A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]
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Thirdweb, a Web3 software development kit (SDK) provider, confirmed the presence of a security vulnerability in a widely used open-source library, impacting numerous Web3 smart contracts, according to a Dec. 4 statement on social media platform X (formerly Twitter).
The firm stated that the vulnerability was initially identified on Nov. 20 and impacted a variety of smart contracts across the web3 ecosystem, including some of its pre-built smart contracts.
However, it clarified that the vulnerability has yet to be exploited and refrained from disclosing the open-source library to prevent potential exploitation. The firm wrote:
“Based on our investigation so far, this vulnerability has not been exploited in any thirdweb smart contracts. However, smart contract owners must take mitigation steps on certain pre-built smart contracts that were created on thirdweb prior to November 22nd, 2023 at 7pm PT.”
Thirdweb identified 13 affected smart contracts, including AirdropERC20, ERC721, ERC1155, and others, impacted by the vulnerability.
Smart contract owners are advised to take proactive mitigation steps to prevent exploitation. Additionally, Thirdweb assured ongoing efforts with security partners to develop tools for easy identification and execution of necessary mitigation measures.
Depending on the contract’s nature, these steps might involve contract locking, snapshot creation, and migration to a new contract. Additionally, users of these contracts are encouraged to revoke approvals on all Thirdweb contracts.
Thirdweb is also increasing the bounty rewards for its platform to $50,000 and is implementing a more rigorous auditing process.
Meanwhile, 0xngmi, the pseudonymous developer of DeFillama, urged the community to revoke their approvals to thirdweb contracts because people might have interacted with them without knowing as they are white-labeled.
Several NFT projects, including OpenSea, have responded to concerns raised by the vulnerability.
OpenSea confirmed discussions with Thirdweb regarding security concerns in specific NFT collections. The NFT platform hinted at forthcoming support for affected collection owners and anticipated changes related to contract migration on their platform.
Some NFT collections like CoolCats and ApesRare have reassured their holders they are not affected by these vulnerabilities.
However, Thirdweb’s disclosure approach has received criticism within the community.
Binance’s $4.3-billion settlement with the United States was the final hurdle before the country’s securities regulator approves spot Bitcoin (BTC) exchange-traded funds (ETFs), many industry watchers claim.
The settlement involved Binance agreeing to Justice Department and Treasury compliance monitors for up to five years, allowing the agencies sweeping powers to keep the exchange in line with Anti-Money Laundering and sanctions rules, among other things.
The U.S. Securities and Exchange Commission has cited market manipulation when denying spot Bitcoin ETFs, and Binance’s market dominance had to take a hit before BlackRock’s spot BTC ETF application would be approved, according to a June X (Twitter) post by Travis Kling, chief investment officer of Ikigai Asset Management.
“There is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance,” Kling wrote. “If this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished.”
Ok here we go. https://t.co/fJ7c3MpaTy
— Travis Kling (@Travis_Kling) November 21, 2023
Kling’s prediction sparked others to consider how closely BlackRock works with the U.S. government to obtain a favorable position in the spot Bitcoin ETF market. YouTuber Colin Talks Crypto said it was suspect that Binance’s settlement happened “right before a Bitcoin ETF comes out.”
“Is it a way for BlackRock to acquire a massive amounts [sic] of BTC for cheap?” he asked. “Is it a way to remove competition from U.S. markets right before the ETFs go live?”
Does it seem fishy to anyone else that #Binance is being found guilty of money laundering right before a #Bitcoin #ETF comes out?
Is there any connection?
For example:
• Is it a way for BlackRock to acquire a massive amounts of BTC for cheap/free?
• Is it a way to remove…— Colin Talks Crypto (@ColinTCrypto) November 21, 2023
Others noted that BlackRock and its rival Vanguard together own 11.5% of Binance’s top competitor, Coinbase, and speculated that the action against Binance may have been planned.
BlackRock met with the SEC on Nov. 20 and presented how it could use an in-kind or in-cash redemption model for its spot BTC ETF, the iShares Bitcoin Trust.
Binance/DOJ settlement and SEC Spot #Bitcoin ETF approvals are mutuals.
— Andrew (@AP_Abacus) November 20, 2023
Grayscale also met with the securities regulator on the same day, discussing its bid to list a spot Bitcoin ETF. Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise also await the SEC’s approval of their spot Bitcoin funds.
Related: Binance CEO CZ’s downfall is ‘the end of an era’ — Charles Hoskinson
Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, said the Binance settlement is “super bullish” for the cryptocurrency industry.
Not everyone sees the point in guessing if the Binance news will lead to spot BTC ETF approvals.
In a note to Cointelegraph, Piper Alderman partner Michael Bacina suggested it is best to let the speculation run its course.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
More than 4,300 registered companies operating within the DIFC can now integrate XRP and TON tokens into their virtual asset services.
The Dubai Financial Services Authority (DFSA) has added XRP (XRP) and Toncoin (TON) to the list of tokens that can be legally utilized within the Dubai International Financial Centre (DIFC). Now the total list of approved coins is brought to five, with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) authorized back in 2022.
Recognition by the Dubai International Financial Centre is a significant milestone for tokens that can expand their use. Notably, DIFC is the leading international financial hub in the Middle East, Africa, and South Asia, with more than 4,300 registered companies located in this special economic zone. All those companies operating within the DIFC can now integrate XRP and TON tokens into their virtual asset services.
Back in 2020, Ripple chose the DIFC as the location for its MENA headquarters due to Dubai’s innovation-forward regulations, expansive network, and reputation as a leading global financial center. The region has become one of the key markets for the company, as about 20% of Ripple’s clients are located in the Middle East and North Africa (MENA) region. Amid strong growth in the Middle East, Ripple opened a new office located in the heart of the Dubai International Financial Centre. Besides, the company is bringing Swell Global 2023, the seventh edition of its annual customer conference, to Dubai on November 8th and 9th.
Ripple CEO Brad Garlinghouse commented:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”
For Toncoin, winning approval from DFSA is a breakthrough achievement in its history and a great opportunity to expand its client base.
With its comprehensive approach to crypto industry regulation, DIFC zone pioneers in the digital assets space, offering a robust regulatory framework for crypto and investment tokens.
In 2021, the Dubai Financial Services Authority (DFSA) – an institution that regulates the DIFC zone – introduced the Investment Token Regime for governing digital assets. That was the initial phase of the whole legislation at that time. The key highlights included defining tokens, categorizing them, and introducing custody rules for digital wallets.
In November 2022, DFSA launched the second phase of the Investment Token Regime, providing more clarification and removing potential ambiguities. Firstly, the DFSA expanded its initial list of ‘recognized’ crypto tokens for the DIFC. The list applies to all entities in the DIFC. Once a crypto token is ‘recognized’ by the DFSA, an application for recognition does not need to be made by another entity. Now, XRP and TON are among the recognized tokens.
Secondly, while non-fungible tokens (NFTs) and utility tokens are not covered by DFSA regulation, they have been brought within the remit of the DFSA’s anti-money laundering and counter-terrorist financing regime. Issuers of such tokens (unless their issuance does not exceed a $15,000 de minimis threshold), as well as service providers (such as auction houses, issuance platforms, and safekeeping services), have to be registered with the DFSA as designated non-financial businesses or profession and comply with the associated AML requirements.
The next step will be the introduction of public consultations on other areas including staking, DeFI, and AML / CTF issues such as the travel rule.
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Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
Gensler mentioned that the agency initiated over 780 enforcement actions in 2023 leading to $5 billion in judgments and orders. The agency also distributed $930 million being distributed to investors.
Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), discussed the regulatory body’s enforcement efforts during his speech at the 2023 Securities Enforcement Forum. He highlighted that these actions resulted in judgments and orders amounting to $5 billion.
Notably, Gensler’s remarks about the cryptocurrency market stirred discussion within the crypto community on social media. He stated:
“Don’t get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”
In the context of the SEC’s economic perspective on enforcement actions, Gensler mentioned that the agency initiated over 780 enforcement actions in 2023. Of these more than 500 were standalone cases. These actions ultimately led to $5 billion in judgments and orders, with $930 million being distributed to investors who had suffered losses.
Gensler further disclosed that the SEC had initiated legal action against 40 companies for violating diverse rules and regulations since December 2021, resulting in fines exceeding $1.5 billion. He also pointed out that the SEC had resolved charges related to recordkeeping with 23 companies in the past fiscal year, marking a significant number of settlements in this category.
During his address, the SEC Chair reiterated his previous stance on cryptocurrencies, asserting that a substantial portion of the crypto market should be classified as securities and therefore subject to the same regulatory framework. He elaborated on the extensive scope of the term “security,” emphasizing the notion of an investment contract and how it closely aligns with many cryptocurrency assets. Gensler contended that the majority of crypto assets would meet the criteria for investment contracts, thereby making them subject to securities regulations.
Furthermore, Gensler drew parallels between the current state of the cryptocurrency ecosystem and the financial landscape of the 1920s, a time when securities regulations were not in the market. He highlighted that the crypto sector faces similar challenges to those experienced before introducing comprehensive regulations resulting in numerous fraudulent activities, scams, and financial insolvencies. Gensler argued that these issues underscore the need for more stringent regulatory measures.
“Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws,” noted Gensler.
Gensler’s critique of the cryptocurrency market has been consistent over the years, echoing his well-established position. Nevertheless, numerous voices, including members of Congress, the cryptocurrency community, and key US-based businesses, have urged Gensler to provide clearer and more comprehensive guidance regarding cryptocurrency regulations.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bill Gates, the seventh-richest person in the world according to the Forbes 2023 list, has been losing money on one of his latest investment bets.
Gates, who amassed his wealth by cofounding and leading Microsoft Corp. for decades before retiring in 2008, has since focused on investing in private corporations and publicly traded companies.
In the fiscal second quarter of 2023, Gates purchased over 1.7 million shares of Anheuser-Busch InBev (NYSE:BUD), maker of popular beer brands including Bud Light and Corona. Headquartered in Brussels, Anheuser-Busch InBev is the world’s largest brewer and one of the largest alcohol companies globally.
But Anheuser-Busch InBev has been stirring up controversy over the past couple of months after it hired transgender influencer and social media personality Dylan Mulvaney to promote Bud Light on Instagram. This caused the Belgian brewery’s popularity in the U.S. to deteriorate, with many prominent personalities calling for a boycott of its signature Bud Light beer.
In the second quarter that ended June 30, AB InBev’s U.S. revenue plummeted by 10.5%, primarily because of Bud Light’s declining sales volume. The company’s core profit fell by 28.2%, while total global sales volume fell 1.4% year over year in the last reported quarter. However, the company’s strong global presence allowed it to offset losses from the U.S., as its total revenue rose 7.2% year over year.
While AB InBev’s normalized earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5% year over year in the same period, its net profits and earnings per share (EPS) declined compared to the second quarter of 2022.
Constellation Brands Inc.’s Modelo became the top-selling beer in the United States in May during the height of the Bud Light controversy, as AB InBev’s sales plunged by nearly 25%.
AB InBev aimed to distance itself from Mulvaney’s social media post following the controversy, which was also off-putting to many progressives. The world’s largest brewer essentially “managed to alienate both conservatives and progressives in one fell swoop,” according to Zak Stambor, a senior analyst at Insider Intelligence.
“In the U.S., we are listening and actively engaging with our consumers,” AB InBev CEO Michel Doukeris said during a quarterly earnings call. “They want to enjoy their beer without a debate, they want us to focus and concentrate on platforms that all consumers love.”
To this end, the company surveyed Bud Light consumers through a third party and found that approximately 80% of the 170,000 respondents remained neutral or favorable.
AB InBev also determined through engagement with its U.S. customers that they want “their beer without a debate” and “Bud Light to focus on beer.”
The company’s efforts to put the controversy behind it are expected to be fruitful in the near term, as analysts expect AB InBev’s revenue and EPS to improve sequentially in the about-to-be-reported third quarter. The consensus revenue estimate of $15.71 billion for the third quarter ended Sept. 30 indicates a 2.2% improvement quarter-over-quarter. In addition, analysts estimate AB InBev’s EPS to amount to $0.83 in the last quarter, up from $0.68 generated in the second quarter.
Gates’ Portfolio: YTD Performance
Gates acquired 1,703,000 million shares of AB InBev in the second quarter for nearly $100 million through the Bill & Melinda Gates Foundation Trust. However, with AB InBev’s share price falling because of the recent controversy and declining sales in the U.S., Gates has lost over $6 million on his investment in the beer company.
While Gates’s recent investment is in the red, his other investments, notably in Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK), have surged by over 9% year to date. As of June 30, Gates owns nearly 25.14 million shares of Berkshire Hathaway, which accounts for 20.4% of his portfolio.
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This article Bill Gates Has Already Lost Millions On His Bud Light Comeback Bet originally appeared on Benzinga.com
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In what could be a pivotal day for the Bitcoin price, the last day for the US Securities and Exchange Commission (SEC) to appeal the Grayscale Bitcoin (BTC) spot Exchange-Traded Funds (ETF) decision is approaching, and the crypto community is eagerly awaiting the outcome.
The implications of this decision are significant, as it could pave the way for the approval of several other spot Bitcoin ETFs.
According to crypto YouTuber Crypto Rover, if the SEC does not appeal the court’s ruling by the end of the day, it would potentially lose its ability to deny future applications, resulting in the likely approval of all proposed spot ETFs.
The current list of applicants seeking approval includes prominent names such as Grayscale Bitcoin Trust, Ark/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust.
If all Bitcoin spot ETFs are approved, the move would mark a significant milestone in the mainstream adoption of cryptocurrencies.
Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to Bitcoin’s price movements without directly owning the underlying asset.
The approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space.
The approval of Bitcoin spot ETFs also can ignite a renewed sense of optimism and investor sentiment. The anticipation of such a development has already fueled speculation of a Bitcoin rally, with market participants eyeing a new annual high.
The thawing of the crypto winter and the approval of these ETFs could create a perfect storm for a Bitcoin price to surge, potentially breaching the $30,000 mark and beyond.
The largest cryptocurrency in the market is striving to reclaim the crucial $27,000 level, trading at $26,700. This level holds significant importance for bullish investors as it represents a key threshold to break the mid-term downtrend structure observed in BTC’s 1-day chart since its yearly high of $31,800 on July 13
Additionally, the failure of the Bitcoin price to hold its 200-day (yellow line) and 50-day (brown line) moving averages (MAs) as support lines is a cause for concern among bullish traders. These MAs, similar to the situation in March 2023, are currently converging.
However, the potential approval of a BTC spot ETF could provide much-needed relief to Bitcoin’s price. Forming a complete rally would require overcoming various resistance levels in such a scenario.
In the short term, Bitcoin’s price will likely face a significant obstacle at the $27,900 level, which was briefly surpassed on October 2nd. Furthermore, BTC encounters a 3-month resistance at $28,700, marking the final hurdle before reaching the $30,000 level, serving as another resistance line.
Nevertheless, the community anxiously awaits the approval of BTC spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and Bitcoin’s price.
Featured image from Shutterstock, chart from TradingView.com
Bud Light’s chances of regaining its title as the top-selling beer in the U.S. continue to fall as the troubled Anheuser-Busch InBev brand’s sales tumble while newly crowned leader Modelo Especial is still surging.
The two brands have been on opposite trajectories for months after Bud Light’s controversial partnership with transgender activist Dylan Mulvaney led to a boycott of the brand and its parent company, resulting in double-digit declines in sales.
The latest NielsenIQ data provided to FOX Business by Bump Williams Consulting shows Bud Light sales in off-premise locations such as grocery stores and gas stations were down 15.9% on a dollar basis and down 20.1% on a volume basis year to date as of Aug. 19.
Modelo, brewed by Constellation Brands, was up 10.3% in sales and 9.6% in volume. As of the latest data, Modelo holds an 8.4% share of total beer sales in the U.S. so far in 2023, while Bud Light is at 8.2%.
CEO BOYCOTTING WOKE BEER CREATES BRAND THAT SUPPORTS ‘AMERICAN VALUES’: WE ‘BLEW UP OVERNIGHT’
Bump Williams’ analysis said Modelo toppled Bud Light as the best-selling beer in large part thanks to sales in convenience stores, and noted that “the slides continue as Modelo continues to pad its lead across all off-premise outlets combined.”
Total beer sales in the U.S. were up 2.2% in dollar sales for the week ending Aug. 19, but three brands saw double-digit increases in both sales and volume: Miller Lite was up 18.5% in sales and 12.3% in volume, Coors Light was up 21.6% in sales and 15.7% in volume, and Yuengling Lager was up 19.7% in sales and 15.6% in volume.
ANHEUSER-BUSCH HEIR VOWS TO RETURN TO COMPANY’S ‘OLD WAY’ IF HE BUYS BACK COMPANY
Bud Light sales for the single week were down 26.8% on a dollar basis and 30.3% by volume, while fellow Anheuser-Busch brand Budweiser suffered – to a lesser degree – with dollar sales down 10.5% and volume sales down 14.4%.
The backlash against Bud Light and Anheuser-Busch InBev started in early April, not long after the company created and sent custom beer cans to Mulvaney to mark “365 days of girlhood.” That move and comments from Bud Light’s marketing vice president at the time sparked calls for beer drinkers to shun the brand, and sales have taken a clear hit.
InBev reported earlier this month a steep drop in profits as a result of the boycott. The company announced that its U.S. revenue dropped 10.5% in the second quarter, while its earnings before taxes, interest and depreciation fell 28.2%.
Original article source: Bud Light falls further, Modelo extends lead as best-selling US beer
Five9 Inc. shares dropped in the extended session Monday even after the cloud software company’s revenue forecast for the current quarter was light while results topped Wall Street estimates.
Five9
FIVN,
shares fell as much as 10% after hours, following a 1.5% gain in the regular session to close at $81.66.
Five9 forecast earnings of 42 cents to 44 cents a share on revenue of $223.5 million to $224.5 million for the third quarter, and $1.79 to $1.83 a share on revenue between $908 million to $910 million for the year.
Analysts surveyed by FactSet had estimated 43 cents a share on revenue of $228.2 million for the third quarter, and $1.77 a share on revenue of $909.1 million for the year.
The company reported a second quarter loss of $21.7 million, or 30 cents a share, compared with a loss of $23.7 million, or 34 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 52 cents a share, compared with 34 cents a share in the year-ago period.
Revenue rose to $222.9 million from $189.4 million in the year-ago quarter.
Analysts had forecast 39 cents a share on revenue of $214.7 million.
“We experienced a particularly strong quarter for new logo bookings, demonstrating our strong go-to-market execution,” said Mike Burkland, Five9 chairman and chief executive, in a statement. “We have been a leader in AI and Automation and will continue to push this industry forward, as AI serves as a tailwind for our business and leads to [total available market] expansion.”