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▪️About blockchain, cryptocurrency and crypto technologies. ▪️Actual entry and exit points in the cryptocurrency market 🔹Channel: @finsignal 🔹Buy ads: https://telega.io/c/finsignal
😎 Hacker who hacked FTX
The funny thing about it all is that Ren Bridge belongs to Alameda
@finsignal
Ripple is working to obtain a license from Irish regulators
Ripple is working to obtain a Virtual Asset Service Provider (VASP) license from Irish regulators.
The company continues to expand outside of the US due to an ongoing lawsuit with the Securities and Exchange Commission (SEC).
“Essentially, all of the company's customers and revenues are moving out of the US, even though we still have a lot of employees in the US,” said Stuart Alderothy Alderothy, the company's legal counsel.
Alderothy also said that once Ripple obtains an Irish license, the company plans to “passport” its services across Europe.
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⚡️Bloobmerg has posted a diagram of companies and projects associated with Sam Bankman-Freed and FTX.
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📊Bitcoin rally model based on halvings
If by the next halving (spring 2024) bitcoin reaches $35,638, then it will have a high chance of reaching $150,000 in 2025
@finsignal
⚔️ CBDC race between USA and China: good or bad?
Research and development of central bank digital currencies (CBDCs) is a priority in China, and the United States appears to be following suit.
The New York Fed and a group of private banking firms recently launched a 12-week "digital dollar" pilot project. But there are still concerns about how this could affect financial freedom.
On March 9, 2022, Biden gave "the highest urgency" to efforts to research and develop a potential U.S. central bank digital currency. Was it a move to stay relevant or competitive with other regions?
Many will agree with this. Several countries, including China and Russia, have already begun pilot programs. The US, UK and most of the Eurozone countries are still in the study and research phase.
The emergence of such a race between countries accelerates the process of developing regulatory frameworks, which in turn brings closer the truly strict regulation of the crypto sector.
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⚡️ Bitfarms sells Bitcoin to reduce liabilities and enter South America
Mining company Bitfarms preferred to sell more bitcoins (2595 BTC) in Q3 than it mined in the same time period (1515 BTC). Thus, the company decided to reduce its own reserve in bitcoins, explaining this by directing funds to reduce the overall debt burden on the business.
@finsignal
The state of Tuvalu will create its own copy in the metaverse
Tuvalu plans to create a digital version of the state: replicate islands and landmarks to preserve its history and culture as rising sea levels threaten to flood tiny Pacific islands.
The government of Tuvalu complains about the inaction of the world community in the face of the threat of climate change, but is glad that VR technologies will allow at least a digital version of the country to be preserved.
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#NFTnews
🔹️Sony sees potential in creating digital assets
This month, a Sony Corporation patent was published that shows the company is expanding into developing NFTs and its own blockchain. This is evidenced by data from the Patent Scope service.
Sony sees potential in creating digital assets, including "moments of video game gameplay such as video clips or images." Although the patent was published this month, it was actually filed a year ago on May 7, 2021. It was called "Tracking Unique In-Game Digital Assets Using Tokens in a Distributed Ledger". At the same time, filing for a patent does not oblige companies to conduct research in any areas.
🔹️Nike is testing its web3 platform for virtual items
The sports brand Nike has already become one of the most successful brands in the web3. Now the company's management plans to promote virtual shoes and other products on its own platform.
The platform is currently in beta testing. The first digital collection will be released next year. Swoosh will allow Nike fans to collect and even create virtual items.
It’s also worth noting that Nike’s numbers have also been affected by the bear market, as the company’s revenue has plummeted from its April 2022 highs.
🔹️Cristiano Ronaldo Launches First NFT Collection on Binance
As part of an exclusive multi-year deal, Cristiano Ronaldo's first NFT collection on Binance will be available on Friday, November 18th.
The co-founder of Binance commented on the news: “We believe that the metaverse and blockchain are the future of the Internet. We are honored to partner with Cristiano to help more people understand blockchain and showcase how we are building a web3 infrastructure for the sports and entertainment industry.”
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🤹🏻♀️ Excuse or excessive caution?
Grayscale does not want to provide proof of its reserves for security reasons
Crypto asset management giant Grayscale has not picked up on the new trend of providing proof of reserves that emerged after the FTX crash.
In a Twitter post, Grayscale stated that all digital assets underlying its products are held by Coinbase Custody Trust Company, but for security reasons, the company will not provide cryptographic evidence of its reserves.
"Coinbase often performs on-chain verification. For security reasons, we don't make information about wallets and on-chain confirmations public."
The fund believes that the panic caused by the collapse of FTX is not a good enough reason to circumvent the complex security mechanisms that have kept investors' assets safe for years.
Grayscale is the largest public holder of BTC, holding 635,256 coins or over 3% of the total supply.
The company claims that it does not lend, trade, or repledge digital assets, and that all BTC in its Bitcoin Trust is solely owned by the trust.
@finsignal
⚡️ And here is the regulation
5 top crypto exchanges committed to sharing customer data
Coinbase, Binance, KuCoin, WhiteBit and Kraken have signed a memorandum with ARMA (Asset Search and Management Agency) regulator.
During the course of this memorandum, the exchanges undertake to transfer customer data if requested to do so.
- identity document
- e-mail
- IP addresses
- data on completed transactions
- information on additional crypto wallets and bank accounts
- Details to which the funds were withdrawn
"Virtual assets, primarily cryptocurrency, are often used for settlements in criminal activities, as well as for legalization and money laundering. The desire of large businesses and small private investors to profitably invest their capital has increased interest in digital assets, and, consequently, in the use of criminals and swindlers."
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⚡️ FTX Reorganization Press Release
WILMINGTON, Del., Nov. 19, 2022 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and approximately 101 other affiliates (collectively "FTX Debtors") announced today that they are beginning a strategic review of their global assets as part of the Chapter 11 process to begin maximizing recoverable value for stakeholders.
FTX debtors have engaged Perella Weinberg Partners LP ("PWP") as a lead investment bank and have begun preparing some businesses for sale or reorganization. Involvement of PWP must be approved by the court.
"From our review over the past week, we are pleased to learn that many of FTX's regulated or licensed subsidiaries in the US and beyond have solvent balance sheets, responsible management and valuable franchises," said Mr. John Jay Ray, III.
"Some of these subsidiaries - such as LedgerX LLC and Embed Clearing LLC - are not debtors in Chapter 11 cases. Other subsidiaries - such as FTX Japan KK, Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.Ş., FTX EU Ltd, FTX Exchange FZE and Zubr Exchange Ltd are all debtors and in any case our priority in the coming weeks will be to explore the possibility of a sale, recapitalization or other strategic deals in relation to these subsidiaries, as well as others that we will identify as we continue our work."
Ray further commented: “I have instructed the FTX debtor team to make it a priority to preserve the value of the franchise as much as possible under these difficult circumstances. I urge all of our employees, suppliers, customers, regulators and government stakeholders to be patient while we We are creating mechanisms that, due to corporate governance weaknesses at FTX, we were unable to create before the Chapter 11 case was filed."
FTX's debtors today filed various petitions in bankruptcy court seeking temporary relief from the court, which, if granted, would enable the launch of a new global cash management system and regular payments to critical and overseas affiliate suppliers.
The hearing has been scheduled for Tuesday, November 22, 2022.
FTX Debtors has not set a specific timetable for completing this process, and they do not intend to disclose further developments until they determine that further disclosure is appropriate or necessary.
FTX debtors have appointed #Kroll as their claims agent and all official documents filed in the US Bankruptcy Court can be found online at https://cases.ra.kroll.com/FTX
@finsignal
📈 They won't let you grow. Crypt in the morning
The situation with FTX, the possible problems of the largest Grayscale fund, and the growing risks of the largest cascading liquidation of multiple assets in the history of the crypto, do not allow the markets to grow.
The lack of a clear decision on how exchanges and funds will pay their clients and investors creates the risk of selling all the assets that remain in the stocks of these organizations on the market.
The lack of a clear decision of regulators and law enforcement agencies also adds to the uncertainty. Tighter regulation against this background may scare away investors who have come to the market for its openness and simplicity. On the other hand, regulation could help avoid incidents like the FTX crash in the future.
Index of fear and greed 21 - Extreme fear.
Market capitalization - $ 799.47 billion.
Bitcoin dominance is 37.85%.
Altseason index - 43
@finsignal
🚀 Charles Hoskinson announced the launch of a new confidential Midnight blockchain and his own token called Dust
Midnight is powered by zero-knowledge protection technology and is one of the Cardano sidechains
The head of IOG Charles Hoskinson said that this technology guarantees the anonymity of transactions, but unlike Monero or ZCash, it provides a loophole that allows regulators to track transfers and link them to wallets.
“You need programmability, you can't just take Zcash, fork it, and somehow everything starts working. What was needed was the ability to write these things in a regular programming language, not in some weird Snark, but in JavaScript or something similar, something that developers can understand and get a guarantee of confidentiality, ”added he.
@finsignal
📊 The well-known "Wyckoff distribution" on the Bitcoin chart looks just like a classic preparation for a trend reversal up, with a branded "bear trap" at the bottom
@finsignal
💥 Corporate Lawyers Reviewed FTX Bankruptcy Files
— blackrock
—Ontario Pension Fund
— Sequoia Capital
— Paradigm
— Tiger Global
— Softbank
⚡️ We financed a startup in which:
1) Employees sent requests for reimbursement of large expenses to Slack and random managers approved them via emoji.
2) Alameda provided Sam Bankman with a personal loan of $1 billion (10% of personal funds of clients) + $543 million to the chief techie.
3) There are almost no records left.
Most decisions were made in chat, with messages being automatically deleted after a certain amount of time.
4) FTX, a $32 billion company, has never had a board of directors.
5) FTX didn't have cash management.
Management had no idea how much cash was on hand at any given time, or even where it was in principle.
6) FTX didn't keep proper records of who they hired. Employees and contractors mingled at different companies without proper documentation of how they spent their time.
Certain employees cannot be found at all: this may mean that some employees were fake.
7) Corporate funds were used to purchase real estate for personal use. And the leaders rewrote it for themselves.
8) Cryptocurrency deposited by clients was not even entered into the financial/accounting system. Presumably, all crypto assets were simply dumped into one heap and, if necessary, seized for anything.
9) The statement clearly states that Sam Bankman is not currently speaking on behalf of the company at all (including all of his inadequate factual statements).
And you continue to look for venture stories in the format “where did a16z go there?”
🔥 The best crypto stories in all 8 years in this market, with the highest ROI, did not have a single large or branded fund.
There are only 2 - 3 exceptions per army of 100 cases.
📌 Text taken from the Internet - source unknown
@finsignal
Coinbase bought an entire page in The Wall Street Journal with a bold headline "Trust us"
“You can trust us. But you don't have to. You deserve a decentralized system where you don't have to trust us or any other organization."
@finsignal
⚡️ The new CEO of FTX John Ray, who has seen many bankruptcies, including Enron, said that he had never seen such a f*ck as in FTX
“Never seen anything worse than FTX. Never in my career have I seen such a complete failure of corporate control and such a complete lack of reliable financial information as here.”
"Never seen anything as bad as FTX. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here"
According to Bankruptcy Consultant, Sam SBF screwed up much worse than the CEO of Enron
@finsignal
⚡️ Citigroup, HSBC, Mastercard and Wells Fargo & Co are participating in a digital dollar experiment with the New York Fed Innovation Center. The pilot project will test how banks using digital dollar tokens in a common database can help speed up payments.
@finsignal
#LastNews
🔹️Oxygen reported that its primary custodian was FTX
🔹️Sam Bankman-Fried SBF will try to raise liquidity for the FTX exchange
🔹️US authorities want to extradite Sam Bankman-Fried for questioning
🔹️Anonymous coins like XMR ZEC DASH may be banned in Europe
🔹️Auditors Confirm Luna Foundation Guard Spent $2.8B To Maintain UST Parity With Dollar
🔹️The hacker who stole 228,523 ETH ~$288.5 million from the FTX exchange entered the list of Ethereum-whales from CoinCarp - He took 35th place
🔹️In fiscal year 2022, the SEC issued $6.4 billion in fines - in total, the agency filed more than 700 lawsuits during this period
🔹️Circle integrates ApplePay, reveals its investment in FTX, and predicts a loss of $3 billion due to USDC to BUSD conversion
🔹️Crypto Lending Platform BlockFi Prepares to File for Chapter 11 Bankruptcy
@finsignal
🗣 Binance Temporarily Stops Deposits in USDT and USDC Issued on the Solana Network - Exchange Announcement
Cryptocurrency exchange OKX announced the delisting of these assets.
@finsignal
📈 Moderate growth. Crypt in the morning
The risks of a further collapse of major exchanges and creditors with parallel cascading liquidations in a variety of assets still remain, which prevents the market from bouncing the market from the local bottom. Opinion leaders are encouraging the market: President of El Salvador and CEO of Tron Justin Sun agreed to buy one BTC daily.
The stock market also froze at its local trading levels. The main news background has been won back, therefore, there are no support funds for the crypt from the side yet.
Fear and Greed Index 20 - Extreme fear.
Market capitalization - $ 829.37 billion.
Bitcoin dominance - 37.62%.
Altseason index - 41
@finsignal
⚡️ The People's Court of Shangrao City, Guangxi Province, convicted a hacker who stole over 383 ETH from a victim's phone using a Trojan.
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