Ben Armstrong Reacts to Balaji Srinivasan’s $1 Million Target for Bitcoin
Crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his views and offered his take on the prediction made by former Coinbase CTO Balaji Srinivasan on the price of Bitcoin. Srinivasan had earlier predicted that BTC would reach a staggering $1 million within 90 days.
Armstrong took to Twitter and said that he does think the leading digital currency might hit the $1 million mark in the next 90 days. He does not believe it will happen in the near future or even much later. The cryptocurrency blogger predicted that such a startling price increase wouldn’t happen before 2032, or nine years from now.
On the other hand, Srinivasan asserted that the current banking situation was comparable to the financial catastrophe of 2008. The central bankers, banks, and regulators, he continued, “lied to all dollar holders and depositors” at this time. The US businessman also placed a $1 million wager with an undisclosed person on the same day. The two would receive $1 million in USDC stablecoin from Circle if he loses.
BitBoy Crypto had earlier suggested that waiting till the $10k price point would be quite reckless when Bitcoin was falling in value in November 2022. Armstrong told the cryptocurrency community that buying coins at the current low prices would be a wise move because being too preoccupied with numbers could lead individuals to miss excellent investment chances.
Bitcoin Bulls Seem Unstoppable
After a disastrous 2022 in which the price of Bitcoin dropped by more than 64%, the price rose by more than 60% in 2023. Although some have labeled BTCs most recent comeback in the cryptocurrency market as a bull trap, there are solid reasons to believe that Bitcoin’s most glorious days are yet ahead of it. All losses were recovered, and the price of bitcoin now stands at $28,000. BTC has to break above the $28,500 resistance level before it can begin to rise steadily in the upcoming trading sessions.
ARK Invest Takes Advantage of Market Dip with Bold $17.7 Million Coinbase Purchase
ARK Invest, the investment management firm founded by the iconic Cathie Wood, has made a bold move in the crypto world, snatching up a substantial amount of Coinbase (COIN) shares amidst market turmoil. While the SEC has sent a Wells Notice to Coinbase, warning of potential enforcement action, ARK Invest saw an opportunity to capitalize on the dip, purchasing 268,928 shares for a whopping $17.7 million. Meanwhile, Cathie Wood’s fund sold 160,887 shares of COIN for $13.5 million just two days prior, when the stock was trading at around $83 per share.
SEC Enforcement Action Looming Over Coinbase:
The Wells Notice sent by the SEC to Coinbase indicates that the regulatory body has concluded its investigation and is gearing up for potential enforcement action against the exchange. Coinbase has until March 29th to respond and decide whether or not to contest the action. This development comes as the SEC announced its plans to sue Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry for selling unregistered securities and manipulating the market via wash trading.
Coinbase Goes Political:
In a move that could further shake up the crypto world, Coinbase’s CEO, Brian Armstrong, revealed in a recent Twitter space that the company will be getting more politically involved. It plans to urge its US-based users to elect “pro-crypto candidates” and even provide content that allows people to contact their congressman, donate to pro-crypto candidates, attend town halls, and make their voices heard.
Cathie Wood gives thumbs up for crypto assets
Cathie Wood, a well-known investor, shared her thoughts on the banking industry crisis on Twitter. She pointed out that people are now hedging their fiat assets with crypto assets and shifting to higher-yielding money market funds.
Cathie believes that regional banks are now moving towards a solvency crisis that could negatively impact commercial and residential real estate. She also believes that crypto assets, unlike traditional financial assets, have no central points of failure and could provide insurance against policy mistakes that could affect our well-being.
ARK Invest Buys Square:
In addition to purchasing COIN shares, ARK Invest has also acquired 320,557 shares of Square (SQ), with 275,554 of these shares going to ARK Innovation ETF (ARKK). Square, founded by Jack Dorsey, has some exposure to crypto but saw its shares drop 14% after short-seller Hindenburg Research released a report criticizing the company for “wildly” overstating user counts.
Cathie Wood also made a daring move amidst Block Inc.’s stock price plummeting nearly 15% due to a short seller report. Wood purchased over 338,000 shares of the company, despite accusations made by Hindenburg Research of fraud and systematic exploitation of vulnerable demographics.
Block Inc. denies these allegations and plans to take legal action against Hindenburg. With Jack Dorsey’s company holding over $220 million worth of Bitcoins, this battle for the truth could have significant implications for the future of digital payments and innovation.
Despite the market turmoil, COIN is still up by a whopping 97% year-to-date. With ARK Invest buying low and selling high, it’s clear that the investment firm has a knack for taking advantage of market volatility. Will Coinbase’s political aspirations and SEC troubles further impact the market? Only time will tell.
Will Bitcoin (BTC) Price Hit $1 Million in 90 Days? Decoding The Possibility
Balaji Srinivasan, the former CTO of Coinbase, has recently garnered attention for his prediction that Bitcoin’s price will reach $1 million over the next 90 days. While many experts remain skeptical, Srinivasan believes that the ongoing global banking crisis and the impending hyperinflation will lead to a surge in Bitcoin’s value.
Bank Failures and the Redenomination of Digital Gold
According to Srinivasan, bank failures will ultimately lead to hyperinflation, making the redenomination of digital gold a more viable option than physical gold. He explained that gold held back the ability of states to wage wars in the 20th century but is no longer as relevant in the digital age.
Digitization and Confidence in Bitcoin
Srinivasan highlighted ChatGPT’s recent boom, which signed up around 100 million people in just a few weeks. While this pales in comparison to the approximately 400 million people globally holding crypto, it shows a growing interest in digital assets. He also pointed out that $42 billion was moved out of Silicon Valley Bank in just one day, indicating a growing lack of confidence in traditional banking systems.
Srinivasan believes that once people learn about the countless bank runs presided over by the Federal Reserve System, they will lose faith in the dollar system and seek a safe haven in Bitcoin. He further explained that if the Fed fails to tighten monetary policy to combat inflation due to the fear of collapsing banks, Bitcoin will become an even more attractive alternative.
The Bet on Bitcoin’s Future
Srinivasan’s $1 million bet on Bitcoin’s price increasing by 3,600% by June 16 has raised eyebrows. However, he remains confident that hyperinflation will happen quickly, and the effects will be felt across the digital realm. Srinivasan cited the digital pandemics, riots, and bank runs that have occurred in recent years, demonstrating that everything can happen quickly in the digital age.
The Shut Down of Silicon Valley Bank and Signature Bank
The recent shutdown of Silicon Valley Bank and Signature Bank, two banks specializing in tech and startup company lending and crypto-friendly banking, respectively, has raised questions about the future of traditional banking systems. Barney Frank, a co-author of the Dodd-Frank banking regulation act and former US representative, served on Signature Bank’s board and believes that the bank’s closure was a warning to avoid dealing with crypto companies.
Massive $190 Million Move! FTX and Alameda Seek Redemption For Shareholders
The FTX and Alameda debacle is in the fourth month after the entities filed for chapter 11 bankruptcy protection. FTX, under current CEO John J. Ray III, has tried to recover as many assets as possible to repay distressed creditors. Recently, FTX and Alameda sued asset manager Grayscale Investments in a bid to recover more value for the creditors.
Notably, the two entities argued that Grayscale was prohibiting shareholders of Grayscale’s Bitcoin and Ethereum Trusts from redeeming their shares and charging “exorbitant management fees,” which they said has been suppressing the value of the shares.
The FTX officials claim that the move could unlock $9 billion or more in value for shareholders and realise over a quarter billion dollars in asset value for the FTX debtors’ customers and creditors. Additionally, the two companies have also communicated with the politicians who received investors’ cash from SBF to return the funds.
Meanwhile, FTX Japan investors have already begun receiving their refunds after the subsidiary re-opened its services.
Transfers Totaling Over $140 Mn In Just 24 Hours
According to on-chain analytics firm Lookonchain, FTX and Alameda-related addresses have transferred over $140 million in the last 24 hours. Notably, Lookonchain noted that over $43 million USDT was transferred to Coinbase Global, Binance, and Kraken. The move could be in preparation for the incoming liquidation of assets.
Additionally, the analytics firm identified over $75 million in USDC, which FTX and Alameda transferred to a Coinbase custody wallet.
Missing Crypto Wallets Entangled On Blockchain
The two entities are still billions short on their balance sheet, whereby the current CEO indicated in a congressional hearing that some crypto wallets are missing and entangled on the blockchain. As a result, he noted that more time is required to sort things out before creditors can begin receiving funds.
Circle Begins USDC Redemptions as It Burns 314 million USDC: On-Chain Data
Following the unexpected collapse of Silicon Valley Bank on Friday, there were inquiries regarding the vulnerability of Circle, one of the leading companies in the crypto industry and the issuer of the second-largest stablecoin, USDC. After the firm revealed its $3.3 billion USDC exposure to the collapsed bank, the stablecoin quickly depegged, creating panic this weekend.
However, Circle is now successfully pushing USDC to its dollar peg as it recovers 100% of its reserved fund, and Fed’s $25 billion bailout is bringing back investors’ confidence. According to a report, Circle has begun its redemption by sending 314 million USDC to a null address to stabilize the market.
Circle Prioritizes 1:1 Redeemability Of All USDC In Circulation
On March 13th, the Web 3.0 analytics platform Watchers (0xscope) reported that Circle, the issuer of USDC, had transferred a total of 314.167 million USDC to the Ethereum null address with header 0x00. Typically, this null address is employed for removing tokens from circulation through one-way transactions.
The day before, Circle had declared that all depositors with Silicon Valley Bank (SVB) would be “fully available” following a joint statement by U.S. Treasury Secretary Janet Yellen and other regulators. This move would represent $3.3 billion or 8% of the total USDC reserve and would take effect as soon as U.S. banks open on Monday. Jeremy Allaire, co-founder and CEO of Circle said:
“Trust, safety and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle, even in the face of bank contagion affecting crypto markets. We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system.”
Circle’s USDC Redemptions May Relieve Investors
Circle has started the process of redeeming USDC, meaning that depositors can now get their money back. This move came as a relief to many investors who were worried about the stability of USDC after the collapse of SVB.
The burning of USDC, however, has led to some confusion and speculation about what Circle is doing. Some believe that it is a move to show that Circle is committed to the stability of the USDC, while others speculate that it is a way for the company to remove tokens from circulation and increase the value of the remaining USDC in the market.
Despite the speculation, Circle has not issued any official statement regarding the burning of USDC. However, the move has sparked a debate about the use of stablecoins, their role in the crypto market, and the need for transparency from issuers like Circle.
USD Coin was created to have a 1:1 redeemable value with fiat U.S. dollars. Its tokenomics are managed through the use of fiat collaterals, which are adjusted proportionally to the number of new tokens being minted or burned.
However, on March 10th, the token experienced a depegging from its intended value. This was caused by a bank run on Circle’s custodian bank, SVB, due to a series of failed leveraged long positions on the U.S. Treasury. As a result, federal regulators, including the Federal Deposit Insurance Corporation, were forced to intervene.
Costly Mistake: Here’s How a USDC Investor Lost 2 Million in a Race Against Time
The collapse of Silicon Valley Bank (SVB) on March 10 has caused ripples in the crypto industry, leaving many investors anxious about the exposure of major players like Circle, the issuer of the popular stablecoin USDC. With $3.3 billion, or around 8%, of its reserves held at SVB, Circle is now facing heavy redemptions as investors move to cash out.
The fear of USDC insolvency has caused users to flee to safety in other stablecoins. However, panic sales have resulted in mistakes, with one unlucky user paying $2,080,468.85 to receive only $0.05 of USDT. This costly mistake was revealed in a Twitter thread by BowTiedPickle.ETH
The sequence of events
This investor decided to exchange their USDC for other stablecoins like Tether to avoid the crash. However, little did they know that this decision would cost them a fortune. They paid over $2 million to receive only $0.05 of USDT!
How could this happen, you ask? Well, the investor had stored their assets in a liquidity pool, a popular method to earn passive income in cryptocurrencies. They could have easily sold their LP tokens for USDT at a 6% slippage, but they chose a questionable method instead.
They used the KyberSwap aggregation router to dump a large clip of 3CRV (DAI/USDC/USDT) LP token into USDT, a questionable decision that would cost them dearly.
The UniswapV2 pool, pairing 3CRV/USDC, had sat idle for the last 251 days. The pool contained about $2 in liquidity and was in no way equipped to handle the $2 million that was about to be slammed into it. The investor’s mistake was costly, as x * y = k quickly did its grim work.
Exactly 54,182 units of USDC, worth about 5 cents, left the contract for the second leg of the swap, where they were happily swapped into USDT and went on to the swapper. The pool, now hideously imbalanced, cried out for aid, and an MEV bot answered the call.
The bot paid $45 in gas and $39k in MEV bribes, netting $2.045M in profit. This was not a particularly complex bot, just one with the ability to unwrap 3CRV, flash bots, and back run. It was a simple case of equal opportunity but unequal results.
It’s a cautionary tale of how human error can result in a permanent loss of funds. The investor’s mistake cost them dearly, but it also highlights the importance of double-checking information and methods of a transfer before cashing out cryptocurrencies.
As the cryptocurrency market continues to evolve, investors must stay vigilant and keep their wits about them. One wrong move could mean the difference between making a fortune and losing everything.
Huobi Global Announces $100 Million Investment in Liquidity Fund to Enhance Multi-Currency Liquidity
Singapore / March 10, 2023 / Huobi has announced a $100 million Liquidity Fund with the aim of enhancing currency liquidity across several markets. The purpose of this action is to reinforce the seamless flow of liquid assets through the Huobi platform. By allocating these funds, Huobi intends to improve cross-border transactions involving diverse digital tokens or fiat currencies worldwide by promoting greater fluidity. As a crucial goal for this initiative, traders will benefit from easier access to funds as they engage frequently in buying and selling activities on exchanges.
Huobi has put together a plan to create a liquidity fund that will see $100 million US dollars deposited in order to improve the platform’s liquidity capabilities. The announcement was made following some market turbulence caused by leveraged liquidations initiated by only a handful of users on the platform recently. H.E. Justin Sun expressed regret over the consequences resulting from a handful of users’ leveraged liquidation on the market.
Furthermore, Sun pledged to enhance liquidity depth for key cryptocurrencies and HT tokens while bolstering leverage risk alerts and capacity for available funds in an effort to reassure clients who rely on them. In recognition of its responsibility towards investors, Huobi has deposited $100 million USD as additional funding support through a new liquidity fund initiative.
The spot and HT contract markets experienced a series of forced liquidations that resulted in recent market fluctuations. A few users triggered this cascade, which caused leveraged liquidations to occur as well. Despite these events, there is no need for concern about the safety of Huobi exchange’s operations or wallets since they remain secure. Furthermore, all work continues at an even pace without any unexpected incidents occurring thus far. This clearly shows how the current fluctuations are just part of normal market behavior patterns.
Huobi is making strides in enhancing their platform and user experience with a fresh liquidity fund. The objective of this investment will be to heighten the multi-currency liquidity on offer, ultimately improving ease-of-access for traders across global markets. This strategic move promises advantageous positioning within Huobi’s competitive cryptocurrency exchange market sector as well.
Sun expressed empathy towards Huobi users, acknowledging that the turbulent market changes have induced stress among them. This announcement is a promise to undertake measures aimed at mitigating these fears for their benefit. Additionally, Sun reassured the community of his resolve in keeping up with all developments regarding this issue, and will provide regular updates on any progress made moving forward. Huobi is dedicated to ensuring their platform is secure and dependable for those engaging in cryptocurrency trades. Huobi will bear all leverage-through position losses on the platform resulting from this market volatility event of HT token.
Huobi’s efforts towards enhancing the user experience are ongoing, with continuous strides taken towards improving the functioning of the platform. With additional support from their liquidity fund, Huobi looks forward to providing even more significant benefits while fortifying its presence as an esteemed hub for cryptocurrency exchange activities. Sun expressed his confidence in the actions being taken to enhance user experience and establish a safer, dependable cryptocurrency trading platform. He believes that these measures will result in more satisfied users who can trust the Huobi platform with ease.
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.com
Media Contact
Michael Wang [email protected]
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for sponsored purposes only. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Huobi Global Announces $100 Million Investment in Liquidity Fund to Enhance Multi-Currency Liquidity
Singapore / March 10, 2023 / Huobi has announced a $100 million Liquidity Fund with the aim of enhancing currency liquidity across several markets. The purpose of this action is to reinforce the seamless flow of liquid assets through the Huobi platform. By allocating these funds, Huobi intends to improve cross-border transactions involving diverse digital tokens or fiat currencies worldwide by promoting greater fluidity. As a crucial goal for this initiative, traders will benefit from easier access to funds as they engage frequently in buying and selling activities on exchanges.
Huobi has put together a plan to create a liquidity fund that will see $100 million US dollars deposited in order to improve the platform’s liquidity capabilities. The announcement was made following some market turbulence caused by leveraged liquidations initiated by only a handful of users on the platform recently. H.E. Justin Sun expressed regret over the consequences resulting from a handful of users’ leveraged liquidation on the market.
Furthermore, Sun pledged to enhance liquidity depth for key cryptocurrencies and HT tokens while bolstering leverage risk alerts and capacity for available funds in an effort to reassure clients who rely on them. In recognition of its responsibility towards investors, Huobi has deposited $100 million USD as additional funding support through a new liquidity fund initiative.
The spot and HT contract markets experienced a series of forced liquidations that resulted in recent market fluctuations. A few users triggered this cascade, which caused leveraged liquidations to occur as well. Despite these events, there is no need for concern about the safety of Huobi exchange’s operations or wallets since they remain secure. Furthermore, all work continues at an even pace without any
unexpected incidents occurring thus far. This clearly shows how the current fluctuations are just part of normal market behavior patterns.
Huobi is making strides in enhancing their platform and user experience with a fresh liquidity fund. The objective of this investment will be to heighten the multi-currency liquidity on offer, ultimately improving ease-of-access for traders across global markets. This strategic move promises advantageous positioning within Huobi’s competitive cryptocurrency exchange market sector as well.
Sun expressed empathy towards Huobi users, acknowledging that the turbulent market changes have induced stress among them. This announcement is a promise to undertake measures aimed at mitigating these fears for their benefit. Additionally, Sun reassured the community of his resolve in keeping up with all developments regarding this issue, and will provide regular updates on any progress made moving forward. Huobi is dedicated to ensuring their platform is secure and dependable for those engaging in cryptocurrency trades. Huobi will bear all leverage-through position losses on the platform resulting from this market volatility event of HT token.
Huobi’s efforts towards enhancing the user experience are ongoing, with continuous strides taken towards improving the functioning of the platform. With additional support from their liquidity fund, Huobi looks forward to providing even more significant benefits while fortifying its presence as an esteemed hub for cryptocurrency exchange activities. Sun expressed his confidence in the actions being taken to enhance user experience and establish a safer, dependable cryptocurrency trading platform. He believes that these measures will result in more satisfied users who can trust the Huobi platform with ease.
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.com
Media Contact
Michael Wang [email protected]
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for sponsored purposes only. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Uncovering Voyager Digital’s $121 Million Crypto Sell-off
According to blockchain transaction data provided by Arkham Intelligence, Voyager Digital reportedly sold off at least $121 million of its cryptocurrency holdings to exchanges in February.
The company has also received $150 million in USDC stablecoins in the past four days, likely proceeds from sales. While this sell-off may be an attempt to pay off creditors and address financial difficulties, it could also signal selling pressure for Voyager’s largest non-stablecoin crypto holdings.
What Was The Reason for the Sell-Off?
The recent asset sales by Voyager come as the company files for Chapter 11 bankruptcy protection and agrees to sell itself to Binance.US after an auction. However, the deal has faced scrutiny from federal and state regulators, with the U.S. Securities and Exchange Commission (SEC) investigating Voyager’s VGX token as an unregistered securities offering.
The FTC is also probing Voyager’s alleged deceptive and unfair cryptocurrency marketing practices. Despite these challenges, Binance.US has confirmed that the acquisition will proceed.
Current Assets of Voyager
According to data from Arkham Intelligence, Voyager Digital holds a variety of cryptocurrencies in its addresses, including Ethereum (ETH), Shiba Inu (SHIB), VGX, LINK, Fantom (FTM), and Bored Ape (APE) tokens.
These holdings are collectively worth $697 million, with $236 million in USDC stablecoin. Some of Voyager’s largest non-stablecoin holdings include 166,223 ETH worth $271 million, 6.2 trillion SHIB tokens worth $77 million, and 148.4 million VGX tokens worth $63 million.
Arkham Intelligence: A Background
Arkham Intelligence is a blockchain intelligence firm that provides insights on cryptocurrency markets and activity. The company uses advanced analytics to track and monitor the movements of cryptocurrencies and tokens across different blockchain networks, providing real-time data and insights to its clients.
The crypto community will be closely watching Voyager’s next moves, especially as its largest non-stablecoin crypto holdings could face selling pressure in the coming weeks. While the regulatory challenges to the Binance.US deal add further uncertainty, the exchange’s confirmation that the acquisition will proceed suggests that Voyager’s sale may provide an opportunity for other players to enter the crypto brokerage space.
Voyager’s financial struggles highlight crypto businesses’ challenges as they navigate the volatile and rapidly evolving crypto market.
Ripple Provides $1 Million Earthquake Relief, Cardano Launches Valentine Upgrade, TMS Network’s Revenue-sharing Scheme Attract Bulls
The crypto market has witnessed several developments in the past few months. Such dynamism has also kept some projects on their toes. Ripple (XRP) and Cardano (ADA) are two such cryptocurrencies. Their price movements have seen a mix of ups and downs lately. However, a new project, TMS Network (TMSN), has posted an exemplary growth prospect during its presale. The presale round of TMS Network (TMSN) is getting sold out fast. Notably, TMS Network (TMSN) has already received $2 million through private seed sale in an incubator fund.
Ripple (XRP) Joins Other Cryptos To Help Earthquake Victims
Ripple has announced that it would donate $1 million in XRP to earthquake victims in Turkey and Syria. Besides Ripple (XRP), many other crypto projects have also come forward to support the earthquake victims. Ripple (XRP) will provide the funds to NGOs working for the victims. Meanwhile, Ripple (XRP) is awaiting the final order on the lawsuit filed against it by the SEC. The price of Ripple (XRP) has fallen by 5% in the last seven days. However, Ripple (XRP) is trading 3% higher on the monthly chart. Currently, Ripple (XRP) trades at $0.40, which is 89.67% below its peak of $3.84.
Cardano (ADA) Gets Benefited By Valentine Upgrade
Giving its users a gift on February 14, Cardano (ADA) launched the Valentine upgrade. With this upgrade, Cardano (ADA) aims to improve the interoperability and security features of the network. As the number of dApps on the Cardano (ADA) network has increased in recent times, an upgrade enhancing cross-chain functionality will help developers build more. The upgrade has positively impacted the price of Cardano (ADA). The price of Cardano (ADA) has increased by 3.37% in the last week. On the monthly chart, Cardano (ADA) has jumped by 16%. Currently, Cardano (ADA) is being traded at $0.40, which is 87% below its all-time high of $3.10.
TMS Network’s (TMSN) Presale Roars Strongly
TMS Network (TMSN) is the first-of-its-kind blockchain-based trading platform that has attracted millions of crypto investors from across the globe. TMS Network (TMSN) has also established a protocol for instant withdrawals and deposits of digital assets on a single user interface. The platform is not limited to crypto trading, and also allows the trade of CFDs, stocks, and Forex. This feature keeps enough liquidity on TMS Network (TMSN), which allows traders to execute their trades in less time.
Since it has been developed on the blockchain, the platform offers security and transparency in all trading activities. TMS Network (TMSN) utilizes smart contracts to run all trading activities on the platform, and all transactions are recorded on a public ledger. Consequently, there is no place for intermediaries on the platform, due to which traders can invest in a broad range of digital assets at lower costs. One of the most crucial aspects of TMS Network (TMSN) is its scalability, which can easily handle an increasing number of transactions without compromising speed.
Noticeably, TMS Network (TMSN) has a commission revenue model. TMS Network (TMSN) charges a small commission on each transaction and distributes it among holders of TMSN tokens. TMS Network (TMSN) also allows traders to conduct their market research before making an investment decision. Due to its several use cases, TMS Network’s (TMSN) presale has garnered huge attention in the crypto world. The presale of the platform began at $0.003, and has risen to $0.0047.
Presale: https://presale.tmsnetwork.io
Telegram: https://t.me/tmsnetwork
Twitter: https://twitter.com/tmsnetworkio
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
ARK’s Cathie Wood Is on a Buying Spree, Hoards $13 Million Worth Coin Shared Amid SEC Scare
After Coinbase Global Inc. COIN’s positive quarterly results, it was reported by Coindesk that Cathie Wood-headed ARK Investment Management bought 213,519 shares for an estimated $13 million. Interestingly, as cryptocurrencies recover from a terrible 2022, Coinbase stock has increased by more than 82% this year.
Despite the fact that Coinbase’s Q4 earnings, which were released on Tuesday, exceeded expectations, COIN shares fell marginally on Wednesday, ending the day down 1.43% at $61.18. Coinbase stock started 2023 on a bullish note, more than tripling in value from about $34 to $81 in January before slightly declining this month. After the market closed on Tuesday, Coinbase announced fourth-quarter revenue of $629.1 million, above the Street forecast of $586.2 million.
“We enter 2023 with a focus on cost management, efficiency, and a goal to improve full-year adjusted EBITDA. Crypto remains volatile and we have limited ability to forecast our transaction revenue, which remains correlated with crypto market capitalization and crypto asset volatility,” the company said.
It seems like Cathie Wood is certain that she is using the pressure as an opportunity to restructure her portfolio and focus more on how her funds will once again outperform the market once the rising inflation and the Federal Reserve’s rate hikes have passed.
Coming back to the regulatory crackdown, a $1.02 billion agreement by Binance’s U.S. division to buy the assets of the insolvent crypto lender Voyager Digital may be against the law, according to the U.S. Securities and Exchange Commission.
According to the SEC, the redistribution of crypto assets to account holders, especially Voyager’s VGX token, may constitute the sale of unregistered securities. On Wednesday, creditors overwhelmingly supported the sale of Voyager to Binance.US, voting 97% in favor of the agreement.
Just In-Ripple Could Pay $250 Million to Settle the Lawsuit with the SEC-John Deaton
The post Just In-Ripple Could Pay $250 Million to Settle the Lawsuit with the SEC-John Deaton appeared first on Coinpedia Fintech News
The Ripple vs SEC lawsuit is becoming more fascinating every new day as the possibilities of the settlement are now fluttering within the space. Although Ripple CEO, Brad Gardlinghouse has stated that the company will not settle the case with the authority as they are confident to come out victorious. However, the XRP proponent and the representative of XRMArmy in the court, John Deaton believes that the blockchain company may pay millions of dollars to settle if required.
John Deaton asserted that Ripple could pay $250 million to the SEC to settle the case. Answering a query on partial settlement raised by Digital Asset Investor, Deaton made a response seeing the future sales of XRP which may not be considered as securities.
IMO Ripple would pay $100-250M in a settlement IF the SEC agreed publicly that current and future sales of XRP are not securities. The SEC is NOT going to agree to that in the middle of its war
crypto. Judge Torres could provide clarity on secondary sales which isn’t appealed.
— John E Deaton (@JohnEDeaton1) February 21, 2023
However, Deaton also made it clear that the SEC may certainly not agree to such a condition from Ripple in times when the authorities have wagged a war against the crypto space. Deaton also said the secondary sales of XRP have not been appealed and hence Judge Torres may provide more clarity on this.
Deaton’s statement on settlement came out after the XRPArmy raised multiple queries and their eagerness to know whether both parties settle the case before Judge Torres produces the judgment. In the meantime, the XRP community anticipates the lawsuit to be in favor of the company. This could be a win situation for the company with the XRP being relisted in all the major exchanges and making it accessible for all the traders.
Do Kwon Accused of Withdrawing Bitcoin Worth $100 Million After Terra Collapse
The collapse of the Terra/Luna stablecoin ecosystem resulted in investors losing almost $40 billion, causing a significant and ongoing market decline. However, recent developments suggest that the founder, Do Kwon, may have taken more than $100 million in Bitcoin after the platform’s collapse.
According to Bloomberg, Kwon allegedly transferred over 10,000 bitcoin from Terraform and Luna Foundation Guard crypto asset platform accounts to an un-hosted wallet. It’s said he then converted the bitcoin to cash using an undisclosed Swiss bank between June 2022 and February 2023.
Do Kwon attempted to exchange the bitcoin for fiat money when Bitcoin was trading at roughly $30,000, the value of the 10,000 bitcoin could have been worth a staggering $300 million.
The SEC alleges that Kwon and the Terraform firm deceived clients over various topics, including the selling of unregistered securities. The company and Kwon were sued by the SEC, with a New York judge ordering Terraform Labs to abide by the investigative subpoenas issued by the SEC in 2022. Now, the SEC accuses the company and Kwon of breaking the Exchange Act and Securities Act’s registration and anti-fraud provisions.
SEC chair Gary Gensler has stated that Terraform and Kwon failed to provide the public with honest disclosure about various crypto-asset securities, most notably LUNA and Terra USD.
It’s still unclear whether Kwon will be brought to justice for his alleged involvement in the collapse of the Terra/Luna stablecoin ecosystem.
Binance Bolsters Stablecoin’s Role In Market With $50 Million TrueUSD Minting
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it has minted $50 million worth of TrueUSD, a stablecoin pegged to the US dollar. This decision comes after the New York State Department of Financial Services (NYDFS) halted the issuance of another stablecoin, BUSD, by Paxos, amid regulatory scrutiny.
Created by TrustToken, TrueUSD provides a secure and reliable way for traders to move funds between exchanges and wallets without being exposed to market volatility. Each TrueUSD is backed by a corresponding US dollar held in escrow accounts, which are regularly audited by third-party accounting firms to ensure full collateralization.
This move by Binance, a major player in the industry, is a significant boost for the cryptocurrency market, as it highlights the importance of stablecoins in reducing volatility in the market. Stablecoins like TrueUSD provide a secure way for people to hold cryptocurrencies without being exposed to market fluctuations, which is crucial for increasing mainstream adoption.
Furthermore, Binance’s decision to mint TrueUSD is a testament to the industry’s ability to self-regulate. By demonstrating a commitment to transparency and stability, Binance is setting a new standard for the industry, showing that it is possible to create a safer and more stable crypto market through responsible actions.
Binance CEO Changpeng Zhao (CZ) announced in a Twitter spaces conversation on February 14 that Binance is looking to diversify its stablecoin holdings away from BUSD. CZ also added that the existing circulating supply of BUSD is safe, and as more people want to redeem, they will be burned.
CZ was never too bullish on the success of Binance-branded BUSD and thought that the BUSD project would fail. This announcement could signal a shift in the crypto market, with more players expected to follow Binance’s lead in backing stablecoins.
As the industry continues to mature and evolve, stablecoins like TrueUSD are becoming an essential part of the ecosystem, providing a reliable bridge between traditional finance and the world of cryptocurrencies. This move by Binance is likely to have a significant impact on the cryptocurrency market, with stablecoins taking on an even more prominent role in reducing volatility and increasing mainstream adoption.
Kraken Exchange Agrees to End US Crypto Staking and Pay $30 Million Fine To SEC
The Securities and Exchange Commission (SEC) has announced that cryptocurrency exchange Kraken will pay a $30 million settlement to resolve charges that it offered unregistered securities. The company has agreed to end its staking-as-a-service platform for US customers immediately.
According to the SEC, Kraken’s staking program was marketed as offering an easy-to-use platform and benefits to investors, including regular investment returns and payouts. The regulator has characterized the program as high-risk for investors, as staking-as-a-service providers offer very little protection.
In response to the SEC’s lawsuit, Kraken stated that it will automatically unstake all assets held by US clients, with the exception of staked ether, which will remain staked until after the Ethereum Network’s Shanghai upgrade. US clients will also no longer be able to stake new assets.
The SEC Chair, Gary Gensler, emphasized the importance of proper disclosures and safeguards for crypto intermediaries that offer investment contracts in exchange for tokens. He emphasized that staking-as-a-service providers must register and provide full, fair and truthful disclosure and investor protection.
Other companies, such as Coinbase, also offer staking services. The SEC’s action against Kraken sends a clear message to the marketplace that these types of services must comply with securities laws.
The recent announcement of the SEC fining Kraken for offering unregistered securities does not affect Coinbase’s staking program. According to Paul Grewal, Coinbase’s CLO, staking on Coinbase continues to be available and staked assets continue to earn rewards from the protocol.
Grewal emphasized that the difference between Coinbase’s staking services and Kraken’s is that Coinbase is not considered a security. The rewards earned by Coinbase customers depend on rewards paid by the protocol and commissions, whereas Kraken was essentially offering a yield product. Grewal believes that clear rules that distinguish between the two types of services would provide clarity for consumers, investors, and the industry.
The announcement of Kraken’s settlement comes at a difficult time for the cryptocurrency industry, with recent events such as the collapse of the FTX crypto exchange platform and the shutdown of an argument that NFTs fall under protected speech. The situation shows no sign of improving in the near future.
DebtDAO Burn 18 Million $FUD Tokens in Response to Skyrocketing User Demand
The FTX and Alameda bankruptcy protection under chapter 11 is in the third month without any signs of compensation soon. As a result, a project dubbed DebtDAO came up with an initiative to make the FTX creditors again. Through newly-issued FTX User Debt (FUD) tokens, DebtDAO intends to raise capital from the public to repay the creditors. Initially, DebtDAO created approximately 20 M $FUD tokens and capped the price at 5 USDT.
However, due to the high subscription, the $FUD price rallied beyond the sending price. As a result, DebtDAO initiated an 18M $FUD token burn to rebalance the tokenomics.
Notably, $FUD has already received crypto community recognition with listings from several exchanges including Huobi Global. According to the announcement, DebtDao’s official on-chain destruction will take place on February 7. During the destruction period, FUD assets held by users, pending orders, and order placement functions will not be affected.
“DebtDAO is actively pursuing listing and circulation opportunities with leading exchanges. Creditors with FTX debt exceeding $10 million are also encouraged to contact DebtDAO for a debt audit and issuance, enabling the debt to circulate in the secondary market,” Huobi noted.
As a result, the underlying value of $FUD climbed significantly to an $800 million market cap.
Controversy Behind DebtDAO on $FUD token
The FTX collapse created a lot of regulatory uncertainty in the crypto market worldwide. Global regulators are keen to control cash inflow towards crypto firms, with Binance’s non-U.S. entity scheduled to stop USD bank transfers. Additionally, UK banking giants are reportedly following a similar path of blocking cash inflow to the crypto market.
Following the announcement of $FUD tokens, DebtDAO – a permissionless marketplace for crypto credit – has claimed the $FUD is a phishing scam.
Alameda-Linked Address Withdraws $2 Million in FTT – What’s In Store Crypto Market?
After a whopping $13 million worth of assets was transferred to the consolidation wallet of Alameda Research, a new development suggests that there was a $2 million withdrawal by an Alameda-linked address labeled “brokenfish.eth”.
In one of the most recent updates from the crypto analytics platform, Arkham Intelligence, the money was taken out of BentoBox, a smart contract serving as the hub of the entire Sushi ecosystem, by the brokenfish.eth address. FTT, the FTX exchange’s native token, accounted for the majority of the withdrawal amounts.
Alameda and Sushiswap have a long relationship that began in 2020, when Sam Bankman-Fried (SBF) assumed control of the decentralized exchange protocol after its chief developer, Chef Nomi, pulled the community under his sleeve.
Apart from the $12 million, Bitfinex sent cryptocurrency to Alameda Research valued roughly $8.5 million, according to PeckShield. It was also reported that the FTX’s sister company received 1.545 ETH (about $2.5 million), 6 million USDT (or $6 million), and 4.6 million USDC. 6 million USDT and 1,545 ETH were sent from Bitfinex out of these assets.
The transfer is currently unknown, however, it takes place barely one day after the founder of FTX and Alameda Research Sam Bankman-Fried was given a temporary communication ban by both companies.
On November 11, Alameda filed for bankruptcy. Since then, several deposits from numerous addresses have resulted in the accumulation of almost $183 million in other altcoins, including $54 million in BitDAO tokens, as well as more than $26 million in ETH in the consolidation wallet.
Nevertheless, the sum recovered might be higher given that liquidator are said to have lost over $11.5 million since gaining possession of Alameda’s trading accounts, some of which were avoidable, according to a study by crypto analytics firm Arkham Intelligence.
Shiba Inu Bulls Awaken: TVL Reaches $36.72 Million In Two Years
The Shiba Inu (SHIB) movement has grown to become a full-blown ecosystem with the potential of disrupting the Dogecoin network as the top meme coin. The Shibaswap.com ecosystem continues to attract more on-chain activity with the total value locked rising exponentially with time.
However, the Shiba Inu bears are tenaciously hunting for unsuspecting bullish traders, having dropped 3.6 percent in the past 24 hours. Nonetheless, the mention of the Shibarium layer 2 network, expected to be launched soon, quickly rejuvenates the community’s bullish sentiment. Furthermore, the Shiba Inu layer 1 network could easily scale with layer 2 as observed with Ethereum and Polygon (MATIC).
According to market data provided by Defillama, the Total Value Locked (TVL) – a crucial measure of blockchains liquidity – of Shibaswap, an ecosystem that encompasses SHIB, LEASH, and BONE, has grown to $36.72 million in less than two years.
Shiba Inu: Price Outlook & Performance Evaluation
Shiba Inu price has been on a rising channel since the calendar flipped in January. However, as it is with most of the crypto assets, the bullish thesis has declined in the past few days. A continued price correction could see Shiba Inu drop below the 50 percent Fibonacci retracement level, and perhaps cause a panic sell pressure.
Furthermore, Shiba Inu is popularly known for its speculative aspect, after posting a rally of over 171,000 X from its ATL to ATH.
Notably, while most crypto tokens are down over 40 percent in the past year, Shiba Inu’s BONE has gained approximately 150 percent during the same period.
While the two have a high-level correlation, an increase in BONE value could rally the underlying Shiba Inu price.
The Future of $600 Million Robinhood Shares in Jeopardy as Emergent Fidelity Files for Bankruptcy
Emergent Fidelity Technologies, a firm co-founded by FTX founder Sam Bankman-Fried and former executive Gary Wang has recently made headlines with its filing for Chapter 11 bankruptcy protection. This move has sparked questions about the future of the company and its valuable assets, particularly its 56 million shares of Robinhood Markets (HOOD) stock.
The Value of Robinhood Shares
With a current value of over $600 million, these Robinhood shares have quickly become a highly sought-after asset for various companies, including creditors of FTX. The shares have also been pledged as collateral to bankrupt crypto lender BlockFi, which placed its own claim on them last year.
Despite Bankman-Fried’s argument that he should retain control of the shares, federal officials moved to seize them in January. This has sparked a heated debate over who should have control over these valuable assets.
Ownership Structure of Emergent Fidelity
Bankman-Fried is the owner of 90% of Emergent Fidelity, while Wang holds the remaining 10%. However, with the bankruptcy filing, it is unclear what the future holds for the company and its assets.
The exact details of Emergent Fidelity’s bankruptcy filing could not be immediately obtained. It remains uncertain what debts the company is claiming at this time. The bank proceedings will start in the coming weeks and everyone is waiting to find out what the future holds for the creditors
Bitcoin Will Hit $1 Million by 2030, Claims Ark Invest CEO Cathie Wood
Cathie Wood, the visionary CEO of ARK Invest and a prominent advocate of Bitcoin, has re-affirmed her prediction that the price of BTC will reach $1 million by 2030. This forecast comes amidst Bitcoin’s sustained upward trend.
According to Wood, the Bitcoin network has remained unscathed, despite facing various challenges such as the bear market, the crypto winter, and the downfall of several prominent companies. The network has operated as designed – decentralized and transparent.
Wood believes that her forecast is actually modest, as the findings of ARK Invest’s Big Ideas 2023 report indicate that Bitcoin has the potential to reach even higher prices over the next seven years.
Bitcoin As A Solution For Wealth Preservation?
Cathie Wood believes that Bitcoin presents opportunities for wealth preservation for individuals of all financial backgrounds. She cites the global phenomenon of hyperinflation causing currency collapses and the need for a fallback, or insurance policy, such as Bitcoin.
She also believes that high-net-worth individuals will benefit from using Bitcoin as a hedge against the confiscation that can occur from inflation. If successful, this could result in the value of one Bitcoin reaching $1 million by the end of the decade.
The avid Bitcoin supporter highlights that the token has consistently outperformed other assets over the long term, making it the best-performing asset in any class. Its durability and stability make it a strong choice for wealth preservation.
Who Holds the Key to Sam Bankman-Fried’s Fate? Court to Unveil Co-Signers of $250 Million Bail Bond
A hearing regarding Bankman-Fried’s bail conditions is scheduled for February 9th, and the names of the co-signers of his $250 million bail bond will be made public after the next hearing.
The former CEO of FTX, Sam Bankman-Fried, is in talks with US prosecutors to resolve the issues related to his bail conditions, according to a court filing. Bankman-Fried’s counsel, Mark Cohen, has expressed optimism that an agreement between both parties will be reached in the coming days, eliminating the need for further litigation.
Prosecutors have accused Bankman-Fried of being in contact with current and former employees of FTX and Alameda, which is deemed an attempt to influence future witness testimony. The former CEO has been in touch with Ryne Miller, the current general counsel of FTX US, and John Ray, the new CEO of FTX, to offer assistance.
A judge recently modified Bankman-Fried’s bail conditions, prohibiting him from contacting current or former employees of Alameda Research or FTX, as well as using encrypted chat apps such as Signal. Bankman-Fried’s counsel has argued that the former executive needs to be in contact with former employees, including the company’s in-house therapist, George Lerner, as they are an important source of personal support.
Additionally, Bankman-Fried’s lawyers have requested the court to remove the bail condition that prohibits him from accessing and transferring his crypto assets held by FTX. The court has also allowed the names of the co-signers of Bankman-Fried’s $250 million bail bond to be made public after the next bail hearing. This move was made following a lawsuit filed by several media companies, seeking to uncover the identities of the guarantors.
A hearing regarding Bankman-Fried’s bail conditions is scheduled for February 9th, with his counsel requesting a rescheduling from February 7th. The public awaits the outcome of the hearing, as the risk of illegitimacy and public scandal cannot be evaluated without knowing who the guarantors are.
Ripple Escrows 600 Million XRP Tokens Worth $246.6M: WhaleAlert
The US Securities and Exchange Commission is suing Ripple Labs, the company behind the cryptocurrency XRP (SEC). According to the SEC, Ripple Labs raised billions of dollars in an unregistered securities offering, and XRP is a security.
Ripple Labs is fighting the lawsuit in court and has denied the allegations. The outcome of the case could have far-reaching consequences for the crypto community and as a result, it is much anticipated.
Meanwhile, news has cropped up about the Ripple management of the XRP token.
Whale alert on locked-up XRP
Whale Alert is one of the largest and fastest-growing crypto communities. They provide real-time transaction data. In a recent whale alert, it was reported that 500,000,000 XRP worth 200,168,995 USD was locked in escrow at Ripple Escrow wallet.
The term “in escrow” in financial transactions refers to a temporary state of an item, such as money or property, that has been transferred to a third party. This is typically done on behalf of a buyer and seller. “In escrow” refers to a type of legal holding account for items that cannot be released until certain conditions are met. Items are typically held in escrow until the process involving a financial transaction is completed.
1 Billion tokens were unlocked at the beginning of the year
On the first day of the year, exactly 1 billion XRP tokens were unlocked from escrow accounts. Previously, XRP was unlocked directly from Ripple escrows; this time, according to Whale Alert, it occurred in unknown accounts.
Large amounts of XRP tokens were also transferred by cryptocurrency whales before and after Ripple locked XRP in escrow. Ripple, interestingly, was involved in the most recent round of XRP movements. An anonymous whale transferred to Ripple 300 million XRP tokens worth $119.48 million. Notably, the transaction took place an hour before Whale Alert revealed the details of the 600 million XRP tokens held in escrow by Ripple.
Ripple aims to bring predictability to the XRP offering when the token is directly used by the company in its transactions by unlocking XRP from its escrows each month. While such accounts initially held 55% of the 100 billion XRP supply, that figure has now dropped to 42.7%.
To conclude,
With so many XRP movements being reported, it is possible that something significant is in the works for the token.
Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise
Meta Masters Guild’s decentralized gaming ecosystem has raised more than $1.5 million in its ongoing presale. Aiming to be the world’s first mobile-based gaming guild, Meta Masters Guild has three exciting gaming projects in development.
Part of the presale’s success is due to Meta Masters Guild’s partnership with Gamearound, one of the most popular Web3 gaming developers in the space. With $MEMAG, the native cryptocurrency, investors can play and earn rewards on this gaming platform. MEMAG can also be staked within the ecosystem to earn interest.
After the MEMAG presale went live in January 2023, the project sold over 133 million tokens in the first two rounds. Currently available to buy at $0.013 during the third round, MEMAG will jump by 23% once we enter the fourth presale phase. With only 24 million tokens remaining in this round, phase four will begin in just over four days.
Meta Masters Guild is hosting seven presale rounds, with a total hard cap target of $4.97 million.
Meta Masters Guild is developing a platform focusing on blockchain-based mobile gaming modes. While the overall cryptocurrency markets may have corrected in 2022, Web3 and crypto gaming is a rapidly growing sector.
In 2022, Andreessen Horowitz, an American Venture Capital firm, increased their investment in Web3 gaming to $7.6 billion. Meta Masters Guild aims to be at the center of the Web3 gaming revolution with its play-and-earn (P&E) platform.
Play-and-Earn is a unique concept that aims to focus on gaming attributes as much as earning opportunities. Meta Masters Guild will leverage $MEMAG, an ERC-20 token, to distribute rewards within the platform. But, it will ensure that users get access to exciting gameplay options.
According to the Meta Masters Guild litepaper, this ecosystem will develop crypto-based racing games, an NFT platform, and a metaverse ecosystem with a thriving marketplace.
Offering similar use cases as some of the top crypto gaming ecosystems, including Sandbox (SAND) and Decentraland (MANA), the MEMAG token has the potential to soar after the presale concludes.
One of the first projects being developed by Meta Masters Guild is Meta Kart Racers – a play-and-earn racing game. Importantly, this ecosystem is being developed in collaboration with Gamearound, the world’s first decentralized gaming blockchain.
Gamearound, aims to democratize the gaming industry by developing exciting and rewarding projects for players. After the MEMAG presale ends, the Meta Kart Racers alpha version is expected to be launched by Q2 2023.
The CEO of Gamearound, Gideon Clifton, has also mentioned that the fully playable version of Meta Kart Racers is expected to be launched later in the year. Speaking on the Meta Masters Guild ecosystem, Gideon said, “At Gamearound, we are building a decentralized future for the good of gaming, and we are all stoked to be part of the MEMAG journey.”
The Meta Kart Racers game will be a Player v Player (PvP) racing game where members can fight for rewards by competing in the Meta Kart Championship. Users can also test their skills in the solo racing rounds. Once the game is released, each player can access a free NFT racing avatar and a Kart.
Players can upgrade their NFT characters and karts on the Meta Masters Guild online store. Meta Masters Guild will let members make in-store purchases with Gems, the in-game currency. Gems are awarded to the top performers in the gaming ecosystem and can be collected within the games.
NFT Raid is Meta Masters Guild’s upcoming NFT-based fantasy fighting game.
A player will compete with their NFT avatars against other warrior classes and can earn Gems and in-game NFTs as rewards. The Meta Masters Guild store will let one purchase Premium NFTs, which lets gamers leverage advanced stats and characteristics within the gaming world.
Currently, in the design stage, NFT Raid will also feature a PvP mode where players can battle each other.
The final gaming ecosystem will be Meta Masters World – the metaverse platform of Meta Masters Guild. While this project is still in the concept/discovery phase, it is expected to be an open-world game where one can collect resources, enter competitions, and earn rewards.
All the in-game characters and items on Meta Masters World will be minted as NFTs. The platform will support a marketplace to facilitate the trading of all in-game NFT items.
BUY $MEMAG on Presale Before the Price Hikes by 23%
Due to the exciting gaming prospects that Meta Masters Guild will offer, the MEMAG presale is already in its third presale phase.
Priced at only $0.007 during its first phase, MEMAG sold 70 million tokens by raising nearly half a million dollars. The second phase raised a further $630K by allocating 63 million tokens at $0.01 each.
Currently, MEMAG is available to buy at $0.013 on phase three of the presale. Only 24 million tokens remain before the price hikes by 23% to $0.016 during phase four.
By the last stage of the presale, MEMAG will be priced at $0.023, a 76.9% price increase. As of 27th January, MEMAG has raised over $1.53 million. There are four days left before phase 4 of the presale begins.
Meta Masters Guild was also one of the most popular cryptocurrencies in 2023. The project has been mentioned in influential crypto publications such as CoinTelegraph and has more than 21K Twitter followers.
With popular analysts such as Jacob Crypto Bury bullish on MEMAG, presale investors can buy this token while the price remains low.
How to Buy $MEMAG Tokens
Interested readers can visit the MEMAG website and connect to the presale with a crypto wallet like MetaMask. MEMAG can be purchased with Ethereum (ETH) or Tether (USDT).
Presale stages:
| Presale Stage | Price | Amount of Tokens | Raise Value |
|---|---|---|---|
| Stage 1 | $0.00700 | 70,000,000 | $490,000 |
| Stage 2 | $0.01000 | 63,000,000 | $630,000 |
| Stage 3 | $0.01300 | 56,000,000 | $728,000 |
| Stage 4 | $0.01600 | 49,000,000 | $784,000 |
| Stage 5 | $0.01900 | 42,000,000 | $798,000 |
| Stage 6 | $0.02100 | 35,000,000 | $735,000 |
| Stage 7 | $0.02300 | 35,000,000 | $805,000 |
| 350,000,000 | $4,970,000 |
- Hard Cap – 350,000,000 Coins = $4,970,000
- Start Date – 11/01/2022
- End Date – TBC
- Ethereum Network
- ERC-20
- $MEMAG
What Led to Coinbase’s $36 Million Fine? Uncovering the Truth
Coinbase, one of the largest cryptocurrency exchanges in the world, has been hit with a $36 million fine by the Dutch Central Bank (DNB) in the Netherlands for violating regulations. DNB stated that Coinbase has a substantial amount of users from Northwest Europe and has not been compliant.
The fine marks the largest penalty ever imposed on a cryptocurrency exchange. It is a significant blow to Coinbase, which has become one of the most well-known and respected names in the crypto industry.
DNB further clarified that Coinbase did not register with the DNB that monitors Anti-money laundering activities in the country. According to Dutch law, cryptocurrency companies should register with the bank first. This law was passed in May 2020 to check money laundering and terrorism using cryptocurrencies which can be anonymous.
DNB said that Coinbase had failed to implement proper anti-money laundering and know your customer procedures. As AML and KYC are important to prevent the use of digital currencies for illegal activities, failure to comply has severe repercussions. They did not comply with the regulations over the time period extending from November 2020 to August 2022.
Coinbase has time till March 2, 2023, to appeal to the central bank on the fine.
Earlier this Jan 2023, Coinbase was fined $50 million by the New York State Department of Financial Services for breaking laws against money laundering. They also had to spend an extra $50 million over 2 years to fix U.S. security compliance and other regulations.
What this fine would mean to the crypto industry?
Coinbase’s $36 million fine serves as a reminder of the importance of compliance in the cryptocurrency industry. The company has stated that it will cooperate with the regulator and take all necessary steps to ensure that it is compliant with regulations in the future. Other cryptocurrency exchanges should also take note of the fine and ensure that they are following all regulations to avoid similar penalties.
Former President of FTX US Raises $5 Million for New Cryptocurrency Firm
Former FTX US President Brett Harrison has raised $5 million for a new cryptocurrency firm from Coinbase Ventures and Circle Ventures. In light of his close relationship with Sam Bankman-Fried and his troubled cryptocurrency exchange, the former CEO is striving to carve his next steps with his new firm–Architect.
“It’s a software company aiming to build institutional-grade infrastructure to connect various crypto venues across decentralized and centralized exchanges. We’re trying to make it easy to interface with either qualified custodians or self-custody. We’re building this single interoperability platform across crypto services with a focus on trading,” Harrison told TechCrunch.
Coinbase Ventures, Circle Ventures, SV Angel, SALT Fund, P2P, Third King Venture Capital, and Motivate Venture Capital have all contributed money to the startup’s pre-product fundraising round. It also has angel investors Kalos Labs CEO Shari Glazer and Skybridge founder and former White House communications director Anthony Scaramucci.
Harrison’s new project and fresh cash round come after the former president of FTX US announced his departure from the company and his relationship with co-founder SBF. He had earlier said that his relationship with SBF “had reached a point of total deterioration.”
He continued that it was challenging for Architect to raise funding because of the collapse of FTX. Harrison, though, thinks that his long-standing relationships with his investors helped the initiative get its initial finance.
Harrison said in a tweet, “I’m grateful to our partners, who’ve shown me that they believe above all in the resiliency of this industry. Architect is fortunate to draw upon their wide-ranging expertise, which spans all areas of the digital asset landscape as well as traditional finance and trading.”
Even then, several people on Twitter quickly expressed worries about Harrison’s past, recalling his previous position at FTX US, even if Architect may be looking toward the future of Web3.
FED Make Major Move: $700 Million Seized from Sam Bankman Fried
The United States Federal authorities have seized $697 million from Sam Bankman Fried, Founder of cryptocurrency exchange FTX. The majority of the assets were being in the form of shares of the popular trading app, Robinhood. SBF had previously announced that he had acquired a 7.6% stake in Robinhood stating that it was an attractive investment opportunity.
These Robinhood shares which are worth $50 million have been claimed by Sam, BlockFi representatives, and the leadership of FTX Debtors. Federal authorities have alleged that these shares were acquired using the funds that were stolen from FTX customers.
Even though the reason for the seizure has not been made public yet, it has raised questions about the legality of such actions and their implication in the cryptocurrency industry. Several experts are concerned that the future of the crypto industry will be packed with stringent regulations.
The United States government stated that over $6 million from three accounts at Silvergate Bank were under the name of FTX Digital Markets. These assets were initially owned by a Bahamian company and were later acquired by the US government on Jan 11.
Silvergate Bank reported a loss of $1 billion in the fourth quarter of 2022 after FTX’s collapse. Moreover, around $50 million was stored at Moonstone Bank, a financial institution in the U.S. that has connections to the administration of FTX.
The case is still going on and the outcomes will have a deep impact on the crypto industry.
Crypto Whales Transfer 356 Million XRP Tokens, XRP Price Nears $0.40
While Ripple is looking forward to a win in its ongoing case against the US Securities and Exchange Commission (SEC), its native currency XRP is finding its recovery phase. The altcoin is just a few cents below hitting $0.40.
However, though XRP has experienced a remarkable performance, the currency’s massive spike depends on its win in the Ripple vs SEC case. Since June 14 the XRP price has been trading within its symmetrical triangle.
At the time of publication, XRP is selling at $0.39 with a surge of 1.72% in the last 24hrs.
Crypto Whale Transfers Huge XRP Tokens
Meanwhile, Crypto whales have been transferring millions of XRP tokens amidst the recovery phase. The WhaleAlert data claims that the Crypto whales have moved beyond 350 million XRP tokens in the last 24hrs. Among these, an unknown wallet has received 261 million XRP which is worth nearly $102.4 million and this happens to be done in one single transaction.
Furthermore, on the last day, the whales also bought 65.8 million XRP which amounts to nearly $26 million in multiple transactions. Among these accumulations, one single transaction has recorded a purchase of $13.6 million XRP. On the contrary, as per the reports, a few whale addresses have discarded around 62 million XRP from unknown wallets to different crypto exchanges.
On the other hand, another report has mentioned that XRP is now one of the highest-value token locks. This report comes from an escrow account which is a legal financial agreement where an asset or liability is held by a third party.
Bitzlato Scandal Triggers $100 Million Liquidation, Bitcoin (BTC) & Ethereum (ETH) Prices Plunge
After experiencing a surge that began at the beginning of this year, Bitcoin and Ethereum have seen a significant plummet in the past 24 hours. Long traders have lost a total of $100 million worth of assets due to liquidations.
The cause of this decline can be attributed to the allegations of money laundering made against Bitzlato, a relatively unknown cryptocurrency exchange. This news was sufficient to trigger the sharp drop in value.
Specifically, the price of Bitcoin fell from a four-month high of around $21,550 to roughly $20,700, while the price of Ethereum dropped from $1,700 to $1,500.
According to recent allegations, Bitzlato, a Hong Kong-based cryptocurrency exchange, is accused of illegally transferring a total of $700 million in both direct and indirect transactions over the course of several years.
The United States Department of Justice has accused Bitzlato of marketing itself to criminals as a cryptocurrency exchange that did not require any identification or verification, which subsequently led to deposits totaling hundreds of millions of dollars. As a result, the plaintiff is now responsible for the damages caused by the negative impact that Bitzlato’s actions had on the cryptocurrency market.
Statistics provided by CoinGlass indicate that more than $106 million worth of futures bets that gambled on the growth of Bitcoin and Ethereum were liquidated in the last 24 hours, representing over 76% of all futures trades.
It is also alleged in the lawsuit that Bitzlato facilitated the laundering of illegally obtained cash by requiring minimal identification from its customers and that over $4.5 billion in cryptocurrency transactions had been conducted by the exchange since 2018.
As of this writing, Bitcoin is valued at $20,783 (down 2.3% in the last 24 hours), whereas Ether is at $1,527 (down 3.4% in the last 24 hours).
Binance Completes 22nd Token Burn, Removes $620 Million Worth Of BNB From Circulation
In a recent tweet, Binance announced that it has completed its 22nd BNB burn and first quarterly burn of 2023.
When BNB was introduced in 2017, a promise was made to burn 100 million of the coin’s entire quantity, or half of it, and eventually leave only 100 million in circulation. Each quarter, this commitment is automatically carried out and the Auto-Burn formula is used to determine the amount.
According to a statement from Binance, 2.064 million BNB, or around $620 million at today’s values, have been taken out of circulation. In terms of BNB tokens, the 22nd burn broke the previous record set by the 14th, which occurred two years ago.
BNB Auto-Burn Formula
The Auto-Burn formula which is used by BNB provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is separate from the centralized Binance exchange. A fraction of BNB Chain’s gas fees are still being burned in real-time by a bespoke mechanism.
Based on the price of BNB and the quantity of blocks created on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned.
The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem. Binance, a cryptocurrency exchange, released it following an initial coin offering in 2017.
The current price of BNB is $ 301.98 per token with a current market cap of $ 47.68B USD. BNB has broken the $300 resistance this weekend to reach $314 last Saturday and shows an upward movement.
Here’s When Bitcoin (BTC) Price Will Hit $1 Million: Plan B Predicts The Timeline
Bitcoin (BTC), the cryptocurrency with the largest market cap, has been experiencing a relief bounce since the beginning of the year. The crypto market as a whole has been able to recover from the terrible decline that occurred in 2022 because of the current price rebound.
Over the course of the last day, the asset has seen a phenomenal increase of 11%. The token even managed to breach the important $21,000 price threshold briefly.
A 4600%+ Price Increase For BTC?
As per the quantitative analyst PlanB, he thinks that Bitcoin hit a bottom of around $15,500 in November of 2022, and short-term investors are now in the profit zone, which is a generally positive indication. PlanB claims this is a hint that the price of Bitcoin will continue to rise.
According to the quantitative analyst, he also predicts that the flagship cryptocurrency asset would fly beyond $30,000 around the time of the halving in 2024, followed by a parabolic increase in 2025.
The future bull market, based on the quantitative analyst’s predictions, will have a broad range, and it is possible that the price of the flagship cryptocurrency asset may reach up to $1 million. This is an increase of around 4,689% from the current rates.
PlanB’s chart:
The analyst further said:
“I think the bull market range will be $100K – $1M but many people don’t understand the wide margins (or the volatility that creates them) so I pinned it at the indeed comfortable $100K.”
Wrapping up
The price of bitcoin continues to be a major factor that keeps investors optimistic about the market. Despite this, there is still a potential for a sharp reversal from the positive sentiment that has emerged in recent days.
In related news, according to data from companiesmarketcap.com, Bitcoin’s market capitalization has surpassed that of banking giant Mastercard and social networking giant Meta.
After months of relatively stable prices, the cryptocurrency market has experienced a resurgence, with bitcoin surpassing well-established companies such as Meta Platforms, Eli Lilly, and Chevron. As of this writing, one bitcoin is valued at $20,475.