Category: AI

JPMorganChase,WellsFargo,BankofAmericaandCitiareunloadingbillionsofdollarsinbaddebtthatthey’vegivenuponrecovering. Newearningsdatashowsthefourlargestbanksinthecountrycollectivelyrecorded$6.9billioninnetcharge-offsinQ3ofthisyear,primarilydrivenbycreditcarddelinquenciesandsouredconsumerloans. JPMorgansaysitsnetcharge-offshit$2.087billioninQ3,upnearly40%from$1.497billionregisteredinQ3of2023. WellsFargosaysitsnetcharge-offssurgedto$1.111billioninQ3,anincreaseofnearly54%from$722millionrecordedayearago. Citisaysitsnetcreditonlossesreached$2.172billion,anover32%jumpfromthe$1.637billionwitnessedinthesameperiodlastyear. AndBofAsaysnetcharge-offshit$1.534billioninthesamequarter,up64%from$931millionayearago. ThenewscomesafterUScreditcardrateshitafreshall-timehighinAugust. AdamKobeissi,founderandeditor-in-chiefofTheKobeissiLetter,saysrateshaveincreasedbysevenpercentagepointsinjusttwoyears,hitting23.4%acoupleofmonthsago. Inaddition,totaloutstandingUScreditcarddebthassoaredto$1.36trillion–thehighestlevelinhistory. “USconsumersnowhavearecord$1.36trillionincreditcarddebtandotherrevolvingcreditmeaningtheypayamassive$318billionannualinterest. Toputthisintoperspective,Americanspaidjusthalfofthatin2019at~$160billion. Meanwhile,creditcardseriousdelinquencyratesareat7%,thehighestlevelsince2011.Thecreditcarddebtbubbleispopping.” GeneratedImage:Midjourney dailyhodl.com

AnautonomousAIbotnamedTruthTerminalhasreportedlybecomethefirstAItoreachmillionairestatus,followingasubstantialsurgeinitscryptocurrencyholdings.

ShibaInu(SHIB)isnowpricedatabout$0.00001783,justbelowakeyresistancezonewhichmeansthatthemarketisinagoodmood.Marketanalystsarereadytowitnessanotherpossiblerallyinthememecoinspace. CryptoinfluencerDavinciJeremienotedthatduringthelastbullcycle,Dogecoin(DOGE)reachedamarketcapof$88.8billion,whileSHIBpeakedat$40billion.Thebullrunwilltakethemarketcapofmemecoinstoatrilliondollars. Lastcyclewesaw$DOGEcoinhit$88.8billionmarketcap&$SHIBhit$40billion. Ithinkwe’llseememesasanassetclasshitcloseto$1trillionmarketcapthiscycle —DavinciJeremie(@Davincij15)October17,2024 Currently,themarketcapitalizationofmemecoinshassurgedto$58billion,althoughstillbehindotherup-and-comingcryptosectorssuchasAI-basedtokensandreal-worldassetcryptos,butstillasolidamountnonetheless. Onthebullishside,investorswouldhaveaprettygoodchanceofsignificantprofitsuponitsbreakfromresistancelevelsinto$0.000028,withthecurrentmomentumattheirside,thereishopethattherestofthememecoinsmightalsowitnessgoodperformance,too. TheCurrentStatusOfMemeCoins ItmighthaveendeditsglobaltrendreversalandgoneoffapriordowntrendbutdonotcountitoutyetsinceduringthelatepartsofSeptember2024,SHIBsawahugespikeasitrecordedanall-timehighat$0.00002135. Thispeaksuccessfullybroketwostrongresistancelevelswhichcanonlymeangoodforthecoinandothermemecoins.FromthetechnicalanalysisfromPSTrade,thereisahighresistancepointthatisat$0.00002052wherearound83.75trilliontokensarekeptatthispricelevel. $SHIBAlthoughthepriceof#SHIBUSDTisstillnotrisingveryconfidentlyonthe3-daytimeframe,theglobaldownwardtrendreversalstructureiscomplete.Therefore,ourtargetforthiscryptocurrencyis100%growth.pic.twitter.com/DhOcxx3j1T —PStrade(@PStrade2)October16,2024 PSTradesaidtheglobaldownwardtrendreversalstructureiscompleteevenifthepriceofSHIBUSDTisstillnotincreasingverystronglyonthethree-dayperiod.Forthiscoin,hesaidtheiraimistherefore100%increase. ItwasfoundthatbytheendofSeptember,adoublelocaltophadbeenformedintwosuccessivedaysaboveitshighmadeinthemiddleofJuly.However,thestrongestresistancebandliesbetween$0.000018and$0.000020since439.16trilliontokensaredispersedacross45,620wallets.IfthebullishtrendofSHIBcontinues,thenitmighttestthenextmajorhurdleat$0.000028. ShibaInu:TechnicalIndicatorsAndMarketChallenges Large-positioninstitutionalinvestorspushedSHIBbackbelow$0.000018.AstheCMFisstillnegativeat–0.22,thispresentssellingpressurefromthelargeholders.Meanwhile,theStochRSIhasrevealedthatSHIBwasalreadyenteringintoanoverboughtpositionduetoitsvaluesoscillatingbetween71and57. Thatmakesitimportantthattheoscillatorsandchartsbegintoshowsignsofshort-termvolatilityandfurthercorrectionsifthesellingpressurecontinues.However,giventhestrongbullishsetup,afurtherrallyisquitepossible.InvestorsneedtokeepaneyeonkeyresistancelevelsaswellastechnicalindicatorsforfurthermovementsinSHIB. FeaturedimagefromCNBC,chartfromTradingView newsbtc.com

ArtificialIntelligence(AI)hasreportedlyhelpedtheUSTreasuryinfraudprevention.ThegovernmentarmsaidthatitsenhanceddetectionprogramusedAItosaveandrecoverover$4billioninFY24. ByusingAItoolsandrisk-basedscreening,theTreasuryisnottheonlyofficialarmtobenefit.AlmostayearaftertheBidenExecutiveOrder,severaldepartmentsnowuseAI. AIintegratesintoUSadministrationforfraudprevention TheUSDepartmentoftheTreasurysaidthatitsimprovedfrauddetectionprogramhassavedandrecoveredover$4billioninFY24.Thefigurestoodat$652.7millionlastfiscal.TheTreasury’sOfficeofPaymentIntegrityhasreportedlyusedrisk-basedscreeningandAItoolstoidentifyhigh-risktransactionsanddetectTreasurycheckfraud. TheTreasuryreportsthatbringinginriskscreeningpreventedthelossof$500million.Additionally,$2.5billionwassavedbyprioritizinghigh-risktransactionsand$1billionthroughfasterfrauddetectionusingAIforTreasurychecks.Lastly,$180millionwassavedbyimprovinghowpaymentsareprocessed. Asperthepressrelease,theseeffortsarepartofabroaderstrategytoimprovepaymentintegrityacrossfederalprogramsandprotecttaxpayermoney.WallyAdeyemo,DeputySecretaryoftheTreasury,suggestedthatthefocusisnowonensuringthatgovernmentpaymentsgototherightperson,inthecorrectamount,andontime. “Wewillcontinuetopartnerwithothersinthefederalgovernmenttoequipthemwiththenecessarytools,data,andexpertisetheyneedtostopimproperpaymentsandfraud,”theofficialadds. BidenExecutiveOrdercircledonAIriskmanagement TheuseofAIcomesalmostayearaftertheBidenadministrationunderlinedtherisksemergingfromAIintheExecutiveOrder.ItlaterreleasedkeyAIactionstotacklethoserisks.Duringthetime,theadministrationalsostatedthatitwouldbringmoreAIexpertsintofederaljobsthroughAITalentSurge.Insixmonthsoftheexecutiveorder,thegovernmentreportedlygotinover150AIprofessionals.Theofficialwebsitecallsita“boldaction”toresponsiblyuseAIinnationalchallenges. InDecember2023,theUSGovernmentAccountabilityOffice(GAO)saidthatagencieshaveincludedAItoimprovegovernmentoperationsbutawaitedkeyriskguidance.Thereportalsohighlighted,“ThePresident’sfiscalyear2023budgetrequestincluded$1.8billionfornondefenseresearchanddevelopmentinvestmentinAI.” UseofAIbydifferentfederalagencies|Source:GAO AIhasanimpactinallsectorsandthegovernmentwantstotakeitinitsstride.Ithasoftencited‘responsible’AIuseinofficialorders.TheuseofAIbyfederalagenciescouldplayanimportantroleinensuringfraudpreventionandrecovery. cryptopolitan.com

TheU.S.TreasuryDepartmentannouncedasignificantbreakthroughinitsfightagainstfinancialfraud,revealingthatartificialintelligencehashelpedrecoverastaggering$4billionin“fraudandimproperpayments”duringthe2024fiscalyear. Thefigurerepresentsasubstantialincreasefromthepreviousyear,whenAI-poweredsystemsrecovered$652.7millioninfraudulentfunds,accordingtotheTreasuryDepartment’spressrelease. TheTreasuryDepartmentbeganquietlyimplementingmachinelearningalgorithmsinlate2022,leveragingtheirabilitytoanalyzevastdatasetsandidentifypatternsthathumananalystsmightmiss,asCointelegraphreported. DeputySecretaryoftheTreasuryWallyAdeyemostatedintheTreasury’spressreleasethatthedepartmentiscommittedtoprotectingtaxpayerdollars,andadded: Treasurytakesseriouslyourresponsibilitytoserveaseffectivestewardsoftaxpayermoney.Helpingensurethatagenciespaytherightperson,intherightamount,attherighttimeiscentraltoourefforts, TheTreasuryDepartmentcurrentlyhandlesover1.4billionpaymentsannually,totaling$6.9trillionformorethan100millionpeopleperyear.InMay,thedepartmentannouncedplanstoexpanditsuseofAItobolstergovernmenteffortstocombatfinancialcrimes. TheuseofAItostrengthentheTreasury’soperationscomesatatimeinwhichJPMorganChaseCEOJamieDimonissuedamajorwarningabouttheglobaleconomicsituationoverongoinggeopoliticalthreatscomingfroman“evilaxis”thatshows“thatconditionsaretreacherousandgettingworse.” Dimon’swordscameinapressreleasefromthefinancialgitaccompanyingitsthird-quarterearnings,whichbeatanalysts’expectationsandsawthebanksetaside$1billionmoreinreservetocovergrowinglossesfromunpaidloans. FeaturedimageviaUnsplash. cryptoglobe.com

TheUSSecuritiesandExchangeCommissionapprovedNYSEandCBOE’sbidstolistoptionsforbitcoinexchange-tradedfunds. Intwostatements,theSECgrantedapprovaltotheproposedrulechanges,clearingthewayforoptions.TheproposedoptionsaretiedtobitcoinETFsprovidedbyFidelity,Grayscale,VanEckandothers. Bothproposedrulechangesweregranted“onanacceleratedbasis,”perthenotices.ThemoveechoedthelanguageusedforNasdaq’sapprovalofIBIToptionsinSeptember. SpeculationaboutthesuccessofoptionsproposalsbeganshortlyaftertheapprovalofspotETFs.ThematterseemedindoubtwhenreportssurfacedthissummerthattheNYSEhadwithdrawnitsproposedrulechange.Asexpected,theSECsoughtmoretimetoconsidertheproductsastheprocessmovedalong. Withtheapprovals,theSECcontinuestowidenmarketaccesstocrypto-tiedfinancialproductsonmajorexchanges.Thusfar,2024hasseentheapprovalofspotETFsforbothbitcoinandether,aspreviouslyreported. Whethertoday’sapprovalssignalabroaderregulatoryseachangeintheUSremainstobeseen.TheSECisafrequenttargetofindustrycriticism,anditschair,GaryGensler,hasdrawncontinuedscornandpromisesfromoneUSpresidentialcandidate,RepublicanDonaldTrump,tofirehimshouldheprevailinNovember. Bitcoinistradingaround$68,400onCoinbaseasofpresstime,upmorethan1%ontheday,perTradingViewdata. blockworks.co

CraigWrighthasinitiatedanewlawsuitagainstBitcoinCoredevelopers,accordingtoanOct.15filingsubmittedtotheChanceryDivisionoftheHighCourtinLondon. WrightallegesthatrecentupgradestoBitcoin’s(BTC)protocolhavedeviatedfromitsoriginaldesignandcausedfinancialharm.Heisseekingmorethan$1billionindamages. BTCvs.BSV ThecasecentersonprotocolmodificationsintroducedthroughTaprootandSegregatedWitness(SegWit),whichWrightclaimshavemisledthepublicintobelievingthatBitcoinmaintainsitsoriginalattributes. AccordingtoWright: “ThesechangeshavecausedconfusioninthemarketandhavecompromisedthevisionoftheoriginalBitcoinprotocol.” WrightispursuingcompensationbasedonthevaluedifferencebetweenBitcoin(BTC)andBitcoinSatoshi’sVision(BSV),adigitalassetheclaimsisthetruecontinuationofBitcoin. AsofOct.10,Bitcoinwastradingat$62,000,whileBSVstoodat$65.Wright’slawsuitseeks$1.18billionindamages,arguingthatBitcoinCore’supgradeshaveunderminedhisversionoftheflagshipcrypto. Legalhistory ThelatestlawsuitmarksanotherchapterinWright’slonghistoryoflegaldisputes,manyofwhichhavecenteredonhiscontroversialclaimofbeingBitcoin’spseudonymouscreator,SatoshiNakamoto. Despitepreviousrulingsagainsthim,Wrightcontinuestopursuelegalchallenges,thistimerepresentinghimselfincourt.HiseffortstoprovehisclaimasSatoshihavebeenmetwithskepticism,withmultiplecourtsrulingagainsthisassertionsinrecentyears. Hispreviouscourtlossesincludeonein2022,wherehewasunabletocryptographicallyproveheholdstheprivatekeysassociatedwithBitcoin’sgenesisblock,acriticalelementinverifyingSatoshiNakamoto’sidentity. Anotheroccurredin2023whenacourtruledthathehadnolegitimateclaimtotheBitcoinwhitepaper,andthelatestwasearlierthisyearwhenaUKcourtruledthathewasnottheBitcoincreatorandorderedhimtostoppursuingfurtherlawsuitsrelatedtohisidentityasSatoshi. cryptoslate.com

ChiragTomar,a31-year-oldIndiancitizen,wassentencedtofiveyearsinfederalprisonfororchestratingacryptocurrencyfraudschemethatdefraudedhundredsofvictimsoutofmorethan$20million. U.S.DistrictJudgeKennethD.Bellhandeddownthesentence,whichalsoincludedtwoyearsofsupervisedrelease. ScammersImitateCoinbasetoStealMillions Accordingtocourtdocuments,Tomarandhisco-conspiratorsexecutedthefraudby“spoofing”awebsitedesignedtoimitatethelegitimatecryptocurrencyexchangeCoinbase. FromJune2021,thegroupsetupafraudulentversionoftheexchange’sprofessionaltradingsite,Pro.Coinbase.com,usingafakeURL,CoinbasePro.com.VictimswhoattemptedtologintotheirCoinbaseaccountsweretrickedintoprovidingtheirlogincredentials. OneofthetacticsusedinvolvedimpersonatingCoinbasecustomerservicerepresentativesandconvincingvictimstohandovertwo-factorauthentication(2FA)codes.Inotherinstances,fraudstersinstructedtheseindividualstoinstallremotedesktopsoftwarethatwouldgivethemfullcontroloftheircomputers. Tomarusedtheill-gottencredentialstoaccessmultiplevictimaccountsandtransferfundstowalletsunderhiscontrol.Hethenconvertedthecryptocurrencyintootherdigitalassets,movingthembetweenseveralwalletstohidethetransactions.Eventually,thefundswereconvertedintocashanddistributedamongstthecriminalgroup. The31-year-oldusedthestolenmoneytofundalavishlifestyle,purchasingluxurywatcheslikeAudemarsPiguet,high-endvehicleslikeLamborghinisandPorsches,andtravelingtodestinationssuchasDubaiandThailand. $240,000TheftandArrest Theschemeimpactedtargetsfromallovertheworld,includingthosebasedinNorthCarolina’sWesternDistrict.InFebruary2022,alocalattemptedtoaccesshisCoinbaseaccountthroughthespoofedsite.ThefakewebsiteinstantlyalertedthemthattheiraccountwaslockedanddirectedthemtocallanumberprovidedtoreachafakeCoinbaserepresentative. Thesupposedrepresentativethendeceivedthemintogivinguptheir2FAdetails.Thisallowedthefraudstersaccesstotheirtarget’slegitimateCoinbaseaccount.Withthisinformation,thecriminalsstoleover$240,000worthofcryptocurrencyfromtheaccount’sassociatedwallet. Itisnotthefirsttimesuchincidentshaveoccurred.In2021,authoritieschargedSoufianceOulahyawithstealing$450,000incryptocurrenciesandNFTsfromaManhattanvictimbyspoofingtheOpenSeamarketplace. Additionally,ConvexFinancehadtointroducetwoalternativenewURLsafteritsDNSwashijackedinaspoofingattack,whichcauseduserstoapprovemaliciouscontractsunknowingly.Followingconfirmationofthehijack,Convexrevealedthatfivewalletshadbeenaffected,thoughverifiedcontractsremainedsecure. Themenaceisn’tconfinedtocryptoalone.In2020,JPMorganwasfinednearly$1billionbyU.S.authoritiesforitsspoofingpracticesinmetalsfuturesandTreasurysecuritiesafterbeingimplicatedintheFinCENfilesforallegedlylaunderingasmuchas$2trillionworthof“dirtymoney.” cryptopotato.com

TheShibaInupricesurged2.7%duringFriday’stradingsessiontoreach$0.000018.ThebullishnarrativeisfueledbyrestoringUptoberrallysentimentasBitcoinclimbstoward$70,000.WiththeformationofthefamousInvertedHeadandshoulderpattern,theSHIBpricesignalstheend-of-correctionandmassiverallyahead.

Apro-BitcoinPoliticalActionCommittee(PAC)calledBitcoinVotersPACrecentlycreatedacampaignadforRepublicanPresidentialCandidateDonaldTrump.AccordingtothePAC,thisparticularadiscurrentlyrunninginPennsylvania.