Author: Press Room
The US Treasury has revealed that North Korean hackers and scammers exploit loopholes in the decentralized finance (DeFi) space to launder money and hide criminal activity.In a Thursday report, the federal agency claimed that North Korean hackers and other groups engaged in illicit activity have benefited from the non-compliance of some DeFi platforms with certain Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.The report added that weak or non-existent AML/CFT controls for DeFi services in other jurisdictions, as well as poor cybersecurity controls by DeFi services, lead to the theft of funds.”The assessment finds that illicit actors, including…
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Cash and checks are declining but not disappearing. Debit, credit, and prepaid cards will compete for growing digital spending. FedNow’s launch could increase the prominence of bank-based payments and intensify competition. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US. Consumer interest has been skewing toward digital alternatives, and cash is taking a major hit: Less than one-fifth (19.0%) of US adults cited cash…
Authorities are investigating what they called the “murder” of Cash App founder Bob Lee. The SFPD chief said Thursday there are “good developments” in the investigation, per ABC’s KGO-TV. But the city’s District Attorney said “this is one that’s going to take time to solve,” per the report. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app San Francisco’s law enforcement officials said they are still investigating the death of Cash App founder Bob Lee, amid news reports of surveillance videos that appeared to show…
Preamble In my opinion, a failure to effectively handle difficulties such as the banking crisis and de-dollarization will certainly light the blue touch paper under the price of SPDR Gold Shares ETF (NYSEARCA:GLD), but the effect on those who don’t hold assets such as GLD will be a life of penury. De-dollarization It is important to note that de-dollarization could potentially have a significant impact on inflation in the US. Clearly, a decline in demand for US dollars internationally will lead to a lower USD, which in turn will result in higher prices for imported goods and services. And gold…
Having worked for decades to reach the top of the cable television business in New York, David Zaslav briefly became the toast of Hollywood. Discovery, where he was CEO, had agreed in May 2021 to purchase Warner Bros’ parent company from AT&T for $43bn in a climate when the movie business was suffering from the one-two punch of the Covid-19 pandemic and the exploding popularity of streaming. At the same time, Hollywood’s longtime de facto leader, Disney’s Bob Iger, was heading towards his shortlived retirement, leaving a spot open for someone to step into his shoes. The role of King…
House Oversight Chairman James Comer has quietly issued several subpoenas for documents and bank records as part of the Republican-led investigation into the financial dealings of President Joe Biden’s family, according to an internal memo shared among Democrats on the panel. The memo, obtained by CNN, reveals new details about the subpoenas issued by Comer as part of the ongoing probe, which has stoked the ire of Democratic members who have accused the Kentucky Republican of covertly investigating business dealings by the president’s son, Hunter Biden. “This memorandum serves to ensure that Committee Democrats have access to all relevant information,…
A flood of cash going into money-market funds and other higher yielding cash-like assets has been a key focus in financial markets since March when Silicon Valley Bank and Signature Bank collapsed. Those failures put a spotlight on the stability of the U.S. banking system, but also on alternative ways for savers and investors to earn yield as the Federal Reserve continues its work of the past year to tame inflation through higher rates. Indeed, deposit rates at banks have remained stubbornly low, tracking in the 0.2% range (see chart), even as rapid rate increases from the Federal Reserve has…
McDonald’s Corp.’s job cuts are spreading through the entire company and will likely result in hundreds of layoffs and compensation reductions, according to a Friday report. The Wall Street Journal, citing sources close to the matter, reported Friday that layoffs were moving company-wide, and more employees were being offered reduced compensation to remain. Earlier in the week, the Journal reported the fast-food giant was closing corporate offices to prep for the cuts, and that McDonald’s MCD, +0.31% would also reduce an untold number of compensation packages. McDonald’s currently employs about 150,000 worldwide, so a shedding of 1,000 jobs would account…
This week is one of the most important on the Christian calendar — Holy Week, with Good Friday falling on April 7 this year, followed two days later by Easter Sunday. Good Friday commemorates the crucifixion of Jesus Christ, while Easter Sunday celebrates the resurrection. Friday is not a federal holiday, but it is recognized by a dozen states: Connecticut, Delaware, Florida, Hawaii, Indiana, Kentucky, Louisiana, New Jersey, North Carolina, North Dakota, Tennessee and Texas. The U.S. stock market is closed on Good Friday and the bond market has abbreviated hours, but other businesses may be open. Here’s what you…
