137999
Get the latest updates from Guy straight to your Telegram 📲 Includes: - Guy's trades 📈 - Portfolio updates ⚖️ - announcement of video's in the pipeline and coin's on our watchlist 👀 - guy.eth
The Federal Deposit Insurance Corporation (FDIC) has issued a cease-and-desist letter to executives of crypto exchange CEX.IO warning them that their false and misleading statements about its fiat currency wallets being FDIC-insured is in potential violation of federal laws. The agency has given the exchange 15 days to make corrections.
https://www.coindesk.com/policy/2023/02/15/fdic-tells-crypto-exchange-cexio-to-stop-claiming-us-dollars-held-in-its-wallets-are-insured
6️⃣ Crypto Giant Binance Expects to Pay Penalties to Resolve U.S. Investigations 🔎
In an interview with the Wall Street Journal, Patrick Hillmann, Binance’s chief strategy officer, stated that the exchange expects to pay monetary penalties to settle existing U.S. regulatory and law-enforcement investigations of its business. Hillmann cited the exchange’s quick growth and initial team made of members lacking in legal clarity as reasons for “the gaps in its compliance efforts”.
https://www.wsj.com/articles/crypto-giant-binance-expects-to-pay-penalties-to-resolve-u-s-investigations-f1e3c9d2
🚨Rally Report🚨
OPTIMISM
The price of OP has rallied by 18% in the past 24 hours.
WHY?!
💰 Lido Finance rolled out its new yield farming incentive program on Optimism today. The program will reward users who stake Ethereum on Lido and migrate their staked Ether to engage in yield farming activities on the Optimism mainnet.
🚀 Optimism developer Kelvin Fichter recently confirmed that the protocol would incorporate Canto Republic’s Contract Secured Revenue (CSR) methodology into its protocol. This is expected to boost the number of new smart contracts on the Optimism protocol by incentivising creators and developers to build on the layer-2 solution.
🔥 Part of a broader market rally due to an increase in activity on the Bitcoin network.
If you want to buy or trade OP, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
📣📣 COIN BUREAU NEWSFLASH! – (15/02/23)
Here are some of today’s most important headlines:
1️⃣ Polygon Sets Date for zkEVM Mainnet Beta to Go Live 📅
Yesterday, Ethereum layer-2 scaling solution Polygon fixed March 27th as the launch date of its beta zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet.
The team stated,
"Polygon zkEVM is the gold standard for EVM-equivalence, having passed 100% of the Ethereum test vectors that apply to a zkEVM. Developers can copy-paste code that works on Ethereum and use it to build on Polygon zkEVM."
https://www.theblock.co/post/211517/polygon-eyes-mainnet-beta-release-for-zkevm-layer-2-next-month
2️⃣ Bankman-Fried Banned from VPNs He Says He Used Just for Football ❌
U.S. District Judge Lewis Kaplan has banned former FTX CEO Sam Bankman-Fried (SBF) from using virtual private network (VPN) services after federal prosecutors reported finding SBF using a VPN to access the internet on two separate occasions.
SBF’s attorney Christian Everdell defended his client’s VPN use by stating they were solely used to watch NFL games through a subscription purchased while living in the Bahamas.
Judge Kaplan stated,
“The defendant’s use of a VPN presents many of the same risks associated with his use of an encrypted messaging or call application. I hereby amend the conditions of the defendant’s release, effective immediately, to prohibit the defendant’s use of any VPN.”
https://www.bloomberg.com/news/articles/2023-02-14/sam-bankman-fried-banned-from-using-vpns-while-out-on-bail
3️⃣ UK Financial Regulator Cracks Down on Illegal Crypto ATMs 🇬🇧
The UK’s Financial Conduct Authority (FCA) has reportedly teamed up with West Yorkshire Police to crack down on unregistered crypto ATM operators in the northern English city of Leeds. The agency stated that it has issued letters requesting operators to shut down the illegal crypto ATMs. It warned that operators failing to do so will face an investigation under money-laundering regulations.
Mark Steward, the FCA’s executive director of enforcement and market oversight, stated,
“Crypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high-risk, and you should be prepared to lose all your money if you invest in them.”
https://decrypt.co/121277/uk-financial-regulator-cracks-down-illegal-crypto-atms
4️⃣ Siemens Issues Blockchain-Based Euro-Denominated Bond on Polygon Blockchain 🚀
Siemens, Germany’s third-largest publicly traded company by market cap, has become the first company in Germany to issue a digital bond on a public blockchain. The bond is expected to make “paper-based global certificates and central clearing unnecessary” along with aiding in reaching out to potential purchasers directly. The digital bond is worth 60 million euros ($64 million) and has a maturity of one year. It is issued on the Polygon blockchain.
https://www.coindesk.com/business/2023/02/14/siemens-issues-blockchain-based-euro-denominated-bond-on-polygon-blockchain
5️⃣ Binance And Huobi Freeze $1.4M In Crypto Linked To North Korean Hackers 🥶
According to a blog post by crypto analytics firm Elliptic, crypto exchanges Binance and Huobi have frozen $1.4 million in crypto after Elliptic provided intel linking the funds to the Harmony Bridge heist and its alleged North Korean hackers.
Elliptic CEO Simone Maini stated,
“Today, money laundering was detected and stolen funds linked to North Korea were frozen, in real time. As an industry we have the power and responsibility to prevent digital assets becoming a haven for money launderers and sanctions evaders, and ensure that they are a force for good.”
https://cointelegraph.com/news/binance-and-huobi-freeze-1-4m-in-crypto-linked-to-north-korean-hackers
6️⃣ SBF And FTX Fraud ‘Aided and Abetted’ By Silvergate Bank, Alleges Lawsuit ⚖️
As part of the first phase of its recently established financial infrastructure transformation (FIT) programme, the Central Bank of the United Arab Emirates (CBUAE) announced that it intends to introduce a central bank digital currency (CBDC) for both domestic and cross-border use. Apart from the CBDC, the first phase of FIT also involves launching a unified card payment platform to “facilitate the growth of e-commerce” and an instant payments platform to “support financial inclusion and enable a cashless society.”
https://cointelegraph.com/news/uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program
🚨Rally Report🚨
CURVE DAO
The price of CRV has rallied by 13% in the past 24 hours.
WHY?!
📈 Bullish sentiments from investors in anticipation of the upcoming launch of Curve’s decentralised stablecoin ‘crvUSD’.
🔥 Growing demand for decentralised stablecoins after the U.S. Securities and Exchange Commission’s recent crackdown on centralised stablecoin issuer Paxos.
If you want to buy or trade CRV, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
Hey Guys,
Time for the weekly crypto news and I'll start by saying that last week was more eventful than usual, and not in a good way. Regulators seem to be cracking down on crypto from all sides, and this is causing lots of uncertainty for the industry and especially for the market.
The craziest part is that the headlines only scratch the surface of just how damaging this crackdown could be. It's not just crypto exchanges and crypto projects - stablecoins like BUSD and USDT seem to be at risk as well.
At the same time investors are starting to realise that the Fed is going to be keeping interest rates higher for longer to fight inflation. This is going to continue to chip away at the market and the economy, and paints and a pretty bleak picture of what's to come.
Enjoy, if you can...
📣📣 COIN BUREAU NEWSFLASH! – (12/02/23)
Here are some of today’s most important headlines:
1️⃣ Brazil's Oldest Bank Says You Can Now Pay Your Taxes With Crypto 🤩
Brazil’s oldest bank, ‘Banco do Brasil’ has reportedly partnered with crypto firm Bitfy to offer its clients the option to pay their taxes with their crypto holdings. Users can use the app to view their tax details and instantly convert crypto in their account into the local currency to pay and settle a tax bill. The move comes shortly after the country passed a regulatory framework to legalise the use of cryptocurrencies as a payment method within the country in December 2022.
https://www.theblock.co/post/210837/brazils-oldest-bank-says-you-can-now-pay-your-taxes-with-crypto
2️⃣ Kazakhstan To Mandate 75% Revenue Sale from Crypto Mining for Tax Purposes 🇰🇿
Kazakh President Kassym-Jomart Tokayev recently signed a new law that aims to regulate the country’s digital asset ecosystem. Under the legislation, “secured digital asset” issuers need to obtain the government’s permission and will be monitored under the country’s anti-money laundering laws.
The legislation also mandates crypto miners in the country to sell at least 75% of their mining revenue via registered crypto exchanges. This rule is part of the country’s efforts to combat unlawful mining and aims to collect “information on the income of digital miners and digital mining pools for tax purposes.”
https://cointelegraph.com/news/kazakhstan-to-mandate-75-revenue-sale-from-crypto-mining-for-tax-purposes
3️⃣ El Salvador's Bitcoin Risks 'Have Not Materialised,' IMF Says 🤔
According to a Feb. 10 statement from the International Monetary Fund (IMF), the risks associated with El Salvador's adoption of Bitcoin "have not materialised" yet largely in part due to the country’s “limited” use of Bitcoin. The statement comes after IMF staff paid a recent visit to the country.
The IMF issued a further warning to the country, stating,
“Given the legal risks, fiscal fragility and largely speculative nature of crypto markets, the authorities should reconsider their plans to expand government exposures to Bitcoin, including by issuing tokenised bonds.”
https://www.theblock.co/post/210798/el-salvadors-bitcoin-risks-have-not-materialized-imf-says
4️⃣ Major Paris Art Museum to Exhibit CryptoPunks, Autoglyphs NFTs 🖼
The Centre Pompidou, Europe’s largest modern art museum, announced the launch of an upcoming permanent exhibition that will feature NFTs from over 16 digital artists around the world. This includes popular NFTs such as CryptoPunk #110 and Autoglyph #25 which were both donated to the Centre Pompidou.
The Centre Pompidou houses masterpieces by artists such as Vassily Kandinsky, Marc Chagall, Henri Matisse, and Frida Kahlo, among others. This exhibition will mark the first time the museum has featured NFTs in its collection.
Xavier Rey, director of the French National Museum of Modern Art, stated,
"Web3 is an innovative territory that artists have now seized upon to create original and daring work, and this collection reaffirms our support for artists in their conquest of new means of expression, which is the foundation of modern art."
https://decrypt.co/121106/major-paris-art-museum-show-cryptopunks-autoglyphs-nfts
📣📣 COIN BUREAU NEWSFLASH! – (11/02/23)
Here are some of today’s most important headlines:
1️⃣ PayPal Held $604M In Bitcoin and Other Crypto at The End Of 2022 📈
According to PayPal’s annual report to the U.S. Securities and Exchange Commission (SEC), the payment giant held a total of $604 million worth of crypto assets for its customers as of Dec. 31, 2022. The breakdown is as follows: $291 million in BTC, $250 million in ETH and the remaining $63 million in LTC and BCH. PayPal’s crypto holdings account for 67% of the company’s total financial liabilities.
https://cointelegraph.com/news/paypal-held-604m-in-bitcoin-and-other-crypto-by-the-end-of-2022
2️⃣ Binance Deploys zk-SNARKs on Proof-Of-Reserves System 🚀
Global crypto exchange Binance is reportedly upgrading its proof-of-reserves verification system by incorporating zk-SNARKs technology. The upgrade is expected to significantly improve the security and transparency of the verification process.
https://www.theblock.co/post/210137/binance-deploys-zk-snarks-on-proof-of-reserves-system
3️⃣ China To Launch National Blockchain Research Centre In Beijing 🇨🇳
China’s Ministry of Science and Technology has reportedly approved the establishment of a National Blockchain Technology Innovation Centre in Beijing. The centre will establish a research network with local universities, think tanks and blockchain businesses to explore core blockchain technologies. The findings of this research will be applied to advance China's digitalisation and boost its blockchain sector.
https://www.scmp.com/tech/tech-trends/article/3209639/china-approves-blockchain-research-centre-beijing-aiming-make-breakthroughs-while-maintaining
4️⃣ South Korea Blacklists North Korean Crypto Thieves, Flags Wallet Addresses 👮♂️
Yesterday, the South Korean government announced its first independent sanctions related to cryptocurrency thefts and cyberattacks against specific North Korean groups and individuals. According to the Ministry of Foreign Affairs notice, four North Korean individuals and seven institutions that allegedly financed "nuclear and missile development" with illegal cyber activities, including crypto theft have been blacklisted.
The notice reads,
"This is the first independent sanctions against North Korea in the cyber sector by the South Korean government. It is expected that it will serve as an opportunity to alert the world to the risk of virtual asset trading with North Korea by including the virtual asset wallet address as the identification information of the subject of sanctions."
https://www.coindesk.com/policy/2023/02/10/south-korea-blacklists-north-korean-crypto-thieves-flags-wallet-addresses
5️⃣ Cantor Fitzgerald Helps Oversee Tether’s $39 Billion in Treasury Holdings 🧐
According to a Wall Street Journal report, stablecoin issuer Tether has been using Cantor Fitzgerald to help oversee its $39 billion bond portfolio. The securities are part of the $69 billion of bonds, cash and loans that back USDT. Cantor Fitzgerald is one of the best-known bond trading houses on Wall Street and is one of 25 primary dealers for the U.S. Treasurys market.
https://www.wsj.com/articles/wall-street-firm-oversees-billions-of-dollars-backing-tether-b56c68c1
📣📣 COIN BUREAU NEWSFLASH! – (10/02/23)
Here are some of today’s most important headlines:
1️⃣ Binance’s Stablecoin Partner Paxos Probed by New York Regulator 🔎
The New York Department of Financial Services (NYDFS) is reportedly investigating Paxos Trust Company- the stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP). While the exact scope of the investigation remains unclear, the news comes shortly after Paxos denied rumours of being asked to withdraw an application with the U.S. Office of the Comptroller of the Currency.
https://www.bloomberg.com/news/articles/2023-02-10/binance-s-stablecoin-partner-paxos-probed-by-new-york-regulator
2️⃣ SEC Hits Kraken With $30 Million Fine, Orders Crypto Exchange to Halt Staking in US ⚖️
Crypto exchange Kraken has agreed to settle charges brought by the U.S. Securities and Exchange Commission by “immediately” ending its crypto staking-as-a-service platform for U.S. customers and paying a $30 million fine. Kraken has clarified that it will still offer staking services for non-U.S. customers through a separate Kraken subsidiary.
SEC Chair Gary Gensler stated,
“Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.”
However, SEC Commissioner Hester Peirce stated that she disagreed with the commission's action and issued a dissenting statement. She argued that using enforcement actions to set the law in an emerging industry is not "efficient or fair."
https://decrypt.co/120984/sec-kraken-30-million-crypto-staking
3️⃣ LocalBitcoins Closes Down P2P Crypto Exchange Service ❌
After over 10 years of operation, Finland-based P2P crypto platform ‘LocalBitcoins’ announced that it will be shutting down operations this month due to the "ongoing very cold crypto winter."
According to the announcement, new registrations on the platform will be suspended from Feb. 9th while trading will be suspended from Feb. 16th. Users will have a period of 12 months to withdraw crypto assets from the platform.
LocalBitcoins CEO Nikolaus Kangas stated,
“Regardless of our efforts to overcome challenges and turn our trade volumes and declining market share back to growth, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service.”
https://cointelegraph.com/news/localbitcoins-closes-down-the-p2p-crypto-exchange-service
4️⃣ Three Arrows Capital Founders Launch Exchange Where You Can Trade 3AC Bankruptcy Claims 🧐
Three Arrows Capital founders Su Zhu and Kyle Davies have partnered with CoinFlex co-founders Mark Lamb and Sudhu Arumugam to launch “Open Exchange (OPNX)”- the "world's first public marketplace for crypto claims trading and derivatives."
Su Zhu tweeted,
“We spoke to creditors about several plans and everyone we talked with thought this one was the wisest way to use our existing resources […] our vision is unlocking trapped claims, radical transparency. the best of defi and cefi combined.”
https://www.coindesk.com/business/2023/02/09/three-arrows-capital-founders-launch-exchange-where-you-can-trade-3ac-bankruptcy-claims
5️⃣ BitFarms Pays Down $21 Million BlockFi Loan With $7.75 Million In Cash 🤝
Bitcoin miner Bitfarms has reportedly settled its remaining debt of $21 million with bankrupt lender BlockFi for a single cash payment of $7.75 million.
Bitfarms CFO Jeff Lucas stated,
"This successful negotiation and settlement furthers our initiatives to reduce indebtedness, enhance liquidity and increase financial flexibility in line with today’s market conditions.” He added, “Our remaining debt, mostly secured by new, high-efficiency mining equipment in Quebec, matures on or before February 2024, enabling us to be debt free before the next halving event expected in May 2024,"
https://www.theblock.co/post/210135/bitfarms-pays-down-21-million-blockfi-loan-with-7-75-million-in-cash
Hey Guys,
I couldn't help but notice that a lot of you are based in the UK. I suspect that me being British might have something to do with it. Jokes aside, the UK government recently released a consultation paper for crypto regulations in the country, and boy is it juicy.
Make no mistake, the crypto regulations being proposed in places like the UK and Europe will be used as a template for crypto regulations elsewhere, potentially even the US. Regulations will bring the clarification institutions needs to invest more.
Whereas the EU crypto regulations were a bit of a mixed bag, the crypto regulations being proposed in the UK are pretty damn good. They weren't kidding when they said they want to become a crypto hub, and if the laws look anything like the proposal... bullish.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (09/02/23)
Here are some of today’s most important headlines:
1️⃣ Coinbase CEO Armstrong Decries Rumours of Possible US SEC Ban on Crypto Staking 🥶
Yesterday, Coinbase CEO Brian Armstrong tweeted that he had heard rumours about the U.S. Securities and Exchange Commission’s (SEC) plan to “get rid of crypto staking in the U.S. for retail customers.” Many crypto exchanges in the U.S. such as Coinbase and Kraken have waded into staking products to diversify revenues.
Armstrong warned that if this were to happen, “it would be a terrible path for the U.S.” as he believes staking is a “really important innovation in crypto” that “allows users to participate directly in running open crypto networks.”
https://www.bloomberg.com/news/articles/2023-02-09/coinbase-ceo-armstrong-decries-rumors-of-possible-us-sec-ban-on-crypto-staking
2️⃣ FTX Bankruptcy Judge Allows Company to Subpoena Founder Bankman-Fried, Other 'Insiders' 👨⚖️
According to court filings, U.S Judge John Dorsey (the judge overseeing FTX’s bankruptcy case) has permitted FTX’s legal team to subpoena FTX co-founders Sam Bankman-Fried (SBF) and Gary Wang, ex-Alameda Research CEO Caroline Ellison, SBF’s parents, and his brother Gabriel.
Judge Dorsey ruled,
"The Movants are authorised under Bankruptcy Rules 2004 and 9016 to issue subpoenas to any or all of the Insiders for the production of documents, electronically stored information, or tangible things, including those responsive to the Requests,"
https://www.coindesk.com/policy/2023/02/08/ftx-bankruptcy-judge-allows-company-to-subpoena-founder-bankman-fried-other-insiders
3️⃣ Jury Favours Hermès in MetaBirkin Trademark Dispute, Says NFTs Are Not Art ⚖️
The nine-person jury in Hermès’ lawsuit against MetaBirkins reached a verdict yesterday. The jury ruled in favour of Hermès and ordered the artist of the "MetaBirkin" project- Mason Rothschild, to pay $133,000 in damages. The jury found Rothschild liable for trademark infringement, trademark dilution, and “cybersquatting.”
Rothschild, who plans to appeal the verdict, stated,
“A broken justice system that doesn’t allow an art expert to speak on art but allows economists to speak on it. That’s what happened today. What happened today was wrong. What happened today will continue to happen if we don’t continue to fight. This is far from over.”
https://www.theblock.co/post/209756/jury-favors-hermes-in-metabirkin-trademark-dispute-says-nfts-are-not-art
4️⃣ Chiliz Launches Native Blockchain in Shift Away From 'Just Being a Token': CEO 🚀
Fan token project Chiliz launched its new EVM-compatible layer-1 blockchain yesterday. The Chiliz blockchain will reportedly focus on non-fungible tokens (NFTs), Play2Earn games, Watch2Earn sports events and live event ticketing payments. It has a PoSA (Proof of Stake Authority) consensus system with 11 active validators.
Chiliz CEO Alexandre Dreyfus stated,
“It was really important for us how we go from just being a token to a blockchain ecosystem. The Chiliz chain technically existed since 2019, except that it wasn’t a cross-system. Now, as we are launching our ‘Fan Token Everywhere’ initiative, it’s going to become more open. Until now fan tokens were mostly run by us as a utility provider, but with Chiliz Chain 2.0 third-party providers and developers will be able to add utility on top of us.”
https://decrypt.co/120848/chiliz-launches-native-blockchain-shift-away-from-just-being-token-ceo
5️⃣ 3AC Founder Has ‘Chosen To Ignore His Duties’ By Not Responding To Subpoena, Say Bankruptcy Lawyers ❗️❗️
According to recent filings, lawyers representing 3AC liquidators have stated that Three Arrows Capital founder Kyle Davies has “chosen to ignore his duties to Three Arrows” by failing to comply with the online subpoena that required Davies to respond by electronic production to counsel for the Foreign Representatives by January 26, 2023.
The lawyers argue that Davies is aware of the subpoena, stating,
📣📣 COIN BUREAU NEWSFLASH! – (16/02/23)
Here are some of today’s most important headlines:
1️⃣ Napster Acquires Mint Songs to Advance Its Web3 Ambitions 🤝
OG music streaming service Napster has reportedly acquired NFT music platform ‘Mint Songs’ through its venture wing, Napster Ventures. Napster stated that the acquisition is part of the company’s transition into Web3 and will form the foundation for the company’s first Web3 offerings. As part of the acquisition, Garrett Hughes, the co-founder and CTO of Mint Songs, will join Napster as an advisor.
Hughes stated,
“As we looked for a partner that could take what we’ve built over the last two years and give artists a true marketplace for their assets where millions of fans are already active, it became abundantly clear that Jon and Napster have the vision to finally take Web3 music to the mainstream.”
https://decrypt.co/121341/napster-acquires-mint-songs-to-advance-its-web3-ambitions
2️⃣ Conflux Partners with China Telecom to Develop Blockchain SIM Card 🚀
Blockchain protocol Conflux Network has partnered with China’s second-largest wireless carrier ‘China Telecom’ to develop blockchain-enabled SIM cards (BSIM). According to the announcement, BSIM cards will feature a secure place that will allow it to manage and store the user's public and private keys in the card.
This will reportedly allow BSIM users to store digital assets safely, transfer their digital assets conveniently, and display their assets in a variety of applications. The first BSIM pilot program will be launched in Hong Kong later this year and will reportedly be followed by pilots in key mainland China locations such as Shanghai.
https://cointelegraph.com/news/conflux-partners-with-china-telecom-to-develop-blockchain-sim-card
3️⃣ FTX Judge Declines to Tap Bankruptcy Examiner to Probe Collapse ⚖️
US Bankruptcy Judge John Dorsey has rejected the US Trustee’s request to appoint an independent examiner in the FTX bankruptcy case. The judge stated that such an appointment would cost creditors more than $100 million and interfere with the company’s effort to repay its debts.
Judge Dorsey stated,
“I have no doubt that the appointment of an examiner would not be in the best interest of the creditors. Every dollar spent in these cases on administrative expenses is $1 less to the creditors.”
https://www.bloomberg.com/news/articles/2023-02-15/ftx-judge-declines-to-tap-bankruptcy-examiner-to-probe-collapse
4️⃣ Stanford University’s Larry Kramer and Andreas Paepcke Co-Signed Sam Bankman-Fried’s Bond 🧐
Larry Kramer, the dean emeritus of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford University have been revealed to be the co-signers of Sam Bankman-Fried’s $250 million bail bond. Their identities were revealed after a federal judge ruled that they can be made public following a request from several news outlets. According to the filings, Kramer signed a $500,000 bond while Paepcke signed for $200,000.
Explaining his contribution towards the bond, Kramer stated,
“Joe Bankman and Barbara Fried have been close friends of my wife and I since the mid-1990s. During the past two years, while my family faced a harrowing battle with cancer, they have been the truest of friends – bringing food, providing moral support, and frequently stepping in at moment’s notice to help. In turn, we have sought to support them as they face their own crisis. My actions are in my personal capacity, and I have no business dealings or interest in this matter other than to help our loyal and steadfast friends. Nor do I have any comment or position regarding the substance of the legal matter itself, which is what the trial will be for.”
https://www.theblock.co/post/212223/stanford-universitys-larry-kramer-and-andreas-paepcke-co-signed-sam-bankman-frieds-bond
5️⃣ FDIC Tells Crypto Exchange CEX.IO to Stop Claiming US Dollars Held in Its Wallets Are Insured ❗️
Lawyers representing a San Francisco-based FTX user filed a class-action lawsuit yesterday accusing Silvergate Bank and its CEO Alan Lane of “aiding and abetting” the “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research.
The plaintiff alleges that Silvergate Bank, its parent company Silvergate Capital Corporation and CEO Alan Lane were “co-conspirators” with Sam Bankman-Fried and that they concealed “the true nature of FTX” from its customers.
The filing reads,
“By aiding, abetting, encouraging and substantially assisting the wrongful acts, omissions and other misconduct alleged above, Defendants acted with an awareness of their wrongdoing and realised that their conduct would substantially aid the accomplishment of their illegal design.”
https://cointelegraph.com/news/sbf-and-ftx-fraud-aided-and-abetted-by-silvergate-bank-alleges-lawsuit
🚨Rally Report🚨
IMMUTABLEX
The price of IMX has rallied by 19% in the past 24 hours.
WHY?!
📈 Technical analysis shows that IMX has broken out of an ascending triangle pattern.
🔥 Added momentum from a resurging ZK tech narrative after Polygon announced the launch date for the beta version of its zkEVM Mainnet.
🧐 Part of a longer rally that started in anticipation of ImmutableX’s upcoming non-custodial wallet onboarding solution called ‘Immutable Passport.’ The product is expected to streamline user onboarding through password-less sign-in and automated wallet creation.
If you want to buy or trade IMX, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
Hey Guys,
It's been an intense 72 hours for crypto, and I have a bad feeling that the excitement has only just begun. The US government has officially begun cracking down on crypto and things are moving fast, so I apologise in advance if anything I say is outdated.
With that said, crypto is on the cusp of some serious black swans. The takedown of BUSD is the tip of the iceberg, and is part of a much larger operation that's being called Operation Chokepoint 2.0. It has the potential to affect every crypto, protocol, and company.
Today's video tells you everything you need to know about Operation Chokepoint 2.0, including which cryptos are at risk, and when this crackdown could end. Unfortunately it looks like it could go on for a long time. Rest assured I'll be keeping you up to date.
Make no mistake, this is not a video to enjoy. This is a video you need to sit and focus on.
📣📣 COIN BUREAU NEWSFLASH! – (14/02/23)
Here are some of today’s most important headlines:
1️⃣ Stablecoin Issuer Circle Warned New York Regulator About Rival Binance’s Token 🤔
According to a Bloomberg report, USDC stablecoin issuer Circle Internet Financial Ltd. filed a complaint with the New York State Department of Financial Services (NYDFS) last year over rival Binance's "mismanagement of reserves" for the BUSD tokens it had issued through Paxos.
The information came to light shortly after the NYDFS ordered Paxos to stop issuing the Binance USD stablecoin due to "several unresolved issues related to Paxos' oversight of its relationship" with Binance over the BUSD stablecoin.
A spokesperson for the NYFDS stated,
“Paxos failed to address key deficiencies, requiring further Department action, ordering Paxos to cease minting Paxos-issued BUSD. The Department is monitoring Paxos closely to verify that the company can facilitate redemptions in an orderly fashion subject to enhanced, risk-based, compliance protocols.”
https://www.bloomberg.com/news/articles/2023-02-13/circle-usdc-alerted-new-york-over-binance-peg-busd-issues
2️⃣ Solana NFT Marketplace Magic Eden Lays Off 22 Staff as Part of Company-Wide Restructuring 🥶
Solana NFT marketplace Magic Eden has reportedly laid off 22 people as part of a company-wide restructuring effort aimed at battling against the harsh crypto winter.
CEO Jack Lu stated,
“As we established our priorities for 2023, we took an in-depth look at what structures and roles are needed internally, and had to make hard decisions to find the right mix of roles for us to pursue the next stage of scaling across chains. We have expressed to our broader team that the company remains very well capitalised with a long runway even during today’s bear market and we remain confident in the trajectory of Magic Eden in 2023 and beyond."
https://decrypt.co/121253/layoffs-hit-solana-nft-marketplace-magic-eden-sheds-22-employees
3️⃣ Sanctioned Mixer Blender Re-Launched as Sinbad, Elliptic Says 🔎
According to blockchain analytics firm Elliptic, sanctioned crypto mixer Blender.io has “highly likely” relaunched as Sinbad- a crypto mixer platform launched in October. Sinbad reportedly received crypto from Blender.io-linked wallets and was also used by the notorious North Korean hacking group ‘Lazarus’.
Elliptic stated,
“The on-chain pattern of behaviour is very similar for both mixers, including the specific characteristics of transactions, and the use of other services to obfuscate their transactions. The way in which the Sinbad mixer operates is identical to Blender in several ways, including ten-digit mixer codes, guarantee letters signed by the service address, and a maximum seven-day transaction delay.”
https://www.coindesk.com/business/2023/02/13/sanctioned-mixer-blender-re-launched-as-sinbad-elliptic-says
4️⃣ CFTC, SEC Cases Against Bankman-Fried To Be Pushed Back Until Criminal Case Ends ⚖️
A New York judge has reportedly granted a motion to put on hold the civil proceedings against former FTX CEO Sam Bankman-Fried (SBF) until the U.S. Justice Department’s criminal case against the former CEO is complete.
The motion was submitted last week by Damian Williams, U.S. Attorney for the Southern District of New York. Currently, both the U.S. Securities and Exchange Commission and the Commodities and Futures Trading Commission have brought civil proceedings against SBF.
https://www.theblock.co/post/211304/cftc-sec-cases-against-bankman-fried-to-be-pushed-back-until-criminal-case-ends
5️⃣ UAE Central Bank to Issue CBDC As Part of Its Financial Transformation Program 🇦🇪
📣📣 COIN BUREAU NEWSFLASH! – (13/02/23)
Here are some of today’s most important headlines:
1️⃣ Coinbase CEO Happy to Go to Court Over US Stance On Staking, 'If Needed' 🤔
Yesterday, Coinbase CEO Brian Armstrong responded to the U.S. SEC’s crackdown on crypto staking services by tweeting that Coinbase's “staking services are not securities” and that he was prepared to “happily defend this in court if needed.”
Coinbase’s chief legal officer Paul Grewal also weighed in on the issue in a blog post, stating,
“Trying to superimpose securities law onto a process like staking doesn’t help consumers at all and instead imposes unnecessarily aggressive mandates that will prevent US consumers from accessing basic crypto services and push users to offshore, unregulated platforms.”
https://www.theblock.co/post/210900/coinbase-ceo-happy-to-go-to-court-over-us-stance-on-staking-if-needed
2️⃣ Binance Says Stablecoin Partner Is Set to Stop Minting BUSD ⚖️
The New York Department of Financial Services (NYDFS) has reportedly ordered Binance’s stablecoin partner Paxos Trust to stop the issuance of the dollar-pegged stablecoin Binance USD (BUSD).
A Binance spokesperson stated,
“Paxos has informed us that they have been directed to cease minting new BUSD by the New York State Department of Financial Services. BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, manage redemptions, and will follow-up with additional information as required. Paxos also assured the funds are safe, and fully covered by reserves in their banks.”
https://www.bloomberg.com/news/articles/2023-02-13/binance-says-stablecoin-partner-been-told-to-stop-minting-busd
3️⃣ Crypto Lender Nexo to Stop EIP for US Clients on April. 1 ❌
According to a recent blog post by Nexo Capital, the crypto lending firm is shutting down its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective April. 1. The announcement comes a month after the lender paid a $22.5 million fine to the U.S. Securities and Exchange Commission for failing to register the offer and sale of EIP.
https://www.coindesk.com/policy/2023/02/13/crypto-lender-nexo-stopped-eip-for-us-clients-on-feb-10
4️⃣ OneKey Says It Has Fixed Flaw That Got Its Hardware Wallet Hacked In 1 Second ❗️
According to a recent announcement from OneKey, the crypto hardware wallet provider stated that it has addressed the “massive critical vulnerability” in its products highlighted by cybersecurity startup Unciphered in a recent YouTube video.
The video posted by Unciphered showed that it was possible to “crack open” a OneKey Mini in under a second using the exploit. This was done by disassembling the device and inserting coding to return the OneKey Mini to “factory mode” and bypassing the security pin, allowing a potential attacker to extract the mnemonic phrase used to recover a wallet.
https://cointelegraph.com/news/onekey-says-it-s-fixed-the-flaw-that-got-its-hardware-wallet-hacked-in-1-second
Hey Guys,
The other week I saw a headline about Bank of America transferring the funds of their clients without their authorisation. I remember seeing speculation that this was a preparation for the so called 'bank bail ins' they will do when a another financial crisis occurs.
This got me wondering what bank bail ins were all about, and it's safe to say that I fell far down the rabbit hole. The idea of bank bail ins has basically been around since the 2008 bail outs, and the guy who coined the term has also been the key architect of the process.
The first ever bank bail in happened in Cyprus in 2013. 1 year later, the G20 countries agreed to legalise bail ins in accordance with standards set by one of those unelected and unaccountable international organisations. This is really just the tip of the iceberg.
You must watch this one until the end.
🚨Rally Report🚨
BINARYX
The price of BNX has rallied by 19% in the past 24 hours.
WHY?!
🗣 The BNX team recently unveiled plans to release a series of new games and game updates for this year, including plans to implement a token split for their BNX token at a ratio of 1:100 on Feb 23rd.
🤔 Investors anticipate the token split will increase new users’ acceptance of the token by lowering the threshold for overall spending.
🔎 The price action can also be attributed to bullish sentiments following a breakout from key price resistance levels.
If you want to buy or trade BNX, we have an exclusive 60% trading fee discount for one month, a bonus of up to $8,000 and $20 FREE on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
Not sure if you know, but deepfakes are a thing - fake audio and video that looks almost as good as the real thing. Deepfakes have been around for years, but thanks to the evolution of AI and the advancement of hardware, they're becoming every more common.
The craziest part is that deepfakes are starting to be used in warfare. Apparently the first major of use of deepfakes in warfare occurred shortly after Russia invaded Ukraine. The Brookings Institution believes that deepfakes will become commonplace in war.
As such, the Brookings Institution put together a paper about deepfakes which explains what they are, how they work, what they could be used for, and present some policy recommendations about how to address them. As you'll see, they're not good.
... Enjoy!
🚨Rally Report🚨
LOOPRING
The price of LRC has rallied by 20% in the past 24 hours.
WHY?!
🔥 Part of a broader rally seen in tokens related to the Zero Knowledge Proof sector.
🔎 The narrative comes after recent announcements by Binance and Polygon. Binance announced the implementation of zk-SNARKs in its proof-of-reserves verification system, while Polygon co-founder Mihailo Bjelic revealed that Polygon is exploring ways to bring ZK technology to its main chain.
If you want to buy or trade LRC, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
“Mr Davies has been active on social media, having ‘tweeted’ or ‘retweeted’ dozens of times on Twitter. Shamelessly, while ducking his obligations to his failed company, Mr Davies has been recently active in an effort to raise tens of millions to start a new crypto exchange called ‘GTX.’”
https://cointelegraph.com/news/3ac-founder-has-chosen-to-ignore-his-duties-by-not-responding-to-subpoena-say-bankruptcy-lawyers
🚨Rally Report🚨
LIDO DAO
The price of LDO has rallied by 11% in the past 24 hours.
WHY?!
🚀 Lido Finance posted a proposal to upgrade the protocol to V2. If passed, the proposal will help decentralise Lido’s validators and streamline the withdrawal for ETH stakers.
🧐 Rumours of the U.S. Securities and Exchange Commission (SEC) placing a potential ban on staking services for retail customers have prompted investors to speculate on the market dominance of decentralised service providers in the future.
🔥 Part of a broader rally seen in Liquid staking tokens in anticipation of Ethereum’s upcoming Shanghai upgrade scheduled next month.
If you want to buy or trade LDO, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
Hey Guys,
There are many web wallets on offer in the Defi space, but none quite has the degree of pedigree that MetaMask. It’s our preferred Web3 wallet and it has grown to be one of the most established and feature rich products in the space.
However, most beginners that I speak to don't tend to use all of the numerous features in this wallet. Worse yet, some of them don't use it properly and run the risk of losing all their funds in hack or phishing exercise.
So, in my video today I am going to give you an updated 2023 guide to using Metamask. Not only that but I will also be giving you some top tips when it comes to properly securing your crypto while using the wallet.
Hope you guys find it useful!