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Hey Guys,
With the crypto market looking the way it is, I know it's easy to miss important crypto headlines. There's one that everyone seems to have missed, and that's that the BIS has released standards to allow central banks to hold crypto on their balance sheets.
The TLDR is that starting in 2025, central banks can allocate up to 2% of their balance sheets into cryptos of ALL kinds! There are of course a few very important details that I explain in the video, but it doesn't change the fact that trillions could enter crypto.
There is a double edged sword to this, however. Should central banks start accumulating large amounts of smart contract cryptocurrencies, they could start to have significant influence over the future payment networks - their direct competitors.
This is definitely a video you need to watch until the end!
📣📣 COIN BUREAU NEWSFLASH! – (31/12/22)
Here are some of today’s most important headlines:
1️⃣ Bithumb’s Largest Shareholder Executive Found Dead Following Allegations of Embezzlement 👮♂️
According to reports, Mr Park Mo, the vice president of Vidente, the biggest shareholder of the South Korean cryptocurrency exchange Bithumb, was discovered dead in front of his house around 4 am on December 30.
Shortly before his death, Mr Mo had been identified as the primary suspect in a case involving stock price manipulation and money embezzlement at businesses connected to Bithumb. Authorities suspect that Mr Mo may have taken his own life due to the nature of the criminal allegations that had been brought against him.
https://cointelegraph.com/news/bithumb-s-largest-shareholder-executive-found-dead-following-allegations-of-embezzlement
2️⃣ Valkyrie Wants To 'Manage and Sponsor' Grayscale’s Troubled Bitcoin Trust (GBTC) 🔎
In a letter posted on its website, crypto asset manager Valkyrie Investments has revealed that it wants to become the sponsor and manager of the Grayscale Bitcoin Trust (GBTC), a product introduced by its rival firm Grayscale Investments. It included a set of proposals on how it intends to manage the product, which includes allowing investors to redeem GBTC at net-asset value via a Regulation M filing.
Parts of the letter posted on the firm’s website reads as follows,
“We are well-equipped to handle the unique challenges and opportunities presented by GBTC. Our combination of technical and regulatory knowledge and hands-on experience makes us the ideal choice to take on this role […] We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done. However, in light of recent events involving Grayscale and its family of affiliated companies, it is time for a change. Valkyrie is the best company to manage GBTC to ensure its investors are treated fairly.”
https://www.bloomberg.com/news/articles/2022-12-30/valkyrie-unveils-proposal-for-grayscale-s-troubled-bitcoin-trust-gbtc
3️⃣ Italian Parliament Approves 26% Crypto-Gains Tax in 2023 Budget 💰
According to Italian Prime Minister Giorgia Meloni's 2023 expansionary budget, crypto traders in Italy will be subject to a 26% capital-gains tax starting in 2023. The new budget won parliamentary approval on Thursday
Thus far, crypto has remained largely unregulated in Italy. However, the new budget legitimises crypto assets by defining them as "a digital representation of value or rights, which can be transferred and stored electronically, using the technology of distributed ledger or similar technology."
Notably, the 26% tax rate only applies to gains from crypto trading if they exceed 2,000 euros in a given tax period. Additionally, in order to encourage the disclosure of crypto profits, the budget also sets a "substitute income tax" for investors at 14% of the value of the assets held as of Jan. 1, 2023, instead of the cost at the time of purchase. Any losses from crypto investments can also be deducted from profits and also be carried forward.
https://www.coindesk.com/policy/2022/12/30/italian-parliament-approves-26-crypto-gains-tax-under-2023-budget/
4️⃣ Sam Bankman-Fried Denies Moving Alameda-Linked Funds: ‘None of These Are Me’ ❌
In his first tweet since being arrested, former FTX CEO Sam Bankman-Fried (SBF) has denied any involvement in the recent movement of funds in wallets linked to Alameda Research. Over $684,000 in crypto has been cashed out of the Alameda-linked wallets via. an exchange in Seychelles, according to an on-chain investigation conducted by DeFi educator BowTiedIguana.
SBF tweeted,
"None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore."
https://decrypt.co/118193/sam-bankman-fried-denies-moving-alameda-linked-funds
Hey Guys,
It's been one hell of a year, and I for one can't wait for it to be over. To help pass the time, I've been thinking about what 2023 has in store for the crypto market. My previous yearly predictions videos have been pretty accurate, and I think this one is my best yet.
I don't want to give too many spoilers, but it's going to be another volatile year for crypto. I believe that it's a year that will end to the upside, but we're going to see lots of crypto specific factors moving the crypto market in the interim. Not all of them will be good.
However, think that crypto adoption will continue at the individual and institution level regardless of price action. This will happen in many ways, not just people HODLing. If I'm correct, then it will set the stage for a truly incredible bull market in 1-2 years.
Enjoy!
Sorokin had previously denied any hack or breach having taken place and had refuted there could have been an inside job from an employee gone rogue. Instead, the firm suggested any leaked APIs were the result of customers being phished. Victims of the 3Commas API leak have now started calling for refunds and an apology from the crypto trading platform for being gaslighted over the whole ordeal.
https://cointelegraph.com/news/3commas-api-leak-victims-demand-refunds-and-apology-for-gaslighting-users
6️⃣ MicroStrategy Sells Off Bitcoin for First Time—Then Buys Even More 📈
Yesterday, MicroStrategy, the largest corporate holder of Bitcoin reserves, revealed that it sold some of its holdings for the first time ever on December 22. The company announced that it made a series of transactions, including a sale of 704 BTC for about $11.8 million.
The company explained the move stating,
“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,”
The company also revealed that it made a purchase of 810 BTC for about $13.6 million on December 24, making the company a net buyer of BTC. The recent purchase paired with another 2,395 BTC purchased by the company between November 1 and December 21 brings the total to about 2,500 BTC purchased since the start of last month.
https://decrypt.co/118061/microstrategy-sells-off-bitcoin-first-time-buys-even-more
“Over the last few months, we have been looking for a way to continue mining through the bear market, reduce our debt load, and maintain access to the unique power grid in Texas. This deal with Galaxy achieves all of these goals, and it lets us live to fight another day,"
https://www.coindesk.com/business/2022/12/28/bitcoin-miner-argo-will-avoid-bankruptcy-with-100m-bailout-from-novogratzs-galaxy/
6️⃣ SBF Borrowed $546M From Alameda to Fund Robinhood Share Purchase 🔎
According to court documents, FTX co-founders Sam Bankman-Fried and Gary Wang borrowed over $546 million from sister company Alameda Research in April and May. The funds were reportedly used to capitalise Emergent Fidelity Technologies Ltd., the shell corporation that bought a 7.6% stake in Robinhood Markets in May.
This revelation could potentially complicate the ongoing legal tug-of-war between crypto lender BlockFi and Emergent, which allegedly pledged the Robinhood shares as collateral for BlockFi’s loans to Alameda on Nov. 9.
https://cointelegraph.com/news/sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase
📣📣 COIN BUREAU NEWSFLASH! – (27/12/22)
Here are some of today’s most important headlines:
1️⃣ Defrost Finance Says Hacked Funds Have Been Returned ❗️
Decentralised leverage-trading platform Defrost Finance has reportedly recovered some of the funds that were stolen in a recent exploit of the platform. The news of the exploit had initially drawn scepticism from the community, with some even expressing concerns about the exploit actually being a potential exit scam.
In a post linked on its website, Defrost stated,
"We will soon start scanning the data on-chain to find out who owned what prior to the hack in order to return them to the rightful owners. As different users had variable proportions of assets and debt, this process might take a little [time]."
https://www.coindesk.com/business/2022/12/26/defrost-finance-says-hacked-funds-have-been-returned/
2️⃣ Fidelity Wants to Give Investment Advice in the Metaverse Say Trademark Filings 🤩
Trillion-dollar asset management firm Fidelity Investments has reportedly filed three U.S. trademark applications to provide services in the metaverse and other virtual worlds. The trademark applications cover a host of Web3 products and services, such as an NFT marketplace, referral services for investment advice and financial planning in the metaverse, virtual real estate investing, and a crypto trading platform in the metaverse.
Interestingly, the patent applications also target investment services for mutual funds and retirement fund investment services in the metaverse. The firm’s decision to expand in the digital asset industry has received some pushback from regulators. Last month, three U.S. senators asked it to reconsider a decision to allow retirement plan participants to invest in bitcoin, saying the industry has become increasingly "volatile, tumultuous and chaotic."
https://decrypt.co/117990/fidelity-wants-give-investment-advice-metaverse-new-patent-filings
3️⃣ BTC.com Parent BIT Mining Hacked, $3 Million In Assets Taken ❌
BTC Mining Limited, a publicly-traded firm and the parent company of BTC.com, has revealed that it was hacked earlier this month. The firm estimates that about $700,000 in client assets and $2.3 million in company assets were stolen.
According to a statement from the firm, the attack occurred on Dec 3rd and has been reported to law enforcement authorities in Shenzhen. Some of BTC.com's digital assets have since been secured.
Bit Mining stated,
“In the wake of discovering this cyberattack, the company has implemented technology to better block and intercept hackers. BTC.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.”
https://www.theblock.co/post/197924/btc-com-parent-bit-mining-hacked-3-million-in-assets-taken
4️⃣ Japan To Lift the Ban on Foreign Stablecoins Like USDT In 2023: Report 🔎
According to local media reports, Japanese regulators are considering reversing some of the major restrictions imposed on the digital asset industry. Specifically, the ban on the domestic distribution of foreign-issued stablecoins such as Tether and USD Coin might be lifted next year.
Japan's Financial Services Agency (FSA) stated that it will require more regulations related to Anti-Money Laundering controls to lift the ban on the domestic distribution of stablecoins. The new stablecoin regulations are expected to allow local exchanges to handle stablecoin trading under the condition of asset preservation by deposits and an upper limit of remittance.
https://cointelegraph.com/news/japan-to-lift-the-ban-on-foreign-stablecoins-like-usdt-in-2023-report
📣📣 COIN BUREAU NEWSFLASH! – (25/12/22)
Here are some of today’s most important headlines:
1️⃣ Sam Bankman-Fried Found 'Chilling' In JFK Airport Lounge On $250M Bail Bond 👨💻
Images of FTX founder Sam Bankman-Fried “chilling” in the business class lounge at New York’s John F. Kennedy International Airport, almost three days after being released on a personal recognisance bail bond, have been trending all over Crypto Twitter. The images which were shared on Twitter by @litcapital, show SBF sitting on a lounge chair with access to a laptop and mobile phone. He was reportedly accompanied by his parents, FBI agents and lawyers.
https://cointelegraph.com/news/sam-bankman-fried-found-chilling-in-jfk-airport-lounge-on-250m-bail-bond
2️⃣ Blockware Customer Accuses Bitcoin Mining Firm of Fraud 🕵️♂️
Crypto mining firm Blockware Solutions LLC has reportedly been sued by London-based Faes & Company for breach of contract, negligence, deceptive trade practices and fraud. The complaint states that Blockware misrepresented the performance capability of its miners and lacked adequate power access to keep the machines running. Faes alleged that it suffered at least $250,000 of damages and is seeking compensatory and punitive damages.
https://www.coindesk.com/business/2022/12/23/blockware-customer-accuses-bitcoin-mining-firm-of-fraud/
3️⃣ Suspected North Korean Hacker Made $365,000 From 1,055 Stolen NFTs: Report 🔎
According to a report by blockchain security firm SlowMist, more than 1,000 NFTs were taken from phishing victims by a wallet address linked to a suspected North Korean APT group. The sale of the NFTs has brought in 300 ETH ($365,000) in profit for the hacker. SlowMist stated that the North Korean APT group used nearly 500 different domain names to target crypto and NFT users with a phishing campaign.
https://www.theblock.co/post/197835/suspected-north-korean-hacker-made-365000-from-1055-stolen-nfts-report
4️⃣ Hong Kong Police Arrest Two Men in Crypto Exchange AAX-Related Case 👮♂️
According to reports, Hong Kong police have arrested two men in a case related to the crypto exchange AAX and have frozen the company’s bank account. The two men, Liang Haoming and Thor Chan are executives of the crypto exchange. Local authorities accused them of claiming there was “system maintenance” as an excuse to delay customers from withdrawing assets due to liquidity issues. One of the executives has also been accused of deliberately misleading law enforcement by allegedly lying to the police about the timeline of his activities in the company.
https://www.bloomberg.com/news/articles/2022-12-24/hk-police-arrest-two-men-in-crypto-exchange-aax-related-case
Hey Guys,
Today, I have a special Christmas treat for you. It's a video breaking down BlackRock's 2023 global outlook report.
In case you have not heard of this firm, they are the largest asset manager in the world and have been extremely active in pushing particular investing themes.
The reason that I am so interested in their macro reports is because they actually completed a report in 2019 that actually predicted the economic response that we saw during the covid pandemic.
This report takes us through several investing themes that they see. They also give their perspective on when we could see a fed pivot and how investors should be positioning their portfolios.
I don't want to give away too much right now - but I will say that this is a video you don't want to miss. Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (23/12/22)
Here are some of today’s most important headlines:
1️⃣ Sam Bankman-Fried Released on $250M Bail Secured by Parents ❗️
According to reports, FTX founder Sam Bankman-Fried has managed to secure bail for $250 million after he appeared in the U.S. federal court in New York on Thursday. SBF’s parents secured his bail with the equity in their house. According to the terms of the bail, SBF is not allowed to leave the house except to exercise. He is also barred from making financial transactions for more than $1,000, can't open new lines of credit and must go through treatment for substance abuse and mental health.
https://www.coindesk.com/policy/2022/12/22/ex-ftx-chief-sam-bankman-fried-makes-appearance-in-us-court
2️⃣ Marshall Islands Legally Recognises DAOs as Domestic Limited Liability Companies 🏦
The Republic of the Marshall Islands has passed a law, “the Decentralised Autonomous Organisations Act of 2022”, to formally recognise decentralised autonomous organisations (DAOs) as domestic limited liability companies (LLCs).
Along with definitions and rules for DAO formation, agreements, and smart contract use, the act will permit both for-profit and non-profit DAOs to register. The new act also permits the establishment of an investment fund so that the Marshall Islands government may keep up its training and education efforts regarding DAOs and their economic integration.
https://cointelegraph.com/news/marshall-islands-legally-recognizes-daos-as-domestic-limited-liability-companies
3️⃣ FTX Customer Committee Taps Paul Hastings for Chapter 11 Case ⚖️
FTX’s Creditor Committee will reportedly be represented by Paul Hastings LLP in the crypto exchange's high-profile bankruptcy proceedings. The nine-member committee representing FTX’s unsecured creditors chose Paul Hastings from a pool of candidates. According to the report, the process to select a financial adviser is ongoing.
https://www.wsj.com/articles/ftx-customer-committee-taps-paul-hastings-for-exchanges-chapter-11-case-11671666596
4️⃣ Argentine Football Association Partners with Metaverse Start-up After World Cup Win 🤝
After Argentina’s triumph in the World Cup in Qatar, the country’s professional football league- the Argentine Football Association (AFA) has partnered with metaverse start-up Upland through an official licensing agreement that includes digital collectables and a virtual gathering space for AFA's fanbase.
AFA President Claudio Fabian Tapia stated,
"The Argentine Professional League has long awaited opportunities to take advantage of emerging technologies to enhance our League's fan experience. This agreement allows us to partner with the best creators of technology and new digital products and thus generate a new source of income for all participating clubs."
https://www.theblock.co/post/197500/argentina-football-association-partners-metaverse-upland-world-cup
Hey Guys,
If you're wondering why the crypto market was recovering and then suddenly crashed, the answer is the Federal Reserve's recent meeting and press conference. Chairman Jerome Powell managed to rug pull the markets again with all the stuff he said.
The Fed's summary of economic projections also doesn't look too promising. Its forecasts for GDP and unemployment suggest the US is headed into a serious recession. It's serious enough that Jerome seems to be shying away from questions about employment.
Obviously, a recession combined with rising interest rates is likely to do a number on the crypto market, but this ultimately depends on whether the Fed can stay the course. Be sure to stick around until the end to find out which scenarios could hurt or help crypto.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (22/12/22)
Here are some of today’s most important headlines:
1️⃣ Bankman-Fried Associates Flip as FTX Co-Founder Arrives in NYC 👮♂️
According to an announcement from U.S. Attorney Damian Williams, former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to fraud and are reportedly cooperating with prosecutors in their investigation into the collapse of FTX.
The announcement coincides with FTX co-founder Sam Bankman-Fried’s (SBF) successful extradition to the U.S. on Wednesday. SBF is expected to make his first appearance in Manhattan federal court on Thursday.
Williams also warned others involved in the collapse to come forward before its too late, stating
“Let me reiterate a call I made last week. If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly and our patience is not eternal.”
https://www.bloomberg.com/news/articles/2022-12-22/ftx-s-gary-wang-caroline-ellison-pleaded-guilty-to-us-charges
2️⃣ Retiring U.S. Sen. Pat Toomey Introduces Stablecoin TRUST Act 📈
Outgoing Pennsylvania Sen. Pat Toomey is reportedly introducing a new stablecoin bill titled “The Stablecoin TRUST Act.” The bill is aimed at establishing a federal regulatory framework for "payment stablecoins," and is designed to guide Congress towards a path of "sensible regulation of cryptocurrencies."
Toomey, who used one of his last few weeks in office to introduce the bill, stated,
“I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation. This bill will also ensure the Federal Reserve, which has displayed significant scepticism about stablecoins, won’t be in a position to stop this activity.”
https://decrypt.co/117767/senator-pat-toomey-payment-stablecoin-trust-act
3️⃣ Peer-to-Peer Crypto Marketplace Paxful Removes ETH From Platform ❗️
Peer-to-peer crypto marketplace Paxful has removed Ether (ETH), Ethereum’s native token, from its marketplace, citing three major concerns with the digital asset. Paxful CEO Ray Youssef announced the move stating, "Revenue is nice, but integrity trumps all."
The first major concern highlighted by Youssef is Ethereum’s switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Youssef reasoned that PoW is the “innovation that makes Bitcoin the only honest money there is” and that Ethereum’s transition to PoS has turned ETH into a “digital form of fiat.”
The second major concern is the relative centralisation of the Ethereum blockchain. He stated that ETH is "controlled by a small number of people” and that one day we will “need permission to use it." The third major concern cited by Youssef is the prevalence of scams in the Ethereum blockchain that “have robbed people of billions.”
https://www.coindesk.com/business/2022/12/21/peer-to-peer-crypto-marketplace-paxful-removes-eth-from-platform
4️⃣ Waves Blockchain Founder Asks Exchanges to Disable Futures Trading for Native Token 🤔
Sasha Ivanov, the founder of decentralised blockchain Waves, has posted a tweet asking centralised exchanges to disable the ability for traders to short the protocol’s native token called waves.
The waves token has been seeing a 40% decline in its price over the last two weeks. The price slump can largely be attributed to the volatility of USDN, an algorithmic stablecoin pegged 1:1 with the U.S. dollar that is backed by the WAVES token.
Ivanov’s tweet reads,
“Waves does not need waves [token] futures markets,” adding, “They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralised exchanges to disable Waves futures markets.”
https://www.theblock.co/post/196924/waves-blockchain-founder-asks-exchanges-to-disable-futures-trading-for-native-token
5️⃣ Ankr Says Ex-Employee Caused $5M Exploit, Vows to Improve Security 🔎
📣📣 COIN BUREAU NEWSFLASH! – (01/01/23)
Here are some of today’s most important headlines:
1️⃣ Australia Overtakes El Salvador To Become 4th Largest Crypto ATM Hub 🇦🇺
According to data from CoinATMRadar, Australia deployed 99 crypto ATMs in the last three months of 2022. As a result, Australia now has 219 operational crypto ATMs, 7 more than El Salvador at the time of writing, effectively displacing El Salvador as the fourth-largest crypto ATM hub. At this rate, Australia will soon surpass Asia's 312 crypto ATMs. The total number of crypto ATMs worldwide is 38,602, out of which 6,071 ATMs were installed in 2022 alone.
https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub
2️⃣ UK Enforces Crypto Tax Break for Foreigners Using Local Brokers 🇬🇧
According to a report by CoinDesk, the U.K. will be enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers from Sunday. The tax exemption is part of U.K Prime Minister Rishi Sunak’s plan to turn the country into a crypto hub.
In an email to CoinDesk, the government's tax arm, the HM Revenue and Customs, stated
“This exemption is an important factor in attracting global investors, meaning foreign investors won’t be brought into U.K. tax simply by appointing U.K.-based investment managers. To build upon the U.K.’s position as an investment management hub, this exemption has been extended to include crypto assets, so that funds which include them aren’t put off from appointing U.K. managers.”
https://www.coindesk.com/policy/2023/01/01/uk-enforces-crypto-tax-break-for-foreigners-using-local-brokers/
3️⃣ Sam Bankman-Fried Likely to Plead Not Guilty to Fraud Charges ⚖️
According to reports, FTX founder Sam Bankman-Fried will likely plead not guilty to the alleged FTX and Alameda-related financial frauds at his arraignment on Jan 3rd before U.S. District Judge Lewis Kaplan in Manhattan. The reports cite an unnamed source familiar with the matter. However, even if SBF pleads not guilty during initial court hearings, he is allowed to change his plea in due time.
https://www.wsj.com/articles/sam-bankman-fried-likely-to-enter-plea-of-not-guilty-11672431309
4️⃣ Animoca Brands Allowed Deadline Extension for Filing Results ❗️
Metaverse and gaming-focused firm Animoca Brands has reportedly been allowed an extension to file its audited financial report for 2020, which was originally due to Australian regulators by the end of 2022. The new deadline is set to the end of the first quarter with subsequent years' accounts to be filed later in 2023.
Animoca's chief communications officer, Ibrahim El Mouelhy, stated
“We do not expect to miss our filing deadlines — as of right now we are on track for the schedule agreed upon with ASIC, our regulator with whom we are working closely.”
https://www.theblock.co/post/198445/animoca-brands-allowed-deadline-extension-for-filing-results
📣📣 COIN BUREAU NEWSFLASH! – (30/12/22)
Here are some of today’s most important headlines:
1️⃣ Turkey’s Central Bank Completes First CBDC Test with More to Come In 2023 🇹🇷
According to a statement released yesterday, the Central Bank of Turkey (CBRT) has successfully carried out the first test payment transactions of its central bank digital currency (CBDC), the Digital Turkish Lira, on its CBDC network. The CBRT has stated that it will continue to run “small-scale, closed-loop application pilot tests” with technology stakeholders in the first quarter of 2023. It will later expand the pilot to include selected banks and financial technology companies over the course of the year.
https://cointelegraph.com/news/turkey-s-central-bank-completes-first-cbdc-test-with-more-to-come-in-2023
2️⃣ China to Roll Out State-Backed Exchange for Digital Collectibles 🇨🇳
According to local media reports, China’s first state-backed digital collectables marketplace, the "China Digital Asset Trading Platform," is set to be unveiled on January 1, 2023. The platform will be run by the government-backed China Technology Exchange and China Cultural Relics Exchange Center and the Huaban Digital Copyright Service Center. An official ceremony celebrating the launch of the marketplace will be held in Beijing.
https://decrypt.co/118123/china-roll-out-state-backed-exchange-digital-collectibles
3️⃣ Bahamian Regulator Holding $3.5 Billion Of FTX Customer Assets 🇧🇸
The Securities Commission of the Bahamas (SCB) has reportedly been holding more than $3.5 billion worth of FTX customer assets in custody since Nov. 12. The regulator stated that the assets will be held until the Bahamas Supreme Court directs the SCB to deliver them to the customers and creditors who own them. It further clarified that the assets were no longer in the control of FTX co-founders and that it had never directed them to prioritise fund withdrawals for Bahamas-based clients.
https://www.theblock.co/post/198434/bahamian-regulator-holding-3-5-billion-of-ftx-customer-assets
4️⃣ Bitcoin Miner Bitfarms' CEO Resigns and Is Replaced by COO 🤔
According to a statement by Bitfarms, the Canadian Bitcoin mining firm has promoted its COO Geoffrey Morphy to the position of CEO. The promotion follows the resignation of former CEO Emiliano Grodzki- who will reportedly remain as a director in the company. Bitfarms co-founder Bonta will also move from executive chairman to chairman of the board.
Bonta stated,
"In a little over two years, Geoff helped transform Bitfarms from a purely Canadian company trading on the TSX Venture Exchange with five farms in Quebec to an international powerhouse traded on both the Nasdaq and TSX with 10 operating farms in four countries driving over 4.4 exahash/second (EH/s) today."
https://www.coindesk.com/business/2022/12/29/bitcoin-miner-bitfarms-ceo-exits-coo-will-replace
Hey Guys,
Not sure if you saw, but JP Morgan recently published a report analysing crypto investment in the United States. The headlines about it definitely caught my eye, so I decided to do a deeper dive, especially because JP Morgan has flip flopped on crypto over the years.
For those who don't know, JP Morgan is the largest bank in the United States, and their CEO is known for being very anti crypto. At the same time, many analysts at the bank have been extremely bullish on BTC and blockchain. They've even invested in crypto companies.
Today's report reveals that crypto adoption increase significantly during the pandemic, and it suggests that we could see similarly exponential growth in the future. Naturally, the report has a concerning undertone that seems to call for crypto regulation.
This is one you don't want to miss!
📣📣 COIN BUREAU NEWSFLASH! – (29/12/22)
Here are some of today’s most important headlines:
1️⃣ Fiji Elects Pro-Bitcoin Prime Minister Sitiveni Rabuka 🤩
Sitiveni Rabuka, the newly elected Prime Minister of the Pacific Islands of Fiji, is reportedly a supporter of Bitcoin. He assumed office on Dec 24th. Lord Fusitu’a, a Tongan noble and a former member of the Tongan parliament, tweeted that he had helped Rabuka understand "how Fiji can do Bitcoin legal tender like Tonga.” He indicated that there could potentially be two “Legal Tender Bills for the Pacific in 2023.”
https://cointelegraph.com/news/fiji-elects-pro-bitcoin-prime-minister-sitiveni-rabuka
2️⃣ Alameda Research Liquidated Ether-Based Token Holdings for Bitcoin in Past 24 Hours, On-Chain Data Shows 🔎
According to on-chain data cited by crypto research firm Arkham Intelligence, 30 cryptocurrency wallets linked to Alameda Research became active on Dec. 28 and have swapped and mixed over $1.7 million worth of crypto assets through various crypto-mixing services.
On-chain sleuth ZachXBT noted four bitcoin wallets where the funds are being consolidated. These wallets hold a combined total of 47.6 BTC, which is currently worth about $800,000. The value of the transactions ranged from a fraction of ether to over 15 ether. Notably, the sudden fund movements come just days after former FTX CEO Sam Bankman-Fried was released on bail.
https://www.coindesk.com/markets/2022/12/29/alameda-research-liquidated-ether-based-token-holdings-for-bitcoin-in-past-24-hours-on-chain-data-shows/
3️⃣ Gemini, Winklevoss Twins Sued for Fraud Over Earn Accounts ❗️
Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, are reportedly facing a potential class action lawsuit for failing to register its interest-bearing accounts as securities. The lawsuit was filed by investors Brendan Picha and Max J. Hastings on behalf of themselves and "others similarly situated" with the U.S. Southern District Court of New York. The complaint alleges that "Gemini marketed GIAs with repeated false and misleading statements, including that GIAs were a secure method of collecting interest."
It further states,
"Gemini also omitted and concealed significant information concerning the risks associated with Gemini Earn, including information concerning its so-called partner and borrower in connection with the program."
https://www.bloomberg.com/news/articles/2022-12-28/gemini-winklevoss-twins-sued-for-fraud-over-interest-accounts
4️⃣ FTX Customers File Class Action Suit to Have Their Payments Prioritised ⚖️
A group of FTX customers have reportedly filed a class action lawsuit in the U.S. Bankruptcy Court for the District of Delaware. The lawsuit demands that FTX customers must have priority in repayment and that they “should not have to stand in line” with other creditors waiting for fund recovery.
The filing reads,
“Cash and assets traceable to customers, which never belonged to FTX or Alameda and do not belong to the estates, should be earmarked solely for customers, and victimised customers should likewise have priority to any other cash possessed or recovered by [the group of affiliated debtors].”
https://www.theblock.co/post/198227/ftx-customers-file-class-action-suit-to-have-their-payments-prioritized
5️⃣ 3Commas API Leak Victims Demand Refunds and Apology For 'Gaslighting' 🧐
Yesterday, 3Commas CEO Yuriy Sorokin finally admitted that the firm was responsible for a sizeable API key leak that occurred a couple of months ago. The admission was made after a hacker published over 100,000 API keys belonging to 3Commas users on Wednesday. The hacker also stated that the rest “will be published full [sic] randomly in the upcoming days.”
Hey Guys,
I know this week's crypto review comes a little later than usual, but I reckon Christmas is as good an excuse as any. Although the crypto market has been quiet, we continue to see some very interesting headlines, and I'm here as always to give you the highlights.
Besides Sam walking out of jail on a 250 million dollar bond without putting down a dollar, the headline that really turned my head was the one about Nigeria legalising crypto. This is surprising given the country banned crypto in 2021 and is pushing its CBDC.
I also couldn't help but notice that there's lots of talk of a potential peace deal between Russia and Ukraine. As far as I know there was a peace deal discussed shortly after the start of the war. Let's hope the next peace deal doesn't end up like the first!
And finally, Ben Cowen takes us through some really interesting charts including the time based capitulation component of Bitcoin's price, ETH's logarithmic channel and the MVRZ measure.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (28/12/22)
Here are some of today’s most important headlines:
1️⃣ Mango Markets Exploiter Arrested in Puerto Rico for Alleged Market Manipulation ⚖️
Avraham Eisenberg, the man behind the $110 million exploit of Solana-based DeFi exchange Mango Markets, has reportedly been arrested in Puerto Rico. According to a previously sealed complaint filed with the Southern District of New York, authorities have charged Eisenberg with market manipulation and fraud.
In the signed deposition, FBI Special Agent Brandon Racz persuaded the judge to issue the arrest warrant by stating,
“The day after the Market Manipulation Scheme – AVRAHAM EISENBERG, the defendant, flew from the United States to Israel. Based on the timing of the flight, the travel appears to have been an effort to avoid apprehension by law enforcement in the immediate aftermath of the Market Manipulation Scheme.”
https://www.theblock.co/post/198172/mango-markets-exploiter-arrested-in-puerto-rico-for-alleged-market-manipulation
2️⃣ North Korea-Linked Lazarus Group Poses as VC Firms to Spread Malware 🥶
According to a new report from the cybersecurity firm Kaspersky, a group linked with North Korean state-sponsored hacking collective Lazarus Group, has expanded its criminal activities to include posing as venture capitalists looking to invest in crypto startups.
The group, which has been named ‘BlueNoroff’ by security researchers, has reportedly created more than 70 fake domains that mimic venture capital firms and banks. The websites, which use malware to target crypto firms, misrepresent themselves as well-known companies from Japan, the United States or Vietnam.
BlueNoroff reportedly also used software to bypass Mark-of-the-Web (MOTW) technology, which ensures that a message from Windows pops up to warn users when trying to open a file downloaded from the Internet.
https://decrypt.co/118031/north-korea-linked-lazarus-group-poses-as-vc-firms-to-spread-malware
3️⃣ US Probes How $372 Million Vanished in Hack After FTX Bankruptcy 🧐
According to a Bloomberg report, the U.S. Department of Justice (DOJ) has launched a criminal probe into the whereabouts of approximately $372 million in missing digital assets that were drained out of FTX-controlled wallets in an alleged hack that occurred the night the Bahamas-based exchange filed for bankruptcy. According to an anonymous source familiar with the case, US authorities have managed to freeze a small fraction of the stolen assets. It remains unclear if the “hack” was an inside job.
https://www.bloomberg.com/news/articles/2022-12-27/us-probes-how-372-million-vanished-in-hack-after-ftx-bankruptcy
4️⃣ Bankman-Fried's Criminal Case Assigned to Judge in Trump, Prince Andrew Cases 👨⚖️
U.S. District Judge Lewis Kaplan is reportedly replacing Judge Ronnie Abrams in the fraud case against former FTX CEO Sam Bankman-Fried after the latter recused themselves citing a potential conflict of interest. Judge Kaplan has previously presided over several high-profile cases, including Chevron’s 2014 environmental case, and Prince Andrew’s 2021 sexual-assault case.
https://www.reuters.com/legal/bankman-frieds-criminal-case-assigned-judge-lewis-kaplan-court-filing-2022-12-27/
5️⃣ Bitcoin Miner Argo Will Avoid Bankruptcy With $100M Bailout from Novogratz’s Galaxy 💰
According to a CoinDesk report, Mike Novogratz’s crypto-focused financial services firm ‘Galaxy Digital’ has agreed to purchase Bitcoin miner Argo Blockchain’s Helios mining facility in Dickens Country, Texas, for $65 million. Argo will also receive a $35 million loan secured by Argo's mining equipment from Galaxy Digital. Argo CEO Peter Wall implied that the deal effectively bails out the Bitcoin miner from a potential filing for bankruptcy protection.
Argo's CEO Peter Wall stated,
Hey Guys,
As you know, governments around the world are in the process of rolling out their CBDCs. Part of this process involves testing CBDC technology, and in the United States the Digital Dollar Project has apparently been one of the primary entities involved.
What's crazy is that the Digital Dollar Project was founded by a former US regulator who is often referred to as 'crypto dad'. What's scary is that the project is a partnership between a non-profit and Accenture, a consulting firm with very close connections to the WEF.
The Digital Dollar Project recently completed it's first CBDC pilot, and it revealed some predictably concerning things about what the digital dollar might look like when it's inevitably rolled out. The worst part is that this is just the first of five pilots!
Enjoy, if you can..
📣📣 COIN BUREAU NEWSFLASH! – (26/12/22)
Here are some of today’s most important headlines:
1️⃣ Defrost Finance Hacked in Attack Some Say May Have Been a Rug Pull 🔎
According to an announcement from Defrost Finance, the DeFi protocol is currently being investigated for a hack. The announcement came after investors reported losing their staked MELT and AVAX tokens from their MetaMask wallets.
However, according to blockchain security firm Peckshield’s “community intel,” the exploit could have been a rug pull that made off with $12 million. Security firm Certik has also stated that it had been unable to contact members of the team.
https://www.coindesk.com/business/2022/12/25/defrost-finance-hacked-in-attack-some-say-may-have-been-a-rug-pull/
2️⃣ Hackers Drain $8M In Assets from BitKeep Wallets in Latest DeFi Exploit 😱
According to a tweet from PeckShield, over $8M worth of assets has been stolen so far in an ongoing exploit on the multichain crypto wallet BitKeep.
The BitKeep team posted a message on their official Telegram group, stating
“Dear BitKeep users, after a preliminary investigation by the team, it is suspected that some APK package downloads have been hijacked by hackers and installed with code implanted by hackers. If your funds are stolen, the application you download or update may be an unknown version (unofficial release version) hijacked.”
https://cointelegraph.com/news/hackers-drain-8m-in-assets-from-bitkeep-wallets-in-latest-defi-exploit
3️⃣ Nexo Terminates Potential Deal with Troubled Crypto Lender Vauld ❌
According to an email sent by Vauld founder and CEO Darshan Bathija, the crypto lender has terminated its plans to be acquired by rival crypto lending platform Nexo. The potential deal has fallen through after six long months of dialogue.
Bathija’s email to the firm's creditors stated,
"Our discussions with Nexo have unfortunately not come to fruition. We have since sought a mutual agreement with Nexo to terminate the existing exclusivity arrangements and we are continuing our active engagement with the shortlisted fund managers in developing a viable strategy that would best serve the creditors' interests."
According to the sources cited in the report, the deal fell through due to multiple reasons. These include Vauld losing a significant amount of funds in the collapsed Terra ecosystem and bankrupt crypto exchange FTX. Additionally, Vauld’s concentration of customers in the U.S. conflicted with Nexo’s plans to leave the country.
https://www.theblock.co/post/197894/nexo-vauld-deal-terminated
4️⃣ 400M Twitter Users’ Data Is Reportedly on Sale in The Black Market ❗️
According to a tweet by cybercrime intelligence firm Hudson Rock, a private database containing private emails and linked phone numbers belonging to 400 million Twitter users is up for sale on the black market.
Hudson Rock stated,
“The private database contains devastating amounts of information including emails and phone numbers of high-profile users such as AOC, Kevin O'Leary, Vitalik Buterin & more” adding “In the post, the threat actor claims the data was obtained in early 2022 due to a vulnerability in Twitter, as well as attempting to extort Elon Musk to buy the data or face GDPR lawsuits.”
https://cointelegraph.com/news/400m-twitter-users-data-is-reportedly-on-sale-in-the-black-market
📣📣 COIN BUREAU NEWSFLASH! – (24/12/22)
Here are some of today’s most important headlines:
1️⃣ Judge Withdraws from Sam Bankman-Fried Case, Cites Potential Conflict of Interest ❗️
US District Judge Ronnie Abrams has recused herself from the legal proceedings around crypto exchange FTX's former CEO and founder, Sam Bankman-Fried (SBF). Abrams explained her withdrawal stating there was a potential conflict of interest due to her husband being a partner at Davis Polk & Wardwell- a law firm that represented parties that may be adverse to FTX and Bankman-Fried in other proceedings.
Abrams stated,
“My husband has had no involvement in any of these representations. These matters are confidential and their substance is unknown to the court. Nonetheless, to avoid any possible conflict, or the appearance of one, the court hereby recuses itself from this action.”
https://www.bloomberg.com/news/articles/2022-12-23/bankman-fried-judge-recused-because-husband-s-firm-advised-ftx
2️⃣ OpenSea Blocks Cuban Artists from The Platform Due to US Sanctions ❌
According to reports, leading NFT marketplace OpenSea is actively delisting artists and collectors from Cuba in order to comply with U.S. sanctions. So far, 30 artists and collectors have been banned from the popular NFT marketplace, including well-known Havana-based artists Gabriel Guerra Bianchini and Fábrica de Arte Cubano.
An OpenSea spokesperson stated,
“We comply with U.S. sanctions law. Our terms of service explicitly prohibit sanctioned individuals, individuals in sanctioned jurisdictions, or services from using OpenSea.”
https://cointelegraph.com/news/opensea-blocks-cuban-artists-from-the-platform-due-to-u-s-sanctions
3️⃣ SEC Increasing Scrutiny of Auditors’ Crypto Work 🔎
According to a Wall Street Journal report, the U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of the work that audit firms are doing for cryptocurrency companies, due to concerns of false confidence arising in investors from the auditor’s proof-of-reserve reports.
SEC’s acting chief accountant Paul Munter stated,
“We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” adding: “Investors should not place too much confidence in the mere fact a company says it’s got a proof of reserves from an audit firm.”
https://www.wsj.com/articles/sec-heightening-scrutiny-of-auditors-crypto-work-11671681693
4️⃣ OKX Unveils 2nd Proof-of-Reserves Report, Promises Monthly Publication 🙌
Just a month after its first proof-of-reserves report, crypto exchange OKX has released a second report with additional features that allow users to verify that the exchange has sufficient assets to handle customer withdrawals.
The report dated Dec. 20 reveals that OKX's wallets held 113,754 bitcoin (US$1.87 billion) against a user balance of 112,192 bitcoin (BTC). That's a bitcoin reserve ratio of 101%, which is a slight decline from the 102% BTC reserve ratio disclosed in the first report released on Nov. 22. OKX has also committed to publishing a monthly report on the 22nd of each month for its 23,000+ addresses as part of its efforts for increasing transparency and trust.
https://www.coindesk.com/business/2022/12/23/okx-unveils-second-proof-of-reserves-report-promises-monthly-publication/
Hey Guys,
As many of will know, FTX and Alameda Research founder Sam Bankman-Fried was supposed to testify to US politicians last week. Although Sam was unable to attend due to his arrest, he leaked the testimony he planned on giving to Forbes.
Sam's planned testimony is quite interesting. Not surprisingly, it reveals that Sam is fairly unhinged, but it also suggests that there's some shady stuff going on at FTX, even with it's new lineup. It also sheds light on FTX's recovery process.
What's frustrating is that it's hard to know how much of what Sam is saying is true. He has lots of incentives to lie through his teeth to minimise his sentence.
You'll see what I mean
According to a statement published on Ankr's website, the $5 million exploit of the Ankr protocol on Dec. 1 was caused by a former employee. The ex-employee reportedly conducted a “supply chain attack” by inserting malicious code into a package of future updates to the team’s internal software.
A security vulnerability caused by the malicious code made it possible for the attacker to take the deployer key for the team from the company's server. Since the exploit, Ankr has reimbursed impacted aBNBc or aBNBb token holders by airdropping ankrBNB and BNB to all affected liquidity providers. Ankr also stated that it was “in the process of working with law enforcement to prosecute the former team member and bring them to justice."
https://cointelegraph.com/news/ankr-says-ex-employee-caused-5m-exploit-vows-to-improve-security
6️⃣ British Columbia Suspends New Crypto Mining Energy Requests 🥶
According to an announcement from the British Columbia government, the Canadian Province’s state-owned electric utility company will not accept any new electricity-connection requests from crypto miners for a period of 18 months.
Minister of Energy, Mines and Low Carbon Innovation Josie Osborne stated,
"Cryptocurrency mining consumes massive amounts of energy to run and cool banks of high-powered computers 24/7/365. We are suspending electricity connection request from cryptocurrency mining operators to preserve our electricity supply for people who are switching to electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities."
https://cointelegraph.com/news/british-columbia-to-halt-new-power-connections-for-crypto-miners
Time for some Q&A!!
It's been a few weeks since I answered some of your questions and earlier this week I put out an instagram asking for some of your questions.
Well, my team have picked some of the most interesting ones and today I am going to answer them
Enjoy
https://www.youtube.com/watch?v=5zXIGDKx3Js