Stories by Will Gottsegen
UK Court Orders Binance to Track Down Alleged Crypto Hackers
London’s High Court has ordered Binance, the world’s largest crypto exchange, to identify and freeze the accounts of hackers involved in an alleged $2.6 million heist on its platform. The order follows a request from a crypto company called Fetch.ai, which says its Binance accounts were compromised back in June. According to a transcript of the High Court proceedings, Fetch.ai alleges that the hackers made off with multiple cryptocurrencies: Tether, Binance Coin, Bitcoin, and FET, Fetch.ai’s own
Holly Herndon Launches Music NFT Auction House on Ethereum
In July, American composer Holly Herndon launched Holly+, a platform for creating music with a digital model of her own voice. Holly+ is a kind of deepfake program. In the same way that digital effects artists can summon up hyperrealistic versions of Tom Cruise or Barack Obama, Holly+ spits out strange, garbled versions of audio files in what sounds like Herndon’s singing voice. Now, Herndon is adding an auction house component that gives users the chance to profit from the songs they create. On
Rep. Anna Eshoo Asks Pelosi to Amend Infrastructure Bill’s Crypto Provision
In a letter to Speaker Nancy Pelosi, Rep. Anna Eshoo (D-CA-18) has expressed concerns about a controversial new provision on crypto tax reporting. The provision was a last-minute addition to the much fussed-over infrastructure bill, which would put over $1 trillion into the nation’s public works. The Senate passed it earlier this week, and it’s headed to the House later this year. On Twitter, Eshoo wrote that the bill “imposes new reporting requirements on miners, validators & developers of wall
BitMEX Settles Civil Charges With CFTC, FinCEN for $100 Million
The cryptocurrency exchange BitMEX has reached a $100 million settlement with the Commodity Futures Trading Commission and Financial Crimes Enforcement Network, according to a statement from the company. This past fall, BitMEX was charged with intentionally evading U.S. regulations. Like most other popular crypto exchanges, BitMEX has its headquarters overseas; regulators alleged that the company allowed U.S. traders to use its platform without fully complying with anti-money laundering and know
Senate Passes $1.2 Trillion Infrastructure Bill, Crypto Tax Debate Heads to House
The Senate has passed its infrastructure bill, clearing the way for a $1.2 trillion infusion into the nation’s public works. The vote was 69-30. Also in the package: a new provision with serious implications for the crypto industry. The bill broadens current tax reporting requirements for businesses acting as “brokers” for cryptocurrencies. This would apply to exchanges and other money service businesses selling digital assets, but the language is nebulous enough to potentially encompass crypto
SEC Charges Ethereum ‘DeFi’ Project Over Alleged $30M Fraud
The Securities and Exchange Commission has announced charges against a crypto lending project and two of its executives over an unregistered securities offering. According to a press release, DeFi Money Market raised over $30 million over the course of a year by selling two different kinds of Ethereum-based tokens: the first promised holders 6.25% interest, and the second was a so-called “governance token” (roughly analogous to voting shares in a traditional company). When the company realized
Christie’s to Auction Bored Apes, Meebits, More CryptoPunks NFTs
NFTs from three of today’s buzziest collections—Bored Apes, Meebits, and CryptoPunks—will be among the lots at an upcoming auction at Christie’s. A specialist at Christie’s confirmed the news to Decrypt. NFTs are non-fungible tokens: blockchain-based collectibles that can be bought and sold as proof of ownership for files on the internet. Christie’s sold its first NFT last year, along with a corresponding physical sculpture. Sensing a nascent market (and competition from Sotheby’s), the auction
Chris Cornell’s Last Photoshoot to Be Auctioned as NFTs on Ethereum
Previously unseen photographs of late Soundgarden frontman Chris Cornell are being auctioned as NFTs. The photos come courtesy of a company called Cryptograph, which uses Ethereum and bills itself as a philanthropy-oriented marketplace for crypto collectibles. The images are among the last taken of Cornell during his lifetime. Collectively titled “The Last Session,” they were shot in 2017—the year of Cornell’s death—by the photographer Randall Slavin. “The Last Session," by the photographer Ran
SEC’s Gensler: Crypto Market Filled With Unregistered Securities, Prices 'Open to Manipulation'
At a conference hosted by the Aspen Institute, SEC Chair Gary Gensler stressed the need for stricter and better enforced investor protections around cryptocurrencies. "Right now, we just don't have enough investor protection in crypto,” said Gensler. “Frankly, at this time, it's more like the Wild West." Most cryptocurrencies, he explained, are primarily "highly speculative stores of value.” Once a partner at Goldman Sachs, Gensler was a relatively progressive regulator during his tenure as Chai
Ex-Monero Developer 'Fluffypony' Has Been in Jail For Two Weeks Over Theft at Cookie Company
Former Monero developer Ricardo Spagni was arrested on fraud charges nearly two weeks ago, according to documents filed with a Tennessee district court. The charges have to do with invoices filed over ten years ago, when Spagni was working as an employee of a South African company called Cape Cookies. Authorities are alleging Spagni created fake invoices from other companies (some of which didn’t actually exist), filed them to Cape Cookies’ finance department, and made off with the money—nearly
Gary Vaynerchuk Just Paid $3.7 Million in Ethereum for a CryptoPunk NFT
Gary Vaynerchuk—wine blogger, media mogul, consummate crypto bro—just spent 1,600 Ethereum on a CryptoPunk NFT. That's about $3.7 million. CryptoPunks are among the oldest and most prized NFTs: blockchain-based collectibles that can be bought and sold as proof of ownership for files on the internet. The images themselves are tiny, pixelated mugshots meant to be used as avatars on social media platforms. There are only 10,000 total, and each comes with a randomized collection of traits, some rare
Genre DAO: How an LA Record Label Is Pushing Into the Crypto Era
For the past decade, Leaving Records has been responsible for some of the most consistent and diverse experimental music coming out of LA. While the word “genreless” emerged as a catch-all descriptor for a new wave of Gen-Z musicians, Matthew David McQueen—the label’s founder—took the opposite tack: What if we thought about music as “all-genre”? What if, rather than scrubbing the texture from the way we think about and categorize music, we left things messy, and replete with meaning? Leaving’s
Robinhood Stock Debuts at $38, Immediately Drops 9% Before Recovering
The online brokerage app Robinhood debuted its stock on the Nasdaq Thursday, only to see a 9% drop in share prices over the first 15 minutes. HOOD debuted at $38, which gave Robinhood a $32 billion valuation. After the initial drop, shares recovered and were sitting at around $36 after an hour of trading. Today's debut is the culmination of a long, arduous journey for Robinhood, which has become the trading app of choice for young investors over the past few years. It's also gained traction amo
US Treasury Blacklists Another Bitcoin Address With Suspected Terrorist Ties
An office of the US Treasury Department has announced new sanctions against a “Syria-based terrorist fundraiser and recruiter” accused of working with the militant group Hay’et Tahrir Al-Sham (HTS). A press release alleges that Farrukh Furkatovitch Fayzimatov “utilizes social media to post propaganda, recruit new members, and solicit donations for HTS.” The suspect’s Bitcoin address is also being actively monitored, though the Treasury hasn’t specified whether this particular address was involve
Senator Warren: Crypto Puts Financial System in the Hands of 'Shadowy Super-Coders’
At a hearing of the Senate Banking Committee this morning, Senator Elizabeth Warren (D-MA), now one of Congress’s most prominent crypto skeptics, continued to sound the alarm about the potential dangers of blockchain technology. The hearing, titled “Cryptocurrencies: What are they good for?”, featured testimony from three industry commentators: Jerry Brito, of the pro-crypto think tank Coin Center; Marta Belcher, an attorney and board chair of the Filecoin Foundation; and Angela Walch, a profess
Roc-A-Fella Cofounder Selling NFT for $10M in Ethereum Amid Jay-Z Lawsuit
Last month, Roc-A-Fella Records sued co-owner Damon Dash for trying to sell an NFT tied to Jay-Z’s album “Reasonable Doubt.” Typically, when artists try to cash in by “making an NFT of” a song or an album, they’re talking about a file (usually an image or video) associated with the music. An NFT is just a kind of unique cryptocurrency that’s attached to a file. Buying an NFT gets you the token and a copy of the file—nothing more. But according to Roc-A-Fella’s filing, Dash was allegedly trying t
How a 12-Year-Old Made Over $160,000 in Ethereum on NFTs in One Day
Last month, we introduced you to Gajesh Naik, a 13-year-old boy from Goa, India, who drummed up his own investment management program for cryptocurrency. Apparently there’s quite a market for tweens looking to get into crypto. This past week, a 12-year-old sold a series of original NFT icons for over $160,000. The NFT collection is Weird Whales—a set of pixelated whale icons inspired by a stock image—and the kid is Benyamin Ahmed. He’s based out of a London suburb that one of Decrypt’s English s
Texas Is Third State This Week to Target BlockFi's Bitcoin Savings Accounts
Texas is the latest state looking to crack down on beleaguered crypto lending platform BlockFi, according to a notice published today by the Texas State Securities Board. State regulators have filed for a cease-and-desist against BlockFi and two of its subsidiaries, BlockFi Lending and BlockFi Trading, over an alleged sale of unregistered securities. At issue is an investment product called the BlockFi Interest Account, which promises high returns in exchange for banked cryptocurrency, such as B
Elon Musk Says SpaceX Has Bought Bitcoin, Personally Owns Ethereum, Dogecoin
Speaking at an online conference called 'The B Word,' Elon Musk said that his aerospace tech company SpaceX has invested in Bitcoin. "I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin," he said, revealing that he also personally owns Ethereum and Dogecoin. He did not disclose the amounts that he or his companies have invested, though did say that he owns significantly more Bitcoin than Dogecoin or Ethereum. According to the official website of 'The B Word,' the conference “aims to explai
Ethereum Documentary Raises $1.9 Million Via NFTs on Mirror
A production company called Optimist has raised 1,035.96 ETH for a documentary about the development of Ethereum; at the moment, that’s nearly $1.9 million. According to the filmmakers, “Ethereum: The Infinite Garden” will feature interviews with Vitalik Buterin, the creator of Ethereum, as well as Aya Miyaguchi, who runs the Ethereum Foundation. The film was funded via NFTs on the crypto-backed blogging platform Mirror. It’s a variation on the “tiered” rewards model popularized by sites like K
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