Ted Cruz criticizes CBDCs and praises Bitcoin / Head of SEC warns customers of crypto companies / Coinbase CEO sells $292M worth of shares

Plus: Hackers leak the data of 20,000 wallet addresses in Russia

Inside.com Part of   Network April 27, 2023

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Sen. Ted Cruz (R-Texas) has stated that Central Bank Digital Currencies could be used to monitor transactions and enable governments to infringe on privacy rights. Cruz added that he is bullish on Bitcoin. Cruz argued that CBDCs, which are digital versions of national currencies, could be used to replace Bitcoin and other cryptocurrencies, ultimately destroying their value. He mentioned China's efforts to create a digital version of the yuan as an example of how CBDCs could be used to control and monitor financial transactions. Cruz also expressed concern that CBDCs could lead to increased government surveillance and infringement on personal privacy. His comments, however, were considered inaccurate by some industry experts who argue that CBDCs and cryptocurrencies can coexist and serve different purposes. Zoom Out: These comments come at a time when government authorities and regulators are heavily criticizing the cryptocurrency industry. Since the bankruptcy of FTX, crypto companies have been criticized for their perceived lack of transparency and regulatory adherence.

The head of the SEC, Gary Gensler, has released a new video calling for investors to be aware of digital asset businesses breaking securities laws. The video comes at a time when U.S. regulators are heavily criticizing the industry. More: Gensler expressed concern about the lack of investor protection in the cryptocurrency market. He called for increased regulation of cryptocurrency exchanges and other market participants. Gensler emphasized the need for clear rules and guidelines to prevent fraud and manipulation in the industry. He suggested that cryptocurrency platforms could be brought under the SEC's regulatory umbrella. Gensler also called for greater transparency in the cryptocurrency market, particularly with regard to the identity of buyers and sellers.

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Coinbase CEO Brian Armstrong has sold 749,999 shares of Coinbase stock, worth over $292M, to fund his philanthropic efforts. The decision comes at a moment when cryptocurrency companies are facing regulatory pressure. More: The sale is part of Armstrong's plan to divest up to 2% of his quarterly holdings to fund various philanthropic efforts. Despite the significant sell-off, investors in Coinbase and the broader cryptocurrency market have mainly remained unfazed, with Coinbase's stock price holding steady. Coinbase has been one of the most successful cryptocurrency exchanges to date, with a market capitalization of over $60B. Armstrong's decision to sell a large portion of his holdings has raised questions about his confidence in the future of Coinbase and the cryptocurrency market as a whole. However, some analysts argue that Armstrong's move is strategic, allowing him to fund his philanthropic goals while maintaining a significant stake in Coinbase and the industry.

A hacker has allegedly leaked the data of around 20,000 Bitcoin wallets from Russia on the dark web. The threat actor responsible for the breach has yet to be tracked. The leaked data includes: wallet IDs, passwords, and wallet balances of the affected users. The authenticity of the data leak has not been confirmed, and it is still unclear how the threat actor was able to pull off the hacking campaign. Some reports claim that the leak might have come from a data breach in a Russian Bitcoin exchange or service. Zoom Out: Security researchers claim that says at least three of the allegedly Russian wallet addresses have been linked to Russia by third parties before. Two of them were said to be involved in the Solarwinds attack, and a third paid for servers used in Russia's 2016 election disinformation campaign.

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Google has reached a partnership with Poylgon to help the company scale using its cloud technology. Google Cloud will bring its Blockchain Node Engine to the Polygon ecosystem. More: This partnership aims to enhance Polygon's blockchain network's speed, security, and overall user experience. Polygon will use Google Cloud's high-performance computing infrastructure and tools like Google Kubernetes Engine and BigQuery to improve its network operations and data analysis. By leveraging Google Cloud's global network of data centers, Polygon's blockchain network aims to expand and scale faster across regions and improve its performance. Polygon expects that this collaboration will attract more developers and businesses to Polygon's blockchain ecosystem and boost the adoption of decentralized applications built on its platform.

Giddy has raised a $6.9M funding round to scale its self-custody wallet solution. The company has raised $15M since its inception. More: Pelion Venture Partners, Peak Capital Partners, Clarke Capital, and Fortnite co-creator Geremy Mustard led the funding round. Giddy's self-custody wallet allows users to hold their own private keys, which is seen as a more secure way to store cryptocurrencies compared to centralized exchanges that hold users' funds. The company plans to use the funding to expand its team, invest in product development, and launch new features that will make self-custody more accessible to mainstream users. The funding round comes amid growing interest in cryptocurrencies and self-custody, with more users seeking to take control of their digital assets and protect them from hacks and theft.

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Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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