Users of cryptocurrencies whose holdings were impacted by FTX’s insolvency expressed their worries and demanded an answer from FTX on the social media site X. Claims for popular cryptocurrency assets like Bitcoin (BTC), Ethereum, Solana, and BNB were priced substantially less than their current market prices when FTX established a claim window. According to Wu
Following the upcoming development in the cryptocurrency industry, real-world asset tokenization, Chainlink creator Sergey Nazarov highlighted the importance of this new crypto buyer group. According to Chainlink founder Sergey Nazarov, the current cryptocurrency market cycle is distinct because of the volume of new investors joining the market. This could accelerate the adoption of real-world asset
Civil recovery orders for the seizure of cryptocurrency assets will be part of the UK’s economic crime laws starting of April 26. As at the end of April, UK law enforcement officials will have the authority to freeze cryptocurrency assets used in criminal activity without needing to secure a conviction, according to recently disclosed Statutory
The public has been advised by the bankrupt FTX exchange about its one and only authorized investment manager, as it gets ready to refund debts to creditors impacted by its collapse in 2022.FTX stated in a post on March 1st, X, that Galaxy Asset Management, the approved investment manager, is the only entity in charge of managing the digital asset sales ordered by the bankruptcy court on behalf of FTX Debtors.The defunct exchange said that “a number of unapproved third parties are attempting to solicit bids from buyers on behalf of the FTX Debtors.” Furthermore, FTX clarified that the terms and conditions dictating the timeline for unlocking the holdings would remain in effect even in the event that the FTX Debtors sold locked digital assets.In recent months, the bankrupt exchange has made significant efforts to restructure and pay back its creditors.Seven billion dollars’ worth of recouped assets are being used by the platform to pay back previous users. FTX received permission to sell its over $1 billion stake in the artificial intelligence (AI) company Anthropic from the United States Bankruptcy Court for the District of Delaware on February 22 during a hearing.Related: SBF sentencing: Letters emphasize FTX money recovery effortsThis followed FTX’s motion to sell its 7.84% Anthropic interest.The AI business received its initial investment from FTX in April 2022, approximately $530 million, a few months before it failed and declared Chapter 11 bankruptcy in November of the same year.Reimbursement to the proposed claimants of FTX debtors is contingent upon the value of crypto assets at the time of bankruptcy in December 2023. In response, FTX creditors suggested “in kind” reimbursements for cryptocurrency holdings.Judge John Dorsey, however, decided to support the debtors, stating in a decision dated January 31 that the law was “very clear” in this regard.During his criminal trial on November 3, 2023, a jury found former FTX CEO Sam Bankman-Fried guilty of seven counts, including conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering.On March 28, he is scheduled to be sentenced; a maximum of 110 years in jail will be imposed.
The Securities and Exchange Commission (SEC) requested an extension of time to file a submission that would conclude Ripple Labs’ legal dispute, and Judge Analisa Torres granted the request.The SEC was given an extension to file its discovery papers pertaining to remedies that Ripple had offered, according to court records filed on March 1.The regulator has until March 22 to submit its opening brief thanks to the delay.Additionally, Ripple’s opposition brief deadline has been extended to April 22, and the SEC’s new reply deadline is May 6, 2024.A document outlining prospective legal remedies and actions that might be taken into consideration or pursued in connection with the dispute is known as a remedies-related briefing. The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company, its co-founder Chris Larsen, and CEO Brad Garlinghouse had conducted an unregistered securities offering through sales of the XRP coin, worth $1.3 billion. The SEC claims that the token ought to be categorized as a security and be governed by stringent laws.Conversely, Ripple contended that XRP is not a security and that they were not given adequate notice by the SEC about its classification.Over the years, the lawsuit has witnessed a number of developments and court battles.The debate around the “Howey test,” which establishes whether a transaction meets the requirements to be classified as a “investment contract” under US law, is one important component.The SEC claims that XRP satisfies the Howey test requirements, although Ripple disputes this. Judge Analisa Torres made a significant ruling in July 2023, partially supporting Ripple Labs by ruling that XRP was not a security in relation to its programmatic sales on digital asset exchanges.But the judge also decided that when XRP was offered to institutional buyers, it was regarded as a security.After contacting Ripple, Cointelegraph has not heard back as of yet.
Though not by technical definition, most participants at ETHDenver would concur that it certainly feels like the cryptocurrency industry is in a bull market. Even Consensys CEO Joe Lubin, a co-founder of Ethereum, thinks that the best is still to come for the cryptocurrency industry and feels that things are improving.The current “super cycle,” whether or not a spot BTC and ETH ETF is beneficial for retail investors, the more developer-focused community, and the growing need for decentralization in various industries were among the topics Lubin discussed during his February 29 fireside chat, which was moderated by Axios reporter Crystal Kim. When asked what will trigger the next super cycle, which is a protracted period of economic growth usually brought on by a sharp increase in consumer demand, Lubin responded, “We are in this 4th turning, and we are ready for a new system of the world. The other way of thinking about it is that it’s a monetary super cycle, where the monetary systems of the world reach and end of life essentially, basically because of interest, and there’s too much
The study, according to the Texas Blockchain Council and Bitcoin mining company Riot Platforms, was politically motivated and a threat to American innovation and economic expansion. The Texas Blockchain Council (TBC) and Bitcoin mining company Riot Platforms have reached a deal with US energy officials to cancel the proposed emergency survey that was aimed at
The nation’s 0.11% VAT on cryptocurrency transactions and 0.1% capital gains tax have both been called into question by the Indonesian Commodity Futures Trading Regulatory Agency. According to reports, the Ministry of Finance in Indonesia has been urged to evaluate its position on cryptocurrency taxation by the country’s Commodity Futures Trading Regulatory Agency (Bappebti). Executive
The president of Nigeria’s advisor, Bayo Onanuga, stated that no choice had been made on a fine for the cryptocurrency exchange. A spokesman of the Nigerian government has denied rumours that cryptocurrency exchange Binance would be fined $10 billion. The claims made by the BBC, according to Bayo Onanuga, the Nigerian president’s special advisor on
Counterparty risk, or default risk, is a crucial concept in the bitcoin space. It accounts for the chance that one side to a transaction won’t keep up their end of the agreement, which could result in financial loss for the other party. To put it another way, it’s the possibility that the cryptocurrency counterparties you
Giovanni Vicioso, the executive director of equity and alternative products at the CME Group, told Cointelegraphin an exclusive interview that the impending introduction of Bitcoin and Ether futures products denominated in euros would increase institutional cryptocurrency adoption in the eurozone. “I think when you look at our current suite of United States dollar-denominated products, we
Elon Musk, the owner of SpaceX, Tesla, and X, is suing OpenAI and its CEO, Sam Altman, alleging that their nonprofit agreement was broken. Musk claims that OpenAI’s partnership with Microsoft has strayed from its core values of developing open-source artificial general intelligence (AGI) for the good of humanity in a recent filing in the
In the midst of a crackdown on cryptocurrency exchanges, the Nigerian government is requesting $10 billion in reparations, thus cryptocurrency trading site Binance has withdrawn the naira from its peer-to-peer (P2P) service. The special adviser to President Bola Tinubu, Bayo Onanuga, provided an update on the compensation demand in a BBC interview on March 1.
During a cross-examination on Friday in the U.K. trial concerning his claims to have invented Bitcoin, Craig Wright accused detractors of eavesdropping his house and spoofing an email he has been accused of doctoring. Spoofing is the process of altering an email’s information to appear as though it was sent from a different address, among
Brazil is now able to trade the iShares Bitcoin Trust ETF (IBIT), a spot bitcoin ETF offered by BlackRock (BLK). On Friday, the fund began trading on the B3 stock exchange in Brazil. The company said that BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has been the most successful out of the ten spot bitcoin
The Worldcoin WLD token fell during Friday’s European morning trading when it was revealed that a connected firm, OpenAI, was the target of a lawsuit. WLD fell 2.2% in less than an hour after Reuters revealed that, in a filing on Thursday, tech billionaire Elon Musk had filed a breach of contract lawsuit against OpenAI
The introduction of novel technologies such as blockchain is causing a huge upheaval in the insurance sector. A distributed ledger technology called blockchain creates an open, safe, and unchangeable ecosystem in which contracts, assets, and data are safely stored and transferred. Many well-known figures in the insurance sector are interested in this new technology as
According to a press release, IOTA’s recently established Ecosystem Foundation will make its first round of investments, giving $10 million to early-stage companies that are centered on digital trade and the tokenization of real-world assets (RWAs). Over the next few weeks, the investments—which will include the recently established tradetech ventures—will be made public. Startups utilizing
The gaming platform MixMob, situated in Solana, has obtained the license rights for the Original Stormtrooper, a character that made their cinematic debut in the 1977 film Star Wars: A New Hope. According to a press release from the company, MixMob’slicense enables it to incorporate the well-known figure into its card racing game, Racer 1,
According to a study report released on February 29 by blockchain security company Immunefi, over $200.4 million in cryptocurrency has been lost to hacks and rug pulls in 2024 year-to-date (YTD), spanning 32 separate events. Comparing the over $200 million loss YTD to January and February 2023, when digital assets valued at $173 million were
The developers of the dog-themed cryptocurrency platform Floki (FLOKI) will put out a proposal to burn 2% of the token’s current supply in order to boost network security and create scarcity. Lead developer B posted on Telegram, stating, “We’re proposing a burn of 190,918,585,431.84 $FLOKI tokens.” That equates to about 2% of the token’s
According to Reuters, the U.S. Securities and Exchange Commission (SEC) has expressed disapproval of a $166 million retainer payment made to Terraform’s attorneys. Furthermore, the article stated that the SEC has stated that Terraform should not be permitted to retain the legal firm Dentons or cover employee litigation expenses. The SEC claims that Terraform transferred
A spokesman for Shiba Inu said in a recent announcement on Wednesday that the company intends to launch a new privacy-focused network on top of the Shibarium blockchain, which will improve the value proposition of SHIB tokens. On the network that isn’t yet named, Shiba Inu is collaborating with open-source cryptography company Zama. The network
The Open Network (TON) blockchain technology was used to build the advertising platform for the online messaging service Telegram, which has announced its launch.After the ad platform opens to all marketers in March, Telegram channel owners in more than 100 countries will be able to begin earning money for their labor.The creator and CEO of Telegram, Pavel Durov, said on February 28 that channel owners would begin to receive 50% of the total advertising revenue that the platform generates from showing adverts in their channels.Payments on the Telegram Ad Platform will only be made over the TON blockchain, the release states. “Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels,” Durov said. Toncoin (TON), which is part of the TON blockchain, increased 13.86% in the 24 hours before it traded at $2.49 at 12:40 PM UTC.In the last week, the token has increased by more than 14%.According to CoinMarketCap, TON is the 15th-largest cryptocurrency with a market valuation of $8.6 billion.Over one trillion views are generated by Telegram broadcast channels each month, yet only about 10% of these views are made possible by Telegram Ads, a privacy-focused advertising solution.The most widely used online messaging app globally is called Telegram; it ranks fourth behind Facebook Messenger, WeChat, and WhatsApp.Based on data from Bankmycell, Telegram has over 196 million daily active users and 800 million monthly active users. The TON blockchain is becoming more and more popular.
The world’s biggest cryptocurrency exchange, Binance, has announced the launch of a new program that enables new users to become eligible for its VIP Invitation Program based on the total volume of their traditional assets or cryptocurrency from outside trading venues.The enlarged VIP program was unveiled by the exchange on February 28. It was dubbed the “first of its kind” by a major cryptocurrency exchange serving high-volume traditional asset traders.In order to qualify for the incentive, new platform users must meet the trading volume requirements of the Binance VIP Program, which are equivalent to a 30-day aggregate spot or futures trading volume in cryptocurrencies or traditional assets.These users will, per the announcement, be “instantly upgraded” to a VIP level higher on the exchange for a period of two months. Catherine Chen, the head of Binance VIP and Institutional, commented that the evolution of crypto mainstream acceptance has played a big role in expanding user opportunities. “The successful listing of bitcoin spot ETFs and their inflows not only demonstrates that there is clear market demand for cryptocurrencies, it also shows any gap between traditional
Following Bitcoin’s peak since 2021, Daniel Yan, co-founder of the Singaporean crypto services company Matrixport, predicts an impending market drop. “The sentiment of the market has come to a level where I think we should be cautious,” the co-founder wrote on February 28. “I think we should see another healthy ~15% correction by end-April.” In explaining his rationale, Yan said that the month of March is a “tricky one” from a macroeconomic perspective, pointing
Bitcoin (BTC) surged past $59,000 for a fifth consecutive day of gains on Wednesday, boosting U.S. stocks tied to the cryptocurrency industry in pre-market trading. The largest cryptocurrency by market value, which was approximately 14% below its record high of roughly $69,000, saw a 4.8% gain over the course of a day, bringing it to
Sen. Elizabeth Warren of Massachusetts, a Democrat, has criticised the cryptocurrency sector once more, claiming that they are hesitant to abide by the laws. “I wanna collaborate with the industry, what I don’t understand is why the industry seems to be saying that they only way that they can survive is if there’s plenty of
One of the first businesses to bring non-crypto assets to blockchains, Centrifuge, will allow Finoa, a regulated German cryptocurrency custodian, to provide its clients with tokenized real-world assets (RWA). The initial RWA token comes from one of Centrifuge’s Anemoy funds, which is an on-chain pool of short-term US Treasury bills that is actively managed and
According to a recent study report by Coinbase (COIN), Circle’s USDC, the second-largest stablecoin by market cap, is making a comeback as a result of rising global liquidity and fast adoption outside of the United States. This has led to a substantial increase in supply in recent months. Analysts David Duong and Li Liu stated,
