Crypto

How Actor Ben McKenzie Emerged As Crypto’s Unlikely Antagonist

Published

1 year ago

July 17, 2023

How Actor Ben McKenzie Emerged As Crypto’s Unlikely Antagonist

WASHINGTON, DC – DECEMBER 14: Ben McKenzie Schenkkan listens while testifying Senate Committee on … [+] Banking, Housing, and Urban Affairs hearing on cryptocurrency on Capitol Hill on Wednesday, Dec. 14, 2022 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images)

Los Angeles Times via Getty Images

Ben McKenzie, best known for his roles in popular television series like “The O.C.” and “Gotham,” is on a mission. His target? The complex world of cryptocurrency.

McKenzie’s foray into the world of crypto started during the early days of the pandemic. With TV production on hold and a lot of free time on his hands, he began reading about crypto out of curiosity. The more he learned, the more he grew suspicious. He saw similarities between the crypto craze and the economic bubbles of the past.

His background is in acting, not finance, although he does hold an economics degree. But in 2021, as crypto and NFTs had reached a fever pitch in the U.S. and across the globe, McKenzie saw an opportunity to leverage his fame and emerge as one of crypto’s most recognized critics.

Early Skepticism

A seasoned actor, he recognized the power of a compelling story. He concluded that crypto, much like a Hollywood blockbuster, was being sold on the strength of its narrative rather than its substance. McKenzie told CBS Mornings, “Crypto, at the end of the day, is just a story, or rather a collection of stories.” In McKenzie’s view, it was marketed as a way to build wealth and democratize finance, but he felt that these promises were empty.

McKenzie told The Guardian he reached somewhat of an epiphany while reading his daughter a bedtime story. The story was The Emperor’s New Clothes, and McKenzie said, “I’d forgotten that the tailor’s trick is to appeal to ego and status worship.” That is how McKenzie viewed crypto’s swift rise in 2021 and the aggressive advertising and marketing tactics fueling the surge.

McKenzie’s anti-crypto conviction led him to take a bold step. According to The Guardian, he essentially bet $250,000 that the crypto market would collapse. As it turned out, he was not necessarily wrong, but he miscalculated the timing, leading to a sizable loss he would have to explain to his wife.

“It was an expensive lesson. But it was a luxury that I had the money to speculate with. What makes me most angry is the selling of this junk to people who cannot afford to lose the real money they have, and the complicity of the people that did that,” said McKenzie.

Capitalizing On The Crypto Collapse

Armed with newfound knowledge and a sense of purpose, McKenzie started writing articles criticizing celebrities who endorsed crypto companies and warning the public about the risks of investing in digital currencies. His activism culminated in his testimony before the Senate banking committee in late 2022, a remarkable event in his unlikely career pivot.

WASHINGTON, DC – DECEMBER 14: (L-R) Hilary Allen of American University Washington College of Law, … [+] investor and television personality Kevin O’Leary, Director of Financial Regulation Studies at the Center for Monetary and Financial Alternatives of Cato Institute Jennifer Schulp, and actor and author Ben McKenzie Schenkkan testify during a hearing before Senate Banking, Housing, and Urban Affairs Committee at Dirksen Senate Office Building December 14, 2022 on Capitol Hill in Washington, DC. The committee held a hearing on “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers.” (Photo by Alex Wong/Getty Images)

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“In my opinion, the cryptocurrency industry represents the largest Ponzi scheme in history. In fact, by the time the dust settles, crypto may well represent a fraud at least ten times bigger than Madoff. The fact that it has roped in tens of millions of Americans from all walks of life, as well as hundreds of millions of people worldwide, should be of concern to us all,” McKenzie testified.

He told CBS Mornings, “The reason that I used the word ‘Ponzie scheme’ in front of the Senate is that an investment scheme without value is a Ponzie scheme. I mean, that’s the definition, and Ponzie schemes are regulated by the Securities and Exchange Commission.”

From there, his momentum prompted him to co-author a book titled “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” with journalist Jacob Silverman. The book is billed as a deep dive into the rise and fall of the cryptocurrency industry.

Kirkus Reviews calls the book “A well-reasoned, occasionally shrill critique of the crypto universe.” The review explains, “Writing with financial journalist Silverman, McKenzie charges that since crypto behaves like a security, and an unregulated one at that, its price ‘jumps up and down like a rabbit on amphetamines.’ Furthermore, the technology doesn’t scale well enough, it’s environmentally disastrous because it requires so much electricity to ‘mine,’ and it’s surrounded by ‘fraudsters’ and ‘con men.’”

While McKenzie’s crusade against crypto is far from over, his journey from Hollywood to the heart of the crypto world serves as a call to action for the crypto community to combat these negative narratives with honesty, transparency, and enhanced education around decentralized finance and crypto’s greater application to the world of finance.

“Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” is set to publish on July 18.

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Crypto

PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

Published

7 hours ago

September 27, 2024

Press Room

PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

Global payments giant PayPal will allow U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

Global payments giant PayPal has unveiled new features allowing U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

The move comes as more business clients seek access to crypto services available to consumers. PayPal also intends to expand its cryptocurrency features into regular business operations. According to the statement, this feature will be unavailable in New York State.

PayPal’s peer-to-peer payments app Venmo initially allowed clients to manage cryptocurrency in 2020. Since then, they have “continuously made significant steps to increase cryptocurrency utilization,” the statement read.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” said Jose Fernandez da Ponte, senior VP of blockchain, cryptocurrency, and digital currency at PayPal.

According to PayPal’s statement, the new features of crypto services for business accounts aim to boost crypto’s real-world utility. The company’s latest move is a response to business owners who have been asking for access to crypto services since the platform launched its consumer-level digital currency services.

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” Fernandez da Ponte added.

PayPal stock has climbed roughly 26% this year, suggesting positive sentiment from investors.

Businesses can Now Transfer Cryptocurrency On-Chain to External Wallets

In addition to the new buying and selling ability, U.S. merchants can now transfer cryptocurrencies to third-party wallets. This new functionality extends the flexibility of digital currency transactions for businesses.

“PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses,” the company mentioned in its statement.

Last month, Crypto.com teamed up with PayPal to allow US users to make purchases through cryptocurrencies. This alliance expands on earlier joint ventures between the two businesses, which included allowing PayPal to recharge Crypto.com Visa Card. Besides Crypto.com, PayPal’s stablecoin is available within selected exchanges including Coinbase, Bitstamp, and Kraken.

PayPal Cuts Fees by Expanding PYUSD to Solana

In 2023, PayPal launched its own US dollar-denominated stablecoin (PYUSD), in August 2023. PYUSD was issued by a US-regulated entity named Paxos Trust Company. Initially, PYUSD was launched as an ERC-20 token through the Ethereum blockchain.

One limitation of Ethereum-based stablecoins is their high transaction fees. PayPal expanded PYUSD to the Solana network in May 2024 to minimize the cost. This move led to a significant fee reduction (sometimes over 90%). These lower transaction rates on Solana made PYUSD more attractive for regular purchases like coffee or groceries, which boosted the demand for PayPal to introduce crypto services to businesses.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, General Manager of Payments at the Solana Foundation. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”

According to BraveNewCoin data, PYUSD’s market capitalization has expanded dramatically since its introduction over a year ago, rising from approximately $45 million in September 2023 to around $700 million at the time of writing.

Crypto

Cryptocurrency exchange network accused of helping Russia hit with sanctions

Published

18 hours ago

September 26, 2024

Press Room

WASHINGTON (AP) — A network of people and virtual currency exchanges associated with harboring Russian cybercrime were hit with sanctions on Thursday, in a government-wide crackdown on cybercrime that could assist Russia ahead of President Joe Biden’s meeting with Ukrainian President Volodymyr Zelenskyy.

U.S. Treasury sanctioned alleged Russian hacker Sergey Ivanov and Cryptex — a St. Vincent and Grenadines registered virtual currency exchange operating in Russia. Virtual currency exchanges allow people and businesses to trade cryptocurrencies for other assets, such as conventional dollars or other digital currencies.

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Treasury alleges that Ivanov has laundered hundreds of millions of dollars worth of virtual currency for cyber criminals and darknet marketplace vendors for the last 20 years, including for Timur Shakhmametov, who allegedly created an online marketplace for stolen credit card data and compromised IDs called Joker’s Stash. Ivanov laundered the proceeds from Joker’s Stash, Treasury says.

The State Department is offering a $10 million reward for information that would lead to the arrest and possible conviction of the two men and the U.S. Attorney’s Office in Virginia has unsealed an indictment against them.

Biden said in a statement announcing the sanctions Thursday that the U.S. “will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources.”

He meets with Zelenskyy Thursday to announce a surge in security assistance for Ukraine and other actions meant to assist the war-torn country as Russia continues to invade.

State Department Spokesman Matthew Miller said, “We will continue to use all our tools and authorities to deter and expose these money laundering networks and impose cost on the cyber criminals and support networks. We reiterate our call that Russia must take concrete steps to prevent cyber criminals from freely operating in its jurisdiction.”

U.S officials have taken several actions against Russian cybercriminals since the start of the invasion in February 2022.

Earlier this year, Treasury’s Office of Foreign Assets Control sanctioned 13 firms — five of which are owned by an already sanctioned person — and two people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, “thus enabling potential sanctions evasion,” according to U.S. Treasury.

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Crypto

Cryptocurrency Prices on September 26: BTC Backtracks To $63K, But WLD Soars 11%

Published

1 day ago

September 26, 2024

Press Room

Cryptocurrency Prices on September 26: BTC Backtracks To K, But WLD Soars 11%

The cryptocurrency prices on September 26 have again raised investor concerns globally as Bitcoin and major altcoins plunged into the red territory. Notably, even the global crypto market cap slipped 1.92% to $2.22 trillion today. Further, the total market volume fell 12.5% to $65.06 billion. However, Worldcoin (WLD) emerged among the day’s top gainers, defying the broader market sentiment.

Here’s a brief report on some of the leading cryptocurrencies by market cap and their price movements today, September 26.

Cryptocurrency Prices Today: BTC, ETH, SOL, & XRP In The Red

While BTC waned to the $63K price level today, ETH price marked a slip below $2,600. Simultaneously, SOL, XRP, and DOGE prices slipped slightly over 1% today, whereas SHIB too defied the broader market trend. So, let’s take a closer look at major coins’ price action today.

Bitcoin Price Today

BTC price traded at $63,450 at press time, up nearly 1.4% in the past 24 hours. The coin’s intraday low and high were $62,669.27 and $64,462.94, underscoring a highly volatile movement for the asset. This volatility comes despite $105.84 million inflows spot Bitcoin ETFs as of September 25. Besides, despite BlackRock’s additional BTC buys, the coin’s trade is turbulent.

Bitcoin’s market cap rested at $1.25 trillion today. Simultaneously, the flagship crypto’s dominance saw a 0.02% decline to 56.24%.

Ethereum Price Today

Whilst, ETH price chart illustrated a nearly 1% dip in value to reach $2,604. The coin’s intraday low and high were recorded as $2,557.72 and $2,646.79, underlining a brief slip below $2,600.

Simultaneously, ETH price dropped despite $43.23 million inflows in spot Ethereum ETFs as of September 25, per Soso value data. Ethereum’s market cap rested at $313.19 billion today. Despite today’s turbulence, the ETH funding rate sparked further bullishness recently, hinting that phenomenal gains loom for the token.

Solana Price Today

The crypto SOL fell over 1.5% in the past 24 hours and is currently trading at $149.18. The coin’s intraday low and high were recorded as $146.87 and $152.89, respectively. Solana’s market cap rested at $69.93 billion today.

XRP Price Today

Simultaneously, against the backdrop of colossal Ripple whale transactions, XRP price today slipped nearly 2% to $0.5819. Its intraday low and high were recorded as $0.5769 and $0.5935, respectively. XRP’s market cap rested at $32.87 billion today.

Meme Coins’ Performance

Dogecoin (DOGE) price fell nearly 1.5% over the past day to reach $0.1089. However, Shiba Inu gained nearly 4% from yesterday to reach $0.00001556.

PEPE and FLOKI prices slipped 3%-4% today, whereas WIF price gained nearly 2%.

Top Cryptocurrency Gainers Prices Today

Worldcoin

WLD price surged 11% in the past 24 hours and is currently trading at $2.06. The crypto’s intraday low and high were recorded as $1.80 and $2.17, respectively.

Injective

INJ price pumped over 4% today and is currently trading at $22.06. The token’s intraday low and high were recorded as $21.25 and $22.86, respectively.

UNUS SED LEO

LEO price jumped 3% over the past day to reach $5.95. The coin’s intraday low and high were $5.68 and $6.01, respectively.

Top Cryptocurrency Losers Prices Today

Fantom

FTM price dipped 7% over the past day to $0.6512. The crypto’s 24-hour low and peak were $0.6416 and $0.6886, respectively.

Conflux

CFX price followed, dropping 7% over the past day to reach $0.1572. The coin’s intraday low and high were $0.1522 and $0.1669, respectively.

Stacks

STX price fell 6% over the past day to reach $1.92. The crypto’s 24-hour low and high were $1.85 and $2.04, respectively.

Besides, the hourly charts sparked further investor speculations on the cryptocurrency prices today, as BTC and ETH gained 0.11% and 0.14%, respectively. Market watchers continue to extensively eye the coins for future price action shifts.