Our weekly roundup of news from East Asia curates the industry’s most important developments.
SBF’s Chinese bribe scandal worsens
According to October 11 testimony from Caroline Ellison, co-founder of FTX-linked hedge fund Alameda Research, her colleague — disgraced FTX founder Sam Bankman-Fried — allegedly paid $150 million in bribes to Chinese government officials in 2021, higher than the $40 million disclosed initially.
Ellison said during the FTX trial that two years prior, $1 billion worth of Alameda Research’s digital assets on crypto exchanges OKX and Huobi were frozen by Chinese law enforcement as part of a money-laundering investigation. Senior FTX executives, such as chief operations officer Constance Wang and Alameda trader David Wa, were also involved in the incident. The individuals first tried to contact a Chinese lawyer to unfreeze the funds, which didn’t work.
The disgraced FTX founder will be on trial throughout October. (Wikipedia)
Then, FTX and Alameda staff allegedly created accounts on OKX and Huobi using the identification of a Thai prostitute to negotiate the return of funds. When that didn’t work out, Ellison accused Bankman-Fried of paying a $150 million bribe to unfreeze the accounts. The bribe was recorded as “the thing” in future Alameda balance sheets. According to Ellison’s testimony, the funds were immediately unfrozen following the bribe.
Presiding Judge Lewis Kaplan of the United States District Court for the Southern District of New York reminded the jurors that Bankman-Fried’s alleged bribery of Chinese officials is not within the scope of the ongoing FTX trial. Instead, a second trial relating to SBF’s bribery charges has been scheduled for March 11, 2024. The FTX trial will remain ongoing for the month of October.
Binance clarifies account freeze
Yi He, a co-founder of Binance, clarified on the Chinese social media app WeChat earlier this week that only accounts of users suspected of violating international sanctions will be frozen on the exchange.
The statement came after a wave of inquiries in response to local news reports that the exchange froze accounts of suspected Hamas militants per Israeli law enforcement’s request. Yi He explained:
“Hamas is a designated terrorist organization by the United Nations. Therefore, any organization, including banks and trading platforms, will need to cooperate on the receipt of freeze requests. This is not something Binance can decide on its own.”
The Binance executive commented: “I have no political biases, yet no trading platform can refuse such law enforcement requests. Palestine has an organized government. Hamas is a local militant group. They kill civilians; that’s the problem. Hamas is not Palestine; the freeze is targeted towards Hamas, not Palestine.”
Binance co-founder Yi He’s statement on Hamas account freezes. (WeChat)
In a follow-up post on October 11, Yi He further clarified that “Binance would not confiscate nor freeze assets of ordinary users. Rules are created by the strong; in the face of international regulations, Binance is a nobody.” She also pointed to the fact that, despite the ongoing war between Russia and Ukraine, the exchange has not frozen the accounts of ordinary Russians.
Crypto lending invalidated by second Chinese court
Crypto lending contracts in China are not protected by law because the underlying asset is illegal, a second Chinese court has ruled.
As narrated by the Nanchang People’s Court on October 10, plaintiff Mr. Ming lent 80,000 USDT to defendant Mr. Gang in April 2021 for the purpose of stablecoin trading. The loan was to be repaid within six months. Mr. Gang subsequently defaulted on the loan, leading to a civil lawsuit by Mr. Ming. Both the lawsuit and its appeal were dismissed.
In their decision, the presiding judge wrote:
“There are legal risks involved in participating in virtual currency investment and trading activities. If any legal person, unincorporated organization, or natural person invests in virtual currencies and related derivatives that violates public order and good customs, the relevant civil legal actions will be invalid, and the resulting losses shall be borne by them.”
The judge further explained that according to various legislation forming China’s crypto ban, “virtual currencies only exist in digital form, are not legal tender, and do not have legal compensation, such as Bitcoin, Ethereum, Tether, etc., and cannot be used as currency in the market. Virtual currency-related business activities are illegal financial activities that harm national financial order, financial security and social public interests, and are strictly prohibited.”
The ruling does not extend to the digital yuan central bank digital currency, which the presiding judge said “is a legal currency in digital form issued by the People’s Bank of China. It is operated by designated operating agencies and redeemed by the public. It is equivalent to banknotes and coins.”
Previously in August, a Chinese man lost $10 million worth of Bitcoin after the borrower defaulted on his Bitcoin lending agreement and a court ruled that the contract was invalid, citing similar reasons as the Nanchang People’s Court.
Chinese judge explains why the Bitcoin lending contract was invalid and therefore denied relief for breach of contract.
Huobi hacker returns all assets
According to a statement by Justin Sun, de-facto owner of cryptocurrency exchange HTX, formerly known as Huobi, a hacker has returned all of the 5,000 Ether ($8 million) stolen during a security incident last month.
“We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hacker a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help,” Sun wrote. On September 25, Huobi’s hot wallet was hacked for 5,000 ETH in an incident first detected by blockchain analytics firm Cyvers Alerts.
Sun subsequently offered a bounty and threatened legal action if the funds were not returned. During the incident, the blockchain personality also claimed that the exchange held around $3 billion in users’ assets. Last month, Huobi rebranded as HTX, raising community eyebrows due to the similarity of the name to the now-defunct crypto exchange FTX.
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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.
Colorado Buffaloes two-way superstar Travis Hunter is on track to play Friday night against Stanford for the first time since Week 3 after suffering a lacerated liver.
Hunter, who was cleared to play earlier in the week and has been practicing, “remains on track to play” Friday night, though the Colorado staff will watch him pregame to make sure he’s ready, according to an ESPN report.
Cornerback/wide receiver Travis Hunter, #12 of the Colorado Buffaloes, gives advice to guard center Van Wells, #55, during a timeout in the second quarter against the USC Trojans at Folsom Field on September 30, 2023, in Boulder, Colorado. (Dustin Bradford/Getty Images)
Hunter plays both cornerback and wide receiver for Colorado but will have his snap count monitored, per ESPN.
In Colorado’s opening game of the season against TCU, Hunter was all over the field, ending the game with 129 snaps. Hunter had 11 catches for 119 yards against the Horned Frogs, adding an interception on defense.
Head coach Deion Sanders said Tuesday he wanted to make sure Hunter wouldn’t be “a liability” when he returns to the field.
“I don’t want him to be a liability, I want him to always be a tremendous asset,” Sanders said, according to ESPN. “Travis came to me [Monday] morning, saying, ‘What more can I do to help us get to the point that we need to get to?’ I love the team aspect of Travis 100 percent. I hope he can play.”
Hunter suffered the liver injury on September 16th when Colorado State safety Henry Blackburn delivered a late hit.
Colorado Buffaloes cornerback Travis Hunter (12) gets hit by Colorado State Rams defensive back Henry Blackburn (11) in the first quarter during the Rocky Mountain Showdown at Folsom Field September 16, 2023. Hunter was injured on the play but returned to the game.(Andy Cross/The Denver Post)
Sanders condemned those who reportedly sent death threats to the senior safety.
“Henry Blackburn is a good player who played a phenomenal game,” Sanders said. “He made a tremendous hit on Travis on the sideline. You can call it dirty, you can call it ‘He was just playing the game of football.’
Colorado Buffaloes cornerback Travis Hunter (12) during warmups before the Rocky Mountain Showdown against the CSU Rams at Folsom Field September 16, 2023. (Andy Cross/MediaNews Group/The Denver Post via Getty Images)
“But whatever it was, it does not constitute that he should be receiving death threats. This is still a young man trying to make it in life. A guy that is trying to live his dream and hopefully graduate with honors or a degree, committed to excellence and go to the NFL. He does not deserve a death threat over a game.”
Hunter and Blackburn appeared to bury any animosity between them in late September when Colorado State defensive lineman James Mitchell posted a photo of Hunter and Blackburn shaking hands and meeting.
Colorado and Stanford kick off Friday at 10:00 p.m. ET.
New York Giants running back Saquon Barkley revealed the comment a fan made during last week’s loss against the Miami Dolphins that triggered him to shout back in defense of quarterback Daniel Jones.
Speaking with the media on Thursday, Barkley addressed what had been behind the now-viral video that showed him interacting with someone in the crowd during last weekend’s 31-16 loss at Hard Rock Stadium in Miami Gardens, Florida.
New York Giants running back Saquon Barkley (26) watches from the sidelines during the fourth quarter against the Seattle Seahawks at MetLife Stadium.( Brad Penner-USA TODAY Sports)
“We live in New York and New Jersey, and we play for the New York Giants – that’s expected. They want a team that’s going to go out there and win. So when it’s the booing, when it’s the cheering, when they say all this, I’m okay with that,” Barkley explained.
“That doesn’t bother me. I don’t let that get under my skin. But that moment, especially when [Jones], someone who would give his freaking all for this franchise and for this city and go out there and risk it every single day and do whatever he can to bring a Super Bowl to this city, to this organization, and he just hurt his neck, and he’s sitting in a blue tent getting checked on for his neck, and you got a fan just motherf—ing him. That just doesn’t sit well with me. He’s helpless. He can’t do anything.
Bradley Chubb, #2 of the Miami Dolphins, tackles Daniel Jones, #8 of the New York Giants, during the first quarter at Hard Rock Stadium on October 8, 2023, in Miami Gardens, Florida.(Megan Briggs/Getty Images)
Jones took a beating on the field for the second week in a row. He was sacked six times and took several hard hits throughout the game. In the previous week’s loss against the Seattle Seahawks, Jones was sacked 11 times.
“I get it. I was a fan of football before. That’s not in my makeup, that’s not in my character to boo and do stuff like that. But, fans, if you don’t like the product that we’re doing out there — we got to give them a product to be happy about,” Barkley continued.
“Go ahead and boo. Go ahead and cheer. That’s part of the game, but have sympathy at the same time. He’s a human being. Out of all people, it shouldn’t be [Jones].”
Daniel Jones, #8 of the New York Giants, reacts during the first half of the game against the Miami Dolphins at Hard Rock Stadium on October 8, 2023, in Miami Gardens, Florida. (Megan Briggs/Getty Images)
Barkley has been sidelined with an ankle sprain since the Giants’ Week 2 win over the Arizona Cardinals. He told reporters Thursday that while he feels more improved since last week, the rehab process is still taking time.
“It sucks, because as a competitor you want to be out there. And it’s not like more of the mindset of ‘I want to be out there, it’s going to change something.’ It’s more the mindset of seeing your guys fighting, and you can’t do anything about it. It’s hard to lead, it’s hard to have a presence when you’re on the sideline in a hat and a hoodie and street clothes.”
San Francisco tight end George Kittle is not worried about being fined for pulling up his jersey and revealing a shirt disparaging the Dallas Cowboys on “Sunday Night Football.”
San Francisco dominated the Cowboys in Week 5, moving to 5-0 in a 42-10 win.
San Francisco 49ers tight end George Kittle celebrates after scoring a touchdown during the first half of an NFL football game against the Dallas Cowboys in Santa Clara, California, Sunday, Oct. 8, 2023.(AP Photo/Godofredo A. Vásquez)
Kittle caught three touchdown passes from quarterback Brock Purdy but revealed the T-shirt he was wearing underneath his jersey after a fourth-quarter score by running back Jordan Mason.
Kittle posted a photo on Instagram of the shirt he was wearing underneath his jersey that added the extra insult against the team’s NFC rivals.
“F— Dallas,” the shirt read.
On Thursday, Kittle said he has not heard from the NFL but does expect a fine. “Probably to get a fine,” Kittle said Thursday. “I wore a personalized T-shirt. Maybe an inappropriate word.”
George Kittle, #85 of the San Francisco 49ers, reacts after a 42-10 victory against the Dallas Cowboys at Levi’s Stadium on Oct. 8, 2023 in Santa Clara, California.(Ezra Shaw/Getty Images)
“It is what it is. It’s a decision I made,” he continued. “If they want to fine me, they fine me.”
Micah Parsons, #11 of the Dallas Cowboys, warms up prior to a game against the San Francisco 49ers in the NFC Divisional Playoff game at Levi’s Stadium on Jan. 22, 2023 in Santa Clara, California.(Thearon W. Henderson/Getty Images)
“We got something for that, just trust. If we see them again, just trust. And we gonna put it just like that. I ain’t gonna put too much on it. You gonna make it personal? We can make it personal, that’s cool.”
The only way Dallas and San Francisco would meet again this season would be in the NFL Playoffs.
Dallas was dominated by the 49ers Sunday night, losing the total yards battle 421 to 197 and turning the ball over four times. Quarterback Dak Prescott threw three interceptions as the Cowboys dropped their second straight game.
Fox News’ Ryan Gardos and Chantz Martin contributed to this report
Blockchain network congestion refers to a situation where the number of transactions exceeds the network’s capacity, resulting in processing delays.
When there are more pending transactions than the network can handle, blockchain networks get congested. Limited block sizes and the length of time required to construct a new block are the causes of this issue.
Transactions are delayed, and users notice slower processing times when the volume of transactions exceeds the network’s capacity to confirm them quickly. The release of BRC-20 tokens on the Bitcoin blockchain led to a rapid increase in transactions, resulting in Bitcoin network congestion.
Increased usage, high transaction volumes and events like initial coin offerings (ICOs) can strain the system and cause congestion. Users may choose to pay extra fees to have their transactions prioritized, which raises expenses even more during these busy periods. Moreover, transactions become more expensive and less efficient as a result of the congestion, which also affects the overall user experience.
However, blockchain networks are always working on ways to improve scalability, ensure smoother transactions, and reduce congestion-related problems, such as protocol updates and layer-2 scaling solutions. These initiatives are essential for widespread adoption because they increase the robustness and effectiveness of blockchain networks, even in times of heavy demand.
The importance of efficient blockchain transaction processing
Efficient blockchain transaction processing is vital for enabling high throughput, low latency, reduced transaction fees and enhanced data security across various industries.
The widespread use and integration of blockchain technology into various industries depend on effective blockchain transaction processing. Scalability is one of its main advantages; it enables blockchain networks to manage a large volume of transactions quickly and concurrently.
Scalability has been a problem in conventional systems, but effective blockchain processing eliminates this problem, providing smooth operations even during periods of high usage. Additionally, by lowering latency and congestion, it improves network performance and enables real-time transaction validation and confirmation. Transaction fees are also reduced by efficient transaction processing, making blockchain technology more affordable for both private individuals and commercial enterprises.
Furthermore, effective blockchain processing ensures swift, safe and tamper-proof transactions in industries where data security is crucial, such as finance, healthcare and supply chain management. The speed at which blockchain can handle transactions will be a deciding factor in how quickly new technologies are developed and adopted.
Causes of blockchain network congestion
Blockchain network congestion arises from factors such as high transaction volumes, increased adoption, DApps, ICOs and malicious activities, causing delays and higher fees in transaction processing.
The processing capacity of the blockchain network is strained by a number of issues, which cause delays and higher transaction fees. For instance, a large number of transactions that exceed the network’s capacity can overwhelm the processing power, delaying confirmation of transactions.
Moreover, as blockchain technologies are more widely used, more individuals and companies make transactions, which increases network traffic. Decentralized applications (DApps), platforms for decentralized finance (DeFi) and the concurrent execution of smart contracts all place a considerable burden on the network’s resources and cause congestion.
In addition, as investors participate in events like ICOs and token sales, the network is further clogged with transactions. Last but not least, malevolent actors can cause system disruption by sending a large number of low-value transactions, and physical restrictions in the network architecture, like poor internet connections, can obstruct the smooth flow of data and cause congestion problems.
Consequences of network congestion
In blockchain systems, network congestion can have serious repercussions for users, businesses and the general operation of decentralized applications.
One immediate consequence is delayed transaction confirmations. Services that depend on timely payments or transactions are affected when a network is crowded because transactions take longer to process. For instance, Ethereum’s network was severely congested during the CryptoKitties boom in late 2017, which led to delays in platform transactions.
Higher transaction fees are also a result of significant demand for transaction processing. Users frequently bid higher fees to speed up their transactions when there is congestion or a transaction backlog. Transactions may become more expensive as a result of the increase in fees, especially for smaller transactions. Due to the high demand for DeFi apps, the Ethereum network experienced congestion in 2021, which caused transaction costs to soar.
Additionally, the user experience of DApps is impacted by network congestion due to slow transaction processing. Prolonged congestion and a bad user experience may make users reluctant to interact with the DApp. Users who are frustrated or dissatisfied might abandon the platform completely, which would have an impact on the success of the DApp and its user base.
Also, developers may need to set aside more resources to boost the DApp’s performance when it is congested. This diversion of resources may have been used to improve user functionality or experience instead, delaying the development of the DApp as a whole.
Strategies to address blockchain network congestion
Blockchain network congestion needs to be addressed with a diverse strategy that includes both short-term fixes and long-term scaling solutions.
Optimizing transaction fees is one such strategy. To prevent unnecessary bidding wars during congestion, users can set reasonable costs. Also, layer-2 solutions, like rollups for Ethereum and the Lightning Network for Bitcoin, can be implemented by developers to reduce the load on the primary blockchain by allowing some transactions to take place off-chain.
Furthermore, by increasing the number of transactions executed in each block and enhancing block propagation methods, throughput can be increased. Additionally, switching to proof-of-stake or other efficient consensus algorithms lowers the computational load, allowing blockchain networks to support more transactions.
As a crucial tactic to deal with blockchain network congestion, sharding, as implemented by the Ethereum blockchain, stands out. Each of the shards created by dividing the blockchain into smaller parts can operate independently to process transactions. The capacity of the network is greatly increased by this parallel processing, enabling numerous transactions to take place simultaneously.
Finally, encouraging DApp developers to improve their smart contracts and code can lessen the needless load on the network. Blockchain platforms can reduce traffic by combining various techniques, resulting in smooth transaction processing and improving the user experience.
Bitcoin (BTC) price is oscillating within an ascending channel, bounded by a resistance at $28,000 and a rising support at approximately $26,750.
BTC/USD daily price chart. Source: TradingView
The flattening BTC price action has accompanied declining volumes and volatility, underscoring a growing bias conflict among traders.
Bitcoin network activity plummets
The duration of Bitcoin’s consolidation coincides with a massive drop in its deposits, withdrawals, and overall transactions count. Notably, all these metrics increased in May due to the Bitcoin Ordinals hype, only to crash significantly in September.
Bitcoin transaction count. Source: CryptoQuant
“This suggests that the Bitcoin network activity has decreased,” argues MAC_D, on-chain data analyst at CryptoQuant, adding:
“This happened because there were fewer new investments coming into the crypto market, resulting in less liquidity and therefore less price volatility.”
Bitcoin ETF hopes versus higher rate worries
Bitcoin’s consolidation period appears on the heels of two conflicting market catalysts: hopes for a Bitcoin ETF approval in the U.S. against worries about the Federal Reserve’s “higher-for-longer” interest rate strategy.
Analysts argue that a Bitcoin ETF approval would bring $600 billion worth of demand to the market — a boon for the BTC price. On the other hand, stickier inflation raises Fed’s potential to keep rates higher in the future, which, in turn, could hurt risker assets, including BTC.
A former BlackRock director asserts that the U.S. Securities and Exchange Commission will approve a Bitcoin ETF by the end of Q1/2024.
BTC accumulation continues
Bitcoin supply across whale and institutional addresses have increased entering October, suggesting the cryptocurrency’s richest investors have been accumulating off-market via over-the-counter desks.
For instance, the supply held by Bitcoin addresses with a 10,000-100,000 BTC balance (the teal wave) has jumped by over 1% from its Oct. 5 low.
Bitcoin supply held by addresses with a 100-100,000 BTC balance. Santiment
The jump appears as the cohort absorbs drops in the supply held by Bitcoin addresses with a 1,000-10,000 BTC balance (the orange wave). On the other hand, the supply held by 100-1,000 BTC balance cohort (the green wave) have risen.
Bitcoin technical analysis shows a 40% decline setup
From a technical perspective, Bitcoin eyes a rebound toward $28,000 after showing signs of stabilizing around $26,750. The short-term upside outlook is purely based on BTC’s price fluctuations inside its prevailing ascending triangle, as shown below.
BTC/USD daily price chart. Source: TradingView
A longer-timeframe scenario shows Bitcoin treading inside a broader ascending channel pattern. Therefore, a rebound from the current support area (the red bar) could have BTC price climb toward $36,000 in late 2023 or early 2024.
However, the ascending channel appears like a rising wedge, a bearish reversal pattern. A rising wedge resolves after the price breaks below its lower trendline and falls by as much as the pattern’s maximum height.
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.
At 4-2, Colorado has already exceeded expectations in Sanders’ first season as head coach of the FBS program.
Colorado Buffaloes head coach Deion Sanders during an interview prior to the game against the USC Trojans at Folsom Field in Boulder, Colorado, Sept. 30, 2023.(John Leyba-USA TODAY Sports)
However, as Colorado prepares to take on Stanford Friday night at Folsom Field, looking to win game number five of the season, Sanders has a gripe.
The game against Stanford kicks off at 8:00 p.m. MT, a start time that Sanders is not a fan of.
“Who makes these 8 o’clock games? They’re the dumbest thing ever. The stupidest thing ever invented in life. Who wants to stay up until 8 o’clock for a darn game?” Sanders said Wednesday on the CU Buffs Insider podcast.
“What about the East Coast?” Sanders continued. “Do they even care about ratings or anybody watching it? I’m sorry. I’m venting. What are we supposed to do with the kids all day until 8 o’clock?”
Sanders asked the host what they were supposed to do all day in the hotel, to which the host responded, “Watching football.”
Colorado head coach Deion Sanders, left, talks with his son, quarterback Shedeur Sanders, before the first half of an NCAA college football game against Southern California Saturday, Sept. 30, 2023, in Boulder, Colorado.(AP Photo/David Zalubowski)
“Who’s playing on Friday?” Sanders responded.
The Pac-12 routinely has games that play late into the evening on the East Coast, with USC and Arizona kicking off at 10:30 p.m. ET last Saturday.
The late start times will not be as much of an issue moving forward for Colorado when they join the Big 12 beginning in 2024.
“Thank god we’re not going to be in this conference,” Sanders added.
The schedule for Sanders and his Buffaloes has been all over the map this season, with Colorado opening the season at TCU with an 11:00 a.m. CT kickoff. In Week 2 against Nebraska, the game kicked off at 10:00 a.m. MT, with the USC matchup in Week 5 also starting in the morning hours in Boulder, Colorado.
Colorado Buffaloes head coach Deion Sanders calls a time out during first half of the NCAAF game against the Arizona State Sun Devils at Mountain America Stadium on Oct. 7, 2023 in Tempe, Arizona. The Buffaloes defeated the Sun Devils 27-24.(Christian Petersen/Getty Images)
Despite the schedule, Sanders and Colorado took the college football world by storm in the first month of the season.
Two transgender female cyclists dominated the podium at the Chicago Cyclocross Cup series last weekend after finishing first and second in a women’s event.
Tessa Johnson, 25, took home gold in the CX Women SingleSpeed event in the Jackson Park race on Oct. 8, after finishing with a time of 38:48, according to race results from USA Cycling.
Bikes on roof rack.(Jean-Yves Ruszniewski/Corbis/VCG via Getty Images)
Evelyn Williamson, 30, came in second with a time of 40:20.
According to the race results from USA Cycling, the third place finisher did not complete the fifth lap of the race as Johnson and Williamson did and finished with a time of 33:47.
Johnson also placed first in the CX Women’s Cat ½ race, while Williamson finished fourth.
The race comes months after Union Cycliste Internationale (UCI) updated its policy, banning transgender athletes from elite competition.
A view of the UCI World cycling center logo on May 14, 2022 in Aigle, Switzerland.(RvS.Media/Basile Barbey/Getty Images)
In July, the world governing body for sports cycling released a lengthy statement updating their policy to prohibit any trans cyclist from competing in women’s events if they “transitioned after (male) puberty.”
“From now on, female transgender athletes who have transitioned after (male) puberty will be prohibited from participating in women’s events on the UCI International Calendar — in all categories — in the various disciplines.”
The decision followed a July 5 meeting, when the governing body found that the current “state of scientific knowledge” can not guarantee that any physical advantage would be eliminated after undergoing hormone therapy treatments.
A row of cycling bikes.(Mickey Pfleger/Sports Illustrated via Getty Images)
The Jackson Park race in Illinois, where Johnson and Williamson placed, follows the guidelines for non-elite competition set by the USA Cycling, which states that at “non-elite competition levels, a member may self-select their gender.”
“The CCC has always been first and foremost about fostering a positive & supportive community built around competitive cyclo-cross racing, and that means welcoming and challenging everyone who wants to contribute to the series and make it better,” the Chicago Cyclocross Cup says on its website.
President Miguel Albuquerque of Madeira has announced plans for the creation of a Bitcoin business hub, aiming to drive innovation in the region. The statement was made during a fireside chat with Prince Filip of Serbia on the second day of Bitcoin Amsterdam 2023.
Prince Filip expressed interest in the new Bitcoin business hub, emphasizing its role in technology development and partnerships. President Albuquerque noted the hub’s origins in Madeira and its inclusive collaboration opportunities.
According to President Albuquerque, the idea for the Bitcoin business hub started with a group of hard-working professionals and is open to everyone who wants to collaborate. Madeira is an autonomous region of Portugal that has embraced Bitcoin by implementing policies that exempt Bitcoin investors from paying personal income taxes in the region.
Image of President Albuquerque and Prince Filip at Bitcoin Amsterdam 2023 Source: CoinTelegraph
Prince Filip commended Madeira’s Bitcoin embrace as a forward-looking technology and a secure, open protocol similar to the Internet. A known Bitcoin advocate and Chief Security Officer (CSO) of Jan31, the Serbian prince lobbies global lawmakers on the advantages of national Bitcoin adoption.
According to the President of Madeira, his government is shifting the region’s economic focus toward technology, high-tech industries, artificial intelligence and Bitcoin.
During the Bitcoin 2022 conference in Miami, it was revealed that Madeira is adopting Bitcoin, and residents who invest in BTC will be exempt from personal income taxes. President Albuquerque stated, “I have faith in the future and in Bitcoin. People in Madeira who engage in buying and selling Bitcoin won’t have tax obligations related to personal income.”
Tether, the issuer of the world’s largest stablecoin by market capitalization, is replacing its CEO as the company works to expand its areas of focus.
Paolo Ardoino, who has been serving as Tether’s chief technology officer since 2017, will become the new CEO of the firm in December 2023, Tether announced on Oct. 13.
Ardoino will replace Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO of Tether’s sister company, Bitfinex. Ardoino will continue in his roles as chief technology officer for Bitfinex and chief strategy officer for the Bitcoin layer-2 solution Holepunch.
Ardoino will also “continue to oversee the technology department for the time being” at Tether, a spokesperson for the firm told Cointelegraph.
Tether said the change in leadership reflects the company’s commitment to actively exploring new business operations, including peer-to-peer communications, renewable energy, resilient data storage and Bitcoin (BTC) mining.
As Ardoino has been leading Tether’s expansion strategy over the last couple of years, the transition should be seen as a “natural progression,” a representative of the firm told Cointelegraph.
The firm said Ardoino is the ideal choice for Tether’s CEO due to his significant impact beyond his organizational roles, including his involvement and understanding of Holepunch, Bitcoin mining, hardware and artificial intelligence. Ardoino’s efforts toward enhancing freedom and fostering innovation have also established the exec as one of the most influential figures in the community, Tether noted.
“Under Paolo’s leadership, Tether will continue to work towards delivering financial services to those in need, reshaping the landscape of global finance,” the Tether spokesperson said, adding:
“Paolo [Ardoino] envisions Tether as a tech powerhouse poised to revolutionize the industry and serve as an infrastructure partner in the development of resilient cities and countries. Tether’s mission also includes expanding the influence of the USD and Bitcoin in global trade and exchange […]”
As previously reported, Tether has been actively developing Bitcoin mining operations in 2023, launching a mining operation in Uruguay in May. The firm has continued its aggressive entry into the Bitcoin mining industry, introducing Tether BTC mining software to enhance the management of mining capacity in August 2023.
