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Bankrupt crypto exchange FTX sells its European arm for $32.7M to settle a lawsuit, a PwC survey reveals Bitcoin remains the most popular digital asset among retail investors, a U.S. judge grants a temporary restraining order in favor of crypto miners against an energy use survey, MicroStrategy's Twitter account hack leads to a significant crypto theft, OANDA announces the launch of crypto trading services in the U.K., and BitForex goes offline after a $56.5M withdrawal incident.
Your go-to podcast where we break down the latest cryptocurrency news into easy-to-understand insights.
Step into the enchanting world of 'Phoebe's Birmingham Beat,' the GenAI-powered podcast. This project is more than just a technical feat; it's a bridge between written words and the immersive world of audio storytelling. Artificial intelligence is not just a tool here. It is a co-author, editor and translator that transforms texts to make them perfect for listening. It gets rid of repetition, improves wording and tries to preserve a unique style. It's so nice to hear how accurately the voiceover captures intonations of surprise or annoyance. Sometimes the results are funny and weird - I love it. My favourite part is the wrong accents, numbers and off-the-cuff greetings.
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The show takes its inspiration from the inside.com materials.
Host 1:"Hey there, it's your go-to crypto enthusiast, back in the hot seat to unravel the complex web of digital currency! And with me, as always, is..."
Host 2:"Ah, your resident crypto aficionado! Just jesting, we both bring a substantial wealth of crypto knowledge to the table. So, are you prepared to delve into the crypto-abyss today?"
Host 1:"Absolutely! I'm feeling as bullish as Bitcoin on a bull run - utterly unstoppable! And you, old chap?"
Host 2:"Marvelous! I'm positively brimming with anticipation, for today we have some scintillating topics to discuss. First in line, we have the insolvent crypto exchange, FTX, which has recently offloaded its European division for a substantial $32.7M! Quite the impressive yard sale, wouldn't you say?"
Host 1:"Quite the impressive yard sale, wouldn't you say? And speaking of Bitcoin, our beloved digital gold continues to capture the hearts of retail investors, as per a recent PwC survey. Quite fascinating, wouldn't you agree?"
Host 2:"Absolutely! And for all you aficionados of courtroom drama, we have an intriguing saga to share. A U.S. judge has granted a temporary restraining order in favor of crypto miners. And no, we're not referring to the ones with the hard hats and pickaxes!"
Host 1:"Your jests are akin to a crypto transaction - they may take a while to process, but the payoff is certainly worth it! On a more somber note, we have some rather unfortunate news regarding MicroStrategy. Their Twitter account fell victim to a hack, resulting in a significant crypto theft. Quite the alarming situation, isn't it?"
Host 2:"Quite the sting, isn't it? A stark reminder to keep our wits about us in this digital wilderness. On a more uplifting note, OANDA is gearing up to launch its crypto trading services in the U.K. Brace yourselves, fellow Brits, for an exhilarating crypto escapade!"
Host 1:"In a rather dramatic twist, BitForex has decided to hit the pause button following a substantial $56.5M withdrawal incident. Quite the unexpected intermission, wouldn't you say?"
Host 2:"Right then, ladies and gents, it appears we're in for a riveting ride through the world of crypto chaos today. Are you prepared to fasten your seatbelts and dive headfirst into the exhilarating madness of the crypto realm? Let's venture forth!"
Host 1:"Have you caught wind of the latest crypto saga? It's akin to a Shakespearean tragedy, but with a generous serving of blockchain and a distinct lack of iambic pentameter."
Host 2:"Ah, the FTX saga, a tale as riveting as a soap opera, but with a delightful abundance of numbers and a conspicuous absence of love triangles. For those unacquainted with the intricacies of the crypto world, FTX stands as a prominent cryptocurrency exchange platform."
Host 1:"Absolutely! The insolvent crypto exchange FTX has agreed to offload its Switzerland-based European division, FTX Europe, back to the entity's founders for a substantial $32.7 million. It's akin to acquiring a masterpiece like a Picasso and then parting with it at a humble yard sale."
Host 2:"Ah, but didn't they splash out a staggering $323 million on it just last year and give it the swanky new moniker of FTX Europe? It's like acquiring a top-of-the-line Ferrari and then flogging it for the price of a second-hand Honda Civic. Quite the curious turn of events, wouldn't you say?"
Host 1:"And the plot thickens! It turns out that FTX found itself embroiled in a lawsuit with the co-founders of its European arm, Patrick Gruhn and Robin Matzke. They alleged that the previous management had overpaid for the acquisition of the unit using FTX customer funds. Quite the intriguing twist, wouldn't you say?"
Host 2:"Ah, but Gruhn and Matzke weren't content to simply sit back and twiddle their thumbs. They've launched their own counterclaims, seeking a hefty $256.6 million from FTX, vehemently refuting the accusations against them. It's akin to a high-stakes game of chess, with each party strategically maneuvering their pieces across the board."
Host 1:"It's a rather intricate world out there, my friends. Keep yourselves well-informed and secure. And always bear in mind the age-old adage, 'All that glitters is not gold.' In the realm of crypto, it's crucial to conduct thorough research and comprehend your investments."
Host 2:"And to add to the intrigue, FTX, once a titan among crypto exchanges, found itself filing for Chapter 11 bankruptcy just last year. For those not in the know, Chapter 11 bankruptcy entails the restructuring of a debtor's business affairs and assets. Quite the tumultuous turn of events, wouldn't you say?"
Host 1:"It's quite the cautionary tale, isn't it? However, FTX's new management is diligently endeavoring to recoup funds or divest itself of assets acquired prior to the collapse, as part of its broader efforts to bolster its financial position, reimburse its creditors in full, and enhance its cash reserves."
Host 2:"Indeed, they are striving to fully reimburse customers and creditors who can substantiate their losses. It's akin to a phoenix endeavoring to ascend from the ashes. However, let's not forget the age-old adage, 'If it sounds too good to be true, it probably is.' A prudent reminder for us all in the ever-evolving world of crypto."
Host 1:"Quite right, my friends. It's a rather intricate world out there, isn't it? Keep yourselves well-informed and secure. And always bear in mind the age-old adage, 'All that glitters is not gold.' In the realm of crypto, it's crucial to conduct thorough research and comprehend your investments."
Host 1:"Ah, you're our resident crypto whiz kid, aren't you? Let's delve into some intriguing figures that are causing a stir in the crypto world. I daresay our listeners will be all ears for this. And ladies and gents, fasten your seatbelts because this is bound to be an exhilarating journey!"
Host 2:"Absolutely! I've been analyzing the data from a recent PricewaterhouseCoopers survey. They surveyed nearly 4,000 individuals across seven countries to determine the top five cryptocurrencies and digital assets in 2023 based on ownership rates. And let me tell you, it's akin to a digital rendition of the intrigue found in Game of Thrones!"
Host 1:"Ah, I presume Bitcoin still reigns supreme in the crypto kingdom, does it not?"
Host 2:"Absolutely spot on! Bitcoin, the undisputed heavyweight champion of the crypto realm, continues to reign supreme with an impressive 77% ownership rate among retail investors. It's akin to the LeBron James of cryptocurrencies, wouldn't you agree?"
Host 1:"And who might be the contenders vying for the top spots in this digital race?"
Host 2:"Indeed, Ether, Dogecoin, Litecoin, and NFTs are all in hot pursuit of Bitcoin. However, Ether suffered a stumble last year, with its ownership rate plummeting from 58% in 2022 to 44% in 2023. It's akin to witnessing a beloved athlete trip during a crucial race, isn't it?"
Host 1:"Quite the tumble for Ether, isn't it? But it's not just us ordinary folks who dabble in the world of crypto, is it?"
Host 2:"Absolutely not! According to a report from Bybit, a crypto exchange based in Dubai, it appears that institutional investors have a substantial stake in Bitcoin and Ether. Interestingly, their reliance on stablecoins, which are pegged to a fiat currency, surpasses even their investment in Bitcoin and Ether. It's as if they're hedging their bets with a shrewd eye on the market!"
Host 1:"Indeed, it's not just us common folk who have taken a fancy to crypto. Even the heavyweights such as Tesla, MicroStrategy, Coinbase, Marathon Digital, and Galaxy Digital are caught up in the crypto frenzy. It's akin to a modern-day digital gold rush, wouldn't you say?"
Host 2:Absolutely splendid! It's an enthralling world, and the intrigue only seems to be mounting. So, dear listeners, do stay tuned and continue to ride the crypto wave with us!
Host 1:You know, we do have a penchant for delving into the depths of the crypto pool, don't we? Well, brace yourselves for the latest ripple in the waters. The Texas Blockchain Council and Riot Platforms have just secured a victory against the U.S. energy agencies.
Host 2:"Ah, you've certainly piqued my interest! Do tell, what's the latest buzz?"
Host 1:"A U.S. Judge has issued a temporary halt on the U.S. Energy Information Administration's survey pertaining to the energy usage of Bitcoin mining firms. It's akin to a brief 'time-out' in proceedings, set to last until March 25th."
Host 2:"Wait just a moment. Are you suggesting that the EIA is unable to request responses from crypto-mining firms for the survey or to share any data they may have already gathered? That's quite a significant development, isn't it?"
Host 1:"Absolutely splendid! The Texas Blockchain Council has successfully persuaded the court that further data collection could lead to irreparable damage. We're talking about costs of compliance that cannot be recovered, potential threats of prosecution, and the exposure of proprietary information."
Host 2:Goodness gracious, that's quite the conundrum, isn't it? But pray tell, what was the EIA's initial impetus for seeking out this data?
Host 1:"The EIA launched a survey in February, requesting specific details on the energy consumption of certain Bitcoin mining firms. They justified this action as an urgent data collection measure mandated by the Office of Management and Budget, which falls directly under the executive office of the U.S. President. Quite an intriguing move, wouldn't you say?"
Host 2:"I must say, The Texas Blockchain Council and Riot Platforms certainly didn't take this lying down, did they?"
Host 1:"Quite the legal tussle, isn't it? They've taken the bold step of suing the U.S. Department of Energy, the EIA, the OMB, and their leadership, deeming the move an unprecedented and unlawful demand for data. They view it as a direct attack on private enterprises under the guise of an emergency, which they argue is politically biased and lacks legitimate grounds."
Host 2:"Quite the audacious move, isn't it? But then again, it's hardly unexpected given the intense scrutiny that crypto miners have been under for their substantial electricity consumption and environmental impact."
Host 1:"Indeed, a recent report from the EIA posited that Bitcoin miners could potentially account for as much as 2.3% of the total power demand in the U.S. by 2023. Quite a substantial amount of power, wouldn't you say?"
Host 2:"Quite a knotty predicament, isn't it? The unfolding of this complex issue promises to be a captivating spectacle. At present, it appears that The Texas Blockchain Council and Riot Platforms have notched up a notable triumph."
Host 1:To our esteemed listeners, what are your ruminations on this matter? Was the EIA's data collection a necessary endeavor or a step too far? We eagerly anticipate your discerning insights!
Host 1:"Ah, enough about Bitcoin for now, shall we? I've stumbled upon some rather intriguing tidings about MicroStrategy. You know, the business intelligence firm renowned for being the largest corporate holder of Bitcoin? Quite the fascinating development, I must say."
Host 2:Fascinating! Pray, do enlighten me about the latest developments concerning MicroStrategy.
Host 1:"Quite the cyber hiccup, I must say. MicroStrategy's official X account, formerly known as Twitter, fell victim to a rather substantial hack. The repercussions have been far from trivial, with a staggering $440,000 worth of crypto pilfered from some of their followers."
Host 2:"Goodness gracious, that's quite a substantial sum! Pray tell, how on earth did such a cyber breach come to pass?"
Host 1:The miscreant took command of the account and proceeded to disseminate a post containing a pernicious link. This link purported to offer an airdrop, a method of dispensing tokens by depositing them into users' digital wallets. However, this was a counterfeit MSTR token masquerading as MicroStrategy's official Ethereum-based token.
Host 2:Ah, the classic bait and switch, a time-honored move by hackers. So, individuals fell for the ruse and then what ensued?
Host 1:"Quite the devious ploy, I must say. The unsuspecting individuals were lured to a counterfeit MicroStrategy webpage and enticed to link their crypto wallets in order to claim the tokens. Subsequently, the hacker siphoned the tokens from the wallets of those who granted a series of permissions. Astonishingly, a solitary user fell victim to the tune of over $424,786 in altcoins, which, as you may be aware, are cryptocurrencies other than Bitcoin. This all unfolded mere minutes after the malefactor disseminated the fraudulent link."
Host 2:"Quite the unfortunate predicament, isn't it? Especially considering that MicroStrategy's shares are currently listed on Nasdaq under the ticker 'MSTR.' It's rather a double blow, one might say."
Host 1:"Indeed. Quite intriguing, isn't it? Despite this setback, MicroStrategy continues to forge ahead with its Bitcoin-friendly strategy. They've recently bolstered their total Bitcoin reserves to 193,000 BTC, amounting to approximately $10 billion. Quite the impressive feat, wouldn't you agree?"
Host 2:"Quite the unwavering confidence in Bitcoin, isn't it? I've heard that their co-founder, Michael Saylor, has declared their steadfast commitment to retaining their Bitcoin reserves and even expanding them further. Quite the bold stance, I must say."
Host 1:"That's quite right. The crypto universe is indeed a wild and unpredictable place. My dear friends, always remember to exercise caution and perform a thorough verification before clicking on any links, particularly those enticing offers of complimentary tokens. Safety first, you know!"
Host 1:"Seems we're always deep in conversation about Bitcoin and the world of cryptocurrencies, aren't we? But it appears we're not the only ones captivated by this realm. Have you caught wind of OANDA's recent maneuver in the UK?"
Host 2:Ah, the U.S.-based foreign exchange company and brokerage firm, you say? Indeed, I've heard murmurs of their foray into the realm of crypto trading services in the UK. Quite the bold move, wouldn't you agree?
Host 1:"Absolutely splendid! They're rolling it out via their local subsidiary, OANDA Crypto. This innovative platform will facilitate the trading of cryptocurrencies such as Bitcoin, Ether, and Ripple across more than 63 crypto pairs. It's akin to a delightful confectionery emporium for crypto aficionados, wouldn't you say?"
Host 2:"That's quite the assortment of treats, isn't it? And if memory serves me correctly, OANDA Crypto came into being last year following OANDA's acquisition of a majority stake in the crypto firm Coinpass, which is duly registered with the Financial Conduct Authority, the esteemed watchdog of the UK's financial markets."
Host 1:"Absolutely spot on! They're in the process of enhancing their new crypto trading service in the UK by introducing additional tokens and features in the near future."
Host 2:"Quite fascinating to observe how regions with stringent regulations, such as the U.S. and the UK, are increasingly appealing to crypto firms. It's almost as if they're proclaiming, 'Welcome, regulations, we are more than capable of managing them!'"
Host 1:"Hilarious, isn't it? And it's not just a matter of adhering to regulations. Lucian Lauerman, OANDA's head of digital assets, astutely remarked that the UK boasts a highly informed and engaged market with a significant level of participation. He further noted that the country is increasingly harmonizing with the markets where traditional financial services are offered."
Host 2:"Indeed, a valid observation. OANDA has quite the track record in the realm of crypto trading services. They've been providing these services in the United States in collaboration with the crypto firm Paxos, which holds a charter from the New York State Department of Financial Services, the esteemed financial regulator of the U.S. state."
Host 1:"Absolutely! And in a rather intriguing move, they've recently relocated the hub of their European operations from Malta to Poland, where they've acquired the esteemed Polish broker Dom Maklerski TMS Brokers SA and given it a fresh new identity as OANDA TMS."
Host 2:"It's quite evident that OANDA is strategically maneuvering within the crypto sphere. However, it's noteworthy to acknowledge that the FCA implemented new regulations on crypto promotions last year, compelling numerous crypto-related platforms to curtail or suspend their crypto trading services in the UK."
Host 1:"Indeed, quite right. It's worth noting that certain crypto exchanges, such as OKX and Coinbase, have taken proactive steps to comply with the new regulatory requirements in the region. The evolving landscape of cryptocurrency regulation is indeed a captivating spectacle, wouldn't you agree?"
Host 2:Absolutely. It's akin to a high-stakes game of chess, where each strategic move has the potential to reshape the entire landscape of the cryptocurrency market.
Host 1:"Ah, you know how we adore a captivating twist in the crypto realm, don't we? Brace yourselves, as BitForex, the esteemed Hong Kong-based crypto exchange, is about to unveil quite the enthralling saga."
Host 2:"Pray, do share! I'm all ears. What's the latest buzz?"
Host 1:"Ah, the saga of BitForex! On February 23rd, a staggering $56.5 million vanished from BitForex's hot wallets, the virtual treasure chests for cryptocurrencies. And then, like a puff of smoke, the exchange vanished into thin air. They ceased all withdrawals and have been as silent as the night, ignoring all pleas from their users since the grand exodus."
Host 2:"Quite the cinematic heist, wouldn't you say? But it's not merely about the funds, is it? The users must be in quite a state of agitation, I daresay."
Host 1:Absolutely! Some individuals have reported difficulty accessing their BitForex accounts, while others have expressed concern over the absence of their assets on the platform's dashboard. It's as if the exchange has turned into a ghost town.
Host 2:"That's a ghastly predicament for any crypto aficionado, isn't it? But didn't BitForex have quite the commendable run? I seem to recall they held a position among the top 20 global crypto exchanges, boasting a daily trading volume of $2.6 billion."
Host 1:"Indeed, quite the intriguing history, isn't it? In 2019, Chainalysis, a blockchain data analysis platform, raised suspicions about BitForex inflating their trading volumes. And just last year, they faced accusations from the Japan Financial Services Agency for operating without proper registration. Quite the colorful past, I must say."
Host 2:Quite the unexpected turn of events, isn't it? The world of crypto never fails to keep us on our toes. It's a timely reminder for our esteemed listeners to conduct thorough research before diving into any platform. Safety first, as they say!
Host 1:"Absolutely spot on! It's a jungle out there, ladies and gents. Keep your wits about you and stay well-informed! And always remember, if it seems too good to be true, it probably is. So, be sure to do your due diligence before delving into the world of crypto."
Host 2:"Wise counsel indeed. Should you find yourself in need of enlightenment or seek to unravel the enigmatic world of cryptocurrency, do not hesitate to seek our guidance. We are here to illuminate your path through this captivating, albeit occasionally perplexing, realm of crypto. Stay tuned for further updates and remember, knowledge is the key to empowerment!"