– Sam Bankman-Fried, the founder of FTX, is fighting to keep control of $450 million in Robinhood shares. – The legal battle over the Robinhood shares is complex and involves multiple parties including FTX and the U.S. Department of Justice. – Bankman-Fried has opposed FTX’s claim, arguing that he and Wang legitimately purchased the shares using money borrowed from FTX’s trading arm, Alameda Research. Sam Bankman-Fried, the founder of crypto exchange FTX, is currently engaged in a legal battle over $450 million in Robinhood shares. The shares are currently held by Bankman-Fried and co-founder Gary… Read Article →
• A vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead at his residence in Dongjak-gu, Seoul, South Korea. • South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation. • Suspicions have been raised about the Kang siblings, who are accused of amassing illegal gains by manipulating stock prices and selling convertible bonds. Today, a tragedy has occurred in Seoul, South Korea, as the vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead at his… Read Article →
• Cathie Wood’s ARK Invest has added 158,000 shares of Coinbase (COIN) worth $5 million to its ARK Fintech Innovation Exchange-Traded Fund (ETF). • The entire cryptoverse has been negatively impacted this year, with Bitcoin prices dropping more than 70% since reaching an all-time high in late 2021. • Coinbase has been heavily impacted, delisting several tokens due to low trading activity. Cathie Wood’s ARK Invest has taken the crypto world by storm, announcing the addition of 158,000 shares of Coinbase (COIN) worth $5 million to its ARK Fintech Innovation Exchange-Traded Fund (ETF). This is… Read Article →
• Japan’s Virtual and Crypto assets Exchange Association (JVCEA) has streamlined token listing on local exchanges to make it easier for tokens previously traded in any Japan Exchange to list on another exchange. • The move is intended to open up the industry and encourage wider adoption of crypto in the country. • Japan’s Prime Minister, Fumio Kishida, has voiced his support for different kinds of digital finance, web3 adoption, and non-fungible tokens (NFTs), and has indicated that by 2023 he may liaise with the JVCEA to consider a possible relaxation of tax rates on… Read Article →
• The Turkish Central Bank has begun testing their Central Bank-issued digital lira. • Tests are being conducted in small-scale, closed loops reinforced with blockchain technology, FinTech, and banking systems. • The CBDC is expected to go live on its mainnet in the first quarter of 2023. The Turkish Central Bank is making history by launching the first Central Bank-issued digital asset in the form of a digital lira. This project has been supported by high-ranking government officials and is expected to go live in the first quarter of 2023. In preparation for the launch,… Read Article →
• FTX Japan has revealed plans to return customer assets as early as mid-February 2021. • A vulnerability assessment that includes controls, reconciliation, and inspections may cause delays in withdrawing returned client assets. • The executives of FTX and sister company Alameda, Sam Bankman-Fried, Caroline Ellison, and Gary Wong, are fighting criminal accusations in the United States. FTX Japan recently announced plans to repay consumers by mid-February 2021. This approach has been met with enthusiasm from customers, as it indicates a positive step towards building trust and restoring customer relations. The release of the roadmap… Read Article →
1. A recent study by NBER revealed that over 70% of transactions on unregulated crypto exchanges are fake. 2. Wash trading is a process where a trader buys and sells a security to create misleading information about the commodity. 3. Dark practices like wash trading, price manipulation and rug pulling have been a stumbling block in the crypto industry’s race for global adoption. A recent study by the National Bureau of Economic Research (NBER) revealed that users on unregulated crypto exchanges engage in wash trading, leading to more than 70% of the volume of these… Read Article →
• Former SEC attorney John Reed Stark recently suggested that Bitcoin might be considered a security that needs to be registered with the SEC. • This statement was sparked by a tweet from Ethereum supporter Evan Van Ness, which highlighted how five companies control over 80% of Bitcoin blocks. • This renewed debate that Bitcoin is not a security and should be viewed as a commodity. It has recently been suggested by John Reed Stark, the former director of the Securities and Exchange Commission’s Office of Internet Enforcement, that Bitcoin may be considered a security… Read Article →
• Uniswap’s market cap surpassed that of Solana, becoming the 16th cryptocurrency with the highest market cap. • Solana has been facing scrutiny due to its relationship with the now defunct crypto exchange FTX. • As a result of the situation, Solana’s total value locked in its decentralized finance (DeFi) ecosystem has dropped 98% from its all-time high. The decentralized exchange Uniswap (UNI) has recently overtaken solana (SOL) as the 16th cryptocurrency with the highest market cap. Market data shows that Uniswap’s market cap stands at $3.875 billion, a 5.36% increase from that of solana’s… Read Article →
• Trace move-to-earn metaverse is a new project aiming to disrupt existing ecosystems • Founder Bogdan Evtushenko claims the metaverse should not be limited to the living room • Location-based AR platform METAFORA is used to build augmented reality metaverse the size of an entire planet Trace is a move-to-earn metaverse project with the aim of disrupting existing ecosystems. Founded by Bogdan Evtushenko, Trace is an attempt to push the boundaries of what a metaverse can be, moving away from the idea that a metaverse should be confined to the living room. To this end,… Read Article →