In a move shaking up the crypto landscape, Washington-based spirits producer Heritage Distilling announced it will now accept Bitcoin as a form of payment, integrating the cryptocurrency into its treasury policy. Known as the first publicly traded distillery to embrace Bitcoin, Heritage is betting on the potential financial benefits and the allure of a new customer demographic despite potential market volatility. The decision follows the establishment of a Technology and Cryptocurrency Committee chaired by former Nubank CTO Matt Swann.
Meanwhile, Wolf Capital’s co-founder, Travis Ford, admitted guilt in a Ponzi scheme defrauding investors out of $9.4 million. Ford had promised returns as high as 547% annually to 2,800 investors through misleading promotions. The funds were misappropriated for personal gain, and Ford’s guilty plea to conspiracy to commit wire fraud could lead to a five-year prison sentence.
On the regulatory front, the US Consumer Financial Protection Bureau proposed extending banking protections to cryptocurrency users. This could potentially allow users of cryptocurrency accounts and wallets to be reimbursed for losses incurred from hacks or scams. The bureau’s move aims to offer similar safeguards as those provided to traditional bank account holders under the Electronic Fund Transfer Act, highlighting the growing concern over the billions lost annually to crypto fraud.
