Crypto lender BlockFills has temporarily suspended customer withdrawals, while Instagram's head revealed a hefty compensation package amid a social media addiction trial, and gold is predicted to become a reserve asset as the dollar's standing declines. These developments come as Israel accuses individuals of using military secrets for betting, and U.S. sanctions are cited as a factor in Iranian protests.
BlockFills, a Chicago-based crypto trading platform, announced on Wednesday that it would temporarily halt customer deposits and withdrawals, citing the need to protect clients and the firm, according to Fortune. The decision was largely influenced by the current downturn in cryptocurrencies, with Bitcoin down approximately 48% from its all-time high in October. A spokesperson for BlockFills declined to provide further comment.
Meanwhile, Adam Mosseri, the head of Instagram, disclosed his compensation during a social media addiction trial against Meta and YouTube. Mosseri, who has led Instagram since 2016, testified that he earns roughly $900,000 annually, along with performance-based bonuses that can reach up to half his salary, according to multiple outlets covering the trial. He also receives stock-based pay, which has varied yearly but has been in the tens of millions of dollars, with some years exceeding $20 million. The trial involves a 20-year-old plaintiff who alleges she developed mental health issues due to social media addiction.
In financial news, Greenlight Capital founder David Einhorn predicted a significant shift in global reserve assets, forecasting that central banks will increasingly swap dollars for gold, according to CNBC and Fortune. Einhorn's prediction comes as U.S. deficit spending swells, potentially chipping away at the dollar's status as the world's leading reserve currency. Gold prices recently surged past $5,300 per ounce.
In other news, Israeli authorities arrested several individuals and charged two with using classified information to place bets on the prediction market platform Polymarket, according to NPR. Prosecutors allege a civilian and a military reservist were indicted for bribery and obstruction of justice. The specific trades under investigation have not been identified.
Finally, U.S. sanctions played a role in the economic hardship that sparked protests in Iran, according to NPR. The protests, which also address human rights, corruption, and freedom, were fueled by economic challenges, in part due to the sanctions.
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