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Bankrupt crypto lender Voyager Digital has reportedly received initial court approval for its proposal to sell the platform to Binance.US for $20 million. As per the terms of the deal, Binance.US will take over the $1 billion worth of assets that Voyager holds on behalf of customers and give account holders the option to cash out. In order for the deal to be finalised, Voyager needs to receive approval from a majority of Voyager's creditors along with approval from US Bankruptcy Judge Michael E. Wiles in a future court hearing.
https://www.bloomberg.com/news/articles/2023-01-10/voyager-approved-to-sell-crypto-customer-accounts-to-binance
📣📣 COIN BUREAU NEWSFLASH! – (10/01/23)
Here are some of today’s most important headlines:
1️⃣ Coinbase To Cut 20% Of Staff in Second Round of Layoffs📉
According to an announcement made today by Coinbase CEO Brian Armstrong, the firm is planning to cut 20% of its workforce (950 employees) in order to reduce its operating expenses by 25%. The move is reportedly part of the company’s measures to ensure that it could “weather downturns in the crypto market”. Coinbase is also shutting down several projects where the company had a “lower probability of success.”
https://www.ft.com/content/03f0aada-961b-46af-86e2-ebace64728e8
2️⃣ Nepal Orders Internet Providers to Block Crypto-Related Websites ❌
Nepal’s telecommunications regulator- the Nepal Telecommunication Authority (NTA) reportedly published a notification on January 8th ordering the country’s internet service providers (ISPs) to prevent operating and managing crypto-related “websites, apps or online networks.” It also threatened legal action against those that failed to comply.
Nepal’s central bank has banned cryptocurrency activities, including trading and mining, since September 2021. The NTA has also previously sought information from the public about anyone participating in illegal activities, such as cryptocurrency In April 2022.
https://www.coindesk.com/policy/2023/01/10/nepal-orders-internet-providers-to-block-crypto-related-websites/
3️⃣ Sam Bankman-Fried Associate Nishad Singh Is the Third to Meet with Prosecutors 🔎
Nishad Singh, the former engineering chief of FTX, is reportedly engaging with the U.S. Attorney’s Office in the Southern District of New York to get a plea agreement. Reports state that Singh attended a “proffer” session last week. Proffer sessions are meetings at which individuals are usually granted limited immunity to share what they know with prosecutors.
https://www.bloomberg.com/news/articles/2023-01-10/third-bankman-fried-associate-nishad-singh-met-with-prosecutors
4️⃣ CFTC Charges Mango Markets Hacker with Fraud ⚖️
The Commodity Futures Trading Commission (CFTC) has filed charges against Avraham Eisenberg, the man behind the $110 million exploit of the decentralised exchange Mango Markets. Eisenberg has been charged with fraud, market manipulation, and violating the Commodity Exchange Act.
The CFTC is seeking monetary penalties, a ban on trading digital asset commodities, and restitution of funds. Its filing reads,
“The goal of Defendant’s scheme was straightforward: to artificially inflate the value of his swap contract holdings on Mango Markets through price manipulation so that he could ‘borrow’ a significant amount of digital assets that he had no intention to repay.”
https://decrypt.co/118732/cftc-charges-mango-markets-hacker
5️⃣ Huobi Korea Seeks to Split from Parent Company, Change Its Name 🧐
According to a report by the Korean outlet News1, Huobi Korea is planning to separate from its global counterpart Huobi Global in order to run its own business. Huobi Korean chairman Cho Kook-bong reportedly plans to buy back the shares currently owned by Huobi Global co-founder Leon Li, who holds 72% of Huobi Korea’s shares. Huobi Korea also plans to change its name once the split has taken place.
https://www.theblock.co/post/200070/huobi-korea-severs-ties
6️⃣ German Regulator Warns of New Banking and Crypto Malware ‘Godfather’ ❗️
In an official statement released on Jan. 9, Germany’s Federal Financial Supervisory Authority (BaFin) warned consumers of a new financial malware “Godfather” which reportedly affects banking and cryptocurrency applications. According to BaFin, the malware has attacked 400 crypto and banking apps operating out of Germany and 15 other countries. This includes 200 banking apps, 100 crypto exchanges, and 94 crypto wallets.
https://cointelegraph.com/news/german-regulator-warns-of-new-banking-and-crypto-malware-godfather
Hey Guys,
Despite what the crypto charts might have you believe, the first week of the year was surprisingly bearish for crypto. There were no shortage of negative headlines that the crypto community hasn't fully appreciated yet, which is why I'm here to break it down.
For starters, Sam Bankman-Fried is a "free" man, at least until his next trial date in October. In the interim it looks like he's been sharing valuable information with US authorities about big crypto companies. Recall that FTX and Alameda were very well connected.
To that end, Binance, DCG, and Silvergate have all been experiencing issues. Not surprisingly, all three entities had close connections to FTX and Alameda, but I suppose that's true of most crypto companies.
Then, we finish off on some onchain analysis by the one and only Ben Cowen.
Enjoy, if you can...
📣📣 COIN BUREAU NEWSFLASH! – (08/01/23)
Here are some of today’s most important headlines:
1️⃣ U.S. Investigators Subpoena Hedge Funds in Binance Money-Laundering Probe ⚖️
According to a report by Washington Post, federal prosecutors are investigating the relationship between U.S.-based hedge funds and Binance as part of a broader investigation into the crypto exchange's potential violation of money-laundering rules. The U.S. attorney’s office for the Western District of Washington in Seattle has reportedly sent subpoenas directing investment firms to hand over records of their communications with Binance.
https://www.washingtonpost.com/technology/2023/01/07/binance-subpoenas-crypto-trading/
2️⃣ NFT Marketplace SuperRare Cuts Staff by 30% 📉
In a statement posted on Twitter, SuperRare CEO John Crain announced that the NFT marketplace had reduced its staff by 30% in order to keep up with bear market conditions.
He stated,
"During the recent bull run, we grew in tandem with the market. In recent months, it's become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake. To correct course, we’ve made the difficult decision to rightsize our team, ensuring that SuperRare Labs will be able to continue serving our community of artists, collectors and curators while remaining the destination for the best cryptoart in the world,”
https://www.coindesk.com/web3/2023/01/07/nft-marketplace-superrare-cuts-staff-by-30/
3️⃣ Ferrari Cuts Ties with Crypto Sponsor Ahead Of 2023 Formula One Season ❌
The racing division of luxury carmaker Ferrari has reportedly exited its multi-year partnership deals with Velas Blockchain and chip manufacturing giant Snapdragon. The termination of the partnership is estimated to result in a cumulative $55 million loss for the Italian team ahead of the 2023 Formula One season.
The Ferrari-Velas partnership was aimed at increasing fan engagement through NFTs and other shared initiatives. However, according to a source close to both parties, the Ferrari team did not comply with clauses that permit Velas to create NFT images.
https://cointelegraph.com/news/ferrari-cuts-ties-with-crypto-sponsor-ahead-of-2023-formula-one-season
4️⃣ FTX Seeks to Recoup Sam Bankman-Fried’s Charitable Donations 🤔
FTX's new management is reportedly seeking to recover millions of dollars in donations made by the crypto exchange and its former CEO Sam Bankman-Fried. However, some of the funds have already been spent, and the gifts came from a wide range of sources and agreements that make it challenging to add them all up.
FTX's charity arm, Future Fund, had reportedly committed more than $160 million to over 110 nonprofit organisations located in the U.S., India, China and Brazil. Federal prosecutors allege SBF used customer deposits to fund his trading firm, make political donations, and for his personal expenses. However, a spokesman for SBF has stated that all charitable donations were all from trading profits, and not from customer deposits.
https://www.wsj.com/articles/ftx-seeks-to-recoup-sam-bankman-frieds-charitable-donations-11673049354
📣📣 COIN BUREAU NEWSFLASH! – (07/01/23)
Here are some of today’s most important headlines:
1️⃣ DCG Crypto Empire DCG Faces US Investigation Over Internal Transfers 🧐
According to a Bloomberg report, the U.S. Department of Justice's Eastern District of New York (EDNY) and the U.S. Securities and Exchange Commission (SEC) are examining transfers between Digital Currency Group and its crypto lending subsidiary Genesis. The report states that the probe is in its early stages and that prosecutors with the DOJ's EDNY office have requested interviews and documents from both entities so far. The report also states that neither entity has been “accused of wrongdoing”.
https://www.bloomberg.com/news/articles/2023-01-07/crypto-empire-dcg-faces-us-investigation-over-internal-transfers
2️⃣ Bluechip NFT Project Moonbirds Signs with Hollywood Talent Agents UTA 🤝
PROOF, the company behind the bluechip NFT project Moonbirds, has reportedly signed a representation deal with major Hollywood talent agents United Talent Agency (UTA).
Kevin Rose, the co-founder of Proof and an early-stage Facebook and Twitter investor, stated
“Today, we’re excited to announce that Proof has signed with United Talent Agency– working together, we’ll be focused on partnerships that extend Moonbirds far beyond our existing Web3 audience, transforming Moonbirds into a global brand […] After meeting quite a few agencies, it was clear that UTA is uniquely positioned to push our brand into new markets. We’re already working on upcoming partnerships we know you’re going to love and couldn't be more excited to kick off 2023 with a bang.”
https://cointelegraph.com/news/bluechip-nft-project-moonbirds-signs-with-hollywood-talent-agents-uta
3️⃣ Polygon Paid y00ts NFT Collection $3 Million to Leave Solana💰
DeLabs, the Los Angeles-based startup behind the popular NFT collections DeGods and Y00ts, has revealed that it received a $3 million grant from Polygon to migrate blockchains.
Frank (aka Rohun Vora), the founder of DeLabs, stated that the firm will use the funds toward its hiring efforts and launch a crypto incubator to support its NFT ecosystem. Upon facing criticism, he stated,
"We didn’t take this deal for the money. That’s just a nice bonus and we will use it effectively. We did this because it’s the most exciting direction for y00ts as a project. Also, if you are really upset — all I ask is to just channel that energy into genuine questions before just automatically assuming the worst.”
https://decrypt.co/118569/polygon-paid-y00ts-3-million-leave-solana
4️⃣ Crypto Losses In 2022 Total $3.9 Billion: Immunefi Report 🥶
A report published on Jan 6 by bug bounty platform Immunefi reveals that the crypto industry lost a total of 3.9 billion dollars in 2022. The report further breakdowns this figure to reveal that hacks accounted for 95.6% of the total being lost, with fraud, scams, and rug pulls comprising the remaining 4.4%.
The report further states,
“DeFi has suffered $3,180,023,103 in total losses in 2022, across 155 incidents. This number represents a 56.2% increase compared to 2021, when DeFi lost $2,036,015,896, in 107 incidents.”
https://www.theblock.co/post/199872/crypto-losses-in-2022-total-3-9-billion-immunefi-report-says
5️⃣ Crypto Exchange Huobi Sees $60M Token Outflows in a Day: Nansen 🔎
According to crypto analytics company Nansen, on-chain data reveals that crypto exchange Huobi experienced outflows of $64 million in the past 24 hours. The outflows follow shortly after the company confirmed that it was planning a 20% headcount reduction. Nansen states that this brings its weekly outflow count to over $100 million and compares this figure with the $22 million in outflows at rival exchange Kraken.
https://www.coindesk.com/markets/2023/01/06/crypto-exchange-huobi-experiences-heavy-token-outflows-nansen
6️⃣ Mt.Gox Repayment Registration Deadline Moved To March 2023 ❗️
📣📣 COIN BUREAU NEWSFLASH! – (06/01/23)
Here are some of today’s most important headlines:
1️⃣ Celsius Founder Mashinsky Sued for Fraud By New York Attorney-General ❗️
Alex Mashinsky, the founder of Celsius Network, has been sued by the attorney general of New York for defrauding hundreds of thousands of investors through his numerous “false and misleading statements” about the condition of the company.
The lawsuit alleges that Mashinsky promoted the company “as a safe alternative to banks while concealing that [it] was actually engaged in risky investment strategies.” New York attorney-general Letitia James also states that Mashinsky had failed to register as a salesperson for Celsius and as a securities and commodities dealer under New York law.
https://www.ft.com/content/73f60c89-a876-46c0-a2fb-ce7f0b605b19
2️⃣ Huobi Confirms 20% Layoffs, Denies Insolvency Rumours 🔎
Following Justin Sun's takeover of the company, crypto exchange Huobi has confirmed its plans to lay off 20% of its workforce as part of its ongoing restructuring. It also stated that the recent media allegations of its purported insolvency are untrue.
Huobi stated,
“With the current state of the bear market, a very lean team will be maintained going forward. The personnel optimisation aims to implement the brand strategy, optimise the structure, improve efficiency and return to the top three.”
https://cointelegraph.com/news/huobi-confirms-20-layoffs-denies-insolvency-rumors
3️⃣ French Central Bank Head Urges Obligatory Licensing for Crypto Firms 🏦
Francois Villeroy de Galhau, the Governor of the Bank of France, is reportedly calling for more stringent licensing requirements for crypto companies in France. Citing the recent volatility in the sector, Villeroy stated that France shouldn’t wait for upcoming EU crypto laws to enact obligatory licensing for local digital asset service providers (DASPs).
Villeroy stated,
“The disruption seen in 2022 is nourishing one basic conviction: France should switch as soon as possible to the compulsory authorisation of DASPs rather than simply requiring their registration.”
https://www.bloomberg.com/news/articles/2023-01-05/france-s-villeroy-urges-obligatory-licensing-for-crypto-firms
4️⃣ Mutant Ape Planet Founder Allegedly Defrauded Customers Of $2.9 Million 👮♂️
Aurelien Michel, the 24-year-old developer behind the Mutant Ape Planet NFT Collection (a Mutant Ape Yacht Club knock-off), has reportedly been arrested in New York and charged with defrauding investors of $2.9 million in a “rug pull scheme.”
The statement by the U.S. Justice Department alleges that Michel marketed the project stating that holders of the NFTs would be entitled to benefits such as “rewards, raffles, exclusive access to other cryptocurrency assets, and the support of a community wallet with funds to be used to market the NFTs.” However, Michel purportedly ended up pocketing the $2.9 million in user funds for personal use.
https://www.theblock.co/post/199648/founder-mutant-ape-planet-defrauded-customers-2-9-million
5️⃣ 3AC Founders Kyle Davies and Su Zhu Tagged in Tweet Delivering Court Subpoena ⚖️
Yesterday, Three Arrows Capital (3AC) co-founders Kyle Davies and Su Zhu were subpoenaed on Twitter after the firm’s liquidators received permission from Singaporean authorities following a United States bankruptcy court order.
The subpoena directed Su and Davies to “furnish all documents available to [them] regardless of whether this information is possessed directly by [them], [their] agents, representatives, employees, or investigators; or by any other legal or non-legal entities controlled by or in any manner presently or precisely affiliated with [them].” In the event, the required documents were no longer in their possession, custody or control, the subpoena requires them to “state the date and nature of the document and explain why the document is unavailable.”
https://decrypt.co/118514/3ac-founders-kyle-davies-su-zhu-twitter-subpoena
6️⃣ Shopify Merchants Can Now Design, Mint and Sell Avalanche NFTs 📈
Hey Guys,
I know it's getting late for 2023 prediction videos, but I wanted to squeeze one more in. This set of predictions comes from Saxo Bank, a Dutch bank with almost 1 million customers. What makes their predictions different from the others is that they are 'outrageous'.
Saxo Bank's 2023 predictions include things like a ban on meat, prices caps, and the creation of a new reserve currency. As ridiculous as it sounds, there's some robust research to back up their forecasts, and some of them could come true in the longer term.
I give you my opinion on which of these predictions I think will come to pass too, so be sure to stick around until the end of each section. Also consider checking out my 2023 crypto predictions video if you haven't already, and the one about Blackrock's predictions too!
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (05/01/23)
Here are some of today’s most important headlines:
1️⃣ Sports Giant Fanatics Sells Off Its Majority Stake in NFT Company Candy Digital 💰
According to an internal email obtained by CNBC, the sports apparel and memorabilia firm Fanatics is divesting its 60% stake in NFT company Candy Digital. The firm is planning to sell its interest to an investor group led by Galaxy Digital, the crypto merchant bank led by Mike Novogratz, the other original founding shareholder.
Fanatics’ CEO Michael Rubin wrote in the internal email,
“Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favourable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transactions volumes and prices for standalone NFTs.”
https://www.cnbc.com/2023/01/04/fanatics-is-divesting-its-60percent-stake-in-nft-company-candy-digital.html
2️⃣ Juno Encourages Users to Withdraw Funds as Crypto Partner Set to Shut Down 🥶
According to a recent tweet by Juno, the crypto banking firm is advising its customers to withdraw and self-custody their digital assets or sell them for cash due to the “uncertainty” with its crypto custodian partner Wyre. Juno CEO and co-founder Varun Deshpande stated that the firm was in the process of “switching custodians” because of the “potential issues with Wyre” which reportedly plans to scale back or wind down.
https://www.theblock.co/post/199376/juno-withdraw-funds
3️⃣ Magic Eden Issue Leads to Fake NFT Listings, Will Refund Affected Users ❗️
Solana NFT Marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs which were listed and sold as part of real collections on its website. The issue was reportedly due to a bug in its newly deployed "activity indexer" for its Snappy Marketplace and Pro Trade tools.
According to Magic Eden, the exploit has led to 25 fraudulent NFTs being sold across four collections in the last 24 hours. Magic Eden is also confirming whether additional NFTs were affected beyond the last day. Two of the affected projects were the popular Solana-based collections ABC and y00ts.
https://www.coindesk.com/web3/2023/01/04/magic-eden-issue-leads-to-fake-nft-listings/
4️⃣ SEC Files Objection to Binance.US’s Plans to Acquire Voyager Digital ⚖️
The U.S. Securities and Exchange Commission (SEC) has filed a “limited objection” to crypto exchange Binance.US’s proposed $1 billion takeover of bankrupt crypto lender Voyager Digital. The regulator cited a lack of “necessary information” and has asked the judge to stop the acquisition until Binance.US discloses more about its own finances and corporate relationship with the global Binance crypto exchange. Additionally, the regulator also wants Voyager to give further information regarding what would follow if the transaction was not completed by April 18.
https://cointelegraph.com/news/sec-files-objection-to-binance-us-s-plans-to-acquire-voyager-digital
5️⃣ Coinbase Reaches $100 Million Settlement With New York Regulators 🤝
After investigating crypto exchange Coinbase's compliance programme, the New York State Department of Financial Services (NYDFS) has come to an agreement with the company.
As per the agreement, Coinbase will pay a $50 million fine to the NYDFS to settle charges that it let users open accounts without conducting sufficient background checks. Coinbase has also agreed to invest another $50 million over the next two years to correct its compliance program.
NYDFS stated,
Hey Guys,
Last week, we had a pretty high profile crypto arrest. And no, I am not talking about SBF or anything to do with FTX. I am talking about the arrest of a one Avi Eisenberg - the Mango Markets exploiter.
For those who don't know, Avi was the hacker who admitted and then bragged about hacking the Mango Markets futures DEX. He was also quite adamant that his actions (which stole $110m from Mango users) was completely legal and that nobody would pursue him legally.
Well, clearly the DOJ and the FBI disagreed.
That aside, his arrest and subsequent prosecution is going to have very interesting implications for the Defi space. That's because not only does it challenge the assertion that "code is law" but it showed that market manipulation in the crypto space is indeed very illegal.
In my video today, I take you through the Mango Markets exploit and how it happened. I also explain what could happen to the Defi space now that it's clear the authorities could be more forceful. Will this make it safer or less so? Could we see similar cases being opened against others who knowingly manipulated crypto markets?
This was definitely an interesting video to break down so I hope you enjoy it!
📣📣 COIN BUREAU NEWSFLASH! – (04/01/23)
Here are some of today’s most important headlines:
1️⃣ Magic Eden Unintentionally Displays Porn, 'Big Bang Theory' Images 😨
Yesterday, users of Solana’s largest NFT marketplace Magic Eden reported seeing images containing scenes from pornography and the Big Bang Theory TV show in place of the usual images on some NFTs.
After users shared snapshots of the debacle on Twitter, Magic Eden quickly explained the situation stating,
"Hey guys our image provider, a 3rd party service we use to cache images, was compromised. Your NFTs are safe and Magic Eden has not been hacked. Unfortunately, you might've seen some um, unsavoury images. Make sure you do a hard refresh on your browser to fix it."
https://decrypt.co/118329/magic-eden-nfts-porn-big-bang-theory
2️⃣ Crypto Miner Core Scientific to Shut 37,000 Celsius Rigs 📉
Celsius Network LLC has reportedly agreed to let crypto miner Core Scientific Inc. shut off more than 37,000 crypto mining rigs that it had been hosting for Celsius during the miner’s bankruptcy proceedings.
Both firms had filed for bankruptcy last year and were locked in a months-long conflict over their contract. Their dispute centred around Celsius’ unpaid dues towards the hosting of its mining rigs by Core, which Celsius argues was due to Core’s breach of their service agreement by unilaterally increasing its power rate. This decision to shut down the mining rigs has effectively brought the conflict to a close.
Celsius attorney Chris Koenig, of the Kirkland & Ellis law firm, stated,
"We've agreed that they can turn off our rigs effective today, and that they don't get to charge us, we don't continue to pay for it."
https://www.bloomberg.com/news/articles/2023-01-03/crypto-miner-core-scientific-to-shutter-over-37-000-celsius-rigs
3️⃣ NFT Project Founder DNP3 Admits to Gambling Away User Funds 🥶
In a recent statement posted to Twitter, DNP3, a Twitch streamer and founder of several crypto projects, admitted to gambling away investor funds. The crypto projects DNP3 founded include The Goobers NFT, metaverse platform Gridcraft Network and the charity-focused cryptocurrency CluCoin.
DNP3’s statement reads,
"Over the last year, I got incredibly addicted to gambling. Every dollar I could find I would put into Stake in hopes of winning big. Even when the big wins did happen it wasn’t enough. Eventually, I lost everything. In addition to my own life savings, I also irresponsibly used investor funds to try and 'get my money back' from the casino, which was wrong for so many reasons."
https://www.theblock.co/post/199021/nft-project-founder-dnp3-admits-to-gambling-away-user-funds
4️⃣ Sam Bankman-Fried Pleads Not Guilty ⚖️
Disgraced FTX founder Sam Bankman-Fried, who has been accused of eight different counts including wire fraud and campaign finance violations, has pleaded not guilty to all charges via his lawyer at the opening of his hearing in a Manhattan federal court on Tuesday.
The presiding judge, U.S. District Judge Lewis Kaplan, also granted Bankman-Fried's application to seal the names of the two additional co-signers who, in addition to his parents, guaranteed his $250 million bail bond. October 2 has been set as the tentative start date for a four-week trial.
https://www.ft.com/content/6613eadb-eea0-42f8-8d92-fe46ad8fcf8c
5️⃣ US Federal Reserve, Other Agencies Continue to Warn Banks About Crypto ❗️
On Tuesday, the U.S. Federal Reserve along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a joint statement that served as a crypto warning for the banking system. The statement addressed past problems in the crypto sector and the regulators’ efforts to maintain sound banking practices in spite of those problems.
Hey Guys,
It seems as if everyone wants to bash the crypto "bubble" and its subsequent bust. However, they seem to neglect to mention many of the biggest bubbles in the stock market. One of the biggest stock market trends over the past 3 years were the Special Purpose Acquisition Companies or SPACs.
These blank cheque companies raised hundreds of billions from retail investors selling them a dream of big-ticket riches on the next "hot stock". They were sponsored by some of the biggest names on Wall Street and saw these institutional titans making millions.
SPACs also saw companies list on the stock markets that were far from ready. Companies that had big promises of growth which has since evaporated.
In my video today, I will be taking you through the SPAC craze as well as the companies and sponsors that pushed it. I will also analyse what this could mean for the SPAC industry going forward. This includes both those companies that listed via SPAC as well as the SPACs that have yet to find a company.
Hope you guys enjoy it!
📣📣 COIN BUREAU NEWSFLASH! – (02/01/23)
Here are some of today’s most important headlines:
1️⃣ Bitcoin Core Developer Claims Loss Of $3.3 Million After PGP Exploit ❗️
Luke Dashjr, a Bitcoin OG and core developer, claims his wallet was hacked due to a Pretty Good Privacy (PGP) key compromise right before the new year. Dashjr claims to have lost “basically” all his BTC, which is about 200 BTC or $3.3 million at current market prices.
He tweeted,
“My PGP key is compromised, and at least many of my bitcoins stolen. I have no idea how. Help please.”
While what exactly caused the exploit is not yet confirmed, many believe a server Dashjr utilised may have been accessed to steal data, including the private keys to his bitcoin wallet. Some have even speculated the incident might a “boating accident”, which is a running joke about people trying to avoid paying taxes by claiming they lost all their BTC in a “tragic boating accident.”
https://www.theblock.co/post/198688/bitcoin-developer-pgp-exploit
2️⃣ Hong Kong Brokers Line Up for SFC Approval Ahead of New Virtual Asset Trading Legislation ⚖️
According to local media reports, financial service companies in Hong Kong have begun seeking advice on licencing requirements and have already begun providing services to retail investors after Lawmakers passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) in December 2022.
The new law, which introduces a new licensing scheme for virtual asset service providers, will allow retail investors the ability to trade in virtual assets. Trading in digital assets is currently only permitted for qualified investors or traders who can show they have at least $1 million in bankable assets.
https://cointelegraph.com/news/hong-kong-brokers-line-up-for-sfc-approval-ahead-of-new-virtual-asset-trading-legislation
3️⃣ Tax-Loss Harvesting Platform Unsellable is Building ‘The World's Largest Collection of Worthless NFTs 🙌
NFT traders and enthusiasts are reportedly offloading their worthless NFTs on a platform called “Unsellable” in order to leverage tax loss harvesting provisions. Unsellable, which launched last month, acquires “worthless” NFTs for the cost of gas plus a few bucks.
The site, which describes itself as “Web3 junk removal,” offers instant liquidity for worthless and unsellable NFTs, providing a quick way for NFT investors to capture their losses. The majority of NFTs that the site buys are derivative projects, or collections that are based on other well-known projects. These include Baby Goblinz, a parody of Goblintown, Lost Nouns, a derivation of Nouns, and Anatomy Science Ape Club, a BAYC derivative.
https://www.coindesk.com/web3/2022/12/31/tax-loss-harvesting-platform-unsellable-is-building-the-worlds-largest-collection-of-worthless-nfts/
4️⃣ Dogecoin Foundation Announces New Fund for Core Developers 💰
In order to further develop the Dogecoin ecosystem in the coming year, the Dogecoin Foundation has recently announced a new fund for Dogecoin Core developers. According to the announcement, 5 million Dogecoin ($360,000) will be allocated to the new fund to support the development of the Dogecoin platform.
The fund will be kept in a new multisignature wallet that is maintained by the Dogecoin foundation's members and requires three of the five signatures from the core developers of Dogecoin, including chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. Besides controlling the release, these custodians won't have any other access to the funds.
https://cointelegraph.com/news/dogecoin-foundation-announces-new-fund-for-core-developers
📣📣 COIN BUREAU NEWSFLASH! – (11/01/23)
Here are some of today’s most important headlines:
1️⃣ Twitter Developing ‘Coins’ Feature with Stripe Payments 🔎
According to the latest updates posted by tech bloggers Jane Manchun Wong and Nima Owji, Twitter seems to be continuing the development of its secret digital asset- “Twitter Coins.” The newly leaked images of the project reveal that Twitter is developing a purchase interface and menu item button for the Coins.
The images also suggest that Twitter will use Stripe to process payments in fiat. However, Owji notes that it seems unlikely that these Coins will exist on the blockchain, as the leaked images make no mention of crypto or blockchain technology. He states that in its current iteration, the Coins seem to be an in-app currency used to support creators.
https://decrypt.co/118824/twitter-coins-awards-stripe-payments
2️⃣ Crypto.com Delists USDT For Canadian Users Following OSC Ban 📉
According to an email sent to customers, Crypto.com is planning to delist the USDT stablecoin from its trading platform for users in Canada. The crypto exchange announced that the delisting will be effective from January 31st and that any USDT balances on the platform post that date will automatically be converted to USDC. It also revealed that the delisting was due to instructions it had received from the Ontario Securities Commission (OSC) as part of its “pre-registration undertaking for a restricted dealer license.”
https://cointelegraph.com/news/crypto-com-delists-usdt-for-canadian-users-following-osc-ban
3️⃣ Gemini Terminates Genesis Loans, Officially Ends Earn Program ❗️
In an email sent to customers, crypto exchange Gemini announced that it was winding down its “Earn” program and was terminating the master loan agreement (MLA) between its customers and Genesis Global Capital.
The email reads,
“We are writing to let you know that Gemini — acting as an agent on your behalf — has terminated the Master Loan Agreement (MLA) between you and Genesis Global Capital, LLC (Genesis), effective as of January 8, 2023. This officially terminates the Earn Program and requires Genesis to return all assets outstanding in the program."
The development follows a heated exchange between Gemini President Cameron Winklevoss and DCG CEO Barry Silbert. Winklevoss had called for the ouster of Silbert from DCG in an open letter posted to Twitter on Tuesday. He accused DCG of misleading investors regarding its financial position. Silbert responded to the accusations by stating that there was no commingling of funds among DCG subsidiaries and that its relationship with Three Arrows Capital was limited to a lending and trading agreement.
https://www.theblock.co/post/200649/gemini-terminates-genesis-loans-officially-ends-earn-program
4️⃣ Euro Stablecoin EEUR Issuance Ceased ❌
e-Money, the Cosmo-based stablecoin-issuing protocol, announced that it will be discontinuing the issuance of its euro stablecoin (EEUR) from March 6th this year.
It explained its decision stating,
“The lack of real-world applications for blockchain has led to low demand for non-USD stablecoins, and the upcoming European MiCA legislation is expected to hinder the scalability of Euro-backed stablecoins and limit business opportunities in the sector. European MiCA legislation in its current form favours commercial banks as future issuers of Euro stablecoins, hurting innovation in the European Union. As a result, the e-Money team has decided to unwind the issuance of EEUR.”
https://www.coindesk.com/business/2023/01/10/euro-stablecoin-eurr-issuance-ceased
5️⃣ Voyager Cleared to Sell Crypto Customer Accounts to Binance 🤝
Hey Guys,
At the end of last month, the team from Coinbase institutional released a comprehensive and insightful report on the crypto markets.
I have already covered several predictions for 2023 but given the scope of this report, we just could not let it slide by. Hence, I have decided to break it down for in my latest vid!
There is a lot that is covered including:
- Prospect for Bitcoin & Ethereum
- Institutional Adoption
- L1 & L2 landscape
- NFTs and their use cases
- Regulations
- Miners & more
As we usually do with these reports, I also give you some of my own thoughts and perspectives on what this could mean for the broader crypto space as well as the individual coins and tokens covered.
This is a vid that you don't want to miss!
📣📣 COIN BUREAU NEWSFLASH! – (09/01/23)
Here are some of today’s most important headlines:
1️⃣ Wyre Imposes Up to A 90% Withdrawal Limit for All Users ❗️
Just days after rumours of a possible shutdown of its platform, crypto payment provider Wyre posted a tweet detailing a modified withdrawal policy that will limit users from cashing out more than 90% of the funds currently held in each account. Wyre stated that the new withdrawal limit would "enable it to navigate the current market environment."
The tweet reads,
"We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits."
https://cointelegraph.com/news/wyre-imposes-up-to-a-90-withdrawal-limit-for-all-users
2️⃣ Ex-FTX US President Harrison to ‘Share in Time’ What He Knew About Firm 🔎
Brett Harrison, the former president of FTX US who stepped down in September last year, posted a tweet stating that he plans to share more details on what he knew about the firm “in [due] time.” The tweet was posted as a response to a tweet that questioned Harrison’s knowledge about the firm and the timeline in which he acquired such knowledge. It remains unknown whether Harrison is working with US regulators or prosecutors.
https://www.bloomberg.com/news/articles/2023-01-09/ex-ftx-us-president-harrison-says-he-ll-share-in-time-what-he-knew-about-firm
3️⃣ Messari Founder Ryan Selkis Says Twitter Account Reinstated After 'Unfortunate Error' 🧐
The Twitter account of Ryan Selkis, the co-founder of the crypto market intelligence firm Messari, was “permanently suspended” on Saturday on grounds of impersonation. Ironically, the impersonation that was flagged indicates that he was suspended for impersonating “Ryan Selkis”- which is himself. Selkis posted an update yesterday stating that the account was “working again." He attributed the suspension to a "simple/unfortunate error" and added that he felt good to be back on the “hell on earth app” he calls “home."
https://www.theblock.co/post/200043/messari-founder-ryan-selkis-says-twitter-account-reinstated-after-unfortunate-error
4️⃣ Swyftx To Chop Its ‘Earn’ Program This Week, Citing Murky Regulations ❌
According to an announcement by Swyftx, the Australian crypto exchange is planning to close its crypto-interest product- the “Earn” program and return users’ entire “Earn” balances to their trade wallets on January 10th.
It cited a “constantly changing regulatory landscape” for crypto products in the country as the main reason for doing so. While acknowledging that the decision might be “disappointing” for users, Swyftx assured that it was “committed to doing what is best for the program in the near term.”
It stated,
“We hope to reopen it once we have settled rules in place in Australia around interest-yielding crypto offerings. In the meantime, our priority is to continue to positively engage with regulators and the government to protect existing and future Aussie crypto users.”
https://cointelegraph.com/news/swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations
Hey Guys,
Not sure if you've noticed, but governments around the world are in process of introducing laws that would result in online censorship. Naturally, many of these laws are titled to suggest they're about something else like 'safety' and 'services' or 'children'.
Unfortunately for the people in power, I took the time to unpack exactly what all these bills are about. I cover online censorship legislation in Canada, the UK, Europe, and of course the United States. I felt like I barely scratched the surface, but it was enough.
What's interesting is that these collective censorship efforts aren't necessarily being coordinated by any international organisation or group. It's the result of declining trust in most countries, something that's been accelerated by pandemic restrictions.
This is a video you cannot miss
In an announcement made yesterday, Mt. Gox trustee Nobuaki Kobayashi revealed that the timeline for Mt. Gox financial details registrations and the first tranche of repayments has been pushed back by two months to March 10th and Sept. 30th respectively. Kobayashi cited the “progress by rehabilitation creditors” in the selection and registration as a reason for the change in deadline.
https://cointelegraph.com/news/mt-gox-repayment-registration-deadline-moved-to-march-2023
According to an announcement by Shopify, merchants on the e-commerce platform can now mint and list NFTs on the Avalanche blockchain using the Venly Shopify merchant app. The NFTs will reportedly be "automatically turned into products" that can be displayed and purchased on their storefronts.
Venly also states that buyers won't need to have an existing Avalanche wallet or need to handle crypto to purchase an NFT. Instead, buyers will be provided with the option to pay with fiat money, following which they will receive a link to a newly-created Avalanche wallet with the freshly minted NFT inside.
Shopify Blockchain Ecosystem Lead Christina Lomazzo stated,
“Our growing blockchain ecosystem demonstrates our commitment to supporting merchants as they sell NFTs directly through their storefronts, helping to further grow participation in Web3 and expand what’s possible in commerce.”
https://www.coindesk.com/web3/2023/01/05/shopify-merchants-can-now-design-mint-and-sell-avalanche-nfts/
“Coinbase has acknowledged its failures in this respect to the Department. Furthermore, certain of these issues have been known to Coinbase since at least 2018, flagged through both internal assessments and external reviews, including examinations conducted by the Department. Although Coinbase has worked to correct these issues, its progress has been slow: progress in certain areas did not occur until recently, and work remains outstanding to the present.”
https://www.nytimes.com/2023/01/04/business/coinbase-settlement-anti-money-laundering.html
6️⃣ UK National Crime Agency to Launch Specialised Crypto Team 🚀
According to a civil service job posting, the UK’s National Crime Agency (NCA) is planning to set up a specialised cryptocurrency and virtual assets team called the National Cyber Crime Unit (NCCU) Crypto Cell.
As per the job posting, the government body is looking for applicants for the position of "cryptocurrency investigator." It also states that the applicants are expected to "provide strategic and tactical advice" in investigations and have "strong experience" in running forensic blockchain investigations on serious and organised crime. Candidates can expect a salary between $48,200 and $52,400.
The NCA also confirmed that the initial team will be made up of five officers based within its existing NCCU.
https://decrypt.co/118390/uk-national-crime-agency-to-launch-specialized-crypto-team
The statement highlighted eight key risks for banks engaging with crypto assets, namely fraud, legal uncertainty, inaccurate or misleading representations, volatility, stablecoin risk, contagion risk, lack of maturity and robustness in risk management, and the exposure to inherent risks present in decentralised systems.
https://www.coindesk.com/policy/2023/01/03/us-federal-reserve-other-agencies-continue-to-warn-banks-about-crypto/
📣📣 COIN BUREAU NEWSFLASH! – (03/01/23)
Here are some of today’s most important headlines:
1️⃣ Bithumb's Former Chair Lee Jung-Hoon Found Not Guilty ⚖️
According to a report by Korea Economic Daily, Lee Jung-Hoon, the former chair of the South Korean crypto exchange Bithumb, was found not guilty by the 34th Division of the Criminal Agreement of the Seoul Central District Court.
In October 2018, allegations were made against Jung-Hoon that he had illegally violated the Act on the Aggravated Punishment of Specific Economic Crimes when negotiating the purchase of Bithumb from Kim Byung-Gun, chairman of the cosmetic surgery company BK Group. Jung-Hoon faced a potential eight-year jail sentence if the charges were proven.
https://www.theblock.co/post/198798/bithumb-lee-jung-hoon-not-guilty
2️⃣ Gemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Frozen Funds 🔎
In an open letter to Digital Currency CEO Barry Silbert, Gemini co-founder Cameron Winklevoss accused Silbert of “bad faith stall tactics” and the intermingling of funds between DCG and its subsidiary Genesis Global Capital. Winklevoss stated that Genesis refuses to return the $900 million in customer funds that were lent by Gemini under its lending product called Earn.
The letter reads,
“For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe […] Every time we ask you for tangible engagement, you hide behind lawyers, investment bankers, and process.”
https://www.bloomberg.com/news/articles/2023-01-02/gemini-s-cameron-winklevoss-accuses-dcg-ceo-barry-silbert-of-bad-faith-tactics
3️⃣ DeFi Protocol SushiSwap to Shutter Lending Product to Focus on DEX ❌
According to a tweet by SushiSwap CTO Matthew Lilley, the Ethereum-based DeFi protocol is planning to shut down its lending protocol (Kashi) and token launchpad (Miso). The decision is reportedly part of its broader plans towards making the protocol sustainable and profitable.
Lilley explained that Kashi “had a number of design flaws, ran at a loss, and had a lack of resources to dedicate to it,” while Miso merely suffered from a “lack of resources.” He also stated that Sushi developers would instead focus more on the protocol’s DEX product. SushiSwap reportedly plans to launch new staking and launchpad products to replace Miso and Kashi, once it has the necessary resources available.
https://www.coindesk.com/tech/2023/01/03/defi-protocol-sushi-to-shutter-lending-product-to-focus-on-dex/
4️⃣ Final Fantasy Maker Square Enix Reaffirms Focus on Blockchain Games 🎮
According to a Jan. 1 letter from Square Enix President Yosuke Matsuda, the Japanese company behind the popular game Final Fantasy will be continuing to focus on blockchain game development despite turbulence in the crypto market.
The letter reveals that the firm has devoted “aggressive investment and business development efforts” to the blockchain gaming sector and that it is developing “multiple blockchain games” based on original IP this year. The letter also reveals that the firm is considering investment opportunities around blockchain-based business, whether in “Japan or abroad”.
https://decrypt.co/118257/final-fantasy-maker-square-enix-reaffirms-focus-blockchain-games
5️⃣ Turkey To Use Blockchain-Based Digital Identity for Online Public Services 🇹🇷
During the Digital Turkey 2023 event, Fuat Oktay, the vice president of Turkey, announced that the country plans to use blockchain technology during the login process for online public services. Specifically, the country’s digital government portal ‘E-Devlet’ will use a blockchain-based digital identity to verify Turkish citizens during login.
https://cointelegraph.com/news/tuerkiye-to-use-blockchain-based-digital-identity-for-online-public-services
Hey Guys,
Happy new year!
I'm here to start off your first working week with my one and only weekly crypto review. I must say that today's episode is quite special, because there were some very interesting headlines in the final week of 2022.
Besides all the speculation around Sam moving Alameda assets around and cashing out almost 700k in crypto, asset manager Valkyrie is itching to acquire Grayscale's ailing Bitcoin Trust. All I will say here is that you won't believe who's really behind the offer.
And yes, I noticed that many of you were asking about Solana after its two top NFT projects migrated into Ethereum's ecosystem. I made sure to squeeze in a bit about it because like Vitalik Buterin, I am optimistic that the project has potential in the long term.
Finally, we finish off with some analysis by Ben Cowen. He takes a look at Bitcoin vs. Altcoin season, 2022 performance relative to previous bear markets & much more.
Enjoy!