Marlin(POND)

Sushi Swap Head Chef Jared Grey has expressed his disillusionment with the state of the crypto industry as regulatory crackdowns, including actions against the decentralized exchange (DEX) he manages, have intensified.Grey spoke about his feelings towards U.S. regulators and the industry during a recent ask-me-anything call on Discord. Grey shares: "It really feels like over this last cycle that the majority of that feeling [of excitement] is gone now. Look at what's going on on the regulatory side of things. Like this morning, Senator [Elizabeth] Warren [was] stating she's putting together an anti-crypto army to regulate the space into obedience." Grey's comments come after he disclosed that the U.S. Securities and Exchange Commission (SEC) served him and Sushi DAO with a subpoena, signaling the potential for a prolonged and costly legal battle with regulators seeking stricter oversight over crypto firms. Unlike centralized exchanges such as Coinbase or Binance, Sushi Swap operates via smart contracts on the Ethereum blockchain as a DEX, managed day-to-day by Grey and governed by token holders who vote on proposals. Anticipating the legal battle, Grey recently proposed allocating $4 million of the protocol's treasury funds to a "Sushi DAO Legal Defense Fund." The fund, nearly equal to the DAO's annual operating expenses, has faced significant backlash on community Discord channels and became a focal point during the call. Although attendees of the community call requested further information about the subpoena, Grey declined to provide more details, citing legal advice. Despite the controversy surrounding the legal defense fund, Grey's responses appeared to satisfy the call participants, who remained silent on the matter. "I've been advised by legal not to talk about subpoena in detail," Grey said. "Just to say, 'Hey, you know, we've received one [and] we're cooperating with it,' and kind of leave it at that for now." However, the legal defense fund proposal has sparked debate on the DAO's governance proposal forum, with some community members demanding transparency about the subpoena and others calling for Grey's resignation. Roughly a third of poll respondents in the forum have voted against the fund so far. This controversy emerges as Sushi Swap grapples with ongoing financial challenges. In December 2022, the protocol reduced its annual runway requirement from $9 million to $5 million, and Grey revealed that Sushi Swap had less than 18 months of runway left in its treasury. Grey acknowledged these financial issues during the call, stating, "All that we're doing now is just like to stem the bleeding that kind of has been occurring." The recent SEC investigations have taken its toll on the protocol's native token, which has dropped 12% since the announcement of the subpoena. As regulatory scrutiny continues to intensify, the crypto community will undoubtedly keep a close watch on the unfolding situation and its potential impact on the industry at large.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 court also ruled that the 3AC liquidators' service of a subpoena to Davies via Twitter complied with due process.

DeFi project Safemoon has announced that its liquidity pool has been compromised, according to a statement on its official Twitter handle. So far, the amount of funds stolen due to the exploit remains unknown. Liquidity Pool Compromised Safemoon stated that it is taking steps to resolve the matter. However, details around the issue remain sketchy at best. “We are taking swift action in an attempt to resolve the issue as soon as possible. Follow here for updates. Thank you for your support as we work to address this situation.” CEO John Karony retweeted the same statement but has not commented further. Safepool is a Metaverse, blockchain, NFT, and Web 3.0 building and innovation ecosystem. However, the company has been at the center of several controversies since its launch in March 2021. The Bug In Question While Safemoon has remained mum about the incident, several others have commented on the developments. Security firm PeckShield has stated that an update to a contract introduced a burn bug that allowed anyone to destroy tokens. PeckShield stated that the upgrade looked to be initiated by a deployer contract, making it possible that there was an admin key leak. However, the firm could not state how much crypto, if any, has been compromised. “Hi @safemoon, The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?).” Meanwhile, Web 3.0 developer DeFi mark stated that SafeMoon was hacked for $8.9 million, adding that he was able to identify an obvious exploit. The public burn function allows users to burn tokens from any other address. The attacker exploited this function to remove SFM tokens from the SafeMoon WBNB Liquidity Pool, artificially inflating the price of the native token. Attacker Reaches Out Following the news of the exploit, the protocol’s native SFM token tanked, dropping as much as 30%. However, barely hours after the exploit, the attackers in question responded to a message in the transaction thread, seemingly suggesting that they were willing to return the funds to Safemoon, which indeed they did. Data from Peckshield showed that the attackers had sent 4000 BNB tokens worth $1.2 million. “Hey, relax. We are accidentally frontrun an attack against you. We would like to return the fund, set up a secure communication channel, lets talk.” Controversy’s Child The attack and subsequent compromise could not have come at a worse time for Safemoon, which had recently been promoting its security offering, Orbital Shield. While the exploit is not related to this product, it does not really inspire confidence in the project’s security products. The protocol has been dogged by controversy since its inception in 2021. In 2022, the protocol came under heavy criticism from YouTuber Coffeezilla, who stated that the project’s former CEO, known only as Kyle, had committed fraud. He also alleged that the current CEO had stolen from his own project. The protocol has also been the subject of a number of class action lawsuits, further damaging its reputation. The lawsuits have accused the project of being a pump-and-dump scheme and is in violation of several securities laws. The SFM token saw a considerable surge when one of the lawsuits was dropped. However, that gain proved to be very short-lived. 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.

While many expressed serious sentiments, a Twitter user poked fun at the update, saying that it’s time to spend ETH on nonfungible tokens.

The cryptocurrency industry has undoubtedly had a rocky few years. From high-profile scams to market crashes and regulatory hurdles, the industry has faced numerous setbacks that have shaken the confidence of even the most ardent crypto idealists. The "idealist" crypto projects and platforms can help unlock practical value. Adhering to core principles, such as decentralization, user control, and being verifiable, is essential to make a lasting industry impact. Those approaches introduce many new hurdles and challenges, but the following platforms continue innovating and pushing the industry forward - keeping crypto idealism alive. Theta Network (Decentralized Video Streaming) The decentralized video delivery network aims to disrupt the traditional video streaming industry. It uses blockchain technology to create a peer-to-peer network of users sharing video content, reducing the need for centralized servers and cutting costs. Theta Network also rewards users who contribute their computing resources to the network with Theta tokens, which can be used to access premium content and services on the platform. Theta Network has partnered with some of the biggest names in the video streaming industry, including Samsung, Google, and MGM Studios. As a result, it has a growing user base of millions of users worldwide. In addition, the platform's unique approach to video delivery has earned it praise from industry experts, and it has the potential to disrupt the traditional video streaming industry in a significant way. Nimiq (Crypto For Everyone) Nimiq is a decentralized cryptocurrency project that aims to make cryptocurrency accessible to everyone through a user-friendly and easy-to-use platform. A crucial boon of Nimiq is its focus on usability and accessibility, which makes it ideal for new users looking to enter the cryptocurrency world. That approach has given birth to various tools and infrastructure solutions to enable mass cryptocurrency adoption. A core benefit of Nimiq is its fast transaction times. Nimiq uses a unique consensus algorithm called Albatross, which allows for near-instant transactions. That is a significant advantage compared to other cryptocurrencies, which may take several minutes or even hours to confirm transactions. In essence, Nimiq is a decentralized payment solution with a native blockchain. Its team aims to usher in a global monetary system without intermediaries. In addition, its solution is non-discriminatory, secure, cheap, eco-friendly, and collaborative. It also removes concerns over market volatility, technical expertise requirements, and clunky interfaces. Cardano (Blockchain Infrastructure) Another platform that crypto idealists should keep their eye on is Cardano. Founded by Charles Hoskinson, one of the original co-founders of Ethereum, Cardano aims to create a more sustainable and scalable blockchain platform than its predecessors. Unlike other blockchain platforms that use proof-of-work algorithms to verify transactions, Cardano uses a more energy-efficient and scalable proof-of-stake consensus mechanism. Cardano also aims to provide greater security and transparency than other blockchain platforms by separating its transaction validation and computation processes into two separate layers. This approach allows for greater flexibility and efficiency and makes it easier to update the platform over time. Cardano's commitment to sustainability, scalability, and security has earned it a loyal following among crypto enthusiasts, and it has already established partnerships with several major companies and organizations. Lens Protocol (Decentralized Social Media) Lens Protocol is a decentralized platform built on the Polygon blockchain that allows users to create, trade, and manage synthetic assets. These synthetic assets are created by mirroring the value of other assets, such as commodities, stocks, and fiat currencies. It allows users to gain exposure to the underlying asset without owning it. The Lens Protocol platform is powered by smart contracts that ensure the accuracy and transparency of each transaction. Users can create synthetic assets or invest in existing ones called lenses. Each lens is backed by collateral, which is held in a smart contract, and the underlying asset's value determines its value. When a user invests in a lens, they receive a corresponding amount of synthetic tokens, which can be traded or redeemed for the underlying asset at any time. The Lens Protocol platform also includes a governance system that allows users to vote on proposals related to the platform's development and management. That gives users a say in how the platform operates and ensures it remains community-driven and decentralized. Overall, Lens Protocol provides a flexible and efficient way for users to gain exposure to a wide range of assets while leveraging the security and speed of the Polygon blockchain. To conclude, there is still a lot of activity in the cryptocurrency and blockchain space. While the overarching market momentum may remain volatile, builders put their best foot forward to unlock a brighter future. The projects outlined above showcase the building blocks users can experiment with today and in the future. Moreover, the varied approach by developers to explore different concepts - video streaming, social media, and making crypto more accessible - confirms the evolution of overall infrastructure. There is much more potential to unlock in the industry, as a decentralized web is inevitable at this point. 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.

A judge has recently passed a ruling to temporarily halt the sale of the Voyager Digital company and its assets to the crypto exchange, Binance.US. Federal Judge Halts Voyager Acquisition Judge Jennifer Rearden of the U.S. District Court in New York granted the request of the United States government for an emergency stay when she temporarily halted the $1 billion sale of the bankrupt Voyager Digital to Binance.US. Her ruling granting the request stated, “Upon consideration of all parties’ written submissions, as well as the conferences and oral argument held in this matter, the Government’s emergency motion is hereby GRANTED.” The order passed by the Federal Judge will put a pause on the potential deal between Voyager Digital and Binance.US, which will need to wait till a decision is made on the Department of Justice’s appeal against the bankruptcy plan. The other alternative route for the acquisition to go through is to appeal to a higher court and get a ruling trumping that of the Federal Judge. DoJ Requested Emergency Stay The appeal for an emergency stay on the sale was filed by the DoJ on March 17 and was immediately challenged by Voyager Digital and the Official Committee of Unsecured Creditors on March 20. The DoJ responded to that in a final “reply” motion on March 21 and was granted its request by the Federal Judge on March 27. In response, the Voyager Official Committee of Unsecured Creditors tweeted, “The Committee is still analyzing the situation and awaiting the district court's forthcoming written opinion. We will continue to aggressively oppose the Government’s efforts and will provide further updates as they become available.” Voyager’s Bankruptcy Journey The federal judge will soon release a statement to highlight the situation more. Voyager Digital was one of the many other crypto companies that fell under the curse of the 2022 bear market and declared Chapter 11 bankruptcy on July 5. The defunct-crypto exchange has been focusing on developing a plan to redistribute funds ever since, and the Binance.US deal was struck as a result of that. Binance.US, a separate entity from the Binance crypto exchange, received approval from Judge Michael Wiles on March 7 to acquire Voyager assets. The approval ruling also mandated the issuance of bankruptcy tokens to impacted Voyager customers. Regulators Opposing Acquisition However, since the approval went through, the acquisition process has received pushback from more than one U.S. regulatory body. Other than the Department of Justice, the U.S. Securities and Exchange Commission also passed a motion on March 15, in which it argued that the acquisition of Voyager Digital by Binance.US would lead to an increase in fraud, theft, and tax evasion. Judge Wiles successfully squashed this claim. 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.

XRP is topping the crypto charts outperforming all other major cryptocurrencies. The price finally hit its very bullish target of $0.50 while the rest of the market takes a tumble in response to the CFTC’s lawsuit against the CEO of Binance. XRP is trading at its highest level in the past five months despite the crypto market taking a knock in response to a lawsuit filed by the Commodity Futures Trading Commission (CFTC) against Changpeng Zhao, the CEO of crypto exchange Binance. The CFTC has accused Zhao of insider trading and evading KYC regulations. Zhao responded to the allegations by calling the suit “unexpected and disappointing” and denied any wrongdoing on his or Binance’s part. At the time of writing, XRP was trading at $0.50, according to data from CoinMarketCap, representing a 25% rise over the past week. Popular crypto influencer David Gokhshtein was one of the first to notice XRP’s breakout, tweeting: The entire market dumped on the news except for $XRP. — David Gokhshtein ®️ (@davidgokhshtein) March 27, 2023 Cointelegraph reports that XRP whales have been steadily accumulating since February as only days remain until the SEC vs Ripple lawsuit could produce an outcome. Crypto lawyer John Deaton took to Twitter to share his take on the controversial lawsuit. Deaton opined that XRP has by far the most attractive risk-to-reward ratio. XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside?

Copy trading has been one of the most reliable and trusted investment methods for the longest time, and there is no reason this trend should stop now that cryptocurrencies are gradually becoming mainstream. While there are many copy trading platforms out there, perhaps none can provide the sheer quality, safety, and diversity being offered by Bitget. The exchange, which has over 8 million users in over 100 countries and regions, is dedicated to assisting users in making smarter trading decisions by offering a safe, one-stop trading solution. It also encourages people to embrace cryptocurrency through partnerships with credible partners such as legendary Argentine footballer Lionel Messi, the Italian leading football team Juventus, and official eSports event organizer PGL. Bitget is currently ranked as a top 5 futures trading platform and a top 10 spot trading platform by CoinGecko. Understanding Bitget Before going any further, it is firstly important to understand what Bitget actually is. Bitget is a popular crypto exchange which offers users a comprehensive and user-friendly environment through which they can easily trade digital assets. The exchange provides a wide array of innovative trading resources designed to assist users in making informed trading decisions in addition to enabling them to quickly and efficiently execute their trades. Due to its sleek and easy-to-use interface as well as its dependable security measures and affordable fees, Bitget has become the preferred choice for many novice and skilled crypto traders worldwide. Furthermore, the platform supports more than 20 languages like English, Turkish, Traditional Chinese, and Vietnamese, and is accessible through all devices on desktop, iOS, and Android, making it convenient and readily available to users worldwide. Bitget’s copy trading capabilities Not only is Bitget the world's biggest cryptocurrency exchange for copy trading, but the team has recently expanded their copy trading feature to the Spot market. Moreover, as Bitget is the first centralized exchange to provide copy trading in the cryptocurrency market, traders would hence find it easy to make trades as they receive a convenient and smooth user experience. Secondly, Bitget's Copy Trading provides a new way to increase profitability while simultaneously prioritizing both flexibility and transparency. By 'copying' the trading activities of more experienced traders, rookies can make decent profits just like their superiors while the veterans can keep generating passive income and also keep growing their own influence in the crypto industry. Since its inception, Bitget's copy trading feature has brought in over 80,000 skilled traders to share their strategies and over 380,000 followers to copy. As of January 2023, there have been over 47 million profitable trades via Bitget copy trading, with profits from profitable trades totaling $300 million and profits shared by elite traders totaling USD 20 million. Additionally, Bitget launched the Bitget Insights platform in October 2022, allowing users to share their trading experience and market analysis. This newsfeed community, where verified users can share their financial analyses and opinions with their followers, assists them in making more informed financial decisions. More than 500 trading experts shared their crypto market insights on the platform in January 2023, with nearly 10,000 posts generated. What cryptocurrencies does Bitget have? Bitget offers a spot exchange function for most popular cryptocurrencies, allowing you to trade one coin for another. Recently, the platform supports USDT, USDC, BTC, ETH, BGB (the exchange's native token), and 450+ cryptocurrencies and 580+ trading pairs. Also, Bitget is the first major derivatives trading platform to launch the USDT-margined futures product in May 2019. In comparison to Coin-margined futures, USDT-margined futures are more user-friendly for newcomers to futures trading because they do not require investors to hold corresponding coins before going long or short. Bitget is also the first cryptocurrency exchange to partner with Circle to launch USDC-margined futures in July 2021. In addition, with 130 trading pairs, Bitget now supports USDT-margined futures, USDC-margined futures, and Coin-margined futures. But that’s not all, as Bitget is a top 5 derivatives trading platform, it has seen massive growth regarding trading volume and market share since the FTX collapse. Bitget's total transaction volume increased by more than 300% in 2022. In terms of 24hr Open Interest (OI), the top 10 derivatives exchanges' OI dropped approximately 40% from its high point in December 2022, while Bitget is the only exchange that increased OI, from about $800 million to $3.74 billion. As if that weren't enough, Bitget is now a top 5 derivatives trading platform in terms of volume and OI, according to CoinMarketCap and CoinGecko. What about deposits? Bitget has added new deposit channels for users who want to deposit in fiat currencies. Customers will find it easier to deposit fiat and begin trading cryptocurrencies with the new deposit rails, which have no fees. Bitget also intends to maintain its dominant market position by incorporating zero-fee deposits and enabling spot trading for specific fiat currencies. Finally, the exchange pledges to provide a safe and stable link between digital and traditional finance, as well as to improve overall user experience as well as market accessibility in order to promote broader mainstream adoption. Bitget additionally offers a wide range of trading options and services with a fair and open fee structure. Bitget's trading fee incentives include lower transaction fees for Spot trading and absolutely no fees for crypto deposits as previously alluded to. Using a credit or debit card, Apple Pay, or Google Pay are all viable options for payment. Bitget also offers a P2P cryptocurrency marketplace alongside other payment options like Wise, Skrill, Neteller, Cashapp, Adv Cash, direct bank transfer, among others. The exchange has recently launched new Fiat on-ramps. These new on-ramps include SEPA and FPS channels, which are designed to provide users with greater convenience when it comes to depositing funds and facilitating trades. Should you use Bitget then? This review is just one of many that you are bound to read online, but what makes Bitget stand out above its competition is the aforementioned services centered around copy trading, futures, spot trading, and more while ensuring that the traders are kept safe at all times. Bitget also outperforms the competition in terms of security, thanks in no small part to its $300 million protection fund as well as the Merkle Tree Proof of Reserves. Put bluntly, Bitget is a secure and regulated crypto exchange that offers cutting-edge financial services and is doing everything in its power to promote broader crypto adoption as is made evident by the aforementioned partnership with Messi. 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.

Binance CEO Changpeng Zhao has responded to the CFTC charges, as the world’s largest exchange saw depositors withdraw large sums following the news of the charges brought against the company. Users ended up withdrawing around $400 million in 24 hours. Zhao Responds To Charges The CEO of Binance, Changpeng Zhao, has reacted to the charges brought against the cryptocurrency exchange by the Commodity Futures Trading Commission (CFTC). Zhao called the accusations “unexpected and disappointing” and denied any wrongdoing on his or the exchange’s part. Zhao’s disappointment was further exasperated because the exchange had been cooperating with the exchange over the past couple of years. Zhao went on to add, “The complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.” The Allegations Against Binance And Zhao The CFTC, on the 27th of March, 2023, hit Binance with a barrage of accusations in a lawsuit, accusing the CEO of indulging in insider trading and evading KYC (Know Your Customer) regulations. The charges also included allegations that Binance had been trading on its own platform, in addition to claims that there were 300 “house accounts” directly or indirectly owned by Zhao. However, the Binance CEO flatly denied the allegations, stating that Binance does not and never will trade for profit or “manipulate” the market under any circumstances. He went on to add that all company revenues were in crypto and needed to be converted into fiat from time to time to cover expenses related to the functioning of the platform. Zhao stated, “Personally, I have two accounts at Binance: one for my Binance Card and one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.” The term “eat your own dog food” is an expression used to refer to companies that use their own products or services to ensure the smooth functioning of their internal operations. Additionally, Zhao stated that Binance had implemented a 90-day no-trading rule for all employees. This meant that employees could not, under any circumstances, sell a coin within 90 days of their most recent purchase. What About KYC Allegations? Another set of allegations by the CFTC stated that Binance had been evading KYC controls and regulations. However, Zhao countered by stating that Binance was the first global crypto exchange that implemented strong and mandatory KYC regulations on the platform. He also added that Binance.com blocks all US-based users based on location and IP address. However, the CFTC accuses the exchange of encouraging US-based traders to use VPNs (Virtual Private Networks) to bypass any blocks. Depositors Panic As expected, markets have felt a chill thanks to the developments, with around $30 billion leaving the crypto space in the past 12 hours. As a result, the market capitalization has dropped to $1.17 trillion. The platform itself found itself in the doldrums as depositors, panicking due to the charges brought by the CFTC, withdrew around $400 million on Ethereum, according to data sourced by Nansen. According to the Nansen data, “Savvy Traders” have also moved $9 million from Binance over the past 24 hours. The developments show the skittishness of traders in the crypto space in the face of regulatory uncertainty. Furthermore, Paxos, a former issuer of the BUSD stablecoin, burned over $155 million worth of BUSD in four hours, citing investor flight. 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.

CZ responded to the CFTC allegations and addressed some of them in a formal blog post.