Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes.
The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.
Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.
Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.
Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.
Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.
These volumes have been trending downwards for five consecutive quarters.
Despite this, Coinbase said in a statement it was pleased with how the quarter played out:
“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”
The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.
Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.
Coinbase’s revenue statement for Q3 2023. Source: Coinbase
Coinbase’s share price (COIN) spiked 8.7% to $84.6 during trading hours but then fell 3.7% to $81.5 in after-hours trading, following the results filing, according to Google Finance.
Pittsburgh Steelers linebacker Cole Holcomb was carted off the field after suffering a gruesome leg injury that the Amazon Prime Video broadcast wouldn’t show on replay during “Thursday Night Football.”
Holcomb, who has started every game at linebacker for the Steelers this season, won’t return to the contest against the Tennessee Titans after the 1st-and-23 play that resulted in a DeAndre Hopkins first down.
As Hopkins picked up the first down, Holcomb tried to make the tackle when his teammate, safety Keanu Neal, came up from the secondary to do the same. Neal was in position to make the tackle, but Hopkins’ spin move had Neal off balance and his leg swung in the air.
Cole Holcomb of the Pittsburgh Steelers in action against the Cleveland Browns at Acrisure Stadium on September 18, 2023, in Pittsburgh.(Joe Sargent/Getty Images)
Holcomb’s leg collided with Neal’s, causing the injury. Holcomb’s leg bent backward in an awkward angle, and he immediately grabbed it in pain.
“This is one of those injuries we don’t need to show the replay,” Al Michaels said on the Amazon Prime Video broadcast.
There’s no word from the Steelers on what the exact injury was, but Holcomb’s reaction could mean it’s very serious.
Holcomb, 27, has 52 combined tackles (four for loss), two forced fumbles, one recovery and two passes defended over seven games entering Thursday.
Cole Holcomb of the Pittsburgh Steelers celebrates after recovering a fumble during the first quarter against the Jacksonville Jaguars at Acrisure Stadium on October 29, 2023, in Pittsburgh.(Justin K. Aller/Getty Images)
A fifth-round pick by the Washington Commanders out of North Carolina, Holcomb is in his first season with Pittsburgh after four years playing in the NFC East.
Scott Thompson is a sports writer for Fox News Digital.
Visa completes Hong Kong digital currency trial with HSBC and Hang Seng
Hong Kong is one step closer to a central bank digital currency (CBDC) with the release of its successful phase 1 results in collaboration with Visa, HSBC and Hang Seng Bank.
According to a Nov. 1 announcement, Visa said that it achieved “near real-time” finality with transfers involving tokenized deposits of the digital Hong Kong dollar (e-HKD).
“Tokenized deposits were burned on the sending bank’s ledger, minted on the receiving bank’s ledger, and simultaneously settled interbank via the simulated wholesale CBDC layer,” the payments firm wrote.
“This would provide for settlement in an atomic manner with better streamlining of any operational dependencies imposed by financial institutions and other intermediaries, thus improving liquidity management.”
The payment processor also stated that its digital HK dollar test pilot was functional 24/7, surpassing the uptime of traditional financial systems, which typically don’t function after hours or on weekends. In addition, the firm wrote that “tokenized deposits can be fully transacted while remaining encrypted, without revealing information about identity, balances, or transaction amounts to non-bank users.”
For its next steps, Visa plans to explore the use of e-HKD in tokenized asset markets and programmable finance to automate real estate transactions. “In this pilot’s Property Payments use case, the payment from a buyer transferring the remaining balance tokens to the property developer may be automated upon reaching the completion date of the contract, minimizing lag time in closure of the process,” the company said. Other areas of research interest include the expansion of retail solutions and digital cross-border payments.
Despite the promising results, no definite timelines have been given for the full launch of the Hong Kong digital dollar or even that such a launch will occur. In its Oct. 30 report, the Hong Kong Monetary Authority warned there are still issues to resolve:
“For instance, an rCBDC issued as a programmable money may be more susceptible to cybersecurity risks, as it may present more mediums for external threats to inject malicious code.”
With the silent nod from Beijing’s central government, Hong Kong has been striving to become a Web3 hub for blockchain in the Asia-Pacific Region. However, such efforts had been overshadowed by the collapse of the JPEX crypto exchange, resulting in losses exceeding $150 million for Hong Kong investors. Since the incident unfolded, trust in cryptocurrency among local residents has fallen drastically.
The new e-HKD pilot results as announced by Visa.
Hashkey’s regulated exchange token
Hashkey, one of the first crypto exchanges to receive a regulatory license in Hong Kong, will introduce an exchange token in 2024.
According to the recent white paper, the “HashKey EcoPoints” (HSK) token will be minted on Ethereum with a total supply of 1 billion. Out of this amount, 65% is reserved for users, 30% for Hashkey staff, and 5% for its ecosystem treasury.
The token will be distributed as incentivizes to ecosystem users and distributors and will not be “sold via private or public sales for fundraising purposes.” As for utility, the company states that the token could be used to settle trading fees, along with early access to future token subscriptions and product upgrades on its exchange services.
The exchange also pledges to buy back HSK tokens with up to 20% of profits generated from related Hashkey services. “HashKey implements an offsetting issuance mechanism (burning) to protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply,” the firm wrote. However, regulatory approval is still required for the token design plan:
“The contents of this whitepaper have not been reviewed by any regulatory authority in Singapore or Hong Kong. You are advised to exercise caution in relation to the information in this whitepaper and any transaction that you intend to carry out involving HSK.”
In August, Hashkey, alongside crypto exchange OSL, received one of the first regulatory licenses for retail crypto trading in Hong Kong. Its trading volume initially stagnated but has since gained traction. Only select coins and tokens — such as Bitcoin, Ethereum, Tether and Avalanche — are approved to be listed on the exchange.
Hashkey’s plan for HSK token utility.
$308M syndicate manipulated crypto markets to launder money: Police
Nineteen Chinese nationals have been sentenced for their role in a $308 million money-laundering scheme involving cryptocurrencies that operated from November 2020 and April 2021.
According to an Oct. 31 report by the Chongqing Tongliang District People’s Court, Mr. Jiang and Mr. Deng, the principal conductors of the money laundering syndicate, together laundered a total of $308 million worth of Bitcoin and Tether for proceeds of crime related to online gambling and wire fraud.
Police say that to avoid platform monitoring and Know Your Customer requirements, the accused individuals orchestrated a sophisticated scheme of using peer-to-peer transactions, where coins were sold at “unusual prices relative to spot markets” for the stablecoin Tether and then transferred to exchanges for cash.
“By fabricating pretexts such as withdrawing project funds and migrant workers’ wages, they organized gang members to withdraw cash from bank counters in Chongqing, Sichuan, Shanghai and other provinces and cities. The amount of cash withdrawals ranged from hundreds of thousands to several million yuan each time. After withdrawing the cash, the cash is packaged in trolley cases, backpacks, etc., and transported by plane.”
The 19 individuals, including Mr. Jiang and Mr. Deng, were sentenced to six months to six years in prison. “In recent years, the phenomenon of criminals committing illegal and criminal activities through telecommunications networks has become increasingly rampant, posing a huge threat to the legitimate rights and interests of the general public,” the presiding judge wrote.
Due to such a rise in wire fraud involving cryptocurrencies, China’s Central Government has cracked down harshly on crypto-related activities in the country, although there have been some signs of relaxation as of late. Nevertheless, such enforcement actions have sometimes resulted in collateral damage for foreign investors using Chinese-based crypto services without criminal intent.
The culprits as they appeared for sentencing in Chongqing Tongliang District People’s Court.
Subscribe
The most engaging reads in blockchain. Delivered once a
week.
Zhiyuan Sun
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Emotions appeared to get the best of Daniil Medvedev during a recent tennis match at the Paris Masters.
The third-seeded Medvedev lost to Bulgarian Grigor Dimitrov Wednesday.
At one point during the lengthy match, Medvedev could be heard directing threats at the crowd on hand in Paris. He appeared to be frustrated over whistling.
Medvedev took exception to the noises, and the Russian responded by raising a middle finger.
Daniil Medvedev reacts during his match against Grigor Dimitrov of Bulgaria during the Rolex Paris Masters at Palais Omnisports de Bercy Nov. 1, 2023, in Paris. (Antonio Borga/Eurasia Sport Images/Getty Images)
The crowd seemed to begin whistling during the second set after Medvedev threw his racket as Dimitrov rallied.
“I’m not going to play when they whistle,” Medvedev shouted at the umpire. The official then offered Medvedev some advice on how to counter the noises from the spectators.
“The more you stop, the more it annoys them, the more they whistle,” the umpire said.
Medvedev doubled down and issued instructions to the crowd.
“They’re stupid. If they don’t whistle, I’ll play,” Medvedev replied before telling the spectators, “I play, guys, but shut your mouths, OK?”
Daniil Medvedev celebrates winning a set against Grigor Dimitrov of Bulgaria at the Rolex Paris Masters at Palais Omnisports de Bercy Nov. 1, 2023, in Paris.(Antonio Borga/Eurasia Sport Images/Getty Images)
Medvedev then appeared to flash a middle finger toward fans in the stands. The umpire issued a time violation warning before play resumed.
The Russian attempted to explain his reaction during a press conference after the match.
“When I throw my racket, I’m allowed to get whistled at. It’s a bad reaction,” Medvedev. “On the other hand, if I serve, and they whistle and applaud at the same time, it’s a bit weird.
“That’s the public at Bercy. Everyone knows it. Not everyone likes playing here. I played much better at Bercy when there was nobody there,” he said in reference to playing at the sports complex during the COVID-19 pandemic.
“Here, with me, it doesn’t connect. I’ll be back, and I’ll try to do my best.”
Daniil Medvedev plays a forehand against Grigor Dimitrov of Bulgaria during the Paris Masters at Palais Omnisports de Bercy Nov. 1, 2023, in Paris.(Antonio Borga/Eurasia Sport Images/Getty Images)
Medvedev downplayed the idea he intentionally made the obscene gesture toward the crowd, saying, “I was looking at my fingernail. How could I do that in front of the friendly Paris-Bercy crowd?”
Former FTX CEO Sam Bankman-Fried has been found guilty of all of the seven charges in his criminal trial by a jury in New York.
Bankman-Fried was found guilty of two counts of wire fraud and two counts of wire fraud conspiracy along with one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.
He will return to court for sentencing by New York District Judge Lewis Kaplan at a later date.
Bankman-Fried’s crimes total a maximum of 110 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence.
Other key FTX executives including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering head Nishad Singh have all pleaded guilty to various charges and worked with the government to testify against Bankman-Fried.
Bankman-Fried had previously pleaded not guilty to all charges and during his trial, he took the stand to maintain his innocence and mark up FTX’s November 2022 collapse as “a number of big mistakes.” He denied any wrongdoing in FTX’s relationship with Alameda and attempted to distance himself from key decisions.
Bankman-Fried pinned the blame on Wang for creating a function that allowed Alameda to trade funds on FTX that it didn’t have and claimed he “wasn’t entirely sure what happened” with Alameda’s line of credit, which ballooned to billions in the collapsing crypto market of 2022.
Tyreek Hill will be seeking revenge this weekend in his first game against the Kansas City Chiefs since they traded him last year.
The Chiefs sent Hill to the Miami Dolphins after the Chiefs and Hill were unable to come to terms on a contract extension.
The deal seems to have worked out for everybody.
Kansas City didn’t miss a beat and won the Super Bowl, while Hill inked a record-breaking extension and is on pace to shatter the single-season receiving yards record.
Tyreek Hill of the Miami Dolphins scores a touchdown during the first quarter against the Denver Broncos at Hard Rock Stadium Sept. 24, 2023, in Miami Gardens, Fla.(Carmen Mandato/Getty Images)
Hill has 1,014 receiving yards in eight games this year, an average of 112 per game. So, he had a prediction on how Sunday’s game against the Chiefs in Germany will go.
“It doesn’t really matter where we play at. I mean, obviously it would’ve been great to play in K.C., but it really doesn’t matter where we play at, you feel me? They going to get this work wherever though,” he told reporters on Thursday, via ESPN.
It’d be human nature for Hill to be envious the Chiefs won a Super Bowl right after trading him, but the 29-year-old says he’s happy with how things played out.
Quarterback Patrick Mahomes (15) of the Kansas City Chiefs is congratulated by wide receiver Tyreek Hill (10) after a touchdown during the fourth quarter of a game against the Oakland Raiders at Arrowhead Stadium Dec. 1, 2019, in Kansas City, Mo. (Jamie Squire/Getty Images)
“I’m kind of glad that [the trade] happened. Obviously, the situation that I’m in is great. I’ve got great teammates. My family is from Miami. And, also, I accomplished one of my goals of being one of the highest paid in the league. So, everything’s great. Life is great, man. Never can take anything for granted. So, I can’t look back. Always got to look forward. That’s my mindset.”
Hill said he “wouldn’t take none of” his time in Kansas City back and expects some friendly trash talk with his former teammates.
“It is going to be trash talk, but it’s going to be fun though,” he said. “It’s going to be like, ‘I want to see you do good, but we going to bust your a– at the same time, though.’ It is going to be one of those things like backyard football with your brothers.”
Tyreek Hill of the Miami Dolphins enters the field prior to a game against the Carolina Panthers at Hard Rock Stadium Oct. 15, 2023, in Miami Gardens, Fla. (Rich Storry/Getty Images)
This week Bitcoin (BTC) price came within a hair of the $36,000 mark, before abruptly reversing course and correcting to $34,250. After a near 30% run over the past month, it is natural for the price to cool off as some traders take profit and market participants evaluate whether or not the catalysts for the rally remain valid.
Permabulls like MicroStrategy CEO Michael Saylor appear unbothered by the whipsaw price action, and on Nov.1, MicroStrategy announced the October purchase of 155 BTC for $5.3 million.
When asked about the upcoming Bitcoin halving during an interview with CNBC Squawk on the Street host Sara Eisen, Saylor said:
“Most of the natural sellers of Bitcoin in the market right now are Bitcoin miners, and they have to sell to cover their electricity bills and capital costs and retire their debt. That’s about a billion dollars per month worth of selling into the market. The protocol forces that to be cut in half as of next April, or late April.”
Considering the impact of the halving on selling and demand, Saylor said:
“So you’re going to see $12 billion of natural selling per year converted to $6 billion of natural selling a year. At the same time as things like spot Bitcoin ETFs increase the demand for Bitcoin. So that’s why all of us are fairly bullish over the next 12 months. Demand is going to increase, and supply is going to contract and this is fairly unprecedented in the history of Wall Street.”
Now is a “pretty ideal entry point” for Bitcoin
To date, Bitcoin price has gained 114%, 30% of which was added in the last month. Despite these gains, the price remains nearly 50% down from its all-time high, and the average person is likely to have memories of the FTX implosion and other crypto scandals in their mind before considering BTC’s performance in 2023.
When asked whether he believed the well of institutional investor interest had been poisoned by “bad and dark applications of this cryptocurrency and people like Sam Bankman-Fried, Saylor said,
“I think that the liabilities or the early crypto cowboys, the crypto tokens which are unregistered securities, the unreliable crypto custodians, for the industry to move to the next level, we’re going to need to migrate to adult supervision.”
Regarding the current investing climate, Saylor suggested that “If you’ve got a 12-month to 48-month time horizon, this is a pretty ideal entry point into the asset.”
“When banks on Wall Street and responsible custodians are managing Bitcoin and the industry takes its eyes away from all the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we 10x from here.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Then-President Trump embraces former Indiana University basketball coach Bob Knight during a campaign rally on November 2, 2018, at Southport High School in Indianapolis.(Aaron P. Bernstein/Getty Images)
Trump posted on his social media platform, Truth Social, to pay tribute to the coach.
“The World just lost an incredible person, the Great Bobby Knight. He was not just an award-winning and record-breaking Coach, he was loyal to his Players, to his State, and to our Country—Tough as nails, but a big heart,” Trump wrote.
Knight supported Trump when he ran for president in 2016 and appeared at a rally during the 2018 midterms.
“When he Endorsed me, it was like the whole Great World of Indiana opened up happy and wide. Our hearts and prayers are with his wonderful wife Karen and Sons, Tim and Pat—Their Father was a great man!”
Former Indiana basketball coach Bob Knight speaks while standing next to then-presidential candidate Donald Trump during a campaign event in Evansville, Indiana, on April 28, 2016.(Luke Sharrett/Bloomberg via Getty Images)
Knight was a three-time national champion and made five Final Fours, all during his 29-season tenure at Indiana.
Knight’s first college head coaching job was with Army in 1965; he took the Indiana Hoosiers job in 1971, where he stayed until 2000 and cemented his legacy in the college basketball world. He then coached Texas Tech from 2001 to 2008.
Knight was inducted into the Basketball Hall of Fame in 1991 and then the college basketball Hall of Fame in 2006.
He went 902-371 over his illustrious career, giving him the sixth-most wins of any coach in Division I men’s college basketball history.
Indiana head coach Bob Knight is shown during a game against Kansas State on December 23, 1980, in Manhattan, Kansas.(Rich Clarkson/NCAA Photos via Getty Images)
Knight reached the NCAA March Madness tournament 24 times in his 29 years at Indiana and coached the 1984 U.S. Olympic team to a gold medal in Los Angeles. He is one of three people to play for and coach a national champion, along with Dean Smith and Joe B. Hall, and he is the only coach to win a national title, the NIT, an Olympic gold medal and a Pan-Am gold medal.
All-Pro wide receiver Davante Adams is in the midst of his second season with the Las Vegas Raiders, but he has not exactly had the smoothest experience so far.
He has previously been vocal about the direction of the Raiders’ offense, and he now has to contend with a major shakeup in the front office and the coaching staff.
Head coach Josh McDaniels and general manager David Ziegler were both fired earlier this week.
Offensive coordinator Mick Lombardi was also reportedly dismissed, and linebackers coach Antonio Pierce was elevated to the interim coaching position. In light of the recent changes, Adams addressed the notion the Raiders are happy McDaniels will no longer be on the sidelines.
Wide receiver Davante Adams of the Las Vegas Raiders walks off the field at halftime of a game against the Pittsburgh Steelers at Allegiant Stadium Sept. 24, 2023, in Las Vegas.(Ethan Miller/Getty Images)
“Don’t get it confused,” Adams said Thursday during a news conference. “It’s not a celebration that we have a new coach and that there’s been changes made.”
But the six-time Pro Bowler did acknowledge the sweeping changes forced the team to adjust its mentality, something Adams believes the team needed.
“Obviously, I think it was time. One way or the other, it was time for some sort of change just to bring a little juice in and revitalize the team a little bit,” Adams said. “I think it’s more of a mindset that we’re trying to — not force but just moving forward to try to be as positive as possible.”
Despite engineering a successful offense for more than a decade in New England, McDaniels seemed to never be able to get the Raiders’ offense on track. Las Vegas was one of the least productive teams in the NFL in red zone efficiency.
Head coach Josh McDaniels speaks to wide receiver Davante Adams of the Las Vegas Raiders before a game against the Los Angeles Chargers at Allegiant Stadium Dec. 4, 2022, in Las Vegas.(Chris Unger/Getty Images)
Adams finished the past two seasons with more the 1,500 receiving yards, but he is on pace for a significantly lower output this season. In the Raiders’ loss to the Lions Monday night, Adams finished the game with just one catch for 11 yards.
Adams suggested the team is putting an emphasis on having fun for the remainder of the season.
“We have a thing put in place where the stakes are different now, but we have an opportunity to change it,” Adams said. “That’s the mindset we’re having, just trying to have fun and enjoy our time in this building. Because I think as we speak to each other, it’s been feeling like work too much and not having enough fun, so we’ve just got to get back to that.”
The Las Vegas Raiders’ Davante Adams (17) celebrates after scoring a touchdown during the first half of a game against the Buffalo Bills Sept. 17, 2023, in Orchard Park, N.Y.(AP Photo/Adrian Kraus)
During his introductory press conference, Pierce also confirmed that veteran quarterback Jimmy Garoppolo will be benched in favor of rookie Aidan O’Connell. Garoppolo was the Raiders’ biggest offseason acquisition and signed a three-year deal with the team. However, the oft-injured quarterback has not lived up to expectations.
Marathon Digital has begun mining Bitcoin (BTC) using power generated from methane gas siphoned off a landfill. The 280-kW off-grid pilot project is operating in Utah.
Marathon teamed up with Nodal Power on the project. Nodal Power was launched in November 2022 and produces energy from landfill gas in the southeastern United States and Texas. It raised $13 million in a seed round in August to operate two sites, one of which includes a data center.
A Nodal Power datacenter. Source: PRNewswire
Marathon said in a statement that the project is “part of a broader initiative being conducted by the Company to validate its ability to capture methane emitted from landfills, convert it into electricity, and then use that electricity to power Bitcoin miners.” Marathon CEO Fred Thiel said:
“Should the results of the pilot project meet our expectations, we look forward to expanding our footprint in this area and helping landfill operators and others meet their environmental targets.”
Bitcoin miners are actively seeking new green generating solutions. Genesis Digital Assets Limited, for example, set up an 8-MW facility in Sweden in August that uses hydropower.
Marathon cut the ribbon on a 200-MW immersion-cooled facility in Abu Dhabi’s sustainable Masdar City in late October. It released a report that month that found crypto mining at landfills is practical and has a number of advantages for miners and landfill owners, as well as the environment. According to the United Nations, methane is far more damaging to the environment than carbon dioxide.
Marathon reported second-quarter earnings this year fell short of expectations, despite the fact that it mined a record 2,926 Bitcoin in the quarter. Its Q2 revenue increased 228% year-on-year to $132.8 million.
