Month: February 2023

• PeckShield, a blockchain security company, has issued a warning about the rise of pump and dump tokens on BingChatGPT.
• Mischievous groups are using these tokens to deceive people into buying them at a high price and then dumping them, causing their value to plummet.
• PeckShield recommends that investors be extra cautious when investing in new and untested tokens.

PeckShield Warns of BingChatGPT Scams

PeckShield, a blockchain security company, has issued a warning about the rise of pump and dump tokens on BingChatGPT. These mischievous groups are using these tokens to deceive people into buying them at a high price and then dumping them, causing their value to plummet. This leaves people who invested in these tokens with worthless tokens and a significant loss of their money.

Tips for Investing Carefully

PeckShield recommends that investors be extra cautious when investing in new and untested tokens. Investors should do their research before putting their money into any project, and they should be wary of any token that experiences sudden and significant price changes. These changes may be a sign of a pump and dump scheme. Furthermore, experts recommend doing thorough research before investing in order to avoid any token that shows signs of artificial inflation or sudden price changes.

Increasing Number of Scams

The emergence of numerous pump and dump tokens on BingChatGPT is an alarming trend. This highlights the need for investors to familiarize themselves with the risks associated with investing in such projects before committing funds to it. It is important for potential investors to understand how these scamming schemes work so they can make informed decisions regarding their investments.

Investor Caution Advised

PeckShield’s report warns potential investors to be extra cautious when dealing with these types of tokens as they can have devastating consequences if not handled properly. They advise that people should do thorough research before investing in any new or untested token as well as pay close attention for signs of artificial inflation or sudden price changes which could indicate fraudulent activity is occurring behind the scenes.

Conclusion

To conclude, PeckShield’s warning serves as an important reminder for all potential investors – especially those looking into new or untested projects – to always do thorough research first before committing funds into anything related to cryptocurrencies or blockchain technology-based investments as this could help protect them from losses due to scams like those seen on BingChatGPT today

• Peter Schiff, in an interview with Anthony Pompliano, said that bitcoin has no value.
• He believes that due to the lack of physical presence of bitcoin, there is no difference in utility between one satoshi and all the bitcoins in existence.
• According to Schiff, dark economic times are ahead and people will need to sell their bitcoins to buy food.

Peter Schiff on Bitcoin

Peter Schiff recently gave an interview with Anthony Pompliano where he argued that Bitcoin has no value. His argument stems from the fact that Bitcoin does not have a physical presence and thus lacks any real utility when compared to fiat currency or gold.

No Physical Presence

Schiff argues that because Bitcoin does not have a physical presence, there is no difference in utility between one satoshi and all the bitcoins in existence. As such, it cannot be used for anything practical such as building a house like fiat currency or gold can be used for.

Dark Economic Times Ahead

Schiff believes that dark economic times are ahead and people will need to sell their bitcoins in order to buy food. He argues that gold is a better alternative than both fiat currency and cryptocurrency due to its long history of being used as money as well as its physical value which makes it useful for electronics, exchange, and jewelry among other things.

Fiat Currency Under Pressure

The modern monetary system goes back to 1971 when then U.S President Nixon took the U.S off of the post-WWII de-facto gold standard known as Bretton Woods system. With this change came increased pressure on fiat currency which can be seen today with rising prices for gold since around 2000 when Gordon Brown sold a large amount of U.K’s national gold reserves at the peak of a bear market which began in 1980.

Conclusion

In conclusion, Peter Schiff argues that Bitcoin has no real value due to its lack of physical presence when compared with both fiat currency and gold which have tangible uses along with having been used historically as money throughout human history. With dark economic times looming ahead many people may find themselves needing to sell their Bitcoins just to survive financially during this difficult period

• FTX was brought before a bankruptcy court in Delaware to decide whether or not to open an independent investigation.
• The US Trustee argued in favor of an investigation on allegations of fraud, misconduct, and mismanagement.
• FTX argued that an external investigation is a waste of money and poses a risk to the cybersecurity of the exchange.

FTX Bankruptcy Hearing

Background

FTX was brought before a bankruptcy court in Delaware to decide whether or not to open an independent investigation on the firm’s collapse.

US Trustee Calls for Investigation

The US Trustee, through their lawyer, Juliet Sarkessian, said an independent investigation is mandatory under federal law in all significant bankruptcy cases where the DOJ requests one. The trustee told the judge that the goal of the FTX debtors is recovering as much as possible and that they need to be aligned with the goals of the neutral examiner tasked with investigating malpractice.

FTX Argues Against Examiner

FTX attorney James Bromley argued that an examiner would merely duplicate work already done by law enforcement agencies and FTX creditors. He added that allowing new investigators to access FTX systems puts the cybersecurity of their ongoing investigation at risk.

Judge Dorsey Asks Parties To Reach Agreement

Judge Dorsey did not rule on the matter but asked FTX and the US Trustee to try to reach an agreement on the scope for a potential examiner review. He said an examiner should be appointed if appropriate.

Conclusion

The outcome of this hearing will impact how FTX moves forward with its debts and customers’ claims as well as any potential investigations into malpractice by FTX management during its collapse.

• Senators and House members held hearings to investigate Silvergate Capital, the parent organization of Silvergate Bank, about its connections to FTX.
• Senators John Kennedy, Roger Marshall, and Elizabeth Warren wrote a letter to Silvergate demanding information about the demise of the crypto exchange FTX.
• Silvergate was given until Feb. 13 to respond to questions from Congress over its role in the FTX scandal.

Recently, the US Senate held hearings to investigate Silvergate Capital, the parent organization of Silvergate Bank, about its connections to FTX, the crypto exchange that experienced a liquidity issue and filed for bankruptcy in November 2022. The Senators wanted to know how Silvergate handled the transfer of customer assets to Alameda, and whether FTX had misappropriated customer funds.

In response, Senators John Kennedy, Roger Marshall, and Elizabeth Warren wrote a letter to Silvergate demanding information, and questioned the institution’s earlier comments which they found “evasive.” The letter gave Silvergate until Dec. 19 to respond, but the bank declined to fully answer due to the prohibitions on releasing, “secret supervisory information.”

In response to this, the Senators urged the Justice Department to look into the collapse of the crypto exchange and consider bringing certain people to justice, including Sam Bankman-Fried, the former CEO of FTX. Further, the Senators requested that Silvergate respond to questions from Congress over its role in the FTX scandal by Feb. 13th.

The US Senate’s investigation into Silvergate’s involvement in the FTX scandal is ongoing. It remains to be seen what the outcome of the investigation will be. However, it is clear that the Senators are taking the situation seriously and are committed to getting to the bottom of this issue.