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But there was always an air of skepticism across the general public that caused the market to fizzle out.","_key":"0eb1061c07a30","_type":"span"}],"_type":"block","style":"normal","_key":"9242b42932cf"},{"style":"normal","_key":"064db0bb873f","markDefs":[{"href":"https://gizmodo.com/mcdonalds-is-trying-to-bring-back-nfts-2000524804","_key":"63f038eceee5","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"Now, an unlikely ","_key":"7029ffed070d0"},{"_type":"span","marks":["63f038eceee5"],"text":"source","_key":"7029ffed070d1"},{"_type":"span","marks":[],"text":" appears to be throwing out a lifeline.","_key":"7029ffed070d2"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"McDonald’s + Doodles","_key":"92aa569556a60"}],"_type":"block","style":"normal","_key":"adae7854ca1a"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"If you’ve been following what remains of the NFT sector, you might have heard of Doodles. Although it started out as a traditional NFT project, it attempted to","_key":"978a03c6776a0"},{"_key":"bdf1272bfd1e","_type":"span","marks":["strong"],"text":" emerge after the 2022 market collapse"},{"_type":"span","marks":[],"text":" as something, well … different.","_key":"6751bdc9a198"}],"_type":"block","style":"normal","_key":"cf6ed427dba0"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"We’ve recently gotten a sneak peek into what Doodles has been working on …","_key":"4d553e10e4f70"},{"_type":"span","marks":["strong"],"text":" and it involves McDonald’s","_key":"ee965a7adee8"},{"_type":"span","marks":[],"text":". Beginning on Nov. 18, the fast food giant will begin distributing coffee cups featuring characters from the Doodles project.","_key":"1ca999e30d96"}],"_type":"block","style":"normal","_key":"0f8c16a581fa"},{"_type":"block","style":"normal","_key":"d8a78291f823","markDefs":[],"children":[{"_key":"df1d5291f7ae0","_type":"span","marks":[],"text":"The collaboration stands to benefit both companies by reigniting interest in the NFT market while pushing coffee sales for McDonald’s."}]},{"style":"normal","_key":"46e6c51c080a","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Beware of scammers","_key":"ae78c5bbe3460"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Doodles has been hyping the partnership a lot on social media, but the way it ended one thread on the topic highlights a prevalent risk for those involved in trading NFTs. The post advised users to “beware of ","_key":"2ac51215aa730"},{"marks":["strong"],"text":"impersonator accounts & phishing links","_key":"6df28ee7ca50","_type":"span"},{"text":"” and avoid clicking on “links that appear to be from Doodles” without ensuring their validity.","_key":"e2b6f49a6bed","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"1e3bc8d3cfba"},{"markDefs":[],"children":[{"marks":[],"text":"Scams are rampant in the NFT market, but partnering with a global brand like McDonald’s might help increase Doodle’s credibility.","_key":"1e725fbad45c0","_type":"span"}],"_type":"block","style":"normal","_key":"7d377fdfe9a9"},{"markDefs":[],"children":[{"text":"From the other perspective, McDonald’s Chief Marketing Officer Tariq Hassa said collaborating with Doodles made sense “because ","_key":"fae6dbce9c850","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"they are an agent of change","_key":"2368db97b255"},{"_type":"span","marks":[],"text":" in the cultural landscape, and they span beyond digital assets — an entertainment brand in itself with a fearless community we can't wait to interact with and more importantly, bring to more people across the US.”","_key":"a032ad968f0c"}],"_type":"block","style":"normal","_key":"70f72d7083f5"}],"_rev":"leihFSrilyBYiRm42diMa5","_createdAt":"2024-11-15T19:44:50Z","id":"XGSmbOud","author":{"_ref":"phCNL32Gn","_type":"reference"},"title":"Could This McDonald’s Promotion Actually Save Non-Fungible Tokens?","summary":"It might be enough to boost the brand's coffee sales.","image":{"_type":"image","attribution":"Giphy","asset":{"url":"https://cdn.sanity.io/images/8mioycse/v3/ac20046344188d1747a6ace58a5890a26f3c61c4-1800x1180.png","size":936770,"assetId":"ac20046344188d1747a6ace58a5890a26f3c61c4","originalFilename":"Screenshot 2024-11-15 at 2.46.29 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And that means, like in previous forms of white-collar crime, there are going to be some very wealthy people","_key":"26a0cd6061350"},{"_type":"span","marks":["strong"],"text":" charged, convicted, and sentenced ","_key":"cd82cfdf71bd"},{"text":"to prison.","_key":"346257e1f0d6","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"b5c441396fe5"},{"_type":"block","style":"normal","_key":"3b6e5cc6712c","markDefs":[{"_type":"link","href":"https://markets.businessinsider.com/news/currencies/binance-cz-changpeng-zhao-prison-sentence-crypto-exchange-money-laundering-2024-4","_key":"712e05ad64ae"}],"children":[{"_type":"span","marks":[],"text":"The guilty plea of former Binance CEO Changpeng Zhao (commonly referred to as CZ) adds a new ","_key":"2560e0c43b7a0"},{"_key":"2560e0c43b7a1","_type":"span","marks":["712e05ad64ae"],"text":"dimension"},{"_type":"span","marks":[],"text":" to this story. His $43 billion fortune dwarfs that of any other individual ever sentenced to serve time in prison.","_key":"2560e0c43b7a2"}]},{"_type":"block","style":"normal","_key":"1728c9a52164","markDefs":[],"children":[{"_key":"19915ddabce30","_type":"span","marks":["strong"],"text":"A four-month stint"}]},{"_key":"029c8a7f6094","markDefs":[{"_type":"link","href":"https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html","_key":"447b104a9452"}],"children":[{"_type":"span","marks":[],"text":"Zhao appeared in court yesterday to learn his fate after admitting to his violation of legal requirements aimed at thwarting money laundering. Prosecutors wanted him to receive a three-year prison sentence, but a judge in the case ","_key":"8cf1718fcf580"},{"_type":"span","marks":["447b104a9452"],"text":"opted","_key":"8cf1718fcf581"},{"marks":[],"text":" for a significantly shorter four-month term.","_key":"8cf1718fcf582","_type":"span"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"fc2721662657","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As a result of an investigation into Binance’s operations, Zhao agreed to step down as its chief executive … but he reportedly","_key":"c7022d303c9a0"},{"_key":"1029a3387bfc","_type":"span","marks":["strong"],"text":" maintains a 90% stake"},{"_type":"span","marks":[],"text":" in the crypto exchange. That means his personal fortune could easily continue to grow even as he bides his time behind bars.","_key":"a37999042a41"}]},{"style":"normal","_key":"8332f310136d","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"How CZ stacks up","_key":"dc20efd6474b0"}],"_type":"block"},{"markDefs":[],"children":[{"_key":"66c3a9e1a6170","_type":"span","marks":[],"text":"Zhao’s attorneys had hoped that he wouldn’t spend any time in prison despite sentencing guidelines for the crime falling between 12 and 18 months. He sent a letter to the judge in February in which he admitted — and apologized for — the “"},{"_type":"span","marks":["strong"],"text":"poor decisions","_key":"23fa9b5404e9"},{"_type":"span","marks":[],"text":"” he made at the helm of the company.","_key":"2aefe1506845"}],"_type":"block","style":"normal","_key":"cd1dd7f4959a"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"That was followed up by the defense team’s assertion that his “lack of criminal history” and “acceptance of responsibility” (not to mention a “devotion” to his family) warranted a probated sentence and house arrest.","_key":"ce066fe8faa00"}],"_type":"block","style":"normal","_key":"12b54ca14872"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"But now he’s got the dubious distinction of being the richest man behind bars, with a net worth","_key":"6560758f207d0"},{"_type":"span","marks":["strong"],"text":" nearly $20 billion higher","_key":"63c3f0a09dc3"},{"_type":"span","marks":[],"text":" than disgraced FTX founder Sam Bankman-Fried had at his peak.","_key":"6fc71388163e"}],"_type":"block","style":"normal","_key":"4178f3a38021"}],"_updatedAt":"2024-04-30T22:05:28Z","summary":"A judge sentenced the former Binance CEO to four months in prison. ","id":"dnZSGhIH","publishDate":"2024-05-01","category":"crypto","_rev":"QgZWDsp3V84SPoY0Xd18dS","title":"Who’s The Wealthiest Person Behind Bars? The Answer Just Changed.","_createdAt":"2024-04-30T21:22:05Z","_id":"ae8ca937-f005-44a1-b2ab-47903f3e2503","slug":"/story/2024/05/whos-the-wealthiest-person-behind-bars-the-answer-just-changed","_type":"story","visibility":"true"},{"_type":"story","summary":"Some other white-collar criminals ended up with much more time behind bars.","body":[{"style":"normal","_key":"f9c1285c169e","markDefs":[{"_type":"link","href":"https://www.nytimes.com/2024/03/28/technology/sam-bankman-fried-white-collar-sentences.html","_key":"bc46d94e4747"}],"children":[{"_type":"span","marks":[],"text":"In just a few short years, Sam Bankman-Fried went from Big Tech elite to a cautionary tale about cryptocurrency scams. In total, he ","_key":"eb9d8385d0fd0"},{"_type":"span","marks":["bc46d94e4747"],"text":"defrauded","_key":"eb9d8385d0fd1"},{"_type":"span","marks":[],"text":" investors out of","_key":"eb9d8385d0fd2"},{"_key":"f5797cac3ed5","_type":"span","marks":["strong"],"text":" a combined $8 billion"},{"_key":"018b53f208c2","_type":"span","marks":[],"text":"."}],"_type":"block"},{"_key":"8e375feff0ab","markDefs":[],"children":[{"_type":"span","marks":[],"text":"This week, the disgraced former head of crypto exchange FTX was sentenced to a total of","_key":"f80a66215d9d0"},{"_type":"span","marks":["strong"],"text":" 25 years behind bars","_key":"7ac2817b010f"},{"_type":"span","marks":[],"text":" on convictions including fraud, conspiracy, and money laundering.","_key":"aeb0b2d6f731"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"That’s a hefty sentence … but is it more, less, or pretty much on par for such a significant criminal investment scheme? Let’s take a look at a few of the ","_key":"c05adfb9e20e0"},{"text":"most infamous cases","_key":"4502e3e6d350","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" from the past few decades for some context.","_key":"37f2ee8a5e92"}],"_type":"block","style":"normal","_key":"21ac5d68aa73"},{"listItem":"bullet","markDefs":[],"children":[{"_key":"6040f9e20edb0","_type":"span","marks":["strong"],"text":"Bernie Madoff: "},{"text":"The man behind the most audacious Ponzi scheme in American history received a staggering 150-year sentence in 2009. In the end, the criminal financier ultimately served a dozen years before dying in prison. But Bankman-Fried’s attorneys dismissed any comparison between the two cases, asserting that Madoff’s clients thought they “were investing in a conservative vehicle” while crypto investors were willing to take bigger risks.","_key":"8b0255fa734d","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"61e59fbe0d30"},{"_type":"block","style":"normal","_key":"0028485c1312","listItem":"bullet","markDefs":[],"children":[{"text":"Michael Milkin:","_key":"f02685d8aaaa0","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" On the other end of the sentencing spectrum was the so-called “junk bond king,” who was convicted of crimes including securities fraud and tax fraud before receiving a 10-year sentence in 1990. In the end, he was released after just two years and went on to establish a successful charitable organization. Bankman-Fried’s lawyers also cited this case, stating that he would likewise “dedicate his post-prison life to charitable works.”","_key":"1f87b420796c"}],"level":1},{"listItem":"bullet","markDefs":[],"children":[{"text":"Elizabeth Holmes: ","_key":"3c1f104979aa0","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"The founder of Theranos received an 11-year sentence in 2022 for charges related to defrauding investors in a startup company she claimed would revolutionize blood tests. According to Bankman-Fried’s legal team, the cases were similar because they both were in their 30s when they were sentenced, but claimed that Holmes was “far more culpable” because she “put patients at risk.”","_key":"2be7ddfa9902"}],"level":1,"_type":"block","style":"normal","_key":"69652ab431f0"}],"publishDate":"2024-03-29","title":"SBF Just Got 25 Years. 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a major reversal from the news that dominated 2022.","body":[{"_key":"368864d5a38a","markDefs":[{"_type":"link","href":"https://abcnews.go.com/Business/bitcoin-climbed-65-year-despite-crypto-woes-experts/story?id=99252922","_key":"403d18391acd"}],"children":[{"_type":"span","marks":[],"text":"After suffering some major losses last year and sustaining the collapse of FTX earlier this year, you might have been tempted to count Bitcoin out. 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But that’s nothing compared to Bitcoin, which has seen its price ","_key":"ec95fe98970d0","_type":"span","marks":[]},{"marks":["strong"],"text":"skyrocket by a whopping 65%","_key":"ec95fe98970d1","_type":"span"},{"_type":"span","marks":[],"text":" over the same period.","_key":"ec95fe98970d2"}],"_type":"block","style":"normal","_key":"24ca1238c68d","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"Is it sustainable? That’s almost impossible to say. 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But just like when it was ","_key":"3254a897e8f80"},{"_key":"3254a897e8f81","_type":"span","marks":["294e1d36ec46"],"text":"trading"},{"_key":"3254a897e8f82","_type":"span","marks":[],"text":" for a fraction of a penny in 2010, "},{"_key":"3254a897e8f83","_type":"span","marks":["strong"],"text":"hindsight is always 20/20"},{"_type":"span","marks":[],"text":".","_key":"3254a897e8f84"}],"_type":"block","style":"normal","_key":"14b7e7885774"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"For that reason, anyone rushing out to buy Bitcoin now should be aware that anything could happen.","_key":"5eec1aab073a0"}],"_type":"block","style":"normal","_key":"b036fbb4e1b9"},{"markDefs":[],"children":[{"marks":[],"text":"There aren’t many investments that come with guaranteed gains, but with an asset as young as Bitcoin, it’s still unclear how a major recession or other market forces could impact its value.","_key":"d9e9d926940e0","_type":"span"}],"_type":"block","style":"normal","_key":"e3479f596117"}],"_id":"d1563c92-5670-45cf-b090-2dc54b77bfd3","title":"What’s The Story Behind Bitcoin’s Big Gains?","id":"DinmPyIv","category":"crypto"},{"image":{"_type":"image","attribution":"Giphy","asset":{"mimeType":"image/gif","_id":"image-4b9e4a2d4bc2aba0b7216a5d8d87891a43299c41-480x270-gif","originalFilename":"e8ab7125-4d94-47a3-b6d2-d7c23cd286e8.gif","uploadId":"7jj9KgZloqzEUJDafGR4IsvBuqDHDTjn","_rev":"IcFM5MWAkKrk0ZqbffOpoR","url":"https://cdn.sanity.io/images/8mioycse/v3/4b9e4a2d4bc2aba0b7216a5d8d87891a43299c41-480x270.gif","size":1840427,"assetId":"4b9e4a2d4bc2aba0b7216a5d8d87891a43299c41","sha1hash":"4b9e4a2d4bc2aba0b7216a5d8d87891a43299c41","source":{"name":"To The Moon Bitcoin GIF by CoinCorner","id":"qlWEGYdh86lD03QW9N","url":"https://giphy.com/gifs/coincorner-bitcoin-btc-buy-qlWEGYdh86lD03QW9N"},"extension":"gif","_updatedAt":"2023-03-18T01:01:12Z","path":"images/8mioycse/v3/4b9e4a2d4bc2aba0b7216a5d8d87891a43299c41-480x270.gif","_createdAt":"2023-03-18T01:01:12Z","metadata":{"hasAlpha":true,"lqip":"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAALABQDASIAAhEBAxEB/8QAGAAAAgMAAAAAAAAAAAAAAAAAAAYEBQf/xAAgEAACAQQCAwEAAAAAAAAAAAABAwIABBESBSETI0FR/8QAFQEBAQAAAAAAAAAAAAAAAAAAAQT/xAAeEQABAgcBAAAAAAAAAAAAAAABAAIEERIUMUFRYf/aAAwDAQACEQMRAD8Af+Rv7F41U5ROu2NqqmWxxDElSiRuAOyKzFZPljLJ2/c1M4h7VMcxbJiZPZ2JpvnBwljfqLZtJnnSdLxMWPMszHXyilifI3ex986KqEa3imMOer//2Q==","dimensions":{"height":270,"_type":"sanity.imageDimensions","width":480,"aspectRatio":1.7777777777777777},"isOpaque":true,"blurHash":"MYHVe]%1TKt7wayGx]xVoeX9D%Rjw]jZS6","_type":"sanity.imageMetadata","palette":{"_type":"sanity.imagePalette","darkMuted":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.45,"background":"#49413f"},"muted":{"foreground":"#fff","title":"#fff","population":0.16,"background":"#5a85a9","_type":"sanity.imagePaletteSwatch"},"lightVibrant":{"background":"#a1bcd7","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":2.04},"darkVibrant":{"foreground":"#fff","title":"#fff","population":0,"background":"#7c4607","_type":"sanity.imagePaletteSwatch"},"lightMuted":{"population":6.55,"background":"#b2bfd4","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff"},"vibrant":{"title":"#fff","population":3.82,"background":"#f19122","_type":"sanity.imagePaletteSwatch","foreground":"#000"},"dominant":{"title":"#fff","population":6.55,"background":"#b2bfd4","_type":"sanity.imagePaletteSwatch","foreground":"#000"}}},"_type":"sanity.imageAsset"}},"body":[{"_type":"block","style":"normal","_key":"8221dcaa66ae","markDefs":[],"children":[{"marks":[],"text":"Bitcoin and other forms of digital currency have always represented a niche sector of the financial market despite attracting significant attention in recent years.","_key":"2e6e5ec48e040","_type":"span"}]},{"_key":"0fc49bce1d88","markDefs":[{"_type":"link","href":"https://www.axios.com/2023/03/14/bitcoin-prices-banks-crisis-rates-crypto","_key":"e413dbea55dc"}],"children":[{"_type":"span","marks":[],"text":"A big part of the reason that many people chose not to invest was the ","_key":"5f15205686850"},{"_type":"span","marks":["strong"],"text":"fear that their assets would lose value","_key":"5f15205686851"},{"_type":"span","marks":[],"text":" since cryptocurrencies didn’t have a proven track record. But now that traditional institutions are collapsing (like Silicon Valley Bank) or facing serious liquidity concerns (like Credit Suisse), this seems to be Bitcoin’s ","_key":"5f15205686852"},{"_type":"span","marks":["e413dbea55dc"],"text":"time","_key":"5f15205686853"},{"text":" to shine.","_key":"5f15205686854","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"children":[{"_key":"97364d8950ab0","_type":"span","marks":["strong"],"text":"The bank bust boost"}],"_type":"block","style":"normal","_key":"475bd96ebf3c","markDefs":[]},{"children":[{"_key":"3feaeabdc4e10","_type":"span","marks":[],"text":"With concerns swirling about the status of banks these days, experts say that more people are starting to see crypto as a way to hedge their financial bets. That trend is evident in the price of Bitcoin, which has "},{"_key":"3feaeabdc4e11","_type":"span","marks":["strong"],"text":"gained a massive 30%"},{"_key":"3feaeabdc4e12","_type":"span","marks":[],"text":" over the course of just a week."}],"_type":"block","style":"normal","_key":"a9cd873eb513","markDefs":[]},{"_type":"block","style":"normal","_key":"c2877016cb51","markDefs":[],"children":[{"_key":"efbc12c600360","_type":"span","marks":[],"text":"Furthermore, the Federal Reserve had been expected to keep hiking rates in order to fight inflation, but that could negatively impact what is now a relatively minor banking crisis."}]},{"_type":"block","style":"normal","_key":"fc152227c0e1","markDefs":[],"children":[{"text":"If the current predictions hold and interest rates either remain steady or begin to fall, asset management pro Matt Hougan explained that crypto will continue to benefit.","_key":"9f7715426a990","_type":"span","marks":[]}]},{"_key":"aec0aa87e200","markDefs":[],"children":[{"text":"“It’s purely mathematical,” he said. “Nasdaq went up, crypto did too because the market was pricing in a rate reversal.”","_key":"2588df15a6710","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"style":"normal","_key":"551272ec60dd","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Not everyone agrees, though","_key":"686949fef6a40"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Truflation CEO Stefan Rust noted that Bitcoin and other digital currencies don’t always behave as we’d expect.","_key":"6ff47ec3e1370"}],"_type":"block","style":"normal","_key":"458e4794ef70"},{"_type":"block","style":"normal","_key":"958d7951924a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"“What drove early adoption was remittances and purchases,” he noted, which means that macroeconomic trends ","_key":"f8a1f0094ce10"},{"_type":"span","marks":["strong"],"text":"shouldn’t have a huge impact","_key":"f8a1f0094ce11"},{"_key":"f8a1f0094ce12","_type":"span","marks":[],"text":" on long-term value."}]},{"children":[{"_type":"span","marks":[],"text":"So should you invest if you’ve never bought crypto before? That’s up to you … but it’s worth noting that almost 75% of Bitcoin is already in the hands of long-term investors, which means you might be going up against some fierce competition.","_key":"385c8616ca180"}],"_type":"block","style":"normal","_key":"06a4ddcf01f6","markDefs":[]}],"id":"DnEIDRYm","_updatedAt":"2023-03-18T01:01:29Z","slug":"/story/2023/03/as-banks-struggle-is-it-time-to-reconsider-crypto","visibility":"true","_type":"story","title":"As Banks Struggle, Is It Time To Reconsider Crypto?","summary":"Recent events remind us that there's risk in almost any financial move.","_rev":"IcFM5MWAkKrk0ZqbffOqC9","_id":"b05707c4-f60d-419a-8a89-c9a80f0b6c96","_createdAt":"2023-03-17T20:20:23Z","category":"crypto","author":{"_ref":"phCNL32Gn","_type":"reference"},"publishDate":"2023-03-18"},{"_type":"story","slug":"/story/2022/11/understanding-cryptos-role-in-funding-the-north-korean-regime","publishDate":"2022-11-15","body":[{"_key":"b04b7f07bc28","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Anyone with even a passing familiarity with geopolitics understands that North Korea remains a pariah on the world stage. Its repressive government has threatened nuclear war and widespread sanctions have cut the nation off from virtually all trade or foreign aid.","_key":"cfa9046cc2a40"}],"_type":"block","style":"normal"},{"markDefs":[{"_type":"link","href":"https://arstechnica.com/information-technology/2022/11/how-north-korea-became-a-mastermind-of-crypto-cyber-crime/","_key":"9e2e3296c7ce"}],"children":[{"_type":"span","marks":[],"text":"That leaves precious few ","_key":"a3716f9f7c500"},{"_type":"span","marks":["9e2e3296c7ce"],"text":"options","_key":"a3716f9f7c501"},{"text":" when it comes to providing the rogue nation with the funding it needs to carry out its agenda. Apparently, cryptocurrency crime is one area where Pyongyang can still get its hands on some quick cash.","_key":"a3716f9f7c502","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"5ed24f0c468b"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Breaking down the heist","_key":"a5d880caf0d70"}],"_type":"block","style":"normal","_key":"464c519a8476"},{"markDefs":[],"children":[{"marks":[],"text":"Cybercrime can take on various forms, and there’s no universal method by which North Korea is reportedly using it to support its military and other aspects of the government. Nevertheless, the United Nations believes that such illicit activity — particularly involving digital currency trades — is responsible for funding roughly one-third of the country’s entire missile program.","_key":"20979f76bac60","_type":"span"}],"_type":"block","style":"normal","_key":"cb73d44c9f14"},{"children":[{"_key":"6d1b34df614b0","_type":"span","marks":[],"text":"In just the first nine months of this year, experts believe North Korea has swindled a staggering $1 billion from cryptocurrency exchanges. Only a paltry $30 million of that sum has reportedly been recovered since the decentralized nature of crypto trades makes it incredibly difficult to track origins and destinations."}],"_type":"block","style":"normal","_key":"028663bb8326","markDefs":[]},{"children":[{"text":"The role of Office 39","_key":"1f5602dcfbd30","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"80f1b642102b","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"While crypto crime might be a relatively new undertaking for North Korea, its government has long relied on a global crime ring to rake in money. Most of these schemes fall under the purview of a shady entity known as Office 39.","_key":"5a1791ea8efa0"}],"_type":"block","style":"normal","_key":"9515666a2625"},{"_key":"0a40e4be752f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"This organization has spent decades dealing in narcotics, counterfeit goods, weapons, endangered animals, and pretty much anything of value that it can obtain. This shadow economy has been profitable, but the cloistered country is obviously at a disadvantage when it comes to accessing and selling illicit goods.","_key":"7dab7f344fe20"}],"_type":"block","style":"normal"},{"style":"normal","_key":"4cffc51a015c","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Cybercrime inherently negates that problem, which seems to be a game-changer for North Korea.","_key":"184d0143b9660"}],"_type":"block"}],"id":"f5ylu2","category":"crypto","title":"Understanding Crypto’s Role In Funding The North Korean Regime","summary":"The hermit nation has a long history of illicit 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Gates says crypto and NFTs are a sham","body":[{"_key":"14f0b07158fa","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As cryptocurrencies across the board have continued to drop in value, many people are questioning whether it’s still a viable investment option. On the bright side, we don’t have to worry whether Bill Gates is a crypto aficionado. At a tech conference early this week, the Microsoft co-founder said that these newer digital investment vehicles are “100% based on greater fool theory.” Greater fool theory is a financial theory that claims one can make money selling overpriced assets as long as there’s an even more foolish person to buy them. Later on in the conference Gates criticized Bored Apes NFTs, joking about how “expensive digital images of monkeys” will “improve the world immensely”.","_key":"0e195ccff80e0"}],"_type":"block","style":"normal"},{"_key":"b9fec154df93","markDefs":[],"children":[{"_key":"1589a982a9bd0","_type":"span","marks":[],"text":"This statement comes at a time where cryptocurrencies as a whole have been failing. Bitcoin hit its peak price per coin in November 2021 at $69,000/1 BTC. Since then, the value has been free falling, closing at $21,117 as of Wednesday night. "}],"_type":"block","style":"normal"},{"_key":"a3aba7201a65","markDefs":[],"children":[{"text":"The future of crypto is shaky as novel investors are losing faith in the concept and crypto start-ups are starting to lay off employees, or even shut down operations completely. \"I do think people get bought into these manias, who may not have as much money to spare,\" said Gates. \"So I'm not bullish on bitcoin.\"","_key":"8f877671db39","_type":"span","marks":[]}],"_type":"block","style":"normal"}],"summary":"The future of cryptocurrencies is not looking so bright as a downward trend is noted across the board this year.","visibility":"true","_updatedAt":"2023-03-01T15:50:54Z","slug":"/story/2022/06/bill-gates-says-crypto-and-nfts-are-a-sham","_type":"story","category":"crypto","_rev":"l28MLa9EqJWOqXPxf5c0Um"},{"category":"crypto","publishDate":"2022-06-16","title":"Crypto firms are failing","slug":"/story/2022/06/crypto-firms-are-failing","summary":"Cryptocurrency startups are feeling the economic pressure which is resulting in a downward trend with lay-offs and withdrawal freezes. ","body":[{"_key":"5d75c974101a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Over the last 2 years, aided by a turbulent economy from the pandemic, the prices of Bitcoin and other cryptocurrencies have skyrocketed. And as one expected, crypto start-ups have been popping up left and right. However, after weeks of falling crypto prices, these once-lucrative start-ups are starting to feel the heat. On Tuesday, Coinbase announced that they’re planning to cut 18% of their staff. Before that, Celsius, an experimental crypto bank, halted all withdrawals. This phenomenon has attracted opinions from both tech and finance researchers alike. “The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official, to a New York Times correspondent. While on the other hand, there are some crypto researchers who are confident that this will pass. “We have been in these downward spirals before and recovered,” Mr. Jones, the Science Inc. investor, said. “We all believe in the fundamentals.”","_key":"7c55545440cd0"}],"_type":"block","style":"normal"}],"_createdAt":"2022-06-16T02:56:29Z","id":"3YCXNc","_id":"6886ceb2-0962-46c5-aa9e-60f84d13f2ad","_type":"story","image":{"_type":"image","alt":"","asset":{"mimeType":"image/jpeg","path":"images/8mioycse/v3/da46bfed08c985ab1ec51963007eaded96441078-512x314.jpg","_createdAt":"2023-02-28T20:47:20Z","_updatedAt":"2023-02-28T20:47:20Z","extension":"jpg","sha1hash":"da46bfed08c985ab1ec51963007eaded96441078","metadata":{"_type":"sanity.imageMetadata","palette":{"vibrant":{"foreground":"#000","title":"#fff","population":0,"background":"#d0b92e","_type":"sanity.imagePaletteSwatch"},"dominant":{"title":"#000","population":4.52,"background":"#d4caa6","_type":"sanity.imagePaletteSwatch","foreground":"#000"},"_type":"sanity.imagePalette","darkMuted":{"foreground":"#fff","title":"#fff","population":0.31,"background":"#4c4828","_type":"sanity.imagePaletteSwatch"},"muted":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0,"background":"#7c8c64"},"lightVibrant":{"foreground":"#000","title":"#000","population":0,"background":"#e7db92","_type":"sanity.imagePaletteSwatch"},"darkVibrant":{"title":"#fff","population":0.12,"background":"#76691a","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightMuted":{"_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":4.52,"background":"#d4caa6"}},"hasAlpha":false,"lqip":"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAMABQDASIAAhEBAxEB/8QAFwAAAwEAAAAAAAAAAAAAAAAAAAQHBf/EACEQAAICAgIBBQAAAAAAAAAAAAECAAMEEQUhBhIiMUFh/8QAFwEAAwEAAAAAAAAAAAAAAAAAAAECA//EABkRAAIDAQAAAAAAAAAAAAAAAAABAhExEv/aAAwDAQACEQMRAD8AnnhvI4xxA2QFPt0SYx5O+Bfwa3Y/IC1xsehumH5J1xFziogN1DOOq2IAB+epnO3jEqWmXaN2No/cIwaEZUY72y7PcJfQH//Z","dimensions":{"_type":"sanity.imageDimensions","width":512,"aspectRatio":1.6305732484076434,"height":314},"isOpaque":true,"blurHash":"V88z=F%g00i]%1_MxuD%Rjs:4;t5?FIqM|D*j?%LWXNG"},"uploadId":"nookBfLYkmbQHy20AW2BVq8NBPxjhViW","_type":"sanity.imageAsset","url":"https://cdn.sanity.io/images/8mioycse/v3/da46bfed08c985ab1ec51963007eaded96441078-512x314.jpg","size":42184,"assetId":"da46bfed08c985ab1ec51963007eaded96441078","_rev":"YsND8fzVq1l7vIZQKndbzm","_id":"image-da46bfed08c985ab1ec51963007eaded96441078-512x314-jpg","originalFilename":"TEC Bitcoin.jpeg"}},"visibility":"true","author":{"_ref":"pF41nkBdS","_type":"reference"},"_updatedAt":"2023-03-01T15:50:50Z","_rev":"BPyZGvs0pJRGqz7s02FkCK"},{"_rev":"G5tlNFGA2uX0YSIWc61BOb","slug":"/story/2022/06/hightech-crime-units-fighting-crypto-theft","visibility":"true","summary":"While the crypto markets aren't good, fighting crypto crime is improving.","title":"High-Tech Crime Units Fighting Crypto Theft","publishDate":"2022-06-06","body":[{"markDefs":[{"_type":"link","href":"https://www.investopedia.com/terms/f/fiatmoney.asp","_key":"82b4bde857f7"},{"_type":"link","href":"https://www.forbes.com/sites/davidblack/2022/03/11/cryptocurrency-fuels-explosive-growth-of-crime/?sh=6f3d119618a0","_key":"ff94fb5c26a3"}],"children":[{"marks":[],"text":"Cybercrime has become an increasing concern as the world has become more entrenched with rapidly increasing emerging technologies. Cryptocurrency, a somewhat alternative marketplace mostly backed up by traditional ","_key":"21a05a2f75ab0","_type":"span"},{"_type":"span","marks":["82b4bde857f7"],"text":"fiat currency,","_key":"21a05a2f75ab1"},{"marks":[],"text":" is a common ","_key":"21a05a2f75ab2","_type":"span"},{"_type":"span","marks":["ff94fb5c26a3"],"text":"target","_key":"21a05a2f75ab3"},{"_type":"span","marks":[],"text":" for cybercriminals.\n","_key":"21a05a2f75ab4"}],"_type":"block","style":"normal","_key":"368c09747e13"},{"children":[{"_key":"cf13e2c5c9510","_type":"span","marks":[],"text":"Earlier this year Erin West, a deputy district attorney in charge of the high technology crimes unit in Santa Clara County (California), was able to prevent a man from losing hundreds of thousands of dollars in cryptocurrency after being scammed."}],"_type":"block","style":"normal","_key":"d60ed0379274","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"","_key":"2aea1425acad0"}],"_type":"block","style":"normal","_key":"be350fc996e8","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"West was able able to track and ","_key":"d48d276b0f840"},{"_type":"span","marks":["de0aa83e5092"],"text":"freeze","_key":"d48d276b0f841"},{"text":" the money to prevent the scammer from being able to access the funds. \"Our bread and butter these days really is tracing cryptocurrency and trying to seize it and trying to get there faster than the bad guys are moving it somewhere where we can’t grab it.\" West said regarding how the process of stopping crypto crime operates.","_key":"d48d276b0f842","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"4097ddd174d6","markDefs":[{"_type":"link","href":"https://www.nbcnews.com/tech/tech-news/local-high-tech-crime-units-are-tracking-seizing-stolen-cryptocurrency-rcna30655","_key":"de0aa83e5092"}]},{"markDefs":[],"children":[{"_key":"aa09e9e1f8540","_type":"span","marks":[],"text":""}],"_type":"block","style":"normal","_key":"801ad8242a4b"},{"_type":"block","style":"normal","_key":"a85ce446e40d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"West and her team tracked the victim's money as it bounced from one digital wallet to under until it ended up at a major cryptocurrency exchange. West's team was then able to issue a warrant and freeze the money.\n","_key":"4c12763f85c80"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"While some (probably a lot) don't see the point in crypto, it's good to see fighting cybercrime is advancing past where it was a few years ago.","_key":"82113b4456d70"}],"_type":"block","style":"normal","_key":"cc35d162159a"}],"category":"crypto","author":{"_ref":"pYanAoHWh","_type":"reference"},"id":"ITzfx3","_updatedAt":"2023-03-01T15:51:03Z","image":{"_type":"image","alt":"","asset":{"mimeType":"image/jpeg","path":"images/8mioycse/v3/85df02e72c5fc553be5229f5df88984136cfc92a-6014x4014.jpg","assetId":"85df02e72c5fc553be5229f5df88984136cfc92a","_createdAt":"2023-02-28T20:46:47Z","_updatedAt":"2023-02-28T20:46:47Z","uploadId":"eDIjWtgghpS1AUPMmW8rzg6omoNEIsRC","size":5573630,"_id":"image-85df02e72c5fc553be5229f5df88984136cfc92a-6014x4014-jpg","originalFilename":"Crypto 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are still trending in the wrong direction, coming in the wake of the ","_key":"213a46b69074"},{"marks":["f872e1507953","strong"],"text":"collapse of TerraUSD","_key":"da037e83bcea","_type":"span"},{"_type":"span","marks":["strong"],"text":". ","_key":"ba303b6e6d13"},{"_key":"7639f872dfe2","_type":"span","marks":[],"text":"Not only that, Bitcoin has gone through its most volatile week in over two years."}],"_type":"block"},{"style":"normal","_key":"cbec3dca488e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The collapse of algorithmic stable coin TerraUSD and its sister token Luna erased $270 billion from the Trillion-dollar value in the Crypto sector.","_key":"b345841b8de00"}],"_type":"block"},{"style":"normal","_key":"64fbdc4a2df7","markDefs":[{"_key":"ca432219701f","_type":"link","href":"https://www.coindesk.com/price/bitcoin/"}],"children":[{"_type":"span","marks":["ca432219701f"],"text":"Bitcoin has been bouncing up and down all week","_key":"af86ff448b050"},{"_type":"span","marks":[],"text":", leading to many sell-offs resulting in Bitcoin having about a -2.5% drop from Friday to Saturday. However, Bitcoin is not the only cryptocurrency to have a rough week. In fact, most notable cryptocurrencies did as well.","_key":"4e0e4a50b896"}],"_type":"block"},{"markDefs":[{"_type":"link","href":"https://www.fool.com/investing/2022/05/14/why-bitcoin-shiba-inu-and-cardano-are-down-today/","_key":"dd14a9f59ac5"}],"children":[{"_type":"span","marks":[],"text":"Coins like ","_key":"cdfb4d7b85840"},{"text":"Shiba Inu and Cardano ","_key":"cc13f2985b37","_type":"span","marks":["dd14a9f59ac5"]},{"text":"saw drops from Friday to Saturday by around 7%. The market's short-term outlook is not great at the moment, and drops are expected to continue.","_key":"8ea289b39654","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"f73f8f16fe15"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Any crypto investment would have to be a long-term play as analysts are still confident in the market. Still, the current negative trends have probably yet to bottom out. One thought, though, would say to keep monitoring it, and the opportunity is there right now to buy cheap with the potential for long-term gains.\n","_key":"454268cf353e0"}],"_type":"block","style":"normal","_key":"3d3b67ed91b8"}],"_updatedAt":"2023-03-01T15:50:44Z","_type":"story","visibility":"true","summary":"The cryptocurrency market is very volatile and trending in the wrong direction."}]