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https://decrypt.co/117661/binance-joins-us-crypto-lobbying-group-chamber-of-digital-commerce
6️⃣ Ex-FTX CEO Sam Bankman-Fried Signs Extradition Papers in the Bahamas ✈️
According to Bahamas Acting Commissioner of Corrections Doan Cleare, Sam Bankman-Fried (SBF) signed surrender documents yesterday that would see him handed over to the Federal Bureau of Investigation and flown to the United States to face criminal charges. SBF is expected to also sign a separate set of papers finalising his waiver of rights to fight extradition at the Magistrate’s Court in Nassau today.
https://nypost.com/2022/12/20/ftx-ceo-sam-bankman-fried-signs-bahamas-extradition-papers/
FTX also clarified that any “payments or donation to a third party (including a charity)” would not prevent the FTX Debtors from seeking recovery. This means that FTX could potentially institute action against Members of Congress such as Democratic House leader-elect Hakeem Jeffries and Senate Democratic whip Dick Durbin who have previously stated that they have donated money received from FTX to various charities.
https://www.ft.com/content/f3ce4177-470e-408d-9c6b-7bafe6927927
6️⃣ Visa Proposes Automatic Payments Using Ethereum Layer 2 Solution StarkNet 🚀
In a recently published blog post, payments giant Visa’s crypto thought leadership team proposed an idea that would allow crypto-users to be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets.
The proposed solution involves allowing service providers to automatically “pull” funds from users’ Ethereum-powered crypto wallets, through a new type of self-custodial wallet called “delegable accounts,” which is based on the “Account Abstraction” (AA) concept. This means that users would not be required to manually sign off on every transaction. The Visa team has reportedly already successfully tried its delegable accounts on a private chain from layer 2 scaling solution StarkNet, which supports AA.
Visa stated,
“This application could allow a user to set up a programmable payment instruction that can push funds automatically from one self-custodial wallet account to another at recurring intervals, without requiring the user's active participation each time.”
https://cointelegraph.com/news/visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet
📣📣 COIN BUREAU NEWSFLASH! – (19/12/22)
Here are some of today’s most important headlines:
1️⃣ Former BitMEX CEO Sues Exchange for Breach of Contract and Wrongful Termination ⚖️
Alexander Hoeptner, the former CEO of crypto exchange BitMEX, has reportedly sued the cryptocurrency derivatives platform for $3.4 million for breach of contract and wrongful termination.
Hoeptner, who left the company in October 2022, claims that he received a letter of termination citing “baseless” accusations of misusing funds and failing to perform duties, among other things.
In fact, the court filing reveals that Hoeptner is claiming BitMEX owes him a total of $3.4 million, including $2.4 million for his second-year bonus and smaller amounts for remaining wages, relocation expenses and housing.
Hoeptner stated,
“At the direction of the founders and the board, I put my personal and family lives on hold in order to be on the ground managing operations in Singapore and Hong Kong. I’m disappointed that it has gotten to the point that legal proceedings are necessary, but I’ve been left with no choice.”
https://www.coindesk.com/business/2022/12/19/former-bitmex-ceo-alexander-hoeptner-sues-exchange-for-breach-of-contract-and-wrongful-termination/
2️⃣ Nigeria Set to Pass Bill Recognising Bitcoin and Cryptocurrencies 🇳🇬
According to local media reports, the Nigerian government is planning to pass a law (the Investments and Securities Act 2007 [Amendment] Bill) that will recognise the usage of Bitcoin and other cryptocurrencies “as capital for investment.”
According to House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim, the recognition of digital assets is a means to keep up to date with “global practices.” Interestingly, the move comes almost 24 months after Nigeria banned crypto activity in February 2021.
Chairman Ibrahim stated,
“It is not about [the] lifting of the ban, we are looking at the legality: what is legal and what is within the framework of our operations in Nigeria. When cryptocurrency was initially banned in Nigeria, the CBN discovered that most of these investors don’t even use local accounts. So, they are not within the jurisdiction of the CBN. Because they are not using local accounts, there is no way the CBN can check them.”
https://cointelegraph.com/news/nigeria-set-to-pass-bill-recognizing-bitcoin-and-cryptocurrencies
3️⃣ Elon Musk Poll Asking If He Should Step Down as Twitter CEO Ends With 57.5% In Favour 🤔
Yesterday, Twitter CEO and Tesla Chief Elon Musk posted a poll on Twitter asking his followers if he should continue serving as the CEO of Twitter.
His tweet read,
"Should I step down as head of Twitter? I will abide by the results of this poll." He continued "No one wants the job who can actually keep Twitter alive. There is no successor.”
The poll ended with 57.5% currently in favour of him stepping down as the company's CEO. It is yet to be seen if Musk will carry forward with the results of the poll.
https://www.theblock.co/post/196162/elon-musk-twitter-ceo-poll-results
4️⃣ US Senate Banking Chair Floats Possibility of Banning Crypto ❗️
Yesterday, during NBC’s “Meet the Press,” U.S. Banking Committee Chairman Sherrod Brown suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should consider banning cryptocurrencies. Although, he quickly added that such a ban would be difficult to enforce “because it would go offshore, and who knows how that would work.”
He also argued that crypto is “dangerous” and a “threat to national security,” citing North Korean cybercriminal activity, drug trafficking, human trafficking and the financing of terrorism as some of the problems it has helped proliferate.
https://cointelegraph.com/news/us-senate-banking-chair-floats-possibility-of-banning-crypto
Hey Guys,
Not sure if you noticed, but the year is quickly coming to a close. This means it won't be long before the government comes knocking on our doors for a pound of flesh (taxes). And of course, cryptocurrency gains are something tax agencies are very interested in.
The OECD recently released global crypto tax standards that will likely become law in most of its member countries in the next 1-2 years. It's safe to say that some of the reporting requirements could cause issues for both individuals and institutions in crypto.
What's interesting is that OECD has apparently been working on its global crypto tax standards since 2020, and was planning on releasing them in 2021. However, it wasn't until October this year that they were published. I speculate why at the end of the video.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (17/12/22)
Here are some of today’s most important headlines:
1️⃣ Hal Finney's Twitter Account Just Came Back to Life 🧐
Hal Finney’s Twitter account came back to life yesterday after over a decade of inactivity. Finney was the first person ever to receive a Bitcoin transaction and passed away in 2014. The tweet was posted by his wife Fran Finney in order to protect the account from being purged.
The tweet read,
“This is Fran Finney. I am tweeting for Hal to avoid his account being purged by Elon.”
https://decrypt.co/117477/hal-finney-twitter-just-came-back-life
2️⃣ Solana-Based Raydium Exchange Suffers $2 Million Exploit ❌
According to a tweet from Raydium, the Solana-based decentralised exchange platform has suffered an exploit with losses estimated to be more than $2 million. The team’s initial investigation revealed that the attacker had managed to pull the exploit by taking over the exchange’s owner account.
Raydium tweeted,
“Initial understanding is owner authority was overtaken by the attacker, but the authority has been halted on AMM & farm programs for now.”
https://www.coindesk.com/business/2022/12/16/solana-based-raydium-exchange-victim-of-9-figure-exploit/
3️⃣ Democrats To Reportedly Return Over $1M Of SBF's Funding to FTX Victims 💰
Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three major Democratic political committees have stated that they will return more than $1 million in political donations from SBF.
Specifically, the Democratic National Committee (DNC) reportedly plans to return $815,000 in donations from SBF. While the other two Committees, DSCC and DCCC, have also pledged to set aside $103,000 and $250,000, respectively.
DNC stated,
“Given the allegations around potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020. We will return as soon as we receive proper direction in the legal proceedings.”
https://cointelegraph.com/news/democrats-to-reportedly-return-over-1m-of-sbf-s-funding-to-ftx-victims
4️⃣ Binance Proof-of-Reserves Auditor Mazars Halts Crypto Work 🥶
Mazars Group, the accounting firm used by crypto giant Binance Holdings Ltd. and other big players for their proof-of-reserve audit, has reportedly halted all such work for crypto clients. According to a statement from Mazar, the recent move to pause work for crypto clients is due to “concerns regarding the way these reports are understood by the public."
Binance issued a statement which reads,
"Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment."
https://www.bloomberg.com/news/articles/2022-12-16/mazars-to-pause-all-work-for-crypto-clients-binance-says-lbqbamw7
Payments firm PayPal has reportedly partnered with MetaMask developer ConsenSys to enable users to buy ether (ETH) from within the MetaMask app by selecting their PayPal accounts as a payment option. This will facilitate seamless purchases and transfers of ether from PayPal to MetaMask.
ConsenSys stated,
“As the leading self-custodial wallet, MetaMask acts as a digital authority manager and portal for web3, providing users with secure access to their data and online assets. With the addition of PayPal, MetaMask is expanding its payment options to serve its users better and support the broader web3 ecosystem.”
https://www.coindesk.com/business/2022/12/14/paypal-partners-with-crypto-wallet-metamask-to-offer-easy-way-to-buy-crypto/
Crypto exchange Binance’s United States subsidiary Binance U.S. has finally rolled out its Binance Pay service to its U.S. customers. The feature rollout comes 22 months after the global exchange made it available to customers outside the U.S. Binance.US Pay will allow users to send, request and receive almost 150 different cryptocurrencies from other users, enabling instant, zero-cost crypto transfers.
https://www.coindesk.com/business/2022/12/13/binance-launches-payments-service-for-us-customers/
🎄☃️ Christmas PROMO!! 🎁🎅
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Every day for the next 12 days we will have a different discount on a different store item - sometimes as much as 50% off!
So, be sure to visit the store each day over the next few days to see if your favourite merch item is being included.
👉 https://store.coinbureau.com/
📣📣 COIN BUREAU NEWSFLASH! – (13/12/22)
Here are some of today’s most important headlines:
1️⃣ Sam Bankman-Fried Arrested in Bahamas After US Files Charges 👮♂️
FTX Founder Sam Bankman-Fried has reportedly been placed under arrest by the Royal Bahamas Police Force after the US government announced that it had filed a criminal indictment.
In a press statement explaining the arrest, Bahamas Attorney General Ryan Pinder stated,
"As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act. At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States."
https://www.bloomberg.com/news/articles/2022-12-13/sam-bankman-fried-arrested-in-bahamas-after-us-files-charges-lblzp008
2️⃣ Bitcoin Miner Argo Accidentally Said It's Filing for Chapter 11 😮
On Friday, crypto mining firm Argo’s stocks were temporarily suspended on the London Stock Exchange after the firm accidentally published draft materials on its website saying that it was voluntarily filing for Chapter 11 bankruptcy protection in the U.S.
Argo has issued a clarification stating that it has been negotiating with a third party to sell its assets and trying to “engage in an equipment financing transaction” in an attempt to avoid filing for bankruptcy.
Argo stated,
“The Company is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the Company can avoid such a filing. Shareholders should note that the company has not filed for bankruptcy at this time. The Company has requested that the UK Financial Conduct Authority restore the listing of its ordinary shares and that is expected to happen as soon as practicable.”
https://www.theblock.co/post/194230/bitcoin-miner-argo-accidentally-said-its-filing-for-chapter-11-but-is-actually-trying-to-avoid-that-fate-by-selling-assets
3️⃣ Coinbase Report Shows Dramatic Increase in Law Enforcement Enquiries Worldwide 🔎
In its latest transparency report, Coinbase revealed that the exchange received 12,320 law enforcement requests for the year through Sept. 30, which is a 66% increase from last year. Most of the requests were tied to criminal investigations and can be in the form of subpoenas, court orders, search warrants or other formal legal processes. As per the report, the United States, United Kingdom, Germany and Spain accounted for 80% of the requests.
Paul Grewal, Chief Legal Officer of Coinbase stated,
"Since last year’s report, these requests have more than doubled, which we attribute to a combination of our own expansion and an overall increase in law enforcement and regulatory interest in the crypto industry."
https://cointelegraph.com/news/coinbase-report-shows-dramatic-increase-in-law-enforcement-enquiries-worldwide
4️⃣ 'Grossly Inexperienced and Unsophisticated' Leadership Caused FTX Collapse, Says New CEO 🤔
In written testimony ahead of his Dec. 13 appearance before the United States House Financial Services Committee, FTX’s new CEO John J. Ray III stated that the company’s collapse was caused by “a very small group of grossly inexperienced and unsophisticated individuals.” He also stated that despite his vast experience he had never seen “such an utter failure of corporate controls.”
Describing some of FTX’s “unacceptable practices”, Ray stated that these included systems in place on the exchange which allowed senior people in the firm to access customer assets, the commingling of assets, as well as Alameda Research’s ability to use clients’ crypto for its own trading or investments.
Ray also shed light on why FTX.US filed for Chapter 11 despite being supposedly independent. He stated,
📣📣 COIN BUREAU NEWSFLASH! – (21/12/22)
Here are some of today’s most important headlines:
1️⃣ Bitcoin Miner Core Scientific Files for Chapter 11 Bankruptcy Protection 🥶
Core Scientific, one of the largest bitcoin miners by computing power, has filed for Chapter 11 bankruptcy protection in Texas due to falling revenue and low BTC prices. According to the U.S. Bankruptcy Court filing for the Southern District of Texas, the company estimates its assets and liabilities at between $1 billion and $10 billion.
The filing also reveals that the company has about 1,000-5,000 creditors, with the largest unsecured claim coming from investment bank B. Riley. Core Scientific, which accounts for about 10% of computing power on the bitcoin network, is reportedly still generating positive cash flow, but that cash was not sufficient to repay the financing debt owed on equipment it was leasing.
https://www.cnbc.com/2022/12/20/bitcoin-miner-core-scientific-filing-for-bankruptcy-will-keep-mining.html
2️⃣ Bitcoin Miner Greenidge Signs $74M Debt Restructuring Agreement With NYDIG 📉
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), bitcoin miner ‘Greenidge Generation’ has signed a non-binding term sheet to sell most of its mining machines to its creditor NYDIG in an effort to pay down $74 million in debt.
Under the agreement, NYDIG would purchase approximately 2.8 exahashes per second (EH/s) worth of mining machines, along with the transfer of mining infrastructure and credits in exchange for agreeing to a debt reduction of $57 million to $68 million for Greenidge. This deal also contains a hosting agreement that would effectively shift Greenidge’s business strategy from self-miner to hosting provider.
Greenidge CEO Dave Anderson stated,
"This would improve our future liquidity and would provide a significant step toward the improvement of our balance sheet. We believe that the contemplated terms of a concurrently executed hosting arrangement would allow us to continue participating in the future upside potential of bitcoin."
https://cointelegraph.com/news/bitcoin-miner-greenidge-generation-signs-74m-debt-restructuring-agreement-with-nydig
3️⃣ Central African Republic Delays Listing Sango Coin To 2023 🤔
According to an announcement made by the Central African Republic (CAR), the crypto exchange listing of its national cryptocurrency, the ‘Sango Coin’, will be delayed until the first quarter of 2023 due to current market conditions and marketing reasons. Sango Coin is set to be used as part of the country’s plans to tokenise its mineral resources.
https://www.theblock.co/post/196508/central-african-republic-delays-listing-sango-coin-2023
4️⃣ Crypto Trading Firm Auros, Hit by FTX Collapse, Discloses Provisional Liquidation ❗️
According to a recent tweet by Auros Global, the troubled crypto trading firm and market maker was granted a “Provisional Liquidation” request last month from a court in the British Virgin Islands.
Auros stated that the decision was due to the company finding itself in a “position where immediate liquidity was insufficient to satisfy recalls from lenders” due to the fallout from the FTX implosion. It also added that the company’s management and directors remained confident in the “long-term prospects for the business.”
https://www.coindesk.com/markets/2022/12/20/crypto-trading-firm-auros-hit-by-ftx-collapse-discloses-provisional-liquidation/
5️⃣ Binance Joins US Crypto Lobbying Group Chamber of Digital Commerce 🤝
As part of its efforts to step up its engagement with regulators, crypto exchange Binance is reportedly joining the executive committee of the Chamber of Digital Commerce (CDC), a U.S. lobby group for the blockchain industry.
Binance has stated that it would work to “educate, advocate, and bring forth solutions” to help shape crypto regulation in the United States. Other prominent members of the CDC include firms like Citi, Visa, and MasterCard, Dapper Labs, Ripple, Circle, as well as Binance’s U.S. subsidiary which joined last year.
Hey Guys,
I'm sure you've all heard about the FTX hearing by now, but I bet only a few of you have watched it. Not to worry - I've got you covered! I listened to the whole four hour exchange with new FTX CEO John Jay Ray III, and compiled the best bits into today's video.
I must admit that the first bit of the hearing wasn't all that eventful and mostly covered stuff we all know. It's in the second half where things get crazy. Bahamas conspiracies, the apparent absence of evidence of a hack, and FTX being insolvent months ago.
It was also revealing to see the tone of some of these politicians. A few of them expressed concerns about cryptocurrency challenging the US dollar which is surprising given that the crypto market has been crashing hard. I discuss what that means at the end.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (20/12/22)
Here are some of today’s most important headlines:
1️⃣ Binance Ousts Tokocrypto CEO and Is Cutting 58% Of Jobs at Unit 🤔
Yesterday, Binance CEO CZ announced that Binance was injecting more cash to increase its initial stake in its Indonesian unit ‘Tokocrypto’. Binance had previously purchased a 60% stake in the business, and might now acquire the remaining 40%, according to reports.
Shortly after the announcement, reports have come out stating that Binance is replacing Tokocrypto’s current CEO Pang Xue Kai with interim CEO Yudhono Rawis in order to comply with a domestic policy to appoint local leaders. Tokocrypto is also reportedly reducing its workforce by 58% and halting diversification into non-exchange businesses in order to cut costs.
https://www.bloomberg.com/news/articles/2022-12-20/binance-ousts-tokocrypto-ceo-and-is-cutting-58-of-jobs-at-unit
2️⃣ Bored Ape Creator Yuga Labs Nabs New CEO From Gaming Giant Activision Blizzard 🤩
Daniel Alegre, the departing president of Activision Blizzard Inc. is reportedly the new CEO of Yuga Labs, the blockchain startup behind the Bored Ape Yacht Club NFT collection. Yuga Labs also revealed that Alegre will use Mutant Ape Yacht Club #3850 as his new profile picture.
Yuga Labs co-founder Wylie Aronow stated,
"Daniel has held one of the highest-level roles at one of the largest gaming companies in the world. He brings valuable experience across entertainment, e-commerce, and global strategic partnerships, all of which are critical aspects of an immersive Web3 world built by creators and for creators."
https://decrypt.co/117519/bored-ape-creator-yuga-labs-nabs-new-ceo-from-gaming-giant-activision-blizzard
3️⃣ Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up ❗️
According to a tweet by crypto researcher ZachXBT, about 104 BTC linked to the defunct Canadian crypto exchange QuadrigaCX has been transferred out of five cold wallets previously thought to be inaccessible for more than three years.
The company's bankruptcy trustee, Ernst and Young, has also confirmed that they did not initiate the transfers. The BTC left the cold wallets last Friday between 6:52 p.m. ET and 7:14 p.m. ET. A portion of the BTC has been sent to Wasabi, a crypto-mixing service.
https://www.coindesk.com/policy/2022/12/19/bitcoin-addresses-tied-to-defunct-canadian-crypto-exchange-quadrigacx-wake-up/
4️⃣ BlockFi Seeks to Reopen Withdrawals for Certain Users ⚖️
Bankrupt crypto lender BlockFi has reportedly filed a motion with the U.S. bankruptcy court seeking permission to honour withdrawals from wallet accounts, update the user interface to reflect transactions and conduct ordinary course reconciliation of accounts.
BlockFi’s filing reads,
"The BlockFi Wallet Terms of Service are clear. They provide that 'title to the cryptocurrency held in your BlockFi Wallet shall at all times remain with you and shall not transfer to BlockFi.' The Debtors have no legal or equitable interest in cryptocurrency that was present in the Wallet Accounts as of Platform Pause, and clients should be able to withdraw such assets from the platform if they choose."
A hearing on the matter is scheduled for Jan. 9 at 10 a.m. ET.
https://www.theblock.co/post/196489/blockfi-seeks-reopen-withdrawals
5️⃣ FTX Seeks to Claw Back Sam Bankman-Fried’s Political Donations 🔎
Bankrupt crypto exchange FTX has announced that it is considering using legal means to recoup any payments or contributions made by its affiliated companies and former executives, which may include the millions of dollars donated to political causes by the company's former CEO Sam Bankman-Fried.
The company stated,
“To the extent, such payments are not returned voluntarily, the FTX debtors intend to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced,”
Hey Guys,
Hope you all had a good weekend and are ready for another week of crypto chaos. I'm here as always to get you started with my weekly crypto review. I'll start by saying things seem to be calming down a bit, but this is when you need to keep your guard up.
The sudden weakness in the crypto market could very well be an anticipation of crypto and macro factors that are set to unfold in the coming weeks. There's a couple I cover in today's video that you need to be on the lookout for, plus those in my weekly newsletter.
I also tackle another important topic that doesn't seem to be getting enough attention, and that's the prospect of infinite energy through fusion.
And, we finish off the news with some more crypto market analysis by the one and only, Ben Cowen.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (18/12/22)
Here are some of today’s most important headlines:
1️⃣ U.S. Prosecutors Scrutinise Political Donations by Sam Bankman-Fried and Allies 🔎
According to a report by the New York Times, U.S. federal prosecutors have reached out to top members of the Democratic Party seeking more information about political donations made by former FTX CEO Sam Bankman-Fried and the two executives he worked with.
A prosecutor from the U.S. Attorney’s Office for the Southern District of New York sent an email to a law firm representing prominent Democratic political groups, asking for details on donations made by SBF and colleagues. Similar emails were sent over to other members of the Democratic and Republican parties, including Rep. Hakeem Jeffries.
https://www.nytimes.com/2022/12/17/us/politics/sam-bankman-fried-political-donations-doj.html
2️⃣ Sam Bankman-Fried to Reverse Decision on Contesting Extradition ❗️
Sam Bankman-Fried (SBF), the former CEO of FTX, has reportedly reversed his decision to contest extradition and is expected to appear in court in the Bahamas on December 19 to seek a reversal. This means that SBF has consented to be extradited to the US.
Before the U.S. courts, SBF currently faces charges of conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, money laundering and conspiracy to defraud the United States and violate campaign finance law. If convicted on all counts, he could potentially face 115 years in jail.
According to defence lawyer Zachary Margulis-Ohnuma, SBF will likely be held at the Metropolitan Detention Center in Brooklyn upon his arrival in the United States. He could also be held at jails just outside New York City due to overcrowding at the facility.
https://www.reuters.com/world/us/sam-bankman-fried-reverse-decision-contesting-extradition-source-2022-12-17/
3️⃣ OKX Cites Intermittent Outage Amid Alibaba Cloud Equipment Anomaly 😵💫
Crypto exchange OKX has reportedly not processed any withdrawals for almost seven hours due to a hardware failure in the Hong Kong data centre of its primary infrastructure provider Alibaba Cloud.
OKX announced that it was working together with Alibaba Cloud to resolve the issues. In the meantime, users have listed complaints that state that they are unable to withdraw and deposit funds, and account balances have glitched to show $0 in their funds. Some investors also confirmed that their trades got stuck midway and have shown concerns about possible losses.
https://cointelegraph.com/news/okx-cites-intermittent-outage-amid-alibaba-cloud-equipment-anomaly
4️⃣ Dutch Bitcoin Exchange Bitvavo Alleges Digital Currency Group Is Having ‘Liquidity Problems’ 🤔
In a recently published blog post, Dutch crypto exchange Bitvavo stated that the Digital Currency Group (DCG) “has suspended repayments” after “experiencing liquidity problems due to the current turbulence in the crypto market.”
Bitvavo also revealed that it has 280 million Euros ($297 million in USD) or 17.5% of the $1.6 billion Euros it currently manages stuck with DCG. However, Bitvavo assured customers that the situation “does not have any impact on the Bitvavo platform.” It has also guaranteed no service disruption to its users and has announced that it will prefund the locked assets.
The company stated that it “has been making a profit since its inception and is in a financially solid position” and that DCG’s debt will have no negative impact on its day-to-day operations. It further reassured the status quo even if DCG failed to keep their end of the bargain up.
https://decrypt.co/117506/dutch-bitcoin-exchange-bitvavo-alleges-digital-currency-group-is-having-liquidity-problems
Hey Guys,
This was one of the craziest weeks in crypto - and I know that this saying is getting old.
But this is the week when we all saw Sam Bankman Fried led out of a courtroom in handcuffs. A day that many of us thought that we would never see happen. If there was any doubt that SBF would be treated with kid-gloves, that was dispelled when the charges were released.
He is being hit with nearly every financial crime charge in the book. Not only from the SEC, CFTC but also the DOJ. The charges from the DOJ are some of the most serious and could see SBF sent to prison for over 115 years!
However, this still raised several questions about his arrest. For example, why did they do it the day before he was meant to testify in Congress? And are prosecutors eyeing up any co-conspirators? Could this investigation ensnare others in the crypto space? And what could it mean for crypto regulations?
This is all covered in my video today. I take you through all of the charges and explain exactly what they could mean for Sam. I also break down some of the most egregious allegations that some of you may not have known about.
This was one of the most interesting breakdowns so far, so I hope you guys enjoy it!
📣📣 COIN BUREAU NEWSFLASH! – (16/12/22)
Here are some of today’s most important headlines:
1️⃣ SBF Reportedly Files New Bail Application in The Bahamas Supreme Court ❗️
According to local media reports, FTX founder Sam Bankman-Fried (SBF) has filed a new bail application in the Bahamas Supreme Court, after his previous application was dismissed by the Magistrate Court. The new application is set to be heard before the court in just over one month's time, on Jan. 17 2023.
SBF is currently remanded at Fox Hill Prison, whose conditions are “harsh” and overcrowded with poor medical care, sanitation and nutrition, according to a 2021 U.S. State Department report.
https://cointelegraph.com/news/sbf-reportedly-files-new-bail-application-in-the-bahamas-supreme-court
2️⃣ Australian Regulator Sues Finder Wallet For 'Unlicensed' Financial Services ⚖️
The Australian Securities and Investments Commission (ASIC) had reportedly sued Finder Wallet, a subsidiary of Finder.com, over a crypto-linked yield product. Finder Wallet is a locally registered crypto exchange whose “Finder Earn” product has been deemed as an unlicensed financial product by ASIC.
ASIC also alleged that Finder Wallet breached product disclosure requirements and failed to comply with obligations pertaining to distributing financial products in a targeted manner. ASIC stated that the product closely resembled a debenture, and therefore required appropriate licensing.
https://www.theblock.co/post/195590/australian-regulator-sues-finder-wallet-for-unlicensed-financial-services
3️⃣ Donald Trump Announces $99 Digital Trading Card NFTs 🤔
Former U.S. President Donald Trump has released a collection of 45,000 fantasy NFT trading cards that reportedly come with real-life benefits for buyers. These benefits include an invite to a gala dinner with Trump or even a meet-and-greet with the former U.S. president. The NFTs feature themed images of Trump in a style similar to collectable baseball cards. The NFTs are on the Polygon network and cost $99 each.
https://www.coindesk.com/web3/2022/12/15/trump-announces-99-digital-trading-card-nfts/
4️⃣ Coinbase Introduces Recovery Tool for Lost ERC-20 Tokens 🙌
Crypto exchange Coinbase has launched a new tool that will help its customers recover more than 4,000 unsupported ERC-20 tokens sent to its ledger. Customers will be able to use the feature in the coming weeks, except for those in Japan and Coinbase Prime users. For amounts over $100, a separate network cost will be applied to all recoveries, as well as a 5% recovery fee.
Will Robinson, vice president of engineering at Coinbase stated,
“It’s been a pain point for customers who sent ERC-20 tokens to a Coinbase receive address. When people accidentally sent these assets, they were effectively stuck up until this point.”
https://techcrunch.com/2022/12/15/coinbase-asset-recovery-tool/
5️⃣ Crypto Firm Amber Raises $300 Million to Tackle Damage From FTX 💰
Crypto trading firm Amber Group has reportedly changed its fundraising strategy to raise a $300 million Series C round, in response to the collapse of crypto exchange FTX. Amber had previously planned to raise $100 million at a $3 billion valuation in multiple parts. The firm is now planning a new Series C round led by venture capital firm Fenbushi Capital US. The valuation for the latest raise is reportedly lower than the $3 billion achieved in February.
https://www.bloomberg.com/news/articles/2022-12-16/crypto-firm-amber-raises-300-million-to-tackle-damage-from-ftx
Hey Guys,
I saw that a lot of you were asking about Cardano after FTX and Alameda Research collapsed. From what I gathered this was because Solana and other so called Ethereum killers got rekt by the ordeal, and ADA was one of the only cryptos left standing.
As it so happens, Cardano has been really busy. The entities behind Cardano hosted two big conferences, lots of Cardano projects made huge announcements, and there's no shortage of upcoming milestones that could insulate ADA from the bear market.
I'd be lying if I said everything was fine and dandy though. There seem to be some conflicts within the Cardano community, and founder Charles Hoskinson recently seemed to warn that the SEC could target the crypto project next after Ripple.
All of that and more in today's update!
📣📣 COIN BUREAU NEWSFLASH! – (15/12/22)
Here are some of today’s most important headlines:
1️⃣ Bahamian Authorities Were Tipped Off by Top Bankman-Fried Associate 🕵️♂️
According to Bahamian court records, Ryan Salame, co-chief executive of FTX Bahamas, had tipped off the country’s securities commission about Sam Bankman-Fried (SBF) using customer funds to plug holes in the balance sheet of Alameda Research, on November 9.
Salame had reportedly identified SBF and two other FTX executives as potentially being responsible. This previously undisclosed interaction between Salame and the Securities Commission of The Bahamas is the first known instance of a top FTX executive working with law enforcement to expose the extensive, years-long fraud.
https://www.ft.com/content/921d0727-4c6e-48fd-a93b-5234940fe620
2️⃣ Alameda Tried to Redeem 3000 wBTC Days Before Bankruptcy: BitGo CEO 🤔
In a recently hosted Twitter Spaces, BitGo CEO Mike Belshe revealed that Alameda Research attempted to redeem nearly $50 million worth of wBTC just days before it went into bankruptcy.
However, digital asset custodian BitGo reportedly refused to allow Alameda Research to unwrap the tokens due to the redemption request coming from an Alameda representative that BitGo had not dealt with previously. This resulted in the representative failing the security verification process.
Belshe stated,
“So, we [Bitgo] held it up and said this is not what a burn looks like and we need to know who this person was. While we were holding it, waiting for a response on those issues, they [Alameda] went bankrupt and of course, once they went bankrupt, everything halted.”
https://cointelegraph.com/news/alameda-tried-to-redeem-3-000-wbtc-days-before-bankruptcy-bitgo-ceo
3️⃣ Magic Eden Will Reward Loyal Traders with Discounts, Free NFTs 🤩
According to an announcement from Magic Eden- the largest Solana NFT marketplace by sales volume, the NFT marketplace is launching a loyalty rewards program called “Magic Eden Rewards”.
The program will allow users to create a profile across all wallets and will award users with “Magic Points” based on secondary trading transactions on the platform. These points can then be accumulated to hold a place on a ranking board that will grant unique benefits including exclusive creator content, partner discounts, and NFT giveaways that will be airdropped directly to their profile based on their rank.
Additionally, Magic Eden is also planning to introduce dynamic fee pricing into the ranking board. This means that instead of flat fees for trading, the amount that users and creators pay to transact will depend on their marketplace activity and will be distributed between sellers and buyers.
https://decrypt.co/117242/magic-eden-solana-traders-discounts-free-nfts
4️⃣ WisdomTree Launches Nine New Blockchain-Enabled Funds 🙌
New York-based asset manager Wisdom tree has announced the launch of nine new blockchain-enabled funds. The funds will utilise blockchain technology for settlements and will feature a variety of different exposures with each digital fund investing in traditional assets. The launch of the funds comes right before the national public launch of the WisdomTree Prime mobile application in the first quarter of 2023.
Will Peck, WisdomTree Head of Digital Assets, stated,
“These nine new digital funds exhibit the type of curated experience we expect to be able to provide to WisdomTree Prime users, all bringing mainstream assets into the evolving digital ecosystem. We believe that blockchain-enabled finance has the potential to improve the investor experience through enhanced liquidity, transparency and standardisation, which we aim to achieve over time, and these nine digital funds are setting the foundation as we seek to bridge the gap between traditional finance and digital finance today.”
https://www.theblock.co/post/194995/wisdomtree-launches-nine-new-blockchain-enabled-funds
5️⃣ PayPal Working with Crypto Wallet MetaMask to Offer Easy Way to Buy Crypto 🚀
Hey Guys,
Last week, the G7 implemented some of their most forceful actions against Russia’s oil revenues. They implemented their twin measures of a price cap as well as an EU embargo on Russian seaborne oil.
This was designed to reduce the revenue that the country could generate to fund its war into the new year. However, there were also concerns that such intervention in the oil market could impact on prices and the broader market.
That's because Russia could also retaliate to these measures and ship their oil to countries that are ignoring the cap - something that they have threatened to do.
They have also started taking steps to ship this oil to third parties where they can sell above the price cap.
It's a high-stakes game in one of the biggest commodity markets in the world. You also must consider other factors impacting on it including supply (OPEC+) & demand (global economic growth).
I look at all of this in my latest video.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (14/12/22)
Here are some of today’s most important headlines:
1️⃣ Bahamian Securities Regulator Slams New FTX CEO Over 'Misstatements' 🧐
The Securities Commission of Bahamas (SCB) has slammed FTX's new CEO John J. Ray III for his statements regarding the ongoing investigation into FTX. Specifically, the SCB stated that Ray was attempting to “advance questionable agendas” after he made allegations that Bahamian officials were working with former CEO Sam Bankman-Fried to shelter FTX's assets from the U.S. bankruptcy process.
The SCB issued a statement which reads,
“Mr Ray has referred to redacted email correspondence by and between Mr Bankman-Fried and Bahamian officials. Those redactions were designed to create a false impression of communications between Mr Bankman-Fried and the Commission. These redactions are disturbing as Mr Ray is aware that the full email reveals Mr Bankman-Fried's acknowledgement that he had "not briefed the Securities Commission [….] Mr Ray has not once reached out to the Securities Commission to discuss any of his concerns before airing them publicly […] Every action taken by the Securities Commission of The Bahamas was in strict accordance with our country’s legislation and with orders made by the Supreme Court of The Bahamas.”
https://cointelegraph.com/news/bahamian-securities-regulator-slams-new-ftx-ceo-over-misstatements
2️⃣ Canadian Regulator Tightens Grip on Crypto Trading Platforms; Bans Crypto Leverage and Margin Trading ❗️
According to a statement from the Canadian Securities Administrators (CSA), the council of Canada’s provincial and territorial securities regulators is enforcing stricter requirements for crypto firms following the collapse of the FTX crypto exchange last month.
All crypto trading firms operating in Canada will have to comply with the newly expanded terms which include separating client and proprietary business assets, ensuring client assets are held with an “appropriate custodian,” and prohibiting offering margin or leverage for Canadian users.
https://www.theblock.co/post/194500/canadian-regulator-tightens-rules-crypto-trading-platforms
3️⃣ Sam Bankman-Fried’s Bid for Bail Denied by Bahamas Judge ❌
Bahamian Chief Magistrate Joyann Ferguson-Pratt has reportedly denied former FTX CEO Sam Bankman-Fried’s bail application and remanded him to the Department of Corrections. Citing SBF’s medical needs, his attorney had proposed that his client pay $250,000 cash and wear an ankle bracelet to be allowed to leave his cell.
However, the judge stated,
“Risk of flight is so great that Samuel Bankman-Fried ought to be remanded in custody. I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond.”
https://www.bloomberg.com/news/articles/2022-12-13/bankman-fried-is-denied-bail-by-bahamas-judge
4️⃣ Apple Plans to Allow External iOS Apps in Potential Boon for Crypto, NFTs 🤩
Tech giant Apple is reportedly planning to allow third-party app installations on its devices in order to comply with the European Union’s new anti-monopolistic requirements under its EU Digital Markets Act.
The rollout of support for external apps from third-party sources and marketplaces is expected to initially begin only in Europe. However, depending on other countries adopting similar regulations, the functionality could be expanded to other territories as well. This will potentially allow crypto and NFT apps to bypass Apple’s restrictive in-app transaction tax policy.
https://decrypt.co/117172/apple-external-ios-apps-crypto-nfts
5️⃣ Crypto Exchange Binance.US Introduces Payments Service for Customers 🚀
"Questions have been raised as to why all of the FTX Group companies were included in the Chapter 11 filing, particularly FTX US. The answer is because FTX US was not operated independently of FTX.com. Chapter 11 protection was necessary both to avoid a 'run on the bank' at FTX US and to allow our team the time to identify and protect its assets."
https://decrypt.co/117021/grossly-inexperienced-unsophisticated-ftx-collapse
5️⃣ US Judge in Ooki DAO Trial Orders CFTC to Serve Original Founders with Lawsuit ⚖️
Federal judge William Orrick, who is currently presiding over the Ooki DAO case, has ordered the CFTC to serve the lawsuit to Tom Bean and Kyle Kistner, founders of the bZeroX protocol that was Ooki DAO’s predecessor.
The order comes after members of the crypto industry pushed back against the CFTC’s approach to serving summons to DAO members via the online help chatbot on the website. Industry participants argued the CFTC should identify actual members of the DAO and serve them directly instead.
In a hearing on the matter last week, Judge Orrick ordered the CFTC to serve the same suit to Bean and Kistner, noting,
"At the hearing, the CFTC asserted it knew that some of Ooki DAO’s Token Holders reside and conduct business in the United States because the two founders of Ooki DAO’s predecessor entity, bZeroX LLC, are Token Holders who reside in the United States. This was new information to me. Neither the complaint nor the CFTC’s Motion for Alternative Service mention that the former founders, Tom Bean and Kyle Kistner, are or have been Token Holders. To provide the best practicable notice, the CFTC should serve at least one identifiable Token Holder if that is possible. I will delay entering that order until the CFTC has made that attempt."
https://www.coindesk.com/business/2022/12/13/us-judge-in-ooki-dao-trial-orders-cftc-to-serve-original-founders-with-lawsuit/
Hey Guys,
Thought that I would give you something a little different today...
That's a complete unboxing & user guide of a Trezor hardware wallet!
These are the gold standard of crypto self-custody and they are perhaps one of the best investments to secure long term gains.
I take you through all the steps required to not only connect the device, but load it up and withdraw crypto from your exchange onto it.
Enjoy!
https://youtu.be/HR_MPdnryKs
Hey Guys,
I can't believe it's Monday again. Last week really flew by, and it's due in part to all the crazy crypto news. As always, I'm here to break down what I believed to be the biggest headlines, starting with the bombshell report that SBF was trying to depeg Tether.
This ties into another significant story that I touched on, which is the possibility that SBF was also the collapse of Terra, 3AC, and even Celsius. All I'm wondering is whether SBF was funding any crypto media besides The Block. I have a feeling that he was.
Last but not least, there were a few significant CBDC and Digital ID developments that happened over the last week. Nigeria limiting cash withdrawals and Australia rolling out it's national digital ID are the highlights, but there's much more to both these stories.
Finally, Ben Cowen takes it away with some ETH & ADA chart analysis.
Enjoy!