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
🚨Rally Report🚨
APTOS
The price of APT has rallied by 10% in the past 24 hours.
WHY?!
🥶 Aptos made the headlines yesterday after South Korean crypto exchange Upbit suffered a technical error that resulted in the exchange identifying fake APT tokens created by scammers as real APT tokens.
📈 This saw daily trading volume for the token surge by almost 800%. Interestingly, a move to the upside in spite of the recent debacle suggests strong investor confidence.
If you want to buy or trade APT, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
🚨 New Video Alert!! 🚨
There’s a crypto meme that’s titled ‘institutions are coming’.
It features Bitcoin as Wojack, being held by megabanks like JP Morgan which are of course NPCs, and these NPCs are trying to turn Wojack into an NPC. We posted it on our Instagram once.
Lo and behold, institutions have been trying to do this to Bitcoin and crypto for a very long time. One of the most famous cases occurred between 2015-2017 and gives us an idea of what might be coming now that entities like Blackrock are involved.
The good news is that Bitcoin has become resilient to these takeover attempts. The bad news is that institutions could still find a way to control Bitcoin via BTC’s price action. The rest of the crypto market could also be at risk of a real takeover.
This is a video you need to watch until the end.
📣 Coin Bureau Club Update!! 📣
It's been three weeks since the launch of our exclusive Coin Bureau Club.
So far, we have already done reviews on:
✅ XRP
✅ Tron
✅ Axelar
On top of that, all the CB team researchers share their up-to-the-minute thoughts on the Coin Bureau research feed. On top of that, we also regularly release free tickets to crypto events and exclusive discounts on other useful crypto tools!
Join the Coin Bureau Club to take advantage of this limited introductory offer!
Take me to the Club House 👉👉 https://hub.coinbureau.com/
🚨Rally Report🚨
THETA NETWORK
The price of THETA has rallied by 8% in the past 24 hours.
WHY?!
🎉 Theta Labs recently secured U.S. Patent 11,763,332 for an innovative "Edge Computing Platform powered by Smart Contract-enabled Blockchain Network".
🚀 Investors are bullish as his patent paves the way for compute tasks to be seamlessly processed through Theta’s Edge Network.
If you want to buy or trade THETA, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
🚨Rally Report🚨
TERRA CLASSIC
The price of LUNC has rallied by 8% in the past 24 hours.
WHY?!
🎉 The price rally is accompanied by a 450% surge in global daily trading volume for the token.
🚀 Notably, the LUNC community passed two key proposals “Asking Binance To Start Burning USTC” and “Stop Minting and Reminting of USTC”. However, it remains unclear whether these developments are truly behind the recent rally as other crucial proposals passed by the community failed to result in any traction for the price of the token in the recent past.
If you want to buy or trade LUNC, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ Deal Here ⬅️ 👈
🚨 New Video Alert!! 🚨
The financial system is rigged.
This is something that we all know, but how exactly is the financial system rigged? And what can we do to keep up in such a system? Today’s video has all the answers.
As with most of the problems in the world, the problems in the financial system ultimately boil down to human corruption. If you give someone the power to print money, they will inevitably abuse that power.
At first, it’s not a problem, because they’re just using this power to enrich themselves as their friends. Over time however, the system becomes so unstable that it forces them to control everyone else too.
This is a video you cannot miss.
🚨Rally Report🚨
IMMUTABLE X
The price of IMX has rallied by 24% in the past 24 hours.
WHY?!
🔎 The recent price rally is accompanied by a 22% surge in global daily trading volume for the token.
🇰🇷 Notably, a significant portion of this trading volume seems to come from the South Korean markets, with crypto exchange Upbit’s IMX/KRW trading pair alone accounting for 20% of the global trading volume
🐳 The trading volume seems to come from a whale accumulating the token using Upbit.
If you want to buy or trade IMX, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ Deal Here ⬅️ 👈
https://youtu.be/QmcDulfWAXo?feature=shared
Читать полностью…
📣📣 MARKET MOVING NEWS! (19/09/23)
1️⃣ SEC Fails to Win Immediate Inspection of Binance US Software ❌
The United States Securities and Exchange Commission (SEC) has reportedly failed to win immediate access to Binance.US’s software with the federal magistrate judge ruling over the matter stating that he isn’t “inclined to allow the inspection at this time.” Instead, the judge suggested the SEC come up with more tailored requests and speak with additional witnesses.
Source
2️⃣ Citi Expands Digital Asset Services with Bond Custody, Tokenised Deposits 🏦
Global investment bank Citigroup is reportedly expanding its digital asset services with a new custodian partnership and a pilot program for tokenized deposits. Specifically, it announced the launch of ‘Citi Token Services’ - a private, permissioned blockchain that offers cross-border payments, liquidity and automated trade finance solutions for its institutional clients.
The bank stated that the new services “will integrate tokenised deposits and smart contracts into Citi’s global network.” It also became the first digital custodian for the BondbloX Bond Exchange – an entity regulated by the Monetary Authority of Singapore and described as the world’s first fractional bond exchange that uses atomic settlement and DLT. The partnership will reportedly grant Citi's eligible clients access to BBX's fractionalised bond trading.
Source
3️⃣ FTX Bankruptcy Estate Sues Sam Bankman-Fried's Parents Over Millions in ‘Misappropriated’ Funds ⚖️
The bankruptcy estate of FTX has reportedly taken legal action against former CEO Sam Bankman-Fried's parents - Joseph Bankman and Barbara Fried, to “recover millions of dollars in fraudulently transferred and misappropriated funds.” According to the filing, the debtors of FTX and its affiliated entity, Alameda Research, are also seeking to recover damages attributed to breaches of fiduciary duties and other alleged misconduct.
Specifically, the lawsuit argues that Bankman and Fried were “very much involved” in the FTX business from inception to collapse, and allegedly exploited their access and influence within the FTX empire to enrich themselves at the expense of the debtors. The filing reads,
"Bankman’s command of tax law and unique understanding of the FTX Group’s muddled corporate structure allowed him to facilitate the transfer of a cash gift totalling $10 million to himself and Fried consisting of Alameda Ltd. funds."
Source
4️⃣ New York Regulator Seeks Tougher Norms for Adding, De-Listing Crypto Coins 🔎
Yesterday, the New York Department of Financial Services proposed updated guidelines for crypto exchanges. Specifically, the new guidelines seek to impose stricter rules on the listing and delisting of crypto tokens from exchanges. The guidelines also updated the regulator’s list of greenlisted coins which licensees can list or custody without further regulatory hurdles. Notably, the list currently includes bitcoin (BTC), ether (ETH), and stablecoins issued by PayPal and Gemini.
Source
5️⃣ Canto, Astar Blockchains Plan Expansion to Ethereum Ecosystem as Layer 2s 🚀
Cosmos-native layer-1 blockchain Canto and Polkadot-native layer-1 blockchain Astar have both announced plans to expand on the Ethereum network. While Canto announced that it will be ‘migrating’ to Ethereum as a layer 2 zero-knowledge rollup, Astar announced that it will be ‘expanding’ beyond the Polkadot ecosystem to Ethereum. Both projects have announced that they will be using Polygon’s Chain Development Kit to build their layer-2 ZK chains.
Source
🚨 New Video Alert!! 🚨
It’s Monday, and that means it’s time for another weekly crypto review! Guy will be back tomorrow so Jessica is taking it away with the news.
It’s safe to say that a lot has happened over the last 7 days, and not just everything that happened at Token2049 in Singapore.
There seem to be some big moves on the macro and crypto fronts. For the former, there’s lots of chatter about inflation and interest rates. For the latter, regulatory scrutiny has been front and center.
As always, there are a handful of cryptos that have managed to defy the bearish macro and crypto news. Be sure to stick around until the end to see where these cryptos are headed next!
Enjoy!
📣📣 MARKET MOVING NEWS! (17/09/23)
1️⃣ Mark Cuban Loses $860,000 Of Crypto to Phishing Attack 🥶
Billionaire investor and Dallas Mavericks owner Mark Cuban reportedly lost over $860,000 in tokens and NFTs from one of his crypto wallets after falling to a phishing attack late last night. The attack reportedly took place after Cuban downloaded a fraudulent version of MetaMask. Specifically, the attacker drained $555,000 in stETH, $175,000 in USDC, a few ENS domains, MATIC, and other valuable assets.
Source
2️⃣ Magic Eden Integrates Solana’s Compressed NFTs Into Marketplace 🚀
NFT marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) due to their ability to provide a cost-efficient and scalable alternative to creating and owning digital collectables. Specifically, the NFT marketplace believes it will allow creators to reach wider audiences without spending more as Solana’s state compression feature allows as many as 1 million NFTs to be minted with just around $110. This makes it ideal for creating mass-produced collections in various industries like gaming, music, events and the metaverse.
Source
3️⃣ Optimism To Distribute Unclaimed Funds from First Airdrop 💰
According to a recent announcement made by Optimism, the Ethereum Layer 2 network is planning to distribute unclaimed funds from its first airdrop directly to the remaining eligible addresses that have yet to claim the airdrop. The eligible addresses who did not claim the airdrop are expected to receive the direct distribution today.
Source
4️⃣ FTX Reopens Claims Portal Following Security Incident ❗️
Bankrupt crypto exchange FTX has reportedly restored its customer claims portal with tighter security protocols after unfreezing user accounts that were affected by a recent cyber security incident which targeted Kroll, the third-party agent managing the creditor claims for the FTX bankruptcy. FTX stated that customers have until September 29 to file a proof of claim with Kroll. The claims portal is reportedly available to individuals who held accounts with FTX, FTX US, Blockfolio, FTX EU, FTX Japan and Liquid.
Source
🚨 New Video Alert!! 🚨
Can you guess how many crypto millionaires or billionaires there are out there? And who are the top 10 richest people in crypto?
Hint: It's not what you think.
In our video today, we take a look at a report that breaks down the crypto rich list. It also gives a broad analysis on how rich crypto investors are faring and which countries they are choosing to base their operations.
Enjoy!
🚨Rally Report🚨
TONCOIN
The price of TON has rallied by 14% in the past 24 hours.
WHY?!
🎉 The recent rally is an indication of investors’ continued bullishness on TON after its recent partnership announcement with the Telegram messaging app.
🚀 The partnership will see Telegram provide priority access to its advertising platform to TON projects and partners. The TON foundation has stated that it aims to bring around 30% of Telegram’s active users onto the TON blockchain in the next 3-5 years.
If you want to buy or trade TON, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ Deal Here ⬅️ 👈
🚨Rally Report🚨
AXIE INFINITY
The price of AXS has rallied by 12% in the past 24 hours.
WHY?!
🔎 The recent rally seems to be due to technical factors. Specifically, AXS’ daily RSI went below 30 to hit 21, confirming oversold conditions, and triggering buy action.
📈 The other factor contributing to the price surge might be an unexpected short squeeze after the initial rally.
If you want to buy or trade AXS, we have an exclusive $40K Airdrop Bonus Promo on ByBit
Get deal 👉🏻 https://www.coinbureau.com/deals/trading/bybit-cb/
📣📣 MARKET MOVING NEWS! (24/09/23)
1️⃣ OpenSea Tells Users to Rotate API Keys After Third-Party Security Breach ❗️
According to a recent email sent to select OpenSea users, one of the NFT marketplace’s third-party vendors “experienced a security incident that may have exposed information” regarding the API keys of the users who received the email. While the company stated that the security incident was not expected to affect any programs utilising an OpenSea API key, it announced plans to sunset existing keys by Oct. 2. Notably, the news comes shortly after crypto analytics firm Nansen suffered a similar breach which impacted 6.8% of its users.
Source
2️⃣ FTX’s Former External Legal Team Disputes Involvement in Fraud Allegations ⚖️
United States-based law firm Fenwick & West, which formerly represented crypto exchange FTX, has reportedly filed a motion to dismiss the recent class-action lawsuit which accuses the law firm of assisting FTX’s alleged fraudulent activities.
The filing reads,
“It is black-letter law that an attorney cannot be held liable for conspiracy or aiding and abetting a client’s wrong ‘as long as [his] conduct falls within the scope of the representation of the client.’”
Source
3️⃣ Terra Classic Community Elects to Cease USTC Minting ❌
The Terra Classic community has reportedly passed a proposal to cease all minting and reminting activities related to TerraUSD Classic (USTC) to reestablish a stable peg between USTC and the United States dollar. The proposal passed with the community voting 59% in favour and 40% opposing the change.
Source
4️⃣ European Crypto Asset Manager CoinShares Starts US Hedge Fund Division 🇺🇸
Crypto asset manager CoinShares is reportedly establishing a hedge fund unit for qualified U.S. investors. Notably, the move marks the firm’s expansion outside its European base. CEO Jean-Marie Mognetti has described the move as "a natural progression" in light of the "changing macro environment prominently marked by interest rates and inflation."
Mognetti stated,
“We want to be a global leader. We tend to be contrarian by nature. When we started doing crypto in 2012, 2013, nobody believed in what we were doing. So when everybody starts to lose faith in US markets, I think it’s probably time to pay attention to the US.”
Source
📣📣 MARKET MOVING NEWS! (23/09/23)
1️⃣ Coinbase Pursued FTX Europe Acquisition As It Looked To Expand Overseas Derivatives Business 🧐
According to a Fortune report, crypto exchange Coinbase had recently considered buying FTX Europe as part of its desire to expand its derivatives business globally. However, these acquisition talks reportedly never reached a “late stage.” The report adds that, apart from Coinbase, crypto exchange Crypto.com and Trek Labs had also expressed interest in FTX Europe.
Source
2️⃣ Bitcoin Mining Machines, Rocket Launchers Seized In Venezuela Prison Raid 👮♂️
According to local reports, Venezuelan authorities have seized a cache of Bitcoin mining machines among an arsenal of heavy weaponry, including rocket launchers and grenades, from their recent raid of the Tocoron prison in Aragua state. Notably, the prison which was under gang control for years was raided by over 11,000 police and soldiers, backed up by tanks and armored vehicles.
Source
3️⃣ Google Cloud Pushes Deeper Into Blockchain Data, Adding 11 Networks Including Polygon 🚀
Google Cloud’s BigQuery service is reportedly expanding its push into blockchain by adding 11 networks including Polygon, Optimism and Polkadot to its public datasets. The company also stated that users can now make intricate on-chain queries, such as assessing the number of NFTs minted or contrasting transaction fees across these chains. It also stated that integration with end-user applications like Looker and Google Sheets is available.
James Tromans, Google Cloud’s global head of Web3, stated
“Over the past 18 months, we’ve been investing in this space, we’ve continued to hire, we’ve continued to grow not only our business development and our go-to-market teams but also our product and engineering capabilities. We’re really beginning to show that we’re not just fly-by-night and not just here when the time is going well.”
Source
4️⃣ CFTC Denies Kalshi’s Plan to Let Users Bet on Control of U.S. Congress ❌
The Commodity Futures Trading Commission (CFTC) has reportedly denied prediction market Kalshi’s plans to let users bet on which party will control the chambers of Congress. Notably, the regulator stated that the contracts involve unlawful gaming and activity and would be "contrary to the public interest"
Source
5️⃣ Coinbase Holds 5% Of All Bitcoin in Existence: Data 🔎
According to data analysed by blockchain intelligence platform Arkham, nearly 5% of all existing Bitcoin (approx. 1 million BTC) is currently held in the crypto wallets controlled by crypto exchange Coinbase. Arkham has stated that these coins are worth more than $25 billion at current market prices. However, Arkham also noted that Coinbase only owns around 10,000 of all the Bitcoin it holds, which is worth roughly $200 million.
Source
6️⃣ USD Coin and Euro Coin Stablecoins Are Now Exclusively Named USDC and EURC: Circle ❗️
In a recently published statement, stablecoin issuer Circle announced that it rebranding the official names of its dollar and euro-pegged stablecoins: USD Coin and Euro Coin. The firm stated that new names of the stablecoins will be written as simply USDC and EURC.
The statement reads,
"Today, we are streamlining our product naming construct and corresponding symbols to improve consistency and eliminate confusion when referring to Circle’s stablecoins."
Source
📣📣 MARKET MOVING NEWS! (22/09/23)
1️⃣ FTX Sues Former Employees of Hong Kong Affiliate, Seeks $157 Million 🔎
Bankrupt crypto exchange FTX has reportedly sued former employees of its Hong Kong affiliate ‘Salameda’ for allegedly fraudulently transferring assets worth about $157.3 million in the hours before the exchange filed for bankruptcy. Notably, the filing states that the defendants withdrew the assets during the 90-day ‘Preference Period’ before FTX filed for Chapter 11 bankruptcy protection in November.
Source
2️⃣ Activity Involving Binance Wallet Sees $840,000 In Abnormally High Transaction Fees 😱
According to on-chain data, a wallet address belonging to crypto exchange Binance has spent 530 Ether (worth $843,797) in gas fees in the past 24 hours. Notably, the wallet executed 140,000 token transfers and consistently paid fees exceeding 300 gwei ($11), even though the network’s average remained close to 10 gwei. This reportedly led to a significant yet temporary increase in gas fees on the network.
Source
3️⃣ Judges Deny Sam Bankman-Fried’s Appeal For Early Release ❌
A three-judge panel from the U.S. Court of Appeals for the Second Circuit has reportedly denied former FTX CEO Sam Bankman-Fried's appeal to be released from jail ahead of his trial which is set to begin on Oct. 3 in a federal courtroom in Manhattan.
The order stated,
“We reject [Bankman-Fried’s] contention that the district court failed to consider a less restrictive alternative to detention. The record shows that the district court considered all of the relevant factors, including the Defendant-Appellant’s course of conduct over the time that had required the district court to repeatedly tighten the conditions of release.”
Source
4️⃣ Crypto Exchange Binance, CEO Zhao Ask Court to Dismiss SEC Suit ⚖️
Binance Holdings Ltd. along with its U.S. affiliate and CEO Changpeng “CZ” Zhao has reportedly filed a petition seeking to dismiss a lawsuit filed against them by the US Securities and Exchange Commission. The 60-page petition claimed that the agency overstepped its authority in suing them and that it hadn't "plausibly alleged" the various securities-related violations it charged the exchange with.
The filing reads,
"Indeed, since 2019, Congress has considered more than a dozen proposals that would provide a coherent and workable framework for crypto assets and their trading platforms. Critically, none of those proposals would confer sole regulatory jurisdiction over the crypto industry to the SEC. Despite this, the SEC now seeks to expand its authority and filed this lawsuit, asserting claims against Binance Holdings Limited ('BHL') and Changpeng Zhao, among others."
Source
5️⃣ Financial Regulator Issues 'Final Warning' to Non-Compliant UK Crypto Firms ❗️
In a public letter published by the United Kingdom’s Financial Conduct Authority (FCA), the regulator expressed its concern over the lack of engagement by crypto firms that will soon be subject to new marketing rules. Notably, it warned that the rules, which take effect next month, will severely restrict how financial promotions from “unauthorized and unregistered crypto businesses” can be communicated. The regulator noted that only 24 of 150+ firms have replied to a survey sent by the regulator relating to the new rules.
Source
📣📣 MARKET MOVING NEWS! (21/09/23)
1️⃣ PayPal Rolls Out PYUSD Stablecoin To Venmo Users 🚀
According to a recent announcement made by PayPal, the payment processor’s newly launched stablecoin PYUSD will be made available to users of the Venmo platform over the coming few weeks.
PayPal stated,
“PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows. In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken."
Source
2️⃣ Optimism Foundation Sells $157M OP Tokens, Citing 'Treasury Management' 💰
According to an announcement on the Optimism governance website, the Ethereum layer-2 scaling solution is planning to sell 116 million OP tokens (worth $157 million) to seven private buyers for treasury management purposes. Notably, the Optimism Foundation described the token sale as a "private" and "planned" event involving tokens originating from an unallocated portion of the OP Token treasury.
The post reads,
"Optimism has entered into a private token sale of approximately 116 million OP tokens, split among seven purchasers, for treasury management purposes. The tokens are subject to a two-year lockup. During the lock-up, the purchasers will be able to delegate the tokens to unaffiliated third parties for participation in governance."
Source
3️⃣ Mt. Gox Trustee Extends Deadline for Creditor Repayments By a Year ❗️
In an announcement made earlier today, Nobuaki Kobayashi - the trustee overseeing the defunct Mt. Gox Bitcoin exchange's estate, officially declared an extension on the deadline for repaying its creditors. Notably, the new deadline for creditor repayments has been moved by a year - from October 31, 2023, to October 31, 2024.
The announcement stated that the decision to adjust the repayment schedule comes after considering the time required for rehabilitation creditors to provide essential information. Specifically, Nobuaki Kobayashi stated that ample time was needed to verify this data, engage in discussions, and coordinate with banks, fund transfer service providers and designated crypto exchanges involved in the repayments.
Source
4️⃣ Base Introduces Security Monitoring System Named Pessimism 🚨
Layer 2 network Base has reportedly introduced an open-source monitoring system to enhance security oversight across networks in the Optimism ecosystem. Notably, the monitoring system – which is named ‘Pessimism’, will identify protocol threats and security vulnerabilities specific to networks created with the OP Stack and other EVM-compatible chains using three primary subsystems: ETL (extract, transform, load) subsystem, Risk Engine, and Alerting. Coinbase has also expressed its intention to expand Pessimism’s capabilities to bridge monitoring.
Source
📣📣 MARKET MOVING NEWS! (20/09/23)
1️⃣ DeFi Protocol Balancer Says Web Front End Is ‘Under Attack’ 🥶
Ethereum-based DEX Balancer has warned users against interacting with its website due to reportedly suffering a domain name system (DNS) attack yesterday that redirects users to a malicious page rather than the authentic site. According to internet sleuth ZachXBT, the attacker may have already stolen over $200,000 in digital assets from unsuspecting users.
Source
2️⃣ Circle Launches USDC Stablecoin On Polkadot Asset Hub 🏦
USDC issuer Circle has officially launched the native version of its USDC stablecoin on the Polkadot Asset Hub. This means that developers and users can access the native version of USDC across all the parachains in the Polkadot ecosystem via the XCM protocol. However, it also warned users that Circle Account and Circle APIs only support Polkadot USDC natively issued on Polkadot Asset Hub in the Polkadot ecosystem. This means that users must transfer USDC from their Circle Account to an external Polkadot Asset Hub wallet address prior to using XCM.
Source
3️⃣ CZ Says Binance.US Did Not Use Entity At Center Of Recent SEC Allegations ❗️
In a recent X post, Binance CEO Changpeng "CZ" Zhao pushed back against the SEC’s recent allegations that Binance.US used a custody unit possibly linked to its international counterpart that could be exposing clients to a foreign entity.
The X post reads,
"For the record. Binance US does not use, and have NEVER used Ceffu or Binance Custody. You can't just make this stuff up.”
Source
4️⃣ Bitcoin Adoption Fund Launched By Japan’s $500B Nomura Bank 🚀
Laser Digital Asset Management – the digital asset subsidiary of Japan’s largest investment bank Nomura, has launched a Bitcoin Adoption Fund for institutional investors. Laser has stated that the Bitcoin Adoption Fund provides "long-only" exposure to BTC for institutional investors and is part of Laser Digital Funds SPC — a registered mutual fund with the Cayman Islands Regulatory Authority. Laser has also stated that the Bitcoin Adoption Fund is the first in a range of digital adoption investment solutions that the firm plans to introduce.
Source
5️⃣ Stanford University Will Return ‘Entirety’ of Gifts Received From FTX 🔎
According to a Bloomberg report, California-based Stanford University is planning to return the $5.5 million worth of “gifts” it received from bankrupt crypto exchange FTX. Interestingly, the announcement comes at a time when the FTX bankruptcy estate has been filing various lawsuits – including one against SBF’s parents, in an attempt to recover funds owed to FTX customers.
Source
6️⃣ South Korean Taxpayers Declare Overseas Crypto Holdings Worth $98.5 Billion 💰
According to an official announcement made by South Korea’s National Tax Service (NTS), 1,432 individuals and corporations reported overseas crypto holdings worth a total of 130.8 trillion won ($98.5 billion) this year. Notably, the agency stated that the overseas crypto holdings declared by Korean taxpayers accounted for 70.2% of the total value of reported foreign assets.
Source
🚨 New Video Alert!! 🚨
It’s not every day that SEC chairman Gary Gensler sits before US politicians to get grilled in an all hands on deck hearing.
Naturally, these hearings tend to contain a lot of alpha, and not always the good kind.
Gary’s most recent hearing is a great example of this. Not only does he seem to be doubling down on the SEC’s crypto stance, but is also starting to target other industries and even the economy itself.
This begs the question of what it will take for Gary to step down and the SEC to change its tone. Be sure to watch until the end to find out the answer and see just how much damage the SEC is doing.
Enjoy!
📣📣 MARKET MOVING NEWS! (18/09/23)
1️⃣ Hong Kong Probe into Crypto Exchanges JPEX Results in Arrest 🔎
Dubai-based crypto exchange JPEX has blamed regulators and “third-party market makers” for a liquidity crisis that has seen the platform recently hike withdrawal fees and suspend certain operations.
The exchange stated,
“Recently, due to the unfair treatment by relevant institutions in Hong Kong towards JPEX, a cryptocurrency trading platform, and a series of negative news, our partnered third-party market makers have maliciously frozen funds. They demanded more information from the platform for negotiation, restricting our liquidity and significantly increasing our daily operating costs, leading to operational difficulties.”
Meanwhile, the Hong Kong authorities' investigation into the liquidity crisis of JPEX has led to the arrest of Joseph Lam (Lin Zuo) - a Hong Kong-based social media influencer, after their involvement with the exchange was exposed.
Source
2️⃣ First Celebrities Settle Lawsuits Over FTX Deals 🤝
Three celebrities - NFL quarterback Trevor Lawrence, Youtubers Tom Nash and Kevin Paffrath – have reportedly settled a lawsuit over alleged inadequate compensation disclosure in their promotions for the now-defunct crypto exchange FTX. While the terms of the deal have not been disclosed, other celebrity defendants in the class-action lawsuit include former NFL quarterback Tom Brady, his ex-wife Gisele Bundchen, former NBA player Shaquille O’Neill, tennis star Naomi Osaka, and Youtubers such as Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre and Erika Kullberg.
Source
3️⃣ US Lawmakers Advance Legislation Blocking the Digital Dollar ⚖️
According to an announcement from chairman Patrick McHenry, the U.S. House Financial Services Committee is moving forward with legislation aimed at preventing the issuance of a central bank digital currency. Specifically, the committee is marking up two bills – the Digital Dollar Pilot Prevention Act (DDPPA) and an amendment to the Federal Reserve Act (FRA) - on September 20th. Markups are sessions in which lawmakers discuss the details of a bill. It is a crucial step before legislation moves to the House floor.
Notably, the DDPPA prohibits the Federal Reserve from initiating pilot programs to test CBDCs without approval from Congress, while the amendment to the Federal Reserve Act prohibits Fed banks from offering certain products or services directly to an individual, along with prohibiting the use of CBDCs for monetary policy and for other purposes.
Source
4️⃣ Hong Kong Regulator: Crypto Firms Cannot Claim to Be 'Banks' ❗️
Hong Kong’s central bank - the Hong Kong Monetary Authority (HKMA) - has reportedly issued guidance to crypto firms warning them of potentially misleading customers by using terms like “crypto bank” or “digital asset bank.” Specifically, HKMA stated that the usage of such terms along with the characterisation of funds as “deposits,” and the promotion of savings plans with low risk and high return could run afoul of Hong Kong’s banking ordinance. The authority prohibited such usage unless the crypto firms were an authorised institution. Notably, the warning comes at a time when the Hong Kong authorities are investigating the ongoing liquidity crisis at JPEX.
Source
🚨 New Video Alert!! 🚨
In crypto it’s often said that ‘we’re early’, but just how early are we?
Well, most of the major asset classes that crypto is supposed to compete with are worth tens of trillions. Crypto is barely worth 1 trillion.
Not only that, but each different crypto has its own set of competitors. For BTC, its primary competitor is gold. For ETH, its primary competitor is the existing financial system. Taking market share from either means massive gains.
However, this is easier said than done, and it’s not going to happen overnight. This begs the question of when it will happen and just how high some cryptos could go.
This video has some of the answers (in our opinion, of course).
Enjoy!
📣📣 MARKET MOVING NEWS! (16/09/23)
1️⃣ Ethereum Launches New Testnet ‘Holešky,' Allocates 1.6B ETH For Devs 🚀
Yesterday, Ethereum developers launched Holesky- a new test network that will reportedly improve Ethereum’s testing capability – by making it twice as big as the main network in terms of validators operating the network. Reports suggest that the launch of Holesky is intended to replace Goerli as the main testing ground for Ethereum infrastructure and core protocol upgrades.
According to Ethereum developer Tim Beiko, an initial supply of 1.6 billion Holešky testnet Ether (HETH) will be allocated to validators on Holešky’s launch day to bootstrap the network into operation. However, according to an update posted by Nethermind, the Holesky testnet encountered issues and could not attain slot proposals shortly after starting its genesis epoch at 10 a.m. ET. The developers and client teams have agreed to schedule the testnet relaunch a week from now.
Source
2️⃣ BitGo, Swan to Form Bitcoin-Only Trust Company 🏦
Crypto custodian BitGo and Bitcoin financial services firm Swan are reportedly planning to launch a "Bitcoin-only trust company" as a means of offering custody without exposure to the rest of the digital asset market. The joint venture, which is subject to regulatory approval, will combine BitGo's custody capabilities with Swan's expertise in onboarding and fraud prevention. It will also reportedly be the U.S.' first Bitcoin-only trust company.
BitGo CEO Mike Belshe stated,
"We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the U.S. financial industry for over a century: the separation of exchange and custody.”
Source
3️⃣ ‘One of the Most Hated People in the World’: Sam Bankman-Fried’s 250 Pages of Justifications 🔎
The New York Times has reportedly secured a 250-page manuscript written by FTX founder Sam Bankman Fried after they were leaked to crypto influencer Tiffany Fong. The leaked document reveals details about Bankman-Fried’s life while under house arrest as well as his thoughts on the legal team handling FTX’s bankruptcy case. Notably, certain parts of the document detail that SBF felt “broke” and “hated” and how he feels that there will “probably never be anything” he can do to make his “lifetime impact net positive.” The documents also reportedly contain information about SBF’s personal relationship with Caroline Ellison. The drafts claim Ellison had refused SBF’s requests to stop Alameda’s trading hedges, resulting in him sending a message with “the meanest thing I’ve ever said to her.”
Source
4️⃣ Gemini Lawyers Accuse DCG Of Gaslighting in Latest Recovery Plan ❗️
In a recent filing, lawyers for crypto exchange Gemini have accused Genesis parent company Digital Currency Group of "gaslighting" creditors with its latest proposed deal that Gemini lawyers claim misleads creditors on claims of being made “nearly whole.”
The filing reads,
“DCG touts proposed recovery rates that are a total mirage – misleading at best and deceptive at worst. Make no mistake: Gemini Lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current ‘agreement in principle.’ [….] Receiving a fractional share of interest and principal payments over seven years from an incredibly risky counterparty … is not even remotely equivalent to receiving the actual cash and digital assets owed today by Genesis to the Gemini Lenders.”
Source
📣📣 MARKET MOVING NEWS! (15/09/23)
1️⃣ SEC Accuses Binance US of ‘Numerous Discovery Failures’ in Court Filing ❗️
In a court filing dated Sept. 14, the U.S. Securities and Exchange Commission (SEC) accused Binance US of a “lack of transparency” during its investigation into the crypto exchange. It also alleged that Binance US’s holding company, BAM, has so far produced only 220 documents during the discovery process. It added that the submitted documents consisted of “unintelligible screenshots and documents without dates or signatures.”
It also raised concerns about Binance US’ customer assets falling under the control of Ceffu, a wallet custody software service owned by the exchange’s international entity Binance Holdings Ltd. As per previous agreements, the assets were supposed to be “solely in BAM’s custody and ‘complete control’ in the United States,” and not shared with other Binance entities.
Source
2️⃣ Binance.US Legal, Risk Executives Leave the Crypto Exchange ❌
According to a Wall Street Journal report, crypto exchange Binance.US’ Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are leaving the company. Notably, the news of their departure comes shortly after its CEO Brian Shroder announced his departure during the company’s recent round of layoffs.
Source
3️⃣ Deutsche Bank to Delve Into Crypto Custody, Tokenisation With Taurus 🏦
German banking giant Deutsche Bank has reportedly entered into a global partnership agreement with the Swiss-based crypto infrastructure firm Taurus SA to provide digital asset custody and tokenisation services to its clients. Deutsche Bank also reportedly invested in Taurus as part of a $65 million Series B round led by Credit Suisse back in February.
Taurus co-founder Lamine Brahimi stated,
"This partnership is the result of a thorough and detailed selection and due diligence process where Taurus was able to demonstrate the quality and breadth of its products and technology. We are pleased to implement this global partnership with Deutsche Bank and look forward to supporting the bank in launching digital assets and DLT-based products and services across several booking centres."
Source
4️⃣ Buying Crypto In Brazil Gets Easier With Pix Payment Integration 🚀
Crypto payments firm Ramp has reportedly integrated with Pix, Brazilian Central Bank's digital payment platform. Pix is reported to be used by almost 70% of the population in Brazil.
Ramp stated,
"Ramp now offers a faster, cheaper, and more convenient payment option for all Brazilian residents looking to purchase crypto, while enabling its partners to tap into the domestic Brazilian market and benefit from the country's most widely used payment method,"
Source
5️⃣ Genesis Announces Winding Down Of Crypto Trading Services 📉
According to a Sept. 14 statement from a Genesis spokesperson, the crypto lending firm will stop offering spot and derivatives trading for crypto assets “voluntarily and for business reasons” through its Genesis Global Capital (GGC) international arm in the British Virgin Islands.
Source