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Coinbase and a New York regulator reach a $100 million settlement

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Using a SpaceX rocket, Cryptosat deploys a second satellite that is “cryptographically equipped”

A Cryptosat satellite known as Crypto2 was sent into orbit on January 3 by one of SpaceX’s Falcon 9 launch vehicles, according to a statement. The addition of Crypto2 to the company’s satellite network was a part of attempts to increase space’s processing capacity and turn it into a “new battleground in the quest for bulletproof cryptography.

The launch of Crypto2 gives us more availability and more powerful spec to support the growing portfolio of use cases in our development pipeline,” Yonatan Winetraub, co-founder of Cryptosat, stated.

In an interview with Cointelegraph, Winetraub disclosed some potential uses for the satellites, including collecting a signed timestamp for applications like smart contracts and encrypting data to a public key. To avoid “premature decryption,” the satellite can generate a cryptographic key pair and release a private key after a certain period.

On January 3, at 2:56 p.m. UTC, SpaceX launched the module as part of their Transporter 6 mission, which departed from Cape Canaveral Space Force Station. As a result, 114 satellites for different operators worldwide were sent into orbit along with the Cryptosat payload by the Falcon 9 rocket.

Coinbase and a New York regulator reach a $100 million settlement

According to a Jan. 4 statement from the NYDFS, Coinbase will pay a $50 million fine for breaking New York’s banking and financial services rules and put $50 million into its compliance program. According to the banking authority, the cryptocurrency exchange allegedly had several compliance “deficiencies” about AML regulations. The NYDFS cited problems with Coinbase’s user onboarding and transaction monitoring procedures.

Coinbase has acknowledged its failures in this respect to the Department,” said the NYDFS. “Furthermore, certain of these issues have been known to Coinbase since at least 2018, flagged through both internal assessments and external reviews, including examinations conducted by the Department. Although Coinbase has worked to correct these issues, its progress has been slow: progress in certain areas did not occur until recently, and work remains outstanding to the present.” 

According to New York officials, Coinbase violated the state’s licensing regime’s AML rules by allowing customers to open accounts without performing adequate background checks. In addition, the regulator cited a backlog of more than 100,000 notifications claiming that the increase in users at the cryptocurrency exchange had contributed to a “failure to keep pace” with monitoring suspicious transactions.

We’re proud of our commitment to compliance, but we are also willing to acknowledge where we have fallen short, including by paying penalties & working hard to fix issues,” Paul Grewal, Coinbase’s head of law, stated.

Sam Bankman-Fried makes an unconditional not-guilty plea in federal court

Bankman-Fried’s attorneys reportedly submitted a not-guilty plea on SBF’s behalf in his first court appearance since December, according to many spectators in the Southern District of New York’s United States District Court on January 3. Bankman-Fried is charged with eight crimes, and if found guilty, he may spend 115 years behind bars.

One of the prosecutors in the case against the former FTX executive, Assistant U.S. Attorney Danielle Sassoon, allegedly stated that her team planned to deliver evidentiary papers to SBF’s attorneys within the next two weeks. According to court records, according to Reuters, Sassoon’s trial was set to begin on October 2 and was expected to last four weeks.

The former CEO of FTX had been in California since December 22 while under house arrest, but he traveled back to New York for the plea hearing. In addition, Bankman-Fried’s bail was constrained by Judge Lewis Kaplan to ensure that he wouldn’t access or transfer any bitcoin or assets from FTX or Alameda; this was probably in reaction to rumors that he had transferred money from Alameda wallets while at home.

Risks of self-custody highlighted by the Bitcoin Core developer hack

Luke Dashjr recently said that some purported attackers had gained access to his PGP (Pretty Good Privacy) key, part of an encryption tool that generates cryptographic authentication.

The security-conscious creator of the Bitcoin core has raised worries from the crypto community about possible security breaches. According to others, this makes it challenging for regular people to embrace or safeguard their Bitcoin.

The announcement stunned a Twitter user, who said that “there’s little hope for most” and felt that few would be able to assist the developer.

Others in the community agreed and emphasized that their grandmother would not be “no nope” if what happened to Dashjr might also happen to her. They hold the opinion that widespread adoption is a “pipe dream” if a renowned Bitcoin engineer can’t keep his wallet secure.

Namcios, a Bitcoin expert, thinks these opinions do not accurately reflect the reality of the situation. The expert emphasized that even if Dashjr has a thorough understanding of Bitcoin, he is still human and may make mistakes.

Additionally, Binance CEO Changpeng Zhao responded to Dashjr’s Twitter thread in which the developer asked if there was anything the cryptocurrency exchange could be doing to assist. Zhao further guaranteed that their security team would keep an eye on the assets and block any Bitcoin deposits to their cryptocurrency exchange.

What can you gather from a trendline?

bearish-breakout-of-a-trendline

Simply defined, a trend line informs you of the likely actions of buyers and sellers throughout a trend at a specific price. When a line is broken, it can signal a change in how the market is acting as a whole. Breakout refers to the breaking of a trendline. Due to the frequent strong movements and high liquidity it causes, this might provide you with trading possibilities.

Trendlines are created entirely based on how the data appears visually. Therefore, the calculation of trend lines cannot be done using a trend line equation calculator, trend line math, or any other method.

Understanding trendlines and evaluating support and resistance levels is essential when trading price changes. This article aims to provide expertise on chart interpretation so that readers may see more clearly than other traders or investors.

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Top Crypto Meme of the Week

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January 5, 2023

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