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[PRESS RELEASE – Boston, Massachusetts, October 19th, 2023] Doge Uprising ($DUP) is a brand new crypto presale set to make its mark in Q4. This project stands out from the crowd with its unique features. Its detailed roadmap paints a vibrant picture of a Web3 universe enriched by an exclusive NFT collection and an interactive […]

The Securities and Exchange Commission has charged a former corrections officer from New Jersey for his role in a bizarre cryptocurrency scam. The SEC has alleged that John A. DeSalvo allegedly solicited ICO money and specifically targeted police officers and first responders. A Bizarre Scam The charges were announced on the 23rd of August by the United States Securities and Exchange Commission (SEC). According to the announcement, Desalvo was allegedly able to raise an amount of $623,388 from over 220 investors by selling an unregistered token called the Blazar token between November 2021 and May 2022. Blazar told his unsuspecting investors that Blazar would be replacing traditional state pension systems for police, paramedics, and firefighters and give them staggering returns. DeSalvo allegedly told investors, “Blazar Token is the first token or coin that is able to be purchased through payroll deduction every week. It will be taken out of one’s weekly earnings pretax similar to payment into a pension, 401k, IRA, or any other retirement savings plans.” The Securities and Exchange Commission also alleged that DeSalvo falsely claimed that the Blazar token was registered and approved by the SEC despite never being registered with the regulatory body. He also told investors that there was an initial lock-up period for insiders. He then sold 41 billion Blazar tokens, which were worth around $50,000 at the time, when the token debuted on the PancakeSwap decentralized exchange in May 2022. While investors were barred from selling their tokens, DeSalvo was busy selling his. Just weeks after debuting on PancakeSwap, the Blazar token lost 99.9% of its value. The SEC explained, “DeSalvo’s massive volume of sales placed downward pressure on the Blazar Token’s trading price and drained PancakeSwap of the majority of its liquidity in the investment, resulting in its collapse and substantial investor losses.” DeSalvo Abused Position Of Trust DeSalvo ended up misusing investor funds, sending all the money to crypto wallets owned by him. He also paid for work on a home. Regulatory authorities added that DeSalvo took advantage of his position as an officer, gaining investors’ trust and promoting his fraud investment. DeSalvo now faces civil charges for violating securities laws, while prosecutors have also filed criminal charges. The chief of the Crypto Assets and Cyber Unit in the SEC’s Division of Enforcement, David Hirsch, stated, “Our complaint alleges a brazen affinity fraud that preyed on retail investors’ trust and sense of community. Too often in crypto, we see promoters perpetrate familiar frauds in shiny new wrappers by making claims that are difficult for investors to independently verify. Registering the offer and sale of securities enables critical oversight and improves disclosures to investors.” Not The First Fraud By DeSalvo An official from the Securities and Exchange Commission called the DeSalvo case particularly offensive. This is because his scheme exploited first responders who trusted DeSalvo, thanks to his law enforcement background. DeSalvo had orchestrated another scheme in 2021, where he used social media to recruit investors for a stock and crypto trading venture. DeSalvo was able to trick 17 investors during the scheme, managing to raise $95,000. DeSalvo then put the funds in a brokerage account but ended up losing $17,000, making several risky trades. He then misappropriated the remaining funds and, to cover his tracks told investors that their assets had become worthless due to prevailing market conditions. SEC’s Recent Activities The Securities and Exchange Commission, on its part, reiterated that it would continue to pursue crypto scams and those that fail to register securities. Just this week, the SEC charged Titan Global Management with securities violations. The market regulator alleged that the firm misled investors by misrepresenting performance metrics and slapped a $850,000 fine. It has also taken action against Crowe UK LLP, a London-based, pro-crypto audit firm, over its audit of music streaming service Akazoo. Nigel Bostock, CEO of the firm, along with senior auditor Matthew Stallabrassm, were also implicated for their role in the audit. However, it isn’t all doom and gloom, as it emerged earlier this month that the SEC was set to greenlight the first exchange-traded fund (ETF) based on ETH futures, marking a big win for crypto. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

The Securities and Exchange Commission has charged a former corrections officer from New Jersey for his role in a bizarre cryptocurrency scam. The SEC has alleged that John A. DeSalvo allegedly solicited ICO money and specifically targeted police officers and first responders. A Bizarre Scam The charges were announced on the 23rd of August by the United States Securities and Exchange Commission (SEC). According to the announcement, Desalvo was allegedly able to raise an amount of $623,388 from over 220 investors by selling an unregistered token called the Blazar token between November 2021 and May 2022. Blazar told his unsuspecting investors that Blazar would be replacing traditional state pension systems for police, paramedics, and firefighters and give them staggering returns. DeSalvo allegedly told investors, “Blazar Token is the first token or coin that is able to be purchased through payroll deduction every week. It will be taken out of one’s weekly earnings pretax similar to payment into a pension, 401k, IRA, or any other retirement savings plans.” The Securities and Exchange Commission also alleged that DeSalvo falsely claimed that the Blazar token was registered and approved by the SEC despite never being registered with the regulatory body. He also told investors that there was an initial lock-up period for insiders. He then sold 41 billion Blazar tokens, which were worth around $50,000 at the time, when the token debuted on the PancakeSwap decentralized exchange in May 2022. While investors were barred from selling their tokens, DeSalvo was busy selling his. Just weeks after debuting on PancakeSwap, the Blazar token lost 99.9% of its value. The SEC explained, “DeSalvo’s massive volume of sales placed downward pressure on the Blazar Token’s trading price and drained PancakeSwap of the majority of its liquidity in the investment, resulting in its collapse and substantial investor losses.” DeSalvo Abused Position Of Trust DeSalvo ended up misusing investor funds, sending all the money to crypto wallets owned by him. He also paid for work on a home. Regulatory authorities added that DeSalvo took advantage of his position as an officer, gaining investors’ trust and promoting his fraud investment. DeSalvo now faces civil charges for violating securities laws, while prosecutors have also filed criminal charges. The chief of the Crypto Assets and Cyber Unit in the SEC’s Division of Enforcement, David Hirsch, stated, “Our complaint alleges a brazen affinity fraud that preyed on retail investors’ trust and sense of community. Too often in crypto, we see promoters perpetrate familiar frauds in shiny new wrappers by making claims that are difficult for investors to independently verify. Registering the offer and sale of securities enables critical oversight and improves disclosures to investors.” Not The First Fraud By DeSalvo An official from the Securities and Exchange Commission called the DeSalvo case particularly offensive. This is because his scheme exploited first responders who trusted DeSalvo, thanks to his law enforcement background. DeSalvo had orchestrated another scheme in 2021, where he used social media to recruit investors for a stock and crypto trading venture. DeSalvo was able to trick 17 investors during the scheme, managing to raise $95,000. DeSalvo then put the funds in a brokerage account but ended up losing $17,000, making several risky trades. He then misappropriated the remaining funds and, to cover his tracks told investors that their assets had become worthless due to prevailing market conditions. SEC’s Recent Activities The Securities and Exchange Commission, on its part, reiterated that it would continue to pursue crypto scams and those that fail to register securities. Just this week, the SEC charged Titan Global Management with securities violations. The market regulator alleged that the firm misled investors by misrepresenting performance metrics and slapped a $850,000 fine. It has also taken action against Crowe UK LLP, a London-based, pro-crypto audit firm, over its audit of music streaming service Akazoo. Nigel Bostock, CEO of the firm, along with senior auditor Matthew Stallabrassm, were also implicated for their role in the audit. However, it isn’t all doom and gloom, as it emerged earlier this month that the SEC was set to greenlight the first exchange-traded fund (ETF) based on ETH futures, marking a big win for crypto. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

OpenSea is still the biggest NFT marketplace, but there are new players and competitors that offer things that Opensea doesn’t. One example is an upcoming project called Everlodge, which allows people to buy NFTs that represent a share in luxury holiday projects. Here I’ll explore both of them and the potential for the future. Join the Everlodge presale and win a luxury holiday to the Maldives OpenSea is behind the times with Real World Assets NFTs Founded in 2017, OpenSea is a grandaddy of Web3 at this point, given the speed at which blockchain technology progresses. With over 40 million NFTs for sale its the best place to find everything and anything, but not necessarily to find something truly special. Many customers are using Nifty or SuperRare to find truly special NFTs, and Blur, a newer market entrant. In May 2023, Blur emerged as the dominant NFT marketplace with an impressive 65% market share and $442 million in sales. They disrupted the market with their zero royalty fee platform and customer loyalty rewards. Meanwhile, OpenSea, once a heavyweight, struggled to keep up with Blur's disruptive approach. They eventually followed suit by offering zero royalty fees after experiencing traffic loss to Blur. However even Blur’s success versus Opensea may be more to do with the fact that Blur incentivised people to do wash trading in order to receive Blur tokens. PFPs and in game NFTs have lost a lot of popularity and value this year, with industry experts turning towards tokenisation of financial products and also Real World Assets (RWA) such as property and art, and social projects. Since Opensea and Blur focuses mainly on the former types of NFTs, they arent keeping on trend with NFT options. Everlodge on the other hand, is part of a wider trend where NFTs have real use cases and tokenise RWA. What Everlodge has to offer over Opensea in terms of NFTs and value Everlodge provides the chance for people to make money in property, using NFTs. Luxury villas and holiday homes are fractionalised on the blockchain, with deeds in the metadata, and then sold in fractions to users. As property tends to go up, there is a good chance that the NFTs rise in value, as the properties do. But there’s more ways to make money from Everlodge. One of the ways is to buy into their presale of their native token ELDG. Holders will get staking benefits with an APR of 10%, discounts in the Everlodge NFT marketplace, and lower fees on property maintenance costs. Holders can also provide liquidity and receive an APY for that. Owning an NFT also brings advantages since you get a timeshare in one of these luxury places. But for those who want to skip that they can then rent out their timeshare for extra income. Big players like Avalanche, Solana and Polygon are also just getting involved in the RWA tokenization space, showing how much room for growth there is in the industry. Boston Consulting Group predict that the space will be worth $16 trillion by 2030. Binacnce believe the figure is much higher due to the value of the total global asset market. ELDG is currently on offer for $0.01 and 40 million will be available at that price. That’s bullish considering that 480 million tokens will be offered in the presale. This means that now is a great chance to get in, before the price increases. The token will launch for $0.035, and is expected to do around a 3000% after it goes live on Uniswap and certain CEXes. Find out more about the Everlodge (ELDG) Presale Website: https://www.everlodge.io/ Telegram: https://t.me/everlodge Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

OpenSea is still the biggest NFT marketplace, but there are new players and competitors that offer things that Opensea doesn’t. One example is an upcoming project called Everlodge, which allows people to buy NFTs that represent a share in luxury holiday projects. Here I’ll explore both of them and the potential for the future. Join the Everlodge presale and win a luxury holiday to the Maldives OpenSea is behind the times with Real World Assets NFTs Founded in 2017, OpenSea is a grandaddy of Web3 at this point, given the speed at which blockchain technology progresses. With over 40 million NFTs for sale its the best place to find everything and anything, but not necessarily to find something truly special. Many customers are using Nifty or SuperRare to find truly special NFTs, and Blur, a newer market entrant. In May 2023, Blur emerged as the dominant NFT marketplace with an impressive 65% market share and $442 million in sales. They disrupted the market with their zero royalty fee platform and customer loyalty rewards. Meanwhile, OpenSea, once a heavyweight, struggled to keep up with Blur's disruptive approach. They eventually followed suit by offering zero royalty fees after experiencing traffic loss to Blur. However even Blur’s success versus Opensea may be more to do with the fact that Blur incentivised people to do wash trading in order to receive Blur tokens. PFPs and in game NFTs have lost a lot of popularity and value this year, with industry experts turning towards tokenisation of financial products and also Real World Assets (RWA) such as property and art, and social projects. Since Opensea and Blur focuses mainly on the former types of NFTs, they arent keeping on trend with NFT options. Everlodge on the other hand, is part of a wider trend where NFTs have real use cases and tokenise RWA. What Everlodge has to offer over Opensea in terms of NFTs and value Everlodge provides the chance for people to make money in property, using NFTs. Luxury villas and holiday homes are fractionalised on the blockchain, with deeds in the metadata, and then sold in fractions to users. As property tends to go up, there is a good chance that the NFTs rise in value, as the properties do. But there’s more ways to make money from Everlodge. One of the ways is to buy into their presale of their native token ELDG. Holders will get staking benefits with an APR of 10%, discounts in the Everlodge NFT marketplace, and lower fees on property maintenance costs. Holders can also provide liquidity and receive an APY for that. Owning an NFT also brings advantages since you get a timeshare in one of these luxury places. But for those who want to skip that they can then rent out their timeshare for extra income. Big players like Avalanche, Solana and Polygon are also just getting involved in the RWA tokenization space, showing how much room for growth there is in the industry. Boston Consulting Group predict that the space will be worth $16 trillion by 2030. Binacnce believe the figure is much higher due to the value of the total global asset market. ELDG is currently on offer for $0.01 and 40 million will be available at that price. That’s bullish considering that 480 million tokens will be offered in the presale. This means that now is a great chance to get in, before the price increases. The token will launch for $0.035, and is expected to do around a 3000% after it goes live on Uniswap and certain CEXes. Find out more about the Everlodge (ELDG) Presale Website: https://www.everlodge.io/ Telegram: https://t.me/everlodge Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm over the auditing of music streaming service Akazoo. The firm's CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, who advocate for wider crypto adoption, have also been implicated for their roles in a flawed audit of the music streaming entity, Akazoo Limited. All parties involved have opted for a settlement with the SEC. Akazoo revenue overstated Diving into the details, the SEC's findings reveal that Crowe U.K. had given Akazoo's 2018 financial statements a clean bill of health. However, post Akazoo's public debut in 2019 through a merger with a special purpose acquisition entity, discrepancies emerged. Akazoo's 2018 financial records boasted a whopping $120 million in revenue, a figure that was later debunked, revealing only trivial revenue figures. The SEC's probe highlighted that Crowe U.K.'s audit team lacked the requisite experience and training in Public Company Accounting Oversight Board (PCAOB) standards. The oversight became evident when the team missed glaring warning signs, such as accepting fabricated agreements and dubious confirmation letters from Akazoo without the necessary scrutiny. Failings and penalties The SEC's findings also spotlighted the roles of Bostock and Stallabrass. Bostock, as the lead for the Akazoo audit, was found lacking in his supervisory duties, documentation, and professional care. On the other hand, Stallabrass, responsible for reviewing the audit's quality, failed to conduct a comprehensive review. Eric Werner, the Regional Director of the Fort Worth Regional Office, commented on the situation, emphasising the role of Crowe U.K. in lending an unwarranted legitimacy to Akazoo, facilitating its entry into the public trading arena. He stressed the SEC's commitment to holding such gatekeepers accountable to prevent financial deceptions from infiltrating public markets. In the settlement, without admitting to any wrongdoing, Crowe U.K., Bostock, and Stallabrass have agreed to pay penalties amounting to $750,000, $25,000, and $10,000, respectively. They've also committed to refraining from any future violations related to the Exchange Act and Regulation S-X. Additionally, Crowe U.K. will voluntarily withdraw its PCAOB registration and introduce measures concerning new client acquisitions. Both Bostock and Stallabrass face suspensions from practising before the SEC as accountants, with potential reinstatements after five and two years, respectively. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm over the auditing of music streaming service Akazoo. The firm's CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, who advocate for wider crypto adoption, have also been implicated for their roles in a flawed audit of the music streaming entity, Akazoo Limited. All parties involved have opted for a settlement with the SEC. Akazoo revenue overstated Diving into the details, the SEC's findings reveal that Crowe U.K. had given Akazoo's 2018 financial statements a clean bill of health. However, post Akazoo's public debut in 2019 through a merger with a special purpose acquisition entity, discrepancies emerged. Akazoo's 2018 financial records boasted a whopping $120 million in revenue, a figure that was later debunked, revealing only trivial revenue figures. The SEC's probe highlighted that Crowe U.K.'s audit team lacked the requisite experience and training in Public Company Accounting Oversight Board (PCAOB) standards. The oversight became evident when the team missed glaring warning signs, such as accepting fabricated agreements and dubious confirmation letters from Akazoo without the necessary scrutiny. Failings and penalties The SEC's findings also spotlighted the roles of Bostock and Stallabrass. Bostock, as the lead for the Akazoo audit, was found lacking in his supervisory duties, documentation, and professional care. On the other hand, Stallabrass, responsible for reviewing the audit's quality, failed to conduct a comprehensive review. Eric Werner, the Regional Director of the Fort Worth Regional Office, commented on the situation, emphasising the role of Crowe U.K. in lending an unwarranted legitimacy to Akazoo, facilitating its entry into the public trading arena. He stressed the SEC's commitment to holding such gatekeepers accountable to prevent financial deceptions from infiltrating public markets. In the settlement, without admitting to any wrongdoing, Crowe U.K., Bostock, and Stallabrass have agreed to pay penalties amounting to $750,000, $25,000, and $10,000, respectively. They've also committed to refraining from any future violations related to the Exchange Act and Regulation S-X. Additionally, Crowe U.K. will voluntarily withdraw its PCAOB registration and introduce measures concerning new client acquisitions. Both Bostock and Stallabrass face suspensions from practising before the SEC as accountants, with potential reinstatements after five and two years, respectively. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In recent weeks, the buzz around the emerging tool of tokenizing real-world assets has been on how it will grow to achieve the $16 trillion-by-2030 potential that the Boston Consulting Group predicted last year. Inevitably, criticism intrudes, and this week there is sober opinion, caution and skepticism in the zeitgeist.

Two weeks after BlackRock’s spot bitcoin ETF application, Boston-based financial services giant Fidelity is trying its luck with the U.S. Securities and Exchange Commission (SEC) — again.

New York, New York, June 15th, 2023, ChainwireParcl’s market expansion increases access to investors seeking exposure to real estate prices via Real World Asset (RWA) IndexesParcl, the leading blockchain-powered real estate trading platform, announced today the launch of Austin, TX, to its ever-growing list of tradable city indexes. In addition to Austin, Parcl recently launched indexes for Boston, Atlanta, Philadelphia, Chicago, Seattle, Denver, Portland, and Washington, D.C., more than doubling its market pool for investors.Parcl makes investing in an entire city's residential real estate market possible, unlocking access to high-demand markets like New York, Los Angeles, and Miami. Parcl merges real estate and DeFi to amplify access and portfolio diversification opportunities for traders around the world.Adding Austin, one of the fastest-growing housing markets in the U.S., solidifies Parcl's commitment to providing a broad spectrum of high-potential markets to traders. This increases investor access to 16 dynamic tradable markets and builds upon Parcl’s mission of increasing access to real estate investing on a global scale.“Real estate is the largest asset class in the world – the largest investment many people will make in their lives. It’s also the market that has the lowest liquidity and the highest barriers to entry,” said Trevor Bacon, Parcl CEO and co-founder. "Integrating these high-demand markets signifies Parcl’s dedication to continuous growth, providing traders access to diverse and burgeoning markets."Built on Solana – a blockchain designed for decentralized, scalable applications – Parcl facilitates real-world real estate trades in real time. The platform's rapid growth since its launch in February demonstrates significant market need for innovating around real estate investing."Austin’s integration provides traders with another dynamic real estate market to diversify their portfolio," Bacon said. "This move is consistent with Parcl’s goal to enhance market access and user engagement, as evidenced by all-time highs in user activity, open interest, and trading volume on the decentralized trading application."The addition of more North American cities is on the near term horizon, with global cities following shortly thereafter. Parcl’s illustrated market growth builds upon its aspiration of becoming the simplest platform for global real estate trading, and illustrates its commitment to the core mission of making real estate investing accessible to everyone, everywhere.Parcl is designed which features appeal to the modern investors, offering high liquidity, low transaction fees, and no minimum investment requirements. Traders can now trade real estate indexes as effortlessly as Bitcoin, Ethereum, or other crypto assets.About ParclParcl is a DeFi real estate trading platform revolutionizing the way individuals globally engage with real estate investment. Combining the strengths of blockchain technology with traditional real estate, Parcl offers a simple, efficient, and accessible real estate trading experience.For more information, visit www.parcl.co.ContactCMOWill [email protected]

Tortola`, BVI, April 28th, 2023, ChainwireTurbos Finance, a non-custodial decentralized exchange (DEX) enabling spot and derivatives trading on the Sui Network, has released a Permanent Testnet deployment on Sui’s public testnet. This significant step comes just in time as the Sui Network gears up for launch on May 3, 2023.Turbos Finance is aiming to be among the first protocols to deploy a functional concentrated liquidity platform on the network, with support of Mysten Labs (Sui Network’s primary tech contributor) and Jump Crypto.The Permanent Testnet allows users to familiarize with the platform’s unique features and the Sui Network UX, while collecting feedback to help refine the product. Accessible to everyone, the testnet dApp showcases the advantages of Turbos Finance's concentrated liquidity market maker (CLMM) model. The platform enables users to set up custom ranges in which to provide liquidity, concentrating it around a desired price range and collecting a larger portion of the fees with less capital. The approach offers far superior liquidity to traditional platforms based on the xy=k invariant.The testnet is available at app.turbos.finance and enables trading and providing liquidity for testnet SUI, BTC, ETH and USDC tokens, which will be available on mainnet as well. A comprehensive tutorial is available to guide users through the testnet experience, covering wallet connectivity, testnet token funding, and dApp navigation. To provide feedback on the testnet, users are encouraged to join the Turbos Finance Discord server and share their insights on the testnet-feedback channel.“We’re almost ready for our mainnet launch, with the Permanent Testnet launch being the last stage,” said Ted Co-founder and CEO of Turbos Finance. “This is perfect timing as Sui launches in early May, and we expect to be there almost immediately. Through the strategic partnership with Mysten Labs and Jump Crypto, we expect a smooth launch on the Sui mainnet very soon.”About Turbos FinanceTurbos Finance, DEX for all, is a non-custodial liquidity layer built on top of the Sui Network backed by Jump Crypto and Mysten Labs. We offer an efficient and composable automated market maker (AMM) decentralized exchange with the Concentrated Liquidity Market Maker (CLMM) model and derivatives trading features.ContactTed [email protected]

Dragonfly Capital has announced a $10 million strategic investment in the derivatives exchange Bitget. Bitget has been looking to grow both its earn and spot products and currently facilitates cryptocurrency derivatives trading with an open interest of $2.4 billion. A Strategic Investment To Support Expansion The news of the investment could not have come at a better time for Bitget, which had recently acquired a controlling stake in wallet provider Bitkeep. The firm invested $30 million in BitKeep, adding millions of users to its platform. BitKeep is Asia’s largest crypto wallet, boasting around 9.5 million registered users. Bitget is a Seychelles-based exchange that was founded in 2018 and has around 8 million users. The derivatives exchange primarily focuses on customers that are based in Asia, Latin America, and Europe. The exchange is best known for futures trading and was ranked among the top three derivatives exchange in a report by Boston Consulting Group. Since its inception, Bitget has grown to over 80,000 traders and 380,000 copy traders. Copy traders are those traders who sync their trading positions with traders through the use of automation. In 2023, the firm plans to expand its launchpad, spot trading, and Bitget Earn products. Bitget’s Expansion Plans Bitget will be looking to expand its product portfolio and intends to use the strategic investment by Dragonfly Capital towards the expansion of its spot trading and yield-generating products. It will also look to use the funds to help fuel the growth of its launchpad initiative. Bitget’s launchpad is designed to help early-stage token projects get up and running. Additionally, the investment from Dragonfly Capital will also be used towards global initiatives aimed at getting more people into the crypto ecosystem. In line with this initiative, Bitget has already struck deals with soccer superstar Lionel Messi and one of the leading clubs in Italy, Juventus. There are also plans afoot to conduct educational campaigns to help boost adoption. Speaking about the Dragonfly Capital investment, Managing Director of Bitget, Gracy Chen, stated, “Except for the cash inflow, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry.” Dragonfly’s Investment Portfolio The Bitget strategic investment is not the only one made by Dragonfly in the crypto space. The firm has also invested in several other prominent blockchain firms, such as 1inch, Polygon, and Matter Labs. Dragonfly had around $3 billion in assets under management in 2022 and is one of the most active venture investors in the crypto space. The platform had raised $650 million for its third fund as recently as April 2022. Are The Markets Stabilizing? The FTX collapse had a substantial negative impact on cryptocurrency derivatives exchanges. At the time of its collapse, FTX had facilitated $6.6 billion in contracts in a single day in trading volume, with an open interest of $5.1 billion. However, the markets have shown signs of life and have recovered to around $68.5 billion at the time of writing. This is in stark contrast to the $60.1 billion in December 2022, when the markets were at their lowest, according to data from CoinMarketCap. While the markets may have found some sense of stability following the FTX collapse, there are still a lot of issues facing the crypto ecosystem. One such problem is the increased regulatory scrutiny of major players. One example of this is the lawsuit filed against Binance by the Commodity Futures Trading Commission (CFTC). The CFTC, in its lawsuit, alleges that Binance onboarded nearly 2.8 million customers without registering with the correct regulatory authority. Binance faces scrutiny because, under US laws, the onus of due diligence before onboarding users falls on the seller. This is why it is unlikely that the alleged users could face any consequences for registering on the platform, but Binance would. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.