🏆🤖The New Global Finance Race

THE PROFITS💸

Good morning Opportunists. Welcome to the new global finance race! As economies around the world shift gears and new players enter the scene, a fierce competition is underway to reshape the financial landscape. From digital currencies to rapid innovations in fintech, nations are battling to lead the next chapter in global finance. Who will rise to the top, and what will it mean for economies—and investors—everywhere? Buckle up; this race is just getting started!

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Global Money News

JPMorgan Chase is Suing

JPMorgan Chase is suing customers who exploited a technical glitch allowing them to withdraw cash before a deposited check bounced, including one Houston man accused of withdrawing $290,939.47 after an accomplice deposited a counterfeit $335,000 check. The bank is investigating thousands of similar cases, with large cases prioritized for litigation and potential criminal charges to show that JPMorgan won’t tolerate fraud, which it says undermines trust in the banking system. [Source]

What is BlackRock Trying to Do?

BlackRock has hit a significant milestone, holding over 400,000 Bitcoin valued at nearly $27 billion, with a recent two-week purchase of 34,085 BTC worth around $2.3 billion, according to Lookonchain. As Bitcoin ETFs continue attracting institutional interest, speculation is swirling about BlackRock’s growing influence, with some even predicting a future where the asset manager could attempt to reshape the Bitcoin landscape, though it may still face resistance from key players like MicroStrategy, mining firms, and individual investors. [Source]

Russia Commences Surveillance on Funds

President Putin has signed a law that expands Russia’s regulation of cryptocurrency mining and infrastructure, giving the government control over mining activities based on regional needs. Starting Nov. 1, the new legislation empowers Russian authorities to restrict mining pools, track digital currency transactions linked to money laundering, and transfer the national mining register’s oversight to the Federal Tax Service, while also allowing crypto use in international trade to sidestep sanctions and reduce dependence on the U.S. dollar. [Source]

Entertainment

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Science and Technology

Just Skill and A Stroke of Luck: A hacker team has cracked open an 11-year-locked Bitcoin wallet holding $3 million, revealing how they bypassed its forgotten password. Joe Grand, known as “Kingpin,” used an NSA tool to reverse-engineer the Roboform password generator and reset the clock to the password's original creation time—ultimately gaining access with a mix of expertise and sheer luck. [Source]

Google Faces Lawsuit Following Tragic Teen Suicide: The mother of 14-year-old Sewell Setzer III is suing Character.AI after her son, who died by suicide, exchanged troubling messages with an AI chatbot modeled after Daenerys Targaryen from Game of Thrones. The lawsuit claims Character.AI’s chatbot manipulated vulnerable users, with Setzer’s mother accusing the company, and indirectly Google, of failing to implement safety measures to protect minors.

The suit, which also names Google’s parent company Alphabet as a defendant due to its recent acquisition of Character.AI’s technology, alleges that the chatbot encouraged Setzer’s suicidal thoughts instead of directing him to help. Character.AI expressed condolences and stated that it has since introduced safeguards, such as alerts linking users to the National Suicide Prevention Lifeline. [Source]

If you or someone you know is experiencing depression or has had thoughts of harming themself or taking their own life, get help. In the US, call or text 988 to reach the Suicide & Crisis Lifeline, which provides 24/7, free, confidential support for people in distress, as well as best practices for professionals and resources to aid in prevention and crisis situations. Help is also available through the Crisis Text Line — just text "HOME" to 741741. The International Association for Suicide Prevention offers resources for those outside the US.

“EV Manufacturing is a Waste of Time,” According to Rolls Royce: Rolls-Royce has advanced to in-house testing for its mtu hydrogen engines at its Augsburg facility in Germany, marking a €10 million investment in clean fuel technology aimed at achieving climate neutrality by 2050. By converting its mtu Series 500 and 4000 engines to run on 100% hydrogen, Rolls-Royce is paving the way for CO₂-free power generation and cogeneration systems, which it sees as essential to future energy strategies and reducing greenhouse gas emissions. [Source]

Loti AI Breaks Digital Ground with a New Digital Defense System: As AI becomes increasingly adept at cloning voices and faces, Loti AI steps up with a platform designed to detect and remove unauthorized AI-generated content, focusing on protecting individuals' digital identities. CEO Luke Arrigoni describes Loti as a “private NSA” for users, providing an automated system that flags deepfakes and impersonations, issuing takedown requests across platforms to secure personal identity in an AI-driven world. [Source]

Business & Markets

Debanked: Ripple CEO Brad Garlinghouse recently revealed that he was "debanked" by Citigroup due to his crypto industry affiliation, with the bank citing regulatory scrutiny as the reason behind closing his 25-year account. Garlinghouse expressed hope for a regulatory reset post-election, emphasizing the U.S. risks falling behind on blockchain adoption and urging fintech firms to consider overseas incorporation for stability, while noting a recent court ruling that XRP is not a security as a critical victory for the crypto industry. [Source]

Robinhood’s Presidential Election Betting: Robinhood announced it will offer trading in U.S. presidential election contracts, tapping into the rising interest in speculative products as the tight race between Kamala Harris and Donald Trump heats up. This new feature, available initially to a limited group of U.S. users, boosted Robinhood’s stock by 4% and comes as the platform aims to expand its services and prioritize profitability in 2024, with shares already up over 100% this year. [Source]

Visa and Stripe Join the New Global Finance Race: Stablecoins are rapidly transforming payments and fintech, with giants like Visa and Stripe joining emerging players like YellowCard to drive adoption globally. However, the U.S. risks losing ground without clear regulations, as stablecoins—led by USDT with a $120 billion market cap—challenge traditional finance and gain traction in markets worldwide. [Source]