Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]Mid-May NFT Sales Drop by 8.97%, Top 4 Chains See Reductions
Between May 10 and May 17, non-fungible token (NFT) sales totaled $150.56 million, marking an 8.97% decline from the previous week’s figures. NFT sales have consistently decreased on a weekly basis, as four out of the top five blockchains by sales volume experienced reductions during this period. NFT Market Sees Consistent Decline In February, from […]If SEC approves spot Ether ETFs, many ‘will be caught severely offside’
Coinbase institutional research analyst David Han believes “there is room for surprise to the upside on this decision.”
Despite unfavorable odds from several crypto analysts and the broader crypto community regarding the approval of spot Ether exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC), some analysts suggest that “there is room for surprise.”
“If by some chance the SEC decides to approve then so many will be caught severely offside,” crypto trader Matthew Hyland told his 142,000 X followers in a May 17 post.
“If 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?” he added before declaring that the expectation of denial is “priced in.” At the time of publication, Ether (ETH) is trading at $3,102, as per CoinMarketCap data.
Top-50 Solana-Based Altcoin Primed for a ‘Much Higher’ Price, According to Crypto Trader – Here’s the Timeline
A closely followed crypto strategist believes one Top-50 artificial intelligence (AI)-related altcoin is preparing to witness big rallies in the coming months. Pseudonymous analyst Altcoin Sherpa tells his 215,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), will likely hold a range low as support. […]
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Indian Regulator Advocates Multi-Agency Approach for Crypto
The Securities and Exchange Board of India (SEBI) has submitted its recommendations for regulating crypto assets to a government panel. SEBI suggests multiple regulators for different aspects of cryptocurrency trade. India’s central bank, the Reserve Bank of India (RBI), however, views crypto as a macroeconomic risk, highlighting concerns about tax evasion and fiscal stability. SEBI […]Aussie admits to promoting BitConnect crypto services without a license
The Australian Securities and Exchange Commission claims that John Louis Anthony Bigatton promoted the crypto lending platform at four seminars and via two social media posts.
An Australian man has pleaded guilty to his involvement in promoting cryptocurrency lending services for the now-defunct crypto exchange BitConnect — an infamous entity that allegedly ran as a Ponzi scheme and shut down in 2018 amid accusations of defrauding victims of more than $2.4 billion.
“Mr. Bigatton provided financial product advice without holding an Australian Financial Services license or authorization to provide financial services about the lending platform,” the Australian Securities and Exchange Commission (ASIC) declared in a May 17 statement.
ASIC alleged that in his role as BitConnect’s national promoter, John Louis Anthony Bigatton offered financial product advice on six occasions at different locations across Australia, at four seminars, and through two social media posts.
Welcome to Duelbits’ Festival Of Football
As the anticipation builds for Euro 2024 and Copa America, Duelbits has recently announced a promotion that promises excitement and rewards for avid soccer fans. Wager $20 or more each week with an eligible bet to add a stamp to your booklet. Each stamp will reward you with a $5 Free Bet which will be […]Crypto Trader Says One Large-Cap Memecoin Is ‘About To Rip,’ Updates Outlook on Bitcoin and Solana
A widely followed analyst and trader is expressing bullish sentiment on a leading memecoin while updating his outlook on three other crypto assets. The analyst pseudonymously known as Kaleo tells his 638,400 followers on the social media platform X that Dogecoin (DOGE) is “about to rip”. On the largest memecoin by market cap, the widely […]
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Nigerian Court Rules Tigran Gambaryan Can Face Tax Evasion Charges on Behalf of Binance
The Binance executive, Tigran Gambaryan, who is currently in jail, has been deemed eligible by a Nigerian court to represent the cryptocurrency exchange in its ongoing tax evasion trial. A spokesperson for Binance stated that the charges against Gambaryan are entirely without merit, and he should be released. Tigran Gambaryan Qualifies to Represent Binance A […]Bitcoin Bull Cycle Not Over by Any Stretch of the Imagination, Says Analyst Jason Pizzino – Here Are His Targets
Analyst and trader Jason Pizzino believes that Bitcoin (BTC) is gearing up for a big upside move en route to fresh all-time highs. Pizzino tells his 326,000 YouTube subscribers that the Bitcoin bull market is just taking a breather as it consolidates below its immediate resistance at around $69,000. According to the analyst, it is […]
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Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Mastercard’s Start Path Blockchain and Digital Asset program has expanded to include five new startups, aiming to explore innovative uses of blockchain technology. “Digital assets are becoming increasingly mainstream, speeding up commerce with trust and transparency,” Mastercard stated. Mastercard’s Digital Asset Program Expands Payments giant Mastercard announced Wednesday that five startups from around the world […]Financial Nonprofit Better Markets: Approving a Spot Ether ETF Would Threaten ‘the Broader Financial System’
Better Markets, a financial nonprofit organization, has lashed out against approving a spot ether ETF product, stating that it would endanger the broader financial system. In a supplemental comment letter sent to the SEC, the organization states that approving these spot ether ETPs would “interweave the crypto industry with traditional finance,” aggravating systemic risks introduced […]Do We Even Need Bitcoin ETFs
After five years of drama and dozens of rejections, ETFs (exchange-traded funds) based on Bitcoin’s spot price have finally been approved. A total of 11 ETFs are making their market debut, allowing US investors to gain exposure to Bitcoin (BTC) without directly owning the cryptocurrency itself. While this could see billions of dollars flow into […]
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Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to $39.4 Million
In the first quarter of 2024, Canaan Inc. generated $35.1 in revenues versus the $72.4 million in costs incurred in the same period which resulted in the company recording a gross loss of $37.3 million. Nangeng Zhang claimed that Canaan’s revenues in the last quarter exceeded expectations due to the company’s persistent sales efforts and […]Biden may rethink SAB 121 vote veto due to political support for crypto
The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision?
On May 16, 2024, a majority of lawmakers in the United States Senate passed a Congressional Review Act (CRA) to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB 121).
U.S. Senators passed H.J.Res. 109 with 60 to 38 votes, an exceptional rate for the U.S. Congress.
In addition to the outstanding support for H.J.Res. 109, the vote was highly bipartisan, 51-49 in favor of Democrats. According to Senator Cynthia Lummis, the vote represented a new milestone as it was the first time that a session of Congress passed a “standalone crypto legislation.”
Binance Aids Taiwan in Busting $6M Crypto Money Laundering Ring
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT$200 million (approximately US$6 million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […]Dolce & Gabbana Sued Over $6,000 NFTs Losing 97% Value
Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for $6,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […]Crypto personality pleads guilty to fraud after promising 60% ‘fictitious’ returns
The United States Department of Justice alleges Thomas John Sfraga convinced a victim to invest in a “fictitious” cryptocurrency” wallet after promising significant gains.
Cryptocurrency personality Thomas John Sfraga has pleaded guilty to wire fraud after allegedly deceiving more than a dozen victims into investing in nonexistent ventures, including fraudulent cryptocurrency schemes.
“Sfraga convinced a victim to invest in a fictitious cryptocurrency “virtual wallet,” the United States Department of Justice (DOJ) declared in a May 17 statement. The agency further explained that Sfraga has experience in podcasting and the crypto industry, including acting as the host of crypto events in New York.
“He promised the victims returns on their investments as high as 60% in three months,” the DOJ added. However, it appears he was operating a Ponzi scheme, where the returns paid to earlier investors came not from legitimate profits but from the investments of new participants.
‘Big Short’ Investor Michael Burry Goes Hard on Gold, Invests $10 Million in Q1
Michael Burry, an investor famous for making a fortune by anticipating the 2007 subprime mortgage crisis, made a sizable bet on physical gold. According to regulatory filings, Burry’s Scion Asset Management purchased over 440,000 Sprott Physical Gold Trust units, a closed-end fund that invests and holds its assets in physical gold bullion. Big Short’s Investor […]$22,000 Disappears From JPMorgan Chase Account After Customer Reports Suspicious Activity – Now Bank Says Reimbursement Is Not Happening: Report
An Ohio family says a single phone call led to thousands of dollars being drained from their JPMorgan Chase bank account – and Chase says they’re on the hook for it. The Kalista family says they recently received a phone call from what was allegedly Chase, notifying them of suspicious activity, News 5 Cleveland reports. […]
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Fantom (FTM) Defies Crypto Market Doldrums and Surges 15% This Week Amid New Chain Upgrade
Ethereum (ETH) rival Fantom (FTM) has outpaced the broader crypto market and surged in price this week amid a new upgrade. FTM is trading around $0.801 at time of writing. The 55th-ranked crypto asset by market cap is up nearly 5.5% in the past 24 hours and more than 15% in the past week. By […]
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Meme coin supercycle or liquidity crisis? Expert discuss RoaringKitty’s return
Keith Gill’s return as RoaringKitty leads to a GameStop stock jump and potential meme coin supercycle, with crypto market liquidity remaining strong.
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Ontario ‘Crypto King’ Faces Major Fraud and Money Laundering Charges
The Ontario Securities Commission (OSC) announced on May 15 that two Ontario residents have been charged with offenses under the Criminal Code of Canada as part of Project Swan, a joint investigation by the Durham Regional Police Service (DRPS) and the OSC. Aiden Pleterski, self-proclaimed “Crypto King,” is charged with fraud over $5,000 and laundering […]
Base records 212% increase in perpetual trading volumes
Base blockchain’s trading volumes soar with JOJO DEX, capturing a significant share and showcasing user engagement in the ecosystem.
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Nigerian Fintech Firm Flutterwave Confirms Hacking Attempt, Says Users’ Funds Safe
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April. […]French Regulator Renews Warning Against Blacklisted Bybit
The French securities regulator, the Autorité des Marchés Financiers (AMF), has issued a renewed warning against using the digital asset platform Bybit. The AMF reminded French investors that Bybit is an unregistered crypto platform operating illegally in the country. The regulator has advised French investors who use Bybit to take all the necessary precautions to […]Detained Crypto Executive Can Face Trial as a Binance Representative, Says Nigerian Court: Report
A Nigerian court is reportedly ruling that a detained Binance executive can face trial as a representative of the crypto exchange platform. According to a new report by Reuters, a Nigerian court ruled that U.S. citizen Tigran Gambaryan – Binance’s chief financial compliance officer – can stand trial on behalf of the world’s largest crypto […]
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Changpeng Zhao teases writing project ahead of reporting to prison
On April 30, a judge sentenced the former Binance CEO to four months in federal prison but did not set a reporting date at his hearing.
The former CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, has suggested he plans to “write something” during his upcoming four-month incarceration.
At an April 30 hearing, Judge Richard Jones sentenced Zhao to four months in prison. The former Binance CEO pleaded guilty to one felony charge for failing to maintain an effective Anti-Money Laundering program at the exchange. Zhao is expected to report to either the Camp at the Federal Correctional Institution Sheridan in Oregon or the Federal Detention Center SeaTac in Washington at a date that had not been determined at the time of publication.
Before and after the sentencing hearing, CZ remained active on social media, hinting at his plans on X. The former Binance CEO launched a youth-focused crypto and blockchain education program called Giggle Academy. He also reached out to his 8.9 million X followers, hinting at suggestions on how to pass the time in prison.
Ghana, Singapore conduct trade in semi-fungible token pilot project
Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, with an emphasis on credentialing.
The Bank of Ghana (BOG) and Monetary Authority of Singapore (MAS) have completed a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project, according to various local press reports. The project is intended to encourage trade between micro, small and medium enterprises (MSMEs) in the two countries.
Within the project, live transactions have been carried out between the sides. To do so, they leveraged the Universal Trusted Credentials semi-fungible token protocol developed by the United Nations Development Program, according to Singapore-based Ample FinTech, which identified itself as the developer of the DESFT. The token contained verified licenses, certificates and trade records.
A stablecoin pegged to the Singapore dollar (XSGD) and the BOG’s e-cedi central bank digital currency (CBDC) were used for exchange within a Purpose Bound Money protocol on a distributed ledger.
Move-based blockchains growth relies on EVM compatibility: Movement Labs co-founder
EVM compatibility is driving the rapid growth of Move-based blockchains like Sui and Aptos, as explained by Movement Labs’ co-founder.
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