Best crypto memes of the day – August 28th

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• Pakistan shifts from US dollar to Chinese Yuan for oil trade

  TL;DR Breakdown Pakistan has paid for its first government-to-government import of discounted Russian crude oil using Chinese currency, indicating a significant shift from the U.S. dollar. This comes as Pakistan faces a severe economic crisis, with scarce foreign exchange reserves and a potential default on its external debt looming. Pakistan’s Petroleum Minister Musadik Malik assures that refining Russian crude will be commercially viable, with no loss to be incurred. Pakistan has completed its first import of discounted Russian crude oil, using Chinese currency instead of the typically used U.S. dollar. This shift arrives as Pakistan navigates an economic crisis marked by a severe balance of payments issue, threatening a potential default on its external debt. The country’s foreign exchange reserves are perilously low, barely covering a month’s worth of controlled imports. Pakistan transitioning to new markets The discounted Russian crude oil is the first of its kind procured under a deal sealed between Islamabad and Moscow earlier this year. Without revealing the specific commercial details of the agreement, Petroleum Minister Musadik Malik confirmed that the “payment was made in RMB”….

  Article 2023年6月15日

• FTX cybersecurity breach exposes personal data

  TL;DR Breakdown FTX has recently made public a concerning incident involving a cybersecurity breach that centered on its claims agent, Kroll, who is connected to the ongoing bankruptcy case. The breach primarily impacted the exposure of non-sensitive customer data from a select group of claimants involved in the ongoing bankruptcy proceedings.  Assurances have been received from Kroll that the breach has been promptly contained and resolved. Description The defunct cryptocurrency exchange, FTX, has recently made public a concerning incident involving a cybersecurity breach that centered on its claims agent, Kroll, who is connected to the ongoing bankruptcy case. This breach led to the exposure of certain non-sensitive customer data from specific claimants. However, FTX has been quick to reassure its user base … Read more The defunct cryptocurrency exchange, FTX, has recently made public a concerning incident involving a cybersecurity breach that centered on its claims agent, Kroll, who is connected to the ongoing bankruptcy case. This breach led to the exposure of certain non-sensitive customer data from specific claimants. However, FTX has been quick to reassure its user base…

  Article 2023年8月25日

• The rise of BRICS and why it’s attracting more countries

  TL;DR Breakdown BRICS, an alliance of Brazil, Russia, India, China, and South Africa, has grown from a concept to a formidable global entity. Initially conceived by Goldman Sachs in 2001, the BRICS countries have leveraged their shared growth trajectories and challenges to amplify their global influence. The establishment of the New Development Bank and the Contingent Reserve Arrangement has positioned BRICS as an attractive alternative to traditional financial institutions like the IMF and World Bank. The ascendency of BRICS, an acronym for the emerging economies of Brazil, Russia, India, China, and South Africa, has captured global attention. A concept once borne out of an investment bank’s observation has grown into a formidable alliance, leading a new direction for the world economy. This development has attracted interest from various nations, marking a significant shift in the global financial and political landscape. The growth trajectory The original concept of BRICS was forged by economist Jim O’Neill of Goldman Sachs Group Inc. in 2001, who identified Brazil, Russia, India, and China as countries exhibiting impressive economic growth rates. Despite the widespread skepticism, these…

  Article 2023年6月1日

• Tether forms partnership with Bahamas-based Britannia Bank amid regulatory scrutiny

  TL;DR Breakdown Tether has reportedly formed a partnership with Britannia Bank & Trust, a private bank in the Bahamas, making it the third offshore bank to collaborate with the stablecoin issuer. The partnership is seen as a strategic move for USDT, especially as U.S.-based crypto firms face heightened regulatory scrutiny, forcing them to seek banking relationships outside the United States. Description In a move that could potentially reshape the stablecoin landscape, Tether, the company behind the world’s leading stablecoin USDT, has reportedly entered into a partnership with Britannia Bank & Trust, a private bank based in the Bahamas. This new alliance makes Britannia the third Bahamas-based bank to collaborate with Tether, following Deltec Bank and Capital … Read more In a move that could potentially reshape the stablecoin landscape, Tether, the company behind the world’s leading stablecoin USDT, has reportedly entered into a partnership with Britannia Bank & Trust, a private bank based in the Bahamas. This new alliance makes Britannia the third Bahamas-based bank to collaborate with Tether, following Deltec Bank and Capital Union Bank. The news comes at…

  Article 2023年8月30日

• FTX sues former CEO and executives for misappropriation of funds

  TL;DR Breakdown FTX has sued its former CEO and some key executives over misappropriating user funds. The lawsuit alleges misappropriation of funds and fraud. Description In a major legal development, FTX, the now-bankrupt crypto exchange, has filed a lawsuit against its former CEO, Sam Bankman-Fried, along with other former key executives, seeking to recover more than $1 billion in allegedly misappropriated funds. The complaint, filed on July 20 in a United States Bankruptcy Court, also named former Alameda Research CEO, … Read more In a major legal development, FTX, the now-bankrupt crypto exchange, has filed a lawsuit against its former CEO, Sam Bankman-Fried, along with other former key executives, seeking to recover more than $1 billion in allegedly misappropriated funds. The complaint, filed on July 20 in a United States Bankruptcy Court, also named former Alameda Research CEO, Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, and former FTX engineering director, Nishad Singh, as defendants. FTX claims former executives misappropriated $1 billion The lawsuit accuses the former executives of breaching their fiduciary duties by continuously misappropriating customer funds to finance luxury…

  Article 2023年7月22日