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☆ He taught cops how to fight crypto crime. Now he's accused of running a $100 million dark web drug market.
▼ + stars: | 2024-05-24 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

Lin Rui-siang stands accused of running a $100 million dark web drug market, attempting to blackmail its users, and instructing others on how to evade anti-money-laundering investigators. Federal prosecutors say that he owned and operated Incognito Market, a dark web drug market selling heroin, cocaine, oxycodone, and other illicit substances. The DoJ said Lin used the pseudonyms "Pharoah" and "faro." The indictment claims that Lin closed the drug marketplace in or around March, and that he refused to return money stored in the "bank" to vendors and customers. The outlet said that "Pharoah" posted on a dark web market forum that its aim was to help users evade anti-money-laundering investigators.

Persons: —, Lin Rui, siang, Lin, John F, Lucia, Edward A, Caban Organizations: Service, Business, Department of Justice, Kennedy, WIRED, St, Lucia Police, Lucia Police Force, DoJ, Justice Department, FBI, Homeland Security Investigations, Drug Enforcement Administration, Food, Drug, Criminal Investigations, New York Police Department, NYPD Locations: Royal, faro

☆ Friday's rapid-fire: Workday, Ross Stores, Deckers, Intuit and Ether
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFriday's rapid-fire: Workday, Ross Stores, Deckers, Intuit and EtherJim Cramer runs through four stocks and a cryptocurrency that are outside the CNBC Investing Club portfolio.

Persons: Jim Cramer Organizations: Ross Stores, Intuit, CNBC, Club

☆ Stocks making the biggest moves midday: Workday, Lucid, Toast, Deckers and more
▼ + stars: | 2024-05-24 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Ross Stores posted earnings of $1.46 per share on $4.86 billion in revenue. Revenue came out at $2.77 billion, slightly higher than analysts' forecast of $2.72 billion. Intuit forecast adjusted earnings of $1.80 per share to $1.85 per share, while analysts polled by FactSet expected $1.92 per share. Toast — Shares of the financial tech company, which specializes in point-of-sale products for restaurants, gained nearly 1%. Workday forecast subscription revenue of $1.895 billion, while the consensus forecast called for $1.9 billion, per StreetAccount.

Persons: Booz Allen Hamilton, Booz Allen, Robinhood, FactSet, Moshe Katri, Katri, LSEG, —, Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin Organizations: Ross Stores, Ross, LSEG, Revenue, U.S . Securities, Exchange Commission, Intuit —, Intuit, Food and Drug Administration

☆ RIP Kabosu, the celebrity canine who became the face of Dogecoin
▼ + stars: | 2024-05-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Kabosu, the Shiba Inu who became the face of Dogecoin, has died at the age of 18. Her quizzical expression went viral in 2010 and was later used as the cryptocurrency mascot. Elon Musk was one of Dogecoin's biggest fans, and Kabosu briefly became the Twitter logo in 2023. AdvertisementA diminutive Japanese dog who became the face of Dogecoin has died. The billionaire joked about Dogecoin on "SNL" and even briefly changed the Twitter home button to an image of Kabosu after buying the site in 2022.

Persons: Shiba Inu, Elon Musk, Kabosu, —, Dogecoin, Kabosu —, Atsuko Sato, Sato, Billy Markus, Jackson Palmer, Shiba Organizations: Service, Business Locations: Japan

☆ Jim Cramer runs through 4 stock movers and why he owns and believes in cryptocurrency ether
▼ + stars: | 2024-05-24 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Workday : The HR software company cut its subscription revenue outlook, and the stock was being punished Friday, down 13.5%. "Everybody in the country is trying to scale back" human resources, Jim Cramer said Friday, adding that's the problem. The stock Wednesday finished well off the highs for the session and then went down and up Thursday and Friday. Cramer said "Deckers is very well run company" but warned that footwear and apparel "can be fickle." Cramer said he owns ether in his personal portfolio.

Persons: Jim Cramer's, Jim Cramer, Cramer, UGGs Organizations: CNBC, Club, HR, Ross Stores, Ross, Intuit, SEC, U.S . Locations: Maxx

☆ Ether slips after SEC opens the door to ether ETFs, still heads for best week in more than a year
▼ + stars: | 2024-05-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

It's holding on to its weekly gain of 20%, and is on pace for its best week in more than a year. Earlier this week surged more than 20% over two days, as expectations of an SEC approval of ether ETF applications changed abruptly. By contrast, in the weeks leading up to approvals for bitcoin ETFs, the SEC was reported to be engaging actively with fund issuers. Coinbase , which may be a beneficiary of ether ETFs, was more than 1% in premarket trading, while Robinhood nearly 1%. Cryptocurrency prices, including ether's, may also be tempered by the Thursday afternoon stock market sell-off.

Persons: Rachel Lin, Ether, Alex Saleh, Coinbase, bitcoin Organizations: Metrics, Securities and Exchange Commission, SEC

☆ I quit my job at Goldman Sachs to risk it all on a crypto startup. Then the industry crashed.
▼ + stars: | 2024-05-24 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +8 min

Luckily, Goldman hadn't filled the role, so I started working for them in November 2018. Working at Goldman Sachs would always be limitingI liked working as a trader at Goldman, but it wasn't fulfilling. I slowly realized that working for Goldman or any company, the end goal is limited to possibly being a partner. At the same time all this was happening, Luna Crypto, followed by the crypto market, crashed. AdvertisementThe crypto industry had been decimated, and I'd lost around two-thirds of my savings in cryptocurrency.

Persons: —, Hong, Goldman Sachs, wasn't, Goldman hadn't, There's, I'd, Matthew, Aaron, He'd, Aron, Goldman, Luna Crypto, I, FTX, We're Organizations: Service, Credit Suisse, Business, Amazon, Goldman Locations: Hong Kong, Canada, Barcelona, Singapore, cryptocurrency

☆ Kabosu, Shiba Inu Who Helped Define the Doge Meme, Dies at 18
▼ + stars: | 2024-05-24 | by ( Isabella Kwai | ) www.nytimes.com time to read: 1 min

Kabosu, a Shiba Inu whose “much wow” face helped launch one of the defining memes of the last decade and inspired the cryptocurrency Dogecoin, died on Friday. She was 18 years old. She “crossed the rainbow bridge” on Friday, her owner Atsuko Sato said on social media, adding that she died without suffering, and as Ms. Sato was petting her. She died at home in Sakura, a city east of Tokyo, Ms. Sato said in an email on Friday. Ms. Sato began posting photos of Kabosu enjoying her life and playing at home on her blog.

Persons: Shiba, Dogecoin, “, Atsuko Sato, Sato, ”, Kabosu Locations: Sakura, Tokyo

☆ Nvidia CEO Jensen Huang's net worth swells from $3 billion to $90 billion in five years
▼ + stars: | 2024-05-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Jensen Huang, co-founder and CEO of Nvidia, during the Nvidia GPU Technology Conference in San Jose, California, on March 19, 2024. Five years ago, Nvidia CEO Jensen Huang owned a stake in his chipmaker worth roughly $3 billion. After Thursday's rally, which pushed the stock to a record, his holdings now stand at more than $90 billion. Nvidia shares have more than doubled this year after tripling in 2023. OpenAI does most of its AI development on Nvidia GPUs.

Persons: Jensen Huang, Huang, OpenAI Organizations: Nvidia, Technology, Microsoft, Google, Meta Locations: San Jose , California

☆ Kabosu: The dog who inspired Dogecoin has died
▼ + stars: | 2024-05-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Kabosu, the dog that launched a thousand “doge” memes, has died, her owner announced Friday. The Japanese shiba inu “fell into a deep sleep” on Friday morning at 18 years of age, Atsuko Sato wrote in a blogpost. As I was touching her, she gently passed away,” wrote Sato, a kindergarten teacher in the Japanese city of Sakura. The popularity of “doge” memes was cemented in December 2013, when Kabosu became the face of alternative cryptocurrency Dogecoin — a tongue-in-cheek response to Bitcoin that reflected the internet’s love of animal memes. An X post by Dogecoin Friday called Kabosu the community’s “inspiration.” “The impact this one dog has made across the world is immeasurable,” the post read.

Persons: London CNN — Kabosu, shiba inu “, Atsuko Sato, ”, Sato, ” Kabosu, Kabosu, shiba, Tesla, cryptocurrencies, Mai Nishiyama Organizations: London CNN, Elon, Twitter, Dogecoin Locations: “, Sakura

☆ Ether could surge 60% after ETFs are approved, trading firm says
▼ + stars: | 2024-05-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The price of ether could rise 60% if spot ETFs are approved, QCP Capital wrote. The previous success of spot bitcoin ETFs serves as an example of potential upside. Eyes are currently on the second-biggest cryptocurrency as US regulators are deciding on whether to approve the first ether spot ETFs in the country. That token's stellar run was set off in mid-January when the SEC similarly greenlit spot bitcoin ETFs. What's more, head of FX Research Geoff Kendrick wrote that the spot ether ETFs are unlikely to stumble on the same issues that tormented bitcoin, such as heavy inflow volatility.

Persons: —, bitcoin, QCP, Geoff Kendrick Organizations: QCP, SEC, Service, BlackRock, [ Depository Trust, Clearing Corporation, Chartered, FX

☆ House passes first crypto bill: Here's what you need to know
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse passes first crypto bill: Here's what you need to knowRep. Patrick McHenry (R-N.C.) joins 'Squawk Box' to discuss the House of Representatives' latest passage of a first-of-its-kind cryptocurrency bill, the odds of the bill's passage in the Senate, and more.

Persons: Patrick McHenry Organizations: Email House, Senate

☆ U.S. Approves Investment Product Tied to Popular Cryptocurrency Ether
▼ + stars: | 2024-05-23 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry. The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoin’s price to a record high. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton.

Persons: Franklin Templeton Organizations: Securities, Exchange Commission Locations: BlackRock

The SEC has approved a rule change Thursday that would pave the way for ETFs that buy and hold ether , one of the world's largest cryptocurrencies. The decision comes less than six months after the Securities and Exchange Commission approved bitcoin ETFs. Many of the companies that sponsor bitcoin ETFs — including BlackRock, Bitwise and Galaxy Digital — have also started the process of the launching an ether fund. Specifically, the SEC's order approves applications from various exchanges to list eight different ether funds. Ether ETFs are expected to be smaller, at least initially, than their bitcoin counterparts.

Persons: FactSet, Richard Kerr, Kerr, Ethereum, Steven Lubka, Swan, Lubka Organizations: SEC, Securities and Exchange Commission, Galaxy, Swan Locations: BlackRock, Bitwise, U.S

☆ Dollar hovers near highest in a week after hawkish Fed minutes
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: +3 min

The yen l anguished just above a three-week low despite the continued threat of intervention by Japanese officials. The dollar index, which tracks the currency against six major rivals including the euro , sterling and yen, was little changed at 104.89 after gaining 0.28% overnight. The dollar was little changed at 156.77 yen after rising to 156.85 overnight, the highest since May 1. Traders and analysts suspect Japan's Ministry of Finance intervened several times to support the yen following its plunge to a 34-year low of 160.245 per dollar on April 29. Bigger rival bitcoin was little changed at $69,491 after reaching $71,957 on Tuesday for the first time since April 9.

Persons: Sterling, Ether, James Kniveton, Japan's, Rishi Sunak, bitcoin Organizations: Bank of Japan, Reserve, Federal, Traders, of Finance, Bank of England, Conservatives, Labour Party, Labour, Securities

☆ 36% of Americans say real estate is the best long-term investment—financial pros say they may be wrong
▼ + stars: | 2024-05-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

For years, Gallup has asked investors exactly that question, and since 2013 the most popular answer has been the same: real estate. It's tough to say what the best long-term investing option is without knowing the desired outcome." You can invest in real estate via real estate investment trusts, which trade like stocks, or ETFs that hold them. As you pay down your mortgage, you build equity in a piece of real estate that also appreciates in value. Among Americans making less than $40,000 per year, 33% choose real estate as their No.

Persons: Gallup, Stocks, Nick Foulks, Andrew Briggs, Briggs, Gold Organizations: cryptocurrency, Great Waters, National, Advisory, presto

☆ Founder and CEO Mike Novogratz: The best way to learn about crypto is to put 'a little money on the line'
▼ + stars: | 2024-05-23 | by ( Emmie Martin | Cfp | ) www.cnbc.com time to read: +1 min

Even some bulls say to start small if you're interested in investing in cryptocurrency. Billionaire Mike Novogratz, founder and CEO of Galaxy Digital, a digital asset and blockchain company, recommended starting with 2% to 5% of your overall portfolio during CNBC's Financial Advisor Summit on Wednesday. If you want to learn about crypto, you should at least "get off zero," Novogratz said, because doing so will get you engaged. "You learn about things by putting a little money on the line. As an industry insider, it makes sense for Novogratz to encourage as many people as possible to learn more about and invest in crypto.

Persons: Mike Novogratz, Novogratz, Brian Vendig Organizations: cryptocurrency, Galaxy Digital, CNBC's, MJP Wealth, CNBC Locations: Westport , Connecticut

☆ Ether pulls back from rally as SEC decision approaches
▼ + stars: | 2024-05-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther pulls back from rally as SEC decision approachesCryptocurrency expert Brian Kelly talks the upcoming decision from the SEC on a possible Ether ETF and how that is impacting crypto prices.

Persons: Brian Kelly Organizations: SEC

☆ Sam Bankman-Fried is being moved to a new prison
▼ + stars: | 2024-05-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Prison officials began transferring former crypto mogul Sam Bankman-Fried to a new facility early Wednesday, removing him from the Brooklyn, New York, jail where he’s resided for the past nine months, a spokesperson for Bankman-Fried said. Mendota is home to one medium-security federal correctional institution with an adjacent minimum-security satellite facility, according to the Bureau of Prisons website. Bankman-Fried had sought to stay in New York in the near term while preparing his appeal on multiple federal counts of fraud and conspiracy, for which he was sentenced in March to 25 years in prison. A jury last fall found Bankman-Fried guilty of carrying out what prosecutors called one of the biggest financial crimes in US history. The Bureau of Prisons declined to provide details, telling CNN that it doesn’t comment on “the conditions of confinement for any individual, including potential transfers,” citing security concerns.

Persons: Sam Bankman, he’s, Fried, — CNN’s Erin Burnett, Sabrina Souza Organizations: New, New York CNN — Prison, Stanford University, of Prisons, Prisons, CNN Locations: New York, Brooklyn , New York, Mendota , California, Mendota

☆ Sam Bankman-Fried Transferred From Brooklyn Jail
▼ + stars: | 2024-05-22 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange who was convicted of fraud and conspiracy, was transferred out of a Brooklyn detention center on Wednesday morning, his spokesman said. Before the transfer, Mr. Bankman-Fried, 32, told people close to him that he expected to be moved to a federal correctional facility in Mendota, Calif., a person with knowledge of the matter said. A representative for the Bureau of Prisons declined to comment on Mr. Bankman-Fried, citing “privacy, safety and security reasons.” A spokesman for the prosecutors who oversaw Mr. Bankman-Fried’s case did not immediately respond to a request for comment. In a court filing on Wednesday afternoon, Lewis A. Kaplan, the judge overseeing his case, said the court “recommends” that the Bureau of Prisons keep Mr. Bankman-Fried at the Metropolitan Detention Center in Brooklyn. Mr. Bankman-Fried had asked to remain there while he worked on an appeal challenging his conviction.

Persons: Sam Bankman, Bankman, Mark Botnick, ”, Lewis A, Kaplan, “, Fried Organizations: Bureau, Prisons, Metropolitan Detention Locations: Brooklyn, Mendota , Calif

This month, customers of FTX — Sam Bankman-Fried’s cryptocurrency exchange, which collapsed in 2022 — were told that they would get their money back, with interest. David Yaffe-Bellany, our technology reporter, explains what was behind this change in fortune and what it says about the improbable resurgence of crypto.

Persons: Sam Bankman, —, David Yaffe

☆ Ethereum surges 22% on speculation ETFs could be approved as soon as this week — and a new bitcoin record might not be far behind
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Ethereum has jumped over the past 24 hours as odds of an imminent ETF approval have soared. AdvertisementAccording to Standard Chartered Head of FX Research Geoff Kendrick, ETF approvals would cement ether's chances of reaching $8,000 by this year's end. AdvertisementSecondly, big outflows are also less likely to be an issue for ether, Kendrick pointed out. Once ether funds are established, the price highs that it can achieve bode well for bitcoin, Kendrick added. "An ETH ETF approval will further legitimise the sector and therefore be BTC positive as well.

Persons: Ethereum, —, That's, Eric Balchunas, Geoff Kendrick, Kendrick, bode Organizations: SEC, Chartered, Service, bitcoin, Securities and Exchange Commission, Bloomberg, Bloomberg Intelligence, Standard Chartered, FX, BTC Locations: VanEck

☆ RFK Jr. says he invested $24,000 in GameStop after brief meme stock revival
▼ + stars: | 2024-05-21 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Independent U.S. presidential candidate Robert F. Kennedy Jr. hikes in the Santa Monica Mountains in Los Angeles on March 18, 2024. "My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms," Kennedy Jr. wrote in a social media post. The apes were motivated in part by a desire to buck bearish Wall Street analysts' grim assessments of the companies' long-term prospects. Kennedy Jr. is actively courting undecided voters with a fringe political brand that could appeal to some anti-establishment meme stock investors. Kennedy Jr. has made obscure statements about his investment record.

Persons: Robert F, Kennedy Jr, Joe Biden, Donald Trump, Kennedy, Trump's, Trump Organizations: Independent U.S, GameStop, AMC Locations: Santa Monica, Los Angeles, bitcoin

☆ Stock market today: S&P 500 edges higher to new record as traders brace for Nvidia earnings
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The S&P 500 came close to breaching a new high, as investors gear up for Nvidia earnings on Wednesday. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe S&P 500 closed at a record high Tuesday, as investors gear up for Nvidia's highly-anticipated earnings report. By now, the semiconductor manufacturer has a reputation for leading broader stock market upside and traders are eyeing the release as the next big catalyst as the market heads toward summer.

Persons: Christopher Waller, Crypto, —, cryptocurrency Organizations: Service, Nasdaq, Federal Reserve, ethereum, Here's

☆ This Man Did Not Invent Bitcoin
▼ + stars: | 2024-05-21 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

For much of its existence, the cryptocurrency company nChain was governed by a golden rule of office politics: It was not a good idea to challenge Craig Steven Wright, the chief science officer. At nChain’s London offices, Dr. Wright, an Australian computer scientist, was treated as a sort of philosopher king. In 2017, Martin Sewell, an nChain employee, circulated a skeptical memo documenting technical errors in a series of papers that Dr. Wright had published about economics and computer science. A manager called Mr. Sewell into his office and told him that he had to stop. The deference to Dr. Wright “was just this extraordinary arrangement,” Mr. Sewell recalled.

Persons: nChain, Craig Steven Wright, Wright, Wright’s, Martin Sewell, Sewell, Wright “, ” Mr, “, ” Organizations: Lamborghini Locations: nChain’s London, Australian

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