updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The largest Bitcoin miner Marathon Digital (NASDAQ: MARA) has been slapped $139 million in fine against the charges of breach of a non-disclosure agreement. This happened as the Bitcoin miner lost a jury verdict against Michael Ho, the former co-founder of US Bitcoin Corp and the chief strategy officer of mining company Hut 8.
In the official press release, Affeld England & Johnson LLP, who represented Michael Ho explained that back in 2020, the executive had developed a growth strategy for Marathon Digital. This includes developing a large-scale Bitcoin mining facility in North America.
The law firm stated that Marathon breached the agreement by executing Ho’s strategy without compensating him for his efforts. Thus, the Bitcoin mining giant breached the non-circumvent agreement between the two parties.
David Affeld, one of the partners at Affeld England & Johnson LLP, said that this verdict puts clear emphasis on honoring the agreements. “It sends a powerful message that ethical business practices are not optional, they are essential. It reinforces the importance of honoring contractual obligations and respecting professional relationships,” said Affled.
After falling 3% on Monday, the MARA stock is facing further selling pressure dropping an additional 2,.5% in the pre-market session on Tuesday.
Also Read: Kaspa Price Jumps 13% As Bitcoin Mining Giant Marathon Digital Mines the Altcoin
Popular Bitcoin analyst Willy Woo said that one of the most popular indicators i.e. the Bitcoin miner capitulation is now over. The analyst also added that the Bitcoin hash rate is now recovering sharply suggesting the bottom in both – BTC price and hash rate – that aligns with the introduction of the new generation mining hardware to the Bitcoin network.
Woo highlighted that the new M66s hardware went live last week, followed by the S21 Pros this week. This would provide an additional thrust to the hash rate highlighting network growth and increased security.
As reported by CoinGape, the Bitcoin mining stocks have given a strong recovery registering 30-40% gains over the past month. Market analysts believe that these stocks would continue to outperform Bitcoin in the coming months.
According to Woo, macro bottoms occur when miner profitability is at its lowest, and a significant signal emerges when a Bitcoin halving event reduces miner earnings by 50%, often leading to a proper bull run. He indicated that the market is currently in this stage, suggesting that miners are poised to see increased profitability moving forward.
Woo added that public listed Bitcoin miners are likely to break out very soon and now is the opportune time to invest in Bitcoin mining.
Also Read: US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The CEO of Ripple recently suggested that Wells Fargo did not receive the ‘FTX treatment’ despite exploiting its customers.
Ripple CEO Brad Garlinghouse recently likened the recent Wells Fargo fund management fiasco to the collapse of FTX. However, Garlinghouse disapproved of what he perceived as a hypocritical reaction to Wells Fargo’s case. According to the Ripple CEO, the leading American bank’s $3.7 billion fine for mismanaging customers’ interests was on the same scale as FTX’s monumental fall. However, Garlinghouse says the outrage directed at Wells Fargo turned out to be barely noticeable compared to the sunken crypto exchange.
The Ripple CEO took to Twitter to share his thoughts on the matter in a post that read:
“The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in customer funds as well, it’s barely a blip on the radar. Food for thought…”
Garlinghouse’s tweet was accompanied by a popular comic book meme that alluded to the perceived double standard by government authorities.
Garlinghouse’s criticism of the lack of attention directed towards Wells Fargo for its misdeeds garnered varied responses from Twitter observers. Although few questioned the meaning behind his verbal attack, a majority supported the Ripple CEO’s assessment of the Wells Fargo case. This majority support included insisting that relevant authorities should have extended the same FTX treatment to the prominent bank. In addition, some other users pointed out that the system favored traditional banking and finance over crypto-focused operations. Yet still, a few users also addressed the perceived double standard as proof that traditional banks’ own and control the government.’
Two days ago, the United States Consumer Financial Protection Bureau (CFPB) demanded that Wells Fargo pay a $3.7 billion fine. According to the consumer protection agency, Wells Fargo committed widespread mismanagement of auto loans, mortgages, and deposit loans. The CFPB also alleged that the San Francisco-based bank’s unethical conduct resulted in billions of dollars in financial harm to clients. This mismanagement also resulted in the wrongful foreclosure of homes and illegal repossession of vehicles, to name a few.
The CFPB’s hefty fine comprised over $2 billion in consumer redress and a $1.7 billion civil penalty.
Weighing in on Wells Fargo’s unlawful systematic fees and interest charges on its customers, CFPB Director Rohit Chopra stated:
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families. The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country.”
In addition, Chopra suggested that this incident was not the first time the banking giant would violate the law. As he put it, “this is an important initial step for accountability and long-term reform of this repeat offender.”
According to reports, there are 16 million customers affected in the latest Wells Fargo case.
In 2016, the multinational bank and financial services platform also received a $185 million fine from the CFPB. At the time, the agency accused Wells Fargo of creating countless fraudulent savings accounts for its customers without their consent. By 2020, the banking giant agreed to pay $3 billion to resolve all liabilities pertaining to the case.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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