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Из жизни альткоинов

TRM Labs: Стейблкоин USDT стал самым популярным активом преступников

bits.media/ - чт, 03/28/2024 - 13:19
Эксперты компании TRM Labs сообщили, что стабильная монета компании Tether стала наиболее популярным средством оплаты при противозаконных сделках с виртуальными активами.

Аналитики: После внедрения цифрового рубля его доля в платежах может превысить 41%

bits.media/ - чт, 03/28/2024 - 13:11
Эксперты Национального исследовательского университета Высшей школы экономики считают, что после полного внедрения доля цифрового рубля в платежах может составить не менее 41 %.

Банк «Тинькофф» получил лицензию на выпуск цифровых финансовых активов

bits.media/ - чт, 03/28/2024 - 12:40
По решению ЦБ России, банк «Тинькофф» внесен в реестр операторов информационных систем, осуществляющих выпуск цифровых финансовых активов (ЦФА).

Капитализация MicroStrategy превысила $31 млрд

bits.media/ - чт, 03/28/2024 - 12:15
Рыночная капитализация компании MicroStrategy достигла нового максимума, преодолев уровень в $31,85 млрд. Сейчас MicroStrategy занимает 606 строчку в мировом рейтинге компаний по вышеуказанному показателю.

FTX Fallout: Victims’ Stories Pile Up As Sam Bankman-Fried Faces Judge

bitcoinist.com - чт, 03/28/2024 - 11:50

The upcoming sentencing of Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange, is taking on a new dimension as the emotional and financial wreckage left behind by the company’s collapse comes to light.

The US Department of Justice submitted 52 victim impact statements to the court, painting a grim picture of lives upended and dreams shattered. A former member of the FTX Unsecured Creditors Committee detailed the loss of his entire $4 million life savings, forcing him out of work and into a deep depression. The incident, according to his statement, even strained his marriage.

FTX Victims Reveal Their Miseries

DOJ has submitted further 52 Victim statements

Well done to everyone Common thread

Sullivan Cromwell lies to CFTC Sullivan Cromwell knew about Alameda backdoor We are not whole at petition date prices (debtor lies) Debtors ignoring property rights of customers Petition date… pic.twitter.com/CDcy70Nl3v

— Sunil (FTX Creditor Champion) (@sunil_trades) March 27, 2024

For an Italian woman, the collapse of the crypto exchange was a brutal double blow. Having previously lost funds in another crypto platform, Celsius Network, she saw FTX as a safe haven. However, the exchange’s demise triggered severe mental trauma, further impacting her marriage.

Another victim recounted how he poured his savings into FTX, lured by the exchange’s high-profile advertising and the promise of a future business venture. Now, with FTX gone, those dreams have vanished.

These are just a few of the harrowing stories emerging, each highlighting the human cost of the FTX debacle.

Beyond the financial losses, the statements reveal a deep sense of betrayal. Victims trusted the company, a seemingly established exchange, only to have their faith shattered.

Many argue that the current legal proceedings fail to adequately address their needs. One victim, for instance, stressed the importance of valuing lost assets based on their current market value, not just their worth at the time of FTX’s bankruptcy filing.

There’s a glimmer of hope, however. The recent sale of FTX’s shares in artificial intelligence firm Anthropic for $884 million could provide a source of funds for potential reimbursement. However, the path to full compensation for victims remains unclear, and the legal complexities of asset valuation and distribution are sure to present significant challenges.

DOJ Recommends 50 Years For SBF

This human cost of the FTX collapse serves as a stark reminder of the risks associated with cryptocurrency investments. While the potential for high returns exists, the lack of robust regulations can leave investors vulnerable. The FTX saga underscores the urgent need for increased oversight and investor protection in the evolving world of digital assets.

The DOJ’s sentencing memorandum recommends a prison term of 40 to 50 years for Bankman-Fried, who was convicted of seven fraud and conspiracy charges in November.

Bankman-Fried’s defense team, on the other hand, is advocating for a lighter sentence of no more than 6.5 years. The sentencing is scheduled for 9:30 a.m. ET on March 28, as Judge Lewis Kaplan nears a decision on the case.

Meanwhile, victims look to Kaplan to consider their emotional and financial hardships when sentencing the former FTX big boss, Sam Bankman-Fried. They also hope their stories will push the Federal Court towards a more victim-centric approach to compensation.

Whether justice can truly be served for those whose lives have been irrevocably altered by the FTX collapse remains to be seen.

Featured image from Freepik, chart from TradingView

Разработчику Tornado Cash Алексею Перцеву грозит более 5 лет тюрьмы

bits.media/ - чт, 03/28/2024 - 11:42
Прокуратура Нидерландов намерена просить суд приговорить сооснователя криптовалютного миксера Tornado Cash Алексея Перцева к тюремному заключению более чем на 5 лет.

Ripple CLO Says Coinbase Vs. SEC Is ‘Far From Over’, Here’s What’s Next

bitcoinist.com - чт, 03/28/2024 - 10:40

On Wednesday, Judge Failla from the Southern District Court of New York denied Coinbase’s motion to dismiss the Securities and Exchange Commission’s (SEC) case against the exchange. The SEC accuses Coinbase of operating as an unregistered exchange, broker, clearing agency, and alleges that its Staking Program engages in the unregistered offer and sale of securities.

Ripple CLO Remains Optimistic

Despite this setback for Coinbase, Ripple’s Chief Legal Officer, Stuart Alderoty, suggests that this legal battle is only in its initial stages.

Alderoty remarked via X (formerly Twitter), “A quick knock out punch would have been nice, but at the end of the day, the wheels of justice move slowly, eventually siding with the good guys. The CB Judge gave the SEC the benefit of doubt at this early stage – as she must. This is far from over.”

His comments echo the sentiments of Coinbase’s Chief Legal Officer, Paul Grewal, who also took to X to express his views: “Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SEC’s internal views and discussions on crypto regulation. […] Looking ahead, we remain confident in our legal arguments and are eager for the opportunity to take discovery from the SEC for the first time.”

What’s Next For Coinbase Vs. SEC

The question of what lies ahead for Coinbase in the aftermath of Judge Failla’s ruling has been a topic of considerable interest. Eleanor Terrett, a journalist with FOX Business, shed light on the subsequent steps: “NEW: So what’s next for Coinbase following Judge Failla’s ruling? The Court will set a full discovery schedule and each side can request documents for the discovery process.

Terrett added, “Sources familiar tell me: ‘Some of this case could be undermined and exposed through discovery so Coinbase will attempt to get as much discovery on the SEC as they can during this process, and the SEC will do the same.’”

She also drew parallels to the discovery process in the Ripple case, which provided unprecedented insights into the SEC’s internal viewpoints on Ripple and the broader cryptocurrency market. The process of discovery, summary judgment brief filings, and the possibility of a trial suggests that the legal proceedings between Coinbase and the SEC will extend well over a year.

In the interim, Coinbase might explore the option of filing an “interlocutory appeal” against some or all parts of the motion to dismiss denial, based on the strategic judgment of its legal team. This route was previously attempted by the SEC in the Ripple case following Judge Torres’s summary judgment decision, although it was ultimately unsuccessful due to the stringent criteria for interlocutory appeals prior to final judgments.

Carlo.eth, a prominent member of the Ethereum community and defense lawyer, commented on the strategic importance of the discovery phase for Coinbase: “I think Coinbase welcomes the chance at full discovery to get a good look under the SEC’s hood. Will likely give them a lot of momentum going into the summary judgment phase.”

At press time, COIN traded at $256.7, down roughly -9% since the news broke.

Экоактивисты Save Carbon County подали в суд на майнера биткоина Stronghold Digital Mining

bits.media/ - чт, 03/28/2024 - 10:10
Общественная группа Save Carbon County подала иск против Stronghold Digital Mining, утверждая, что деятельность майнинговой компании наносит существенный ущерб экологии штата Пенсильвания.

Ки Ён Джу: «В этом бычьем цикле интерес институционалов к биткоину на другом уровне»

bits.media/ - чт, 03/28/2024 - 09:46
Глава аналитической платформы CryptoQuant Ки Ён Джу отметил, что в текущем бычьем цикле значительно выделяются институциональные инвесторы ― они купили биткоинов на $86 млрд за последние полгода.

Ларри Финк «крайне позитивно» смотрит на перспективы биткоина

bits.media/ - чт, 03/28/2024 - 09:22
Гендиректор крупнейшей компании по управлению активами BlackRock Ларри Финк заявил, что все еще видит огромные перспективы для биткоина, а популярность спотовых ETF только подтверждает его мнение.

House GOP Pressures SEC To Clarify Ethereum’s Security Designation For Prometheum’s Custody

bitcoinist.com - чт, 03/28/2024 - 05:30

In a joint effort, Republican lawmakers led by House Financial Services Committee Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson have called upon Securities and Exchange Commission (SEC) Chair Gary Gensler to provide further clarification on the agency’s stance regarding the custody of Ethereum (ETH) by Prometheum

The lawmakers, including Representatives French Hill, Dusty Johnson, Tom Emmer, and Warren Davidson, expressed concerns over the lack of transparency in the SEC’s Special Purpose Broker-Dealer (SPBD) regime and the potential ramifications of allowing Prometheum to proceed with its custody services for ETH.

Recognition Of Ethereum As Non-Security

In their letter sent on Tuesday, the lawmakers emphasized the SEC and Commodity Futures Trading Commission’s (CFTC) previous recognition of Ethereum as a non-security digital asset. 

Based on this precedent, they pointed out that the SEC’s current regulatory framework does not permit SPBD custody of non-security digital assets. The lawmakers also warned that allowing Prometheum to proceed under these circumstances could have “irreparable consequences” for the digital asset markets.

The Republican lawmakers urged Chair Gensler to clarify the SEC’s position on several key aspects, including the ability of SPBDs to custody non-securities, the SEC’s approach to addressing SPBD non-compliance, Ethereum’s regulatory classification, and the SEC’s specific stance regarding Prometheum’s recent announcement.

The letter further raised concerns about the lack of a clear definition for “digital asset securities” and the SEC’s failure to provide comprehensive guidance or propose rules for asset classification within the digital asset marketplace. 

The lawmakers also expressed their disappointment with Chair Gensler’s refusal to acknowledge Ethereum as a non-security digital asset, stating that his “unwillingness” to clarify the treatment of ETH has contributed to the confusion and uncertainty surrounding its classification.

Lawmakers Urge Resolution

The lawmakers criticized the SEC for creating “uncertainty” among regulated entities by failing to identify which digital assets should be considered “digital asset securities.” 

They referenced temporary frameworks established to facilitate trading and custodial services for digital asset securities. The SEC’s Division of Trading and Markets issued a no-action letter to FINRA in September 2020 outlining conditions for registered broker-dealers to operate an Alternative Trading System (ATS) trading digital asset securities. The letter further reads:

Despite this history of recognizing Ethereum as a non-security digital asset, you have consistently refused to acknowledge that ETH is not a security. In your March 2023 testimony before the House Committee on Financial Services you declined to answer multiple questions about whether ETH should be considered a commodity. Your unwillingness to clarify the treatment of ETH only exacerbates the confusion and uncertainty regarding ETH’s classification as demonstrated by the Prometheum announcement.

Ultimately, the letter stressed the need for regulatory clarity and a comprehensive approach to digital asset classification to minimize uncertainty and foster growth within the digital asset ecosystem. 

They called on Chair Gensler to address their concerns promptly, considering the potential implications for market participants and the broader digital asset markets. 

Chair Gensler and the SEC have yet to respond to the letter formally, but the industry awaits further developments as the regulatory landscape for digital assets continues to evolve.

Featured image from Shutterstock, chart from TradingView.com 

Shiba Inu Scores Another Major Exchange Listing Amid Recovering Prices

bitcoinist.com - чт, 03/28/2024 - 03:00

Shiba Inu has gained another remarkable milestone by scoring a major listing on Bit.com.au, an Australian cryptocurrency exchange. This achievement adds to SHIB’s growing list of accomplishments, reflecting the cryptocurrency’s recent surge in momentum and impressive performances.

Australian Crypto Exchange Lists SHIB

On Monday, March 25, Bitcoin.com.au officially announced the listing of Shiba Inu’s native token, SHIB on its platform. This move comes as part of the Australian exchange’s efforts to expand its cryptocurrency offerings and cater to the growing demand for cryptocurrencies among Australian investors.

Interestingly, Bitcoin.com.au is a cryptocurrency exchange that has been operating since 2015, providing crypto trading services to thousands of users in Australia. The exchange’s decision to list Shiba Inu reflects its recognition of the cryptocurrency’s rising popularity and future potential. 

Recently, SHIB has been gaining traction, growing rapidly in popularity in different regions globally. The cryptocurrency has also recorded a position as one of the top most searched digital currencies on Google, second to Bitcoin in regions like Europe. 

Due to the meme coin’s increasing popularity, many exchanges including Binance, Coinbase, and Bybit have listed it on its platform. Additionally, its growing interest among traders and investors effectively underscores the cryptocurrency’s burgeoning potential and appeal. 

In addition to Shiba Inu, Bitcoin.com.au offers a plethora of other cryptocurrency options, including leading digital assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE)

Shiba Inu Extends Its Reach Into Australian Markets

Shiba Inu’s official integration into Bitcoin.com.au’s crypto offerings marks a significant achievement, as it provides Australian investors access to the popular doggy-themed meme coin. This development effectively extends the reach of Shiba Inu into the Australian markets, providing solid ground for more growth and development within the ecosystem. 

With Australia being home to a surging cryptocurrency community, SHIB is poised to potentially gain widespread adoption as investors delve into the opportunities available in the cryptocurrency. Additionally, Bitcoin.com.au may benefit from new users as well as Shiba Inu’s large community of investors and supporters. 

This listing also comes at a time when Shiba Inu has been experiencing a resurgence in prices and investor interest. In the past month, the cryptocurrency has surged by approximately 215.32%, pushing its price up to about $0.00003, at the time of writing. 

Despite previous market fluctuations, SHIB has demonstrated resilience and has continued to capture the attention of investors and traders globally. As the cryptocurrency continues to achieve new milestones in expanding its presence, its listing on Bitcoin.com.au further solidifies its position as a prominent player in the digital asset landscape.

Ethereum Designated As Commodity By CFTC, Triggering Regulatory Conflict With SEC

bitcoinist.com - чт, 03/28/2024 - 01:30

A recent development highlights the ongoing interagency drama between the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC): the classification of major cryptocurrencies has become a focal point of contention. 

Once again, the CFTC has affirmed its position that Ethereum (ETH) and several other cryptocurrencies should be classified as commodities, intensifying the battle for regulatory oversight in the expansive digital assets industry.

Regulatory Rift With SEC Over Bitcoin, Ethereum, And Litecoin Classification

The latest episode in this regulatory feud unfolded with the CFTC filing a complaint against the crypto exchange KuCoin, coinciding with the unsealing of an indictment by the US Department of Justice (DOJ) against KuCoin and its founders, Chun Gan and Ke Tang. 

The CFTC’s complaint alleged that KuCoin engaged in illegal off-exchange commodity futures transactions and leveraged, margined, or financed retail commodity transactions. 

Furthermore, the exchange was accused of operating without the necessary registrations, failing to supervise its activities diligently, and neglecting to implement an effective customer identification program.

However, the most striking aspect of the complaint lies in the CFTC’s assertion that KuCoin facilitated trading involving digital assets such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), recognizing them as commodities. 

This starkly contrasts with the SEC’s current stance, championed by Chair Gary Gensler, which suggests that only Bitcoin holds the commodity classification, leaving other cryptocurrencies outside this designation, including Ethereum.

This ongoing turf war over cryptocurrency classification has a history, as evidenced by the CFTC’s previous lawsuit against Binance last year, where Ethereum and Litecoin were also deemed commodities. 

Legal Experts Suggest Turf War Over Crypto Jurisdiction

The discrepancies between the two regulatory bodies have sparked debate within the industry, with legal experts such as Jake Chervinsky, Chief Legal Officer at venture capital firm Variant, interpreting the CFTC’s position as a challenge to the SEC’s authority. 

Chervinsky suggests that the CFTC’s message to the SEC is that numerous digital assets should be regarded as commodities, indicating that the cryptocurrency space is within the jurisdiction of both agencies, even if the CFTC’s approach is less vocal. Chervinsky’s statement further reads:

Usually, the SEC and CFTC pretend they aren’t in a turf war over crypto. Today the CFTC is openly attacking the SEC’s supposed investigation of ETH. This may seem minor, but is actually pretty savage interagency drama by DC standards… I read it as CFTC saying to SEC ~ a ton of other digital assets are commodities too and you’re not the only one who gets to judge them; this space belongs to us just as much as you, even if we aren’t as loud about it.

As the CFTC and SEC clash intensifies, the industry awaits further developments and official rulings that will shape the regulatory landscape for cryptocurrencies and their respective classifications.

At the time of writing, the price of ETH stands at $3,543, experiencing a slight 0.6% decline in the past 24 hours. This follows a notable 5% rebound over the past seven days.

Featured image from Shutterstock, chart from TradingView.com 

Dogecoin On-Chain Metrics Explode As Bulls Drive 36% Rally

bitcoinist.com - чт, 03/28/2024 - 00:00

Dogecoin has been heating up recently and this has been apparent in both its price, as well as its on-chain meme metrics. With investor interest now turning back to the OG meme coin, there has been some marked increase in its on-chain metrics, which suggests that the rally might just be starting.

Dogecoin On-Chain Metrics See Significant Increase

Among the Dogecoin on-chain metrics that have seen a significant uptick in recent days, three in particular stand out the most. These include the transaction count, number of whale transactions, and the age consumed of DOGE tokens.

Transaction count and whale transactions saw a notable shift as the price began to recover. As data from the on-chain tracking platform Santiment shows, these active transactions rose significantly from 1.22 billion to 9.2 billion in the space of two days. Looking at the DOGE chart, it shows a correlation during this time between the increase in its price and its transaction count.

Following the same path, the whale transactions, also know as large transactions rallied at this time. These transactions which are carrying DOGE tokens worth $100,000 or more spiked from around 1,500 daily transactions at the start of March to over 4,000 daily transactions toward the end of the month.

The third metric that has seen an increase during this time is the age consumed. The “Age Consumed” here refers to the amount of time that DOGE tokens are being held by investors. So rather than selling their coins, more Dogecoin investors are choosing to hold onto them in anticipation of more upside.

DOGE Bulls Face Resistance

Despite Dogecoin showing considerable strength recently, it continues to face considerable resistance from bears who struggle to pull down the price. The main price point of contention now is $0.2, where the bears have mounted resistance.

Since hitting this level in early March, Dogecoin has been unable to revisit it, making it the level to beat. Nevertheless, the coin is sitting above its 50-day moving average, which means DOGE is skewing toward buy for the short term.

In addition to its on-chain metrics heating up, the Dogecoin daily trading volume witnessed a 13% increase in the last day, suggesting increased interest. If these metrics continue to rise, it could translate to demand for DOGE and this could trigger a rally above $0.2.

At the time of writing, Dogecoin is holding steady above $0.18 and maintaining a 36% gain on the 7-day chart.

Tether’s Dark Crown: Most Used Stablecoin In Illicit Crypto Transactions? Reports TRM

bitcoinist.com - ср, 03/27/2024 - 22:30

While Tether (USDT), the world’s leading stablecoin, has been pivotal in facilitating transactions across the blockchain space, a recent analysis by blockchain analytics firm TRM Labs sheds light on a less desirable aspect of USDT’s ubiquity: its significant use within illicit crypto flows during the past year.

This development unfolds against declining overall volumes of illegal transactions in the crypto sector, a trend attributed to heightened sanctions and regulatory actions against various entities within the ecosystem.

At the Heart Of Illicit Crypto Transactions?

According to TRM Labs’ review, Tether accounted for $19.3 billion of the illicit transaction volume in 2023, marking a decrease from $24.7 billion in the preceding year. Despite this reduction, USDT remained the most utilized stablecoin for criminal purposes, including a notable dominance in terrorist financing activities.

TRM’s findings specifically highlight the use of USDT on the Tron blockchain, which hosts a “significant portion of Tether’s total volume,” as the preferred currency for terrorist financing entities. According to TRM, this blockchain saw a 125% increase in terror-financing-related addresses receiving USDT.

The analysis further breaks down the distribution of illicit flows across major blockchains. Tron was responsible for 45% of these flows, showing an increase from the previous year.

According to the report, the Ethereum and Bitcoin blockchains followed, facilitating 24% and 18% of the illegal transactions.

In comparison, the second-largest stablecoin, USDC, issued by Circle, was linked to a lower volume of illicit activity, totaling $428.9 million.

A Tether spokesperson said to Bloomberg in response to the TRM Labs report:

While we don’t have access to the report, historical evidence repeatedly shows that transactional figures have often been exaggerated due to a misinterpretation of data that assumes that if a service receives some small portion of illicit funds then all funds in the service are illicit, significantly inflating the actual values.

Notably, this shift in the landscape of illicit crypto transactions coincides with a broader trend of declining illegal fund volumes in the sector, which fell to $34.8 billion in 2023 from $49.5 billion the year before, as highlighted by TRM.

TRM Labs attributes this positive development partly to a “threefold increase in sanctions” and regulatory measures targeting “crypto-related businesses and individuals.”

Tether’s Efforts And Regulatory Scrutiny

Despite TRM’s claims in the report, Tether’s stance against the misuse of its stablecoin is worth noting. Last year, Tether collaborated with US authorities and the OKX crypto exchange to freeze $225 million of its stablecoin linked to a criminal syndicate.

Furthermore, last year, Tether faced criticism, including from the United Nations Office on Drugs and Crime, which pointed out the popularity of stablecoin among money launderers and fraudsters, especially in the context of online gambling platforms.

In response to these criticisms, Tether defended its operations, emphasizing the “transparency” and “traceability” of transactions on public blockchains, which, according to Tether’s CEO, Paolo Ardoino, makes USDT an “impractical choice” for conducting illicit activities.

The company also expressed disappointment over assessments that focus solely on the negative uses of its stablecoin, arguing that such perspectives overlook USDT’s role in supporting developing economies in emerging markets.

Featured image from Unsplash, Chart from TradingView

Ethereum Founder Vitalik Buterin Praises Shiba Inu Over Its Performance

bitcoinist.com - ср, 03/27/2024 - 21:00

Ethereum’s co-founder Vitalik Buterin recently heaped some praise on the Shiba Inu (SHIB) network following a transaction that he performed involving the meme coin. His statement immediately impacted SHIB’s price, with the crypto token recording some gains in the last 24 hours. 

Shiba Inu Performs Beyond Expectations

Vitalik mentioned in an X (formerly Twitter) post that “SHIB massively outperformed” his expectations. He made this statement while revealing that he had donated SHIB to the Future of Life Institute (FLI). The Ethereum co-founder suggested that he had made this donation long beforehand in fear that the transaction would take a while before being processed. 

However, that was not the case, as indicated by Vitalik’s praise for Shiba Inu, which means the transaction was processed faster than he expected. Meanwhile, in his tweet, Vitalik alluded to a “crypto relief” situation, and it is worth mentioning that this isn’t the first time that the Ethereum co-founder has made a donation with the meme coin.

In May 2021, Vitalik donated over $1 billion worth of crypto (which included 50 trillion SHIB tokens) to the crypto campaign relief. That was an Indian COVID relief fund kickstarted by Polygon’s co-founder Sandeep Nailwal to help out with the high number of COVID-19 cases the country was experiencing. 

Meanwhile, the SHIB tokens that Vitalik donated were reportedly part of the 500 trillion SHIB he had received from the creator of the meme coin. Interestingly, Vitalik burned approximately 420 trillion worth of SHIB coins (almost half of the token’s circulating supply as of then). He explained then that he did this to support the meme coin. 

Evidence Of Shiba Inu’s Growth

Vitalik’s recent statement about Shiba Inu also exemplifies how the ecosystem has grown since the meme coin was launched in 2020. SHIB has progressed from being just a meme coin, which was probably just created for fun, to becoming a crypto token that provides real-life utility. Its utility has also become more profound with the launch of the layer-2 network Shibarium.

Shibarium was designed to help improve the Shiba Inu ecosystem by improving transaction speed and lowering gas fees. Therefore, it is not surprising that Vitalik is getting a better feel of Shiba Inu than when he made a transaction with the meme coin in 2021. His statement is a testament to this fact and could serve as a much-needed endorsement going forward.

At the time of writing, SHIB is trading at around $0.00003055, up over 3% in the last 24 hours according to data from CoinMarketCap. 

Is KuCoin The Next FTX? CryptoQuant’s CEO Has The Answer

bitcoinist.com - ср, 03/27/2024 - 20:00

On Tuesday, the US Department of Justice announced criminal charges against the global crypto exchange KuCoin and two of its founders, Chun Gan (also known as “Michael”) and Ke Tang (also known as “Eric”). The charges, related to conspiring to operate an unlicensed money transmitting business and violations of the Bank Secrecy Act, have stirred concerns among users and investors about the future of the Seychelles-based exchange, echoing fears reminiscent of the FTX collapse.

Is KuCoin The Next FTX?

According to the official press release by the Southern District of New York, the indictment accuses KuCoin and its founders of deliberately failing to implement an adequate anti-money laundering (AML) program. This negligence allegedly facilitated the use of the platform for money laundering and terrorist financing activities.

Moreover, the exchange is accused of not maintaining necessary procedures to verify customer identities and failing to report any suspicious activities.

Despite these serious allegations, CryptoQuant CEO Ki Young Ju provided a contrasting view, focusing on the exchange’s operational and financial stability. Through a statement on X, Ju highlighted that, from an on-chain perspective, KuCoin’s Bitcoin (BTC) and Ethereum (ETH) reserves seem unaffected by the surge in withdrawals, primarily by retail users.

Ju remarked, “On-chain wise, Kucoin is fine. BTC and ETH withdrawals surged, driven mainly by retail users, with a small impact on the overall reserve. They appear to not commingle customers’ funds and have sufficient reserves to process user withdrawals.”

This reassurance comes at a crucial time when the memory of FTX’s downfall, triggered by liquidity issues and allegations of misusing customer funds, still lingers in the minds of the crypto community. Ju made a clear distinction between the reserve management practices of KuCoin and FTX, underscoring the organic nature of KuCoin’s BTC and ETH reserves in contrast to the problematic handling of funds by FTX.

“Kucoin’s BTC and ETH reserves appear organic, unlike those of FTX. They don’t commingle customers’ funds,” Ju stated and shared the Bitcoin and Ethereum exchange reserves charts by CryptoQuant.

Ju contrasted these charts with the one’s from FTX, noting “Here are FTX reserves for comparison. FTX commingled customers’ funds with their funds; you can see a lot of bulk deposits/withdrawals in the charts. It doesn’t look organic.”

As of now, KuCoin hold 5.949 BTC and 99.358 ETH, according to CryptoQuant’s data. The total balance of KuCoin’s portfolio across multiple chains is valued at $4.764 billion, according to Scopescan data.

At press time, the KuCoin token (KCS) traded at $11.42, down -20% since the news broke.

Американский суд признал Coinbase Wallet торговцем ценными бумагами

bits.media/ - ср, 03/27/2024 - 19:05
Окружной суд Нью-Йорка отказался признать американскую криптобиржу Coinbase брокером, но посчитал, что площадка участвовала в предложении и продаже незарегистрированных ценных бумаг.

Bitcoin Whales Go On $7 Billion Shopping Spree, New ATH Soon?

bitcoinist.com - ср, 03/27/2024 - 19:00

On-chain data shows the Bitcoin whales have gone on a huge buying spree in the past week, a sign that could be bullish for the coin’s value.

Bitcoin Whales Have Scooped Up More Than 100,000 BTC Recently

As pointed out by analyst Ali in a post on X, the BTC whales have purchased more than 100,000 BTC over the last week. The indicator of relevance here is the “Supply Distribution” metric from the on-chain analytics firm Santiment.

This indicator tells us about the total amount of Bitcoin that the different wallet groups in the market are holding right now. The addresses are divided into these cohorts based on the total number of coins that they are carrying in their balance.

The 1-10 coins group, for instance, includes all wallets holding at least 1 and at most 10 BTC. In the context of the current discussion, the whale cohort is the one of interest. These humongous entities are typically defined as investors owning between 1,000 and 10,000 BTC.

The chart below shows how the ‘Supply Distribution’ for the Bitcoin whales has changed over the past few months:

As displayed in the above graph, the total amount of Bitcoin supply held by the 1,000-10,000 BTC group has registered a significant jump over the past week or so.

During this buying spree, the BTC whales have added more than 100,000 BTC to their holdings, worth upwards of $7 billion at the current exchange rate of the cryptocurrency.

This latest accumulation from the whales started when BTC was trading around its recent lows, so it’s possible that these large investors believed those prices to be low enough to be profitable entry points, which is why they bought big at them.

As this buying has occurred, BTC’s bullish momentum has reignited, with its price now surging back above the $70,000 level. Given the close timing, it would appear that the whale accumulation was in part a driver for the rally.

Between the start of the year and the end of February, these humongous holders had been continuously buying more of the asset, with their holdings riding on an uptrend.

As the rally progressed further, though, these investors started falling for the allure of profit-taking as they had shifted towards a trend of net distribution instead.

With the recent buying, however, not only has the trend of net distribution reversed, but the supply of the whales has in fact also returned back to levels similar to the ones seen before the distribution had first begun.

If the Bitcoin whales can keep up this buying in the coming days, then the latest rally may be able to continue further, just like how it was earlier in the year.

Naturally, a continuation from here would mean the possibility of a brand new all-time high, as BTC currently isn’t far from setting one.

BTC Price

At the time of writing, Bitcoin is floating around the $71,000 mark, up more than 11% in the last seven days.

BREAKING: Coinbase Vs SEC Case Reaches Critical Point, Full Details Revealed

bitcoinist.com - ср, 03/27/2024 - 18:16

In a highly anticipated judgment with significant implications for the crypto industry’s legal battles against regulators in the United States, the court overseeing the Coinbase and US Securities and Exchange Commission (SEC) legal battle has delivered a ruling. 

The court found against the crypto firm, supporting the SEC’s claims that the platform operated as an exchange, broker, and clearing agency. However, the court also sided with the US-based exchange on certain SEC claims regarding its wallet. As a result, the case will proceed, marking a pivotal moment in the ongoing dispute.

Court Denies Coinbase’s Motion

The court’s decision stemmed from the SEC’s allegations that Coinbase facilitated transactions in crypto-asset securities without proper registration, violating Sections 5, 15(a), and 17A(b) of the Exchange Act. 

The SEC contended that Coinbase acted as a marketplace, bringing together buyers and sellers of “crypto-asset securities”, while also serving as a custodian of securities through its wallet system. In this regard, the court denied the exchange’s motion to dismiss Counts I, II, and III of the complaint, affirming the SEC’s claims.

Furthermore, the court found that Coinbase’s parent company, CGI, could be held liable as a control person of Coinbase under Section 20(a) of the Exchange Act. It determined that CGI exercised power and control over the crypto firm, managing and directing its operations, thus denying Coinbase’s motion to dismiss Count IV.

Mixed Ruling

Regarding the exchange’s Staking Program, the court agreed with the SEC’s argument that it constituted an investment contract under the Howey Test, making it subject to registration under the Securities Act. According to the ruling, the program allowed customers to stake various crypto assets, and the court found that Coinbase’s managerial efforts provided financial returns, meeting the definition of an investment contract. 

As a result, the court concluded that the SEC adequately alleged the exchange’s unregistered offer and sale of securities, denying Coinbase’s motion for judgment on the pleadings.

However, the court granted Coinbase’s motion concerning the SEC’s claims concerning its Wallet application. While the SEC alleged that the crypto firm conducted brokerage activity through Wallet, the court found the factual allegations insufficient to support the inference that the exchange acted as an unregistered broker.

Finally, both parties are directed to submit a proposed case management plan by the court on or before April 19, 2024. 

Commenting on the potential implications of this outcome, Edward Snowden wrote the following on his X account:

This doesn’t bother me. If the SEC keeps acting in bad faith like this, they’re going to lose so hard in court that they’ll never be able to do this to anyone ever again. Remember when the SEC got spanked so badly that Gensler had to approve BTC ETFs with tears in his eyes? yeah

Featured image from Shutterstock, chart from TradingView.com

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