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Bitcoin Bonanza: Peruvian Gold Miner Intends To Buy $1.7 Billion

bitcoinist.com - вт, 03/26/2024 - 09:30

On Monday, Peruvian gold miner Nilam Resources, Inc. (OTC PINK: NILA) has announced its intention to acquire a staggering 24,800 Bitcoin (BTC). The strategic initiative comes via a Letter of Intent (LOI) with Xyberdata Ltd, setting the stage for the acquisition of 100% of the common stock of MindWave, a special purpose entity to be established in Mauritius for holding the digital assets.

Following The Saylor Playbook

This significant shift towards digital asset investment by Nilam Resources involves the issuance of a newly authorized Preferred Class of Series C Stock, offered in exchange for the Bitcoin at a discount relative to current market prices. With the transaction, Nilam aims to secure digital assets exceeding one billion dollars in value, underpinning a broad strategic milestone for the company in its pursuit of diversification and innovation.

Pranjali More, CEO of Nilam Resources, Inc., underscored the strategic importance of the transaction, stating, “The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI).”

The collaboration with Xyberdata and the establishment of MindWave in Mauritius is part of Nilam’s strategic vision to harness the potential of Bitcoin. These assets will serve not only as a significant addition to the company’s portfolio but also as collateral to raise capital for investment in high-yield generating projects.

This move aligns with NILA’s broader objectives of fostering a finance ecosystem that is inclusive, sustainable, and defined by transparency, innovation, and sustainability. “We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact,” added Pranjali More.

The acquisition terms and further strategic details are anticipated to be laid out in subsequent definitive agreements. The completion of this acquisition will see MindWave becoming a fully owned subsidiary of Nilam Resources, with MindWave shareholders exchanging their equity interest for the newly issued Preferred Stock (Class C).

This class of stock will entail conversion rights upon a listing on NASDAQ or another national exchange, among other liquidity events, signaling a significant future milestone for Nilam Resources in the public financial markets.

Bitcoin Community Reacts With Doubts

However, the announcement has been met with skepticism and caution by several notable figures within the Bitcoin community. Matthew Sigel, Head of digital assets research at VanEck, hinted at Nilam’s strategic inspiration, stating, “IN SAYLOR HE TRUSTS –>MOGO, $50M market cap payments company, which owns 13% stake in crypto exchange WonderFi (WNDR CN, mkt cap $180M) announces plans to add Bitcoin to company treasury.”

Tuur Demeester, a respected Bitcoin OG and analyst for Adamant Research, expressed his reservations more bluntly: “I removed my tweet about that gold explorer buying 24k BTC, after a commenter pointed out that it’s indeed a stunt from a dying penny stock (market cap of $5M). Perhaps it’s a harbinger of what will come, but this, indeed, is _not_ huge news.”

This sentiment reflects a broader skepticism about the motivations behind Nilam’s pivot to Bitcoin, questioning the solidity of the company’s financial strategy.

Criticism also came from @hodlonaut, who voiced concerns about the nature of the transaction and the methods Nilam might employ to secure the funds for such a significant purchase, stating, “Not sure what type of fiat abomination NILAM is, or what type of accounting voodoo they intend to deploy to raise the funds, but I do know they want 24,800 btc and that there will never be more than 21M. A storm is brewing.”

Bitcoin analyst Dyan LeClair added that MOGO is a microcap OTC stock, “so this can only work if there is demand for the equity sale. A letter of intent is one thing, actually executing is another. Likely flops, and is for PR purposes. On the contrary, we live in meme world, who knows what happens.”

At press time, BTC traded at $70,316.

FTX Set To Cash In $884 Million From Majority Stake Sale In Anthropic

bitcoinist.com - вт, 03/26/2024 - 06:00

Bankrupt crypto exchange FTX will sell two-thirds of its stake in artificial intelligence (AI) startup Anthropic for $884 million, according to a Bloomberg report. The move comes as FTX seeks to repay its creditors and bolster its cash reserves. 

The sale involves various buyers, including ATIC Third International Investment Company LLC, associated with the United Arab Emirates (UAE) sovereign wealth fund Mubadala, Jane Street, Fidelity Management and Research, and venture capital firm HOF Capital.

FTX Approved To Sell Ownership

In 2021, FTX invested $500 million in Anthropic, a year before facing bankruptcy amidst allegations of fraud. Anthropic, known for its AI research work, attracted significant investments from tech giants Amazon and Alphabet Inc.’s Google in 2023, valuing the startup at up to $6 billion.

The FTX bankruptcy estate currently owns an 8% stake in Anthropic, making it one of the estate’s most valuable assets. As of last month, the estate’s cash reserves were valued at approximately $6.4 billion. 

FTX officials have expressed confidence in repaying all of the company’s creditors, and the sale of the Anthropic stake is expected to significantly contribute to that effort.

As previously reported by Bitcoinist, US bankruptcy Judge John Dorsey approved the decision to sell the Anthropic shares in February. Initially, FTX’s creditors had reservations about the sale, asserting that FTX had acquired the shares using customer funds. 

However, FTX’s promise to use the sale proceeds to repay its creditors convinced them to approve the proposal. The condition for approval was that the sale proceeds be used to repay the creditors.

Anthropic Undergoes Ownership Change

According to Bloomberg, the sale of the majority stake in Anthropic will allow FTX to generate substantial funds, which will be crucial in addressing its financial obligations. 

For Anthropic, the sale represents a change in ownership but does not diminish its position as a key artificial intelligence startup. The company’s previous investments from Amazon and Alphabet Inc.’s Google have bolstered its position in the rapidly growing field.

Following the sale of the majority of the exchange’s shares in the startup, which company will have the majority of ownership in Antrophic remains to be seen. 

FTX’s decision to sell its majority stake in Anthropic for $884 million is an important step in the bankruptcy reorganization process. By selling its stake, FTX aims to fully repay its creditors and strengthen its financial position. The sale also demonstrates the increased interest in AI-related startups that has significantly increased the exchange’s initial $500 million investment. 

As of the current update, the native token of the exchange, FTT, is trading at $2.22, showing a 9% rebound in the last 24 hours. This follows its notable year-to-date surge of 74%. 

Featured image from Shutterstock, chart from TradingView.com

Crypto Houdini? Binance Exec Escapes From Nigerian Custody Amid Tax Evasion Charges – Report

bitcoinist.com - вт, 03/26/2024 - 04:30

One of the two senior executives from crypto exchange Binance has escaped from the Nigerian authorities as criminal charges were pressed against him. The executive was first detained on February 26 as part of Nigeria’s actions against the exchange.

According to local reports, Nigeria’s Federal Government filed Tax evasion charges against Binance amid the escapist turmoil.

From Binance Executive To Crypto Escapist

A Nigerian newspaper revealed that Nadeem Anjarwalla, one of the two detained Binance executives, escaped from the government’s custody almost a month after his detention. According to the report, the executive fled the country on March 22.

After the detention, Anjarwalla remained in custody at an Abuja guest house with Tigran Gambaryan, who was also detained. On Friday, guards on duty took the now-fugitive to a nearby mosque “for prayer in the spirit of the ongoing Ramadan fast.” However, Anjarwalla escaped and allegedly flew out of Abuja on a Middle East Airline.

The logistics for the escape have raised plenty of questions for authorities. The executive, who holds dual British and Kenyan citizenship, had his passport confiscated during the detention.

The investigation has unveiled that the fugitive fled the country with his Kenyan passport. Nonetheless, how he got access to this passport remains a mystery to authorities as he only carried his British travel document when detained in February.

Sources told the local news publication that the guest house where the Binance executives were held was “comfortable” and “allowed many rights.” The phone privileges are now believed to have been exploited by Anjarwalla to plot his escape.

Authorities are working on discovering the fugitive’s intended destination to get him back into custody. Moreover, the country’s authorities are allegedly in talks with Interpol to issue an international arrest warrant.

A Binance representative confirmed to CNBC that the exchange is aware of the situation and affirmed that they are collaborating with Nigerian authorities on the matter:

We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue.

Binance Faces Tax Evasion Charges In Nigeria

As reported by Bitcoinist, Nigeria’s crackdown on Binance saw the crypto exchange fined $10 billion earlier this month, alleging that the platform was responsible for the devaluation of the Nigerian naira.

Subsequently, the government sent a request to the exchange’s CEO, Richard Teng. The ultimatum demanded Teng to address the allegations of “terrorist financing, money laundering, and tax evasion” in the country.

The most recent reports show that the Nigerian government filed tax evasion charges against the crypto exchange as the shocking news of Anjarwalla’s escape hit the world.

The four charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service. Besides Binance, Anjarwalla and Gambaryan appear as the second and third defendants against the accusations.

Per the local report, the charges levied against the exchange include “non-payment of Value-Added Tax, Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.”

The Nigerian federal government also accused the crypto exchange of failing to register with the Federal Inland Revenue Service (FIRS) for tax purposes and “contravening existing tax regulations within the country.”

In November 2023, Binance pleaded guilty to charges relating to anti-money laundering in the US. This resulted in a $4.3 billion settlement with authorities, including Changpeng Zhao, stepping down as the crypto exchange’s CEO.

SEC Declares Binance A ‘Threat’, Imposes Access Restrictions On Philippine Users

bitcoinist.com - вт, 03/26/2024 - 03:00

The Philippines Securities and Exchange Commission (SEC) has taken a significant regulatory step by blocking local access to Binance, the world’s largest cryptocurrency exchange by trading volume. 

According to a release issued by the regulator on Monday, the SEC’s decision was based on Binance’s failure to obtain the necessary license from the commission to operate as an investment and trading platform. 

Binance’s Website And Services Blocked 

In its March 12 meeting, the SEC approved filing a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binance’s website and related web pages. 

The SEC said Binance was offering investment and trading services without the required license and allegedly posed a “threat” to the safety of Filipino investors’ funds. SEC Chairman Emilio Aquino emphasized the importance of protecting the interests of investors in the request sent to the NTC. Aquino states:

The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing  Filipinos.

With an average daily trading volume of $65 billion and support for over 402 cryptocurrencies, Binance has gained a substantial user base of more than 183 million members in the Asian country, according to the regulator.

However, the SEC emphasized that Binance has not obtained the necessary license to solicit investments from the public or operate a securities exchange. Consequently, the SEC issued a public warning against investing in or using Binance’s services. 

The commission has been actively exploring the possibility of blocking Binance’s website and online presence in the Philippines since November 2023. However, due to the “sizable operations” of Binance, the SEC has allowed sufficient time for investors to transition their portfolios toward authorized investment products and platforms.

CommEX To Close Operations Following Binance Acquisition

CommEX, the exchange that acquired Binance’s Russia business in September, has announced its decision to shut down. As per the company’s statement on its website, the delisting process will commence on May 10, rendering users unable to access any content associated with the exchange. However, a series of steps will be implemented, leading to the closure.

Effective March 25, 2024, CommEX will stop new user registrations, asset transfers from Binance, and fiat and cryptocurrency deposit services. Then, on March 28, the exchange will stop opening positions for simple futures and futures trading and only allow users to close existing positions.

More changes will follow: Starting April 2, 2024, P2P services will prohibit merchants from creating new advertisements and prevent users from creating new orders; the system will automatically close existing P2P orders and advertising services.

Trading pairs for Simple Futures and Futures Trading will be delisted on April 18, prompting users to close all open positions to avoid automatic settlements. In addition, the spot market will be closed on April 23rd, automatically canceling all spot orders and disabling the Convert feature.

Finally, on May 10, 2024, the official website of CommEX will be delisted, resulting in the unavailability of any content related to the exchange.

Featured image from Shutterstock, chart from TradingView.com

Dogecoin Price Action: Why A 10% Drop Would Cost Traders $66 Million

bitcoinist.com - вт, 03/26/2024 - 02:00
Dogecoin Price Drop To $0.15 Would Wipe Out $66 Million

The Dogecoin price is still holding steady above $0.17, but long traders face a threat if the price were to break down and retreat from here. According to data from Coinglass, there are a lot of traders who would lose money if the DOGE price were to fall 10% from its current level.

The liquidation heat map on the website shows that right above the $0.153 level, there is a lot of leveraged longs. A total of 2.43 million DOGE in leveraged longs have their liquidation price at this point, and a drop below this price mark would lead to massive liquidations. In total, there are $66.89 million worth of longs at this level, and a 10% drop would trigger this liquidation trend.

Source: Coinglass

On the other end of the spectrum, there are a large number of leveraged shorts that will be liquidated if the price were to rise another 10% from here. Coinglass data shows that the liquidation volumes, if Dogecoin moves above $0.1908, would cross more than $55 million.

In the shorter term, short traders stand to suffer $20 million in liquidations if the DOGE price reaches $0.18. Whole long traders risk a similar amount if the price of the meme coin breaks down below $0.17.

Can DOGE Price Reclaim $0.2?

The Dogecoin price continues to get a lot of support, and one of the most recent instances of this is the price surging when the social media platform X (formerly Twitter) announced that it had gotten a number of licenses for its money transmitter business.

Crypto analysts have also shown bullishness toward the meme coin, expecting the Dogecoin price to continue to rise. One such case is from crypto analyst DonAlt who believes that the DOGE price could reach a new all-time high with a target at $1.

DonAlt explains that the meme coin has being trading quite well alongside Bitcoin, so the possibility that it rallies towards $1 is high. The crypto analyst believes that DOGE is a great investment and it would be a great buy if it does dip to $1 again.

Bitcoin Shatters Profit-Taking Streak From 2021 Bull Run

bitcoinist.com - вт, 03/26/2024 - 01:00

On-chain data shows the recent Bitcoin consecutive profit-taking day streak has now surpassed the longest run from the 2021 bull rally.

Bitcoin Has Now Seen 157 Straight Days Of Net Profit-Taking

As analyst James Van Straten explained as a new post on X, BTC has already surpassed the longest profit-taking spree from the previous bull run during this rally so far.

The relevant indicator here is the “Net Realized Profit/Loss,” which tracks the net amount of profit or loss (in USD) that Bitcoin investors as a whole are realizing with their selling.

This metric works by going through the on-chain history of each sold coin to see what price it was moved at before this. Assuming that the last transaction of the coin was the last point at which it changed hands, the price at its time would have been its cost basis leading up to its latest sale.

The indicator then subtracts this price from the current spot price at which it’s being sold/transferred to calculate the realized profit or loss. Naturally, if this difference is positive, the coin’s sale is contributing to the profit-taking volume, while it being negative implies loss realization.

The Net Realized Profit/Loss sums up all these profits and losses for all the coins being sold at a given moment to output the overall situation in the market.

Now, here is a chart that shows the trend in the 7-day moving average (MA) of this Bitcoin indicator over the past few years:

As displayed in the above graph, the 7-day MA of the Bitcoin Net Realized Profit/Loss has been positive for the past few months. To be more particular, the indicator has held these values for 157 consecutive days now.

When this metric has green values, it means that the market as a whole is participating in a net amount of profit-taking. Similarly, red values imply the dominance of loss-taking.

It would appear that the investors have been taking net profit for 157 straight days now, which is longer than the longest profit-taking streak during the 2021 bull run (155 days).

From the chart, it’s visible that Bitcoin Net Realized Profit/Loss shot especially high as the cryptocurrency’s price explored new all-time highs earlier. The price top so far coincided with the peak of this spike in the indicator, where its 7-day MA value hit $3.6 billion.

This profit-taking level was similar to the largest event observed during the last bull run. According to Straten, this is one of the reasons the asset has seen such a massive selloff.

Despite hitting record levels already, the profit-taking may not be ending anytime soon; however, as the analyst says, “this trend will continue as we are in a bull run and is still relatively mild compared to the 2021 bull run.”

BTC Price

Bullish momentum appears to have returned for Bitcoin as the cryptocurrency has surpassed the $69,000 level after a surge of more than 5% over the past day.

Bitcoin Stalls As Evening Star Forms: Can BTC Bulls Still Shine?

bitcoinist.com - вт, 03/26/2024 - 00:00

Tony “The Bull” Severino, the Head of Research at NewsBTC and a certified CME, has identified an “Evening Star” candlestick pattern on the monthly chart of the Bitcoin CME futures. This formation, which traditionally indicates a potential trend reversal, is forming at a critical point for Bitcoin.

According to Severino, there could be tell-tale signs suggesting that the Bitcoin upswing could end as the momentum fades.

The Evening Star Formation: BTC Bull Run Over?

Though there are concerns that the pattern is forming on the Bitcoin CME futures chart, it is absent from the spot BTCUSD chart on ordinary charts from Binance or Coinbase, for example. Accordingly, the lack of uniformity on charts has also left Severino questioning the reliability of the signal. 

While the Evening Star pattern suggests a possible reversal, Severino cautions that Bitcoin could still reach higher highs in the coming months before peaking and reversing. However, the analyst stresses that predicting the exact timing of these events is a challenge.

Based on candlestick analysis, Severino predicts that Bitcoin could peak within the next two quarters, possibly in mid- or late Q3 2024. 

When writing, Bitcoin is trading at around all-time highs. Following the cool-off of last week, the coin bounced back strongly over the weekend, wiping out some losses. The coin is technically within a bearish breakout formation, trading below the 20-day moving average, clear in the daily chart.

For the uptrend to continue and extend from the formation in the daily chart, BTC must push above $70,000. The validity of this uptrend will be solid if the leg up is with expanding trading volume. 

Severino also notes that the leg up will be valid and the Evening Star formation invalid if there is a strong close above $74,000 by the end of the month. Bitcoin prices peaked at around $73,800 in early March, buoyed by expanding demand, especially from spot Bitcoin ETFs.

Spot Bitcoin ETFs Post More Outflows

Despite the potential for a continued rally, some fundamental factors pose challenges. Notably, outflows from spot Bitcoin exchange-traded funds (ETFs), particularly from the Grayscale Bitcoin Trust (GBTC), are rising. Rumors suggest that bankrupt crypto lender Genesis could be liquidating its GBTC holdings, adding further selling pressure to the market.

 By March 22, spot Bitcoin ETF issuers had experienced outflows for five straight days, according to Lookonchain data. Nonetheless, as GBTC posts outflows, BlackRock’s IBIT continues attracting more clients seeking BTC exposure.

Large Shiba Inu Transactions Spark Fears Of A Massive Dumping Spree

bitcoinist.com - пн, 03/25/2024 - 23:00

Shiba Inu (SHIB) whales look to be at it again following large transactions involving the meme token in the last 24 hours. As expected, these transactions have raised concerns that crypto investors might be looking to offload their tokens on the market. 

Shiba Inu Whales Move Billions Of SHIB

On-chain data shows that Shiba Inu whales moved billions of SHIB in different transactions. In one transaction, 77.2 billion SHIB tokens were moved to a Coinbase wallet. Meanwhile, over 205 billion SHIB tokens were moved across different wallets, some of which were transferred to a Robinhood wallet

The transfer of some of these tokens to crypto trading platforms, Coinbase and Robinhood, has raised suspicions that these Shiba Inu whales might be planning to sell off their holdings to make some profits. If so, it could massively impact the meme coin’s price due to the magnitude of such transactions. 

The SHIB community has seen several smart traders, including MakerDAO founder Rune Christensen, take profits over the past few weeks. This also contributed to the concern that these recent transactions might involve more whales who want to secure their profits. 

However, while the possibility of a sell-off exists, this could be just investors using the recent price dip as an opportunity to accumulate more of the meme coin. SHIB experienced a significant price surge, which saw it climb to become the tenth-largest crypto token by market cap. However, it has dropped out of the top 10 after its recent price decline.

The theory of SHIB accumulation looks plausible considering that more upward trend is expected for the crypto token. Therefore, investors will still be looking to position themselves ahead of this bull run, which could see the meme coin break its all-time high (ATH)

Shiba Inu Still Has Bullish Momentum

SHIB may be ready for another upward movement if the wave of profit-taking by investors is now over. Crypto analyst Xanrox suggested that the meme coin could hit a new ATH by July, which means more parabolic price moves are to be expected if this price prediction is to be realized by then. 

SHIB’s fundamentals also suggest that it is only a matter of time before the upward trend continues. The Shiba Inu team continues to develop innovations that can help propel SHIB’s price. Meanwhile, although Shibarium’s daily transactions continue to decline, they are likely to pick up at some point, with a massive increase in SHIB burns expected once that happens. 

At the time of writing, SHIB is trading at $0.00002771, down almost 1% in the last 24 hours, according to data from CoinMarketCap. 

Crypto Shockwave: Nearly $1 Billion Vanishes From Global Funds In Historic Outflow

bitcoinist.com - пн, 03/25/2024 - 22:00

Last week, the crypto investment landscape witnessed a significant exodus of capital from global crypto funds. A recent report from CoinShares highlighted nearly $1 billion net outflow from these funds, marking a historic departure from a 7-week inflow streak that had cumulatively amassed $12.3 billion.

A Closer Look At The Outflows

The magnitude of these outflows at roughly $942 million is particularly notable, almost doubling the previous record of $500 million witnessed towards the end of January.

Major players in the asset management space, including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, felt the brunt of this wave of withdrawals, according to CoinShares.

The timing of these outflows coincided with a notable correction in the prices of underlying cryptocurrencies, which erased $10 billion from the fund’s assets under management (AUM). However, the combined AUM of $88 billion still hovers above prior cycle highs.

Notably, these outflows have pronounced impacted trading volumes and asset valuations within the crypto investment product sector. Last week’s trading volume plummeted by a third to $28 billion amidst a price correction that significantly diminished the AUM of these funds.

The US market, particularly new spot Bitcoin ETFs, witnessed over $1 billion in inflows, which were insufficient to offset the nearly $2 billion outflows from Grayscale’s GBTC fund conversion.

According to CoinShares Head of Research James Butterfill, the “recent price correction” resulted in “hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscale’s significant US$2bn outflows last week.”

Global Crypto Sentiment And Market Responses

Meanwhile, last week’s sentiment was not solely concentrated on US-based funds or Bitcoin. Investment products in Sweden, Hong Kong, Switzerland, and Germany also experienced outflows, though Brazil and Canada-based funds recorded inflows, showcasing a mixed global investor sentiment.

Additionally, Ethereum, Solana, and Cardano-based products faced outflows, underscoring the broad impact of the market’s downturn. In contrast, other altcoin funds like Polkadot, Avalanche, and Litecoin saw net inflows, indicating selective investor interest in the altcoin sector.

This period of market recalibration has also sparked a dialogue among industry leaders about the role and accessibility of Bitcoin ETFs in fostering broader market integration.

Bivu Das of Kraken UK and Daniel Seifert of Coinbase UK have both advocated for the UK market’s access to Bitcoin ETFs, citing the importance of such investment products in establishing a comprehensive crypto ecosystem.

As reported, by offering indirect exposure to Bitcoin’s price movements, these instruments propose a regulated and possibly more accessible avenue for investors, contributing to the diversification and maturity of the investment landscape in the digital currency market.

ICYMI: Kraken UK Managing Director Bivu Das says he’d “absolutely” like to see a #Bitcoin ETF in the UK, providing regulated access to crypto exposure currently lacking and boost UK’s crypto hub ambitions, and legitimize bitcoin for institutions.

— AP Crypto (@AP_Crypto_) March 23, 2024

Featured image from Unsplash, Chart from TradingView

Terraform Labs In The Hot Seat: Trial Begins As Do Kwon’s Final Extradition Decision Looms

bitcoinist.com - пн, 03/25/2024 - 21:00

Terraform Labs is set to face a high-stakes trial on Monday, grappling with civil fraud allegations linked to the collapse of its TerraUSD stablecoin in 2022. Meanwhile, Terra co-founder Do Kwon remains in Montenegro awaiting the decision on whether he will be extradited to the United States or South Korea to face criminal charges. 

Terraform Labs Faces Trial Over $40 Billion TerraUSD Collapse

The civil case against Terraform Labs centers on fraud allegations brought forth by the US Securities and Exchange Commission (SEC), stemming from the collapse of TerraUSD, which resulted in the loss of approximately $40 billion in investor assets. 

According to a Bloomberg report, the trial will see a Manhattan jury deliberating the fraud claims, examining the SEC’s allegations regarding Terraform Labs’ “deceitful practices.” 

While the trial unfolds, Do Kwon finds himself caught in the Montenegro justice system, awaiting the crucial decision on his extradition. Having faced criminal charges in both the US and South Korea, Kwon’s release from a Montenegro prison on Saturday was accompanied by the country’s Supreme Court reviewing earlier court rulings regarding his potential extradition to South Korea. 

The circumstances surrounding Kwon’s extradition challenge SEC enforcers, as civil suits typically take a back seat to criminal proceedings. Until Kwon is in the US, a criminal trial cannot occur.

In light of these developments, the SEC is seeking a court order to enjoin Terraform Labs and Do Kwon from future violations of US securities laws. In addition, the SEC is seeking civil penalties and disgorgement of ill-gotten gains. 

The regulatory authority claims that Terraform Labs defrauded investors by falsely asserting that the popular Korean payment app, Chai, utilized Terraform’s blockchain technology for processing and settling cryptocurrency transactions. 

The SEC further alleges that investors were misled about the stability of TerraUSD, which was purportedly algorithmically “pegged” to the US dollar. Terraform Labs strongly denies these allegations, criticizing the SEC’s characterization of cryptocurrency companies as “lawless.”

Whistleblowers And Key Witnesses Take The Stand

Having filed for Chapter 11 bankruptcy protection in January, Terraform Labs argued it could not pay the penalties sought by federal regulators. Do Kwon, who owns approximately 92% of the company’s equity, faces the daunting task of navigating these legal battles while Terraform Labs’ fate hangs in the balance. 

US District Judge Jed Rakoff, who is presiding over the civil case, ruled in December that Terraform is liable for selling “unregistered securities.” This is in line with the SEC’s hinting that cryptocurrencies other than Bitcoin (BTC) are “securities” under the Howey test, which many pro-crypto advocates and companies believe is an “outdated set of rules and laws.”

However, Terraform maintains that its cryptocurrencies do not fall under the definition of securities, disputes the SEC’s jurisdiction, and intends to appeal the ruling.

During the trial, the jury is expected to hear evidence regarding the involvement of Jump Trading, a Chicago-based trading firm alleged to have entered into a “secretive arrangement” with Terraform Labs to support TerraUSD before its collapse. 

According to Bloomberg, the SEC will allegedly present text messages between Terraform executives discussing the “depeg,” where TerraUSD lost its peg to the US dollar in May 2021. 

Key witnesses include alleged whistleblowers, a Jump Trading executive, and the chief product officer at the Chai payment app, who aim to demonstrate Terraform and Kwon’s intentional deception. It is anticipated that Bill DiSomma, co-founder of Jump Trading, will also testify.

Featured image from Shutterstock, chart from TradingView.com 

Worldcoin: Пользователи смогут самостоятельно хранить биометрические данные

bits.media/ - пн, 03/25/2024 - 20:37
Криптовалютный проект Worldcoin пообещал прекратить самостоятельно хранить личные данные своих 4,5 млн пользователей. Практика сбора отпечатков сетчатки глаза в обмен на токены вызывает вопросы у правоохранителей.

Here’s Why The Dogecoin Price Surged Over The Weekend

bitcoinist.com - пн, 03/25/2024 - 20:00

Popular doggy-themed cryptocurrency, Dogecoin, has recently experienced an exponential surge in its price value. Despite its previously sluggish price momentum, Dogecoin witnessed a massive $800 million increase in open interest over the weekend. Interestingly, a recent development indicates that Elon Musk’s X Payment LLC has greatly contributed to this price pump. 

Why Dogecoin Price Rose 35%

Over the past 72 hours, the price of Dogecoin witnessed a 35% increase in its value, recording an impressive weekly high of $0.17 on Saturday.  According to data from Santiment, a crypto analytics platform, the cryptocurrency has also witnessed a significant rise in open interest, skyrocketing by a remarkable $800 million in value. 

This massive price surge has been attributed to a recent development in Elon Musk’s payment subsidiary, X Payments LLC. According to reports, X Payments has successfully expanded its operational capabilities to three new states. The platform has secured money transmitter licenses in Mexico, Oregon and Illinois.

Following the disclosure of this news, the sentiment surrounding Dogecoin had transformed, as speculations about the meme coin potentially becoming a preferred payment method for the X Payments began to spread like wildfire. At the time of writing the cryptocurrency is trading at $0.172, reflecting a 14.27% price increase over the past seven days, according to CoinMarketCap. 

Interestingly, Dogecoin has already been integrated as a payment method within Musk’s Tesla merchandise store. In 2023, the SpaceX CEO also teased about the possibility of DOGE payments on X (formerly Twitter), pushing the broader crypto community on edge as they anticipated the potential inclusion of DOGE in the payments ecosystem. 

Presently, as X Payments expands its services and possibly prepares for a launch, speculations are growing stronger, driving up Dogecoin’s price amidst the rising interest in the cryptocurrency’s potential integration with X Payments.

DOGE Whales On The Move

A recent report has revealed that an anonymous Whale made a substantial purchase of 25 million DOGE tokens, valued at $3.75 million, within the last 72 hours. The timing of this acquisition is particularly noteworthy as it aligns with the recent rise in Dogecoin’s price and open interest over the weekend. 

The Whale’s purchase also coincides with X Payments expansion efforts into new regions, suggesting a potential shift in market sentiment as investors are now showing an elevated interest in DOGE. If Dogecoin becomes integrated as a payment currency within X Payments, the cryptocurrency could witness a significant boost in adoption, potentially attracting more whales and new investors and triggering a substantial price surge.

Топ-менеджер Binance Надим Анджарвалла смог сбежать из-под ареста в Нигерии

bits.media/ - пн, 03/25/2024 - 19:43
Один из высокопоставленных руководителей Binance, задержанных в Нигерии местными властями, сбежал из-под стражи и покинул страну. Власти африканской страны пытаются выбить у биржи $10 млрд как компенсацию за уклонении от налогов и обвал национальной валюты.

Plumferno: Кредиторы FTX и BlockFi стали жертвами атаки хакеров

bits.media/ - пн, 03/25/2024 - 19:41
Злоумышленник совершил фишинговую атаку, направленную на кредиторов банкротящихся компаний FTX и BlockFi. Подробности рассказал эксперт по кибербезопасности под ником Plumferno.

В Нью-Йорке собираются начать судебный процесс по делу Terraform Labs

bits.media/ - пн, 03/25/2024 - 19:25
Окружной суд Манхеттена рассмотрит по существу обвинения Комиссии по ценным бумагам и биржам США (SEC) в адрес руководства компании Terraform Labs. Суд пройдет заочно.

Филиппинский регулятор потребовал заблокировать биржу Binance

bits.media/ - пн, 03/25/2024 - 19:15
Комиссия по ценным бумагам и биржам Филиппин (SEC) потребовала, чтобы Национальная комиссия по телекоммуникациям (NTC) заблокировала сайт крупнейшей криптобиржи мира Binance.

Elon Musk Queries Why Ethereum Founder Buterin Left X

bitcoinist.com - пн, 03/25/2024 - 19:00

Elon Musk, the tech magnate behind SpaceX and Tesla, has raised questions about Ethereum co-founder Vitalik Buterin’s apparent retreat from X, the platform Musk acquired in 2022 for $44 billion. The conversation was sparked by a post from “Autism Capital,” a crypto influencer with significant clout in the crypto dialogue, who lamented Buterin’s reduced engagement on X, advocating for its potential to significantly uplift Ethereum’s presence.

Why Is The Ethereum Founder Avoiding X?

“Vitalik needs to get back on X. Farcaster isn’t going to win the culture war. If he wants Ethereum to shine he should engage more on this platform, not sequester himself with his chosen peers on an island. He will have far more impact if he engages the bigger community here,” Autism Capital stated.

Musk’s straightforward inquiry, “Why did he leave?” posed on the platform, has since unleashed a broad spectrum of conjectures and insights from the cryptocurrency community. In the heart of the ensuing conversation, the issue of rampant bot activity on X was flagged as a potential deterrent for Buterin.

A poignant observation was made by a user referencing Tyler John’s analysis, who detailed the spamming issue for the ETH co-founder: “Vitalik Buterin has to append every reply with “srry 4 ratio-ing” because immediately afterwards a deluge of sycophants, crypto bots, and followers rains down on the post with tickers, memes, and expressions of praise and all the OP can see is #ETH and $SOL for three days.”

Buterin responded to this in January, stating, “This is (part of) why I do most of my tweeting on farcaster these days srry 4 ratio-ing.”

In the midst of these discussions, Buterin’s recent activity on X, albeit limited, remains focused on promoting Ethereum’s technological strides. Prior to the conversation initiated by Musk and Autism Capital, Buterin highlighted the Ethereum Name Service (ENS), emphasizing its potential to eliminate vulnerabilities like multi-sig backdoors, reflecting his ongoing commitment to the Ethereum project despite his sparse presence on X.

However, Buterin’s advocacy for Farcaster over X is notable. He has praised Farcaster for its decentralized nature and innovative features, such as the channel feature, which he believes offers a superior social media experience. “Farcaster’s channel feature makes it a better social media platform than X,” Buterin has stated, illustrating his support for platforms that align with his vision for a decentralized, user-empowered digital ecosystem.

At press time, Ethereum (ETH) price stood at $3,490. In the weekly chart, ETH held above the 0.618 Fib ($3.398), confirming the potential for further upside.

CoinMarketCap: Биткоин тестирует уровень сопротивления в $70 000

bits.media/ - пн, 03/25/2024 - 18:57
Цифры аналитического портала CoinMarketCap говорят, что биткоин отыгрывает падение марта и стремится преодолеть уровень сопротивления в $70 000.

Binance: Мы ведем переговоры о перепродаже российского бизнеса

bits.media/ - пн, 03/25/2024 - 18:14
Крупнейшая криптовалютная биржа Binance не собирается возвращаться на российский рынок. На фоне ликвидации биржи-преемника CommEX компания ведет переговоры о продаже своего российского бизнеса с «несколькими другими поставщиками услуг».

Bitcoin Diamond Hands Weaken As HODLers Sell 669,000 BTC

bitcoinist.com - пн, 03/25/2024 - 18:00

On-chain data shows the Bitcoin long-term holders, or so-called “diamond hands,” have transferred a total of 669,000 BTC over the past month.

Bitcoin Long-Term Holders Have Sold Big In Past 30 Days

As explained by CryptoQuant Netherlands community manager Maartunn in a post on X, the Bitcoin network has observed multiple transactions involving a large amount of dormant coins.

Transfers involving old coins are attributed to the “long-term holder” (LTH) cohort. The LTHs refer to the BTC investors who have been holding onto their coins since more than 155 days ago.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell or transfer the tokens at any point. As such, the LTHs are considered the more resolute part of the market.

These HODLers don’t easily sell due to this strong conviction and swiftly ride past both periods of downtrends and uptrends. The short-term holders (STHs), who make up for the rest of the sector, are the ones who make panic moves during such periods.

As the LTHs don’t often sell, the times that they do participate in distribution can be all the more note-worthy. One way to track whether these holders are selling or not is through their 30-day “net position change,” which is a metric that keeps track of the net amount exiting or entering the cohort.

Below is the chart shared by Maartunn that reveals the trend in this Bitcoin indicator over the history of the cryptocurrency:

As displayed in the above graph, the 30-day net position change of the Bitcoin LTHs has assumed a deep red value recently. In the past month, these HODLers have removed 669,000 BTC from their wallets.

Something to keep in mind is that when it comes to accumulation, the net position change has a delay attached to it. This is because the LTH supply only increases 155 days after the purchase has been made, since the newly bought coins have to first mature enough to be a part of this age group.

In the case of distribution, though, the same is obviously not true, since any coins that get transferred on the blockchain have their age reset back to zero instantly.

The recent negative net position spike for the LTHs is quite big. To put things into perspective, the BTC amount that these diamond hands have transacted with this spike is equal to around $44.7 billion in the US Dollar, a staggering value.

It would seem that the latest events of the cryptocurrency, which have included a brand new all-time high (ATH) and a crash, have forced even these diamond hands to break their streak.

From the chart, it’s visible that the LTHs have sold big when new Bitcoin ATHs have been set in the past bull rallies as well. Interestingly, though, the peak of these spikes has only coincided with a price top partway through each run, and not the actual cycle peak.

In BTC-scale, the negative 30-day net position spike from the LTHs has been smaller this time than both that observed during the 2017 and 2021 bull runs. This is only the case so far, however, as it’s unclear whether the peak LTH net distribution has ended or not.

BTC Price

Bitcoin has been making another attempt at recovery during the past few days as its price has now surged back towards the $67,000 level.

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