JPMorgan Chase CEO Jamie Dimon stated in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He advised lawmakers: “I’m a main skeptic on crypto tokens which you name foreign money.”
Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin specifically, in a congressional listening to Wednesday.
Responding to a query by Consultant Josh Gottheimer (D-NJ) in regards to the fast improvement of digital belongings, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he stated are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”
The chief opined:
I’m a serious skeptic on crypto tokens which you name foreign money, like bitcoin. They’re decentralized Ponzi schemes.
“And the notion that it’s good for anyone is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of {dollars} are misplaced annually by way of crypto, linking cryptocurrencies to crimes reminiscent of ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “harmful.”
The JPMorgan govt additionally talked about stablecoins, which he stated wouldn’t be problematic with correct regulation. “There’d be nothing incorrect with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon said. Relating to blockchain, he affirmed that JPMorgan is “a giant consumer of blockchain.”
A longtime bitcoin skeptic, Dimon has warned traders on a number of events to watch out about investing in cryptocurrencies, cautioning that they don’t have any intrinsic worth. He beforehand stated bitcoin is nugatory and questioned BTC’s restricted provide. The JPMorgan chief, nevertheless, has repeatedly stated that blockchain and defi are actual. In Could, the worldwide funding financial institution stated it expects elevated blockchain use in finance.
In the meantime, JPMorgan is providing some crypto-related investments, has its personal JPM Coin, and has a lounge within the metaverse. JPMorgan’s analysts are additionally extra bullish about bitcoin and cryptocurrency than the financial institution’s CEO. In Could, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has changed “actual property with digital belongings as our most popular different asset class together with hedge funds.”
Dimon additionally not too long ago shared his predictions about the place the U.S. economic system is headed. In August, he warned that one thing worse than a recession is coming. In June, he cautioned about an financial hurricane, advising people and companies to brace for impression.
What do you concentrate on JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us within the feedback part under.
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Keonne Rodriguez and William Lonergan Hill have been charged by the U.S. Department of Justice for laundering more than $100 million from various criminal enterprises through Samourai, a cryptocurrency mixer service they ran for nearly a decade.
As detailed in a superseding indictment, criminals also used Samourai’s Whirlpool crypto mixer to process over $2 billion in illicit funds between 2015 and February 2024.
In addition to crypto mixing services, Samourai also offered a service called “Ricochet,” which allowed users to send cryptocurrency using additional and unnecessary intermediate transactions to thwart law enforcement and crypto exchange efforts to track funds sourced from criminal activity.
This money laundering activity allegedly earned the two founders around $4.5 million in fees for Whirlpool and Ricochet transactions.
“Since the start of the Whirlpool service in or about 2019, and of the Ricochet service in or about 2017, over 80,000 BTC (worth over $2 billion applying the BTC-USD conversion rates at the time of each transaction) has passed through these two services operated by Samourai,” the indictment alleges.
Samourai’s Wallet mobile application was also downloaded over 100,000 times, allowing users to store private keys for BTC addresses they controlled and exchange funds with other Samourai users in anonymous financial transactions.
Icelandic law enforcement has seized Samourai’s domains (samourai[.]io and samouraiwallet[.]com) and web servers, and the Google Play Store removed the Android mobile app after being served a seizure warrant.
Rodriguez was taken into custody this morning and will appear before a U.S. Magistrate Judge in the Western District of Pennsylvania in the following days.
Hill was also arrested this morning in Portugal on U.S. criminal charges, with the U.S. government planning to request his extradition to the United States so that he can stand trial.
They’re both charged with two counts of conspiracy: money laundering (20-year maximum sentence) and operating an unlicensed money-transmitting business (5-year maximum sentence).
“While offering Samourai as a ‘privacy’ service, the defendants knew that it was a haven for criminals to engage in large-scale money laundering and sanctions evasion,” the DOJ said.
“Samourai laundered over $100 million of crime proceeds originating from, among other criminal sources, illegal dark web markets, such as Silk Road and Hydra Market; various wire fraud and computer fraud schemes, including a web-server intrusion, a spearphishing scheme, and schemes to defraud multiple decentralized finance protocols; and other illegal
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One cryptocurrency sector that has been gaining significant traction in recent times is the AI and big data space. According to a recent tweet by Santiment, a leading cryptocurrency analytics platform, the top 100 AI and big data projects have collectively grown their market caps by an impressive 22% in the past week.
As the AI and big data sectors continue to boom, three projects have emerged as front-runners, seeing major growth and attracting the attention of investors and traders alike. These projects are Openfabric AI (OFN), Aleph.im (ALEPH), and Akash Network (AKT).
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Openfabric AI, a project focused on developing AI-powered solutions for various industries, has been the top performer in the AI and big data sectors over the past week. Additionally, with a 78% growth in its market cap, OFN has quickly become a coin to watch for potential double-digit gains.
Currently trading at $0.616, OFN has seen a 24-hour low of $0.5515 and a high of $0.6484, indicating strong momentum and investor interest.
Also read: Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024
Aleph.im, a decentralized cloud computing platform that aims to provide a secure and scalable infrastructure for dApps and decentralized storage, has also seen significant growth in the past week.
With a 64% increase in its market cap, ALEPH has become another top contender in the AI and Big Data sector. In addition, trading at $0.261, ALEPH has recorded a 24-hour low of $0.2435 and a high of $0.2807.
Akash Network, a decentralized cloud marketplace that enables developers to deploy and scale their applications, has seen a 49% growth in its market cap over the past week.
Currently trading at $5.13, AKT has experienced a 24-hour low of $4.88 and a high of $6.52, showcasing strong volatility and potential for significant price movements.
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The AI and Big Data sector within the cryptocurrency space is experiencing a major boom, with projects like Openfabric AI, Aleph.im, and Akash Network leading the charge. As the sector continues to see advancements and speculative support from traders looking to gain exposure to artificial intelligence, these coins may be worth watching for potential double-digit gains.
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