roadrunner

The Blockchain Basics Act, a bill that seeks to secure the rights of state citizens regarding cryptocurrency ownership, self-custody, and mining, has reached Tennessee. The bill, supported by the Satoshi Action Fund, was introduced to the State House by Rep. Kevin Vaughan and simultaneously to the State Senate by Sen. Bo Watson. Blockchain Basics Act Introduced in Tennessee The Blockchain Basics Act, a bill that aims to enshrine cryptocurrency rights such as self-custody, ownership, and mining, has reached Tennessee. The bill was recently introduced both to the Tennessee State House (HB2309) and to the State Senate (SB2370) by Rep. Kevin Vaughan, chairman of commerce, and Sen. Bo Watson, who also serves as chairman of finance, chair of rules, and vice-chair of pensions. As in other states, the bill seeks to prevent the state government from approving rules affecting cryptocurrency mining operations specifically and guarantee that citizens of the state might use cryptocurrency without restrictions, including running their own nodes. Similarly, it eliminates state capital gains tax for transactions under $200. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a nonprofit that educates lawmakers about introducing crypto-specific regulations, explained that while the institution had already helped pass two bills to protect bitcoin adoption, this might be an uphill battle in some states. He also reported that there was additional work on different legislatures to keep expanding the reach of the Blockchain Basics Act at a state level. Porter declared: We are now actively working in 16 different legislatures in 2024 to pass similar legislation, so this goes far beyond just one state. You and I cannot take our foot off the gas. The Satoshi Action Fund’s work has been essential in introducing similar regulations in five states across the U.S.: Virginia, Missouri, Indiana, Nebraska, and Tennessee. Porter believes that bitcoin adoption won’t happen from the top down in the U.S., trying instead to mimic what happened with cannabis, which was treated more favorably at the state level than by the federal government. What do you think about the introduction of the Blockchain Basics Act in the state of Tennessee? Tell us in the comments section below. View the full article

A recent ruling by the Kenyan High Court in favor of the Nigerian fintech startup Flutterwave will see it finally get access to $3 million which has been frozen since July 2022. The judge slammed the Assets Recovery Agency for continuing to hold onto the funds even after it withdrew its suit against Flutterwave. Flutterwave’s Legal Battle Against Kenyan Anti-Graft Agency Ends A Kenyan court has reportedly issued an order to unfreeze $3 million belonging to the Nigerian fintech startup Flutterwave and two associated companies. This ruling is expected to put an end to a protracted legal battle over the frozen funds, which persisted even after the anti-graft agency Assets Recovery Agency (ARA) withdrew its lawsuit against the startup. As reported by Bitcoin.com News in July 2022, over 50 bank accounts containing funds linked to Flutterwave were frozen at the request of the Kenyan anti-corruption agency. The ARA sought the freeze order following an investigation that tied these bank accounts to “suspicious activities.” At the time, the cumulative balance across these accounts exceeded $60 million. Flutterwave has repeatedly denied any wrongdoing and in early 2023, the startup’s CEO reportedly went to Kenya to seek the funds’ release. However, about a month later, the first case against the startup was withdrawn which resulted in the release of more than $50 million. The ARA nevertheless continued to hold on to some of the remaining funds drawing the ire of the judge. “Such a litigation facade or decoy is inappropriate, an abuse of the court process, and an attempt at squandering the scarce judicial time,” the Nairobi judge reportedly said. According to the report, Flutterwave will now attempt to get a Kenyan payments and remittance license. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Spanish Treasury is proposing a tax reform to allow the seizure of cryptocurrency assets when liquidating tax debts. According to local sources, the proposal would also allow the state administration to embargo these digital assets as it is giving the first steps by declaring electronic money entities as tax collection agents. Spanish Treasury Seeks to Seize Cryptocurrency for Tax Debts The Spanish Treasury is seeking to gain control and oversight over cryptocurrency assets owned by taxpayers. The institution proposes reforming the current tax law to allow Agencia Tributaria, the national tax watchdog, to seize the cryptocurrency holdings when executing taxpayers’ debts. The proposal, made in 2021 to the European Union (EU), will be implemented soon, as local sources explain that the government is quickly moving to create the conditions needed for the reform to be applicable. The Spanish administration issued a royal decree that now declared electronic money entities as tax collection agents, meaning that these would have to execute embargo actions on the customer’s digital money and crypto assets when required by the government, a duty only required from traditional banks and credit institutions before. Also, this year, taxpayers will be required to declare, for the first time, the cryptocurrency assets held outside of the country, data that will be useful to apply this new regulation when passed. Data from crypto tax statements obtained since 2021 will also be used to collect money from tax debts when needed. However, the quick application of these cryptocurrency laws will establish a burden on Spanish regulators, who will have to change their definitions and adapt to the new tax framework and its rules due to their incompatibility with the concepts introduced in EU-wide rules like MiCA, the Markets in Crypto-Assets regulation, which has a different definition of cryptocurrency, and the general EU tax directive to be applied in 2026. What do you think about the tax reform proposal to allow the Spanish administration to seize and embargo cryptocurrency assets from taxpayers? Tell us in the comments section below. View the full article

In a significant move within the crypto bankruptcy landscape, FTX Trading Ltd. has announced its intention to sell its equity interests in the artificial intelligence (AI) firm, Anthropic PBC. Holding close to an 8% stake, valued between approximately $1.47 billion to upwards of $2.4 billion, FTX is navigating its Chapter 11 bankruptcy with this strategic asset liquidation. This sale marks a pivotal step in FTX’s efforts to maximize returns for creditors from its high-value, illiquid assets. FTX Aims to Sell Close to 8% Stake in the AI-Giant Anthropic FTX and its affiliates, amidst their ongoing Chapter 11 bankruptcy proceedings, have motioned for court approval to sell their shares in Anthropic PBC. The motion outlines a structured sale process, aimed at divesting the shares free of any encumbrances. FTX’s stake, acquired through a significant investment round, represents a notable share in Anthropic, reflecting the depth of FTX’s entanglement in high-tech ventures prior to its financial upheaval. The backdrop of FTX’s investment in Anthropic traces back to a series of financial maneuvers, culminating in a substantial equity position through a $500 million investment. This move was emblematic of FTX’s broader strategy to diversify its portfolio across cutting-edge technologies, demonstrating the former crypto exchange’s ambitious reach beyond its core operations. The decision to liquidate its stake in Anthropic comes as FTX seeks to navigate its complex bankruptcy situation, striving to unlock value from its illiquid assets for customer compensation. The proposed sale, as detailed in the court filing, underscores the significance of Anthropic’s valuation in the AI sector, pegged between $18.4 billion to $30 billion. FTX’s stake, approximately 7.84%, is positioned as a high-value asset within its bankruptcy estate. This liquidation strategy is reflective of the growing interest and perceived value in AI technologies, where Anthropic has emerged as a key player. The sale process aims to leverage this momentum, offering a rare opportunity for stakeholders to engage with one of the AI industry’s most promising ventures. As the bankruptcy court scrutinizes FTX’s proposal, the suggested divestiture of Anthropic shares marks a pivotal moment in the bankruptcy proceedings. This development follows creditors expressing dissatisfaction that their digital currency payouts will reflect the valuations from November 2022. For example, a bitcoin (BTC) in FTX’s possession would be appraised at $16,871 each, despite its present value of $42.9K. In response, four clients lodged a grievance, appealing to the judiciary for equitable resolution and asserting that the assets are the rightful property of the clients, not the exchange. What do you think about FTX planning to sell it’s Anthropic shares? Share your thoughts and opinions about this subject in the comments section below. View the full article

President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote. Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote. Celebrating his victory, Bukele stated: We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly. A record in the entire democratic history of the world. Furthermore, Bukele invited the Salvadoran people to celebrate the victory in the National Palace. Felix Ulloa, vice-president of El Salvador, had declared that if Bukele won the presidential ballot by a landslide, he would deepen the application of bitcoin policies, like the program of giving passports to bitcoin entrepreneurs and the issuance of the Volcano bonds, that would provide part of the funding for the construction of Bitcoin City, a planned tax haven for crypto companies. Even with the popular vote on his side, Bukele’s reelection is surrounded by controversy, given that he received a leave of absence in 2023 to be able to be present at these elections as a candidate. A Bukele-controlled national tribunal established this was a requirement to be reelected back in 2021, a decision that was considered unconstitutional by his detractors. Nonetheless, Stacy Herbert, director of the National Bitcoin Office (ONBTC) of El Salvador, remarked on the historic victory for the world’s democracy, informing that the previous all-time widest margin for a democratic election was 56.2% in Portugal in 1991. What do you think about the victory of Bitcoin-friendly President Nayib Bukele in El Salvador? Tell us in the comments section below. View the full article

Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed. Coinbase’s Crypto Outlook Cryptocurrency exchange Coinbase (Nasdaq: COIN) published its “Weekly: Constructive Outlook” report on Friday, offering its insights on BTC’s future trajectory. Report authors David Duong, Coinbase’s head of institutional research, and David Han, the crypto firm’s institutional research analyst, explained: Many technical factors pressuring bitcoin specifically (and crypto more broadly) are starting to be exhausted, in our view. “This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy. Indeed, net inflows into U.S. spot bitcoin ETFs have averaged more than US$200M daily over the last week (taking the total net inflows to $1.46B since January 11) with a healthy daily volume of ~$1.35B,” the Coinbase analysts described. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” they shared. The report also discusses the U.S. economic outlook. It explains that the probability of a soft landing appears to have increased compared to a few months ago, as the U.S. economy seems to be making minimal tradeoffs between activity and inflation. The Coinbase analysts believe that the disinflationary trend will persist, and anticipate the Federal Reserve to cut interest rates by 100 basis points this year. This projection contrasts with the 75 basis points suggested in the dot plot and the nearly 150 basis points priced into Fed funds futures. They concluded: We expect rate cuts in the U.S. to start in May and the tapering of quantitative tightening soon after, coinciding with idiosyncratic events like the bitcoin halving and creating a positive setup for the asset class more broadly. Do you agree with Coinbase about the crypto market and the U.S. economy? Let us know in the comments section below. View the full article

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador to deepen its Bitcoin commitment if President Bukele gets reelected, Argentine President Javier Milei drops crypto tax matters from Omnibus Bill, and Venezuela gets hit by gold sanctions. El Salvador to Maintain Bitcoin as Legal Tender El Salvador Vice President Felix Ulloa said in an interview with Reuters on Wednesday that bitcoin will remain legal tender in El Salvador during the second term of President Nayib Bukele even after the International Monetary Fund (IMF) again urged the country to drop the cryptocurrency as legal tender during negotiations for a billion-dollar loan. Ulloa clarified that the victory of Bukele in the upcoming elections will contribute to the continuation of the Bitcoin policies, such as the launch of the volcano bonds, which are programmed to be issued during the first quarter of 2024. On the law that declared bitcoin as legal tender in El Salvador, Ulloa stated: Not only will it (the law) be maintained … At this moment, it enjoys the greatest credibility in the entire world. Recently, Bitfinex launched operations as a digital securities tokenization company in El Salvador, expecting strong demand for cryptocurrency-based products, reinforcing the trust in the country’s digital future. President Javier Milei Drops Crypto Tax Opportunities From Omnibus Bill The Argentine government has withdrawn the opportunities for declaring ownership of certain assets, including crypto, from the omnibus bill presented to Congress this month. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to advance reforms in several areas, including getting legislative powers for President Javier Milei. The government dropped this and other parts of the bill to get faster approval of the bill, given that there was no consensus on the withdrawn issues. Guillermo Francos, minister of interior, stated: The proposal is aimed at generating freedom for economic development. It was essential to get this out quickly. The tax part was smaller and delayed treatment. Venezuela Hit by Reenactment of Gold Sanctions The U.S. Treasury Office of Foreign Assets Control (OFAC) has revoked a license that allowed CVG Compania General de Mineria de Venezuela CA (Minerven), the Venezuela state-owned gold company, to be part of gold transactions in international markets. The U.S. convened to revoke the sanctions on Minerven back in October when an agreement was reached with Maduro’s government to review the participation of key opposition figures in the upcoming presidential ballot. Also, the U.S. State Department Stated that more oil and gas-related sanctions would be reenacted if the Venezuelan government did not review this participation by April. Jorge Rodriguez, president of the National Assembly, defiantly called the U.S. government to apply the sanctions immediately. Answering to National Security Council spokesperson John Kirby, Rodriguez stated: Save your ultimatum, sh*t Yankees. Kirby, shove your ultimatum where it fits you best. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about this week’s Latam Insights report? Tell us in the comment section below. View the full article

Bloomberg’s commodity market expert Mike McGlone warns of a potential downturn for bitcoin, highlighting its disappointing performance against gold since its peak in 2021. On Sunday, McGlone pointed out that the bitcoin/gold ratio had plummeted by about 40% from its 2021 zenith of 37 times. McGlone Highlights Bitcoin-to-Gold Ratio, Warns of Potential Downturn vs Gold Mike McGlone, a Bloomberg commodity analyst, remarks that bitcoin (BTC) has fallen short of gold’s performance since reaching its peak in 2021. On Sunday, McGlone offered his most recent evaluation of certain commodities, incorporating BTC into his analysis. “Pattern Recognition, Gaps and Gold vs. Bitcoin — Since they began trading in 1997, S&P 500 E-mini futures never left a gap on the weekly charts until December — from 4,614 to 4,652 — with back-and-fill implications for risk assets,” the analyst wrote. McGlone added: My graphic shows two previous chart holes since 2017 that were subsequently filled. What’s notable is the bitcoin-to-gold ratio, which has a tendency to lead beta, has been trailing since the biggest money pump in history to the 2021 high. The 24-7 traded highly speculative digital asset might be a top leading indicator and equivalent to about 21 ounces of gold on Jan. 2. The ratio is about 40% below the 37x 2021 apex. McGlone’s insights on this topic aren’t new; he previously discussed the bitcoin-to-gold ratio on Jan. 23, 2024. McGlone suggested that bitcoin’s underperformance compared to gold, despite a high-performing U.S. stock market since 2021, could signal either an opportunity for bitcoin to catch up or indicate a recession. He leans towards the possibility of a recession, highlighting concerns if the Bitcoin/gold ratio continues to decline. This shift is attributed to the end of zero-interest-rate policies (ZIRP) and the 2021 liquidity surge. With current Federal Reserve’s federal fund rate at 5.58, the scenario has changed, impacting assets like gold and bitcoin that don’t generate earnings or interest, making them less attractive in portfolios. “The crypto exchange-traded fund frenzy might be looked back upon as a bell ringing at the top,” McGlone said at the time. What do you think about McGlone’s analysis concerning the bitcoin-to-gold ratio? Let us know what you think about this subject in the comments section below. View the full article

In the latest reports, a number of the nine spot bitcoin exchange-traded funds (ETFs) that were launched on Jan. 11, 2024, have increased their bitcoin holdings following the last day of trading activity recorded on Feb. 2, 2024. According to the data, Blackrock’s IBIT now possesses 72,466.64 bitcoin, valued at $3.12 billion, and Fidelity’s Wise Origin ETF, FBTC, currently owns 60,054.87 BTC, estimated at $2.58 billion. 177,949 Bitcoin Stashed by 9 ETFs, Blackrock and Fidelity Hold Nearly 75% While the bitcoin reserves in GBTC have diminished, the nine newly launched spot bitcoin exchange-traded funds — IBIT, FBTC, ARKB, BITB, BTCO, HODL, BRRR, EZBC, and BTCW — have gathered a significant amount of BTC. Currently, Blackrock’s IBIT stands as the premier holder of bitcoin among U.S. spot bitcoin ETFs, with the exception of Grayscale’s GBTC. The Ishares Bitcoin Trust (IBIT) now boasts 72,466.64 BTC, representing 0.369% of the total 19.61 million BTC circulating globally. The runner-up in bitcoin holdings among the nine newly unveiled spot bitcoin ETFs is Fidelity’s FBTC, which now oversees 60,054.87 BTC, equating to 0.306% of the total bitcoins in circulation. The Ark Invest 21shares fund, ARKB, is in possession of 15,890 BTC, while Bitwise’s BITB has accumulated 15,053.66 BTC. Combined, ARKB and BITB’s reserves total 30,943.66 BTC, or 0.157% of the circulating bitcoin supply. Furthermore, the Invesco Galaxy ETF holds 7,081 BTC, which represents 0.036% of the total supply. Vaneck’s HODL ETF is the custodian of 2,998.48 BTC, while Valkyrie’s BRRR ETF has amassed 2,649.46 BTC. The EZBC fund by Franklin Templeton is home to 1,479 BTC, and Wisdomtree’s BTCW secures a holding of 276 BTC. Together, these four ETFs possess a combined total of 7,402.94 BTC, or 0.037% of the total bitcoins currently in circulation. Collectively, the nine ETFs manage a significant cache of 177,949.11 BTC, valued at $7.62 billion according to the latest BTC exchange rates. These nine ETFs account for 0.907% of the total BTC supply. Including GBTC, the aggregate of all ten ETFs amounts to 656,286.54 BTC, representing 3.345% of the 19.61 million BTC that exists. As of Jan. 12, 2024, GBTC possessed 617,079.99 BTC, but as of today, with its holdings reduced to 478,337.43 BTC, the trust has divested a total of 138,742.56 BTC. This reduction, coupled with the inflows into the nine newly established ETFs, has resulted in 39,206.55 BTC, valued at $1.68 billion, being withdrawn from the market and allocated to these funds. Despite the emergence of these newer funds, Grayscale’s Bitcoin Trust, which pioneered years before, remains significantly larger, holding 2.687 times more BTC reserves than the combined holdings of all nine funds. What do you think about the number of bitcoins spot ETFs amassed over the past few weeks? Share your thoughts and opinions about this subject in the comments section below. View the full article

After the unauthorized access of Ripple co-founder Chris Larsen’s personal holdings, Binance CEO Richard Teng revealed that the platform had successfully “managed to freeze $4.2 million” of the compromised assets. Teng elaborated that Binance is committed to “support[ing] Ripple in their investigations,” indicating ongoing collaboration. New Binance CEO Discusses Freezing $4.2 Million Worth of Larsen’s Crypto Last Wednesday, Ripple’s co-founder and executive chairman, Chris Larsen, reported “unauthorized access” to several of his personal XRP accounts. Larsen disclosed this in response to a post from onchain analyst Zachxbt, who noticed the token movement. It’s estimated that 213 million XRP, worth $112 million, were transferred out of Larsen’s personal holdings. In the wake of this security breach, Binance’s newly appointed CEO, Richard Teng, announced that his platform succeeded in freezing a portion of the stolen funds. “After finding out early on about the exploit that occurred at Ripple, we’re happy to say that the Binance team has managed to freeze $4.2 Million worth of XRP stolen by the exploiter,” Teng detailed. “We appreciate both the [community] efforts in flagging it to exchanges – as always [Zachxbt] did a great job – and the Ripple team’s work in collaborating with us.” The Binance chief executive added: We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance. Thomas Silkjær, the head of analytics and compliance at the XRP Ledger Foundation, swiftly acknowledged Teng’s X post and expressed his gratitude for Teng’s prompt and responsible actions. “This tweet is a bit ambiguous,” Silkjær added. “The compromised accounts are personal accounts of [Chris Larsen] – not an exploit at [Ripple]. The initial investigation was done by [XRP Ledger Foundation] and initiated as it was happening – not carelessly published on social media the day after like [Zachxbt].” The XRP Ledger Foundation member continued: Ripple is now leading the investigation (for Chris), after we did a complete handover of data. Following this, Silkjær proceeded to share a post authored by Larsen, in which Larsen categorized the situation as “an isolated incident.” In Larsen’s post, the Ripple executive extended his gratitude to Silkjær and the XRP Ledger Foundation. When a concerned individual suggested that Larsen should have made the announcement 12 hours earlier, Silkjær, the lead for analytics and compliance at the foundation, emphasized the importance of caution in such matters. “It is reckless to publish information during an attack as it might influence the methodology of the attackers,” Silkjær responded. “There are good reasons to not go public with anything right away.” What do you think about the Ripple exec’s xrp stash being pilfered and the mystery behind this case? Let us know what you think about this subject in the comments section below. View the full article

Bitfinex has launched Bitfinex Securities El Salvador S.A. de C.V., its securities tokenization services company in the country. The exchange, one of the first regulated digital asset service providers in El Salvador, expects its proposal to be well-received among potential customers and has planned for several token issuances this year. Bitfinex Launches Digital Securities Issuance Company in El Salvador Bitfinex, a cryptocurrency exchange, has started its securities issuance platform in El Salvador. Under the name of Bitfinex Securities El Salvador S.A. de C.V., the platform has officially launched operations in El Salvador, taking advantage of its enabling crypto regulatory framework, in a move that the company qualified as a “substantial leap for financial innovation in Latin America and globally.” The company, which is the first regulated digital assets service provider in the country, is already open to service private customers and expects to have a strong demand for crypto products this year, fueled by the recent approval of bitcoin ETF products in the U.S. Paolo Ardoino, CTO of Bitfinex Securities, remarked on the relevance of the company’s launch for the future of El Salvador’s digital economy, stating that this would allow it to attract global investment flows directed to digital assets investments. Ardoino stated: We’re proud to be at the forefront of this financial revolution, providing a platform for companies and investors worldwide to explore the limitless possibilities of digital assets. The possibilities for Bitfinex and other digital assets companies in the country were opened last year when the Digital Assets Securities Law was passed, regulating everything related to crypto securities and creating the National Commission of Digital Assets, an institution focusing on the oversight of these activities. In a press release, Bitfinex reported that it had been working with global issuers to build a “robust pipeline” of digital products to be unveiled in the coming months. More specifically, Bitfinex predicts a surge of these tokenized products during the first half of 2024. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about the launch of Bitfinex Securities in El Salvador? Tell us in the comments section below. View the full article

At the premiere of “Curb Your Enthusiasm’s” final season, Larry David expressed remorse for his participation in a Super Bowl commercial for FTX, reflecting on the decision as misguided after the cryptocurrency exchange’s bankruptcy. Larry David Admits Regret Over FTX Super Bowl Ad: ‘Like an Idiot, I Did It’ Larry David, the creator behind “Seinfeld” and “Curb Your Enthusiasm,” has recently expressed regret over his involvement in a Super Bowl ad for the now-bankrupt cryptocurrency exchange FTX. Speaking at the premiere of the final season of “Curb Your Enthusiasm,” David admitted that his decision to endorse FTX was misguided. I asked people—friends of mine who were well versed in this stuff—’Should I do this ad? Is there anything wrong with this, with me doing this? Is this okay?’ And they said, ‘Yeah, this is totally on the up and up… Do it.’ So like an idiot, I did it. In the 2022 Super Bowl commercial, David humorously rejected groundbreaking inventions like the wheel and the lightbulb, ending with a skeptical view of FTX. This ironic approach became controversial when FTX filed for bankruptcy in November 2022 after significant discrepancies in its accounting came to light. Alongside other celebrity endorsers, including Tom Brady and Shaquille O’Neal, David found himself embroiled in a class action lawsuit. The suit accuses them of complicity in a “fraudulent scheme” with FTX founder Sam Bankman-Fried, aimed at deceiving unsophisticated investors. “I’m in a class action lawsuit, which I would love to be part of,” David told the Associated Press. “Because part of my salary was in crypto—so I lost a lot of money.” It’s reported in a biography of Bankman-Fried by Michael Lewis that David was paid $10 million for the ad, but the payment method remains unconfirmed. Legal proceedings against FTX continue, recently the Third Circuit Court of Appeals in Philadelphia reversed a prior decision, now requiring FTX to be investigated by an independent examiner. As for FTX’s founder and former CEO, Bankman-Fried has been convicted of multiple federal fraud and conspiracy charges, with sentencing scheduled for March. Do you think Larry David is culpable of any wrongdoing for partaking in the FTX Super Bowl ad? Share your thoughts and opinions about this subject in the comments section below. View the full article

Britain’s former chancellor of the exchequer, George Osborne, joins Coinbase’s global advisory council. Osborne becomes the latest high-profile politician to join the crypto exchange’s advisory council. The former finance minister has said he is looking forward to working with Coinbase as it builds “a new future in financial services.” Coinbase to Tap Into Osborne’s Wealth of Experience George Osborne, the former British finance minister, has joined the global advisory council of the U.S. cryptocurrency exchange Coinbase. Osborne joins Mark Esper, the former U.S. Secretary of Defense, and former U.S. Senator Patrick Toomey (R-PA) who already serve as the crypto exchange’s global strategy advisers. Coinbase, which has faced off with U.S. regulators like the Securities and Exchange Commission (SEC), praised Osborne’s addition to the growing list of powerful politicians who advocate or support the crypto cause. Remarking on Osborne’s appointment, Faryar Shirzad, Coinbase’s chief policy officer, said: “Pleased to have George join our council at an exciting time for us in the U.K. and globally. George brings with him a wealth of experience in business, journalism and government. We look forward to relying on his insights and experiences as we grow Coinbase around the world.” Financial Markets Transformation and the Blockchain Link According to a CNBC report, Coinbase has hired the former British Chancellor of the Exchequer, George Osborne, to connect the company with politicians and regulators. Coinbase hopes that such connections will help influence legislators and regulators to come up with crypto-friendly regulations. Osborne, who served as the Chancellor of the Exchequer between 2010 and 2016, linked the financial markets’ transformation to the blockchain. The former finance minister said he is looking forward to working with Coinbase as it builds “a new future in financial services.” Meanwhile, the confirmation of Osborne’s appointment to the advisory council was immediately followed by reports suggesting that Coinbase and Ripple are among the biggest financial backers of the super political action committee (PAC) Fairshake. Fairshake reportedly aims to support pro-crypto politicians on both sides of the divide. It has raised $85 million with crypto firms alone accounting for two-thirds of this. The other major crypto donors are Andreessen Horowitz’s a16z and Electric Capital. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

As part of its strategy to recalibrate and enhance operational performance, Polygon Labs will be reducing its workforce by 60, marking a 19% cut. This decision, shared by CEO Marc Boiron, aims at maintaining a lean and efficient team. Polygon Labs to Lay off 60 Employees in Bid to Return to Core Execution Qualities Polygon Labs has announced a reduction of its team by 60 members, constituting roughly 19% of its total staff. This decision was disclosed in a detailed post on X by CEO Marc Boiron on Thursday. At Polygon Labs, we are on a mission to fundamentally change the Internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat. It requires executing ambitiously and nimbly with an efficient,… — Marc Boiron (@0xMarcB) February 1, 2024 Boiron outlined the strategic rationale behind the layoffs, attributing them to a need for a more streamlined and agile team capable of executing ambitious projects with precision. “The team’s rapid growth in the last bull market diluted qualities that enable us to execute in this manner. We must return to those qualities,” Boiron explained. Despite the difficulty of the decision, Boiron reassured that it was taken to enhance the company’s operational performance rather than for financial trimming. This clarification comes amidst the backdrop of a broader industry trend where companies are reevaluating their workforce in response to market dynamics. Affected employees were informed earlier today, with opportunities for discussions with senior leaders promised to address any concerns and queries. Boiron extended heartfelt gratitude towards the departing staff for their contributions and indicated plans to assist them in finding new opportunities within the web3 ecosystem. In a gesture of goodwill and a forward-looking strategy to retain and attract top talent, Polygon Labs has pledged a 15% increase in total compensation for all remaining employees. This initiative also includes the abolition of traditional geographic pay models, reflecting a progressive approach to recognizing individual contributions irrespective of location. The announcement also touched upon the future spin-off of the team behind Polygon ID, hinting at strategic realignments within the company to better focus on its core mission. This round of layoffs marks the second such occurrence in less than a year, following a previous reduction of 20% of its workforce in February 2023 amid a restructuring phase. CEO Marc Boiron concluded his post by talking about making tough decisions: The reality is that achieving our mission often demands challenging decisions, and while difficult, the Founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully. Do you think Polygon Lab’s job cuts are motivated by a desire for “enhanced performance” or something else? Share your thoughts and opinions about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has charged the founder of American Bitcoin Academy, accusing him of running an online fraudulent crypto scheme that cost students $1.2 million. The defendant “falsely claimed that his investment strategies would be guided by his own ‘artificial intelligence’ and ‘machine learning’ technology which, like the fund itself, never existed.” SEC Charges Founder of Online Crypto Fraud The U.S. Securities and Exchange Commission (SEC) announced Friday that it has charged the founder of American Bitcoin Academy “with fraud targeting students.” Brian Sewell and his company, Rockwell Capital Management, agreed to settle fraud charges in connection with a scheme, the regulator said, adding: The SEC alleges that the fraudulent scheme cost 15 students $1.2 million. The SEC alleges that, between early 2018 and mid-2019, Sewell encouraged hundreds of his online students to invest in the Rockwell Fund, a hedge fund he promised to launch. He claimed the fund would use advanced technologies like AI and crypto-asset trading strategies to generate returns for investors. The securities watchdog further alleges that Sewell, who formerly resided in Utah before moving to Puerto Rico, received $1.2 million from 15 students for the Rockwell Fund. However, he never launched the fund or implemented the promised trading strategies. Instead, he held onto the invested money in bitcoin, which he claimed was stolen when his digital wallet was hacked. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, commented: “We allege that Sewell defrauded students in his online American Bitcoin Academy of over a million dollars through a series of lies about investment opportunities in his purported crypto hedge fund.” The SEC official stressed: Among other things, he falsely claimed that his investment strategies would be guided by his own ‘artificial intelligence’ and ‘machine learning’ technology which, like the fund itself, never existed. The SEC’s complaint charges the defendants with violating antifraud provisions of the federal securities laws. The defendants have agreed to settle the charges and have consented to injunctive relief without admitting or denying the allegations in the complaint. “Defendant Rockwell Capital Management also agreed to pay disgorgement and prejudgment interest totaling $1,602,089 and Defendant Sewell agreed to a civil penalty of $223,229. The settlement is subject to court approval,” the SEC detailed. What do you think about the SEC charging the founder of American Bitcoin Academy? Let us know in the comments section below. View the full article

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator, has proposed stricter rules for crypto firms based outside the EU, limiting their ability to directly serve customers within the bloc to ensure fair competition. ESMA Proposes Stricter Rules for Non-EU Crypto Firms The European Securities and Markets Authority (ESMA), responsible for regulating and supervising EU financial markets, published consultation papers on two sets of proposed guidelines under the Markets in Crypto-Assets Regulation (MiCA) earlier this week. The first set of guidance concerns the rules for the reverse solicitation exemption and the supervision practices national competent authorities (NCAs) may take to prevent its circumvention. To ensure a level playing field for companies within the EU, foreign crypto assets service providers (CASPs) will only be able to directly serve customers within the bloc under very limited conditions. “There is only one exemption, if the client at its own, exclusive initiative contacted the firm and requested the service, the third-country firm may provide it,” ESMA clarified, emphasizing: Third-country firms may not solicit clients in the Union as they are not authorised to provide CASP services in the Union. While EU financial laws recognize “reverse solicitation,” where customers reach out directly, recent policy changes tighten up these rules, pressuring foreign firms to establish an EU presence. ESMA also proposed another set of guidelines to define when a crypto asset qualifies as a “financial instrument” under Markets in Financial Instruments Directive (MiFID) rules, bridging the gap between MiCA and MiFID II for EU-wide consistency. Stakeholders have until April 29 to submit comments on ESMA’s two consultations. The authority will consider the feedback throughout Q2 and expects to release a final report in Q4. The regulator said: ESMA, and national competent authorities, through their supervisory and enforcement powers, will take all necessary measures to actively protect European Union (EU)-based investors and MiCA-compliant crypto-asset service providers from undue incursions by non-EU and non-MiCA compliant entities. What do you think about these proposed rules by ESMA? Let us know in the comments section below. View the full article

Singapore’s Police Force and Cyber Security Agency (CSA) have issued a joint warning about “crypto drainer” malware, which steals cryptocurrencies from wallets. As digital assets become more popular, “Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets,” the authorities cautioned. Singapore Police Warn About Crypto Drainers The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore issued a joint advisory on Wednesday advising investors to protect themselves from crypto drainers. They explained: Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets (‘crypto wallets’) as the use of cryptocurrencies become increasingly popular with their dollar values correspondingly increasing. The authorities explained that a crypto drainer “is a type of malware that targets crypto wallets,” adding: “These drainers are often deployed as part of phishing attacks, where the victim is tricked into clicking a malicious link or opening a malicious attachment. By doing so, the victims are tricked into consenting to a malicious transaction that allows the drainer to steal cryptocurrencies stored in their wallets.” The advisory also includes a list of measures crypto owners can take to safeguard themselves from the crypto drainer scam. One of the measures is: Using a hardware wallet for enhanced security. Other measures include being wary of “too good to be true” offers, verifying smart contract legitimacy and functions before interaction, and limiting high allowances using blockchain explorers or wallet interfaces. Moreover, the authorities advised investors to thoroughly research projects and cryptocurrencies before linking their wallets and only make connections after verifying the project website’s validity. The advisory also notes that investors should also consider connecting a newly created or empty crypto wallet when uncertain about a project or token, and should not divulge seed phrases to anyone. Have you come across crypto drainer malware? Let us know in the comments section below. View the full article

The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million dirhams ($13.6 million) directly to China. UAE Completes First Digital Dirham Settlement Using Mbridge UAE has completed the first payment of its central bank digital currency (CBDC), the digital dirham, using the Mbridge platform, a CBDC interconnection platform. The settlement, which involved the disbursement of 50 million digital dirhams ($13.6 million), was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the United Arab Emirates (UAE), and sent this amount directly to China. The transaction was completed during the fiftieth-anniversary celebration of the Central Bank of UAE, with Sheikh Mansour emphasizing the focus on making the UAE a financial hub with the help of the central bank. The UAE, alongside China, Hong Kong, and Thailand, is part of the Mbridge initiative, a joint effort to simplify the exchange of digital currencies between the central banks of the group and streamline payments using non-traditional and distributed rails. Mbridge, with the participation of the Bank of International Settlements (BIS), aims to serve a market of over $560 billion, the combined amount of the goods exchanged by these countries in 2021. Some nations have become concerned about the development of this initiative, expected to show a minimum-viable product later this year, due to how it would render the action of unilateral sanctions useless against any of the countries integrating it. In particular, nations fear that Mbridge, when implemented and utilized, would empower the digital yuan to become a viable alternative to the U.S. dollar in the global trade arena by leveraging almost instant and low fee-based payment rails, leaving systems like SWIFT at a disadvantage. What do you think about the first Mbridge-powered digital dirham transaction? Tell us in the comments section below. View the full article

Facing charges from the SEC over its crypto lending practices, Genesis has agreed to a $21 million settlement. This move aims to close a chapter of legal challenges following the company’s bankruptcy filing last year amid a wider crypto market collapse. Genesis Strikes $21 Million Deal With SEC to Resolve Lawsuit Genesis Global Holdco has agreed to a $21 million settlement to resolve a lawsuit related to its crypto lending practices. Genesis, a subsidiary of Digital Currency Group, faced allegations from the SEC concerning the unregistered offer and sale of securities through its Gemini Earn program. The proposed settlement, disclosed in a filing with the U.S. Bankruptcy Court for the Southern District of New York, is set to be a crucial step towards resolving the civil actions initiated by the SEC. This move comes after a tumultuous period for Genesis, which filed for bankruptcy in January 2023 following the collapse of major crypto entities such as Three Arrows Capital and the FTX exchange. Genesis’s agreement to pay $21 million is part of a broader strategy to navigate through its financial and legal predicaments, aiming to stabilize its operations amidst the uncertainties of the crypto market. The settlement is intended to mitigate the costs and uncertainties associated with prolonged litigation. Genesis’s legal and regulatory woes extend beyond the SEC settlement. The firm, along with Genesis Global Trading, recently reached a settlement with the New York State Department of Financial Services (NYDFS), involving an $8 million fine and the relinquishment of its Bitlicense, reflecting serious compliance failures within the company’s operations. These developments come at a time when Genesis is entangled in additional legal disputes, including allegations of defrauding investors through the Gemini Earn program, as well as internal conflicts complicating its path to recovery. Despite these challenges, Genesis’s efforts to settle outstanding legal issues appear to signal a commitment to restructuring and stabilizing its operations. Will Genesis be able to settle all of its legal troubles and eventually resume business operations? Share your thoughts and opinions about this subject in the comments section below. View the full article

The SEC has decided to abandon its lawsuit against Debt Box, a crypto company previously accused of defrauding investors of millions. This decision follows the SEC’s acknowledgment of presenting misleading information in court, a revelation that undermines the agency’s case and credibility. Inaccuracies in Court Lead SEC to Drop Fraud Case Against Crypto Firm Debt Box The U.S. Securities and Exchange Commission (SEC) has requested to dismiss its lawsuit against crypto startup Debt Box. The decision comes after the SEC admitted to making inaccurate statements in court. The lawsuit, initially filed against Digital Licensing Inc., which does business as Debt Box, accused the company of defrauding investors of at least $49 million. The SEC claimed that Debt Box offered “node licenses” for mining cryptocurrencies that were never actually mined. This action was part of a broader crackdown by the SEC on cryptocurrency firms, under the leadership of Chair Gary Gensler who has repeatedly stated that most cryptocurrencies are securities. However, the case took a turn when the SEC’s attorneys acknowledged that they had fallen short of the court’s expectations for accuracy and candor. This admission came after U.S. District Court Judge Robert Shelby in Utah criticized the SEC lawyers and demanded explanations for what he termed “false or misleading” statements. The SEC had previously asserted that Debt Box was attempting to transfer assets overseas to evade U.S. jurisdiction, a claim that Judge Shelby found to be misrepresented. Judge Shelby gave the SEC a “show cause order,” which basically meant the SEC had to give a good reason or explanation for its actions. In response to the court’s order to show cause, the SEC filed a statement on Jan. 30, stating, While the Commission recognizes that its attorneys should have been more forthcoming with the Court, sanctions are not appropriate or necessary to address those issues. The agency expressed its intent to dismiss the lawsuit without prejudice, leaving room for the possibility of refiling the case in the future. The SEC’s decision to seek dismissal without prejudice has raised questions in the legal and financial sectors, particularly given the agency’s aggressive stance on cryptocurrency regulation. The Debt Box legal team responded sharply to the SEC’s actions, stating, “The SEC got this case wrong. Badly wrong,” and argued that the agency should not be allowed to continue promoting a false narrative to avoid dismissal. Despite the SEC’s admission of inaccuracies and the subsequent move to dismiss the case, the agency has declined to comment beyond its public filings. What do you think explains the SEC’s inability to pursue this lawsuit? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Wednesday, Jan. 31, 2023, the U.S. Federal Reserve opted to maintain the federal funds rate unchanged. The Federal Open Market Committee (FOMC) additionally stated that the committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation” is steadily approaching the 2% mark. As benchmark equity indices experienced declines, the price of bitcoin remained unaffected. Fed Holds Rate Steady, Aiming for ‘Greater Confidence’ in Inflation Control The U.S. central bank has resolved to maintain the federal funds rate between 5.25% and 5.5% until the forthcoming FOMC meeting. The Fed observed that recent signs indicate a robust expansion of economic activity. It acknowledged that while job growth has slowed compared to the early part of last year, it continues to be strong, and the unemployment rate has stayed low. Although inflation has moderated over the previous year, it continues to be higher than desired. “In support of its goals, the committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent,” the central bank disclosed on Wednesday. “In considering any adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks.” The Fed added: The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. The three primary indices tracking market performance in the United States — the Dow Jones Industrial Average, the Standard & Poor’s 500, and the Nasdaq Composite — all registered declines following the announcement. In contrast, bitcoin (BTC) remained steady, holding its value at $43,258 per unit on Wednesday afternoon after the FOMC announcement. #Powell spoke about “goods inflation” and “housing inflation.” There’s no such thing as either. Prices don’t inflate, they rise as a result of inflation. Economic growth actually pushes prices down. It’s #inflation that pushes them up. All inflation is caused by the #Fed & Govt. — Peter Schiff (@PeterSchiff) January 31, 2024 Gold and silver also remained stable in the wake of the Fed’s decision on interest rates. Although bitcoin and precious metals markets showed no significant movement, the banking sector experienced turbulence. Shares of New York Community Bancorp (NYSB) plummeted over 40% on Wednesday, impacting a broad spectrum of banking stocks. During the subsequent press conference, Fed Chair Jerome Powell mentioned that the FOMC requires additional data and “greater confidence” regarding the reduction of inflation. This move positions the central bank to potentially reduce the federal funds rate within this year. “I want to assure the American people we are fully committed to returning inflation to our 2% goal,” Powell informed the media. He added: The lower inflation readings over the second half of last year are welcome, but we will need to see continuing evidence to build confidence that inflation is moving down sustainably to our goal. By 3:45 p.m. Eastern Time (ET) on Wednesday, bitcoin’s (BTC) price dropped 2.1% under the $43K threshold to $42,796 per unit. “I will tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March is the time to do [rate cuts],” Powell told the press. Markets expressed disappointment with Powell’s statement, as there’s widespread anticipation of rate cuts in March 2024. What do you think about the Fed’s decision to keep rates the same? Share your thoughts and opinions about this subject in the comments section below. View the full article

New York Community Bancorp (NYCB) faced significant challenges on Wednesday, with its shares plummeting by over 40%, prompting a halt in trading. Currently, NYCB shares have experienced a decline of just above 36%, trading at $6.61 per share. Last Year’s Banking Fears Resurface as NYCB Faces Harsh Earnings Reality Financial challenges have resurfaced with New York Community Bancorp (NYSE: NYCB), the entity that acquired Signature Bank, witnessing a steep decline in its stock value during Wednesday’s trading. The shares of NYCB nosedived over 40% against the U.S. dollar following the bank’s recent earnings announcement. The financial organization has declared firm measures to bolster capital, fortify its balance sheet, and enhance its risk management practices as the company enters the realm of $100 billion large banks. *NEW YORK COMMUNITY BANCORP PLUNGES BY RECORD 44% AT THE OPEN https://t.co/SW7aEJTjRM — zerohedge (@zerohedge) January 31, 2024 For the quarter ending Dec. 31, 2023, NYCB reported a net loss of $252 million, a stark contrast to the net income of $207 million in the quarter ending Sept. 30, 2023. The bank also noted that In the same period ending Dec. 31, 2023, the net loss available to common stockholders was $260 million, compared to a net income of $199 million for the quarter ending Sept. 30, 2023. In a dramatic financial turnaround, the company’s diluted earnings per share (EPS) plunged to a loss of $0.36 in the quarter ending Dec. 31, 2023, a stark reversal from the diluted EPS of $0.27 per share just three months earlier. The troubles faced by NYCB are reviving the same concerns that rocked the U.S. banking sector in March 2023, following the failures of Silicon Valley Bank, Signature, and First Republic. NYCB’s acquisition of Signature Bank was facilitated through an arrangement with the Federal Deposit Insurance Corporation (FDIC). JUST IN: The last time Bank Credit contracted this much was the Global Financial Crisis of 2008. It’s probably nothing… @MFHoz pic.twitter.com/SE7ota9t2B — Radar (@RadarHits) January 31, 2024 Large financial entities are grappling with the repercussions of long-term notes amidst the high interest rates set by the U.S. central bank. An uptick in interest rates leads to a reduction in the value of long-term notes, posing potential losses for banks. This is particularly precarious if banks are compelled to liquidate these assets at a loss, driven by abrupt withdrawals of deposits or other financial demands. This scenario adversely affected all three major U.S. banks last year, each struggling with the dual challenge of long-term notes and surging interest rates. The collapse of Silicon Valley Bank triggered a massive exodus, with over $100 billion in deposits withdrawn, forcing the bank to liquidate long-term bonds at a loss and culminating in a classic bank run. NYCB’s net income and diluted EPS for the fourth quarter of 2023 were influenced by costs related to the merger and a special assessment by the FDIC, the bank reported on Wednesday. “In 2023, New York Community reached an inflection point in its transformation to a dynamic, full-service commercial bank,” Thomas R. Cangemi NYCB’s CEO said. What do you think about the issues New York Community Bancorp is dealing with on Wednesday? Share your thoughts and opinions about this subject in the comments section below. View the full article

In the most recent update, Grayscale’s Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin, valued at approximately $190.53 million, over the past day. Since Jan. 12, 2024, GBTC has observed a cumulative reduction of about 124,967.54 bitcoin, equivalent to an estimated $5.33 billion. Meanwhile, the nine recently launched spot bitcoin exchange-traded funds have collectively garnered an impressive total of 160,661.38 bitcoin. GBTC Sheds Almost 125,000 Bitcoin While 9 Fresh ETFs Gather Over 160,000 Recent trends indicate a slowdown in the outflows from Grayscale’s Bitcoin Trust (GBTC), with each trading day experiencing a smaller decline over the last two sessions. As of Jan. 30, 2024, data revealed that GBTC’s holdings dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased by 4,461.36 BTC, bringing the total down to 492,112.45 BTC, currently valued at approximately $21.43 billion. The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on Jan. 26. From Jan. 12 to Jan. 31, 2024, GBTC’s reserves have shrunk from 617,079.99 BTC to 492,112.45 BTC, marking a significant loss of 124,967.54 BTC, according to current metrics. In contrast, Blackrock’s IBIT has seen growth over the past day, increasing from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC. As highlighted in their Jan. 31, 2024, daily holdings report, Fidelity’s FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Meanwhile, Ark Invest’s ETF, ARKB, has expanded its holdings to 15,175 BTC, an increase of 385 BTC in the last 24 hours. Bitwise’s BITB has seen a notable jump, going from 13,576.10 to 14,039.54 BTC. According to the latest assets under management (AUM) data, the Invesco Galaxy ETF BTCO is currently holding 6,898 BTC. In other developments, Vaneck’s HODL ETF now contains 2,941.99 BTC, and Valkyrie’s BRRR ETF has a total of 2,635.29 BTC. Franklin Templeton’s holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. As of Jan. 31, Wisdomtree’s BTCW ETF is holding 260 BTC. Collectively, these nine newly introduced spot bitcoin ETFs have amassed a significant 160,661.38 BTC, valued at $6.88 billion at the current market rate. Although the combined accumulation of these nine new ETFs is impressive, GBTC’s fund remains notably larger, being 3.11 times more valuable than the aggregate of all nine. What do you think about the nine new ETFs collecting more than 160,000 bitcoin? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Wednesday, Chris Larsen, the co-founder and executive chairman of Ripple, publicly revealed that several of his personal xrp accounts had been illicitly accessed. Larsen explained that the team successfully persuaded crypto exchanges to promptly freeze the affected addresses. $112.5 Million Transferred From Chris Larsen’s Accounts In the realm of social media, specifically within the X community, there is a growing fervor surrounding a substantial transfer of XRP from Chris Larsen’s XRP accounts. The initial revelation came from onchain analyst Zachxbt, who swiftly shared the information, stating, “It appears Ripple was hacked for ~213M XRP ($112.5M).” This development ignited a wave of intense speculation and discussion across various social media platforms. Larsen addressed the situation on X and said that his personal xrp accounts were affected. “Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses,” Larsen said. “Law enforcement is already involved,” the Ripple executive added. XRP initially dropped 5% on the news against the U.S. dollar and 24-hour statistics as of 10:40 p.m. Eastern Time, show XRP is down 3.5%. Of course, many speculators are wondering what happened with Larsen’s account and how the actors were able to access 213 million XRP from his stash. As of right now, it is a compelling mystery until more answers come out. What do you think about the Ripple exec’s xrp stash being pilfered? Let us know what you think about this subject in the comments section below. View the full article

In the past month, data reveals a significant increase in the combined market capitalization of leading stablecoins, rising from $131.71 billion to $136.56 billion. The top two stablecoins, tether and usd coin, experienced notable expansions in their supplies, with increases of 4.8% and 7.2% respectively. Stablecoin Economy on the Rise Over the last 30 days, the stablecoin market experienced a growth of approximately $4.85 billion, based on data spanning from Dec. 30, 2023, to Jan. 30, 2024. The top stablecoin by market capitalization, tether (USDT), witnessed a 4.8% increase in its supply, reaching $95.91 billion. Tether is now just 4.09 billion short of achieving a milestone of 100 billion tokens in circulation. Circle’s usd coin (USDC) not only experienced a rise in supply, but its growth, at 7.2%, surpassed that of USDT in the past month. As the second-largest stablecoin by market cap, USDC now boasts a net worth of $26.50 billion, a climb from $24.71 billion just 30 days earlier. Following several months of redemptions, USDC has now observed two successive months of growth in token supply. Over the last month, Maker’s stablecoin DAI experienced a slight decline, falling by 0.8%. Positioned as the third-largest stablecoin in terms of market valuation, the decentralized finance (defi) stablecoin, DAI, holds a market capitalization of $5.19 billion. Occupying the fourth spot among stablecoins, first digital usd (FDUSD) witnessed the most significant surge in supply, escalating by 42.8%. Currently, FDUSD’s market capitalization stands at $2.57 billion. In fifth place is trueusd (TUSD), holding a market capitalization of approximately $1.47 billion. This past month, TUSD experienced a sharp decline in supply, diminishing by 30.6% over the course of 30 days. TUSD also had some stability issues with its intended dollar-peg this month dropping to the $0.97 range on Jan. 17 and Jan. 26, 2024. Tron’s USDD experienced a modest increase of 1.1%, while the frax dollar (FRAX) recorded a slight decrease of 0.1%. In the past month, Paxos’ USDP witnessed a decline of 4.3%, whereas Paypal’s PYUSD achieved a notable rise of 13.6%. Meanwhile, the tenth-ranked stablecoin, alchemix usd (ALUSD), saw a decrease of 0.9%. As we wrap up this month’s episode in the stablecoin saga, a vibrant clash of forces akin to those seen in 2023 has influenced most stablecoins beneath the top trio. USDT, USDC, and DAI have held their ground, while emerging players like FDUSD and PYUSD are ascending in the hierarchy. Meanwhile, former frontrunners such as BUSD and GUSD have dropped out of the top ten. This path, characterized by fluctuations and milestones, echoes the wider story of the evolving crypto economy. What do you think about the stablecoin economy’s growth during the first month of 2024? Share your thoughts and opinions about this subject in the comments section below. View the full article