Banks
Elon Musk’s X targets financial services, PacWest emergency rescue and more
Published
12 months agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2023/07/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNGQ4NWM5OWMtMmY4YS00ZTEwLTk2OTEtY2E1ODMzY2UxMDhjLmpwZw.jpg)
![](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=840/https://s3.cointelegraph.com/uploads/2023-07/4d85c99c-2f8a-4e10-9691-ca5833ce108c.jpg)
Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese super-app WeChat.
The concept of super-apps isn’t new. Tech giant Tencent, the company behind WeChat, has been refining the model since 2011. Like Twitter, it began as a social networking platform but quickly became the go-to app for everything in China, from shopping to filing for divorce with one click.
Musk believes that, if executed correctly, X could capture “half of the global financial system.” To accomplish that and keep his promise of delivering an “entire financial world” on the platform, the executive might include cryptocurrencies in its plans. There was even a hint that Dogecoin (DOGE) would be a part of it.
As the “global town square” where most crypto business and innovation takes place in real-time, X could play a crucial role in the crypto industry’s future. X is bigger than just a re-branding and could affect the future of money in the Western world.
This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more.
Elon Musk says X will offer an “entire financial world” in the coming months
Twitter’s rebrand to X is part of a larger plan to incorporate financial services on the platform, its owner and chief technology officer Elon Musk said. According to Musk, users of X can expect to access an “entire financial world” on the platform in the coming months. In the upcoming “everything app,” digital assets are unlikely to be forgotten, with Musk suggesting that Dogecoin (DOGE) could play a key role in X services. Also, in April, he announced that the platform would soon offer crypto and stock trading through a partnership with eToro. Musk claims that, if executed correctly, X can encompass “half of the global financial system” with plans for banking, payments and more.
Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.
The Twitter name made sense when it was just 140 character messages going back and forth – like…
— Elon Musk (@elonmusk) July 25, 2023
Italian central bank backs DeFi tokenization project with Polygon, Fireblocks
The Italian central bank is embracing decentralized finance. The institution recently picked a decentralized finance (DeFi) project to help financial institutions get started with DeFi and tokenized assets. The project is developed by Cetif Advisory in collaboration with Polygon Labs, Fireblocks and other organizations. Italian banks, asset management companies and 10 other financial institutions will participate. The project has no “commercialisation purpose” but will extend “the scope of analysis” of security tokens on secondary markets — an area of growing interest within the crypto industry.
PacWest stock flash crash recovers after rescue merger with Banc of Cali
Shares in PacWest bank briefly crashed by 27% on July 25 only to quickly recover on the news it had merged with the Banc of California, with both banks seemingly looking to shore up following the banking industry turmoil in early 2023. The banks combined are expected to have around $36 billion in assets and over $25 billion in total loans. PacWest’s market capitalization is around $1.2 billion, while Banc of California’s was roughly $764 million. The merger was backed by two private-equity firms, Warburg Pincus and Centerbridge, which will provide $400 million in equity, giving them around a 19% stake in the combined business.
$44 billion bank PacWest Bancorp $PACW crashed over 25% today
Is the next banking collapse starting right now? pic.twitter.com/lOopnmCXvB
— Crypto Rover (@rovercrc) July 25, 2023
Crypto investors cool on Bitcoin funds, turning to Ether and XRP
Bitcoin-related investment products appear to have lost some of their sheen among crypto investors, recording their first week of outflows since BlackRock filed for spot Bitcoin ETF in June. According to a report from CoinShares, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. In contrast, Ether (ETH) and XRP (XRP) investment products recorded a combined inflow of $9.2 million over the last week. Altcoins Solana (SOL) and Polygon (MATIC) have tracked some inflows as well, potentially benefiting from Ripple’s partial victory over the U.S. Securities and Exchange Commission. However, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows in 2023.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
Source link
You may like
The German Government Is Selling More Bitcoin – $28 Million Moves to Exchanges
BC.GAME Announces the Partnership with Leicester City and New $BC Token!
Justin Sun Says TRON Team Designing New Gas-Free Stablecoin Transfer Solution
Mt. Gox is a ‘thorn in Bitcoin’s side,’ analyst says
XRP Eyes Recovery Amid Massive Accumulation, What’s Next?
Germany Moves Another $28 Million in Bitcoin to Bitstamp, Coinbase
account
Bank Executive Steals $250,000 From Customers, Directly Accessing Bank Accounts To Fund His Lifestyle: US Department of Justice
Published
19 hours agoon
July 7, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/bank-exs-dollar.jpg)
The U.S. Department of Justice says a former bank manager has admitted to stealing over a quarter million dollars from customers to fund his own spending habits.
The DOJ says 53-year-old Eric Jason Schouest of Plaquemine, Louisiana, has pleaded guilty to embezzlement and bank fraud.
Prosecutors say Schouest admitted to using his power as a manager at a Regions Bank Plank Road branch to illegally access customer accounts, open and close accounts and transfer funds in and out of customer accounts in order to steal the money.
Once in possession of the bank’s customers’ money, Schouest made loan payments on his own house and car to the tune of $250,000.
Says the DOJ,
“Beginning in or about 2020, and continuing through in or about April 2021, Schouest exploited his position of trust at Regions Bank to embezzle funds from customer accounts and deposit the money into his personal bank accounts.
He also sent false and fraudulent emails and forged documents to other Regions Bank employees to conceal his scheme. Some of the traceable fraudulent funds were used to make loan payments on personal items such as a house and a car. Through his scheme, Schouest misappropriated more than $250,000 from Regions customer bank accounts.”
On top of a $1 million fine, the DOJ says that each of Schouest’s embezzlement and bank fraud convictions carry punishments of up to 30 years in prison and a period of supervised release.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
![](https://dailyhodl.com/wp-content/uploads/2018/06/Get-Alerts-728x90.png)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
bank
US Government Seizes $5,254,133 in JPMorgan Chase Bank Accounts, Alleges Funds Stolen in Sophisticated Scheme
Published
3 weeks agoon
June 15, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/03/wealth-transfer-dollar.jpg)
The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme.
A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers.
According to the DOJ, the unnamed union received an email in January of last year that appeared to be from the union’s investment manager. The email address appeared to be a match, with the correspondence requesting the union transfer $6.4 million to a different bank account.
After the union complied with the fraudulent request, prosecutors say some of the money was rerouted to crypto exchanges, $5.25 million was wired to JPMorgan Chase accounts, and $61,612 was sent to a Texas Bank and Trust account that has also been seized.
The DOJ says the scammers recruited individuals known as money mules who rapidly moved the funds between various accounts to conceal their origin.
Prosecutors are now seeking a permanent forfeiture of all funds seized in the US bank accounts.
“BEC fraud schemes present a serious threat to businesses and individuals nationwide, causing significant financial and emotional harm to victims by exploiting trusted communication channels they rely upon every day.
Today’s civil forfeiture action demonstrates that when victims report such misconduct to the authorities there may be steps we can take to recover stolen funds. We hope today’s action helps restore some level of stability and justice for those impacted by fraud.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
![](https://dailyhodl.com/wp-content/uploads/2018/06/Get-Alerts-728x90.png)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
bank
Wells Fargo Employee Sells Customers’ Personal Information, Triggering $688,000 in Fraudulent Transactions: US Banking Regulator
Published
1 month agoon
June 8, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/bank-wells-fargo.jpg)
A US regulator is banning a former Wells Fargo employee from the banking industry after she allegedly sold private customer information and triggered more than half a million dollars in fraudulent transactions.
New filings from the U.S. Office of the Comptroller of the Currency (OCC) detail a consent order with ex-Wells Fargo employee Bathia Greene, an associate operations processor at the bank’s lockbox facility in Philadelphia, Pennsylvania.
The OCC says Greene misappropriated confidential details of Wells Fargo’s customers and sold the information, leading to a wave of fraudulent transactions.
Wells Fargo lost $688,000 as a result of Greene’s actions, according to the OCC.
Says the regulator,
“At all relevant times, Respondent was an Associate Operations Processor at the Bank’s lockbox facility in Philadelphia, Pennsylvania. During the period from approximately October 2021 to January 2022, Respondent misappropriated confidential information of Bank customers and sold the information to a third party, resulting in fraudulent transactions.
The Bank suffered a loss of approximately $688,000. By reason of the foregoing conduct, Respondent engaged in violations of law or regulation and unsafe or unsound practices.
Respondent’s misconduct resulted in financial gain to Respondent and loss or risk of loss to the Bank and demonstrated personal dishonesty and willful or continuing disregard for the safety and soundness of the Bank.”
According to the settlement, Greene does not appear to be facing criminal prosecution.
The agreement bans Greene from participating in the activities of any insured US banks, credit unions, federal banking agencies, Farm Credit institutions, Federal Home Loan Banks and the Federal Housing Finance Agency.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
![](https://dailyhodl.com/wp-content/uploads/2018/06/Get-Alerts-728x90.png)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
![](https://blocknewsmedia.com/wp-content/uploads/2024/06/germany-80x80.jpg)
The German Government Is Selling More Bitcoin – $28 Million Moves to Exchanges
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/btcsmall-1-1-80x45.png)
BC.GAME Announces the Partnership with Leicester City and New $BC Token!
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/From-Stablecoin-Issuer-Giant-80x80.jpg)
Justin Sun Says TRON Team Designing New Gas-Free Stablecoin Transfer Solution
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Mt-Gox-announced-the-start-of-payments-option03.webp-80x80.webp)
Mt. Gox is a ‘thorn in Bitcoin’s side,’ analyst says
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/XRP-Will-Hit-1-80x80.jpg)
XRP Eyes Recovery Amid Massive Accumulation, What’s Next?
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/germany-bitcoin-gID_7-80x80.jpg)
Germany Moves Another $28 Million in Bitcoin to Bitstamp, Coinbase
![](https://blocknewsmedia.com/wp-content/uploads/2024/06/japan-80x80.jpg)
'Asia's MicroStrategy' Metaplanet Buys Another ¥400 Million Worth of Bitcoin
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-trading-chart-front-side-view-Exchange-building-background-bright-neon-colors-option09.webp-80x80.webp)
BlackRock’s BUIDL adds over $5m in a week despite market turbulence
![](https://blocknewsmedia.com/wp-content/uploads/2024/06/binance3-80x80.jpg)
Binance To Delist All Spot Pairs Of These Major Crypto
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/TUYCJ3CEPJGIJNZROV22QP4URQ-80x80.jpg)
German Government Sill Holds 39,826 BTC, Blockchain Data Show
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-mining-equipment-option02.webp-80x80.webp)
HIVE Digital stock rallies over 9% as Bitcoin miner bolsters crypto reserves to 2.5k BTC
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/pepe_price2_720-80x80.jpg)
Pepe Price Analysis Reveals Bullish Strength As Bitcoin Plummets
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Taiwan03.webp-80x80.webp)
Taiwan is not in a CBDC rush as central bank lacks timetable
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/SHIBA-Inu-Price-80x80.jpg)
Will SHIB Price Reclaim $0.00003 Mark By July End?
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-The-power-of-play-option03.webp-80x80.webp)
The power of play: Web2 games need web3 stickiness
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/1656437120_shutterstock_1736086877-80x80.jpg)
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/07/coinbase-shutterstock_1866715066-80x80.jpg)
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
BNM DAO Token Airdrop
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/btcsmall-1-1-80x45.png)
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
![](https://blocknewsmedia.com/wp-content/uploads/2023/03/ETH-NFT-shutterstock_1944183022-80x80.jpg)
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
New Minting Services
![](https://blocknewsmedia.com/wp-content/uploads/2022/10/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/SEC-shutterstock_1625495629-80x80.jpg)
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/08/Green-mining-Shutterstock_1981391501-80x80.jpg)
Friends or Enemies? – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/0BK4KOQfADYNvpEKU-80x80.png)
Enjoy frictionless crypto purchases with Apple Pay and Google Pay | by Jim | @blockchain | Jun, 2022
![](https://blocknewsmedia.com/wp-content/uploads/2023/09/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8zZmE3ZTQzYzVmNTkwYTA0ZDA1MWZlY2EwZGY4YjA2OS5qcGc-80x80.jpg)
How Web3 can prevent Hollywood strikes
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2022/07/1657766796_maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/07/iStock-1349331161-80x80.jpg)
XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board
Trending
- Altcoins2 years ago
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
- Binance2 years ago
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
- Uncategorized3 years ago
BNM DAO Token Airdrop
- Bitcoin miners2 years ago
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
- BTC1 year ago
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
- Uncategorized3 years ago
New Minting Services
- Video2 years ago
Block News Media Live Stream
- Bitcoin1 year ago
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs