’s owner.

What do you think about Luke Dashjr and his take on inscriptions? Tell us in the comments section below.

Alvaro Fernandez, the Chief Operations Officer (COO) at Lumoz, has stated that while zero-knowledge rollups have demonstrated exceptional security and scalability, the technology is still not user-friendly. To address this issue, networks should opt for ZK Rollups-as-a-Service (ZK-RaaS) because this simplifies the creation process for a single ZK-Rollup. This makes them “more accessible for developers and projects to use,” Fernandez added.

Zero-Knowledge Versus Optimistic Rollups

In his written answers sent to News via Telegram, Fernandez argued that by offering what he called “a seamless experience” ZK-RaaS can also quicken the “implementation of secure and scalable networks.” While ZK-RaaS are believed to be more secure, Optimistic Rollups-as-a-Service, on the other hand, are favored for their simplicity and cost-effectiveness.

Regarding industry sectors most suited for ZK-RaaS, the Lumoz COO identified decentralized finance (defi), gaming platforms, and non-fungible token (NFT) marketplaces. In decentralized finance, ZK-RaaS mitigates challenges relating to traditional platforms’ “high fees and sluggish transaction speeds.” By using ZK-RaaS, gaming platforms and NFT marketplaces can reduce transaction costs and increase transaction speed, while ensuring the security and privacy of their users’ data.

Below are Alvaro Fernandez‘s answers to all the questions sent to him. News (BCN): Zero-knowledge (ZK) rollups have proven to be especially effective in creating secure and scalable networks yet the technology is seemingly not user-friendly. Can you tell our readers what these zero-knowledge rollups or ZK-RaaS are all about and why they are considered to be critical for scalability?

Alvaro Fernandez (AF): Absolutely, while ZK-Rollups have demonstrated exceptional security and scalability, their user-friendliness has been a challenge. ZK-RaaS addresses this concern by providing a user-friendly platform that abstracts the complexities of ZK Rollup technology.

ZK-RaaS simplifies the creation process of a single ZK-Rollup, making it more accessible for developers and projects to use. As what Lumoz provide, It’s a total no-code process, even ordinary people can use the ZK-RaaS launch base to generate their own ZK Rollup in minutes with bridges and explorers. One of the biggest challenges for most of the ZK projects is the prover cost, usually it’s the main cost of running a ZKRollup and its project needs to spend much effort and time maintaining the machines. Lumoz proposed this decentralized prover network that takes care of all the computing power stuff, which is free to projects.

This approach is critical for scalability because it lowers the entry barrier, encouraging a broader adoption of ZK Rollup technology. By offering a seamless experience, ZK-RaaS accelerates the implementation of secure and scalable networks.

BCN: There are two types of Rollups-as-a-Service — Optimistic Rollups and ZK-Rollups that are widely adopted by blockchain projects. What’s the difference between them and what are the pros and cons of each?

AF: Optimistic Rollups and ZK-Rollups are key Rollups-as-a-Service in blockchain. Optimistic Rollups assume transaction validity unless disputed, offering flexibility and cost-effectiveness. However, the arbitration process may introduce delays. ZK-Rollups use Zero-Knowledge Proofs for private transaction verification, excelling in privacy and security with faster finality. Yet, they may have higher setup costs due to computational needs. The choice hinges on project priorities: Optimistic Rollups for simplicity and cost-effectiveness, ZK-Rollups for heightened privacy and security.

BCN: Your company Lumoz uses a hybrid Proof-of-Work/Proof-of-Stake network to facilitate ZK-proof mining and enable developers to generate a customized zero-knowledge EVM chain. Could you tell us how this hybrid model works and why it’s needed in the first place?

AF: While proof of stake is primarily associated with the DA aspect, various DA providers like Celestia, Avail, Radius, and Espresso populate the market. Projects are encouraged to freely choose any for seamless integration including Lumoz DA.

However, proof of work stands out as a core strength and a distinctive advantage of Lumoz. As mentioned earlier, the generation of zkps in all zk-rollups necessitates computing power. Thanks to our decentralized prover network, miners can contribute their computing power, participate in zkp generation, and earn rewards through the POW process. Leveraging Lumoz’s extensive experience in mining, we’ve crafted this prover network to reduce barriers for projects seeking to adopt zk technology, while also facilitating miners to make valuable contributions and receive rewards.

BCN: With more and more people entering the Web3 space, why do you think decentralized applications (dapps) deployed on legacy Layer-1 chains and Layer-2 solutions need to consider using ZK-RaaS?

AF: Ethereum L1 is too congested, which is why Vitalik proposed the need for L2 to reduce transaction fees and increase TPS, improving the overall user experience. The differences between ZK and OP have been mentioned earlier, with ZK being more secure. Lumoz’s zk-raas addresses the issues of ZK computation power and deployment, enabling everyone to easily create customized zk-rollups.

The advantages of having one’s zk-rollup are evident — all on-chain resources serve the project, avoiding contention. This results in high TPS, low transaction fees, and an excellent user experience.

BCN: How does cross-rollup interoperability work with ZK-RaaS? Can you talk about Lumoz’s Native Cross Rollup Communication (NCRC) protocol that claims to provide a trustless solution for rollup interoperability?

AF: Cross-rollup interoperability is crucial in the ZK-RaaS framework, and Lumoz’s NCRC protocol ensures a seamless and trustless solution. This allows direct communication between ZK-Rollup chains, fostering a decentralized and secure environment without intermediaries. NCRC 2.0 enhances this by enabling cross-contract calls between second-layer networks, facilitating atomic cross-rollup contract calls.

Lumoz prioritizes user experience by integrating the first-layer network seamlessly, ensuring asset concentration without compromising decentralization. The NCRC protocol, especially in its latest version, exemplifies Lumoz’s commitment to achieving trustless cross-rollup interoperability, addressing challenges, and enhancing the blockchain ecosystem’s connectivity.

BCN: What industry segments are the most likely to benefit from ZK-RaaS? And how useful could it be for the Web2 companies that want to build their custom appchains?

AF: ZK-RaaS showcases its broad applicability across diverse industry segments, extending its benefits beyond the blockchain realm. In the financial and decentralized finance sectors, ZK-RaaS has the potential to transform transactions by ensuring security and scalability, mitigating challenges related to high fees and sluggish transaction speeds on traditional platforms.

Gaming platforms and NFT marketplaces can leverage ZK-RaaS for scalable and cost-effective transactions involving in-game assets and unique digital assets represented as NFTs. Additionally, in identity management, ZK-RaaS can play a crucial role in authenticating users without exposing sensitive information, making it valuable for industries requiring robust identity solutions.

As Web2 companies venture into building custom Appchains, ZK-RaaS emerges as a multifaceted solution, offering scalability, privacy preservation, customization, cost-effectiveness, and interoperability. This comprehensive set of features positions ZK-RaaS as a versatile choice for enhancing capabilities and meeting diverse needs in the evolving digital landscape.

What are your thoughts on this interview? Let us know what you think in the comments section below.

Citizens of the Swiss city of Lugano can now settle their tax bills and other community fees with bitcoin and the stablecoin tether. By adding crypto to payment options, Lugano joins three other Swiss cities and cantons which already accept crypto payments.

Accelerating the Use of Bitcoin

The Swiss city of Lugano announced on Dec. 5 that it has added cryptocurrencies to its list of acceptable payment options. This means that city residents can now settle tax bills and all other community fees with Bitcoin (BTC) or the stablecoin USDT.

Previously, Lugano residents could only use this payment option for transactions made on the city’s online platform. However, according to a statement from Bitcoin Suisse, previous restrictions have been removed. Residents can now use crypto to settle regardless of the nature of the service rendered or the amount invoiced.

Commenting on the city of Lugano’s decision to accept crypto payments, Armin Schimd, the chief product officer at the crypto-native pioneer and trusted gateway Bitcoin Suisse said:

We are delighted to support the city of Lugano in accelerating the use of Bitcoin technology as the foundation to transform the city’s financial infrastructure. It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post office counters or e-banking platforms.

According to a statement, Lugano has become one of the first cities to accept cryptocurrencies as a payment option, making payments more flexible and modern for everyone. Other Swiss cities that have similarly embraced crypto payments include Zug, the Canton of Zug, and the municipality of Zermatt.

By taking this step, Lugano aims to integrate blockchain and BTC into various aspects of daily life in the city. Bitcoin Suisse is the Swiss city’s technical infrastructure provider.

What are your thoughts on this story? Let us know what you think in the comments section below.

Rewarding hackers who agree to return a portion of the stolen funds not only “creates a moral hazard” but potentially “leads to more security breaches,” a Web3 expert has argued. The recent attacks on Kronos and Kyberswap, as well as the subsequent attempts to engage the hackers, are said to demonstrate why victims of attacks should not rely on appeasing the exploiters.

Effectiveness and Importance of Code Audit

According to the latest Immunefi crypto losses report, cybercriminals successfully siphoned over $1.7 billion from decentralized and centralized digital asset exchange platforms in the first eleven months of 2023. The thefts have been carried out via hacking, phishing attacks, and outright fraud.

Such attacks have increased in their frequency and boldness over the past few months, leading many, including proponents of decentralized platforms, to question the effectiveness of code audits or how users’ funds are secured. Still, others like Davinder Singh, the CTO at the crypto platform Rocketx, concur with those who argue against rewarding hackers. According to Singh, rewarding hackers who agree to return a portion of the stolen funds “inherently creates a moral hazard.”

Although they are intended to help decentralized finance (defi) platforms improve their security and protect users from malicious attacks, Singh told News that offering such rewards “inadvertently incentivizes malicious actors and potentially leads to more security breaches.”

The recent attacks on Kronos and Kyberswap, as well as the subsequent attempts to engage the hackers, potentially demonstrate why exchange platforms should not rely solely on appeasing them. For instance, the malicious actor behind the Kyberswap exploit recently made several seemingly outrageous requests, including demanding full control over Kyber.

As reported by News, the hacker is seeking a more favorable arrangement than the Kyberswap team’s offer. This example could lend to the argument that defi platforms should be more focused on finding ways to prevent the attacks.

Tracking Hackers

However, Fraser Edwards, the CEO of the privacy-preserving payment network, Cheqd, told News that besides helping platforms recover some of the funds, the offer to reward hackers also helps exchange platforms identify perpetrators of the attacks.

“The offer and any response creates the chance of getting more information on the hacker which could give them away. E.g. do they communicate via specific channels or using usernames which could lead to a real identity? A good example here is how Ross Ulbricht of Silk Road was identified through his username/handle being linked across multiple forums, eventually to his real identity,” Edwards explained.

Meanwhile, Nikolay Angelov, Blockchain Head at crypto lender Nexo, insists that while bug bounties are useful in helping decentralized exchange platforms recover stolen funds, they also help cleanse the hackers’ money. Additionally, in some of the known high-profile cases in which hackers have agreed to return the stolen funds, the sum ultimately recovered has been less than 90%.

Declining User Confidence

When hackers can easily get away with stealing millions of dollars, this inevitably erodes confidence in digital asset platforms. To restore trust, Angelov said platforms must utilize “real-time software code inspections to prevent vulnerabilities.”

While the so-called white hat hackers may be motivated by the challenge or reward, state-backed hackers, on the other hand, have no desire to return the funds. Therefore, bug bounties may not be an effective way of attempting to recover funds. According to Angelov, operators who are at the receiving end of attacks orchestrated by state-backed actors such as the North Korean-affiliated Lazarus Group should “actively seek cooperation with government agencies to prevent stolen funds from entering their platforms.”

Singh, who shares similar sentiments, urged defi players to collaborate by sharing threat intelligence and adopting advanced defence strategies. He added:

“This collective effort is essential to safeguarding the decentralized financial ecosystem against sophisticated state-sponsored threats.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Warren Buffett-backed Nubank is collaborating with crypto firms Circle and Talos to increase crypto access and adoption in Brazil. Nubank Cripto has added 11 new cryptocurrency options to the platform this year. “We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said the CEO of Circle after Nubank listed USDC.

Nubank Collaborates With Circle and Talos

Brazilian neobank Nubank made two major crypto announcements on Tuesday. The first is its partnership with crypto firm Circle to launch stablecoin USDC within the Nubank Cripto app. The second is the integration with Talos, a leading provider of institutional digital asset trading technology, to reduce trading costs for customers purchasing crypto assets with Brazilian reais.

Nubank is one of the largest fintech banks in Latin America, with 80.4 million customers in Brazil, 1.51 million clients across Mexico and Colombia, and a revenue of $1.69 billion. The digital bank is backed by investors including Warren Buffett’s Berkshire Hathaway and Softbank Group Corp. The bank’s announcement details:

With the listing of USDC, Nubank Cripto has added a total of 11 new cryptocurrency options to the platform throughout 2023. The shelf now has 15 digital assets as alternatives in addition to Nucoin, a utility token for the loyalty program.

Circle explained on Tuesday that its partnership with Nubank aims to “increase digital dollar access in Brazil,” adding: “USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars … Future opportunities for integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC.”

Jeremy Allaire, Circle’s CEO and co-founder, opined:

We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region.

Regarding its integration with Talos, Nubank detailed: “With this partnership, customers who wish to trade crypto assets in Brazilian reais through the Nu app will benefit from reduced costs through Talos’s Smart Order Routing engine and connectivity to optimize trade execution across multiple liquidity providers.”

Currently, the Talos Provider Network, comprising over 60 partners for cryptocurrency trading activities, counts the Chicago Mercantile Exchange and the Chicago Board Options Exchange among its members. “Through Talos’s services, Nubank will have the ability to source liquidity from local providers in native Brazilian real pairs as well as from global partners for US dollar pairs and also token to token swaps enhancing the ability to deliver best price execution to Nubank’s customers,” the bank described.

What do you think about Nubank collaborating with Circle and Talos to increase crypto access and adoption in Brazil? Let us know in the comments section below.

A U.S. federal judge has endorsed the plea deal agreed upon between the U.S. government and Changpeng Zhao, the founder of Binance, widely known as “CZ.” Judge Richard Jones approved the plea in a recent court document, setting the sentencing for February 2024.

U.S. Federal Judge Confirms CZ’s Plea Agreement

On November 21, 2023, Binance concluded a settlement with key U.S. institutions, namely the Department of Justice (DOJ), the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Commodity Futures Trading Commission (CFTC). The settlement stemmed from allegations of Binance’s failure to register as a money services business and violations of the Bank Secrecy Act (BSA), leading to a $4.3 billion settlement payment by the company.

CZ acknowledged his guilt in breaching the BSA. U.S. prosecutors have requested the court to retain CZ in the U.S. until his sentencing. According to a document filed on December 6, 2023, Seattle District Court Judge Richard Jones has ratified the plea agreement. Jones noted the court’s consideration of the recommendation and the absence of any objections. “The defendant is adjudged guilty of such offense,” Jones ordered. The court has scheduled all parties to reconvene for the sentencing on February 23, 2024.

Subsequently, after the DOJ settlement in November, CZ resigned as CEO of Binance, with Richard Teng assuming the role. Binance is now subject to stringent oversight by federal authorities. Currently released on a $175 million bail bond, CZ is restricted from returning to his residence in the United Arab Emirates (UAE). The ex-chief of Binance faces a potential 18-month prison term and has paid $150 million in fines for his violations.

What do you think about the judge ratifying the plea deal? Share your thoughts and opinions about this subject in the comments section below.

A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.

‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’

House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”

The lawmaker posted on social media platform X after the hearing:

If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.

Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).

Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”

Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:

You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?

Szczepanik declined to comment on the current chair’s view.

Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”

Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:

The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?

Szczepanik replied: “I can’t comment on any matters that are pending litigation.”

Emmer has repeatedly criticized the SEC and Chair Gensler for their enforcement-centric approach to regulating the crypto industry. In June, he joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator. The House of Representatives recently adopted an amendment Emmer attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the SEC to carry out enforcement actions against the crypto industry. In November, the lawmaker from Minnesota urged Congress to spend resources to “bring more crypto activity and opportunities onshore to bolster U.S. national security.”

Do you agree with Congressman Tom Emmer about the SEC and do you think SEC Chair Gary Gensler has a personal agenda in regulating the crypto industry? Let us know in the comments section below.

A bill has been introduced in the U.S. state of New Jersey to classify all cryptocurrencies issued and sold directly to institutional investors as securities. In contrast, the U.S. Securities and Exchange Commission (SEC) has previously stated that bitcoin is not a security, but SEC Chairman Gary Gensler views all other crypto tokens as securities.

New Jersey Bill 5747

New Jersey Assembly Bill 5747, sponsored by Representative Herbert Conway, was introduced on Nov. 30 in the New Jersey State Assembly to classify all cryptocurrencies issued and sold to institutional investors as securities. According to the text of the bill:

This bill classifies all virtual currencies issued and sold to institutional investors as securities.

Under the proposed rules, virtual currencies issued and sold directly to institutional investors will be subject to the state’s “Uniform Securities Law” and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectuate the purposes of the bill.

The bill has been referred to the Assembly Financial Institutions and Insurance Committee, which will review the bill and conduct hearings for public input. If the committee approves the bill, it will then be sent to the full Assembly for a vote.

The regulatory status of cryptocurrencies remains uncertain at the federal level, with no clear guidance on which tokens are considered securities. While SEC Chairman Gary Gensler has repeatedly stated that most crypto tokens, excluding bitcoin (BTC), fall under the definition of securities, he has refrained from explicitly commenting on ether (ETH). However, a recent court ruling in the SEC v. Ripple case determined that XRP, as a standalone asset, is not a security. Ripple’s chief legal officer, Stuart Alderoty, explained: “As a matter of law — XRP is not a security … The only thing the court found constitutes an investment contract is past direct XRP sales to institutional clients.”

The SEC has identified a number of crypto tokens as securities in lawsuits against various crypto firms, including Kraken, Coinbase, Binance, and Bittrex. These tokens include ADA, AXS, ALGO, ATOM, BNB, BUSD, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, NEXO, OMG, SAND, SOL, TKN, and VGX.

What do you think about this New Jersey bill seeking to classify all crypto tokens, including bitcoin, as securities? Let us know in the comments section below.

Blackrock, the world’s largest asset manager, has warned in its latest spot bitcoin exchange-traded fund (ETF) filing update of the potential for bitcoin to be classified as a security by the U.S. Securities and Exchange Commission (SEC), state regulators, or court rulings. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets,” Blackrock cautioned.

Bitcoin’s Potential Security Status

Blackrock, the world’s largest asset manager, addressed the possibility of bitcoin being classified as a security in its latest amended application for a spot bitcoin exchange-traded fund (ETF), filed with the U.S. Securities and Exchange Commission (SEC) on Monday. The new filing update details:

Any enforcement action by the SEC or a state securities regulator asserting that bitcoin is a security, or a court decision, to that effect would be expected to have an immediate material adverse impact on the trading value of bitcoin, as well as the [spot bitcoin ETF] shares.

“If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its liquidity and market participants’ ability to convert the digital asset into U.S. dollars,” the filing adds.

Blackrock brought up the example of the SEC suing Ripple and its executives over the sales of XRP. “In the years prior to the SEC’s action, XRP’s market capitalization at times reached over $100 billion. However, in the weeks following the SEC’s complaint, XRP’s market capitalization fell to less than $10 billion,” the asset management firm noted.

Commenting on Blackrock’s warning about the possibility of bitcoin being considered a security, commercial litigator Joe Carlasare wrote on X on Tuesday:

Interesting update to Blackrock / Ishares S-1 filing regarding the concern that the SEC could take an approach that bitcoin is a potential security. Seems silly, but apparently the SEC wants that language in there.

He clarified that this wording is only in Blackrock’s most recent amendment. “Prior versions didn’t have it,” he pointed out, emphasizing that “it has been adopted by Blackrock as a potential disclosed risk for ETF investors.”

Responding to Carlasare’s assertion that the SEC wants this warning in the filing, former SEC internet enforcement chief John Reed Stark opined on X: “Joe might be right here. Why would the SEC go to all the trouble of requiring a proviso like this if the SEC planned to decline the application?”

However, voicing his usual skepticism, Stark stressed: “While I still believe the 90% likelihood of an SEC bitcoin spot ETF approval seems somewhat random, Joe is a great lawyer who may be spot-on in his thoughtful and meticulous analysis. On the other hand, it remains difficult to predict the SEC actions behind closed doors.” Nonetheless, the former SEC official cautioned:

It seems to me that supporting a bitcoin spot ETF for Chair Gensler would not only evidence capitulation but is also inconsistent with his behavior and practice on so many other fronts.

“It just comes down to human nature: Does Chair Gensler really want his legacy to be the approval of a bitcoin spot ETF, which would represent such an obvious personal loss to the mob and such an obvious threat to investors?” Stark concluded. Gensler has said several times that he views all crypto tokens, except bitcoin, as securities.

What are your thoughts on Blackrock warning about the potential classification of bitcoin as a security? Let us know in the comments section below.

PRESS RELEASE. The TEAMZ WEB3 / AI SUMMIT represents an evolution from the TEAMZ WEB3 SUMMIT 2023, previously recognized as one the most significant and influential events in Japan’s Web3 landscape. For 2024, we’re expanding our focus to encompass both the burgeoning realms of Web3 and AI, two domains that have seen explosive growth recently.

With our rallying cry, “WEB3 / AI: The Future”, we aim to facilitate vibrant discussions on the trajectory of the Web3 sector post-2024 and the emerging societal and economic paradigms being shaped by AI. Thought leaders, pioneers, and experts in Web 3 and AI, hailing from both Japan and overseas, will offer a kaleidoscope of insights on technological applications, market dynamics, and innovative solutions. Additionally, interactive sessions are planned to deepen the discourse among attendees from diverse industries and nations.

This summit anticipates a gathering of over 100 VCs and investors, more than 100 exhibitors, and 120+ esteemed experts and scholars from the Web3 and AI sectors. We also expect a global audience of over 5,000 attendees.

Our objective remains clear: to champion the introduction and evolution of both Web3 and AI. Through highlighting the groundbreaking solutions offered by pioneers in these sectors we aspire to foster their wider acceptance and tangible impact in the real world.

【Web3 / AI:New Key to Japan’s Breakthrough】

The Japanese government has designated Web3 as a crucial element of its growth strategy and is actively cultivating the Web3 business environment through a range of measures, such as regulatory flexibility. In addition to this, the Japanese government has publicly stated that it will develop an aggressive approach to the use of AI and aims to be a world leader in the field.

Web3 and AI have a high affinity for each other, and their integration has unlimited potential. The application of blockchain technology to AI training data and the use of AI data analytics in decentralized finance (DeFi) lending protocols, are just a few of the possibilities.

By building an ecosystem that integrates Web3 and AI, Japan has the potential to pioneer related projects on the world stage.

Japan’s advancement in Web3 and AI necessitates the expansion of its business sectors. In alignment with this major companies are aggressively investing in Web3 and AI projects. Furthermore, a myriad of industries, including telecommunications, finance and manufacturing, are integrating these technologies into their operations. Concurrently, there is a surge in Web3 and AI projects initiated by startups. This has led to the creation of innovative business models related to daily life, such as NFT concert tickets featuring exclusive videos and AI-driven apps that allow users to virtually try on clothes.

Let’s usher in a renaissance in Japanese society by fusing Web3 and AI in the transformative year of 2024!

About Event Detail

Event NameTEAMZ WEB3 / AI SUMMIT 2024



HostTEAMZ, Inc



Summit Sponsor100+

VC & Investor100+

Media Partner50+

Community Partner50+

Summit Home Page

What to expect at the event


Eminent leaders making strides in the Web3 and AI sectors will grace the stage, offering profound insights into current advancements, industry projections, specific applications and pioneering business concepts.


A confluence of experts and industry frontrunners in the Web3 and AI realms will converge to deliberate on technological prospects, sectoral challenges, business avenues, and varied viewpoints, all aimed at sparking novel ideas and groundbreaking innovations.


An exclusive segment spotlighting all speakers and panelists from the Summit Here, VIP attendees will be accorded the unique privilege of obtaining firsthand guidance and input from the crème de la crème of the industry.


The Summit’s exhibition area will be a hub of innovation, featuring over 100 standout Web3 and Ai initiatives. These projects will present their groundbreaking solutions and engage in productive interactions with investors and attendees.


Marking the Summit’s grand conclusion, this event promises a splendid change to network with guest orators, specialists, and global investors. Revel in delectable beverages and gourmet cruising. Adorn your best attire and revel in a splendid evening set against the mesmerizing Tokyo night vista.


Spanning five days from April 11th to 17th, TOKYO WEB3 / AI Week is set to captivate attendees with close to 100 eclectic side events, all centered on the Web3 and AI sectors. Participants can anticipate a whirlwind of thrilling experiences and fresh perspectives.

Past Speakers

Tim Draper (Founder / Draper Associates)

Masaaki Taira (Former Vice Minister of the Cabinet Office)

Yuzo Kano (President / bitFlyer Blockchain, Inc.)

Ciara Sun (Founder / C2 VENTURES)

Hironao Kunimitsu (Representative Director / Financier, Inc.)

Kensuke Amo (Managing Executive Officer / Coincheck K.K.)

Yoshiaki Ueno (Executive Officer / Group CDO and General Manager / Corporate Planning Department / Mitsubishi UFJ Financial Group, Inc.)

Please refer to the summit website for other past speakers.

Past Sponsors

LINE, Microsoft Japan, IBM, Fujitsu, animoca BRANDS, NTV WANDS, Zaif, STEP’N, Accenture, Deloitte Tohmatsu, DMM Bitcoin, Quoine, Litecoin, HUBLOT, LOOT a DOG, etc.

Please refer to the summit website for past sponsors.

About Summit Sponsor and Partner

As we gear up for this event, we’re on the lookout for individuals and companies to collaborate with in the following capacities:

Summit Sponsor

Community Partner

Media Partner

If you, or any company or organizations you’re familiar with, are interested in these roles, we would love to hear from you. Participating in this event offers a golden opportunity to engage with industry trailblazers, stay abreast of the latest updates, and broaden your business horizons.

For further details or to get in touch with our team, please visit our official website as mentioned in the company profile. Alternatively, you can reach out to us directly at the email address provided below.

[email protected]






This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise $1 billion in an equity offering.

X Obtains 12 Money Transmitter Licenses

Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.

In October, Musk unveiled his plan to turn X into a powerful financial platform. The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

The billionaire previously said that he plans for X to be “the everything app,” emphasizing that his purchase of social media platform Twitter is an accelerant to the creation of X. Moreover, he has confirmed that none of his companies will launch a crypto token.

X.AI Seeks to Raise $1 Billion, SEC Filing Shows

Musk’s AI company, X.AI Corp., filed Form D, a Notice of Exempt Offering of Securities, with the SEC on Tuesday.

According to the filing, X.AI plans to raise $1 billion through an equity offering. The company has already secured nearly $135 million from four investors, with the first tranche of shares sold on Nov. 29. Additionally, the filing states that X.AI has a binding agreement for the purchase of the remaining shares.

The Tesla chief registered X.AI Corp. in March. The following month, Musk announced a plan to create an AI platform called “Truthgpt” that would rival Chatgpt and other similar products. The AI startup, whose website states its mission as “understanding the true nature of the universe,” released a chatbot called Grok last month, inspired by “The Hitchhiker’s Guide to the Galaxy.”

What do you think about X obtaining money transmitter licenses across the U.S. and X.AI seeking to raise $1 billion in an equity offering? Let us know in the comments section below.