Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Edward Snowden's X-travaganza and a massive money laundering scheme to the CFTC's war on AI fraud and Jack Dorsey's Bitcoin buying bonanza, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets! 🌐

INTEL BRIEF

🟧 Edward Snowden, the well-known whistleblower, recently shared his thoughts on various topics, including freedom of expression, Bitcoin's privacy, and a controversial incident involving South Dakota Governor Kristi Noem, on Elon Musk's X social media platform.

🟧 Alexander Vinnik, co-founder of the crypto exchange BTC-e, has pleaded guilty to money laundering conspiracy following a U.S. Department of Justice investigation that revealed extensive illegal activities on the exchange from 2011 to 2017.

🟧 CFTC Commissioner Kristin Johnson has proposed a three-pronged agenda for regulating AI technologies in U.S. financial markets, including heightened penalties for the intentional misuse of AI.

🟧 Jack Dorsey, co-founder of Block (formerly Square), announced that the company will invest 10% of its gross profit from Bitcoin products into buying Bitcoin each month, as part of its commitment to economic empowerment and the future of money.

Snowden's X-travaganza - Tackling Musk, Bitcoin, and Puppy-Killing Governors!

Edward Snowden, had quite the field day on Elon Musk's X social media platform! In a flurry of posts that left no stone unturned, Snowden took on everyone from the world's richest person to the governor of South Dakota.

First up on Snowden's hit list was none other than Elon Musk himself. When Musk posted a poll asking whether someone who replaces the American flag with another country's flag should be deported, Snowden swooped in with a lesson on freedom of expression.

He reminded Musk that flag-trampling and other unlikable acts are constitutionally protected in the U.S. for a very good reason. Snowden even threw in a hypothetical scenario involving the McDonald's logo, because why not?

Next, Snowden turned his attention to Bitcoin, issuing a "final warning" to developers about the need for privacy at the protocol level.

This comes on the heels of news that Wasabi Wallet developer zkSNACKs is shutting down. While it's unclear exactly what Snowden was warning against, one thing's for sure: he's not one to mince words when it comes to cryptocurrency!

Finally, Snowden set his sights on South Dakota Governor Kristi Noem, who recently faced backlash after revealing in her upcoming book that she shot a 14-month-old puppy in the head. Noem defended her actions as legal, but Snowden was having none of it.

He drew a comparison between excessive force in law enforcement and Noem's farm animal policies, dubbing her a "puppy-killer" and sarcastically suggesting that the police union would claim the pup was "coming right for her."

Edward Snowden had a busy day on Elon Musk's X social media platform, sharing his thoughts on various topics.

He schooled Musk on freedom of expression, warned Bitcoin developers about privacy, and called out South Dakota Governor Kristi Noem for her controversial puppy-killing incident.

Snowden's witty and biting commentary left no one unscathed, proving once again that he's not afraid to speak his mind!

BTC-e Founder Admits to $9B Money Laundering Scheme

Alexander Vinnik, the mastermind behind the now-infamous crypto exchange BTC-e, has finally pleaded guilty to money laundering conspiracy. The U.S. Department of Justice (DOJ) has been hot on his trail, uncovering a web of illegal activities that'll make your head spin!

According to the DOJ, BTC-e processed a whopping $9 billion in transactions during Vinnik's reign, with a user base of over one million people worldwide. But here's the kicker: the platform was a hotbed for laundering funds from all sorts of criminal activities, including computer hacking, ransomware attacks, and drug trafficking. Talk about a one-stop-shop for the crypto underworld!

What's more, BTC-e apparently operated without any of the essential legal compliance measures, like registration with FinCEN or having AML and KYC protocols in place. It's no wonder the platform was so popular among those looking to hide their money from the law!

But wait, there's more! Vinnik was also caught red-handed setting up shell companies and financial accounts across the globe to facilitate the illicit transfer of funds through BTC-e. The total criminal losses? A staggering $121 million, at the very least!

Vinnik has been playing a game of legal hot potato for the past five years, bouncing between Greece, France, and now the U.S. He even tried to secure a prisoner swap deal with Russia, but no such luck.

Alexander Vinnik, co-founder of BTC-e, pleaded guilty to money laundering conspiracy.

BTC-e processed $9 billion in transactions, with funds linked to criminal activities like hacking, ransomware, and drug trafficking.

The exchange lacked legal compliance measures, making it a haven for those looking to hide money from the law.

Vinnik's legal battles span five years and multiple countries, with criminal losses totaling at least $121 million.

CFTC Commissioner Declares War on AI Fraud.

Commodity Futures Trading Commission (CFTC) is gearing up to take on the wild west of artificial intelligence (AI) in financial markets. Commissioner Kristin Johnson has laid out a bold three-pronged agenda that's sure to ruffle some feathers!

First up, Johnson wants to establish a "principles-based framework" to assess the risks of integrating AI into financial markets. It's like a checklist for making sure the robots don't go rogue and start trading like there's no tomorrow.

But here's where things get spicy: Johnson is calling for heightened penalties for those who intentionally misuse AI. That's right, if you're caught using AI to commit fraud or manipulate markets, you better be ready to face the music! Johnson even compared AI to firearms, saying that just like guns enhance the danger of a crime, AI can do the same.

To top it all off, Johnson wants to create a task force to evaluate, assess, and harmonize guidance, supervision, and regulation of AI in financial markets. It's like the Avengers, but for financial crime-fighting!

This news comes hot on the heels of the CFTC appointing its first-ever chief AI officer, Ted Kaouk.

Meanwhile, Representative Maxine Waters is pushing for Johnson to be nominated as the assistant secretary for financial institutions at the U.S. Department of the Treasury. Talk about a power move!

CFTC Commissioner Kristin Johnson has proposed a three-pronged agenda for regulating AI in U.S. financial markets.

The agenda includes a risk assessment framework, heightened penalties for AI misuse, and the creation of a task force.

Johnson compared AI to firearms, saying both can enhance the danger of a crime.

The CFTC recently appointed its first chief AI officer, and Johnson may be nominated for a key role at the U.S. Department of the Treasury.

Jack Dorsey's BLOCK Goes All-In on Bitcoin - DCA'ing Like a Boss

Jack Dorsey, the mastermind behind Twitter and Block (formerly Square), just dropped some serious BTC bombshells in his latest shareholder letter!

First off, Block is going to be investing a whopping 10% of its gross profit from Bitcoin products into buying more Bitcoin every single month. That's right, they're dollar-cost averaging (DCA'ing) like true believers! Dorsey says this move isn't just about technology; it's about investing in a future where economic empowerment is the norm. Preach, Jack!

Let's not forget that Block was one of the first public companies to put Bitcoin on its balance sheet, scooping up $220 million worth of BTC between late 2020 and early 2021. As of March 31, Block's Bitcoin stash was worth around $573 million, with paper gains of $233 million. Not too shabby!

Block's Bitcoin gross profit for Q1 2024 through its Cash App business soared nearly 60% year-on-year to $80.1 million. If they invest 10% of that, they could snag about 1,350 BTC at the current price.

Meanwhile, Bitcoin revenue from customer sales jumped 26% year-on-year to $2.73 billion. The rising average market price of Bitcoin certainly helped!

Dorsey also shared that he's been spending a ton of time on Bitcoin because he believes the world needs an open protocol for money.

He thinks this could help Block serve more people around the world faster, although he admitted that less than 3% of company resources are currently dedicated to Bitcoin-related projects.

Jack Dorsey's Block will invest 10% of its gross profit from Bitcoin products into buying BTC each month.

Block held 8,038 Bitcoin as of March 31, worth around $573 million, with paper gains of $233 million.

Bitcoin gross profit for Q1 2024 was up 60% year-on-year to $80.1 million, and Bitcoin revenue from customer sales increased 26% to $2.73 billion.

Dorsey believes the world needs an open protocol for money, and less than 3% of Block's resources are currently dedicated to Bitcoin projects.

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit more cautious about the power of AI (and the importance of not shooting puppies). Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five 🙌✨

P.S. Don't forget to share your thoughts, questions, and favorite tech puns with us. Every voice matters in the PoI community! 📣❤️ Share the newsletter and let's keep the conversation going!

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