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Gracy Chen, managing director of global cryptocurrency exchange Bitget, advised her followers and friends not to scan their eyeballs in exchange for a few Worldcoin tokens.

“There’s a huge privacy concern,” she tells Magazine, adding that she isn’t optimistic about its price prospects given the anticipated influx of WLD tokens in the near future.

“There will be much more released in the upcoming year or two,” she explains.

Chen admits that her gig with Bitget is pretty cool, but it also means her American pals constantly bug her for favors.

“Since we stopped onboarding U.S. customers, I’ve had lots of friends who hold a U.S. passport ask if they can get a little back way to open an account.”

“I refuse a lot of requests like that. It is a red line that we just don’t cross,” Chen says. 

Before she started steering strategy at Bitget, Chen worked as an anchor and producer at Phoenix TV’s tech and finance channel, a major player in China’s media scene. 

However, a billion-dollar idea came knocking and quickly led Chen away from journalism.

In 2015, she co-founded a tax startup designed for freelancers, and it skyrocketed to unicorn status in just three years.

“It’s a financial tech company. So, what they do is they provide services for freelancers. They serve the freelancers and provide taxation and salary automation services,” she says.

However, one of her proudest achievements was having football legend Lionel Messi join the Bitget team as a partner.

Chen says Messi faced stiff competition from many candidates, but Bitget ultimately selected him due to his paternal qualities and similarities with the exchange. 

“He had a good reputation as a father, husband and team leader, and also we kind of see some similarity between Bitget and Messi,” she states.

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Chen says that Bitget started in a bear market, and similarly, Messi suffered from growth hormone deficiency when he was young and first starting out in the sport.

“He’s not tall. He is at a disadvantage, so he had a very hard starting point as well.”

What led to Twitter fame?

Chen explains that she discovered her love for Twitter, now X, only after snagging her high-ranking crypto position.

“My Twitter following began in crypto. I guess I wasn’t really active on Twitter when I was a journalist because I was mainly covering the Asian market and reporting in Mandarin,” says.

Chen has a very friendly-natured approach to X, explaining breaking events in broken-down, easy-to-understand threads for her followers.

However, she observes that her Twitter following surges during the same periods Bitget’s business activity spikes.

“My followers grew during a certain period of time, from the end of last year to earlier this year. That’s a period of time when I see a singularity point where you see exponential growth, and that’s also when we had growth in our company.”

“So, I would contribute my success or any sort of achievement or following number mainly to Bitget’s growth,” she adds.

What type of Twitter content can you expect?

Chen’s Twitter account offers serious variety. You’ll get a glimpse into her jet-setting escapades, and who knows, you might even stumble upon some wild travel inspiration. 

But when the crypto world goes haywire — whether it’s lawsuits, exchanges going down or everything in between — Chen serves up honest breakdowns in bite-sized portions.

What type of content do you like?

Chen has mixed feelings about Twitter, thinking it can sometimes become a raucous battleground.

“Twitter is basically a very noisy place. Everyone is changing their opinions and trying to be attention grabbers,” Chen declares.

She reveals that she enjoys seeing updates from Altcoin Daily and Coin Bureau, but she advises hardcore Crypto Twitter addicts to tear their eyes away from the screen every now and then.

“I would highly recommend anyone who is a heavy user of crypto information on Twitter to spend at least one hour or two away from social media and do fundamental research and talk to a group of trustworthy friends.”

Predictions

Chen firmly believes that Bitcoin exchange-traded funds are on the path to approval, though 2023 might not be the year it happens.

“Not this year — we only have three months left this year. Maybe early 2024,” she predicts.

She hints that it could be a “very good driving force” for the next bull market. 

When it comes to Coinbase and Binance’s showdown against the SEC, Chen suggests Coinbase might be in safe waters — but Binance could be in for a rollercoaster.

“I personally think that Coinbase is a pretty well-regulated, U.S.-driven crypto exchange, so the lawsuits might be settled by some fines. As for the SEC vs. Binance, it is much trickier.”

However, she is confident that Binance’s legal warriors will put up a good fight:

“I think they have a very, very big and strong legal team to battle this fight.”

Ciaran Lyons

Ciaran Lyons is an Australian crypto journalist. He’s also a standup comedian and has been a radio and TV presenter on Triple J, SBS and The Project.

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Politics

Another tantrum from the Labour backbenches is inevitable

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Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

In common with many parents across the country, here’s a conversation that I have with my young daughter on a semi-regular basis (bear with me, this will take on some political relevance eventually).

Me: “So it’s 15 minutes until your bedtime, you can either have a little bit of TV or do a jigsaw, not both.”

Daughter: “Ummmm, I want to watch TV.”

Me: “That’s fine, but it’s bed after that, you can’t do a jigsaw as well.”

Fast-forward 15 minutes.

Me: “Right, TV off now please, bedtime.”

(Pause)

Daughter: “I want to do a jigsaw.”

Now replace me with the government, the TV and jigsaw options with axing welfare cuts and scrapping the two-child cap, and my daughter with rebellious backbenchers.

Politics latest: Former Labour leader calls for wealth tax on assets above £10m

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Rachel Reeves’s fiscal dilemma

That is the tension currently present between Downing Street and Labour MPs. And my initial ultimatum is the messaging being pumped out from the government this weekend.

In essence: you’ve had your welfare U-turn, so there’s no money left for the two-child cap to go as well.

As an aside – and before my inbox fills with angry emails lambasting me for using such a crude metaphor for policies that fundamentally alter the lives of some of the most vulnerable in society – yes, I hear you, and that’s part of my point.

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Welfare U-turn ‘has come at cost’

For many in Labour, this approach feels like the lives of their constituents are being used in a childish game of horse-trading.

So what can be done?

Well, the government could change the rules.

Altering the fiscal rules is – and will likely remain – an extremely unlikely solution. But as it happens, one of Labour’s proverbial grandparents has just popped round with a different suggestion.

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Welfare: ‘Didn’t get process right’ – PM

A wealth tax, Lord Neil Kinnock says, is the necessary outcome of the economic restrictions the party has placed on itself.

Ever the Labour storyteller, Lord Kinnock believes this would allow the government to craft a more compelling narrative about whose side this administration is on.

That could be valuable, given one of the big gripes from many backbench critics is that they still don’t really understand what this prime minister stands for – and by extension, what all these “difficult decisions” are in aid of.

The downside is whether it will actually raise much money.

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Is Corbyn an existential risk to Labour?

The super-rich may have lots of assets to take a slice from, but they also have expensive lawyers ready to find novel ways to keep their client’s cash away from the prying eyes of the state.

Or, of course, they could just leave – as many are doing already.

In the short term, the future is a bit easier to predict.

If Downing Street is indeed now saying there is no money to scrap the two-child cap (after heavy briefing in the opposite direction just weeks ago), an almighty tantrum from the backbenches is inevitable.

And as every parent knows, the more you give in, the harder it becomes to hold the line.

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Politics

UK restores diplomatic ties with Syria

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UK restores diplomatic ties with Syria

The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.

The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.

It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.

In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.

“After over a decade of conflict, there is renewed hope for the Syrian people.

“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”

Foreign Secretary David Lammy shakes hands with Syrian interim president Ahmed al-Sharaa in Damascus. Pic: X / @DavidLammy
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Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy

The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.

While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.

The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.

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Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.

In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.

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From May: Trump says US will end sanctions for Syria

He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.

“I say good luck, Syria. Show us something special.”

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Secret Service seizes $400M in crypto, cold wallet among world’s largest

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Secret Service seizes 0M in crypto, cold wallet among world’s largest

Secret Service seizes 0M in crypto, cold wallet among world’s largest

Secret Service quietly amasses one of the world’s largest crypto cold wallets with $400 million seized, exposing scams through blockchain sleuthing and VPN missteps.

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