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Report Exposes Unsecured Cash Searches at Atlanta Airport

In a shocking investigative report, Atlanta News First uncovered the disturbing practices of U.S. Drug Enforcement Administration (DEA) task force agents. At Hartsfield-Jackson Atlanta International Airport, undercover DEA agents were found searching passengers’ carry-on luggage without a warrant and confiscating large sums of money without making any arrests. The report and lawyers say the practice raises constitutional and privacy concerns among American citizens.

Secret money searches at airports

Atlanta News First recently followed DEA task force officers in Hartsfield-Jackson, watching them as they moved discreetly from door to door. Passengers were searched immediately after their boarding passes were read, often without any clear indication of the officers’ identity or true purpose.

Film director Tabari Sturdivant recounted his disturbing experience. Mistaking a DEA agent for a Delta representative because of the airport credentials displayed, he said, “He just came up to me and asked for my ID. He didn’t say who he was. He just asked me for ID and I thought he was a Delta agent. “I had airport credentials and gave them to him immediately.”

Warrantless searches and seizures directly violate the Fourth Amendment, which is intended to protect American citizens from such unreasonable intrusions. The report notes that these actions by DEA agents not only infringe on personal freedoms, but also undermine public trust in law enforcement agencies.

This is not the first episode in which the DEA and law enforcement authorities have illegally seized people’s assets. Take, for example, the DEA’s extensive history of orchestrating “cold consent meetings” at Amtrak stations, mirroring its tactics at airports. In 2021, FBI agents seized $86 million from safes in Beverly Hills, a move that lawyers denounced as lacking adequate justification.

A report from Reason reveals that over the past decade, law enforcement authorities, led by the DEA, have seized a staggering $4 billion in cash. Data from the Department of Justice’s Office of Inspector General (OIG) indicates that approximately 65,000 cash seizures, representing 81%, were subject to administrative forfeiture by the DEA, valued at $3.2 billion.

Atlanta News First notes that film director Sturdivant represents only a fraction of the people sought for money by undercover agents at the airport. The investigative article also points the finger at Clayton County drug enforcement agents. The news team found “several similar cases in which DEA task force or Clayton County police agents searched innocent people or seized money without making any arrests.”

In 2023, carrying significant amounts of cash is increasingly viewed with suspicion, even if it is earned legitimately with proven receipts. Constitutionalists and lawyers insist that the propensity of law enforcement authorities to openly confiscate these life savings without just cause is a worrying trend.

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Top cryptocurrency exchange Binance to end Visa debit card program in Europe

The world’s leading cryptocurrency exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.

Binance notes that customer accounts will not be affected. The exchange encourages European customers to transition to Binance Pay, the company’s crypto payments technology.

Binance first launched the card in Europe in September 2020, allowing its customers to use the crypto assets in their exchange accounts to spend and transact at over 60 million locations worldwide.

The exchange did not provide a reason for the card’s closure, although the company has faced a number of regulatory issues in jurisdictions around the world this year.

Binance announced its exit from the Canadian market in May, citing new stablecoin regulations and limits on investors that the exchange said made doing business in the country “unsustainable.”

In June, the US Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao, and Binance.US, alleging that the companies were violating securities laws.

In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.

In September, Binance said it would sell its entire Russian business to local cryptocurrency exchange CommEX, claiming that operating in the country no longer seemed compatible with the company’s business model. No specific details were provided.

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Technical Analysis of Bitcoin and Ethereum: BTC Maintains High for Close to 2 Months After Strong US Retail Sales

Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.

Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.

Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.

The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.

Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.

Ethereum

Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.

ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.

After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.

As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.

It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.

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Estate of bankrupt crypto exchange FTX abruptly bets more than $144 million on Solana (SOL)

Property belonging to now-defunct cryptocurrency exchange FTX was just seen betting more than $144 million on Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy proceedings unfold.

According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens.

Analysis by pseudonymous on-chain researcher Ashpool suggests that FTX subsequently staked all the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital are also betting on the platform.

On Solana, bettors currently earn around 7% APY (annual percentage yield), depending on the betting platform, and rewards are distributed every two to three days.

FTX ownership already owns roughly $1 billion in Solana, but much of it is locked up until 2028 as part of its vesting schedule agreement.

Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer FTX’s SOL tokens to be given directly to customers of the failed exchange as part of a compensation plan.

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Bitcoin Lightning Network Growth Increases 1200% in 2 Years

A report from Bitcoin-exclusive River Exchange suggests that increased use of Lightning will play a key role in Bitcoin becoming a better medium of exchange.

Bitcoin’s Layer 2 Lightning Network saw an estimated 1,212% growth in two years, with around 6.6 million transactions routed in August, a significant jump from 503,000 transitions in August 2021, according to data from the River exchange, exclusive of Bitcoin (BTC).

In an October 10 report, River research analyst Sam Wouters explained that the increase in routed transactions (which use more than two nodes to facilitate a transfer) came despite a 44% drop in the Bitcoin price and considerably less interest in online research.

River’s $6.6 million value for Lightning-routed transactions is a lower-bound estimate — the lowest possible value it could value. The company also obtained the August 2021 figure of 503,000 from a 2021 study by K33, formerly Arcane Research, adding that it could not evaluate flash transactions that were private or between just two participants.

As of August 2023, the average Lightning transaction size is approximately 44,700 satoshis or $11.84. River estimated that between 279,000 and 1.1 million Lightning users were active in September.

The company attributed 27% of transaction growth to the gaming, social media advice and streaming sectors.

River said the success rate for Lightning payments was 99.7% on its platform in August 2023 across 308,000 transactions. The main reason for failure occurs when no payment method is found that has sufficient liquidity to facilitate the transfer.

River’s data set consisted of 2.5 million transactions. The nodes in the River dataset represent 29% of the entire network capacity and 10% of the payment channels.