Persistence(XPRT)

The bowtied chairman of the House Financial Services Committee has shown persistence in the face of increasing partisanship on crypto issues.

The plan, “Alchemy Scale Tier,” will consist of two options that let developers choose how much they want to commit to the platform, both financially and computationally.

South Korean authorities have arrested the CEO of the Bitsonic crypto exchange, Jinwook Shin, for allegedly stealing $7.5 million dollars of user funds. Embezzlement Allegations Jinwook Shin was taken into custody by South Korean authorities on August 7th after an investigation uncovered that the CEO had been allegedly embezzling investments and deposits belonging to the exchange's users during the time period between January 2019 and May 2021. According to the initial report, Shin allegedly engaged in fraudulent activities that manipulated cryptocurrency prices and trading volume on Bitsonic, which led to the misappropriation of approximately $7.5 million (10 billion won) from user funds. Liquidity Issues Leads To Shutdown Despite facing liquidity problems and suspension of withdrawals on the crypto platform, Shin continued to provide cryptocurrencies to new customers. This persistence drew the attention of the Seoul cyber crime department, which alleged that Shin failed to purchase cryptocurrencies during this period, raising suspicions about the legitimacy of the exchange's operations. In August 2021, the platform finally announced the closure of its operations, attributing the decision to "internal and external issues." This announcement was followed by the shutdown of 11 domestic cryptocurrency platforms by South Korean authorities, who were investigating alleged fraudulent activities. Vice President Also Complicit The investigation further implicated the vice president of Bitsonic, who is believed to have played a role in devising a scheme to acquire the cryptocurrencies held by the CEO within the exchange system. The VP, who is referred to as Mr. A, was allegedly working hand-in-hand with Shin to buy the cryptocurrency held by the latter on the exchange platform. A shell company established in Singapore was allegedly used in the process of manipulation. Government's Stance Against Fraud And Cybercrime South Korean authorities have recently taken a tough stance against fraudulent activities within the digital asset industry. Last month, the Korea Securities Depository partnered with Code, a firm specializing in Travel Rules, to address the rise in unlawful activities within the virtual asset market. This partnership aims to promote the issuance and utilization of Legal Entity Identifiers (LEI) to enhance investor protection. Additionally, the government has also been working on a crypto-tracking system, including an interagency investigation team, to counter cybercrime as a part of its commitment to ensuring the security and legitimacy of the cryptocurrency market. As the investigation into the alleged embezzlement unfolds, South Korea's proactive approach against fraudulent activities in the cryptocurrency sector continues to underscore the nation's commitment to fostering a secure and trustworthy digital asset environment. 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.

South Korean authorities have arrested the CEO of the Bitsonic crypto exchange, Jinwook Shin, for allegedly stealing $7.5 million dollars of user funds. Embezzlement Allegations Jinwook Shin was taken into custody by South Korean authorities on August 7th after an investigation uncovered that the CEO had been allegedly embezzling investments and deposits belonging to the exchange's users during the time period between January 2019 and May 2021. According to the initial report, Shin allegedly engaged in fraudulent activities that manipulated cryptocurrency prices and trading volume on Bitsonic, which led to the misappropriation of approximately $7.5 million (10 billion won) from user funds. Liquidity Issues Leads To Shutdown Despite facing liquidity problems and suspension of withdrawals on the crypto platform, Shin continued to provide cryptocurrencies to new customers. This persistence drew the attention of the Seoul cyber crime department, which alleged that Shin failed to purchase cryptocurrencies during this period, raising suspicions about the legitimacy of the exchange's operations. In August 2021, the platform finally announced the closure of its operations, attributing the decision to "internal and external issues." This announcement was followed by the shutdown of 11 domestic cryptocurrency platforms by South Korean authorities, who were investigating alleged fraudulent activities. Vice President Also Complicit The investigation further implicated the vice president of Bitsonic, who is believed to have played a role in devising a scheme to acquire the cryptocurrencies held by the CEO within the exchange system. The VP, who is referred to as Mr. A, was allegedly working hand-in-hand with Shin to buy the cryptocurrency held by the latter on the exchange platform. A shell company established in Singapore was allegedly used in the process of manipulation. Government's Stance Against Fraud And Cybercrime South Korean authorities have recently taken a tough stance against fraudulent activities within the digital asset industry. Last month, the Korea Securities Depository partnered with Code, a firm specializing in Travel Rules, to address the rise in unlawful activities within the virtual asset market. This partnership aims to promote the issuance and utilization of Legal Entity Identifiers (LEI) to enhance investor protection. Additionally, the government has also been working on a crypto-tracking system, including an interagency investigation team, to counter cybercrime as a part of its commitment to ensuring the security and legitimacy of the cryptocurrency market. As the investigation into the alleged embezzlement unfolds, South Korea's proactive approach against fraudulent activities in the cryptocurrency sector continues to underscore the nation's commitment to fostering a secure and trustworthy digital asset environment. 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.

Stakeholders of blockchain-based trading protocol Mango Markets are grappling with financial challenges as the platform faces mounting legal expenses in the aftermath of a significant crypto market manipulation incident. Stakeholders Reluctant to Foot the Bill About a year ago, crypto market manipulator, Avi Eisenberg, had reportedly raided Mango Markets for over $100 million. He was arrested soon after confessing to the exploit, and the company has been pursuing legal action against him since then. However, the platform's stakeholders are now finding it difficult to cover the escalating legal costs. A proposal by Mango Labs, the company responsible for developing the Solana blockchain-based exchange, sought approval for an additional $2 million in funding for legal expenses. The proposal was put to a vote within Mango DAO, the decentralized autonomous organization overseeing the protocol. Initial voting results indicate that Mango DAO voters are hesitant to provide the requested funds. The proposal was rejected by the voters over the weekend, with one individual referring to the situation as a "money pit." Strained Resources and Legal Battles Project insiders have demanded greater transparency regarding budget management from the company. Despite the availability of approximately $89 million in the Mango DAO treasury, most of these funds are tied up in illiquid MNGO tokens, making quick liquidation a challenge. The primary source for potential funding lies in a stash of dollar-linked stablecoins valued at $15.3 million, denominated mostly in USDC. The platform's financial constraints have arisen after Mango Labs exhausted its 2023 budget of nearly $2 million, significantly ahead of schedule. The company is actively pursuing a costly civil suit against Avi Eisenberg, who still claims that he did nothing wrong and was only participating in regular market strategies. However, things do not look so well for Eisenberg, as other than the Mango Markets lawsuit, he has also been slapped with market manipulation charges by the CFTC and fraud charges by the SEC. Founder's Dilemma and Second Funding Proposal Mango Labs' founder, Daffy Durairaj, personally holds enough MNGO governance tokens that could influence the vote's outcome. However, due to scrutiny from regulatory bodies like the SEC regarding the centralization of Mango's governance token, Durairaj might be cautious about leveraging his tokens to secure the funds. Despite the initial setback, Durairaj has initiated a second funding proposal identical to the first, indicating the company's persistence in seeking financial support for legal expenses. He stated, “This funding is necessary to handle legal costs of regulatory inquiries that have arisen after the exploit last year, cooperation with law enforcement and regulators and pursuing legal claims against Avi Eisenberg to help recover funds for the DAO.” 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.

Stakeholders of blockchain-based trading protocol Mango Markets are grappling with financial challenges as the platform faces mounting legal expenses in the aftermath of a significant crypto market manipulation incident. Stakeholders Reluctant to Foot the Bill About a year ago, crypto market manipulator, Avi Eisenberg, had reportedly raided Mango Markets for over $100 million. He was arrested soon after confessing to the exploit, and the company has been pursuing legal action against him since then. However, the platform's stakeholders are now finding it difficult to cover the escalating legal costs. A proposal by Mango Labs, the company responsible for developing the Solana blockchain-based exchange, sought approval for an additional $2 million in funding for legal expenses. The proposal was put to a vote within Mango DAO, the decentralized autonomous organization overseeing the protocol. Initial voting results indicate that Mango DAO voters are hesitant to provide the requested funds. The proposal was rejected by the voters over the weekend, with one individual referring to the situation as a "money pit." Strained Resources and Legal Battles Project insiders have demanded greater transparency regarding budget management from the company. Despite the availability of approximately $89 million in the Mango DAO treasury, most of these funds are tied up in illiquid MNGO tokens, making quick liquidation a challenge. The primary source for potential funding lies in a stash of dollar-linked stablecoins valued at $15.3 million, denominated mostly in USDC. The platform's financial constraints have arisen after Mango Labs exhausted its 2023 budget of nearly $2 million, significantly ahead of schedule. The company is actively pursuing a costly civil suit against Avi Eisenberg, who still claims that he did nothing wrong and was only participating in regular market strategies. However, things do not look so well for Eisenberg, as other than the Mango Markets lawsuit, he has also been slapped with market manipulation charges by the CFTC and fraud charges by the SEC. Founder's Dilemma and Second Funding Proposal Mango Labs' founder, Daffy Durairaj, personally holds enough MNGO governance tokens that could influence the vote's outcome. However, due to scrutiny from regulatory bodies like the SEC regarding the centralization of Mango's governance token, Durairaj might be cautious about leveraging his tokens to secure the funds. Despite the initial setback, Durairaj has initiated a second funding proposal identical to the first, indicating the company's persistence in seeking financial support for legal expenses. He stated, “This funding is necessary to handle legal costs of regulatory inquiries that have arisen after the exploit last year, cooperation with law enforcement and regulators and pursuing legal claims against Avi Eisenberg to help recover funds for the DAO.” 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.

MicroStrategy’s steadfast belief in Bitcoin has proven to be a wise investment strategy, as the company’s significant BTC holdings have begun to yield substantial returns. Despite facing challenges such as the bear market and industry crises, MicroStrategy remained committed to accumulating Bitcoin, and their patience seems to be paying off. $200M In Profit For MicroStrategy […]

As bitcoin makes its break higher the spark this has given to the whole crypto sector has set the altcoins alight. Altcoins demonstrate persistence Just when everyone thought that the crypto space was dead it has just got up and started walking around again. Like Lazarus from the dead, the altcoins have started to come back to life. The SEC seeking to destroy the fiat on/off ramps, its targeting of the two biggest cryptocurrency exchanges in Binance and Coinbase, the pulling down of the three main banks associated with the crypto sector - all designed to bring the entire crypto industry crashing to its knees. Obviously these actions, as well as many others, have affected the crypto sector. However, who would have thought that after such anti-crypto news had dropped, that within just a couple of weeks or so crypto would have made back all the losses and more. Gary Gensler of the SEC might want to look into how new technology will always rise, no matter what any heavy handed regulator might think about it. Even the banks are now finally starting to recognise the potential for such crypto innovations as tokenisation and alternative payments systems. USDT Dominance struggling at support Back to the altcoins, and USDT Dominance is fighting for survival at the 7.25% level. It has lost 7% over the last couple of weeks, and granted, much of that will have been lost to bitcoin, but even so, a rising bitcoin floats all altcoins. Having said that, “all altcoins” most certainly will not be the case. The vast majority of altcoins are arguably going to zero, and it might be said, the sooner the better. "The vast majority" will definitely leave a handful of incredibly disruptive altcoins that will be able to flourish and fulfil their incredible potential. Total 3, which charts all altcoins without bitcoin or ethereum, tells this story. The chart is still in a downtrend but there are signs that it is picking up, having been down to the 0.786 Fibonacci level, and having followed a downward channel since mid-2022. Be that as it may, altcoins will still for now have to rely on the ascension of bitcoin. The pattern would appear to be a strong upwards move from BTC and then accumulation. It is at this point that value will be diverted out of bitcoin and into altcoins, with the best of these making the running. Can there still be an altcoin season? The altcoin seasons of before have been epic in their proportions. If enough liquidity comes into bitcoin and the crypto space in general, then why not? However, with far more regulation coming to crypto there are more uncertainties as to how altcoins will behave. 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.

Global investment firm BlackRock's recent filing for a spot Bitcoin Exchange-Traded Fund (ETF) has reignited optimism in the industry and spurred a flurry of similar filings. Less than a week after BlackRock's application, renowned investment firms WisdomTree and Invesco have followed suit, filing applications for their respective spot Bitcoin ETFs. WisdomTree's Persistence in Spot Bitcoin ETF Filing New York-based WisdomTree lodged its latest filing for a spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC) on June 21. If approved, the "WisdomTree Bitcoin Trust" would be listed on the Cboe BZX Exchange under the ticker "BTCW." Notably, this is WisdomTree's third attempt to secure approval for a spot Bitcoin ETF. Previous applications submitted in December 2021 and October 2022 were rejected due to the SEC's concerns about fraud and market manipulation. In their recent filing, WisdomTree, which oversees approximately $83 billion in assets, has expressed willingness to enter into a "surveillance sharing agreement" with a U.S.-based spot trading platform for Bitcoin. This step echoes BlackRock's approach in its recent filing, aiming to mitigate the SEC's concerns by establishing robust surveillance mechanisms to detect and prevent price distortions and manipulation. Invesco Reactivates Its Application for a Spot Bitcoin ETF Shortly after WisdomTree's application, Invesco, a global investment manager, reactivated its application for a similar spot Bitcoin ETF product. The proposed "Invesco Galaxy Bitcoin ETF" aims to be listed on the Cboe BZX exchange, per the 19b-4 document informing the SEC of the proposed rule change. Invesco's filing emphasizes the benefit of professional custodians and other service providers. This setup, they argue, reduces reliance on "loosely regulated offshore vehicles" and ensures better protection for investors' principal investments in Bitcoin. Impact of BlackRock's Strong ETF Approval Track Record Bloomberg's senior ETF analyst Eric Balchunas responded to the flurry of filings, attributing the renewed activity to BlackRock's entry into the race. Balchunas highlighted BlackRock's impressive track record, with a 575-1 success rate of ETF approvals by the SEC, adding weight to the firm's application. Speculations About Fidelity Investments' Entry Amid this resurgence of interest in Bitcoin ETFs, there are rumors that Fidelity Investments, a multi-trillion-dollar fund manager, might also join the fray. Speculation is rife that Fidelity, which manages roughly $4.9 trillion in assets, could file for its own spot Bitcoin ETF or possibly make an offer on Grayscale's GBTC ETF product. While the SEC has yet to approve a spot Bitcoin ETF, the recent wave of applications, driven by industry giant BlackRock's filing, has renewed hope and sparked a fresh round of interest in this segment of the crypto market. 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.