Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

Billionaires added $5 trillion to their fortunes during the pandemic

Billionaires in 2022


Billionaires added $5 trillion to their fortunes during the pandemic, according to Oxfam, exacerbating economic inequality as the pandemic pushed millions of people around the world into poverty.

Using data compiled by Forbes, Oxfam says in a new report that the total wealth of billionaires jumped from $8.6 trillion in March 2020 to $13.8 trillion in November 2021, a bigger increase than in the previous 14 years combined. The world's richest 10 men saw their collective wealth more than double, shooting up by $1.3 billion a day. 
The report was released ahead of the World Economic Forum's online Davos Agenda, which will take place this week after the group's annual in-person meeting was delayed due to Omicron. Oxfam argues that governments should tax gains made by the super-rich during the pandemic and use the money to fund health care systems, pay for vaccines, fight discrimination and address the climate crisis.
“Billionaires have had a terrific pandemic. Central banks pumped trillions of dollars into financial markets to save the economy, yet much of that has ended up lining the pockets of billionaires riding a stock market boom," Gabriela Bucher, Oxfam's executive director, said in a press release.
The combined wealth of the top 10 billionaires — including Tesla (TSLA) CEO Elon Musk and Amazon (AMZN) founder Jeff Bezos — doubled during the pandemic and is now six times greater than that of the world's poorest 3.1 billion people, according to the report.
"Inequality at such pace and scale is happening by choice, not chance," Bucher said. "Not only have our economic structures made all of us less safe against this pandemic, they are actively enabling those who are already extremely rich and powerful to exploit this crisis for their own profit."
The World Bank estimates that 97 million people worldwide fell into extreme povertyin 2020 and are now living on less than $2 a day. The number of the world's poorest also rose for the first time in over 20 years.
Vaccine inequality has become a major issue as many of the world's richest countries hoard shots, buying up enough doses to vaccinate their populations several times over and failing to deliver on their promises to share them with the developing world.
Billionaires are being asked to use their wealth to help the less fortunate. 
David Beasley, director of the United Nations' World Food Programme, called on billionaires including Bezos and Musk to "step up now, on a one-time basis" to help solve world hunger in November.
    The call-out got a direct response from Musk, who later said on Twitter that if the organization could lay out "exactly how" the funding would solve the issue, he would "sell Tesla stock right now and do it."
    The CEO did not publicly respond when the UN released a plan.

    Pakistanis lose Rs17.7 billion to online cryptocurrency fraud

    Bitcoin 2022

     The Federal Investigation Agency (FIA) has detected an online fraud of USD100 million (Rs17.7 billion) using a cryptocurrency and issued a notice to the local representative of Binance to appear in person on Jan 10, local media reported.

    Sharing details of the fraud, the Additional Director of the FIA cybercrime wing Imran Riaz on Friday said that those involved in the online fraud transferred the money abroad via cryptocurrency.

    “We launched a probe after receiving complaints regarding a fraud involving billions of rupees being committed using nine online applications,” he said and added that they had sought answers in this regard from a representative of the cryptocurrency in Pakistan.

    He shared that people invested between US$100 to US$80,000 in fraud applications. “Those who developed these apps were linked to cryptocurrency,” the FIA official said.

    He said that they have sought details of all those linked to the fraud with the Binance cryptocurrency and their crypto accounts would be suspended. The FIA official further shared that cryptocurrency is being used in money laundering and terror financing.

    According to details some mobile applications were offering Pakistanis to invest in the virtual currency. These applications were linked to Binance, the leading virtual platform for buying and selling Bitcoins and other similar cryptocurrencies.

    However, these applications suddenly vanished and investment of around Rs17.7 billion made by Pakistanis were lost. The authorities said the unique way was adopted for fraudulent activity. The persons who launched the applications had connections with the crypto exchange.

    The FIA issued the notice to Hamza Khan, the local representative of Binance. “During the inquiry, it was found that the fraudulent accounts of different applications namely, MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91fp, TASKTOK, were linked with Binance wallets,” the officials said.

    It is noted that the State Bank of Pakistan (SBP) through a circular issued in 2018 informed the general public that it had not authorised or licensed any individual or entity for the issuance, sale, purchase, or investment in any such virtual currencies, coins, tokens in Pakistan.

    Recently, a report released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) revealed that Pakistanis had a staggering $20 billion worth of assets in cryptocurrencies.

    The Federal Board of Revenue (FBR) has also launched a probe into the investment in the cryptocurrencies to identify investors and their source of investment. During a Sindh High Court hearing, a petitioner had on April 6, 2018 stated that the SBP imposed a ban on the use of digital currency despite developing countries are earning significant revenue from the cryptocurrency which doesn’t pose any threat to national interests.

    Dog-themed cryptocurrency surges 3,500% after Elon Musk Christmas tweet

    Santa Floki Coin


    It’s a crypto Christmas miracle. 

    A cryptocurrency named after Elon Musk’s dog multiplied in value this weekend after the world’s richest man posted a photo of his cute canine on Twitter.


    Santa Floki coin — named in a Christmas-themed reference to Musk’s Shiba Inu hound, Floki —surged more than 3,000 percent following a tweet from Elon Musk. It was up an additional 500 percent over the past 24 hours, according to CoinMarketCap data


    On Dec. 25, Musk posted a photo of his dog wearing a Santa costume with the caption “Floki Santa.”  While Musk seems to have just been referencing the fact that his dog was wearing a costume, Santa Floki’s creators pounced on the opportunity to promote their coin. 


    “@elonmusk just tweeted about us and we are humbled by this recognition!” the creators declared on Twitter


    Santa Floki subsequently surged from $0.0000000129 per coin prior to Musk’s tweet to $0.000001718 on Monday. 


    Like Dogecoin, Shiba Inu coin, Flokinomics and others, Santa Floki features a Shiba Inu dog as its mascot and has been propelled by social media hype


    Proponents of these coins typically follow a well-worn strategy: name a coin after a meme such as Elon Musk’s dog — then relentlessly promote the coin online to send its price soaring. The most lucrative promotion is a shoutout from the Tesla CEO himself. 

    Is Cryptocurrency Halal? Experts Weigh In

     

    Cryptocurrency 2022

    The increasing popularity of the Halal finance sector has many questioning whether cryptocurrency is Sharia approved - Australian Halal loans experts Hejaz Financial Services explain.

    The Melbourne-based Halal home loan expert explains that Sharia law has a strict set of regulations for the Halal financial sector that dictate how money can and cannot be made, spent and invested. These regulations state that when it comes to currency, transactions should have a physical form and a definite value – cryptocurrency does not meet either of these requirements.


    Hejaz Financial Services explains that the reasoning behind these rules is that transactions that do not take a physical form or have a definite value carry an element of uncertainty, wagering and speculation. In addition, the trading of cryptocurrencies often catalyses practices that are outlawed under Sharia law, such as gambling or fraudulent activity.


    Thus, cryptocurrencies do not meet Sharia standards as a form of currency. However, Sharia loans experts assert that cryptocurrencies may still have a place in the Islamic financial sector if they are traded as a commodity or digital asset, as long as they meet requirements and display a clear benefit. 


    The use of cryptocurrencies as a form of currency was recently banned for Muslims in Indonesia, a predominantly Islamic country, by the country's council of religious leaders. Many in the country oppose this fatwa, as interest in investing in cryptocurrency is rapidly growing throughout Indonesia, with nearly 6.5 million Indonesian residents investing in cryptocurrency as of May 2021.


    Although many Islamic countries are in heavy debate over the benefits versus the dangers of cryptocurrency – with some, such as Indonesia, even banning its use – Hejaz Financial Services note that fatwas have been known to be changed or reversed. 

    Man arrested over murder of security guard in Qatar

    A source has told Doha News that the shooter was reprimanded by police within minutes of the attack.  A security guard at a residential c...