Daily Archives: November 16, 2021

DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million

DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million

The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the “number one promoter” of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison.

US Selling Crypto Worth $56M Seized From Bitconnect’s ‘Number One Promoter’

The U.S. Department of Justice announced Tuesday that it is selling $56 million in seized cryptocurrency to compensate victims of the Bitconnect fraud scheme. The Justice Department noted that “The Bitconnect scheme is the largest cryptocurrency fraud scheme ever charged criminally.”

U.S. District Judge Todd W. Robinson granted a request from the DOJ and the U.S. Attorney’s Office for the Southern District of California on Friday “for authority to liquidate approximately $56 million in fraud proceeds seized from the self-described ‘number one promoter’ of Bitconnect, a cryptocurrency, who consented to the seizure.” According to the Justice Department:

This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date.

Glenn Arcaro, 44, of Los Angeles, pleaded guilty on Sept. 1 to “participating in a massive conspiracy to defraud Bitconnect investors in the United States and abroad, in which investors were fraudulently induced to invest over $2 billion.”

The government is “seeking to make whole victims of the Bitconnect scheme by selling the cryptocurrency and holding the proceeds in U.S. dollars,” the DOJ detailed. “The government will maintain custody of the seized proceeds in cryptocurrency wallets and intends to use these funds to provide restitution to the victims pursuant to a future restitution order by the court at sentencing.”

Arcaro is scheduled to be sentenced on Jan. 7, 2022, the DOJ noted, adding that he “faces a maximum penalty of 20 years in prison.”

What do you think about the DOJ selling cryptocurrency seized from Bitconnect’s promoter? Let us know in the comments section below.

Shopping.io Launches First Annual Crypto Tuesday

PRESS RELEASE. Shopping.io, an innovative crypto e-commerce platform, announces its first ever Crypto Tuesday event, taking place on Tuesday, November 30, 2021.

Crypto Tuesday is the first-of-its kind discount event that happens online through the Shopping.io platform right after Black Friday and Cyber Monday.

Shopping.io is an innovative way for consumers to shop for anything they want from Amazon, eBay, Walmart and Etsy using over 200+ Cryptocurrencies with international shipping.

For this Crypto Tuesday event, everything purchased through the Shopping.io platform will have up to a 50% discount.

How Does it Work?

To participate in the event, users will need to make an account on the platform (Also a free account is available). For the Crypto Tuesday event, users will be able to spin the Fortune Wheel at check out and win 5% to 50% off their shopping cart.

Users can shop for anything they want from Amazon, eBay, Walmart, Home Depot, and Etsy using the platform, and pay using Bitcoin, Ethereum, DogeCoin, and any other crypto held in their digital wallet.

The Crypto Tuesday discount will then be applied to the total order.

In addition to the Crypto Tuesday savings, users who hold $SPI or $GSPI (Shopping.io native tokens) on the Dynamic or VIP package will get an additional discount.

This means total savings can be as much as 60% off.

About Shopping.io

Shopping.io was launched in December 2020, founded by dropshipping veterans with a vision to change how we make purchases with crypto.

This unique shopping platform allows consumers to make purchases online from thousands of different products using their favorite cryptocurrencies while simultaneously receiving rewards on the platform, along with a variety of token-specific discounts.

Future API integrations to allow previously unsupported tokens to be able to participate in crypto E-commerce by allowing them to make purchases online with their cryptocurrencies.

$SPI and $GSPI are Shopping.io’s native tokens that allow you to unlock plan discounts and benefits up to 10% discounts on Shopping.io, including free international shipping.

The mission of Shopping.io is to innovate and revolutionize how the world does business with crypto.

Contacts

For more information on this event or Shopping.io, please feel free to contact us on our live chat directly on our website or through [email protected]

https://twitter.com/shopping_io

https://t.me/shoppingio

https://discord.com/invite/4dG2bM2

https://www.youtube.com/c/Shoppingio/featured

https://m.facebook.com/shopping.io

https://www.instagram.com/shopping.io_official/


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Big Four Accounting Firm Deloitte Forges Partnership With Ava Labs to Leverage Avalanche Blockchain

Big Four Accounting Firm Deloitte Forges Partnership With Ava Labs to Leverage Avalanche Blockchain

On Tuesday, one of the Big Four accounting organizations, Deloitte announced a strategic partnership with Ava Labs, the team behind the blockchain network Avalanche. According to the announcement, Deloitte’s new cloud-based platform leverages Avalanche in order to “improve security, speed and [the] accuracy of Federal Emergency Management Agency reimbursements.”

Deloitte to Utilize Avalanche Protocol to Enhance Newly Launched Close as You Go Platform

During the last few years all four of the Big Four accounting networks, PWC, Ernst & Young (EY), KPMG, and Deloitte have been involved in blockchain consulting, research, and development. On November 16, Deloitte announced a strategic alliance with Ava Labs in order to “improve state and local governments’ recovery from natural disasters and public health emergencies.” The Avalanche blockchain will be leveraged to improve the firm’s new cloud-based solution.

According to Deloitte, the company’s newly launched Close As You Go (CAYG) platform is meant to help state and local governments streamline disaster reimbursement applications. These applications go specifically to the U.S. Federal Emergency Management Agency (FEMA). The CAYG’s cloud-based platform leverages Avalanche (AVAX) in order to provide a decentralized and transparent system that “empowers both grantmakers and funding recipients.”

Alex Haseley, principal, Deloitte & Touche LLP, and Deloitte’s government and public services crisis management portfolio leader says CAYG plays a “critical role” in helping bolster these types of federal emergency efforts. “When disaster strikes a community, state and local officials must act swiftly and deliberately to respond,” Haseley said. The Deloitte executive added:

Our new Close As You Go platform can play a critical role in helping these leaders be prepared to aggregate and validate the documentation necessary to demonstrate eligibility for funding and reduce the risk of adverse audit findings down the road.

Avalanche Protocol Aims to Provide a Secure Environment for Federal Disaster Claims

Meanwhile, the Avalanche (AVAX) ecosystem has seen exponential growth during the last year, and the native currency AVAX is up 2,522% year-to-date. Defillama.com metrics show that Avalanche holds the fifth-largest number of total-value locked (TVL) in decentralized finance (defi) on November 16, with $10.15 billion TVL. During the first week of November, the Avalanche Foundation announced the launch of Blizzard, a $200 million fund dedicated to financing developers working on innovative Avalanche-based platforms.

On Tuesday, Ava Labs president John Wu said that the organization was “proud to work closely with Deloitte to offer this new, secure and beneficial technology for communities across the country.” The melding of CAYG and the Avalanche blockchain will create a secure environment for federal disaster claims, the Avalanche team claims. According to the announcement, Deloitte also chose to leverage Avalanche because it’s an “eco-friendly platform, which aligns with Deloitte’s commitment to green technology.”

What do you think about the alliance between the Big Four accounting organization Deloitte and Ava Labs? Let us know what you think about this subject in the comments section below.

As the Dollar’s Purchasing Power Drops, Janet Yellen Stresses ‘Pandemic Calls the Shots’ for the Economy, Inflation

As the Dollar's Purchasing Power Drops, Janet Yellen Stresses 'Pandemic Calls the Shots' for the Economy, Inflation

Inflation has continued to make the price of goods and services in America rise as the U.S. dollar’s purchasing power is not what it used to be. Meanwhile, the Obama administration’s former economic advisor, Larry Summers, recently told the press that “We’re going to see inflation of a kind we haven’t seen in 30 years.” Despite the gloomy forecasts, the White House doesn’t believe these predictions and U.S. Treasury secretary Janet Yellen is blaming inflation on the Covid pandemic.

Former Economic Advisor for Obama Predicts Red Hot Inflation Will Rise Higher — White House Rejects Idea Infrastructure Funds Will Keep Inflation Going

Americans are forking over more and more dollars to pay for gas, rent, homes, food, healthcare supplies, medicine, vehicles, and more, ever since the U.S. government expanded the money supply like at no other time in history. President Joe Biden seems to think that the trillion-dollar infrastructure bill will help alleviate inflation even though economists are doubting this prediction. Speaking with CNN, Larry Summers, the American economist who served as the 71st United States Treasury secretary, said: “We’re going to see inflation of a kind we haven’t seen in 30 years.”

However, when White House press secretary Jen Psaki was asked about inflation soaring by an NBC journalist who kept pressing her, the secretary rejected such predictions. Fox News contributor Joe Concha made fun of the press secretary’s commentary on Twitter and said: “There are too many economists to count who say trillions in new spending will only raise inflation further. These Psaki-Bombs are beyond comical at this point,” Concha added.

Treasury Secretary Yellen Blames Inflation on Covid Pandemic

While economists are predicting a drawdown in the U.S. economy, U.S. Treasury secretary Janet Yellen told the press on Sunday that the inflation America faces is due to Covid-19. “It’s important to realize that the cause of this inflation is the pandemic,” Yellen said. “It led to a dramatic increase in demand… for products,” she continued. “And although the supply of products has increased in the United States and globally, not as much as demand.”

Gold bug and economist Peter Schiff mocked Yellen’s statements about Covid-19 causing inflation. Schiff highlighted in a tweet that he believes the Federal Reserve is to blame for the loss of purchasing power. “According to Yellen, inflation resulted from a dramatic increase in consumer demand to buy products,” Schiff tweeted. “But where did consumers get the money to buy those products? From the government, which in turn got the money from the Fed. The Fed caused the inflation.”

When Yellen spoke on Sunday she did not get into the highly chastised government mandates the U.S. government has enforced over the last two years. American officials across the entire nation shut down businesses, created terms like “essential workers,” crafted vaccine mandates, enforced a rent moratorium for well over 16 months, and pumped more USD into America’s monetary supply than in the first three-quarters of the country’s entire history in less than two years.

On Sunday, however, Yellen’s statements on the CBS broadcast “Face the Nation,” indicate that she believes the virus, not the central planners, has been holding the reigns of the U.S. economy. “The pandemic has been calling the shots for the economy and for inflation,” Yellen concluded. “And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.”

Minneapolis Fed President Also Blames Supply Disruptions, Covid Virus — Biden Advisor Mentions Vaccinating Children Will ‘Comfort American Families’

The day before Yellen spoke on CBS, Minneapolis Federal Reserve Bank president, Neel Kashkari, explained that inflation will likely keep rising during the next few months. “The math suggests we’re probably going to see somewhat higher readings over the next few months before they likely start to taper off,” Kashkari said. Similar to Yellen, Kashkari stressed that supply chain issues and the Coronavirus pandemic are the main reasons why inflation persists.

“We’re seeing both a surge of demand because Congress has given a lot of money to families and businesses to get through the pandemic, but we’re also seeing supply disruptions at the same time because of the Covid virus,” Kashkari further remarked.

Additionally, the director of the National Economic Council serving under president Joe Biden, Brian Deese, told the press that addressing Covid would help ease inflation. When ABC News correspondent George Stephanopoulos asked Deese if “there [is] anything president Biden can do” to address inflation, Deese responded by saying: “Number one: We have to finish [the] job on Covid…getting those shots out to 5-11-year-olds is gonna provide a lot of comfort to American families.”

What do you think about the rising inflation in America and the different viewpoints about the loss of purchasing power from U.S. officials and economists? Let us know what you think about this subject in the comments section below.

Federal Reserve Governors Don’t See Reason to Issue Central Bank Digital Currency

Federal Reserve Governors Don’t See Reason to Issue Central Bank Digital Currency

At least three Federal Reserve governors have said that they do not see a reason for the Fed to issue a central bank digital currency (CBDC). The Fed is currently putting together a report on a digital dollar to be released in the near future.

Fed Governors Doubt Need for Digital Dollar

Federal Reserve Governor Michelle Bowman said last week that she does not see much of a reason for the Fed to issue a U.S. central bank digital currency given the safety and efficiency of the U.S. payment system. She said:

I’m not really sure that I understand or see the business case for creating it.

The Fed is currently putting together a report discussing the pros and cons of issuing a digital dollar. The report is expected to be released soon.

Another Federal Reserve governor who is skeptical about the Fed issuing a digital dollar is Randal Quarles. He said on Oct. 20 at a Milken Institute conference that he does not understand the arguments in favor of issuing a central bank digital currency. Quarles, who is set to resign in December, opined:

Until somebody answers me the question why, I don’t understand why we would devote the enormous amount of resources and the technological risk and the significant disruption to the current operation of the financial system that would come from the central bank saying we are going to provide this digital currency.

Federal Reserve Governor Christopher Waller also doubts whether the Fed should issue a digital dollar. He explained in October during a discussion hosted by the Official Monetary and Financial Institutions Forum (OMFIF) that a digital dollar would put the Fed in direct competition with commercial banks.

“With a central bank digital currency, you’re asking a very direct question. Should the central bank be more involved in processing payments for households and firms in a way that allows them to circumvent the banking system? That is what a CBDC account is doing,” Waller said. “So, should you compete with the banking system or not?” In August, the Fed governor noted:

I remain skeptical that a Federal Reserve CBDC would solve any major problem confronting the U.S. payment system.

Do you think the Fed should issue a central bank digital currency (CBDC)? Let us know in the comments section below.

Crypto Markets Shed Billions Overnight — Analyst Says ‘Drawdown Normal’ and ‘Bull Market Structure Still Intact’

Crypto Markets Shed Billions Overnight — Analyst Says ‘Drawdown Normal’ and ‘Bull Market Structure Still Intact’

Cryptocurrency markets have dropped significantly in value during the last 24 hours as the entire market capitalization of all 10,000 crypto assets in existence has dropped below the $3 trillion mark to $2.77 trillion on Tuesday morning (EST). After tapping $66K on Monday, bitcoin’s price slid below the $60K handle to a low of $58,563 per unit. After the steep fall, bitcoin’s price has recovered some losses, rising back above the $60K range and has started to show some consolidation.

Bitcoin, Ethereum, Top Cryptos See Double-Digit Losses in 24 Hours

Digital currencies are down in value on Tuesday as the market capitalization of the entire crypto-economy shed billions during the last 24 hours. Bitcoin (BTC) is down 7.5% during the last day and has fallen 10.2% for the week.

At the time of writing, BTC is swapping for $60,563 per unit and has an overall market valuation of $1.14 trillion. BTC has $48 billion in 24-hour trade volume on Tuesday and 52.43% of those trades are paired with tether (USDT). This is followed by USD (18.75%), BUSD (6.61%), JPY (4.79%), EUR (4.45%), and KRW (2.70%).

Bitcoin’s drop from the $66K handle to just above $60K has also caused the myriad of alternative crypto asset markets to falter. Ethereum (ETH) has shed 9.2% during the overnight, and weekly stats show ether has lost 11.6%. While BTC has a dominance score of 41.5%, ethereum’s market is 18.3% of the entire crypto economy. Most digital currency markets suffered decent losses but coins like ecomi (OMI), nexo (NEXO), huobi token (HT), wonderland (TIME), and helium (HNT) have seen very little losses.

However, crypto assets like spell token (SPELL), kucoin token (KCS), near (NEAR), kadena (KDA), arweave (AR), dash (DASH), and zcash (ZEC) have lost between 15% to as high as 22.4% during the last day.

Ark36 Executive: ‘Drop Results in a Leverage Shakeout Which Contributes to a Healthier Market’

Meanwhile, as bitcoin, ethereum, and a slew of crypto markets suffer deep losses, the crypto assets hedge fund Ark36 executive Mikkel Morch told Bitcoin.com News that the drawdown is normal.

“Yet again, bitcoin has done what it does best – defy expectations,” Morch said. “After hitting an all-time high near the 69K level last week, the overall investor expectation was that the trend would immediately continue. Instead, we saw a largely sideways trend culminating in an almost 8% drop yesterday. Such a price decrease may seem disappointing or even concerning given the sweeping wave of enthusiasm the markets experienced just last week.” Morch continued:

However, it is vital to remember that an 8% drawdown is considered a normal market move in the crypto markets. At the moment, the overall bullish market structure remains largely intact. In fact, a sudden price drop results in a leverage shakeout which contributes to a healthier market that is better set up for an uptrend continuation in the medium term.

Huobi Global: Indicators Show ‘High Bearish Sentiment in the Market’

Bitcoin market fundamentals from Huobi Global indicate that there are many factors that show market sentiment is currently bearish. “All EMAs steeply downward, Bollinger band opening significantly expanded, the current indicators are indicating a high bearish sentiment in the market,” Huobi Global told Bitcoin.com News on Tuesday morning. “From the daily level, BTC is now in a long negative line, the short-term uptrend has broken, daily volume is enlarged, the short-term trend may continue to move downward, pay attention to the support below,” Huobi added.

In a similar market outlook report, Huobi noted that ethereum (ETH) market signals also indicate a “high bearish sentiment in the market.” ETH/USD chart indicators using a 4-hour time frame show EMAs and the K-line are all running downhill. “From a daily perspective, the upside channel of ETH may be broken, and this retracement falls below the short-term support level, and the follow-up continues to look for whether there is effective support below,” Huobi Global’s bitcoin and ethereum market outlook concluded.

What do you think about the downturn in crypto markets and the crypto economy shedding billions during the last 24 hours? Let us know what you think about this subject in the comments section below.

Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020

PRESS RELEASE. November 2021, leading Crypto service comparison site – Cryptowisser, announces its annual Crypto exchange graveyard. The list serves as the only existing extensive database for “dead” cryptocurrency exchanges. Over the last year many exchanges have been victim to regulatory regulations, hacking, and a highly competitive growing market. Six exchanges from the detailed report were even closed down due to the actual exchange being a scam.

It was another rough year for crypto exchanges as nearly 80 exchanges bit the dust, but why are more and more exchanges dying despite the booming crypto market and continued acceptance into mainstream economics?

The Regulatory Kiss of Death

As the market grows and crypto becomes more widely accepted, nations and governments are forced to bend the knee to find ways of accepting cryptocurrency and with that comes regulations. Whether the said government enforces stricter regulations or bans crypto altogether, there are several potential factors that can affect exchanges with markets in those countries. For example, with the recent crypto ban in China, major exchanges like Bit-Z fell by the wayside.

The Hacking Death Penalty

Although one of the smallest death contributors on the list, hacking should not be ignored. There were reportedly 3 reported fatal hacks last year. The Atomars exchange, a promising exchange from the Seychelles that was known for their security was the victim of an inside job resulting in a hacking, and has not been able to bounce back since.

The Powerhouse Grim Reaper

Despite the growing number of crypto users, smaller exchanges have a hard time competing with the giants such as Binance and KuCoin. These crypto household names continue to swallow most of the market share of new users as well as trade volume, making it ivery difficult for smaller exchanges to compete. Just looking at these Giant’s native coins, it is evident they are experiencing massive growth and taking market share. Binance’s native token (BNB) was worth 27 USD a year ago, and is currently valued at 628 USD. KuCoin showed even bigger growth with their native token, the KuCoin token being worth just 85 cents a year ago and now worth over 21 USD.

The Defi Death Experience

Decentralized exchanges have been pushing out centralized exchanges for quite some time They often have lower fees, fewer KYC requirements and higher security and that makes it an attractive choice from many traders, when looking at big DeFi exchanges like Uniswap, they show huge signs of growth – Just a year ago their token market cap was almost 900 million USD, and today stands at a staggering 15 billion USD.

Concluding Remarks

Exchange deaths are growing year on year, but with more regulatory sanctions and crypto awareness worldwide, it could be said that the regulations could stabilize the number of crypto exchanges on the market. Long are the days gone from the opening exchange in a Bull-run hoping for the best. For a new exchange to flourish, they will need to comply with all regulatory requirements, and be able to cover all the costs related thereto and also have an edge to compete with not only the big names who already offer trust, security and acceptable fees, but also with the decentralized exchanges who are grabbing market share and users every day.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact [email protected]


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Indian Prime Minister Modi Chairs Crypto Meeting After Consulting With RBI, Finance Ministry

Indian Prime Minister Modi Chairs Crypto Meeting After Consulting With RBI, Finance Ministry

Indian Prime Minister Narendra Modi has reportedly chaired a comprehensive meeting on cryptocurrency and related issues in India. The meeting was an outcome of a consultative process involving the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry.

PM Modi Chairs Crypto Meeting

India’s Prime Minister Narendra Modi reportedly chaired a very comprehensive meeting on cryptocurrency and related matters Saturday. ANI News reported, citing government sources:

Today’s meeting chaired by PM Narendra Modi on the way forward for cryptocurrency and related issues was a very comprehensive one.

”It was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped,” the publication added.

The meeting “was also an outcome of a consultative process as RBI [the Reserve Bank of India], Finance Ministry, and Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country & world.”

In addition, the meeting discussed that unregulated crypto markets cannot be allowed to “become avenues for money laundering and terror financing,” the news outlet conveyed, adding that the government “is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps.”

The publication further detailed:

There was consensus also that the steps taken in the field of cryptocurrency and related issues by the government will be progressive and forward-looking. Government will continue to pro-actively engage with the experts and other stakeholders.

On Monday, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry. This was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.

“There was an understanding that cryptocurrency can’t be stopped but it must be regulated … There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency,” ANI publication detailed. “Members of Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.”

What do you think about Prime Minister Narendra Modi chairing a comprehensive crypto meeting? Let us know in the comments section below.

Topps Releases NFTs Featuring Science Fiction-Themed Collectible Card Series Mars Attacks

Topps Releases NFTs Featuring Science Fiction-Themed Collectible Card Series Mars Attacks

On Monday, the sports and entertainment collectibles giant Topps announced the launch of non-fungible tokens (NFTs) based on the firm’s classic science fiction-themed trading card series Mars Attacks. The limited-edition NFT collection will be hosted on the NFT platform Curio and will “mark Mars Attacks’ introduction into the blockchain.”

Topps Launches NFTs Dedicated to the 1962 Hit Collectible Trading Card Series Mars Attacks

Following the influx of NFTs Topps has released, such as digital MLB trading cards, Garbage Pail Kids collectibles, Godzilla vs. Kong blockchain assets, and Bundesliga NFTs, the company has announced the first Mars Attacks NFT collectibles. Mars Attacks is a series of science fiction-themed trading cards Topps published in 1962. The cards were drawn by Norman Saunders and Wally Wood and they essentially tell a story about Martians who invade earth, but aliens are also ruled by a tyrannical government.

The cards grew very popular during the Cold War and some cards can get around $3,500 at auction according to psacard.com statistics. The card series distributed by Topps became well known in American culture and inspired a Tim Burton film called “Mars Attacks!” in 1996. Now Topps has announced that the first Mars Attacks NFTs have been launched via the NFT marketplace platform Curio.

“Topps is thrilled to partner with Curio on bringing the Mars Attacks world into NFTs,” Tobin Lent, the VP, and global general manager of Topps Digital Sports and Entertainment said in a statement sent to Bitcoin.com News. “The new collection delivers excitement to passionate fans of the science-fiction trading card series by honoring its heritage. Topps remains committed to working with a range of partners as we explore and innovate in this exciting new space.”

500 Full Mars Attacks NFT Sets — Topps NFTs Caught in the Fray of Many Competitors

According to the Mars Attacks NFT announcement, the NFTs will be sold in packs and have various odds per pack and a number of rarities as well. There will be 564 “Yellow” packs that cost $49 per pack of 11 cards, 500 “Red” packs that will set someone back $99 per pack of 25 cards, and 150 “Green” packs that give the owner the full set of 55 cards at $199 a pack.

Some of the cards will have redemption tickets that give away animated, gold, x-ray, and static bonus cards. There are 27,510 total cards in the entire Mars Attacks NFT collection which equates to about 500 full sets and ten redemption tickets.

Meanwhile, Topps is in the thick of intense competition from other NFT collectible ventures like NBA Top Shot, Veve, and Autograph. Veve recently partnered with Disney and the two firms have released NFTs featuring Disney’s popular Frozen character Elsa, Pixar’s Wall-E, Fox Entertainment’s The Simpsons, and Star Wars digital collectibles as well.

What do you think about the Mars Attacks NFT collectibles? Let us know what you think about this subject in the comments section below.

Bank of England’s Cunliffe: Crypto Threat to Financial Stability ‘Getting Closer’ — Urges Regulators to Act Now

Bank of England's Cunliffe: Crypto Threat to Financial Stability 'Getting Closer' — Urges Regulators to Act Now

Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrency is getting closer to posing a threat to global financial stability due to the sector’s rapid growth. Crypto is also being integrated into the traditional financial system at a rapid rate. He urges regulators to take action now.

Bank of England’s Jon Cunliffe Warns Crypto Is Closer to Becoming a Threat to Global Financial Stability

Sir Jon Cunliffe, Bank of England’s deputy governor for financial stability, talked about bitcoin and cryptocurrencies in general on BBC’s Today program Monday.

He warned that cryptocurrencies, including bitcoin, are getting closer to becoming a threat to global financial stability due to their rapid growth. Cunliffe said:

My judgement is they’re not, at the moment, a financial stability risk, but they are growing very fast, and they’re becoming integrated more into what I might call the traditional financial system.

The Bank of England official warned that crypto assets’ volatility could soon spill over into traditional markets. He urges regulators to take action, stating:

So the point at which they pose a risk is getting closer. I think regulators and legislators need to think very hard about that.

In July, Cunliffe said that crypto assets were “not of the size that they would cause financial stability risk, and they’re not connected deeply into the standing financial system.”

He also explained Monday that companies such as Meta, formerly Facebook, are launching their own stablecoins, such as Diem. “There are proposals for new players who are not banks, including some of the big tech platforms and some of the social media platforms, to come into the world and issue their own money. But I think that those proposals don’t yet exist at scale, so I don’t think we’re behind the curve here,” Cunliffe opined.

The deputy governor for financial stability also commented on central bank digital currencies (CBDCs). “The reason why we might consider, why we’re actively exploring introducing the digital pound, digital form of Bank of England cash, is that the way we live and the way we transact is changing all the time,” he described.

“The question is whether the public at large, businesses and households, should really have the option of using and holding the safest form of money — which is Bank of England money — in their everyday lives. That’s the question that we’ll explore in this taskforce between the Treasury and the Bank of England over the next year,” he added.

In October, Cunliffe warned that crypto could collapse, citing its lack of intrinsic value and extreme price volatility. He then urged regulators to urgently establish rules for crypto assets.

The Bank of England also issued a report in October stating that crypto assets pose “limited” direct risks to the financial stability of the U.K.’s financial system. “Cryptoasset and associated markets and services continue to grow and to develop rapidly. Such assets are becoming increasingly integrated into the financial system. The FPC [Bank of England’s Financial Policy Committee] judges that direct risks to the stability of the U.K. financial system from cryptoassets are currently limited.”

What do you think about Jon Cunliffe’s comments? Let us know in the comments section below.