Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
Forbes | | Oct 29, 2018
Bitcoin prices, along with the wider cryptocurrency market, have held steady following the sudden shut down of a relatively minor cryptocurrency exchange in Canada yesterday.
MapleChange revealed via Twitter that a software "bug" had allowed all of the 913 bitcoin (worth some $6 million at current exchange rates) it was holding to be stolen.
MapleChange attempted to reassure users that it would be conducting a “thorough investigation” but warned it would be unable to make refunds before deleting its social media accounts and taking its website offline. Users now attempting to access maplechange.com are met with a timeout error.
The bitcoin price was little moved on news of the loss, with the market trading sideways over the last 24 hours, according to CoinDesk data.
See: Cryptocurrency exchange Coinsquare announced it is set to expand into Europe in Q4 2018
The price of bitcoin and other major cryptocurrencies have remarkably stable over recent months, as investors and traders await decisions by regulators, signs of growing user adoption, and interest from some of the world's biggest banks.
Bitcoin exchange hacks remain common around the world despite attempts to better regulate the industry and protect users and investors.
In the UK, where the cryptocurrency sector has been branded a "wild west", the government has promised to improve protections for users by moving bitcoin companies and exchanges under the remit of the Financial Conduct Authority, which looks after the country's extensive banking industry.
While bitcoin and cryptocurrency exchange hacks are never good news, MapleChange's small size will mean the damage is somewhat contained. The MapleChange Twitter account had fewer than 2,000 followers, compared to Binance's 880,000.
Prominent bitcoin and cryptocurrency experts and industry leaders were quick to weigh in on the supposed hack, warning users to avoid smaller or unknown exchanges.
Changpeng Zhao, the chief executive of the world's largest crypto exchange by volume Binance, advised consumers to not use exchanges if they do offer cold wallets.
It was also suggested that MapleChange may have pulled off a so-called exit scam, building up reserves of bitcoin before claiming its funds have been lost or stolen.
See: FINTECH FRIDAY$ (EP.15-Oct 26): Gearing up Hyperion Exchange, Hybrid Models and Security Tokens with Michael Zavet, CEO and Founder, Hyperion Technologies
Many others repeated the mantra: "If you don't control the private keys, it's not your bitcoin," a phrase used to warn people that keeping their cryptocurrencies with businesses often means they have little proof of ownership.
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Regulation | Nov 29, 2023 Elon Musk and Mark Cuban Support Legal Challenge Against SEC's In-House Judges Elon Musk and Mark Cuban are backing hedge-fund manager George Jarkesy in a significant legal battle against the Securities and Exchange Commission (SEC). This case, now before the US Supreme Court, questions the SEC's use of in-house judges for imposing penalties. Jarkesy's argument, supported by Musk and Cuban, is centered on the constitutional right of defendants in SEC cases to have a jury trial. This challenge could reshape how the SEC and potentially other regulatory bodies like the Federal Trade Commission conduct their enforcement actions. The Problems with Conflicts and Power Imbalance The problem with the Securities and Exchange Commission (SEC) using in-house judges primarily revolves around concerns of fairness, constitutional rights, and the balance of power in regulatory enforcement. Here are some key points of contention: The central issue is the SEC's ability to bring cases before its own administrative law judges (ALJs) instead of federal courts. Critics argue that this denies defendants the constitutional right to a jury trial, which is seen as a fundamental aspect of the American legal system. There's a perception that in-house judges may be biased in ...
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AI | Nov 29, 2023 Amazon has recently unveiled 'Q', an innovative AI-powered chatbot designed for businesses operations offering tailored solutions and advice Q was announced at Amazon’s re:Invent conference in Las Vegas, emphasizing its potential to revolutionize how businesses interact with AI technology and is trained on 17 years of AWS knowledge, offering tailored solutions and advice for a wide range of business queries. It's priced at $20 per user per year and currently in public preview and can be integrated with various business-specific applications like Salesforce, Jira, Zendesk, and Gmail, allowing it to learn and adapt to a company's unique structure and needs. Highlights The chatbot has advanced analytical capabilities and can analyze business data to identify customer pain points and suggest improvements, drawing from its extensive database and business-specific information. Beyond answering questions, Q can generate content like blog posts and emails, and execute tasks such as creating service tickets and updating dashboards, enhancing business efficiency. See: Amazon’s Anthropic Investment Shaping Future Job Landscape Q is designed with a strong emphasis on security and privacy, ensuring that it only accesses and provides information that the user is authorized to see, addressing potential concerns about data privacy and ...
NCFA Member Innovation Spotlight | Nov 28, 2023 ReliablyME launches an AI-powered Accountability Coach GPT blending ancient philosophical wisdom and modern AI technology to offer a unique approach to personal and professional development. The ReliablyME Accountability Coach GPT is now accessible through ChatGPT Plus. The tool is designed for a wide range of users, including professionals, entrepreneurs, students, and anyone interested in disciplined goal-setting and ethical practices. It stands out as an accessible, flexible, and cost-effective coaching solution. Founded in 2018, ReliablyME has been committed to delivering innovative and effective coaching solutions. With its focus on ethical and balanced growth, the company continues to be a leader in developing tools and resources that empower individuals and organizations to reach their full potential. Example Use Cases 1. Setting and Achieving Personal Goals Users seek assistance in defining clear, achievable objectives using the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) framework. This often involves exploring personal or professional goals, such as improving productivity, pursuing a new skill, or achieving a specific fitness target. Accountability Coach GPT guides users in formulating these goals in a manner that is aligned with Stoic principles of focusing on what is within their control and Taoist concepts of ...
Bitcoin Mining | Nov 28, 2023 Bitfarms Ltd., a Canadian-based and publicly traded on NASDAQ and TSX, a leading global bitcoin mining company, recently announced a significant upgrade to its mining operations to boost the company's operational capacity and efficiency. The upgrade involves the acquisition of 35,888 Bitmain T21 miners, with an option for an additional 28,000 units, potentially elevating Bitfarms' operational capacity to an impressive 17 EH/s and 391 MW by the second half of 2024. See: One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy Last week, Bitfarms announced a $60 million Canadian private placement with U.S. institutional investors with the net proceeds from this private placement earmarked for the acquisition of new miners, expansion of infrastructure, and enhancement of the company's working capital. Bitfarms' purchase of 35,888 Bitmain T21 miners, priced at $2,660 each, enables unparalleled efficiency and mining power. This upgrade aligns with the upcoming bitcoin halving in April 2024, an event that typically triggers increased market activity and valuation fluctuations. The new T21 miners boast a highly efficient 3 Phase 415v PSU and High Energy Mode, aligning with global shifts towards sustainable mining practices. Third Quarter 2023 Results Bitfarms Ltd.'s financial ...
Crypto | Nov 28, 2023 Ex-Binance CEO Changpeng Zhao Faces Up to 10 Years in Prison Amid Bank Secrecy Act Violations Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, is currently facing a potential prison sentence of up to 10 years. This development follows his guilty plea for violating the Bank Secrecy Act. The U.S. Department of Justice (DOJ) has expressed frustration over Zhao's permission to reside in the UAE until his sentencing, considering his billionaire status and the UAE's lack of an extradition treaty with the U.S. See: SEC Files Lawsuit and Accuses Kraken of Commingling Key Points Zhao has been charged by the DOJ for violating the Bank Secrecy Act, with the prosecution possibly arguing for a maximum 10-year term. This is a significant increase from the initially anticipated 12-18 month sentence. Binance has agreed to pay a massive $4.3 billion fine, marking one of the largest enforcement actions against a crypto platform. Zhao himself was personally fined $50 million. Attorneys for Zhao, a dual citizen of Canada and the UAE, submitted a motion last Thursday to the Western District of Washington in Seattle. They argued that Zhao is not a flight risk, emphasizing his voluntary appearance ...
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