roadrunner

U.S. law enforcement officials are reportedly scrutinizing Nishad Singh, the former director of engineering at FTX, according to a report citing people familiar with the matter. Another report, published on Jan. 10, 2023, details that Singh met with federal prosecutors at an alleged proffer session held at the U.S. attorney’s office for the Southern District of New York. Furthermore, federal prosecutors have disclosed that the investigation into alleged fraud at FTX and involving Sam Bankman-Fried is so expansive that the prosecutor’s office in the Southern District of New York could exhaust all of its resources. Former FTX Director Nishad Singh Under Investigation by SDNY Prosecutors, Possible Cooperation Could Leave SBF Isolated Five days ago, a report detailed that Nishad Singh, the former director of engineering at FTX, was on the radar of U.S. law enforcement officials from the Southern District of New York (SDNY). The information was disclosed by “people familiar with the matter” and Singh’s activities in recent times have been unknown. What is known about the former FTX director of engineering is that he donated $9.3 million to Democratic political candidates since 2020. Singh allegedly contributed code to the FTX platform and bankruptcy documents detail Singh borrowed $543 million from Alameda Research before the businesses collapsed. *THIRD BANKMAN-FRIED ASSOCIATE NISHAD SINGH MET US PROSECUTORS — zerohedge (@zerohedge) January 10, 2023 On Tuesday, another report published by Bloomberg detailed that Singh has been seen in the Southern District of New York (SDNY) region and has held proffer sessions with local law enforcement. Oftentimes, proffer sessions are meant to allow defendants or suspects to reduce or absolve their criminal exposure. However, they don’t always work out for the individual and after a proffer session is all said and done, a participant can still be charged with the same criminal offenses. Singh’s alleged meetings were also documented and disclosed by “people familiar with the matter.” Bloomberg’s Ava Benny-Morrison detailed that if Singh is cooperating in the same fashion as FTX co-founder Gary Wang and ex-Alameda CEO Caroline Ellison, it could leave SBF’s Sam Bankman-Fried “increasingly isolated.” Benny-Morrison reached out to the prosecutor’s office in the Southern District of New York and Singh’s lawyer, Andrew D. Goldstein, and both offices “declined to comment.” In addition to the alleged proffer sessions with Singh and SDNY prosecutors, Fox Business Network’s Charles Gasparino detailed this week that prosecutors complained that resources may be exhausted in the fraud investigation involving FTX and SBF. “Prosecutors are telling lawyers connected to [the Sam Bankman-Fried] fraud investigation the case is so sprawling that it could exhaust resources of the Southern District since it includes potential bribery, campaign contribution violations, market manipulation on top of theft [and] fraud,” Gasparino wrote on Monday. Quite a few individuals joked about the government’s situation and others mocked SBF. “Exhausting resources is what SBF seems to be best at,” one individual jokingly remarked. What do you think about the story that says Nishad Singh was seen at proffer sessions in New York speaking with federal law enforcement officials? Let us know what you think about this subject in the comments section below. View the full article

Gemini CEO Cameron Winklevoss has published another open letter on Twitter, addressed to the board members of Digital Currency Group (DCG). In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making poor decisions with the now-defunct crypto hedge fund Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” in order to deceive Gemini and Earn users into thinking everything was fine. Winklevoss is demanding that the DCG board remove Silbert from his role as CEO, as Gemini believes “there is no path forward” with Silbert in charge. Gemini and Digital Currency Group Dispute Continues With Another Open Letter About a week ago, Bitcoin.com News reported on an open letter from Cameron Winklevoss, co-founder of the Gemini crypto exchange, to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss called on Silbert to address liquidity issues between Gemini and DCG subsidiary firm Genesis Global Capital. Winklevoss, the Gemini executive, alleged that DCG owes $1.675 billion to Genesis’ lending arm. However, Silbert strongly disputed Winklevoss’s statements after the letter was made public. “DCG did not borrow $1.675 billion from Genesis,” Silbert tweeted at the time. “DCG has never missed an interest payment to Genesis and is current on all loans outstanding; the next loan maturity is May 2023.” After Silbert’s statement, Winklevoss continued to call on Silbert and DCG to take action, and set a deadline for DCG to respond by Jan. 8, 2023. It’s unclear whether DCG or Silbert made any attempts to resolve the issue with Gemini, but the open letter sent to DCG’s board suggests that no agreements were reached during that time frame. Earn Update: An Open Letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2 — Cameron Winklevoss (@cameron) January 10, 2023 In the open letter to the board members of DCG, Winklevoss alleges that Genesis loaned $2.36 billion to the now-bankrupt crypto hedge fund Three Arrows Capital (3AC). According to Winklevoss, after the funds were reportedly liquidated, “Genesis was left with a loss of at least $1.2 billion.” “At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (inside or outside of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss opined. “He did neither.” The Gemini co-founder claims that DCG and Genesis actively made “false statements and misrepresentations” regarding the supposed hole and financial situation of Genesis. Winklevoss’s open letter insists: They did so in an effort to mislead lenders into believing that DCG had absorbed massive losses that Genesis incurred from the Three Arrows Capital (3AC) collapse and induce lenders to continue making loans to Genesis. By lying, they hoped to buy time to dig themselves out of the hole they created. The open letter from the Gemini co-founder generated a significant response after it was made public on Twitter. As of the time of writing, however, Silbert, an executive with DCG, has not responded to Winklevoss’s allegations as he did the previous week. “It’s never a good sign when a CEO writes an open letter to a [third] party with whom they are transacting at this level,” one individual commented on Winklevoss’s letter to the DCG board members. “Good luck to the everyday investors caught up in this. Hopefully, every high-paid person accountable takes responsibility [and] it’s not a finger-pointing contest,” the individual added. “Do you know that there are courts these days? Just file a lawsuit instead of these stupid letters on Twitter,” another person tweeted. What do you think about Gemini CEO Cameron Winklevoss’ open letter to DCG board members? Let us know what you think about this subject in the comments section below. View the full article

Shiba inu moved to a five-week high during Tuesday’s session, despite cryptocurrency markets mostly consolidating. As of writing, the global crypto market cap is trading 0.20% lower, however the meme coin is up by nearly 5%. Apecoin also surged in today’s session, as it rose to its strongest point since November. Shiba Inu (SHIB) Shiba inu (SHIB) was one of Tuesday’s notable gainers, as prices of the token rose for a sixth straight session. SHIB/USD surged to an high of $0.000009593 earlier in the day, which comes less than 24 hours after trading at a low of $0.000008603. As a result of this latest surge in price, shiba inu climbed to its highest point since December 5. From the chart, it appears as though today’s rally came following an upwards crossover of the 10-day (red) and 25-day (blue) moving averages. In addition to this, the 14-day relative strength index (RSI) has risen above a recent ceiling at 65.50. Currently, the index is tracking at 67.50, with the next visible ceiling at the 73.00 zone. Apecoin (APE) Apecoin (APE) was another big mover in today’s session, extending recent gains to a fifth consecutive day. Following a low of $4.50 to start the week, APE/USD raced to an intraday peak of $4.98 earlier in the day. The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60. As a result of today’s surge, the RSI on the APE chart is now at its strongest point on record, with a reading of 79.09. This means that prices are now deep in overbought territory, which could mean that bears are preparing for reentry. Despite this potential reversal, bulls are seemingly still targeting a ceiling at $5.30, which hasn’t been hit since October 11. Register your email here to get weekly price analysis updates sent to your inbox: Could apecoin rally to hit $5.30 during the month of January? Let us know your thoughts in the comments. View the full article

According to the Jan. 5, 2023 All Core Devs (ACD) meeting, Ethereum developers are preparing to deploy a public testnet for the highly anticipated Shanghai hard fork in February 2023, with the mainnet implementation tentatively scheduled for March. Ethereum’s core developers emphasized that staked withdrawals are a priority and code related to EVM Object Format changes, or EOF, was removed from Shanghai to ensure that the focus remains on staked withdrawals. Staked Withdrawal Priority: Shanghai Public Testnet Deployment Scheduled for February, Hard Fork Tentatively Set for March During the first week of December 2022, Bitcoin.com News reported on the 151st Ethereum developers meeting, and the programmers recently finished the 152nd meeting on Jan. 5, 2023. The meeting mostly focused on the removal of EOF implementation from Shanghai, and developers decided not to review any Ethereum Improvement Proposals (EIPs) related to EOF until the Shanghai hard fork has completed. Both Galaxy Digital’s research associate Christine Kim and Ethereum core developer Tim Beiko summarized the ACD meeting. “On the Shanghai front, a first devnet was set up with all client combinations right before Christmas,” Beiko said after the meeting. “While they are all running, some pairs have more issues than others.” Galaxy’s research associate explained that Devops programmer Barnabus Busa updated the team on the testing of staked ETH withdrawals. “He said that the current developer test network for Shanghai, which was launched just before Christmas, has already progressed to block 4,000,” Kim said. “All EL and CL client combinations are currently running on this testnet. A few client combinations such as Teku-Erigon and Lighthouse-Erigon are experiencing issues.” Withdrawing staked ether has been a major concern for the community, and many want to know when it will happen. The Ethereum developers suggested that a new testnet will be deployed next month, with the Shanghai hard fork tentatively scheduled to go live by March. At the time of writing, there is 15.96 million ether locked into the Beacon deposit contract. Additionally, the network is just days away from reaching 500,000 validators. The Shanghai fork will be the next major upgrade for the Ethereum development team since The Merge. What do you think about the latest Ethereum developer meeting and discussions revolving around the upcoming Shanghai fork? Let us know your thoughts about this subject in the comments section below. View the full article

The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted. DOJ Urges Victims of SBF Fraud to Come Forward The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year. The DOJ wrote: If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case. The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.” The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.” Prosecutors are required by federal law to contact possible crime victims to inform them of their rights. However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person. Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss. What do you think about the DOJ asking victims of Sam Bankman-Fried’s fraud to come forward? Let us know in the comments section below. View the full article

Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, has warned that the next crypto implosion could come from “the discovery and removal of wash trades” on centralized exchanges. The billionaire’s comments followed the collapse of crypto exchange FTX which wiped out billions of dollars of customer funds. Mark Cuban on the Next Crypto Implosion Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts on the next crypto implosion with The Street, published Friday. The billionaire said: I think the next possible implosion is the discovery and removal of wash trades on central exchanges. “There are supposedly tens of millions of dollars in trades and liquidity for tokens that have very little utilization,” Cuban emphasized. “I don’t see how they can be that liquid.” However, the Shark Tank star admitted: “I don’t have any specifics to offer to support my guess.” Wash trading has long been a concern with cryptocurrency exchanges attempting to inflate their trading volumes. Wash trades are among the manipulative practices prohibited by the Securities and Exchange Commission (SEC), and regulators worldwide are increasingly cracking down on wash trading involving cryptocurrencies. Kim Grauer, director of research at blockchain analytics firm Chainalysis, said in September last year that wash trading in the crypto space is currently “a legal gray area that we’re all trying to figure out how this should be regulated and what’s illegal.” The crypto industry is also suffering from the aftermath of the collapse of crypto exchange FTX, which filed for bankruptcy in November. Former FTX CEO Sam Bankman-Fried (SBF) has been charged with multiple counts of fraud. However, he has pleaded not guilty to those charges. Cuban said in November that if he were Bankman-Fried, he would “be afraid of going to jail for a long time.” He stressed: “It sure sounds bad.” The billionaire owner of the Dallas Mavericks previously explained that recent blowups in the crypto space, including the FTX implosion, were “banking blowups,” rather than “crypto blowups.” The Shark Tank star believes that bitcoin is a good investment; he called gold investors “dumb.” He also revealed that he invests in crypto because he expects smart contracts to “have a significant impact in creating valuable applications.” Do you believe Mark Cuban is right about the next crypto implosion coming from wash trades on centralized exchanges? Let us know in the comments section below. View the full article

Former Federal Reserve Chairman Alan Greenspan says crypto is “too dependent on the ‘greater fool theory’ to be a desirable investment.” However, he noted that the collapse of crypto exchange FTX was “purely fraud,” rather than the result of a feature inherent to crypto. He does not expect the FTX contagion to spread far beyond the crypto space. Alan Greenspan on Crypto, FTX, and US Economy Former Federal Reserve Chairman Alan Greenspan shared his views on cryptocurrency, the collapsed crypto exchange FTX, and the U.S. economy in a year-end Q&A published by Advisors Capital Management this week. Greenspan served five terms as chairman of the Board of Governors of the Federal Reserve System from 1987 to 2006. He was appointed chairman by four different U.S. presidents. He joined Advisors Capital Management in September 2016 as Economic Advisor to the asset management firm. The former Fed chair was asked to comment on the FTX meltdown and whether he expects contagion from it. “I do not expect the fallout from FTX to spread beyond the cryptocurrency/NFT [non-fungible token] space,” Greenspan replied, citing “the information that has come to light so far.” He stressed: The collapse of FTX was not a result of lax risk management, inadequate accounting procedures, or some feature inherent to crypto — it was purely fraud. “Fortunately, although FTX and firms like it have increased marketing of their products in recent years, the lack of any noticeable widespread market reaction to FTX suggests that they are still fairly concentrated in the hands of a relatively small subset of investors,” Greenspan described. “Moreover, the differences we observed in the aftermaths of the popping of the tech bubble and the popping of the housing bubble showed clearly that credit-fueled asset bubbles create far more contagion when they ultimately deflate,” he opined. “There does not appear to be a significant amount of leverage dedicated to the cryptocurrency/NFT space at this time, so I do not expect contagion to spread very far beyond this particular asset class.” The former Federal Reserve chief added: With respect to the wider crypto universe, I view the asset class as too dependent on the ‘greater fool theory’ to be a desirable investment. Greenspan also shared his view on the U.S. economy and the Federal Reserve’s fight against inflation. Commenting on whether a recession is required to bring down inflation as some economists have suggested, he said: A recession does appear to be the most likely outcome at this time. However, he does not believe “a Fed reversal that is substantial enough to avoid at least a mild recession” is warranted. “Wage increases, and by extension employment, still need to soften further for a pullback in inflation to be anything more than transitory. So, we may have a brief period of calm on the inflation front but I think it will be too little too late,” Greenspan concluded. Do you agree with former Fed Chairman Alan Greenspan about crypto and the U.S. economy? Let us know in the comments section below. View the full article

The host of Mad Money, Jim Cramer, says he expects the U.S. Securities and Exchange Commission (SEC) to do a roundup of crypto firms that are not compliant with regulation. Expecting the SEC “to sweep everything,” Cramer urges investors to “get out” of crypto now. Jim Cramer’s Latest Crypto Warnings The host of CNBC’s Mad Money show, Jim Cramer, is back with more warnings for crypto investors. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Following a joint statement about crypto risks by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Cramer said on CNBC Wednesday: I think these statements are the beginning of what I have been calling for, which is that the SEC is going to do a roundup of all of the ones [crypto firms] who are not compliant. Citing John Stark, who served as an attorney for over 18 years in the SEC’s Enforcement Division, Cramer stressed that Stark is “now calling for a sweep.” The Mad Money host emphasized: He said the SEC is going to sweep everything, which is why I am telling everybody: get out of these. “I see a lot of people feel, like John Stark, that it’s just a giant scam,” Cramer continued. He added that he expects former FTX CEO Sam Bankman-Fried (SBF) to be material to the SEC roundup. Cramer clarified: I’m not calling for a crypto collapse. I’m calling for a collapse of the people in on the Ponzi scheme. Despite the warning signs, Cramer explained that “people are bidding” the prices of cryptocurrencies up. He proceeded to warn investors to get their money out of crypto while they can. The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs) but he sold all his crypto holdings last year. He has been advising investors to avoid investing in speculative assets, including crypto, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of crypto, emphasizing that it is never too late to exit “an awful position.” He also said he would not touch crypto in a million years. Regarding why the price of bitcoin is so resilient at the high $16K level, Cramer said Friday: “Well, I’ll tell you what Stark said. Because it’s phony and a scam.” The Mad Money host concluded that crypto prices are “being propped up by people who want them propped up, and that’s all there is.” What do you think about Jim Cramer’s view on crypto? Let us know in the comments section below. View the full article

Following reports that the crypto payments firm Wyre was shutting down operations, CEO Ioannis Giannaros offered a contradicting story, stating that the firm was merely “scaling back.” Wyre has now announced that it is “modifying” its withdrawal policy, citing the crypto industry downturn and the “macroeconomic climate” as factors that have affected the company. On Friday, Wyre stated that it is now “exploring strategic options.” Crypto Industry Turmoil: Wyre Modifies Withdrawal Policy, Topps Suspends NFT Marketplace Transactions Three days ago on Jan. 4, Bitcoin.com News reported that crypto payments firm Wyre was closing its operations. The news followed the failure of the $1.5 billion Bolt acquisition deal and the departure of co-founder Michael Dunworth, stepping down from his role at the company. On Jan. 6, Wyre published an update for the community addressing speculation about the company. “We have not been immune to the challenges of the current macroeconomic climate and the recent events that have shaken the crypto industry,” Wyre explained on Friday. Additionally, the company has changed its management structure, with Ioannis Giannaros becoming executive chairman and Stephen Cheng serving as interim CEO. In its update, Wyre also announced changes to withdrawals, stating that users are now limited in the amount they can withdraw. “We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits,” Wyre’s update details, noting that “This will best position us to serve and maximize value for our customers and stakeholders.” The Wyre withdrawal issue has affected other parts of the crypto industry, as collectibles and candy company Topps emailed customers about the incident and its impact on its non-fungible token (NFT) marketplace. “You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations,” the Topps email details. “We have been assessing the situation and, as of today, Wyre released an official statement.” Topps added: In light of this and as a precautionary measure, we are temporarily suspending transactions in the shop and marketplace effective immediately. Rest assured that your collection continues to be safe and secure. During the second half of 2022, crypto blowouts and failures created a contagion that spread to nearly every corner of the ecosystem. Last year, several crypto firms that were thought to be reliable became insolvent. It seems 2023 won’t be able to escape the bad news either. What do you think about Wyre modifying its withdrawal limits? Let us know your thoughts about this subject in the comments section below. View the full article

During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar dependence by purchasing the Chinese yuan on foreign exchange markets. Roughly around the same time, on Dec. 21, 2022, Sberbank executive and Russian International Affairs Council (RIAC) member, Yaroslav Lissovolik, published an opinion article that talks about exploring the pathway toward a new BRICS reserve currency. Russia’s Central Bank Seeks to Reduce Dependency on US Dollar with Purchase of Chinese Yuan At the end of July, Bitcoin.com News reported on the BRICS nations’ plan to craft a new reserve currency after Russian president Vladimir Putin announced the plan amid the BRICS Summit in June. While the subject was topical at the time, people stopped discussing the BRICS reserve currency for a while. A few months later, in October 2022, the author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, discussed the subject and noted that the U.S. dollar is “toast.” Over the last 30 days, energy prices and commodities have subsided in value, but some economists expect a $200-per-barrel run-up in oil prices at some point in 2023. While energy and commodity values have dropped, Russia’s ruble has dropped against the greenback as well. Statistics show that the ruble has lost 16.48% against the U.S. dollar in 30 days, but five-day metrics show the ruble is up 1.72%. Year-to-date statistics show the Russian currency has increased 5.37% over the last 12 months. Meanwhile, at the end of December 2022, Reuters reported that Russia will be making Chinese yuan purchases on the currency market in 2023. Reporter Elena Fabrichnaya said Moscow’s move was cited by two sources and it opens a “new front in an accelerating de-dollarization drive designed to reduce its dependency on Western finance.” Sberbank Analyst Discusses Possibility of a BRICS Reserve Currency Complementing National Currencies The previous day, on Dec. 21, 2022, Yaroslav Lissovolik, a member of the Russian International Affairs Council (RIAC) and head of the analytical department at Sberbank, published a blog post titled “Exploring the Pathways,” discussing the proposed BRICS reserve currency. Lissovolik said the “BRICS reserve currency has taken on particular significance in recent months” following Russian president Putin’s remarks at the BRICS Summit. The analyst detailed that there’s also been recent legislation and debates concerning the “expediency of creating a new reserve currency.” Lissovolik cited the most recent discussion about the BRICS reserve currency at the Eighth BRICS Parliamentary Forum. At the event, Federation Assembly Speaker Valentina Matvienko suggested that BRICS legislators start to move forward on concrete measures that bolster the countries’ economies. Matvienko singled out specific initiatives, including the new international reserve currency and developing better settlement procedures within the BRICS nations. Lissovolik’s blog post also compared the new BRICS reserve currency idea to the 2018 Valdai Club concept of the R5 currency, a name that signifies the letter “R” for the five currencies: the real, ruble, rupee, renminbi, and rand. Lissovolik detailed that a new BRICS reserve currency won’t be created to replace the national reserve currencies used by each of the nations, but rather to “complement these national currencies.” The Sberbank analyst said a brand new reserve currency could have a “transformational effect on the international financial system,” as he believes there’s a “notable shortage of reserve currencies” in the global economy. “Importantly, the scope for employing the new reserve currency in the world economy is sizeable given the tremendous potential for de-dollarization,” Lissovolik’s blog post concludes. “The new BRICS reserve currency can act in concert with the stronger role performed by BRICS national currencies to take on a greater share of the total pie of currency transactions in the world economy.” What do you think about the Sberbank analyst’s editorial about a new BRICS reserve currency? Share your thoughts about a potential new BRICS reserve currency in the comments section below. View the full article

Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital. Report Claims Digital Currency Group, Genesis Global Capital Allegedly Face Scrutiny from Federal Prosecutors in New York According to a recent letter from Cameron Winklevoss, co-founder of the crypto exchange Gemini, Digital Currency Group (DCG) has until Jan. 8, 2023, to resolve liquidity issues between Gemini and the lending unit of Genesis Global Capital. It has been reported that Genesis owes $900 million to Gemini Earn customers and both companies’ lending arms have halted withdrawals since mid-Nov. 2022. Reports have disclosed that Genesis was impacted severely by the collapse of FTX and Alameda Research and Gemini has recently been informed that it may face a potential class-action lawsuit over the matter. Bloomberg states that federal investigators are getting involved and are reportedly looking into transactions between Digital Currency Group (DCG) and Genesis. “People familiar with the matter,” who requested anonymity, told the publication that prosecutors in the Eastern District of New York and the U.S. Securities and Exchange Commission (SEC) are investigating the issue. Bloomberg requested a comment from Silbert and a Digital Currency Group (DCG) spokesperson responded. “DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG,” the company spokesperson said in a statement. The news outlet also reported that “the SEC and US Attorney’s Office for the Eastern District of New York declined to comment.” The Bloomberg editorial follows a series of reports about alleged probes by U.S. authorities into crypto firms that have either resulted in enforcement, never materialized, or have yet to come to fruition. In the past 12 months, reports citing “people familiar with the matter” have stated that U.S. investigators are probing crypto reserve auditors, U.S. taxpayers, Three Arrows Capital, Twitter, Coinbase, Binance, and Uniswap, among others. What do you think about the report that alleges Digital Currency Group (DCG) and Genesis are being investigated by U.S. authorities? Share your thoughts on this topic in the comments section below. View the full article

During the first week of the new year, Bitcoin’s hashrate reached an all-time high (ATH) on Jan. 6, 2023, at block height 770,709. The network recorded a milestone of around 361.20 exahash per second (EH/s) on Friday, jumping more than 4% higher than the previous record of 347.16 EH/s recorded on Nov. 12, 2022. Network’s Hashpower Surges to New Heights, Difficulty Change Anticipated in Eight Days Bitcoin’s computational power is running hot during the first week of the new year as it broke its first record in 2023. According to statistics on Jan. 7, Bitcoin’s hashrate is currently coasting along at 290 EH/s after reaching its all-time high (ATH) the day prior. The ATH occurred on Jan. 6 at 3:42 p.m. ET at block height 770,709, when the network’s total hashpower reached 361.20 EH/s. This record equates to 0.3611999 zettahash per second (ZH/s) or roughly 361.2 quintillion hashes per second. The Jan. 6 record was more than 4% higher than the Nov. 12, 2022 record of around 347.16 EH/s, printed at block height 762,845. Because the hashrate has been so high, block generation times have been much faster than the 10-minute average. Statistics show that current block intervals (the time between mined blocks) have been between 8:51 and 7:31 minutes. Data also shows that the cost of BTC production has dropped. Metrics from macromicro.me indicate that the cost of bitcoin production is $16,568 per unit, while the spot price is $16,920 per unit. Statistics from theminermag.com show that the cost of bitcoin production might even be much lower, as the web portal shows the average cost at around $13.6K per unit. The faster block intervals will likely mean that the network’s difficulty will rise on or around Jan. 16, 2023, after a 3.59% decrease on the second day of the year. Current estimates for the difficulty change in more than eight days range from 7.04% to a record-setting 13.2% increase. On Oct. 10, 2022, there was a 13.55% increase, which was the largest upswing of the year. On Jan. 7, 2023, three-day statistics show that Foundry USA is the top mining pool with 29.34% of the world’s total hashrate, or roughly 78.85 EH/s of hashpower. Foundry is followed by Antpool (20.04%), F2pool (16.74%), Viabtc (9.71%), and Binance Pool (7.85%), respectively. The processing power of the network reaching record highs suggests that Bitcoin’s blockchain is becoming more powerful, which is seen as a positive sign for the overall health of the Bitcoin network. However, as mentioned above, it can also have an impact on the difficulty of mining new blocks after the difficulty changes on Jan. 16 in eight days. What do you think about Bitcoin’s hashrate surging to new heights and the possibility of a record-setting difficulty change in eight days? Let us know your thoughts about this subject in the comments section below. View the full article

Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling. Ethereum Classic (ETC) Ethereum classic (ETC) rose to a six-week high on Saturday, as prices rallied by as much as 14%. Following a low of $17.94 on Friday, ETC/USD raced to a peak of $20.68 earlier in today’s session. As a result of today’s move, ETC broke out of a key resistance level of $20.00, hitting its highest point since November 26 in the process. Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart. Recent rallies have also pushed the 14-day relative strength index (RSI) close to overbought territory, with the indicator tracking at its highest point since last August. Earlier gains have already begun to fade, with previous bulls likely moving to take profit at the level. Polygon (MATIC) Polygon (MATIC) was another notable gainer to start the weekend, with the token climbing for a second straight day. MATIC/USD raced to a high of $0.8105, which is over 3% higher than Friday’s low at the $0.774 mark. Today’s gain has pushed polygon closer to a key resistance level of $0.8200, which was last hit on December 27. As can be seen from the chart, today’s surge has also led to a collision with a ceiling on the RSI, with the index hitting its resistance of 49.00 Due to this, earlier gains have somewhat eased, and as of writing, MATIC/USD is trading at the $0.8039 point. In order for MATIC to extend recent gains to a third session, price strength will first need to overcome the 49.00 ceiling on the RSI. Register your email here to get weekly price analysis updates sent to your inbox: Could polygon rally beyond this resistance level in the coming days? Let us know your thoughts in the comments. View the full article

Bitcoin moved closer to the $17,000 level to start the weekend, as traders continued to react to the latest U.S. nonfarm payrolls data. December’s payrolls came in at 223,000, which was better than the 200,000 markets had expected. Ethereum was also higher on Saturday, with prices nearing a three-week high. Bitcoin Bitcoin (BTC) moved closer to the $17,000 level on Saturday, as traders continued to react to the latest U.S. nonfarm payrolls (NFP). Last month’s NFP numbers came in at 223,000, which is 23,000 higher than expected, and this was in a month where the Federal Reserve increased interest rates by less than in previous months. In response to this, BTC/USD surged to a peak of $16,991.99 to start the weekend, hovering close to a three-week high in the process. As can be seen from the chart, today’s rally came as the 10-day (red) moving average closed in on a crossover with its 25-day (blue) counterpart. This, as the 14-day relative strength index (RSI) also rallied, climbing above a key resistance point at 50.00 Currently, the index is tracking at 52.24, with the next visible ceiling at the 55.00 mark, which is likely where bulls are targeting. Ethereum In addition to BTC, ethereum (ETH) also moved higher to start the weekend, with prices moving gradually closer to $1,300. Following a low of $1,240.95, ETH/USD raced to an intraday high of $1,273.22, which is its highest point since December 17. Today’s move comes as an upwards crossover of moving averages has recently occurred, with the 10-day (red) trend line moving higher versus the 25-day (blue) line. Typically such a move is a sign of current and future bullish momentum, and this could likely tempt more bulls to re-enter the market. The next target will undoubtedly be the aforementioned $1,300 ceiling, which will likely be hit once the RSI climbs past its current ceiling at 59.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to climb above $1,300 this weekend? Leave your thoughts in the comments below. View the full article

Square Enix, the Japanese gaming giant, is preparing to announce more blockchain-based titles in 2023. As part of a now traditional new year’s letter issued by Yosuke Matsuda, CEO of the company, the executive announced some of the moves Square Enix will make regarding blockchain tech, and also pondered several situations which surrounded blockchain in 2022. Square Enix Reflects on 2022 Blockchain-Related Shortcomings Blockchain tech is becoming an important part of several entertainment-based companies all over the world. Square Enix, the Japanese gaming company responsible for franchises like Final Fantasy and Dragon Quest, revealed it has some games using this tech prepared to be announced during 2023. The statements come from a new year’s letter published by Square Enix’s CEO Yosuke Matsuda, who considers 2022 a year in which blockchain tech acquired a bigger significance. Matsuda explains that last year might have been the year of consolidation for decentralized tech in gaming. He stated: I think it is fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople. Matsuda recognizes that, while blockchain gaming was indeed at the forefront of the discussion of what makes games fun, most of this discussion was focused more on the monetization side of the tech. This is changing, as Matsuda states that the new vision considers blockchain tech as just “a means to an end.” More Blockchain Games Incoming Even with all the problems that arose in the crypto and blockchain ecosystems in 2022, the company is pushing its blockchain-related products to the market this year, with Matsuda believing that blockchain gaming will transition to a new stage of growth in 2023. On this, he declared: Our group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year. However, the executive did not offer more details on the new games that might be using blockchain tech this year. The company did announce the launch of NFT-powered Symbiogenesis, an interactive experience, in November. The interest of the company in this field was revealed by Matsuda in Nov. 2021, with the company contemplating a “robust entry” into this sector as part of its business strategy. Since then, Matsuda has supported the introduction of Web3 technologies as part of entertainment and gaming on several occasions, even investing in other companies in the Web3 gaming field. What do you think about Square Enix’s focus on blockchain tech? Tell us in the comments section below. View the full article

An executive of the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home. He allegedly committed suicide by jumping off a building while under investigation by Korean prosecutors for embezzlement and stock market manipulation. Executive Found Dead Amid Investigation of Embezzlement and Stock Price Manipulation An executive linked to South Korea’s largest cryptocurrency exchange, Bithumb, was found dead in front of his home in southern Seoul Friday, Yonhap News reported. The executive, surnamed Park, is the vice president of KOSDAQ-listed broadcast equipment supplier Vidente Co., the largest shareholder of Bithumb Holdings Co. that controls South Korea’s largest cryptocurrency exchange. Vidente also holds a stake in Bithumb Korea. According to local media, the executive committed suicide by jumping off a building while being investigated by South Korean prosecutors for embezzlement and stock price manipulation. Park’s investigations involved allegations against Kang Ji-yeon, head of the kiosk supplier Inbiogen, and her brother Kang Jong-hyun. Inbiogen is the largest shareholder of Vidente. The siblings allegedly colluded to embezzle corporate funds and manipulate stock prices. They reportedly put Park in charge of accounting. The Seoul Southern District Prosecutor’s Office launched a full-fledged investigation into the case in October last year and raided three firms allegedly connected to Bithumb: Vidente, Inbiogen, and Bucket Studio. Prosecutors are expected to terminate their case against Park upon his death. In July last year, Vidente said it held discussions about selling its stake in Bithumb to FTX but no deal had been reached. The collapsed crypto exchange filed for bankruptcy in November. FTX and former CEO Sam Bankman-Fried (SBF) have been charged by the U.S. government and regulators with multiple counts of fraud. Do you think the executive’s death was a suicide? Let us know in the comments section below. View the full article

The government of India is launching a crypto awareness campaign that will educate investors about the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets. Indian Government’s Cryptocurrency Awareness Campaign The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs. A government official was quoted by ET as saying: The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk. The government of India has been working on a crypto policy since 2019 but nothing has been finalized. Indian Finance Minister Nirmala Sitharaman said the government plans to discuss crypto regulations with the G20 members. The Indian central bank, the Reserve Bank of India (RBI), has long recommended a complete ban on all cryptocurrencies like bitcoin and ether, warning of their potential to destabilize the country’s monetary and fiscal stability. RBI Governor Shaktikanta Das recently said the next financial crisis will come from cryptocurrencies if they are not prohibited. However, Sitharaman said both banning and regulating require international collaboration to be effective. Rajagopal Menon, vice president at Indian crypto exchange Wazirx, told The Hindu: Cryptocurrency investing can be a complex and risky endeavor as the category is extremely volatile and works round the clock. It is important for potential investors to thoroughly educate themselves before making any decision. However, some are concerned that the Indian government’s crypto campaign may paint cryptocurrencies in poor light, given that the Investor Protection and Education Fund Authority has conducted awareness campaigns on Ponzi schemes, chit funds, and dubious crowdfunding projects. Vipul Kharbanda, a non-resident fellow at the Centre for Internet and Society (CIS), was quoted as saying: If the government takes a heavy-handed approach and starts saying things like virtual currency is not legal in India, that will not be entirely true. People may presume incorrectly that it is illegal. Both the Indian government and the central bank have said that cryptocurrency is not illegal in India. Despite having no regulatory framework for cryptocurrency, the Indian government is taxing crypto income at 30% and has imposed a 1% tax deducted at source (TDS) on crypto transactions. Do you think the Indian government’s crypto awareness campaign will help or hurt the crypto industry? Let us know in the comments section below. View the full article

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the price of gold will soar to $3,800 this year while silver will hit $75. He also shared why he became “a gold bug” and “a silver nut.” Robert Kiyosaki’s 2023 Gold and Silver Price Predictions The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his prediction on how high he thinks the prices of gold and silver will reach in 2023. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thurday: I predict silver going to $75 and gold to $3,800 in 2023. He explained: “I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same all over the world.” The famous author also shared how he got into silver in another tweet last week: “I became a silver nut in 1964. I was looking at a dime and saw a copper tinge around the edge. I was only 17 but I knew we were being screwed via our money. Little did I know then that the U.S. government violated Gresham’s Law which states fake money drives out gold and silver.” Last week, he warned investors that it may be the last chance for them to buy gold and silver at low prices. He expects the stock market to crash, sending the prices of gold and silver higher. At the time of writing, gold futures are trading at $1,835.30 while silver futures are $24.24. Kiyosaki has said many times that he does not trust the Biden administration, the Federal Reserve, the Treasury, and Wall Street. He expects the stock, bond, and real estate markets to crash as the Federal Reserve continues to hike interest rates to fight inflation. He also believes that the U.S. dollar is “toast.” Besides gold and silver, Kiyosaki also recommends bitcoin. He recently said bitcoin investors will get richer when the Federal Reserve pivots and prints trillions of “fake” dollars. The famous author also noted that he is a bitcoin investor, not a trader, so he gets excited when the price of BTC hits a new bottom. On Saturday, he said he is buying more bitcoin, warning that the Securities and Exchange Commission (SEC) will crush most other cryptocurrencies with its regulations. What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s predictions? Let us know in the comments section below. View the full article

A government body responsible for state property in Iran has released some of the hardware seized from illegal crypto mining farms. Its top executive explained the agency was obliged to do that by courts in the Islamic Republic, where unlicensed miners have been blamed for power shortages. Authorities in Iran Give Confiscated Mining Rigs Back to Their Owners Iran’s Organization for Collection and Sale of State-Owned Property (OCSSOP) has started to return to miners some of the mining devices seized in raids on underground crypto farms. It was ordered to do so by Iranian courts, the English-language business daily Financial Tribune reported. Quoted by the country’s Ministry of Economic Affairs and Finance, the head of the organization, Abdolmajid Eshtehadi, detailed: Currently, some 150,000 [units of] crypto mining equipment are held by the OCSSOP, a large part of which will be released following judicial rulings. Machines have already been returned. The official further elaborated that the Iran Power Generation, Transmission and Distribution Company (Tavanir) should come forward with proposals on how to make use of the mining hardware without causing damage to the national grid. Iran legalized cryptocurrency mining in July, 2019, but has since halted authorized coin minting operations on several occasions, citing power shortages during the summer and winter months when electricity consumption spikes. It has also been cracking down on Iranians mining outside the law. Companies that want to mine legally are required to obtain licenses and import permits from the Ministry of Industries, Mining and Trade. The devices must be approved by the Iran Standard Organization and miners are required to pay for electricity at export rates. Crypto minting using natural gas or electricity meant for other purposes and consumers, is illegal in Iran. But underground mining installations powered by the cheaper, subsidized energy have been growing in number, avoiding the licensing that would force them to pay the much higher tariffs. In the past couple of years, the state-run Tavanir has been cutting power supply to any identified illegal mining facilities, confiscating their equipment and fining their operators for damages to the national distribution network. Since 2020, the utility has found and closed down 7,200 unauthorized crypto mining farms. In July of 2022, it vowed to take severe measures against unlicensed crypto miners which, according to earlier estimates, had burned 3.84 trillion rials ($16.5 million) in subsidized electricity. The release of the mining rigs comes despite a ban by the Prosecutor General’s Office on such moves until the Iranian parliament adopts legislation addressing the issue with illegal mining. In August, the government in Tehran approved a set of comprehensive crypto regulations and in September started licensing mining companies under the new regulatory framework. Do you think Iranian authorities will continue to return confiscated mining machines to their owners? Tell us in the comments section below. View the full article

14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to another without going through a financial institution.” Since Bitcoin was born it changed the financial system significantly, and it sparked an entire cryptocurrency economy worth more than $800 billion in value. The History and Significance of Bitcoin’s Genesis Block: 14 Years Later Today is the 14th anniversary of the genesis block, otherwise known as block zero, the first Bitcoin block that bootstrapped the network. Block zero is special because there are no ancestral blocks before it, and it was hardcoded into the software so it would have an official starting point and every node can validate the blockchain from the very beginning. Because block zero is hardcoded, the coinbase reward of 50 BTC stored within the first block can never be spent. The 50 BTC is stored in the Bitcoin address “1A1zP” and during the last 14 years, the address has seen a number of dust transactions sent to the wallet. This means that, at the time of writing, the Bitcoin address 1A1zP has 68.56 BTC in the wallet that can never be spent. Another well known fact about block zero is the message Satoshi Nakamoto encoded in the coinbase parameter. This special field can be used to include an arbitrary message in the block. The message said: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” The message has been interpreted in a myriad of ways but mostly as a reference to the financial crisis and bank bailouts of 2008. Bitcoin users can confirm the genesis block was the first block because unlike every other block introduced to the system, it does not have a previous block to reference. The hash of where the previous block is supposed to be referenced is encoded with all zeros to indicate it is null. All the blocks that followed block zero contain a hash of the previous block header, which connects the blocks into a chain. A lot of people do not know that after block zero, Bitcoin block one was not mined until six days later on Jan. 9, 2009, at approximately 9:54 p.m. (ET). Block two was mined a minute later at 9:55 p.m. and block three was mined roughly seven minutes later at 10:02 p.m. that evening. At this time, the following blocks started to have a more consistent block interval or time between each block. Historical data shows that on Jan. 5, 2009, the network’s total hashrate, presumably run by Satoshi alone, was roughly 948,165.4 hashes per second (H/s) or 948.1654 kilohash per second (KH/s). By Jan. 12, 2009, the Bitcoin hash rate was 560,000,000 H/s or 560 megahash per second (MH/s). It is very likely that by Jan. 10, 2009, when computer scientist Hal Finney said he was “running Bitcoin,” he likely mined his first block that day, contributing hash rate to the newly launched network. Bitcoin changed everything because it introduced the first working solution to the Byzantine Generals’ Problem and it was the first working triple-entry bookkeeping scheme introduced to the world. The technology Satoshi developed cannot be manipulated on a whim like the monies central banks distribute to the lower echelon of banks and the world’s policymakers. Bitcoin is a technology that provides uncensored transactions which allow for the free flow of ideas to grow. Amidst widespread deception by leaders and manipulation of currency, the demand for a secure, cryptography-based payment system resistant to censorship persists. The current monetary system has repeatedly been exploited by the global elite, making the need for such a system increasingly relevant. What do you think about the Bitcoin network running for 14 years since Satoshi Nakamoto launched the blockchain on Jan. 3, 2009? Let us know what you think about this subject in the comments section below. View the full article

After transitioning from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum community saw the launch of two new PoW Ethereum forks: ethereumpow and ethereumfair. In the past four months, the value of both coins has dropped by 94.8% to 98.4% in U.S. dollars. PoW Ethereum Forks Ethereumpow and Ethereumfair Suffer Significant Value Loss After Launch Since their launch in September 2022, the two newly introduced Ethereum forks that use a proof-of-work (PoW) consensus algorithm have seen significant value loss. Ethereum itself made the transition from PoW to proof-of-stake (PoS) on Sept. 15, 2022, known as “The Merge.” Since then, ETH has dropped 25.62% in value, falling from $1,635 per coin to $1,216. The two forks that followed Ethereum’s transition to PoS have performed poorly, losing 94.8% to 98.4% in value since then. Ethereumpow (ETHW) is currently trading at $3.08 per unit, down from its all-time high of $58.54 on September 3, 2022. ETHW’s price was calculated before the chain was live, as some exchanges offered IOU markets before the fork. In addition to its 94.8% loss in value in U.S. dollars, ETHW has also fallen 19.8% in the past month. However, over the past two weeks, ETHW has seen some improvement, climbing 4.3% in value. As of Jan. 3, 2023, ETHW is ranked 94th among the top 100 tokens in terms of market capitalization, with an overall market valuation of around $326.40 million. In addition to its price decline over the past four months, the network’s hashrate has fallen from 68.17 terahash per second (TH/s) to 16.99 TH/s, a loss of 75.07% since The Merge took place. The top two mining pools for ETHW currently are F2pool and 2miners. Ethereumfair (ETHF) is a lesser-known Ethereum fork, and it is not assigned a rank on coingecko.com. On Jan. 3, 2023, it was ranked 2,736th among the 22,174 tokens listed on coinmarketcap.com. ETHF has declined 98.4% since its all-time high of $20.59 on September 16, 2022. It has seen $657,438 in global trade volume over the past 24 hours, with Gate.io as the top exchange in terms of ETHF trading volume. Over the past four months, there has been little mention of these Ethereum forks, and Google Trends data shows a significant decrease in interest since “The Merge.” The search term “Ethereum Fork” had a score of 100 the week of Sept. 11-17, 2022, but has now dropped to a four. The same trend is seen for the search term “ETHW,” which also hit a 100 during that week, but is now barely holding on to a score of four. Conversations about these forks are also low on Twitter and forums like Reddit. The declining price and lack of interest suggest that these two new proof-of-work ETH forks are slowly losing relevance. What do you think about the two forks that appeared after Ethereum transitioned from PoW to PoS? Let us know what you think about this subject in the comments section below. View the full article

Solana was up by almost 8% on Tuesday, as the token rose for a fifth consecutive session. Recent moves have come despite the Christmas and New Year period, where market volumes were somewhat muted. Cosmos was also in the green, as prices rose to a multi-week high. Solana (SOL) Solana (SOL) was one of the notable gainers on Tuesday, as the token climbed by as much as 8% in the day. Following a low of $11.05 on Monday, SOL/USD surged to an intraday peak of $12.02 during today’s session. The move saw solana rise for a fifth straight day, hitting its highest point since December 23 in the process. Looking at the chart, Tuesday’s surge comes as SOL moved beyond a ceiling of $11.80, with the relative strength index (RSI) also nearing a resistance point. As of writing, the index is tracking at 50.83, which is moving towards a major ceiling at the 53.00 mark. This level hasn’t been hit since November 6, when solana was trading above the $30.00 level. Cosmos (ATOM) In addition to solana, cosmos (ATOM) was also in the green in today’s session, with price climbing for a third straight day. ATOM/USD raced to a high of $10.22 on Tuesday, which comes less than a day after trading at a low of $9.77. This surge in price has pushed cosmos to its highest point since December 10, with it now nearing a key resistance level also. As can be seen from the chart, this ceiling is at the $10.50 level, which was last hit on December 5. Recent moves in ATOM have come as the 10-day (red) moving average, crossed over its 25-day (blue) counterpart. This typically is a sign of current and upcoming bullish sentiment, which could see cosmos bulls attempt to take price above $11.00. Register your email here to get weekly price analysis updates sent to your inbox: Could we see cosmos continue to rally this week? Let us know your thoughts in the comments. View the full article

Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, published an open letter to Digital Currency Group (DCG) CEO Barry Silbert on Jan. 2, 2022, stating that it had been 47 days since withdrawals from Genesis had been halted. In the letter, Winklevoss claimed that DCG owes $1.675 billion to Genesis. Silbert, however, responded on social media, denying the claim. Gemini Co-Founder Publishes Open Letter to DCG Chief Executive Barry Silbert Demanding He Resolves Liquidity Issues by Jan. 8, 2023 Gemini co-founder Cameron Winklevoss shared an open letter on Twitter on Monday in hopes to get Digital Currency Group (DCG) CEO Barry Silbert’s attention. Winklevoss says in the letter that he wrote it on behalf of 340,000 Gemini Earn users. “These users are not just numbers on a spreadsheet, they are real people,” Winklevoss declared. Basically, Gemini offered Earn users as much as 8% interest on specific digital assets and it managed to do so because Genesis Global Capital’s lending arm was a key partner. Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4 — Cameron Winklevoss (@cameron) January 2, 2023 However, the FTX contagion spread to Genesis, a creditor in the FTX bankruptcy proceedings, and the company’s lending unit halted withdrawals and loan originations in mid-Nov. 2022. While Genesis was a key partner for Gemini’s Earn product, it too paused withdrawals the same week. Then the Financial Times (FT) published a report that alleged Genesis owed Gemini Earn users $900 million. Gemini also formed a creditors committee to retrieve the funds from Genesis with Houlihan Lokey as a financial advisor. Additionally, upset customers are preparing a potential class action lawsuit against Gemini that alleges the exchange of defrauding customers with a bad deal. In the open letter, Winklevoss claims that his team tried to solve the issue with Silbert on multiple occasions and on Dec. 25, 2022. The letter says that the issue is a mess “entirely of your own making,” as Winklevoss accuses DCG of owing Genesis $1.675 billion. “Every time we ask you for tangible engagement, you hide behind lawyers, investment bankers, and process,” the Gemini co-founder explained in the letter. Winklevoss further insisted that the funds were used to “fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades.” The Gemini co-founder further added: It’s not lost on us that you’ve been working desperately to try and firewall DCG from the problems that you created at Genesis. You should dispense with this fiction because we all know what you know — that DCG and Genesis are beyond commingled. After Winklevoss published his tweet, the DCG CEO responded to the claims that were made. “DCG did not borrow $1.675 billion from Genesis,” Silbert tweeted. “DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023. DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.” Winklevoss then asked the DCG executive if he would “commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion.” Silbert did not respond to Winklevoss’ final tweet about committing to a resolution by that day. The open letter to Silbert also demands that the issue gets resolved by Jan. 8, 2022. The DCG executive’s last tweet on Dec. 19, 2022, shared an article about the DCG subsidiary Grayscale Investments possibly providing investors with a tender offer if the Bitcoin Trust’s exchange-traded fund (ETF) goals failed. In that specific tweet, someone asked Silbert how he was doing, and the DCG CEO responded: Looking forward to getting this year behind us. What do you think about the issues between Gemini’s co-founder Cameron Winklevoss and Barry Silbert over liquidity issues between Gemini and Genesis? Let us know what you think about this subject in the comments section below. View the full article

The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound’s exchange rate versus the greenback from 3,015 per dollar to 4,522 per dollar. The central bank also warned currency speculators that it will take steps to end activities that undermine the stability of the exchange rate. Currency Collapse Worsens the Plight of Syrians The Syrian central bank said on Jan. 2 that it has adjusted the official exchange rate from 3,015 pounds for every dollar, to 4,522. Yet, despite the nearly 50% devaluation, the new official exchange rate is reportedly still more than 40% higher than the parallel market rate of 6,500 pounds per dollar, a Reuters report has said. According to the report, the collapse of the Syrian pound, which traded at 47 to the U.S. dollar before the 2011 protests against Bashar al-Assad’s government, has seen the prices of goods go up. Rising prices have in turn worsened the plight of Syrian residents who have had to contend with shortages of basics like fuel and electricity. In addition to the ongoing civil war, Syria continues to reel from the effects of Western sanctions as well as the financial meltdown in neighboring Lebanon. The loss of oil-producing territories located in the country’s northeast has worsened the government’s financial situation. Warning to Speculators and Currency Manipulators Meanwhile, in a statement issued on Jan. 2, the Syrian central bank said it is prepared to take steps that would restore confidence in the local currency. “The Central Bank of Syria continues to monitor the stability of the exchange rate in the local market, take all possible means and measures to restore balance to the Syrian pound, and follow up and deal with all illegal operations that undermine the stability of the exchange rate,” a statement on the central bank’s website said. The bank also promised to intervene by taking steps that would help end speculative activities and the manipulation of foreign exchange markets. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The status of the Venezuelan gold currently being held by the Bank of England might fall into regulatory limbo after the dissolution of the interim government of Juan Guaido. The 31 tons of gold have been the subject of dispute between the current president Nicolas Maduro and Juan Guaido since 2019, when Guaido integrated a parallel government. Status of Venezuelan Gold in the Bank of England Uncertain The status of the Venezuelan gold stash guarded in the vaults of the Bank of England in London is uncertain after the dissolution of the interim government of the country. The 31 tons of gold (1.02 millon troy ounces), valued at more than $1.85 billion, were disputed by the two governments of the country, one presided over by Nicolas Maduro, and the other by interim president Juan Guaido, who integrated a provisional government in 2019 after disputing the legality of the presidential ballot. While U.K. courts had decided in favor of Guaido in July, the dissolution of the government executed in a session of the Legislative Assembly elected back in 2015, casts doubts on the possible future of this gold and other Venezuelan properties offshore, with some legislators claiming that might open the doors for Maduro to have a valid claim on these. Deputy Freddy Guevara hinted at this possibility during the session. He stated: There was no prior consultation with the international community on the recognition of this reform. They have clearly told us abroad that, with this reform, the protection of foreign assets is not guaranteed. How is it possible to take a leap into the void? 72 deputies voted to disintegrate the interim government, while 29 were against this measure, and eight deputies abstained. Protective Measures While the interim government was disbanded, the parallel Legislative Assembly constituted a Board of Directors and Asset Protection, that would have the task of safeguarding and organizing Venezuelan properties and companies abroad. The board, which will be integrated by five members, will have ample powers to deal with these responsibilities, supported by the legality of the assembly. However, this structure is new and does not figure in any of the 52 trials all over the world where there is more than $40 billion in dispute between the two governments. Deputy Juan Miguel Matheus criticized this idea, stating that these assets were not in danger because they were under the custody of governments that back the “democratic struggle” that the Venezuelan people are currently fighting. This, however, brought heavy criticism from other deputies, who argued that the interim government was the only warranty of recovering these assets due to the international recognition that Guaido had. What do you think about the future of the 31 tons of Venezuelan gold held in the U.K.? Tell us in the comments section below. View the full article