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The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
US Judge: Sam Bankman-Fried Attempted to Influence Witness via Encrypted Messenger App
Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, has allegedly tried to influence some potential witnesses of his trial via encrypted messaging software Signal.
Federal prosecutors said the disgraced crypto boss has reached out to the “current General Counsel of FTX US who may be a witness at trial,” according to a letter filed in Manhattan federal court Friday. The current council for FTX US is Ryne Miller, who was also a former partner at Kirkland & Ellis. Miller was not identified by name in the government filing.
Prosecutors said Bankman-Fried wrote to Miller via Signal on January 15. “I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other,” he reportedly said in the message.
The move came after the new FTX management announced that they have recovered over $5 billion in cash and liquid assets that may be used to repay creditors. At the time, the exchange's advisors said it is “not yet clear” how large the settlement fund for FTX creditors will be.
Aside from Miller, SBF has also been in contact with “other current and former FTX employees,” the filing said. US authorities claim SBF's request suggests an effort to influence the witness’s testimony, and that his effort to improve his relationship with Miller “may itself constitute witness tampering.”
Citing fears of possible witness tampering, prosecutors have asked the court to ban SBF from using the messaging platform, saying it is essential in order to “prevent obstruction of justice.”
As reported, the US Department of Justice opposed FTX hiring Sullivan & Cromwell, the law firm currently tasked with the exchange's investigation, earlier this month citing potential conflicts of interest. That is because Miller, general counsel of FTX US, previously worked at S&C for eight years. The DOJ said the investigation would place the law firm "in the conflicted position of investigating itself and its former partner."
Prior to DOJ's objection, a bipartisan group of four United States senators, including John Hickenlooper, Thom Tillis, Elizabeth Warren, and Cynthia Lummis, lashed out at S&C for almost the same reasons.
FTX and its group of crypto companies filed for Chapter 11 bankruptcy in early November. Sam Bankman-Fried, the disgraced founder of FTX, was later arrested in The Bahamas after US prosecutors formally filed criminal charges against him. He was eventually extradited to the US where he was released from jail after posting a $250m bond in a New York court.
SBF has been charged with eight criminal charges including wire fraud and conspiracy by misusing customer funds, to which he pled not guilty earlier this month. He is due in federal court in October.
Coinbase Crypto Exchange Announces Partnership with Germany's Borussia Dortmund Soccer Team – Here’s What You Need to Know
Major US-based cryptocurrency exchange Coinbase has expanded its partnership with German soccer team Borussia Dortmund (BVB) to include advertising in the stadium and promotions on all BVB marketing channels.
According to a recent blog post by Borussia Dortmund, Coinbase has doubled down on its partnership with BVB to become its premium partner. As part of the new extended partnership, Coinbase brand advertisements will be displayed through perimeter advertising and cam carpets in Dortmund's SIGNAL IDUNA PARK, Germany's largest football stadium.
Coinbase initially started its partnership with BVB in July of last year. As part of the deal, Coinbase ads ran on the video screens during home games in the stadium. The exchange also provided workshops on crypto for BVB employees. BVB Managing Director Carsten Cramer said:
"The crypto world offers exciting opportunities, and it is important for us to work with a trustworthy partner in this promising field. The granting of the license by 'BaFin' is the clear signal for us as BVB to now have such a partner at our side in a segment that is still very new and often confusing for non-insiders."
The stadium did not disclose the terms of the deal, including how much Coinbase spent to ink the partnership. The deal would come to an end by the end of June this year.
Coinbase is the biggest crypto exchange in the United States. The exchange is also available in more than 100 countries across the world, including Germany.
Former FTX US President Manages to Raise Funds From Coinbase, Circle for His New Firm After Publicly Blasting SBF
Brett Harrison, former president of FTX US, has managed to raise funds from major crypto investors such as Coinbase Ventures and Circle Ventures after publicly blasting FTX founder Sam Bankman-Fried.
According to a Friday report by Bloomberg, Harrison has raised $5 million for his new crypto software startup from Coinbase and Circle. The move comes just days after the crypto boss complained association with FTX has hindered his ability to raise funds.
Called Architect, the venture aims to build trading software to make centralized and decentralized crypto markets easier to use for large investors like institutions. Harrison has said he hopes Architect “will allow people to get their confidence back in trading in this industry.”
The crypto software startup is projected to launch in the second quarter. Harrison said he hopes Architect will be eventually incorporated into Coinbase Global and Circle’s platforms. He said that the funding he raised from investors will be primarily used for recruitment.
The venture has an advisory board of directors that will transition to a formal board and help create corporate transparency, according to Harrison. He said he also wants to create a work environment that allows “people to give and to accept criticism.”
According to a report from research firm Pitchbook, venture funding for crypto startups plummeted 75% in the last quarter of 2022, the lowest since 2020. Only $2.30 billion was invested into crypto startups in Q4 2022 while a record $26.7 billion was invested in blockchain startups in 2022, the majority of which came in the first quarter.
Aside from the record drop in crypto funding, Harrison also had a hard time raising funds due to his association with FTX. In a long Twitter thread on Saturday, he said nearly every venture fund he had reached out to refused to invest citing SBF and FTX issues. He said:
"After that, many conversations eventually came around to the same kind of apology: “We know you weren’t involved in what Sam and others did, but we can’t take on the PR risk of associating ourselves with FTX, no matter how capable you are or compelling your idea is.”
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EV Charging Payments Are Moving Onto Blockchain Thanks to C+Charge - Presale Raises Nearly $300k
The electric vehicle (EV) industry is experiencing a rapid growth and with it comes the need for a more efficient and convenient way to charge these vehicles. Enter C+Charge, a blockchain-based platform that aims to make EV charging more accessible and convenient for EV owners. The platform connects EV owners with charging networks and allows for easy payment transactions, all while helping EV drivers earn carbon credits and sustainable cryptocurrency rewards.
C+Charge is also addressing the current issues faced by EV owners such as limited access to carbon credits, no incentives for EV drivers, the absence of a unified payment solution, non-transparent pricing and shortages in charging solutions. By utilizing blockchain technology and creating a peer-to-peer payment system, C+Charge is making EV charging more efficient, cost-effective and transparent.
C+Charge is tackling these issues head-on by providing a platform that is convenient, transparent, and cost-effective, and a sustainable cryptocurrency to reward users and trade carbon credits for. By making it easy for EV owners to find charging stations and complete transactions, C+Charge is helping to reduce the cost of charging and making it more accessible for everyone.
Galaxy Villains is an upcoming project with a community-driven token on ERC 20.
$GVC is a utility-centric token that focuses on diversity across many areas of the decentralized space – from GameFi, and NFTs to the Metaverse.
The project is developing its mobile and pc game and its own gaming-oriented EVM blockchain.
GVC's global community is highly involved and active across the DeFi space. Join it and become a part of the gaming industry!
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If You Are Looking For the Next Decentraland Then RobotEra Could be Your 25x Opportunity
RobotEra is an upcoming metaverse cryptocurrency project that is building an interactive world for users to build with no code, play, and enjoy entertainment experiences. It will also allow players to buy and work on virtual property and characters in the form of NFTs (non-fungible tokens).
The game will be a world-building sandbox game where users can evolve robots, gather resources from the world, control their own territory, and create in-game assets and games while contributing to the game's economy.
The story goes that RobotEra's world, called Taro, was once inhabited by humans and robots, but a cataclysm led to the extinction of the original inhabitants and the rise of intelligent robots. RobotEra will see players rebuilding Taro using their robot NFTs as their characters and acquiring land to build assets and facilities. Players in the RobotEra ecosystem will be able to mine TARO and create games to play in designated areas of the land.
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Sam Bankman-Fried to Plead Not Guilty to Fraud Allegations on January 3rd
Sam Bankman-Fried, the disgraced founder of collapsed cryptocurrency exchange FTX, will plead not guilty to fraud and other charges against him at his upcoming arraignment.
According to a report from the Wall Street Journal, which cited a person familiar with the situation, Bankman-Fried is expected to enter a plea of not guilty in Manhattan on Tuesday, January 3rd.
The not guilty plea was widely expected as it is pretty normal for criminal defendants to initially plead not guilty. Defendants are free to change their plea at a later date.
As reported, Bankman-Fried was arrested in The Bahamas earlier this month after US prosecutors formally filed criminal charges against him. After an uncertain week, the crypto boss was eventually extradited to the US to face a litany of criminal charges.
The Southern District of New York, which is investigating Bankman-Fried and the collapse of FTX and its sister trading firm Alameda, indicted SBF on eight criminal charges including wire fraud and conspiracy by misusing customer funds. Separately, the Securities and Exchange Commission charged SBF with "orchestrating a scheme to defraud equity investors in FTX."
Prior to his arrest, SBF attributed the almost $10 billion hole in FTX funds to sloppy record-keeping and a bank-account issue that allowed Alameda Research, an affiliated trading firm, to cover large losses with the money from FTX users.
SBF, who invited the BBC to his mansion in The Bahamas, told the media that he didn't commit fraud. "I didn't knowingly commit fraud, I don't think I committed fraud, I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was," he said just days before getting arrested.
Last week, former Alameda Research CEO Caroline Ellison agreed to plead guilty to seven offenses, which include charges of wire fraud, securities fraud, and money laundering. Similarly, Gary Wang, FTX’s former chief technology officer, has pleaded guilty to criminal charges. Both are cooperating with federal investigators.
Japan Poised to Lift Ban on Non-domestic Stablecoins
Japan’s top financial regulator is set to do away with a long-standing ban on the distribution of foreign firm-issued stablecoins.
Per Nikkei, the Financial Services Agency (FSA), the regulator that polices the crypto sector, will make the move “as early as next year.” But the body added that it will first seek approval from lawmakers and the industry.
A number of small-cap yen-, euro-, and USD-pegged stablecoins have already debuted in Japan. But none of the 31 crypto exchanges licensed by the FSA yet offers international stablecoin pairings. As such, Japanese traders have effectively been frozen out of the tether (USDT) and USD coin (USDC) markets.
While the FSA stopped short of stating definitively that the ban would indeed be lifted, it has already begun the consultation process. But with most lawmakers – including the government – now pressing for a more relaxed approach to regulation, few obstacles are likely to stand in the FSA’s way.
The regulator reigns supreme over the Japanese crypto sector. And the government has almost universally accepted the FSA’s crypto-related legislation requests thus far.
However, the FSA noted that allowing domestic exchanges to handle stablecoins will require the government to introduce new laws to ensure fiat-pegged coins are not used to launder money.
FTX Co-Founder Sam Bankman-Fried Posts $250 Million Bond, Will Remain Under House Arrest – Where is the Money From?
Disgraced former FTX CEO Sam Bankman-Fried has been released from jail after posting a $250m bond in a New York court.
The bond was paid for partly by Bankman-Fried’s parents, Standford law professors Joseph Bankman and Barbara Fried, putting up the equity in their California home. However, facts still remain unclear about where the rest of the money or other collateral came from, and how much of the $250m even needs to be paid.
According to some widely followed Twitter users, the $250m bond has not been paid – and does not need to be paid – by Bankman-Fried. Instead, it appears that it is sufficient for the court that Bankman-Fried pledges assets worth a certain amount, without actually paying it.
This type of bond is known as a “personal recognizance bond.”
Boris Johnson’s Brother Quits Binance Unit Advisory Role Amid 'Finance Transparency Concerns' and Market Turmoil – Here’s What Happened
Jo Johnson, brother of former British Prime Minister Boris Johnson, has resigned from the UK advisory board of Bifinity, a unit of the major crypto exchange Binance.
Binance itself reportedly announced Johnson's departure from the payments technology company on Monday. According to The Telegraph, in a statement issued on Monday, Johnson was quoted as saying,
“I stepped down from the advisory board last week and have no role with it or any related entity.”
A part of the reason behind the decision may be the increasing pressure over the transparency of Binance's finances, the report stated.
It went on to cite official records, saying that Baron Johnson of Marylebone, former Minister of State for Universities, Science, Research and Innovation, was advising Binance as it tried to expand into the United Kingdom and launch its exchange in the country.
Bitfinity was launched in early March this year by Binance, and Johnson had joined it as an adviser in September, said The Telegraph.
He then reportedly resigned some two-three months later, specifically last week, following Binance’s proof-of-reserves (PoR) audit. Certain financial and accounting experts expressed concern about the audit, while many in the crypto industry questioned the validity and accuracy of this specific type of PoR - and all this was followed by a possible bank run.
As reported, Binance’s PoR audit, released in early December, had raised red flags, with some experts claiming it was far from enough to satisfy worried users, especially given its limited scope. Douglas Carmichael, an accounting professor at New York’s Baruch College, said that it was "a gross misrepresentation to call this an audit," and that he "can’t imagine it answers all the questions an investor would have about the sufficiency of collateralization."
This may have contributed to Johnson's decision to exit the company's subsidiary if it wasn't the entire reason.
However, according to Reuters, Binance suggested that Johnson had stepped down to manage his own increased workload, stating:
"Lord Johnson has recently taken on the role of Executive Chairman of FutureLearn. He will be focusing on his new role within the digital learning platform, and is looking to scale back other activities."
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Decentraland Founders Are Creditors of Bankrupt Genesis - How Much Are They Owed?
Three Decentraland executives, including two co-founders and the platform's CFO, are named among the top creditors of now-bankrupt cryptocurrency lender Genesis Global.
Decentraland co-founders Esteban Ordano and Ari Meilich and the platform's CFO Santiago Esponda are listed among the 50 largest non-insider unsecured claims against Genesis, which filed for Chapter 11 bankruptcy protection in the US on Thursday.
The crypto lender revealed the names of its largest creditors on the same day that it filed for bankruptcy, which included crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance, and VanEck’s New Finance Income Fund.
A company called Heliva International Corp also appeared on the list with a $55 million claim. The firm listed Decentraland’s CFO Santiago Esponda as a contact point
Aside from Esponda, a closer look at the document reveals that Decentraland's two co-founders are also listed with non-Decentraland email addresses.
Ordano, who is currently an advisor at Decentraland, is listed as the contact for another company called Winah Securities, to which Genisis owes around $27 million. Notably, the document shows that Winah is located on the same floor in the same building as Heliva.
And finally, Genesis owes $20 million to Meilich's gaming company Big Time Studios. According to his LinkedIn profile, Ari Meilich was a co-founder of Decentraland and worked there until April 2020 as project lead when he left the platform to establish his own company Big Time Studios. He also remains a Decentraland adviser.
Genesis eventually filed for Chapter 11 bankruptcy protection on Thursday after weeks of speculation about the crypto lender's financial health. Genesis Global Holdco LLC, plus subsidiaries Genesis Global Capital LLC and Genesis Asia Pacific Pte, were included in the bankruptcy filing.
In the filing, Genesis estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. The two other entities, Genesis Global Capital LLC and Genesis Asia Pacific Pte, estimated their assets and liabilities in the $100 million and $500 million range, respectively.
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Genesis to Declare Bankruptcy Soon While DoJ to Announce Major International Crypto Enforcement Action - Bitcoin Drops
Bloomberg reports that Genesis may be getting ready to declare bankruptcy. The troubled crypto lender has been under the shadow of insolvency for weeks, following the credit crisis that has hit the crypto industry.
Genesis was one of the largest lenders in the space, often acting as a third-party for other lending outfits promising yields way above anything available in the traditional financial markets.
Bloomberg reports that people familiar with the discussions taking place between Genesis, a unit of the Digital Currency Group, and it creditors suggest that bankruptcy could be declared as soon as this week.
DCG is the nearest thing that crypto has to a conglomerate and in other news DCG has suspended its quarterly dividend distribution until further notice.
Genesis creditors include the depositors with the Earn lending product promoted by the Gemini exchange, owned by the WInklevoss twins.
The Winklevoss's and Barry Silbert, the CEO of DCG have been indulging in a very public spat that has seen the twins accuse Silbert of stalling on paying back $900 million to Earn depositors.
Crypto com Cuts 20% of Staff in Latest Retrenchment by a Top Crypto Exchange in Fight for Survival
Crypto com has announced that it will cut 20% of its staff, citing macroeconomic headwinds and the collapse of rival exchange FTX as its reasons.
“While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events,” Crypto com co-founder and CEO Kris Marszalek wrote in a blog post on Friday.
The blog post added that the recent positive trajectory the company was on “changed rapidly” as a confluence of negative macroeconomic developments emerged.
The latest cuts for Crypto com comes after the company in July last year announced its first round of cuts. With the collapse of FTX, however, that round turned out not to be enough to weather the storm.
“The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry,” Marszalek wrote.
Marszalek further said that all impacted personnel have already been notified. He also made it clear that the cuts are “in no way related to performance,” but instead purely related to a need for cost-cutting.
In conclusion, the Crypto com CEO said:
“I am confident in our ability to build and lead the market, and I am grateful to work with you all on the journey ahead.”
Metaverse Gaming is the Theme of 2023 and This Crypto Project Will Shake Things Up
The metaverse, an ever-evolving concept for a ubiquitous 3D digital realm, has recently taken center stage as a crucial component of the highly-anticipated Web3 era, heralding the next chapter of the internet. Major tech players such as Facebook and banks like Citi are investing heavily in this space, including in Web3 metaverse gaming, with some experts predicting the industry could be worth up to $13 trillion by 2030. However, there are also skeptics who believe the hype around the metaverse is premature, and that developers have yet to create tangible products that people will use.
One project that aims to do just that is RobotEra. This Web3 metaverse-building game takes place on a planet called Taro, a world that has been devastated by an apocalyptic event. Players will have the ability to craft and customize robots and the environment, including buildings and landscapes, as they rebuild the world using an easy-to-use interface. Additionally, players wil be able to monetize their gameplay by renting out spaces for advertisements, hosting events with admission fees, and more.
The fully doxxed development team behind RobotEra is led by CEO Jason Chan, a serial entrepreneur and seasoned investor in blockchain and the internet, who is responsible for the operation, marketing, investment, and business development of the project. The COO, Alex Wong, oversees all aspects of the global market operation of RobotEra, and CTO Slimane Lee specializes in blockchain and decentralized technology and is responsible for the game engine development and the blockchain template of the game.
Web3 Lost Nearly $4 Billion To Fraudsters Last Year - Will Things Improve in 2023
The crypto industry lost approximately $4 Billion worth of digital assets to hacks, fraud, scams, and rug pulls last year, a more than 50% decline compared to over $8 billion stolen in 2021.
According to a recent report by Immunefi, a bug bounty and security services platform for the Web3 ecosystem, the crypto space lost $3,9 billion in 2022, with five major exploits totaling $2,361,000,000 alone, accounting for 59.8% of all losses in the year.
Among the various forms of illegal activities, hacks accounted for the bulk majority of crypto losses in 2022. More specifically, hackers stole over $3. 7 billion, or more than 95% of all crypto lost in the year. Frauds, scams, and rug pulls comprised only 4.4% of the total losses. The report added:
"In 2022, DeFi continued to be the main target of successful exploits at 80.5% as compared to CeFi at 19.5% of the total losses. DeFi has suffered $3,180,023,103 in total losses in 2022, across 155 incidents. This number represents a 56.2% increase compared to 2021, when DeFi lost $2,036,015,896, in 107 incidents."
All in all, 2022 can be considered one of the worst years for the crypto ecosystem as many decentralized finance (DeFi) and centralized finance (CeFi) platforms experienced major catastrophic events. Among the more notable examples, the Terra/LUNA ecosystem imploded in May while major crypto exchange FTX collapsed in early November.
Binance's native blockchain BNB Chain and Ethereum were the two most targeted blockchains last year, with 65 and 49 incidents, respectively. Together, BNB Chain and Ethereum represented over half of the blockchain attacks at 63.3%. FTX-backed Solanawas the third most targeted chain with 12 incidents, or 6.7% of total attacks in 2022.
It is worth noting that a portion of the stolen funds was also recovered last year. "In total, $204,157,000 of stolen funds have been recovered across 12 specific instances. This number represents just 5.2% of the total losses in 2022," the report said.
Crypto Experts Believe These Altcoins Will Soar in 2023 – Find Out Why
In 2022, the cryptocurrency market experienced an earth-shaking shift as giants such as FTX and Luna crashed. With fintech and DeFi advancing at a rapid pace, analysts are starting to doubt whether current regulations can protect investors from fraud or market manipulation. Governments appear to be stuck in the past and are still failing to keep up with modern innovation, and as cryptocurrencies become more popular it is essential for stakeholders to better comprehend these issues.
Despite the market volatility of 2022 and uncertainty around regulation, cryptocurrencies are here to stay. With DeFi, NFTs, play-to-earn (P2E), and blockchain and smart contract application use cases becoming increasingly more mainstream--it's certain that many cryptos will remain viable investments in 2023 and beyond.
In short, blockchain technology is here to stay, so any dips in the market present a unique opportunity for astute investors to pick up promising cryptos at a bargain. As experienced traders understand best: recessions and bear markets are the perfect time to make investments.
However, to mitigate risks and avoid scams investors should be certain that the projects they invest in comply with regulations, have teams with real identities and proven track records, and provide practical use cases that demonstrate blockchain technology's capacity to improve daily life for everyone. Additionally, if you're looking for particularly lucrative investment opportunities, consider getting in on emerging cryptocurrencies during their presale. With the right investments and timing, you could see high returns on your investment.
Take advantage of current low prices and get a head start on potential future gains by investing in these five altcoins that will be available to trade on exchanges come 2023: FGHT, D2T, CCHG, TARO, and RIA.
Top SEC Official Steps Down Following Controversial Meetings with Sam Bankman-Fried and FTX Lobbyists
Dan Berkovitz, General Counsel at the Securities and Exchange Commission, has stepped down amid reports that he had met and dined with disgraced FTX founder Sam Bankman-Fried.
In a recent announcement, the SEC said that Berkovitz is departing his role at the agency effective January 31. Megan Barbero, currently SEC Principal Deputy General Counsel, will be appointed General Counsel following his departure.
Berkovitz was an ally of FTX within the financial regulatory agency and had meetings with Bankman-Fried and other crypto lobbyists, the Washington Examiner reported. The outlet claimed that it has viewed emails that suggest the SEC official had a warm relationship with SBF.
The emails were initially obtained by the watchdog Protect the Public's Trust. Michael Chamberlain, director of Protect the Public's Trust, said:
“If ever there were a scene to conjure up a vision of a D.C. rigged toward corrupt insiders at the expense of the little guy, it would be difficult to top this one. Not long before its collapse and a raft of fraud charges, SBF and his gang were wooing."
In October last year, as the SEC and CFTC were discussing the best methods for regulating cryptocurrency, Bankman-Fried, FTX General Counsel Ryne Miller, and then-FTX President Brett Harrison met with Berkovitz at a luxury restaurant. The presence of Berkovitz at the dinner shows SBF's efforts to influence lawmakers and regulators.
As reported, SBF was the second largest donor to the Democratic Party, after billionaire George Soros, in the 2021-2022 election cycle, donating $39,884,256 to Democrats. Elon Musk has even suggested that he could have donated as much as $1 billion to Democrats.
Move-to-Earn Crypto FightOut Blasts Past $2.7 Million Raised in Presale – Time to Invest
Over the course of 2022, there have been a range of problems for projects across the crypto space, with prices having falling significantly from their all-time highs at the end of 2021.
Nevertheless, certain areas of the industry have continued to excel, and the "move to earn" sector has exploded in popularity.
The nexus of breakthroughs in AI and blockchain have meant that the fitness space has found huge room to grow, and the potential for rewarding people for leading a healthier life has neber been clearer.
Earn rewards for exercising
The advent of blockchain technology provided all sorts of opportunities for incentivisation, and this has been clearly demonstrated in the play to earn space.
FightOut is a project that is competing with the likes of Stepn in the "move to earn" space, which rewards users of the platform for moving their token.
The FightOut platform operates in much the same way as a personal trainer may, except that one is actively rewarded for the time that they spend exercising with the FGHT token.
All exercises are recorded and can be used to improve the statistics of one's metaverse avatar.
The ability to be able to earn FGHT tokens means that people have an extra incentive to stay healthy and to focus on fitness - all the while making use of blockchain incentives.
FightOut has signed several important brand ambassadors
The team at FightOut have been working hard over the course of the last few months, and in order to bring exposure to the project they have already managed to sign an array of key brand ambassadors.
Martial artists such as the boxer Savannah Marshall and the MMA fighter Amanda Ribas have both been onboarded by the team, and are to represent the FightOut brand moving forward.
Best Crypto to Buy Today 21 December – FGHT, TWT, D2T, AXS, CCHG
Broader cryptocurrency markets are in consolidation mode on Wednesday as traders await the release of the final major batch of US economic data of the year later this week, which includes the important PCE inflation report that is closely watched by the US Federal Reserve.
The Fed’s aggressive rate hikes in 2022 to tackle scorching hot US inflation has been cited by analysts as the main cause of the 2022 crypto bear market.
Bitcoin was last changing hands in the $16,800s and broadly flat on the day, meaning it is thus holding onto the bulk of Tuesday’s gains that saw it rebound from the $16,400 area.
But technicians remain pessimistic about the world’s largest cryptocurrency by market capitalization’s prospects for a further rebound after it found resistance at its 21-Day Moving Average (at $17,050) on Tuesday.
Ethereum, meanwhile, is also consolidating under resistance in the $1,210s, while the broader cryptocurrency market cap is hovering little changes near $770 billion.
Billionaire Investor Mike Novogratz Says Not All Crypto Exchanges Are Criminal Organizations Like FTX
Mike Novogratz, CEO of crypto investments company Galaxy Digital, has said not all crypto exchanges are run like the now-collapsed FTX.
In an interview with CNBC’s Squawk Box on December 15, Novogratz said not every crypto boss is trying to steal users' money and that not all crypto platforms are managed the way FTX was governed. He said:
“It’s really dangerous to think that when you have one black swan, you’re going to see them everywhere. That you’re going to have criminal organizations all over the place and these places are run by sociopaths. It’s just not the case."
In crypto, a "black swan" risk refers to the possibility of the occurrence of an unexpected event. The term was first popularized by crypto critic Nassim Nicolas Taleb in his book called “The Black Swan: The Impact of the Highly Improbable.”
The crypto billionaire noted that while not all exchanges comply with every single rule, some are working around the clock to abide by rules and bring robust protections. He added:
"A lot of exchanges are under some assault from regulators for know your customer/anti-money laundering violations, often in the past. When they started, they didn’t have near as robust protections against who was using their exchange as they do now. But I don’t think under every rock there’s a guy stealing your money.”
Bitcoin Price Prediction as BTC Completes 61.8% Fibonacci Retracement - Time to Buy the Dip?
On Friday, the Asian session saw more selling in the cryptocurrency market as the US Federal Reserve and the European Central Bank raised interest rates. Despite the BTC sell-off, the Bitcoin price prediction remains bullish as long as it remains above the $17,000 support zone.
The global crypto market worth decreased 1.18% to $850.21 billion in the previous day, as major cryptocurrencies plummeted early on December 16. Over the last 24 hours, the total crypto market volume plummeted 26.85% to $33.96 billion.
The entire volume in DeFi is currently $1.79 billion, accounting for 5.26% of the overall 24-hour volume in the crypto market. The overall volume of all stablecoins is now $31.45 billion, accounting for 99.60% of the total 24-hour volume of the crypto market.
Let's have a look at the fundamental side of the market.
Trump Sells Superhero NFTs After Calling Bitcoin A "Scam"
After being banned from Twitter last year, Donald Trump turned to a new network called Truth Social, where he teased a "big surprise" earlier this week. A number of people theorized that Trump will reveal his vice presidential pick for the 2024 race.
Some of Trump's most ardent supporters were let down by the revelation that there would soon be an NFT collection with Trump as the subject. On Thursday, he announced, "My official Donald Trump Digital Trading Card collection is here!"
Despite the fact that Trump never referred to "NFT" in the article, that is exactly what the "digital trading cards" are:
There will be 45,000 NFTs on the Polygon blockchain, and they will cost $99 apiece.
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Sam Bankman-Fried Has Bail Denied, Remains in Custody of Bahamian Department of Corrections
Sam Bankman-Fried, the disgraced founder and former CEO of cryptocurrency exchange FTX, has been denied bail by a judge in the Bahamas.
On Tuesday, a Bahamian judge denied SBF bail, hours after U.S. prosecutors alleged the crypto boss defrauded customers, misappropriated billions of dollars, and violated campaign laws in what has been described as one of America's biggest financial frauds, according to a report by Reuters.
SBF was remanded to The Bahamas' only prison – Fox Hill. The facility is known to be overcrowded and have unsanitary conditions, per human rights reports.
The government of The Bahamas arrested SBF on Monday following the "receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition."
The Southern District of New York, which is investigating Bankman-Fried and the collapse of FTX and its sister trading firm Alameda, indicted SBF on eight criminal charges including wire fraud and conspiracy by misusing customer funds. If convicted on all eight counts, he could face up to 115 years in prison, CNN reported.
Separately, the Securities and Exchange Commission charged SBF with "orchestrating a scheme to defraud equity investors in FTX." SEC Chair Gary Gensler said in a statement"
