Ark Invest’s Cathie Wood foresees ‘convergence’ of AI and Bitcoin, CZ predicts DeFi may surpass CeFi

Happy Sunday!

Ark Invest CEO Cathie Wood seems excited about a future “convergence” of Bitcoin and artificial intelligence and its potential to lower costs and increase productivity. Changpeng Zhao said DeFi may surpass CeFi in the next crypto bull run, court filings show FTX bought a $2.5 million yacht before going bankrupt, and more than half the people in Turkey now own crypto. Read on!

Cathie Wood lauds Bitcoin, AI

Cathie Wood, CEO of Ark Invest, hailed the technical and business potential for a “convergence” of Bitcoin and artificial intelligence.

Wood tweeted that the combining of Bitcoin with AI may bring down costs and increase productivity. Ark Invest published a research document last month on investing in AI.

CZ says DeFi may surpass CeFi

Binance CEO Changpeng Zhao, also known as CZ, predicted that DeFi may surpass CeFi in the next crypto bull run, Cointelegraph reported, citing a live broadcast on X Spaces (formerly Twitter Spaces).

“I think the more decentralised the industry becomes, the better,” Zhao said. The report noted that recent data shows venture capitalists reallocating funds from CeFi projects to DeFi.

FTX filing shows $2.5m yacht purchase

Funds from now-bankrupt crypto exchange FTX were allegedly used last year to purchase a yacht for Sam Trabucco, then co-CEO of sister company Alameda Research, Crypto.News reported.

FTX debtors revealed financial statements showing that in March 2022, $2.5 million was paid to the American Yacht Group, benefiting Trabucco, who resigned in August 2022, just months before both companies declared bankruptcy, Cointelegraph reported.

Over half Turkish people own crypto

Crypto use has increased to 52% from 40% of the Turkish population over the past year and a half, Decrypt reported, citing a survey conducted by crypto exchange KuCoin.

“The growing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira losing over 50% of its value against the US dollar,” a KuCoin representative told Decrypt.

Crypto theft decreased in August

About $23.4 million of digital assets was stolen from crypto projects in August, which was 92% less than July, when hackers and fraudsters siphoned more than $320 million, CryptoPotato reported, citing research from Immunefi.

According to Immunefi data, more than $1.2 billion in digital assets has been stolen so far this year in 211 specific events.

What we’re reading around the web

10 Cities That Are Bitcoin Hotspots — Investopedia

Opinion: Ben McKenzie’s ‘Easy Money’ holds lessons crypto natives can get behind — DL News

Factbox-Scrutiny of iris-scanning crypto project Worldcoin grows — Reuters