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📣📣 COIN BUREAU NEWSFLASH! – (12/06/23)
Here are some of today’s most important headlines:
1️⃣ Gensyn AI Secures $43M for Decentralised Machine Learning Led by a16z 💰
UK-based computing resources provider Gensyn has reportedly raised $43 million in a Series A funding round. The round was led by venture capital giant a16z and saw participation from CoinFund, Canonical Crypto, Protocol Labs, Eden Block, Maven 11 and various angel investors.
Gensysn empowers developers to create AI tools on a pay-as-you-go model using a cryptographic verification network that allows users to determine that machine learning work shared over the protocol has been finished correctly. Gensysn co-founder Ben Fielding stated,
“The realisation of its (AI’s) potential requires huge computational power. We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.”
https://decrypt.co/144068/gensyn-ai-secures-43m-for-decentralized-machine-learning-led-by-a16z
2️⃣ A16z Chooses London as Destination for First Office Outside U.S. 🇬🇧
Venture capital giant Andreessen Horowitz (a16z) has reportedly chosen London as the site for its first office outside the U.S. Chris Dixon, a16z’s crypto founder and managing partner, stated that a “predictable business environment” and the U.K. government’s willingness to create policies that encourage startups to pursue decentralisation was one of the main factors behind its decision to expand.
A16z stated,
"While there is still work to be done, we believe that the U.K. is on the right path to becoming a leader in crypto regulation. It is home to more 'unicorns' than Germany, France, and Sweden combined; to some of the world’s largest financial markets and pools of capital; and to highly-sophisticated, world-class regulators."
https://www.coindesk.com/business/2023/06/12/a16z-chooses-london-as-destination-for-first-office-outside-us
3️⃣ Lending Protocol Sturdy Finance Drained Of $800,000 In Security Attack ❌
Defi lending protocol Sturdy Finance has reportedly lost 442 ether ($800,000) due to an attack in which the attacker manipulated the price oracle exploit using a reentrancy vulnerability. Sturdy Finance has responded to the attack by suspending all of its markets to prevent further potential losses. It assured users that no other funds were in danger as a result of the breach.
https://www.theblock.co/post/234102/lending-protocol-sturdy-finance-drained-of-800000-in-security-attack
4️⃣ Binance CEO CZ Responds as Data Points to Billions in Exchange Outflows 💸
Binance CEO Changpeng Zhao (CZ) reportedly disagrees with recent data reports that suggest crypto assets have been flowing out of centralised exchanges at an accelerated pace over the last week.
CZ argued that some exchange outflow data can be skewed due to third-party analytics measuring the change in assets under management as “outflow.” He states this is especially true when volatile market conditions cause a steep decline in crypto prices.
CZ also continued to explain that some of these reports fail to record inflows and that large inflows and outflows are perfectly normal during times of volatility when arbitrage traders move large amounts of funds between exchanges.
https://cointelegraph.com/news/binance-ceo-changpeng-zhao-address-billions-exchange-outflows
Hey Guys,
Remember how the debt ceiling was raised? I know it can be easy to forget given everything that’s happened in the crypto market over the last week. Believe it or not, but raising the debt ceiling could be even more important for prices.
This is because the US government will start refilling its bank account at the Fed by issuing debt into the economy. The last time this happened was early 2022. It caused crypto to crash and ETH to fall below 1k. This time could be worse.
I explain why in the video, but the key takeaway is that there could be a black swan lurking beneath the surface. One of the largest stablecoin issuers holds part of its reserves with money market funds which could soon experience stress.
This is a video you can’t miss!
🚨Rally Report🚨
CARDANO
The price of ADA has rallied by 8% in the past 24 hours.
WHY?!
📈 This is likely a correction after the token saw its price dip by 25% yesterday. The price dip was due to crypto exchange Robinhood delisting the token after the SEC designated ADA a ‘security’ in its recent lawsuits against Coinbase and Binance.
🤝 There have also been reports of Cardano founder Charles Hoskinson making peace and putting an end to the rivalry between Cardano and the XRP community.
If you want to buy or trade ADA, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
📣📣 COIN BUREAU NEWSFLASH! – (09/06/23)
Here are some of today’s most important headlines:
1️⃣ Binance.US Set to Be Cut Off from Banking System After SEC Lawsuit 🥶
In a recent email sent to customers, crypto exchange Binance.US reportedly announced the suspension of United States dollar deposits and stated that its payment and banking partners have signalled an intent to pause US dollar fiat channels as early as June 13. The exchange clarified that all crypto operations remain fully operational including the trading, staking, deposits and withdrawals of assets.
https://www.bloomberg.com/news/articles/2023-06-09/binance-us-set-to-be-cut-off-from-banking-system-after-sec-suit
2️⃣ FTX Bankers Want to Keep ‘Extraordinarily Valuable’ Customer List Sealed ⚖️
In a court hearing released June 8, Kevin Cofsky, a partner at the investment bank tasked with exploring restructuring and capital market opportunities for FTX Group has submitted that FTX’s customer list must remain private by outlining the value of the customer list for potential buyers.
Specifically, Cofsky said that if competitors were to gain knowledge of FTX’s customers it “would be detrimental” to the exchange’s restructuring efforts. He stated,
“The estate has approximately 9 million customers and as we evaluate the potential for the treatment of that exchange going forward we believe that the existing customer base is extraordinarily valuable and our understanding is based on our research and having looked at the cost incurred by other crypto companies, specifically to solicit customers.”
https://www.theblock.co/post/233899/ftx-bankers-want-to-keep-extraordinarily-valuable-customer-list-sealed
3️⃣ DeFi Protocol Curve Finance Now Lets Users Mint crvUSD for Staked Ether 🏦
Users of the stablecoin swapping protocol Curve Finance can now mint curve USD (crvUSD) stablecoins using their staked Ether (stETH) holdings as collateral. The proposal for the same was passed by 100% of Curve DAO community members in a vote that ended Thursday morning.
The value of the minted crvUSD will be a portion of the value of the stETH. Users will also have to pay a 6% borrowing rate and will be automatically liquidated, to maintain the intended $1 peg of crvUSD, if the value of the supplied collateral drops.
https://www.coindesk.com/markets/2023/06/08/defi-protocol-curve-finance-now-lets-users-mint-crvusd-for-staked-ether
4️⃣ Crypto Ads Face Stricter Rules, Referral Bonus Ban By UK FCA ❗️
The United Kingdom’s Financial Conduct Authority (FCA) has announced that advertisers of crypto services in the U.K. would be subjected to stricter regulations from Oct. 8, 2023. Specifically, crypto companies in the U.K. must implement a “cooling-off period” for first-time investors and “refer a friend” bonuses by firms in the sector have been prohibited.
The rules aim to give people sufficient time and appropriate risk warnings to enable an informed decision-making process. Sheldon Mills, executive director of consumers and competition at the FCA, stated,
“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”
https://cointelegraph.com/news/crypto-ads-face-stricter-rules-including-a-referral-bonus-ban-by-fca
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Hey Guys,
In case you missed the memo, the SEC has sued Binance, CZ and a bunch of entities affiliated with the two. In retrospect this isn’t surprising – US regulators have been scrutinising Binance for years. In the SEC’s case the scrutiny started last year.
What is surprising is that the SEC stated that 10 of the largest cryptocurrencies are securities in its lawsuit, including a stablecoin. This is also concerning, because these coins and tokens could be delisted by US exchanges out of caution.
That’s why we decided to break down the SEC’s reasoning about why these cryptos are securities. I must admit that the regulator was consistent in this case, but it’s reasoning around the stablecoin still didn’t make much sense.
This is one to watch until the end.
📣📣 COIN BUREAU NEWSFLASH! – (07/06/23)
Here are some of today’s most important headlines:
1️⃣ Coinbase Violated Securities Laws With Staking Program, Multiple U.S. State Regulators Allege ❗️
According to a statement published by the Alabama Securities Commission on June 6, a task force of 10 U.S. state regulators has issued a Show Cause Order against crypto exchange Coinbase, alleging it violated state securities laws by offering its staking program to residents.
The multistate task force comprises state regulators from Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin. Notably, the action comes on the same day Coinbase received a similar lawsuit notice from the United States Securities and Exchange Commission.
The statement by the state regulator reads,
“Coinbase takes a cut of those [staking] profits before sharing them with investors. The ASC [Alabama Securities Commission] action does not prohibit Coinbase from offering staking as a service, so long as it complies with Alabama’s laws.”
https://www.coindesk.com/policy/2023/06/06/coinbase-violated-state-securities-laws-with-staking-program-alabama-regulator-alleges
2️⃣ Circle Obtains Major Payment Institution License in Singapore 🏦
The Monetary Authority of Singapore has reportedly issued a Major Payment Institution license for stablecoin issuer Circle. This allows the USDC stablecoin issuer's affiliate, Circle Internet Singapore, to offer digital payment token services and cross-border and domestic money transfer services in the city-state.
Circle stated,
"This milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region."
https://www.theblock.co/post/233409/circle-mpi-singapore
3️⃣ SEC Seeks to Freeze Binance.US Assets and Protect Customer Funds 🥶
The U.S. Securities and Exchange Commission (SEC) has reportedly filed a motion before the D.C. District Court, seeking approval to freeze assets tied to BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US. The motion also seeks to prohibit the defendants from destroying, altering or concealing records and imposes other sets of conditions on discovery.
The filing reads,
"The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets – including by Defendants who claim they are not subject to the Court’s jurisdiction – as described in the Complaint, Memorandum of Law, and supporting materials,"
https://www.bloomberg.com/news/articles/2023-06-07/sec-seeks-to-freeze-binance-us-assets-and-protect-customer-funds
4️⃣ Optimism Successfully Completes ‘Bedrock’ Hard Fork, Reducing Deposit Times, Layer-1 Fees 🚀
Ethereum layer 2 network Optimism concluded its “Bedrock” upgrade on June 7. The upgrade brings the blockchain one step closer towards its goal of becoming a “Superchain,” by reducing deposit times, lowering layer-1 fees and enacting additional security features. Bedrock also makes Optimism into a multi-client ecosystem, meaning there would be at least two options for the client software used to run the network.
https://cointelegraph.com/news/optimism-successfully-completes-bedrock-hard-fork-reducing-deposit-times-layer-1-fees
5️⃣ Louis Vuitton to Sell $41,000 NFTs to Top Customers 👜
French luxury fashion house Louis Vuitton is reportedly releasing “Treasure Trunks”- a limited series of soulbound NFTs linked to matching, made-to-order physical Louis Vuitton trunks which routinely sell for tens of thousands of dollars.
Hey Guys,
I know that there is a great deal of FUD and uncertainty in the crypto markets atm. In less than 24 hours, the SEC has sued both Binance and Coinbase.
This comes on the heels of frustration from the industry as well as congressional leaders about the SEC's "regulation by enforcement".
This is why the US election next year is of so much significance for crypto. The outcome could have huge implications for crypto regulation and financial freedom. That’s why I decided to assess where the top candidates stand on crypto and CBDCs.
Obviously, it’s still soon to say who the presidential nominees from each party will be. For now Biden and Trump are the front runners among the Democrats and Republicans, respectively. RFK Jr. and DeSantis seem to be hot on their heels.
Of these four, RFK Jr. seems to be the most pro-crypto, and also the most anti-CBDC. More importantly, he actually seems to understand both. The other candidates still have work to do on that front, and it will be interesting to see where they end up.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (05/06/23)
Here are some of today’s most important headlines:
1️⃣ UK Lawmakers Call for a Dedicated Government Role to Oversee Crypto Regulation 🇬🇧
In a report published Monday, the United Kingdom’s Crypto and Digital Assets All Parliamentary Group (APPG) made 53 recommendations for regulating crypto in the country. The group, which includes lawmakers from different political parties and both houses of parliament, also recommended the appointment of a dedicated official to oversee the process.
Lisa Cameron, the chair of the APPG, stated
"Given the rapid growth of cryptocurrency and digital assets, the timing of this report is vital to protect consumers whilst ensuring the U.K.’s leadership in this sector can be realised.”
https://www.coindesk.com/policy/2023/06/05/uk-lawmakers-call-for-a-dedicated-government-role-to-oversee-crypto-regulation
2️⃣ FTX Objects to Extension of Mediation Talks for Bankrupt Crypto Lender Genesis ❗️
FTX Trading Ltd. and its affiliates have reportedly filed an objection to bankrupt crypto lender Genesis Global Holdco’s motion to have FTX’s unliquidated claims estimated at zero. In its filing, FTX claimed it was owed $3.9 billion and that it was caught off guard when Genesis filed their motion on Thursday.
FTX also claimed that it hadn’t been invited to the court-appointed mediation that went on in May despite being a “major Genesis creditor.” It has now joined other creditors in objecting to the extension of the mediation by stating that the mediation is “a waste of estate resources without the inclusion of the FTX Debtors” and has asked that it not be continued without the FTX Debtors’ involvement.
https://www.bloomberg.com/news/articles/2023-06-02/ftx-objects-to-mediation-extension-for-bankrupt-crypto-lender-genesis
3️⃣ Bitcoin Ordinals Rolls Out Upgrade to Rectify 'Cursed Inscriptions' Issue 🚀
The developers behind the Bitcoin Ordinals protocol have reportedly rolled out version 0.6.0 of the protocol. The new upgrade will reportedly cure over 71,000 invalid or “cursed” inscriptions (unrecognised inscriptions that were created by incorrect use or intentional misuse of opcodes) by indexing the previously unrecognised inscriptions. This will also allow the previously “cursed” inscriptions to now be traded.
https://cointelegraph.com/news/bitcoin-ordinals-upgrade-rectify-cursed-inscriptions-issue
4️⃣ Do Kwon's $428K Bail Request in Fake Passport Case Approved by Montenegro Court ⚖️
The Montenegro court handling Terra founder Do Kwon's passport forgery case has reportedly accepted Kwon’s 400,000 Euro ($428,000) bail request once again. A higher court had previously annulled the Basic court’s earlier approval of Kwon’s request by stating that the first approval was not based on a sound assessment of the defendants' property based on "concrete evidence.".
In its second approval, the Basic court stated,
“The court appreciated the fact that they are persons who are not Montenegrin citizens, which is why it accepted their statements about the value of the property they own, which were supported by concrete evidence.”
https://www.coindesk.com/policy/2023/06/05/do-kwons-428k-bail-request-in-fake-passport-case-approved-by-montenegro-court
5️⃣ Crypto Insurer Evertas Authorised to Offer Largest Single Crypto Insurance Policy 💰
London-based Arch Insurance International, a syndicate member of Lloyd's of London, has reportedly authorised crypto insurer Evertas to increase its coverage limit for a single policy for crypto custodians and exchanges from $5 million to $420 million. This is a significant boost for risk management in the cryptocurrency industry.
https://www.reuters.com/markets/currencies/crypto-insurer-evertas-authorized-offer-largest-single-crypto-insurance-policy-2023-06-02
📣📣 COIN BUREAU NEWSFLASH! – (04/06/23)
Here are some of today’s most important headlines:
1️⃣ Atomic Wallet Exploited, Users Report Loss of Entire Portfolios 🥶
Crypto wallet service Atomic Wallet has reportedly been exploited, with several users claiming to have lost their entire crypto portfolios. Currently, it remains unclear how the attack was carried out. Atomic Wallet reportedly has over 5 million users.
The Atomic team responded to user complaints by stating,
“We have received reports of wallets being compromised. We are doing all we can to investigate and analyse the situation. As we have more information, we will share it accordingly.”
https://cointelegraph.com/news/atomic-wallet-exploited-users-report-loss-of-entire-portfolios
2️⃣ Brazilian Crypto Exchange Mercado Bitcoin Receives License as a Payment Institution 🇧🇷
Brazil’s largest crypto exchange Mercado Bitcoin has reportedly been authorised by the country’s central bank to operate as a payment institution, under the status of an electronic money issuer. The approval by the Central Bank will allow Mercado to provide Brazilian users with specific digital banking services using crypto assets held on the exchange, such as digital fixed-income investments, staking and other financial transactions.
https://www.coindesk.com/business/2023/06/02/mercado-bitcoin-brazils-largest-crypto-exchange-receives-license-as-a-payment-institution
3️⃣ Binance Market Share Drops to Lowest Level Since October 📉
According to data from CCData, crypto exchange Binance’s market share has dropped to its lowest level in eight months. Notably, the exchange has seen its market share decline consecutively over the past three months after reaching a yearly high of 57% in February 2023.
The drop likely follows due to some of Binance’s recent moves such as its decision to end its zero-fee promotion for most BTC trading pairs, its exit from the Canadian market due to regulatory concerns and the suspension of Australian dollar transfers on its Australian subsidiary.
https://cointelegraph.com/news/binance-market-share-chopped-with-the-end-of-zero-fee-btc-trading
4️⃣ Kenya Central Bank Takes Ambivalent Stance on Digital Currency 🇰🇪
In a statement published to Twitter on Friday, the Central Bank of Kenya stated that it received more than 100 comments from members of the public, commercial banks, tech firms and other participants across nine countries regarding the issuance of a central bank digital currency, or CBDC.
It also stated that while the responses highlighted both potential benefits and risks, a CBDC "may not be a compelling priority" and that it would “continue to monitor developments” and take a “measured approach" to consider assessing the rollout of a digital shilling in the future.
https://www.coindesk.com/policy/2023/06/02/kenya-central-bank-takes-ambivalent-stance-on-digital-currency
Hey Guys,
Remember how I said last week that the week would be even worse? Well, I have a feeling that this week will be even worse than last week. This simply because there are so many crypto and macro factors at play.
The elephant in the room is the SEC’s crackdown on Coinbase and Binance. I have a feeling that this is just the tip over the iceberg, and the proof is in the price action. Altcoins have been collapsing. ETH whales are selling too.
Meanwhile, the stock market has entered a new bull market and sentiment is the greediest its been in years. This massive disconnect between sentiment in crypto and stocks could be bad news for crypto depending on how things play out this week.
Everything you need to know in today’s video!
📣📣 COIN BUREAU NEWSFLASH! – (11/06/23)
Here are some of today’s most important headlines:
1️⃣ Nigerian Regulator Says Local Binance Operations 'Illegal' ❌
Crypto exchange Binance's Nigerian unit has reportedly been ordered to immediately halt operations in the country by Nigeria’s Securities and Exchange Commission. The regulator stated that Binance’s operations were illegal as it was neither registered nor regulated in the country.
A Binance spokesperson has reportedly responded to the circular by stating,
“We are aware of the circular, however, the entity mentioned in the circular is not affiliated with us. We are therefore seeking clarity from the Nigerian SEC and remain committed to working with them cooperatively on the next steps."
https://www.reuters.com/technology/nigeria-regulator-says-local-binance-operations-illegal-2023-06-10
2️⃣ Judge in FTX Bankruptcy Rejects Media Challenge, Says Customer Names Can Remain Secret ⚖️
Judge John Dorsey has reportedly granted FTX’s request to keep the names of its customers and creditors a secret. Dorsey ruled that customer identities constitute a trade secret and that they need to be protected from bad actors who might target them online using their personal information.
The judge stated,
“It’s the customers that are the most important issue here. I want to make sure that they are protected and they don’t fall victim to any types of scams that might be happening out there.”
https://apnews.com/article/ftx-cryptocurrency-bankmanfried-bankruptcy-e3a4c8729d3f3f3c22724247104c337b
3️⃣ TrueUSD Stops Minting Via Prime Trust, Loses Dollar Peg 📉
Stablecoin issuer TrueUSD has announced that it is pausing the minting of its TUSD stablecoin through technology partner Prime Trust until further notice. While the coin can still be minted and redeemed through other financial services, the market reacted to the announcement with a panic sell-off of the stablecoin. The fifth-largest stablecoin by market capitalisation lost its dollar peg in the sell-off and was at $0.9964 at its lowest point.
https://cointelegraph.com/news/tusd-stops-minting-via-prime-trust-loses-dollar-peg
4️⃣ Polygon Labs Responds to SEC's Claim MATIC is a Security ❗️
Polygon Labs, the developer behind the layer-2 scaling solution Polygon network, has reportedly responded to the United States Securities and Exchange Commission's claims that MATIC is an unregistered security.
The entity claimed that the MATIC token was “a necessary part of the Polygon technology from Day 1” and that it was "developed outside the U.S., deployed outside the U.S. and focused to this day on the global community that supports the network.”
https://www.theblock.co/post/234063/polygon-labs-sec-matic-security
📣📣 COIN BUREAU NEWSFLASH! – (10/06/23)
Here are some of today’s most important headlines:
1️⃣ US Justice Department Charges Two Men in Mt. Gox Hack ⚖️
The United States Justice Department has reportedly charged two Russian nationals- 43-year-old Alexey Bilyuchenko and 29-year-old Aleksandr Verner- for their role in the $400 million hack of the now-defunct Japanese bitcoin exchange Mt Gox in 2014. Specifically, the men have been accused of “conspiring to launder approximately 647,000 bitcoins” that they stole from Mt. Gox through a hack of the exchange’s servers.
In the official DOJ statement, U.S. Attorney Ismail J. Ramsey stated,
“For years, Bilyuchenko and his co-conspirators allegedly operated a digital currency exchange that enabled criminals around the world – including computer hackers, ransomware actors, narcotics rings, and corrupt public officials – to launder billions of dollars.”
https://cointelegraph.com/news/us-justice-department-charges-two-men-in-mt-gox-hack
2️⃣ Robinhood Ends Support for All Tokens Named in SEC Lawsuit as Securities ❌
Popular trading platform Robinhood is reportedly ending support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. Notably, the move comes as a result of the tokens being named as securities in the recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
According to Robinhood, users will be able to continue the trading and transfer of the three tokens on the app until the deadline. All ADA, SOL, MATIC tokens left in a user’s account after the deadline will be automatically sold for market value.
https://www.coindesk.com/markets/2023/06/09/robinhood-ends-support-for-some-tokens-named-in-sec-lawsuit-as-securities
3️⃣ ‘Ethereum Fails' Without These 3 Changes, Says Vitalik Buterin 🧐
In a blog post published on Friday, Ethereum founder Vitalik Buterin laid out a roadmap comprising three major technical transitions that he believes will help Ethereum mature and scale.
Buterin stated that “The Three Transitions” namely- ‘Layer 2 scaling’, ‘wallet security enhancement’, and ‘privacy measures’ – will need to be addressed simultaneously, in order to preserve Ethereum’s decentralisation while providing a “global and permissionless experience to average users.”
https://decrypt.co/143991/ethereum-fails-without-these-3-changes-says-vitalik-buterin
4️⃣ CFTC Wins Ooki DAO Case, Setting Precedent That DAOs Can Be Held Liable ❗️
A United States district judge has reportedly ruled in favour of the Commodity Futures Trading Commission in its case against Ooki DAO, after the entity failed to respond to an enforcement action taken by the commodities regulator. The judge has entered a default judgment order requiring Ooki DAO to permanently shut down and pay a civil monetary penalty of $643,542.
The judgement sets a precedent that may open the door to future actions against DAOs and decentralised exchanges in the near future.
CFTC’s Division of Enforcement Director Ian McGinley stated,
“The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability. This decision should serve as a wake-up call to anyone who believes they can circumvent the law by adopting a DAO structure, intending to insulate themselves from law enforcement and ultimately putting the public at risk.”
https://www.theblock.co/post/234019/cftc-wins-ooki-dao-case-setting-precedent-that-daos-can-be-held-liable
Hey Guys,
The SEC is out for blood. After suing Binance, the anti-crypto regulator sued Coinbase. The lawsuits are similar yet different. Similar in that they were both predictable, different in that Coinbase’s lawsuit has more to do with securities laws.
As bland as this sounds, it could have profound implications for the crypto industry and the crypto market, which is why I decided to summarise the SEC’s suit against Coinbase. If want the SEC’s reasoning about altcoins, check yesterday’s video.
The only thing I’ll say here is that Coinbase could have a hard time defending itself from the SEC. As the facts stand today, the SEC only needs to prove that a single crypto Coinbase offered is a security, and not just on its exchange – even the Coinbase Wallet!
This is one you cannot miss.
📣📣 COIN BUREAU NEWSFLASH! – (08/06/23)
Here are some of today’s most important headlines:
1️⃣ US Federal Court Dismisses Lawsuit Against DeFi Platform PoolTogether ⚖️
Yesterday, U.S. district court Judge Frederic Block reportedly dismissed a lawsuit against DeFi startup PoolTogether, ruling the federal court system was not an appropriate arena to air out concerns against the platform. The judge also ruled that the plaintiff, Joseph Kent, did not have standing to pursue a lawsuit against the startup due to not suffering any “concrete harm at the hands of the defendants.”
However, the judge also said that Kent was “free to pursue his claims in state court” and stated that any unanswered ancillary issues raised in the dismissal motions should be “resolved by the New York Court of Appeals.”
https://cointelegraph.com/news/us-federal-court-dismisses-lawsuit-against-defi-platform-pooltogether
2️⃣ GameStop Fires CEO Who Oversaw Retailer's NFT Push ❌
GameStop has reportedly fired Matt Furlong- the CEO who was responsible for the company’s push into NFTs. The company has promoted Ryan Cohen — a billionaire investor and board chairman held in high esteem by meme stock traders following the notorious GameStop short squeeze in 2021 — to the role of executive chairman. Interestingly, the news comes alongside GameStop’s first quarter earnings call that saw the company’s reported earnings per share miss market expectations by more than 133%.
https://decrypt.co/143757/gamestop-fires-ceo-who-oversaw-retailers-nft-push
3️⃣ South Korean Regulator Delays Gopax Acquisition 🇰🇷
According to local media outlet Newspim, the South Korean Financial Services Commission (FSC) is delaying Binance’s acquisition of crypto exchange Gopax. Specifically, the FSC is delaying the review of Gopax’s executive change report filed on March 7 which detailed the nomination of three Binance members as inside directors of Gopax, including Leon Foong, the head of APAC at Binance. The FSC claimed it was very difficult to accept the acquisition request at this point due to the recent accusations of securities law violations by the U.S. SEC.
https://www.theblock.co/post/233446/south-korean-regulator-delays-gopax-acquisition-due-to-binance-sec-lawsuit
4️⃣ Binance.US Halts Trading for Dozens Of USDT, BTC, and BUSD Pairs Amid SEC Lawsuit ❗️
Following the SEC lawsuit against Binance.US, the crypto exchange is reportedly delisting around 100 trading pairs on June 8. The exchange is also pausing its OTC Trading Portal, an "over-the-counter" trading system that lets buyers and sellers trade without using a public order book.
https://cointelegraph.com/news/binance-us-halts-trading-for-dozens-of-usdt-btc-busd-pairs-amid-sec-lawsuit
5️⃣ Arbitrum Temporarily Stopped Processing Due to Software Bug 🥶
Ethereum layer 2 network Arbitrum reportedly went out of service for several hours yesterday after a bug in its sequencer code impaired the network's ability to batch transactions to the Ethereum blockchain. Arbitrum Foundation community lead ‘eli_defi’ has confirmed that a solution was deployed earlier today and that everything has been operating as it should.
https://www.coindesk.com/tech/2023/06/07/arbitrum-temporarily-stopped-processing-due-to-software-bug/
Each NFT is priced at about $41,712 (€39,000) and will unlock exclusive products and experiences for high-level customers. Since the NFTs are soulbound, purchasers cannot trade or transfer them to other wallets, allowing Louis Vuitton to ensure that only the original purchaser is able to use it to access the special privileges associated with the NFT.
https://decrypt.co/143654/louis-vuitton-to-sell-41000-nfts-to-top-customers
📣📣 COIN BUREAU NEWSFLASH! – (06/06/23)
Here are some of today’s most important headlines:
1️⃣ Binance SEC Sues Binance and CEO Zhao for Breaking Securities Rules 📉
In a 136-page complaint filed before the US federal court in Washington on Monday, the US Securities and Exchange Commission accused crypto exchange Binance and its Chief Executive Officer Changpeng Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules.
Notably, the SEC also named 10 cryptocurrencies as being securities in its lawsuit against Binance, namely BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI). This brings the total number of cryptocurrencies accused to be a “security” by the SEC to 61.
SEC Chair Gary Gensler stated,
“We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. The public should beware of investing any of their hard-earned assets with or on these unlawful platforms.”
https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules
2️⃣ CFTC Approves Cboe Clear Digital to Clear Margined Digital Asset Futures 🚀
The Commodity Futures Trading Commission has reportedly approved an amended order of registration for Cboe Clear Digital to clear additional products as a ‘derivatives clearing’ organisation. The amended order authorises Cboe Clear to "provide clearing services for digital asset futures on a margined basis for futures commission merchants, in addition to the fully collateralised futures and fully collateralised swaps previously authorised."
https://www.theblock.co/post/233224/cftc-approves-cboe-clear-digital-to-clear-margined-digital-asset-futures
3️⃣ JPMorgan, 6 Indian Banks to Settle Dollar Trades on Onyx Blockchain System 🤝
JPMorgan has reportedly partnered with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform, Onyx. The participating banks in the pilot project over the coming months include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit at Gujarat International Finance Tec-City, or GIFT City.
JPMorgan’s senior country officer Kaustubh Kulkarni stated,
“By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.”
https://www.coindesk.com/business/2023/06/05/jpmorgan-6-indian-banks-to-settle-dollar-trades-on-onyx-blockchain-system-bloomberg
4️⃣ Tether Invests in Startup That's Building a Bitcoin Mine In El Salvador 💰
Stablecoin issuer Tether has reportedly invested in a startup called Volcano Energy as part of its partnership in Bitcoin-friendly nation El Salvador’s proposed $1 billion-dollar renewable energy initiative. The first round was reportedly worth $250 million and Tether backed only a part of this round. It remains unclear whether the full $250 million in funding has been raised.
Tether CTO Paolo Ardoino stated,
"Tether is one of the investors and the current size of our investment in Volcano Energy is quite contained, being well within our own excess reserves, so it's not taken from the reserves backing the tokens."
https://www.theblock.co/post/233130/tether-bitcoin-mining-volcano-energy-el-salvador
Hey Guys,
It’s been another volatile week in the crypto market and I have a feeling that this week will be even worse. That’s because the debt ceiling has finally been raised, meaning the Treasury can start draining market liquidity by issuing new debt.
At the same time, there seems to be lots of FUD flying around about multiple crypto projects and companies, including Ethereum. The FUD that’s been front and center over the last 24 hours is the apparent Atomic Wallet exploit.
If that wasn’t bad enough, the crypto industry itself is starting to feel the slump too. Some of you may recall that there were a bunch of layoffs last year when the crypto market crashed. It’s starting to look like we’re in for another leg of that.
Enjoy, if you can…
🚨Rally Report🚨
TERRA CLASSIC
The price of LUNC has rallied by 13% in the past 24 hours.
WHY?!
🎉 The proposal for Terra Classic’s third significant upgrade- v2.1.0 is up for discussion on the community forum. The voting period for the proposal begins on June 7th and if passed, is scheduled for release on June 14th.
🔎 The upgrade aims to align Terra Classic with other blockchains, including Terra 2.0 and other Cosmos chains. It also proposes to set a minimum 5% commission for validators as part of its fair compensation goals.
If you want to buy or trade LUNC, we have an exclusive $40K Bonus, a 20% trading fee discount & a $15k trading competition on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
Sometimes, we take our own understanding if crypto for granted. I have met numerous people in the past who invest considerable amounts of money in all varieties of cryptocurrencies, memecoins and NFTs without even knowing what they are or how they work.
This is a problem because the only way that you can really appreciate the long term value and use cases for cryptocurrency is if you understand how it works, and why it's so revolutionary.
Of course, I don't blame people. Most content on YouTube is centered around finding the next "100x". There is rather limited emphasis being placed on complete beginner's guides.
That's why today, I am taking a shot at our very own "Basics" guide where I explain the fundamentals of Bitcoin. Even if you think that you know everything about cryptocurrency, this video is still worth your while. We are all on our crypto journey and it has to be built on solid foundations.
Enjoy!
🚨Rally Report🚨
TERRA CLASSIC
The price of LUNC has rallied by 5% in the past 24 hours.
WHY?!
🔥 Yesterday, crypto exchange Binance burned 1,044,105,202 LUNC valued at $88,373 USD as part of its monthly burn program for LUNC.
🔎 This brings the total number of tokens accumulated as trading fees from LUNC spot and margin trading pairs on Binance and then burned to 33 billion LUNC tokens.
If you want to buy or trade LUNC, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
Hey Guys,
Not sure if you’ve noticed, but the total stablecoin market has been falling recently, and for some stablecoins it’s been falling fast. However, the market cap of Tether’s USDT just hit an all time high. WTF does it mean for the market?
This is a question I’ve been itching to answer, but I had to wait until there was a good enough reason. The announcement from Tether that it would begin buying BTC with a portion of its monthly profits was the perfect catalyst.
Believe it or not, but the impact of stablecoin market caps on the crypto market ultimately depends on the stablecoin in question. It seems that one of them is a good predictor of crypto prices. You’ll have to watch to find out which one.
Enjoy!