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Thailand Cracks Down on Unlicensed Crypto Exchanges to Curb Online Crimes

Thai authorities have announced plans to block unlicensed crypto exchanges operating within the country. The decision aims to prevent money laundering and other online crimes associated with unregulated digital asset platforms. This initiative was made public by Pornanong Budsaratragoon, secretary-general of Thailand’s Securities and Exchange Commission (SEC), following a meeting of the Technology Crime Prevention and Suppression Committee on April 19.

The Thai SEC will compile and submit a list of these unlicensed entities to the Ministry of Digital Economy and Society as part of the enforcement process. This action is inspired by similar measures in India and the Philippines, where authorities recently prohibited offshore exchanges that failed to comply with local regulations.

To protect investors and minimize disruption, the Thai SEC has issued a warning urging the public to withdraw their funds from any unregistered platforms before the ban is enforced. The SEC emphasized the risks involved with unlicensed exchanges, stating, “The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering.”

Investors are encouraged to verify the registration status of crypto platforms using the ‘SEC Check First’ application. Notable exchanges like Binance have yet to register and will be required to cease operations in Thailand once the ban becomes effective. Other popular platforms such as Coinbase, KuCoin, Kraken, and OKX are also listed as operating illegally in the country, according to government records.

The regulatory landscape for digital assets continues to evolve globally. In Europe, discussions under the Markets in Crypto-Assets (MiCA) framework indicate potential upcoming regulations that could impact decentralized finance (DeFi) protocols. MakerDAO co-founder Rune Christensen has expressed concerns about the stringent rules that might necessitate licensing for DeFi interfaces, potentially altering how decentralized exchanges operate on the internet.

SOURCE: Thailand will block unlicensed crypto exchanges ‘to solve online crimes

BlackRock Uses Bitcoin As Hedge After Receiving Tips On High Inflation Data

As inflation concerns intensify, BlackRock, a leading asset management firm, is turning its attention to Bitcoin as a potential hedge. This move comes after revelations that an economist from the Bureau of Labor Statistics (BLS) allegedly disclosed confidential inflation data to leading Wall Street firms, BlackRock included.

Bloomberg’s report based on the acquired documents reveals that a Bureau of Labor Statistics (BLS) economist frequently shared detailed U.S. inflation data, specifically targeting the shelter and used cars sectors of the Consumer Price Index (CPI). These communications were directed at a select group he termed “super users.”

The uncovering of these communications has led to investigations assessing their influence on asset trading and Federal Reserve policies. Emily Liddel, BLS Associate Commissioner for Publications and Special Studies, responded by reaffirming the agency’s dedication to fairness.

Following these revelations, BlackRock has actively adopted a bullish position on Bitcoin. The cryptocurrency’s limited supply and decentralized nature make it an attractive option as a hedge against inflation.

In light of the International Monetary Fund’s recent warnings about US fiscal deficits inflaming inflation and creating global risks, BlackRock’s strategy focusing on Bitcoin gains additional significance. Larry Fink, CEO of BlackRock, has recently expressed a positive view of Bitcoin, further emphasizing its strategic importance.

This positive outlook can be seen in the performance of BlackRock’s iShares Bitcoin Trust (IBIT), which has gathered over $15.3 billion, establishing it as the fastest-growing Bitcoin ETF.

Monitoring the Reserve: CryptoQuant Advises USDe Holders on Funding Rate Risks

CryptoQuant, has issued a warning to holders of the USDe stablecoin about the potential risks associated with negative funding rates. According to the firm, investors should keep a close watch on the reserve fund of Ethena Labs, the entity behind USDe, to mitigate these risks effectively.

Ethena Labs currently boasts an attractive annual yield of 17.2%, a figure based on a seven-day rolling average, for those staking USDe or other stablecoins on their platform. This yield stems from a sophisticated “cash and carry” trade strategy that involves purchasing an asset while simultaneously shorting it to capitalize on funding payments.

In the world of derivatives exchanges, funding rates are essential for ensuring that the prices of assets closely align with their underlying values. In a bullish market, holders of long positions pay those in short positions, and the reverse is true in a bearish market. CryptoQuant has pointed out that negative funding rates over an extended period could compel Ethena’s short positions to incur substantial payments to long position holders.

To prepare for such scenarios, Ethena has allocated a portion of its capital to a reserve fund. However, with the growing market cap of USDe, which has reached $2.3 billion just two months post-launch, this reserve fund might require significant expansion to remain effective.

Drawing from recent events such as the ether (ETH) funding rates post-Merge upgrade and the FTX collapse, a CryptoQuant report highlighted that Ethena’s current reserve fund of $32.7 million would only be sufficient if the market cap of USDe remains below certain thresholds—$4 billion and $3 billion, respectively.

The sustainability of this fund is also tied to Ethena’s “keep rate”—the percentage of revenue allocated to the reserve. The report stresses that to endure a bear market, Ethena would need to maintain a keep rate of at least 32%. This level would ensure the reserve fund is robust enough to withstand periods of extremely negative funding rates during market downturns, thus safeguarding investor interests and maintaining financial stability.

Bitcoin Edging Back to $70K as Investors Jump In

In the ever-fluctuating world of cryptocurrency, Bitcoin has recently been playing a game of hovercraft, lingering just below the $70,000 mark. This sideways dance in the market has investors and enthusiasts alike watching closely, as Bitcoin’s price action continues to unfold with a mix of anticipation and patience.

As of early April, Bitcoin’s value dipped slightly by about 0.7% over the past 24 hours, trading at around $69,700. This subtle movement comes amidst a broader context of speculation and strategic positioning within the crypto market. Ether, another heavyweight in the digital currency arena, also saw a decrease, trading down by 1.8% at $3,550.

Credit: Sneha Ghodvaidya via Dall-E

The crypto community is on the edge of their seats as the Bitcoin halving event approaches later this month. This event, which historically has been a mixed bag of immediate bearish trends followed by long-term bullish runs, adds an extra layer of intrigue to the current market dynamics. Justin d’Anethan, a crypto market expert, notes that while macro factors play a role, the core crypto-native catalyst remains the Bitcoin halving. The anticipation and realization of Bitcoin spot ETFs on American stock exchanges have also been highlighted as significant influencers of the market’s direction.

This period of sideways price action is not just a waiting game but a complex interplay of market forces, investor sentiment, and technological milestones within the crypto ecosystem. As the market navigates through these choppy waters, the upcoming halving event could be the beacon that guides Bitcoin’s next major price movement. Whether this will lead to a surge or a correction remains to be seen, but one thing is clear: the crypto market is never short of surprises.

Source: https://www.theblock.co/post/285830/bitcoin-lingers-below-70000-as-sideways-price-action-continues

Meet Figure 01: The Future of AI in Your Kitchen

A Robotic Revolution in the Home
Imagine walking into your kitchen to find a humanoid robot, Figure 01, ready to serve you food, stack dishes, and even engage in a chat over coffee. This isn’t a scene from a sci-fi movie but the latest breakthrough in robotics, integrating OpenAI’s cutting-edge technology. A new promotional video showcases Figure 01 performing various tasks, from handing an apple to answering questions with a robotic yet friendly demeanor, marking a significant step towards making futuristic home robots a reality.

Advanced Mechanics and Conversations
Figure 01 isn’t just about performing tasks; it’s a showcase of the incredible advancements in robotics. With dexterous, self-correcting movements, this AI-powered robot can replicate complex human actions with precision, thanks to its advanced mechanical engineering. But the real magic lies in its ability to converse. Powered by OpenAI’s technology, Figure 01 demonstrates real-time natural language processing capabilities, enabling it to understand and respond to human speech naturally, complete with pauses and “um”s that add a touch of human-like imperfection to its speech.

Skepticism and Fascination
While the robot’s abilities are impressive, some skepticism remains. Experts question the authenticity of the robot’s human-like speech patterns, suggesting they might be too good to be true. Despite these doubts, the potential of Figure 01 to transform daily life with its blend of dexterity and conversational ability cannot be underestimated. If the claims hold true, we’re on the brink of welcoming a new era of home robotics, where machines can assist with household tasks and offer companionship through conversation.

A Leap Towards the Future
The unveiling of Figure 01, with its sophisticated mechanics and the integration of OpenAI’s language processing, signals a significant leap towards the future of robotics. As we marvel at its potential, we’re left to ponder the exciting possibilities of living alongside robots that can not only help around the house but also provide company through engaging conversations. The journey of Figure 01 from a promotional video to a household presence promises to redefine our interaction with technology, making the future of home robotics look brighter than ever.

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SOURCE: AI-powered humanoid robot can serve you food, stack the dishes — and have a conversation with you

Theo the Robot: The Tulip Farmer’s High-Tech Helper

Battling Bulb Blight with AI
In the picturesque Dutch bulb fields, where colors burst forth in a springtime spectacle, a new champion has emerged in the fight against plant disease. Named Theo, after a devoted employee of the WAM Pennings farm, this boxy robot represents a cutting-edge approach to safeguarding the tulip fields near the North Sea coast. Employing artificial intelligence, Theo patrols the rows of vibrant tulips, identifying and eliminating those afflicted by the tulip-breaking virus, a scourge that stunts growth and compromises the bulbs’ vitality.

A Technological Tack on Tradition
The emergence of Theo and his 44 robotic counterparts marks a significant shift from traditional methods of disease control, where human “sickness spotters” painstakingly surveyed the fields. At a price tag of 185,000 euros, the investment in these AI robots underscores the critical value of maintaining healthy, blooming fields, especially as labor becomes scarce and the precision required to spot diseased tulips grows more demanding.

Precision Agriculture at Its Finest
Moving at a leisurely pace of one kilometer per hour on caterpillar tracks, Theo meticulously scans the tulips, using onboard cameras to take thousands of pictures. Through its AI model, Theo can detect the telltale signs of infection—red stripes on leaves—and act accordingly. This process, dubbed “precision agriculture” by Allan Visser, a third-generation tulip farmer, leverages the collective expertise of tulip growers to train the AI, ensuring that the robot’s interventions are both accurate and effective.

Legacy and Innovation Combined
The transition from human to robotic oversight, while driven by necessity, has not gone unnoticed by those it seeks to replace. Theo van der Voort, the robot’s namesake who spent over five decades in the fields, marvels at the robot’s efficiency, noting that it matches his own ability to detect sickness in the flowers. This blend of traditional knowledge and modern technology not only preserves but enhances the legacy of Dutch tulip farming, ensuring that future generations can continue to enjoy the iconic and colorful fields that have drawn admirers from across the globe.

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SOURCE: AI robots are spotting sick tulips in Dutch bulb fields


Revolutionizing Soccer Strategy: The TacticAI Game Changer

DeepMind’s Foray into Soccer
In a surprising twist, the most electrifying young coach in soccer might not wield a whistle or sport a tracksuit but exists within the circuits of Google DeepMind. This branch of the tech behemoth has embarked on a collaboration with Liverpool Football Club, applying artificial intelligence to the world’s most beloved sport. From predicting penalty shots based on player positions to forecasting on-field movements, DeepMind’s efforts culminated in the development of TacticAI—a system designed to revolutionize soccer strategy, particularly during the critical moments of corner kicks.

The Cornerstone of Soccer Strategy: Corner Kicks
DeepMind’s pivot towards corner kicks came after Liverpool’s insight that in the chaos of open play, real-time strategic adjustments are challenging. Corner kicks, occurring about 10 times a game, offer a brief pause in play—presenting a strategic opportunity. Given that only 2% of corners result in goals, enhancing effectiveness here could significantly impact a team’s success. TacticAI utilizes player-tracking data, representing players and their dynamics on a graph, to predict and recommend optimal arrangements for attacking and defending teams.

TacticAI: The Coaching Assistant
This AI-driven tool not only forecasts the likely first contact with the ball at corners but also suggests tactical adjustments to enhance or reduce goal-scoring chances. It identifies key attackers and underperforming defenders, offering precise feedback that traditionally requires hours of video analysis. DeepMind’s creation stands to transform coaching, making strategy development more efficient and data-driven.

Beyond Strategy: Establishing a Common Language
One of TacticAI’s unexpected benefits is its potential to standardize the language of soccer strategy. The specificity required to describe set-piece actions lacks in soccer, compared to sports like American football. TacticAI’s insights can help coaches articulate and refine tactics with unprecedented clarity.

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SOURCE: Google DeepMind’s New AI Model Can Help Soccer Teams Take the Perfect Corner

Pioneering the Digital Frontier: Duran Duran & AI

Embracing the New Wave of Technology
Nick Rhodes of the iconic British new wave group Duran Duran has heralded artificial intelligence (AI) as the “new frontier.” In a groundbreaking move, the band has partnered with an AI artist named Huxley to launch a unique collection of non-fungible tokens (NFTs). This collaboration marks a significant milestone, as it represents the world’s first synergy between a renowned musical group and an AI entity in the realm of digital art.

Innovative Journeys in Music and Art
Duran Duran’s exploration of AI is not new; the group previously utilized AI technology to craft a music video for their single “Invisible.” This venture was celebrated as a technological first, showcasing the band’s commitment to innovation. Nick Rhodes, alongside fellow members Simon Le Bon, Roger Taylor, and John Taylor, views this venture into AI and NFTs as just the beginning of what promises to be a profound evolution in the creation of music and art.

AI: The Future of Creative Expression
Rhodes expressed his excitement about the potential of AI in transforming not just music but various forms of artistic expression. He believes that AI will play a pivotal role in the future of creativity, citing the production of albums in bedrooms as an example of how technology is democratizing music production. The collaboration with Huxley, an AI developed under the guidance of neuroscientist Karl Friston, produced a music video that Rhodes describes as both “extraordinary and beautiful,” highlighting the unique capabilities of AI in generating innovative and profound artistic content.

A Legacy of Technological Firsts
Duran Duran is no stranger to pioneering in the digital domain. The band was the first to sell a single digitally with the release of “Electric Barbarella” in 1997, challenging the music industry’s status quo and paving the way for the digital consumption of music. This spirit of innovation continues with their latest venture into AI and NFTs, underscoring Duran Duran’s enduring influence and willingness to explore uncharted territories.

Looking Forward
The launch of the Duran Duran and Huxley Invisible Collection symbolizes a significant moment in the intersection of music, art, and technology. As Nick Rhodes looks ahead, he envisions a future where AI not only augments the creative process but also opens up new avenues for artistic exploration. This collaboration not only showcases Duran Duran’s legacy of innovation but also sets the stage for the future of creative expression in the digital age.

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SOURCE: Duran Duran star Nick Rhodes says artificial intelligence is ‘new frontier’

Sam Bankman-Fried Receives 25-Year Prison Sentence Amid FTX Collapse Fallout

Credit: Raccoonknits s. via Dall-E

Sam Bankman-Fried, once a towering figure in the cryptocurrency world as the founder of FTX and Alameda Research, has been sentenced to spend the next 25 years behind bars. This verdict was delivered in a New York courtroom, capping off a saga that began with his conviction on various fraud charges six months earlier. The charges stemmed from his central role in the dramatic downfall of FTX in November 2022.

Although the sentence is a hefty 25 years, it falls short of the staggering 105 years the Department of Probation had recommended, and even the 40-50 years that prosecutors were pushing for. Nonetheless, it’s a far cry from the 5 to 6.5 years Bankman-Fried and his defense team had optimistically hoped for. This middle ground, while lenient compared to the maximum possible, underscores the seriousness with which the court views Bankman-Fried’s offenses.

The defense attempted to mitigate the severity of the sentence with arguments that emphasized the lack of direct financial losses from FTX’s collapse, thanks to promises to reimburse affected parties. They painted Bankman-Fried as a misguided individual driven by altruistic goals rather than greed. However, these arguments did little to sway Judge Lewis Kaplan, who pointed out the speculative nature of these claims and highlighted Bankman-Fried’s manipulative behavior throughout the trial.

Kaplan’s decision to impose a significant sentence wasn’t just about penalizing Bankman-Fried; it was also about sending a message to the broader financial and crypto sectors about the importance of integrity and the severe consequences of deceit and fraud. The judge was particularly critical of Bankman-Fried’s lack of remorse and his apparent willingness to engage in risky behavior without considering the consequences.

Despite the stern sentence, Kaplan showed a degree of leniency by recommending that Bankman-Fried be placed in a medium or low-security prison, considering his autism diagnosis and potential vulnerability due to his notoriety and perceived wealth. The law allows for a slight reduction in sentence for good behavior, but Bankman-Fried is unlikely to see a significant cut in his 25-year term.

The courtroom, filled with spectators and Bankman-Fried’s family, listened as Kaplan delivered a sentence that reflects both the gravity of Bankman-Fried’s actions and the court’s commitment to justice. Kaplan’s remarks highlighted a lack of genuine acknowledgment of wrongdoing from Bankman-Fried, suggesting a potential for future misdeeds. This sentencing is not just a conclusion to a chapter in Bankman-Fried’s life but also a stark warning to the cryptocurrency industry about the potential repercussions of financial misconduct.

As Bankman-Fried prepares to appeal the decision, and with further legal challenges from the SEC and CFTC on the horizon, the crypto community remains closely tuned in. The outcome of this case may have lasting implications for how cryptocurrency businesses operate and are regulated, signaling a new era of accountability in the digital finance space.

Source: https://www.coindesk.com/policy/2024/03/29/sbf-is-going-to-prison-for-25-years/ 

Binance Executives Initiate Legal Action Against Nigerian Government

In a bold move that highlights the ongoing tension between global cryptocurrency enterprises and national regulatory bodies, Binance’s top executives have recently taken legal action against the Nigerian government. This lawsuit stems from a situation where Tigran Gambaryan and Nadeem Anjarwalla, key figures at Binance, were detained by Nigerian authorities, eliciting a strong reaction from the crypto community.

The core issue revolves around the detention of these executives without what the plaintiffs believe to be proper justification or transparency from the Nigerian officials. The legal challenge, filed against Nigeria’s National Security Adviser’s office and its anti-graft agency, aims to address what the executives perceive to be a violation of their fundamental rights. Their detention occurred without any notification of specific offenses, prompting questions about the balance between national security interests and individual freedoms.

The executives’ petition to the court encompasses not only their release and the return of their confiscated passports but also seeks a public apology and a legal injunction against future detentions. This highlights a deeper issue of transparency and due process in the interaction between governments and the crypto industry. The upcoming hearing, scheduled for April 8, is eagerly anticipated by observers, marking a critical moment in the ongoing dialogue surrounding cryptocurrency regulation and the rights of those operating within the sector.

Credit: Sneha Ghodvaidya via Dall-E

This lawsuit takes place against the backdrop of Nigeria’s increased scrutiny of cryptocurrency platforms due to economic challenges, such as the significant devaluation of the naira and soaring inflation rates. In an attempt to mitigate currency depreciation, the Nigerian government had previously directed telecom and internet service providers to block access to several crypto exchanges, including major players like Binance, Coinbase, and Kraken.

The case of Gambaryan and Anjarwalla serves as a stark reminder of the intricate relationship between innovation and regulation in the digital age. As the world watches this legal battle, its outcome could establish a precedent for how governments engage with the rapidly expanding crypto industry, striking a balance between the need for oversight and the imperative to protect individual rights and foster innovation.
Source:https://crypto.news/detained-binances-executives-sue-nigerian-government-report-says/